Core Viewpoint - The article emphasizes the advantages of T+0 ETFs for efficient capital management, allowing investors to buy and sell on the same day, thus providing greater flexibility compared to the traditional T+1 trading mechanism [2][5]. Group 1: T+0 vs T+1 Trading Mechanism - T+0 allows for same-day buying and selling, enabling intraday trading and more flexible capital movement [2][5]. - T+1 requires investors to wait until the next day to sell after purchasing, which is the standard trading rule in A-shares [2][5]. Group 2: Finding T+0 ETFs - Investors can quickly locate T+0 ETFs using the ETF screening feature in the ETF查一查 mini-program or the Go-Goal app by selecting the T+0 option [6][9]. - The "行情" report provides basic data on T+0 ETFs, including metrics such as price changes, scale, shares, premium rates, and turnover rates [6][7]. - The "涨幅" report analyzes the performance of ETFs over various time frames, helping investors identify trends [6][7]. - The "资金" report shows the inflow of funds at different stages, including daily and weekly net subscriptions, aiding in understanding capital movements [6][7]. Group 3: Customization and Access - Users can customize screening conditions to match their investment needs by clicking the "筛选" button [6][7]. - The Go-Goal app and PC financial terminal also provide access to the T+0 ETF screening feature, making it convenient for users to find trading opportunities [8][9].

Group 1 - The core viewpoint is that the Sci-Tech Bond ETF is set for significant expansion, with the second batch of 14 ETFs recently submitted for approval shortly after the first batch's successful launch [1][2] - The first batch of 10 Sci-Tech Bond ETFs was reported on June 18, approved on July 2, and fully subscribed by July 7, with a total issuance scale of 28.988 billion yuan [1] - As of August 20, the total scale of the first batch of Sci-Tech Bond ETFs reached 118.658 billion yuan, with the largest ETF, the Jiashi CSI AAA Sci-Tech Innovation Corporate Bond ETF, growing to 20.115 billion yuan, over six times its initial size [2] Group 2 - A total of 39 bond ETFs are currently listed for trading, with the Sci-Tech Bond ETFs expected to become the main force in the bond ETF market due to their rapid expansion [2] - The Sci-Tech Bond ETFs utilize a T+0 trading mechanism and a physical redemption model, enhancing liquidity and trading convenience for investors [2]

Core Viewpoint - The market is currently at a high stage, entering a "pressure above, support below" oscillation range, where the convenience of "T+0" trading for cross-border ETFs is highlighted, allowing investors to maintain positions without missing opportunities during upward trends and to stop losses on sudden downward movements [1] T+0 Settlement System - The "T+0" settlement system allows for the clearing and delivery of securities and funds on the same day of the transaction, contrasting with China's "T+1" system, which completes this process on the second working day after the transaction [3] - Certain exceptions exist for cross-border ETFs, commodity ETFs, and credit bond ETFs that can utilize the "T+0" mechanism [3] Advantages of T+0 Trading - T+0 trading helps investors seize intraday trading opportunities, making it particularly attractive for volatile stock ETFs [4] - Although A-shares do not allow T+0 trading, markets like Hong Kong do, providing flexibility for investors [4] Trading Advantages of Hong Kong T+0 ETFs - T+0 trading in the Hong Kong market, especially in the technology sector, allows investors to capture intraday trading opportunities and respond flexibly to rapid market changes without limits on trading frequency [7] - The T+0 mechanism enables investors to rotate between sectors within the same trading day, as different sectors may show significant performance divergence [8] - T+0 trading helps avoid overnight holding risks, allowing investors to quickly sell off positions in response to sudden negative events, given the absence of price limits in the Hong Kong market [8] Specific ETF Examples - The Hang Seng Technology Index ETF (513180) is highlighted as a leading product in terms of scale and average daily trading volume among A-share ETFs tracking the Hang Seng Technology Index [10]

Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]