近期，股市交投活跃，部分主题ETF凭借极致风格和高弹性斩获较高收益，吸引大量资金跟风涌 入。 责编：叶舒筠 校对： 彭其华 Wind数据显示，年内涨超20%的ETF数量占比高达三分之一，其中以持仓较为集中的主题ETF居多。如7只跟 踪港股医药板块的ETF年内回报实现翻倍，香港证券、稀土、通信等主题ETF年内回报均超过50%。 资金流动的背后，除了投资者风险偏好提升、追逐高波动产品外，与基金的过度营销不无关系。基金销售往往 利用投资者追涨心理，在净值大幅上涨时大力营销，追求规模迅速扩张，忽视波动风险以及成份股自身的流动 性风险。在主题ETF资金加持下，成份股迎来大量ETF资金涌入，股价随即飙升。一旦主题ETF规模缩水，趋 势反转，势必成为股价下跌加速器。主题ETF的快涨快跌特征，极易导致投资者利益受损。 面对市场波动，相关各方应保持理性。基金公司应加强投资者教育，避免在市场亢奋时过度营销；对于销售渠 道，则需要明确区分不同风险偏好的投资者，防止投资者因短期收益产生冲动交易；投资者更应认清自身风险 承受能力，要认识到主题ETF的高收益与其高波动息息相关，切忌跟风炒作盲目追高。 在基金公司、销售渠道等推动下，面对高 ...

Group 1 - The stock market has seen active trading, with a significant number of thematic ETFs achieving high returns, attracting substantial capital inflow [1] - One-third of ETFs have gained over 20% this year, with concentrated thematic ETFs, such as those tracking the Hong Kong pharmaceutical sector, doubling their returns [1] - Since July, the top 10 ETFs with the largest capital outflows are all broad-based ETFs, while the top three ETFs with the most capital inflows are thematic ETFs, each exceeding 10 billion in net inflow [1] Group 2 - The increase in capital flow towards thematic ETFs is partly driven by heightened investor risk appetite and aggressive marketing by fund companies [2] - The rapid inflow of ETF funds into constituent stocks has led to significant price increases, but a potential reversal could accelerate price declines if thematic ETF sizes shrink [2] - Investors are advised to maintain rationality and recognize the relationship between high returns and high volatility in thematic ETFs, emphasizing the importance of diversified asset allocation rather than chasing extreme returns [2]

Core Viewpoint - The continuous inflow of new funds into the A-share market has significantly boosted trading volume and market sentiment, with increasing discussions about stocks among investors [1][3]. Group 1: National Team - The national team has invested over 210 billion yuan in ETFs, actively supporting the A-share market by purchasing at least 8 broad-based ETFs since April [2][4]. - The national team's buying behavior shows a broad coverage across various ETFs, including blue-chip and mid-cap stocks, indicating a strong commitment to stabilizing the market [4]. Group 2: Public and Private Funds - The public fund industry has seen rapid growth, with net assets reaching 34.05 trillion yuan by July 31, a 5.34% increase since the beginning of the year [5]. - In the first seven months of the year, 903 new public funds were launched, with a total issuance of 600.715 billion units, reflecting a rising trend in new fund issuance and an increased proportion of equity funds [6]. Group 3: Insurance Capital - Insurance capital has made 21 equity stakes in listed companies this year, the highest in five years, with a focus on high-dividend sectors [9]. - By the end of the first quarter, insurance companies had a total investment balance of 34.93 trillion yuan, with 2.82 trillion yuan allocated to stocks, marking a 16% quarter-on-quarter increase [9]. Group 4: Retail Investors - Retail investors have contributed over 3.2 trillion yuan in net inflows to the market from January to July, with a notable increase in participation from younger investors, particularly those born in the 1990s [10][11]. - The net inflow of small orders (less than 40,000 yuan) reached its peak in March at 625.04 billion yuan, indicating strong retail investor engagement [11]. Group 5: Leverage Funds - As of August 4, the financing balance in A-shares reached 1.98 trillion yuan, marking the 11th consecutive trading day of exceeding this threshold since April 3 [15]. - The trend of high financing balances indicates a shift in market sentiment, with significant buying activity observed in July following a period of adjustment [15]. Group 6: Foreign Capital - Foreign capital has shown renewed interest in the Chinese stock market, with a net increase of 10.1 billion USD in domestic stocks and funds in the first half of the year, reversing a two-year trend of net selling [16]. - The trading activity of foreign capital in A-shares has increased, with a total holding value of 2.29 trillion yuan by the end of June, reflecting a growing willingness to allocate capital to the Chinese market [16].

