（原标题：汇金持有A股ETF达1.29万亿元！上半年买了哪些ETF？） 今年上半年，中央汇金首次 明确其类"平准基金"定位，大举增持ETF，极大地提振了市场信心。 随着公募基金2025年半年报披露完毕，中央汇金持仓的ETF明细全部出炉。 截至2025年中，汇金（统计汇金投资、资管及两大资管计划）持有A股ETF共1.29万亿元，占A股ETF总 规模的42%。 分ETF类型看，汇金持有宽基ETF1.28万亿元，持仓规模较2024年末增加2363亿元。 （来源：东吴证券） 2025H1，汇金增持沪深300医药、酒等ETF，中证医疗、食品饮料、5G通信等ETF遭减持。 （来源：东吴证券） 分指数看，沪深300、上证50、中证1000、中证500、创业板指的汇金持仓规模居前，分别为8299亿元、 1371亿元、1295亿元、995亿元。 （来源：东吴证券） 持仓比重方面，中证1000、上证180、上证50、沪深300、180金融、中证500ETF持有者中汇金占比均高 于50%。 （来源：东吴证券） 对于当下市场，东兴证券认为，本轮行情以机构为主，无论是汇金增持大量宽基ETF，还是机构抱团买 入科技股，都体现出景气度这条 ...

Group 1: ETF Market Growth - As of April 2025, the total scale of major market index ETFs has increased nearly fourfold compared to the end of 2021[8] - The scale of the CSI 300, CSI 500, and CSI 1000 ETFs reached CNY 10,773 billion, CNY 1,441 billion, and CNY 1,409 billion respectively, with increases of CNY 9,274 billion, CNY 659 billion, and CNY 1,382 billion since the end of 2021[8] - The scale of the SSE 50, STAR 50, and ChiNext Index ETFs reached CNY 1,706 billion, CNY 1,664 billion, and CNY 1,156 billion respectively, with increases of CNY 988 billion, CNY 1,234 billion, and CNY 930 billion since the end of 2021[8] Group 2: Index Component Adjustments - The adjustment of index components occurs biannually in May and November, with implementation dates on the second Friday of the following month[15] - The average prediction accuracy for the CSI 300's adjustments is 87% for additions and 91% for deletions, with recent adjustments showing 93% and 91% accuracy respectively[23] - The average coverage rate for the CSI 300's adjustments is 89% for additions and 93% for deletions[23] Group 3: Investment Opportunities - The study identifies significant Alpha return characteristics in the sample combinations of stocks added and removed during index adjustments[25] - Liquidity shock factors significantly affect the performance of stocks during index adjustments, indicating potential investment opportunities[25]

Core Viewpoint - The ETF market is experiencing a shift from broad-based products to sector-specific investments, with significant outflows from broad-based ETFs and inflows into thematic ETFs, indicating changing investor preferences [2][5][8]. Group 1: ETF Market Trends - As of August 5, stock ETFs have seen a net outflow of 628 billion yuan over the past month, marking a decline below 1 trillion units for the first time since October of the previous year [2][5]. - Broad-based ETFs, particularly those tracking the CSI A500 index, have faced severe redemption pressures, with only one out of 38 products seeing net inflows [5][6]. - In contrast, thematic ETFs have attracted 176 billion yuan in net inflows, with sectors like dividends, banking, and coal being popular among investors [2][6]. Group 2: Market Dynamics - The ETF market, valued at 4.64 trillion yuan, is characterized by a significant concentration of assets, with the top ten firms controlling nearly 80% of the market share [2][8]. - Major players like Huaxia and E Fund have seen their ETF scales increase by over 100 billion yuan this year, while many smaller firms struggle to reach 10 billion yuan [2][8]. - The competitive landscape is intensifying, with many mid-sized firms facing high resource and cost barriers, leading to a "war of attrition" in the market [3][9]. Group 3: Investor Behavior - Investors are shifting their focus from broad-based ETFs to sector-specific products, reflecting a desire for more targeted investment strategies during market fluctuations [7][10]. - The trend indicates that investors are looking for higher returns through short-term trading in strong sectors, rather than relying on the broader market [7][10]. Group 4: Challenges for Fund Companies - The ETF business, while seen as a growth avenue, presents significant resource and cost challenges, particularly for smaller firms [9][10]. - The high costs associated with system maintenance, marketing, and operations make it difficult for smaller companies to compete effectively in the ETF space [9][10]. - Despite these challenges, some mid-sized firms are beginning to re-evaluate their strategies and invest in ETF capabilities to capture market opportunities [10].

