超过52%的ETF投资者坚持波段操作。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 我们继续来解读由国泰海通证券、景顺长城、同花顺和财联社联合发表的《ETF客户投资行为洞察报 告》，发布时间是今年4月份。 这份报告有一些有趣的ETF操作策略，我认为值得单独开一篇文章来解释。 再次强调一下，虽然这份报告的数据截至于2024年末，但 这份报告的部分数据是来源于国泰海通证 券、同花顺平台的交易数据 ，还有一部分来自于财联社和基金公司的调研。 因此风云君认为，该报告的数据和结论具有一定的参考意义，揭示了ETF投资者这一群体的交易特征 和交易状况。 注意，本文所用的数据基本来源于这篇报告，图片下方不再标注来源。 波段操作是 ETF 的主流交易方式 大家好不好奇，其他人是怎么炒ETF的呢？ 根据报告，有多达36%的人采取波段操作的方式，即低买高卖。 随后，从9月25日至今，科创50ETF从高位回落了7.6%，份额又增长了14%。 值得一提的是，有10.2%的人是做高频交易，在当日或数日内完成交易，还有5.7%的人选择网格条件 单，即提前下单，让系统自动低买高卖ETF，这 ...

编辑 | 小白 最近，风云君偶尔在市场上找到一份报告，由国泰海通证券、景顺长城、同花顺和智通财经联合发表的《ETF客户投资行为洞察报告》，发布时间是今年 4月份。 作者 | 紫枫 单纯的短线买卖不是好策略。 正所谓"知己知彼，百战不殆"。虽然这份报告的数据截至于2024年末，但这份报告的部分数据是来源于国泰海通证券、同花顺平台的交易数据，还有一部 分来自于智通财经和基金公司的调研，因此我认为，该报告的数据和结论具有一定的参考意义，揭示了ETF投资者这一群体的交易特征和交易状况。 风云君将结合自身对ETF及其交易体系的认识，给大家解读一下这份重磅报告，一定能让各位老铁有所收获，感受到ETF的魅力。 注意，本文所用的数据全部来源于这篇报告，图片下方不再标注来源。 不骗你们，炒ETF比炒股票更容易赚钱 大家猜，现在A股ETF的玩家有多少人？ 答案是，ETF（非货币类）份额持有人总数达2095万户，而且是不含联接基金份额，比2019年6月末（5年半）增长了10.8倍！ 而且，ETF交易客户数已经占A股交易客户总数比例的均值在12%左右，"9.24"行情的爆发让大量投资者尝试用ETF交易，2024年10月的ETF客户数 ...

Core Insights - The Chinese ETF market has rapidly surpassed 5 trillion yuan, indicating significant growth potential compared to overseas markets [1][2] - The long-term outlook for the Chinese stock market is optimistic, with a recommendation for a "core-satellite" asset allocation strategy to manage market volatility and achieve wealth growth [1][3] ETF Market Potential - ETFs have become a crucial tool for asset allocation, covering a wide range of indices including A-shares, semiconductor sectors, and international markets like Nasdaq and S&P 500 [2] - The company focuses on two main ETF strategies: global macro quantitative ETF rotation and ETF arbitrage, aiming to provide stable returns while managing risks [2] - The investment philosophy emphasizes proactive strategy design, incorporating risk management mechanisms from the outset to enhance adaptability during market fluctuations [2] Outlook on the Chinese Stock Market - The Chinese stock market is seen as increasingly important for wealth accumulation, especially as the real estate market stabilizes [3] - The ongoing registration system reform and rising institutional investor participation are leading to a significant revaluation of market assets [3] - A layered allocation strategy is recommended, combining low-volatility ETF arbitrage for liquidity with long-term investments in growth-oriented strategies [3]

Core Viewpoint - The article highlights the current market confusion among investors due to fluctuating stock indices and the need for new investment avenues as traditional financial products yield lower returns. It emphasizes the growing interest in ETFs as a viable investment strategy and the importance of understanding how to select and utilize them effectively [2]. Group 1: Market Context - The Shanghai Composite Index is reaching new highs, causing investors to feel uncertain about whether to chase gains or remain cautious [2]. - Frequent shifts in market hotspots make it challenging for investors to keep pace, leading to a sense of frustration despite diligent research efforts [2]. - Traditional investment products are experiencing declining yields, prompting a search for alternative investment options [2]. Group 2: ETF Investment Strategies - The article introduces an upcoming training camp focused on ETF investment strategies, scheduled from October 29 to October 31, organized by China Fund News [2][9]. - The training camp will cover various aspects of ETF investment, including their advantages, suitable investor profiles, and methods for selecting appropriate ETFs from a vast array of options [6][7]. - The program features interactive sessions with expert instructors, providing practical knowledge and fostering a community for investors [7]. Group 3: Target Audience - The training camp is designed for investors who have previously invested in stocks or funds but have experienced unstable returns [7]. - It also targets individuals with limited experience in ETF investments and those lacking foundational knowledge and practical experience in this area [7].

