Market Overview - A-shares experienced a significant adjustment from November 17 to November 21, with the CSI 300 index dropping by 3.77%, the ChiNext index falling by 6.15%, and the STAR 50 index decreasing by 5.54% [1] - The Hong Kong stock market also faced declines, with the Hang Seng Index down by 5.09% and the Hang Seng Tech Index dropping by 7.18% [1] ETF Market Dynamics - The ETF market saw a "mass migration" of funds, with stock ETFs shrinking by over 110 billion yuan in a week, particularly the CSI 300 index-linked products which lost 42.2 billion yuan, accounting for over 36% of the total shrinkage [1][2] - Conversely, fixed income and gold-related products emerged as safe havens, with bond ETFs increasing by 12.4 billion yuan, reaching a total of 718.7 billion yuan, marking a year-to-date growth of 538.7 billion yuan, nearly tripling in size [1][17] - Commodity ETFs maintained growth momentum, surpassing 230 billion yuan in total size, with a year-to-date increase exceeding 200% [1] ETF Size and Performance - As of November 22, the total number of listed ETFs reached 1,360, with a total size significantly reduced to 5.6 trillion yuan, reflecting a weekly decrease of 128.56 billion yuan [2][3] - Stock ETFs saw a weekly reduction of 116.22 billion yuan, with broad-based index ETFs experiencing a sharp decline of 72.55 billion yuan, accounting for over 60% of the total shrinkage [2][3] Index-linked ETF Performance - The CSI 300 index-linked ETFs saw a reduction of 42.29 billion yuan, bringing their total size down to 1.1496 trillion yuan, contributing significantly to the overall decline in stock ETFs [4][6] - Despite the overall shrinkage, some index-linked ETFs, such as those linked to the Hang Seng Tech Index, experienced net inflows, indicating a "buy the dip" mentality among investors [2][4] Fund Management Insights - Major fund management companies faced significant losses, with four firms losing over 10 billion yuan in ETF size, including Huaxia Fund and E Fund, which saw reductions of 20.24 billion yuan and 27.78 billion yuan, respectively [8][10] - In contrast, Hai Futong Fund experienced a notable increase of 4.57 billion yuan, primarily due to the strong performance of its short-term bond ETF, which surpassed 70 billion yuan in size [8] Year-to-Date Growth Trends - Year-to-date, the CSI 300 index, SGE Gold 9999 index, and Hang Seng Tech index-linked ETFs have seen growths of 164.32 billion yuan, 136.83 billion yuan, and 99.68 billion yuan, respectively [7][11] - Conversely, the China Securities 500 index and STAR 50 index-linked ETFs have experienced significant year-to-date declines of 65.40 billion yuan and 13.11 billion yuan, respectively [7] Regulatory Updates - The Shanghai and Shenzhen Stock Exchanges have issued revised guidelines for ETF naming conventions, requiring that ETF names include the core elements of the investment target and the fund manager's abbreviation, with a deadline for compliance set for March 31, 2026 [16]