每经记者 彭水萍 每经编辑 赵云 今年的行情已走过三个季度，一些买宽基ETF的朋友在今年国庆节假期可能有点"懵"：手里的宽基 产品明明涨得不错（沪深300涨近18%，创业板指涨51%），怎么份额反倒悄悄少了？看数据更直观， 全市场宽基ETF总规模从2.19万亿元冲到2.51万亿元，猛增3200亿元，可份额却掉了2241.5亿份。这不 是"bug"，而是两个"小秘密"在搞事：一是净值涨得太凶，把你止盈卖出的份额"盖"住了；二是大家开 始"移情别恋"——行业、主题ETF（贴热点、弹性高）以及债券ETF这些"新欢"抢了宽基的"旧爱"位 置。 原来，市场早就从"买个宽基躺平"，变成"挑着热点精准进攻"了。 此外，宽基ETF内部也出现明显分化：有的稳如泰山（几只沪深300ETF业绩、规模稳健增长）， 有的涨得越猛却被卖得越狠（3只涨超50%的成长宽基产品遭遇超百亿元级的净赎回），这又是怎么回 事？ 净值拉升助力规模增长 今年前三季度，A股主要宽基指数震荡攀升，沪深300指数涨17.94%，上证50指数涨11.33%，中证 A500指数上涨21.91%；创业板和科创板相关宽基指数表现更为强势，创业板指前三季度大涨51.2 ...

今年的行情已走过了三个季度，一些买宽基ETF的朋友假期可能有点"懵"：手里的宽基产品明明涨得不错（沪深300涨近18%，创业板指飙51%），怎么份额 反倒悄悄少了？ 看数据更直观——全市场宽基ETF总规模从2.19万亿元冲到2.51万亿元，猛增3200亿元，可份额却掉了2241亿份！ 这不是"bug"，而是两个"小秘密"在搞事：一是净值涨得太凶，把你止盈卖出的份额"盖"住了；二是大家开始"移情别恋"——行业、主题ETF（贴热点、弹性 高）以及债券ETF这些"新欢"抢了宽基的"旧爱"位置。 原来，市场早就从"买个宽基躺平"，变成"挑着热点精准进攻"了！ 此外，宽基ETF内部也出现了明显分化：有的"稳如老狗"（几只沪深300ETF业绩、规模稳健增长），有的涨得越猛却被卖得越狠（3只涨超50%的成长宽基 产品遭遇超百亿级的净赎回），这又是怎么回事？ 什么情况？前三季度宽基ETF规模增长3200亿元，份额却大减 跟踪指数方面，前三季度宽基ETF涨幅榜TOP20产品主要来自两大阵营：创业板、科创板相关宽基指数，尤其是创业板50指数和科创创业50指数。创业板50 指数3只产品入围不算太多，但排名第一、第三和第六，均非常靠 ...

Core Viewpoint - The trading volume of the ChiNext 50 Index ETF reached 7.4 billion yuan today, showing a significant increase of 2.674 billion yuan or 56.59% compared to the previous trading day [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 6.181 billion yuan, up by 2.386 billion yuan or 62.87% from the previous day [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 745 million yuan, an increase of 172 million yuan or 30.06% [1] - The Chuang 50 ETF (159681) saw a trading volume of 282 million yuan, rising by 67.15 million yuan or 31.23% [1] - The Huaxia ChiNext 50 ETF (159367) and the Huatai-Pb ChiNext 50 ETF (159383) had the highest increases in trading volume, with increases of 107.93% and 74.00% respectively [1] Market Performance Summary - As of market close, the ChiNext 50 Index (399673) fell by 4.80%, with related ETFs also averaging a decline of 4.80% [1] - The Wanji ChiNext 50 ETF (159372) and the Jiashan ChiNext 50 ETF (159373) experienced the largest declines, down by 5.10% and 5.06% respectively [1]

