【环球网财经综合报道】近日，中国ETF市场迎来里程碑时刻，总规模正式迈入6万亿元大关。据choice测算，截至12月26日，ETF规模合计达6.02 万亿元，较去年底增长超2.2万亿元。近期，中证A500ETF更是成为市场焦点，4个交易日净申购额超过480亿元。 据机构观察，12月宽基型ETF净流入规模较大。据开源证券研报，单月净流入规模达到1106亿元，其中有1019亿元来自A500ETF，占比达到 92.2%。与此同时，其余类型的宽基型ETF并没有相同数量级规模的净流出，证明A500ETF的净流入资金更大概率是增量。 ETF规模扩张对市场的影响还体现在资金流动和股价波动上。开源证券分析表示，强劲的增量资金，成为12月下旬春季躁动的进一步推动力，叠 加前期的积极要素，助力上证指数8连阳。（闻辉） 从资金流向来看，中证A500ETF获资金快速涌入。据Choice测算，12月22日至25日，仅本周前4个交易日，中证A500ETF全部产品净申购额合计就 达到482.45亿元。 随着ETF规模的快速增长，其对上市公司的影响日益显著。多家热门科创公司前十大流通股股东名单中均出现ETF的身影。以寒武纪为例，截至9 月底 ...

Core Viewpoint - The recent volatility in the stock price of the Hong Kong innovative drug company, Yaojie Ankang, has raised significant market attention, particularly due to its inclusion in multiple indices, leading to passive buying by related ETFs and subsequent investor backlash on social media [1][2]. Company Overview - Yaojie Ankang was listed on the Hong Kong stock market on June 23, 2025, focusing on discovering and developing small molecule innovative therapies for tumors, inflammation, and cardiovascular metabolic diseases [3]. - Since its listing, the stock price had been on a slight upward trend until its inclusion in the Hong Kong Stock Connect on September 8, which triggered a surge in buying activity [3]. Stock Price Movement - Following its inclusion in the indices, Yaojie Ankang's stock price saw a dramatic increase, with a 77.09% rise on September 12 and a staggering 115.58% increase by September 15 [3][4]. - However, on September 16, the stock experienced a sharp decline, dropping 53.73% from a peak of 679.5 HKD to 192 HKD, illustrating extreme volatility [3][4]. Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the National Index of Hong Kong Innovative Drugs on September 15 led to significant passive buying, with one of the largest ETFs purchasing 3 million shares, amounting to approximately 578 million HKD, which represented about 2.62% of the fund's net value [4]. - The total scale of the five ETFs tracking this index is approximately 35.963 billion HKD, indicating a passive buying impact of around 940 million HKD [4]. Index Adjustment Controversy - The adjustment process for the National Index of Hong Kong Innovative Drugs has come under scrutiny due to a lack of prior announcement regarding Yaojie Ankang's inclusion, which left many investors unaware [8][9]. - The index's sample selection criteria have been criticized for potential loopholes, as Yaojie Ankang had been listed for less than three months and did not fully meet the requirement of having a significant trading volume [9]. Passive Investment Dynamics - The incident with Yaojie Ankang is not isolated, as the influence of ETFs on individual stock volatility has been noted, especially with the ETF market surpassing 5 trillion HKD in scale [10]. - The expansion of ETF holdings is believed to enhance market liquidity, but it also increases the potential for short-term price volatility due to passive fund inflows and outflows [12].