在ETF大发展的背景下，不少ETF基金此前高调入场却因同质化明显或持营不力，正处于濒临淘汰的边缘。 甚至此前高举高打的多只中证A500ETF在年内也遭遇份额锐减，还有产品因规模较小导致流动性匮乏，在二级 市场价格频繁遭遇大起大落的尴尬场面。 因此，近日多家公募官宣旗下ETF产品增加券商作为做市商，旨在提升基金在二级市场的流动性。 多只ETF增加做市商 晨星（中国）基金研究中心高级分析师代景霞表示，随着基金公司业务的不断发展和ETF管理资产规模的扩 大，原有的交易渠道和交易能力可能无法满足日益增长的交易需求。因此引入券商作为一级交易商有助于ETF 提升交易效率等。 代景霞认为，首先，从应对交易需求的角度来看，增加券商作为一级交易商能够显著提升交易执行的效率与质 量，确保基金公司迅速且准确地响应大规模资金的进出及复杂交易操作需求；其次，更多的一级交易商意味着 市场参与者和交易对手的增多，这有助于增强ETF产品的市场流动性和交易活跃度。 据了解，ETF除了投资者买卖产生的流动性外，还需要专门的做市商以使其二级市场交投活跃。 根据交易所等披露的情况显示，ETF的流动性服务商覆盖率极高，截至2025年6月底，上交所基金 ...

Group 1 - The rapid development of ETFs has led to many products facing issues of homogenization and poor management, resulting in significant share reductions and liquidity problems for some smaller products [1][5] - Several public funds have announced the addition of brokerages as market makers for their ETF products to enhance liquidity in the secondary market [1][2] Group 2 - On August 1, Guolian Fund announced an agreement with Ping An Securities and Great Wall Securities to act as market makers for its ETF, effective from August 1, 2025 [2] - Other funds, such as Huatai-PineBridge and E Fund, have also added brokerages as market makers for their ETFs, with over 40 announcements made in July alone [2] Group 3 - The presence of market makers is crucial for maintaining active trading in ETFs, with data showing that as of June 30, 2025, the Shanghai Stock Exchange had 20 primary market makers and 12 general market makers covering 746 fund products [3] - The Shenzhen Stock Exchange reported having 27 liquidity service providers for 491 ETF products as of mid-2023 [3] Group 4 - Analysts suggest that increasing the number of brokerages as primary market makers can significantly improve trading efficiency and quality, ensuring quick and accurate responses to large fund inflows and complex transactions [4] - The growing role of liquidity service providers in the ETF ecosystem is emphasized, with wealth management platforms increasingly using liquidity metrics to select quality ETFs [4] Group 5 - The "Matthew Effect" in the ETF industry is becoming more pronounced, with some ETFs facing shrinking scales and liquidity crises, particularly among previously popular products [5][6] - Statistics indicate that the number of ETFs choosing to liquidate has increased, with 20 index funds opting for liquidation as of August 1, including some high-performing thematic funds [6]

Core Viewpoint - The ETF market is experiencing a significant disparity, with some ETFs showing high trading volumes while many others face low liquidity and potential liquidation risks [1][5]. Group 1: ETF Market Performance - On June 10, certain ETFs like the Hong Kong Innovative Drug ETF and the Hang Seng Technology ETF had trading volumes exceeding 10 billion yuan, while over 500 ETFs had trading volumes below 10 million yuan [1]. - A total of 513 ETFs had trading volumes below 10 million yuan on June 10, with 129 ETFs trading below 1 million yuan [4][3]. - The concentration of market resources is evident, with the top ten ETFs accounting for nearly 40% of the total market size, while over 20% of ETFs have sizes below 100 million yuan [5]. Group 2: Liquidity and Risk Factors - The number of ETFs with net asset values below 50 million yuan has been increasing, indicating higher liquidity and liquidation risks [2][5]. - Analysts emphasize that low liquidity can lead to a vicious cycle where smaller ETFs struggle to attract investors, further diminishing their liquidity and increasing the likelihood of liquidation [5]. Group 3: Strategies to Enhance Liquidity - Fund companies are increasingly adding liquidity providers to improve ETF trading efficiency and attract more investors [7][8]. - The introduction of liquidity providers aims to reduce bid-ask spreads and enhance trading volumes, which can lead to scale effects [7][8]. - Improving liquidity is seen as essential for enhancing investor experience and attracting long-term capital [9]. Group 4: Recommendations for ETF Companies - Companies are advised to focus on product differentiation to avoid homogeneous competition, including not launching new ETFs in crowded index spaces and innovating product offerings [12][13]. - Providing value-added services, such as investment strategy reports and interactive investor engagement, can enhance investor experience and loyalty [13][14]. - Companies should also consider lowering management fees through increased ETF scale and exploring new themes like ESG and digital economy ETFs to meet diverse investor needs [14].