部分科技方向ETF今年以来"吸金"情况（截至1月12日） 今年以来净流入金额 富国港股通互联网ETF 27亿元 华泰柏瑞恒生科技ETF 21.74亿元 招商卫星产业ETF 均超10亿元 嘉实软件ETF 华夏航空航天ETF 华夏恒生科技指数ETF 天弘恒生科技ETF 永赢卫星ETF 47.9亿元 国泰半导体设备ETF 30.14亿元 富国卫星ETF 28.24亿元 Choice数据显示，截至1月13日，申万计算机和申万电子行业指数今年以来分别上涨14.13%、5.7%；恒 生科技指数今年以来上涨6.41%。美股市场，截至1月12日，阿里巴巴、百度今年以来分别上涨 13.46%、16.53%，显著跑赢同期上涨2.12%的纳斯达克指数。 A股市场，多只科技方向ETF今年以来持续迎来资金净流入。数据显示，截至1月12日，永赢卫星ETF、 国泰半导体设备ETF和富国卫星ETF今年以来分别获得47.9亿元、30.14亿元和28.24亿元资金净流入；招 商卫星产业ETF、嘉实软件ETF、华夏航空航天ETF均获得10亿元以上资金净流入。 跨境ETF方面，截至1月12日，富国港股通互联网ETF和华泰柏瑞恒生科技ETF今年以来分 ...

具体来看，1月8日，有236只ETF获融资净买入，其中，国泰中证全指证券公司ETF获融资净买入额居 首，净买入4.36亿元；融资净买入金额居前的还有易方达创业板ETF、永赢国证商用卫星通信产业 ETF、华宝中证全指证券公司ETF、广发中证香港创新药ETF、华夏上证科创板50ETF、华泰柏瑞恒生 科技ETF等。 Wind统计显示，截至1月8日，沪深两市ETF两融余额为1177.09亿元，较上一交易日减少16.06亿元。其 中，ETF融资余额为1100.6亿元，较上一交易日减少16.03亿元；ETF融券余额为76.49亿元，较上一交易 日减少0.03亿元。 （文章来源：证券时报网） ...

Wind统计显示，截至1月7日，沪深两市ETF两融余额为1193.15亿元，较上一交易日减少5.8亿元。其 中，ETF融资余额为1116.63亿元，较上一交易日减少5.67亿元；ETF融券余额为76.52亿元，较上一交易 日减少0.13亿元。 （文章来源：证券时报网） 具体来看，1月7日，有247只ETF获融资净买入，其中，华泰柏瑞恒生科技ETF获融资净买入额居首， 净买入1.62亿元；融资净买入金额居前的还有华夏恒生科技ETF、国泰中证全指证券公司ETF、华夏恒 生互联网科技业ETF、国泰中证半导体材料设备主题ETF、鹏扬中债-30年期国债ETF、南方中证500ETF 等。 ...

Core Viewpoint - As of December 16, the total margin balance of ETFs in the Shanghai and Shenzhen markets reached 124.408 billion yuan, an increase of 6.429 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance was 117.118 billion yuan, up by 6.598 billion yuan compared to the previous trading day [1] - The ETF margin short balance was 7.29 billion yuan, showing a decrease of 0.169 billion yuan from the previous trading day [1] Group 2: Net Inflows into ETFs - On December 16, 321 ETFs experienced net financing inflows, with the top net inflow being the Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF, which saw a net inflow of 3.25 billion yuan [1] - Other ETFs with significant net inflows included the Bosera Zhongzhai 0-3 Year National Development Bank ETF, the Guotai Securities Shanghai Stock Exchange 5-Year Government Bond ETF, the Haifutong Zhongzhai Short-term Bond ETF, and the Huaxia Hang Seng Technology ETF [1]