Group 1 - The ETF market has seen significant inflows this year, with a net inflow of over 249.3 billion yuan as of May 7, 2023, of which stock ETFs accounted for 132.3 billion yuan, representing over 50% of the total [1] - A total of 440 stock ETFs have been launched this year, with an overall scale of approximately 59 billion yuan [1] - Thirteen ETFs have attracted over 10 billion yuan in net inflows, with five broad-based ETFs tracking major indices like CSI 300 and SSE 50 being particularly favored [1][2] Group 2 - Among the 53 stock ETFs, 13 track core indices such as CSI 300 and ChiNext Composite, while 40 focus on industry or thematic indices like robotics and AI [2] - The newly established stock ETFs this year have a total scale of 590.8 billion yuan, with a significant number of broad-based products launched [2] - The industry is witnessing a trend of launching thematic ETFs, with new products tracking indices related to AI, aviation, and other sectors [2] Group 3 - The industry faces challenges of homogenization, with overlapping index constituents reducing differentiation among industry and thematic ETFs [3] - Fund companies are encouraged to innovate through three strategies: creating differentiated products, utilizing technology for investment decisions, and optimizing market positioning to improve liquidity [3] - Smaller public fund institutions are leveraging their research capabilities to create thematic and industry ETFs, combining active management with passive investment strategies [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past two weeks, most ETF products have performed poorly, with only a few exceptions. The capital flow trends of different types of ETFs vary, and the scale of most ETFs has changed to some extent compared to the end of 2024 [2]. 3. Summary by Relevant Catalogs 3.1 ETF Market Review 3.1.1 Main Type ETF Fund Flows Overview - In the past two weeks, most broad - based ETFs had net capital inflows, with the CSI 300 ETF having the largest net inflow. Among them, the products tracking the STAR 50 had the smallest decline among broad - based ETFs, and the military industry ETF had the smallest decline among industry and theme products [9][11]. 3.1.2 Main Type ETF Cumulative Fund Flows - **Broad - based ETFs**: Since 2025, broad - based ETFs have generally seen capital outflows, but recently, due to large - scale capital inflows into the CSI 300 ETF and others, most broad - based ETFs have achieved net capital inflows. In April, except for A - series ETFs, all types of broad - based ETFs have changed from net outflows to net inflows, with significant inflows into the CSI 300, CSI 1000, and CSI 2000 ETFs [12]. - **Industry and Theme ETFs**: Technology ETFs have seen capital inflows since March, and the inflow speed has accelerated in the past two weeks. Pharmaceutical ETFs have changed from outflows to inflows, while financial real - estate ETFs have changed from inflows to outflows. Dividend ETFs have seen continuous small - scale capital inflows this year, and the net inflow speed has slightly increased in the past two weeks [20]. - **Bond ETFs**: Since 2025, credit - bond and treasury - bond ETFs have had net capital inflows, while convertible - bond ETFs have had net outflows. Affected by the bond - market rebound, treasury - bond ETFs have seen accelerated capital inflows since March, but in the past two weeks, treasury - bond and convertible - bond ETFs have changed from net inflows to net outflows, while short - term financing ETFs have had net inflows [20]. 3.1.3 ETF Product Structure Distribution - **Newly - issued Products**: As of April 11, 12 new ETFs were established in the past two weeks, with a total issuance share of 4.439 billion, including 11 stock ETFs and 1 QDII ETF [25]. - **Product Scale**: Compared with the end of 2024, except for broad - based ETFs, the scales of various types of ETFs have increased. The scales of commodity ETFs, bond ETFs, industry + dividend ETFs, and QDII - ETFs have increased by 71.48%, 32.76%, 12.22%, and 2.48% respectively, while the scale of broad - based ETFs has decreased by 1.42% [25]. 