Core Viewpoint - The trading volume of the ChiNext 50 Index ETF reached 5.833 billion yuan today, showing a significant increase of 2.303 billion yuan or 65.23% compared to the previous trading day [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 4.892 billion yuan, up 2.235 billion yuan or 84.13% from the previous day [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 560 million yuan, an increase of 171 million yuan or 44.11% [1] - The Harvest ChiNext 50 ETF (159373) saw a trading volume of 95.023 million yuan, up 42.480 million yuan or 80.85% [1] - The Guotai ChiNext 50 ETF (159375) had the highest percentage increase in trading volume, rising by 122.31% [1] Market Performance Summary - As of market close, the ChiNext 50 Index (399673) fell by 2.87%, with related ETFs averaging a decline of 2.75% [1] - The Wanji ChiNext 50 ETF (159372) and the Huatai-PB ChiNext 50 ETF (159383) experienced the largest declines, down 2.94% and 2.88% respectively [1]

Core Points - The total trading volume of the ChiNext 50 Index ETF reached 3.727 billion yuan today, an increase of 1.604 billion yuan compared to the previous trading day, representing a growth rate of 75.57% [1] - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 3.222 billion yuan, up 1.494 billion yuan from the previous day, with a growth rate of 86.49% [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 292 million yuan, an increase of 52.74 million yuan, with a growth rate of 22.03% [1] - The Harvest ChiNext 50 ETF (159373) saw a trading volume of 63.715 million yuan, up 32.218 million yuan, with a growth rate of 102.29% [1] Trading Performance - The ChiNext 50 Index (399673) rose by 3.04% by the end of trading, while the average increase of related ETFs tracking the ChiNext 50 Index was 3.07% [1] - The top performers among the ETFs included the Huaxia ChiNext 50 ETF (159367) and the ChiNext 50 ETF (159681), which increased by 3.62% and 3.17% respectively [1] Detailed Trading Data - Trading data for various ChiNext 50 ETFs on August 18 includes: - Huazhang ChiNext 50 ETF (159949): 2.77% increase, 3.222 billion yuan trading volume, 1.494 billion yuan increase, 86.49% growth [1] - Invesco Great Wall ChiNext 50 ETF (159682): 3.12% increase, 292 million yuan trading volume, 52.74 million yuan increase, 22.03% growth [1] - Harvest ChiNext 50 ETF (159373): 2.93% increase, 63.715 million yuan trading volume, 32.218 million yuan increase, 102.29% growth [1] - Other ETFs also showed varying degrees of increase in trading volume and percentage growth [1]

Core Insights - The total trading volume of the ChiNext 50 Index ETF reached 1.455 billion yuan today, an increase of 783 million yuan compared to the previous trading day, representing a growth rate of 116.44% [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 1.179 billion yuan today, up 674 million yuan from the previous day, with a growth rate of 133.51% [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 159 million yuan, an increase of 78.599 million yuan, with a growth rate of 97.77% [1] - The Chuang 50 ETF (159681) had a trading volume of 59.59 million yuan, up 19.9635 million yuan, with a growth rate of 50.38% [1] - The Wanji ChiNext 50 ETF (159372) and Huazhang ChiNext 50 ETF (159949) saw significant increases in trading volume, with growth rates of 195.47% and 133.51% respectively [1] Market Performance Summary - As of market close, the ChiNext 50 Index (399673) rose by 2.35%, while the average increase of related ETFs tracking the ChiNext 50 Index was 2.18% [1] - The Wanji ChiNext 50 ETF (159372) and the Fuguo ChiNext 50 ETF (159371) had notable increases of 2.45% and 2.42% respectively [1]