Core Viewpoint - The ETF market is experiencing a shift from broad-based products to sector-specific themes, with significant outflows from broad-based ETFs and inflows into industry-themed ETFs [1][2][3] Group 1: Market Trends - Stock ETFs have seen a net outflow of 628 billion yuan in the past month, with the total scale dropping below 1 trillion for the first time since October of the previous year [1][2] - Broad-based ETFs, particularly those tracking the CSI A500 index, are facing severe redemption pressures, with only one out of 38 products showing net inflow [2][3] - In contrast, industry-themed ETFs have attracted 176 billion yuan in net inflows, with sectors like banking and coal being popular among investors [1][3] Group 2: Competitive Landscape - The ETF market has a total scale of 4.64 trillion yuan, with the top ten firms controlling nearly 80% of the market share [1][6] - Major players like Huaxia and E Fund have seen significant growth, with increases exceeding 100 billion yuan this year [6][8] - The market is characterized by a "Matthew Effect," where larger firms benefit disproportionately, while smaller firms struggle due to high resource and cost barriers [1][7] Group 3: Investment Strategies - Investors are shifting their focus from broad-based ETFs to sector-specific products, reflecting a change in market sentiment and opportunity assessment [4][5] - The trend indicates a preference for diversified and value-oriented investments during market downturns, while seeking higher returns through sector plays during upswings [4][5] Group 4: Challenges for Smaller Firms - Smaller firms face significant challenges in the ETF space due to high operational costs and resource constraints, making it difficult to compete with larger firms [7][8] - Despite these challenges, some mid-sized firms are adjusting their strategies to re-enter the ETF market, indicating ongoing interest in this rapidly evolving sector [8]

Core Viewpoint - The ETF market is experiencing a shift from broad-based products to sector-specific ETFs, with significant capital outflows from broad-based ETFs and inflows into industry-themed ETFs [2][3][4]. Group 1: Market Trends - In the past month, stock ETFs have seen a net outflow of 628 billion yuan, with the total scale dropping below 1 trillion yuan for the first time since October of the previous year [2][3]. - Broad-based ETFs, particularly those tracking the CSI A500 index, have faced severe redemption pressures, with only one out of 38 products showing net inflow [3][4]. - Conversely, industry-themed ETFs have attracted 176 billion yuan in net inflows, with sectors like banking and coal being popular among investors [4][5]. Group 2: Competitive Landscape - The ETF market has become a battleground for public fund companies, with the top ten firms controlling nearly 80% of the market share, highlighting a significant disparity in resources [6][7]. - The total scale of domestic ETFs reached 4.64 trillion yuan, an increase of over 900 billion yuan from the end of the previous year, reflecting a 24.23% growth [6]. - Major players like Huaxia Fund and E Fund have seen substantial growth in their ETF scales, with Huaxia Fund leading at 794.29 billion yuan [6]. Group 3: Challenges for Smaller Firms - Smaller fund companies face high resource and cost barriers in the ETF market, with intense competition leading to a "resource consumption war" [7][8]. - The cost of establishing a profitable ETF business is estimated to require a scale of over 100 billion yuan, with initial system costs around 20 million yuan [7]. - Despite challenges, some mid-sized firms are adjusting strategies to enter or re-enter the ETF market, indicating ongoing interest in this rapidly evolving sector [8].

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the ChiNext Index ETF and the pharmaceutical industry ETF [4][12] - Major broad-based ETFs such as the Science and Technology 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [4][12] - After significant outflows at the beginning of the year, technology ETFs have shifted to net inflows since March, with a notable acceleration in inflow speed in the last two weeks [4][20] ETF Product Structure Distribution - As of July 11, 17 new ETFs were launched in the past two weeks, with a total issuance of 31.823 billion units, including 7 stock ETFs and 10 pure bond ETFs [27] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 132.25%, 111.16%, 29.00%, 14.05%, and 2.70% respectively [27] Thematic ETF Tracking - In the technology theme ETFs, products tracking animation and gaming performed best, while overseas technology ETFs underperformed compared to domestic ones [33] - For dividend theme ETFs, those tracking the CSI Central State-Owned Enterprise Dividend had the highest return in the past two weeks, with significant net inflows for products tracking low-volatility dividend indices [4][33] - In the pharmaceutical theme ETFs, products tracking innovative drug indices showed strong performance, with net inflows for those tracking Hong Kong Stock Connect innovative drug indices [4][33] Fund Manager Scale Distribution - As of July 11, Huaxia Fund has the largest ETF scale at 762.281 billion yuan, while E Fund's ETF management scale has expanded by over 290 billion yuan compared to one year ago [28]