3.1.4 Manager Scale Distribution - As of April 11, China Asset Management has the largest on - exchange ETF scale, reaching 67.3518 billion yuan. E Fund's ETF management scale has expanded by more than 25.449 billion yuan compared to a year ago [26]. 3.2 Classification of ETF Tracking 3.2.1 Technology Theme ETF - **Performance**: Products tracking semiconductor - related indexes such as the CSI Semiconductor have performed well in the past two weeks, and overseas technology ETFs have performed worse than domestic ones [32]. - **Fund Flows**: Products tracking Hong Kong technology indexes such as the Hang Seng Tech have had the largest net capital inflows in the past two weeks, while products tracking the CSI All - Share Semiconductor have had net outflows [32]. 3.2.2 Dividend Theme ETF - **Performance**: The ETF product tracking the MSCI China A - Share International Low Volatility (USD) has had the smallest decline in yield in the past two weeks [33]. - **Fund Flows**: Products tracking the Dividend Low Volatility index have had the largest net capital inflows in the past two weeks, while products tracking the Guoxin Hong Kong - Stock Connect Central - SOE Dividend index have had significant net outflows [33]. 3.2.3 Consumption Theme ETF - **Performance**: Products tracking agricultural indexes such as the China Securities Grain Index have performed well in the past two weeks. The S&P 500 Consumer Discretionary Select Index ETF has a high premium [36]. - **Fund Flows**: The ETF tracking the 800 Consumption Index has had the largest net capital inflows in the past two weeks, while products tracking the CSI Wine Index have had net outflows [36]. 3.2.4 Pharmaceutical Theme ETF - **Performance**: Products tracking the STAR Biotech Index have performed well in the past two weeks [39]. - **Fund Flows**: ETFs tracking the Hong Kong Innovative Drug (CNY) and Hong Kong - Stock Connect Innovative Drug indexes have had the largest net capital inflows in the past two weeks, while products tracking the Hang Seng Healthcare Index have had net outflows [39]. 3.2.5 Large - scale Manufacturing Theme ETF - **Performance**: Products tracking utility - related indexes such as the Green Power Index have performed well in the past two weeks [42]. - **Fund Flows**: Products tracking the CSI Military Industry Index have had the largest net capital inflows in the past two weeks, while products tracking new - energy indexes such as the New - Energy Battery Index have had net outflows [42]. 3.2.6 QDII ETF - **Performance**: Products tracking the S&P 500 Consumer Discretionary Select Index have performed well in the past two weeks, and the QDII - ETF tracking this index has a high premium [44]. - **Fund Flows**: Products tracking the Hang Seng Tech Index have had the largest net capital inflows in the past two weeks, while ETF products tracking the Hang Seng Healthcare Index have had net outflows [44]. 3.3 Hot - Topic ETF Tracking 3.3.1 AI Theme ETF - **Performance**: AI - themed products have performed poorly in the past two weeks, with an average yield of - 9.12%. The product tracking the CS Artificial Intelligence index has the highest yield [52]. - **Fund Flows**: Since February 2024, there has been a large - scale net capital inflow. After a significant outflow from September to October 2024, the overall trend has been a rapid inflow. In the past two weeks, the capital inflow speed has slowed down, with a net inflow of 516 million yuan [52]. 3.3.2 Robot Theme ETF - **Performance**: Robot - themed products have performed poorly in the past two weeks, with an average yield of - 9.38%. The product tracking the Automobile Index has the highest yield [56]. - **Fund Flows**: After December 2024, the overall capital flow has shown a rapid inflow trend. In the past two weeks, the capital inflow speed has accelerated, with a net inflow of 1.625 billion yuan [56]. 3.3.3 "National Team" Holding ETF - As of the end of 2024, the "National Team" (only counting Huijin, Guoxin, and Chengtong) held a total of 320.396 billion shares of ETFs. In the past two weeks, there has been a large - scale net capital inflow of 186.118 billion yuan, with a net inflow of 106.611 billion yuan on April 8 alone [2].