Core Viewpoint - As of December 15, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 117.979 billion yuan, reflecting a slight increase from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance stood at 110.52 billion yuan, which is an increase of 0.614 billion yuan compared to the previous trading day [1] - The ETF margin short balance was recorded at 7.459 billion yuan, showing a decrease of 0.553 billion yuan from the previous trading day [1] Group 2: Net Inflows into ETFs - On December 15, a total of 291 ETFs experienced net financing inflows, with the top inflow being the Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF, which saw a net inflow of 194 million yuan [1] - Other ETFs with significant net inflows included the E Fund ChiNext ETF, Harvest SSE STAR Chip ETF, Huaxia Hang Seng Internet Technology ETF, Huaxia Hang Seng Technology ETF, Huaxia SSE STAR 50 ETF, and Haitai Baichuan Hang Seng Technology ETF [1]

Core Insights - The public fund industry is entering the final countdown for its "year-end exam" as 2025 approaches, with scale remaining a critical factor for survival among smaller firms and a cornerstone for larger firms [1] - This year's year-end scale battle is characterized by a shift towards index funds as the main battleground, with bond funds serving as the stabilizing force [1] Fund Issuance Trends - In December, a total of 139 new funds are set to be launched, marking a significant increase from 107 in the same period last year, with equity funds, particularly index funds, leading the charge [2] - Among the new funds, 85 are equity funds, accounting for over 60%, with passive index funds making up the largest share at 40 and enhanced index funds at 19, together representing 70% of new equity fund issuances [2] - In November, index funds accounted for 50.34% of new fund issuances, raising a total of 32.305 billion yuan, which is 33.58% of the total fundraising for that month [2] Strategic Shifts in Fund Management - Unlike previous years where star fund managers created blockbuster products, more fund companies are now focusing on low-cost, efficient tool-based products to adapt to market demand changes [3] Performance of Leading Fund Companies - Leading fund management firms are notably active in the year-end scale battle, with companies like E Fund, Ping An Fund, and GF Fund launching multiple new products in December [4] - The rankings of fund companies have seen slight changes, with some firms improving their positions due to the growth of passive investment opportunities, particularly in ETFs [5] Focus on Technology Sector - The technology sector has emerged as the primary focus for new fund issuances, with 7 new AI-focused ETFs and 10 products targeting the semiconductor sector among the new passive index funds [7] - The first batch of 7 AI-focused ETFs is expected to attract over 30 billion yuan in new capital if fully subscribed, reflecting strong market interest in technology investments [7][8] Market Drivers - The surge in technology-focused ETF filings is driven by supportive policies, strong market performance, and heightened competition within the industry, creating a favorable environment for investment in hard technology and innovation [8]

Core Viewpoint - The public fund industry is entering a critical phase as it approaches the end of 2025, with a focus on scale competition among fund companies, particularly emphasizing index funds as the main battlefield for major players [2][3]. Group 1: Fund Issuance Trends - In December, a total of 139 new funds are set to be launched, marking a significant increase from 107 in the same period last year, with equity funds, especially index funds, leading the charge [3]. - Among the new funds, 85 are equity funds, accounting for over 60%, with passive index funds making up 40 and enhanced index funds 19, representing 70% of new equity fund issuances [3]. - In November, index funds accounted for 50.34% of new fund issuances, raising a total of 32.305 billion yuan, which is 33.58% of the total fundraising [3]. Group 2: Competitive Landscape - Major fund management companies are significantly ramping up their efforts in the year-end scale competition, with notable issuances from firms like E Fund, Ping An Fund, and GF Fund [5]. - The rankings of fund companies have seen slight changes, with some companies improving their positions due to the growth of passive investment products, particularly ETFs [6]. - For instance, Southern Fund's Southern CSI 500 ETF saw a growth of 26.66 billion yuan in the third quarter, contributing to its improved ranking [6][7]. Group 3: Focus on Technology Sector - The technology sector has emerged as the primary focus for new fund issuances, with 7 new AI-focused ETFs and 10 products targeting the semiconductor and tech industries [8]. - The first batch of 7 AI ETFs is expected to attract over 30 billion yuan in new capital if fully subscribed, indicating strong market interest in technology investments [8][9]. - Factors such as supportive policies, market performance, and competitive dynamics are driving the surge in technology-focused ETF applications [9].