Core Viewpoint - The trading volume of the ChiNext 50 Index ETF reached 1.921 billion yuan today, showing a significant increase of 645 million yuan or 50.72% compared to the previous trading day [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 1.583 billion yuan, an increase of 560 million yuan or 54.80% from the previous day [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 202 million yuan, up by 47.7849 million yuan or 30.95% [1] - The Chuang 50 ETF (159681) saw a trading volume of 62.7038 million yuan, increasing by 24.3682 million yuan or 63.57% [1] - The top increases in trading volume were seen in the Chuang 50 ETF Industrial Bank (159370) and Chuang 50 ETF (159681), with increases of 181.82% and 63.57% respectively [1] Market Performance Summary - The ChiNext 50 Index (399673) rose by 3.57% by the end of the trading day, while the average increase for related ETFs tracking the ChiNext 50 Index was 3.61% [1] - The top-performing ETFs included the Huaxia ChiNext 50 ETF (159367) and the ChiNext 50 ETF Huatai-PB (159383), which increased by 4.13% and 3.79% respectively [1]

Group 1 - The core viewpoint is that public funds, both new and old, are accelerating their layout in the A-share market, driven by a growing profit effect and increasing average positions in equity mixed funds reaching 84% [1][2] - New equity funds launched between March 10 and June 10 have shown a rapid pace of building positions, with several newly established active equity products achieving good returns shortly after their inception [1][2] - The average position of public equity mixed funds has increased by 0.26 percentage points to 84.02% as of June 6, indicating a rising trend in investment [2] Group 2 - Structural opportunities are identified in four main areas: assets that hedge against overseas disturbances such as gold and military industries, advancements in domestic AI models, new consumption and innovative pharmaceuticals with high certainty, and cyclical and manufacturing sectors like chemicals and automobiles with price increase expectations [3]

Core Insights - A total of 12 stock ETFs have announced their listing since June, with the highest allocation being 40.89% for the Great Wall CSI Dividend Low Volatility 100 ETF [1][2] - The average allocation for these newly announced ETFs is only 19.43%, indicating a generally conservative approach to investment during the current period [1][2] Group 1: ETF Listings and Allocations - The Great Wall CSI Dividend Low Volatility 100 ETF will be listed on June 18, 2025, with a total of 320 million shares [1] - The fund's asset allocation as of June 11, 2025, shows 59.08% in bank deposits and settlement reserves, while stock investments account for 40.89% [1] - Other ETFs with significant allocations include the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95%, the Huatai-PB SSE STAR Market New Materials ETF at 32.39%, and the Harvest SSE STAR Market Comprehensive Enhanced Strategy ETF at 26.95% [1] Group 2: Fund Sizes and Investor Composition - The average number of shares raised for the newly listed ETFs is 394 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 19.12% of the shares in these ETFs, with the highest proportions in the Xingyin SSE STAR Market Comprehensive Price ETF at 59.97%, the Bank of China CSI All Share Free Cash Flow ETF at 51.12%, and the Tianhong CSI A500 Enhanced Strategy ETF at 31.23% [2] - ETFs with lower institutional ownership include the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 4.09%, the Guotai Chuangye Board New Energy ETF at 5.68%, and the Chuangye Board ETF Dongcai at 5.93% [2]

Group 1 - Two stock ETFs have released listing announcements, with the Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF holding a stock position of 32.39% and the E Fund SSE Sci-Tech Innovation Board 200 ETF holding 11.00% [1] - Since June, a total of 10 stock ETFs have announced their listings, with an average position of only 18.12%. The highest position is held by the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95% [1] - The ETFs with the highest positions include Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (32.39%), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (26.95%), and Huaan Hang Seng Index Hong Kong Stock Connect ETF (21.94%) [1] Group 2 - The average fundraising for the ETFs announced since June is 418 million shares, with the largest being Huaan Hang Seng Index Hong Kong Stock Connect ETF (590 million shares), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (536 million shares), and Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (518 million shares) [1] - The average proportion of shares held by institutional investors is 18.84%, with the highest being Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (59.97%), Bank of China CSI All Share Free Cash Flow ETF (51.12%), and Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (21.83%) [2] - The ETFs with the lowest institutional investor holdings include Huaan Hang Seng Index Hong Kong Stock Connect ETF (4.09%), Guotai Junan ChiNext New Energy ETF (5.68%), and ChiNext ETF Dongcai (5.93%) [2]