Group 1 - The report indicates a positive outlook for equity assets, supported by a stock-bond rotation model showing a marginal decline in private sector financing growth but still in an upward trend, with inflation factors decreasing and economic recovery signals persisting [4][9] - The sentiment index for the A-share market has turned optimistic for the upcoming month, with indicators such as stock investment ratios and net inflows from large orders maintaining a bullish outlook [4][9] - The report recommends maintaining a high allocation to equity assets, with a focus on small-cap and growth styles for July, while suggesting stable fixed-income products for conservative investors [4][10] Group 2 - The report highlights the implementation of consumption policies aimed at enhancing consumer capacity and expanding financial support for consumption, with 19 key measures proposed [5][12] - A high-quality development plan for inclusive finance has been published, emphasizing the establishment of a comprehensive inclusive financial system over the next five years [5][12] - The second quarter monetary policy meeting indicated a more optimistic view of the domestic economy, while maintaining a stance of "moderate easing" in monetary policy [5][12] Group 3 - The report notes that the ETF market has performed well recently, with significant inflows into broad-based ETFs, particularly in the ChiNext index ETF and financial real estate sector ETFs [6][15] - The report mentions that 16 new ETFs were launched in the past two weeks, with a total issuance of 6.621 billion units, indicating growth in the ETF market [6][15] - The performance of thematic ETFs, such as those tracking AI and robotics, has been highlighted, with notable inflows and returns [6][17] Group 4 - The report discusses the wind power sector, forecasting a doubling of global offshore wind installations by 2025, with a compound annual growth rate of 21% expected over the next decade [19][20] - It also mentions the competitive landscape in the energy storage market, with prices for lithium iron phosphate battery systems continuing to decline, reflecting increased competition [20][21] - Investment recommendations include focusing on companies in the offshore wind sector and those involved in energy storage, highlighting specific firms such as Mingyang Smart Energy and Sunshine Power [21][22] Group 5 - The report emphasizes innovation in the liquor industry, with companies like Luzhou Laojiao focusing on low-alcohol and youth-oriented products to meet changing consumer demands [22][23] - It identifies opportunities in the beverage and snack sectors, driven by evolving consumer preferences and the introduction of functional products [22][23]

Core Insights - The article predicts the adjustment list for major market index constituents as of June 2025, utilizing refined financial loss identification rules and a review mechanism for securities [1][2] - It highlights significant Alpha return characteristics in the sample combinations of stocks added or removed during index adjustments, particularly through liquidity shock factor grouping [1][2] Market Index ETF Scale - As of April 2025, the scale of various ETFs such as SSE 50, STAR 50, CSI 300, CSI 500, CSI 1000, and ChiNext Index are 170.6 billion, 166.4 billion, 1077.3 billion, 144.1 billion, 140.9 billion, and 115.6 billion respectively [1] - The overall scale of these index ETFs has increased nearly fourfold compared to the end of 2021, indicating a growing trend towards index-based investment [1] Index Adjustment Rules and Historical Testing - The article outlines that the CSI and National Index series are adjusted twice a year, with a high prediction accuracy and coverage rate of around 90% for the CSI 300 index adjustments [2] - It emphasizes the significant Alpha return characteristics observed in the sample combinations during the prediction and announcement periods of index adjustments [2] Arbitrage Strategy Research - Since the second half of 2019, single adjustment absolute returns have been 18.36%, with long-short returns at 23.89% and excess returns at 15.10% [2] - Annual adjustment absolute returns reached 40.09%, with long-short returns at 50.84% and excess returns at 33.47% [2]

Core Insights - The ChiNext board is becoming a focal point for global investors, showcasing significant investment value through the clustering of high-tech enterprises and innovative companies [1][2] - Policy reforms are advancing for the ChiNext board, with plans to enhance the issuance, refinancing, and merger mechanisms to align with the trend of technological innovation [1][2] - The ChiNext index has attracted attention due to its concentration of core assets in emerging industries, with over 60% of its components in high-tech sectors [2][3] Investment Value - As of May 20, 2025, the total scale of the ChiNext index ETF is approximately 151.9 billion yuan [2] - The first quarter of 2025 saw a year-on-year growth of 26% in net profit for ChiNext index constituents, a significant increase from 5.6% in 2024 [3] - The current price-to-earnings (PE) ratio for the ChiNext index is 30.7 times, indicating a favorable valuation compared to historical data [3] Internationalization - The internationalization of the ChiNext board is accelerating, with index products being listed in markets such as the US, Singapore, and Europe [5][6] - The introduction of the ChiNext index product in European exchanges faced challenges, including regulatory and market environment differences, but has successfully gained approval [6] - The upcoming implementation of the revised ChiNext index compilation plan on June 16, 2025, aims to enhance its investability and reflect the overall performance of the ChiNext market [7]

二、中国政策支持成长性企业的发展，带动全球资产加强对创业板指的关注 国家持续推动科技创新和产业升级，创业板聚焦"三创四新"（创新、创造、创意，新技术、新产业、新 业态、新模式），战略性新兴产业占比较高，受益于国家对成长行业、新型科技行业的支持。 专题：专题｜深交所2025全球投资者大会：投资中国就是投资未来 5月19日，由深交所主办的2025全球投资者大会在深圳举行。中国证监会副主席李明在会上致辞时表 示，近期，证监会将出台深化科创板、创业板改革政策措施，为企业创新成长提供更加适配、更加包容 的制度支撑。接下来还将持续引导上市公司积极通过现金分红、回购增持、并购重组等方式提升投资价 值，不断打造高质量、有活力的上市公司群体，为全球投资者提供更多优质的投资标的。 近年来，创业板指ETF规模呈现快速增长态势，从2020年初的约200亿元增长至如今的近1200亿元。对 于创业板ETF展现强大"吸金能力"的关键支撑，富国基金创业板ETF基金经理曹璐迪认为主要有以下三 大因素： 一、创业板指成分股汇聚了国内新经济领域的核心资产，所以创业板ETF是国内外投资者关注中国成长 龙头公司的重要方式 创业板指汇聚了中国新经济领域 ...