（文章来源：证券时报网） 具体来看，12月3日有276只ETF获融资净买入，其中，华泰柏瑞恒生科技ETF获融资净买入额居首，净 买入1.36亿元；融资净买入金额居前的还有华夏恒生互联网科技业ETF、华夏上证科创板50ETF、嘉实 中证软件服务ETF、鹏扬中债-30年期国债ETF、华夏纳斯达克100ETF等。 Wind统计显示，截至12月3日，沪深两市ETF两融余额为1185.09亿元，较上一交易日增加2.48亿元。其 中，ETF融资余额为1105.39亿元，较上一交易日增加3.63亿元；ETF融券余额为79.7亿元，较上一交易 日减少1.15亿元。 ...

Group 1: Overview of QDII ETF - QDII ETFs are primarily focused on Hong Kong stocks, experiencing rapid growth since 2021, with a significant increase in non-Hong Kong ETFs starting in 2023, reflecting a shift in investor interest towards overseas markets [3][12] - As of November 28, 2025, the cumulative scale of QDII ETFs reached 185.86 billion, indicating a growing trend in overseas investment opportunities [12] - The top 15 QDII ETFs by scale include products like Huaxia Hang Seng Technology ETF and Guotai Junan Nasdaq 100 ETF, with scales of 47.64 billion and 16.90 billion respectively [9][13] Group 2: Mechanism of Premium and Discount Formation - The premium formation mechanism for QDII ETFs relies on cash subscription and redemption, where the return to premium depends on the ability to arbitrage through "subscription + sale" [3][21] - High premiums often arise from disruptions in the arbitrage chain, particularly when subscription limits are imposed due to insufficient QDII quotas [27] - The expected arbitrage returns vary based on market conditions, with overlapping trading hours leading to different calculations of the indicative optimized price value (IOPV) [31][36] Group 3: Evaluation of QDII ETF Premiums - The premium rate is negatively correlated with the cost-effectiveness of QDII ETFs; for instance, when the premium rate exceeds 8%, holding the ETF for a month typically results in significant negative returns [3] - Daily subscription limits and market sentiment are significant factors influencing premium rates, with emotional factors providing long-term explanations for premium levels [3][27] - Some QDII ETFs exhibit additional premiums that cannot be easily explained by market sentiment, indicating potential inefficiencies in pricing [3][27] Group 4: Recent Developments in QDII ETFs - The number of QDII ETFs tracking new indices has been increasing, particularly those focusing on non-Hong Kong indices such as the Dow Jones Industrial Average and the S&P 500 Consumer Select Index [17] - Newly launched QDII ETFs often experience initial premiums, with the Huatai Baichuan South China Arabian ETF showing a first-day premium of 6.31% [17][18] - The overall market enthusiasm for QDII ETFs remains high, as evidenced by the sustained premium levels of newly listed products [17][18]

Group 1 - The Hong Kong stock market has shown strong performance, with a significant rebound expected in 2025, primarily driven by southbound capital from mainland investors [1] - Southbound capital has reached a record net inflow of 1.38 trillion HKD this year, contributing to a nearly 30% increase in the Hang Seng Index and over 25% in the Hang Seng Tech Index [1] - The popularity of ETFs has surged, with notable inflows into technology and thematic ETFs, reflecting high confidence among mainland investors in the tech sector [1] Group 2 - The convenience of accessing the Hong Kong stock market for mainland investors has been a key factor in the significant growth of ETF investments this year [2] - The deepening of the mutual market access mechanism and the proliferation of financial technology have made it easier for investors to open accounts and trade [2] - The outlook for southbound capital remains positive, particularly in sectors like technology, internet, pharmaceuticals, and high-end manufacturing, as the market continues to recover [2] Group 3 - Baihui Financial Holdings operates Baihui Securities, which is licensed by the Hong Kong Securities and Futures Commission for regulated activities [3] - Baihui Capital holds multiple licenses and has sponsorship qualifications, enhancing its capabilities in the financial market [3]