Core Insights - Record inflows into Hong Kong stock ETFs indicate a shift in investor strategy, with $10 billion flowing in August, reflecting confidence in the relative value and structural advantages of Hong Kong stocks [2][4]. Group 1: Inflows and Market Dynamics - Hong Kong stock ETFs are expected to continue benefiting from their relative value attractiveness, with significant inflows driven by valuation gaps and investor demand [4]. - The return gap between the Hang Seng Index and the CSI 300 Index reached an average of 13% this year, the highest since 2021, indicating a structural advantage for Hong Kong stocks [4]. - Despite a recent rebound in A-shares narrowing this gap, it is viewed as a short-term adjustment rather than a structural change [4]. Group 2: Investor Preferences and ETF Trends - Investors are increasingly favoring thematic ETFs over broad market ETFs, with six of the top 20 inflows this year focusing on Hong Kong stocks [8]. - The top inflow ETF, the Invesco CSI Hong Kong Internet ETF, attracted $610 million, while the E Fund CSI Hong Kong Securities Investment Theme ETF garnered over $2 billion [8]. - The demand for new Hong Kong tracking ETFs is accelerating, with 17 new ETFs launched in 2025 and an additional 16 applications pending with the China Securities Regulatory Commission [8].

Group 1 - The report highlights a shift in A-share ETF investments towards net buying, with a recommendation to focus on innovative drug ETFs [2][3] - The "Xinxuan ETF Absolute Return Strategy" has shown impressive performance, achieving a total return of 46.92% since the beginning of 2024, outperforming equal-weighted ETFs by 12.35% [10][33] - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 22.65% with a maximum drawdown of 3.62% since the beginning of 2024 [12][33] Group 2 - The report tracks the new issuance of index funds, noting that 38 new public funds were established this week, raising a total of 233.14 billion yuan, with 26 index funds accounting for 167.53 billion yuan [38] - The report details the net inflow of funds into various asset class ETFs, with A-share ETFs seeing a net redemption of 10.1 billion yuan, while bond ETFs experienced a net inflow of 117.4 billion yuan [46][51] - The "High Prosperity/Dividend Rotation Strategy" has achieved an annualized return of 23.31% since the beginning of 2021, significantly outperforming equal-weighted indices [24][33]

Core Points - The announcement is regarding the change in the holdings of SMIC (Semiconductor Manufacturing International Corporation) shares by the Huaxia SSE STAR 50 ETF [1][2] - The change in holdings amounts to 399,192 shares, resulting in a total of 99,813,210 shares held, which represents 5.02% of the company's domestic total share capital and 1.25% of the total share capital [1] - The ETF aims to closely track the SSE STAR 50 Index, utilizing a full replication strategy to construct its stock investment portfolio [1][2] Group 1 - The announcement is made in compliance with the regulations set by the China Securities Regulatory Commission [1] - The change in holdings occurred on July 11, 2025, and represents a 0.02% change in the total domestic share capital [1] - The fund does not have a controlling shareholder or actual controller, and this change does not affect that status [1] Group 2 - The main shareholders of Huaxia Fund Management include CITIC Securities (62.2%), Mackenzie Financial Corporation (27.8%), and Qatar Holding LLC (10%) [1] - The ETF is listed on the Shanghai Stock Exchange and aims to minimize tracking deviation and error [1][2] - The fund's investment strategy is based on the changes in the index constituents and their respective weights [1][2]

Group 1 - The first margin trading and securities lending ETF competition organized by Shenwan Hongyuan is currently in progress, providing an opportunity for participants to engage with industry "practical pioneers" and deepen their understanding of ETF investment strategies through real trading [1] - Participants are invited to join this investment journey that combines practical opportunities with substantial rewards [1]

Group 1 - The article discusses ETF asset allocation strategies based on different life stages: aggressive for youth, balanced for middle age, and conservative for pre-retirement or retired individuals [1] Group 2 - For the aggressive strategy in the youth stage (ages 18-40), the recommended asset allocation is 30% core stock ETFs, 50% satellite stock ETFs, and 20% bond ETFs, focusing on enhancing the offensive capability of the portfolio [2] Group 3 - In the balanced strategy for the middle age stage (ages 41-60), the suggested allocation is 40% bond ETFs, 40% core stock ETFs, and 20% satellite stock ETFs, aiming for a mix of growth and stability to adapt to various market conditions [3] Group 4 - The conservative strategy for the pre-retirement or retired stage (ages 60 and above) recommends an allocation of 70% bond ETFs, 25% core stock ETFs, and 5% satellite stock ETFs, prioritizing low volatility and stable income to support retirement living [4]

Group 1 - The core idea of the "core-satellite" strategy involves dividing an ETF portfolio into "core positions" and "satellite positions," where core positions aim to track market performance through broad-based ETFs, while satellite positions focus on capturing market opportunities for excess returns [1] - Core positions typically do not require frequent trading and can be managed using a buy-and-hold strategy, while satellite positions need to be adjusted based on market changes, allowing for active management [1] - Investors who prefer single-stock investments can also apply the "core-satellite" strategy by replacing part of the satellite positions with individual stocks, creating a mixed portfolio of ETFs and stocks [1] Group 2 - The rebalancing strategy in ETF asset allocation involves regularly reviewing the investment portfolio to compare the latest weights of various ETFs against target weights, adjusting positions accordingly [2] - Rebalancing can be conducted based on time intervals, with long-term portfolios typically rebalanced every six months or annually to minimize trading costs [2] - Alternatively, rebalancing can be triggered by expected returns, such as when an ETF's price increases by 25% or exceeds the target weight by 5% [3]