王麦琪 制图 ETF新发份额创年度新高 科技主题备受追捧 ◎胡尧 记者 赵明超 2025年，ETF市场迎来快速扩容，年内新发ETF产品340只，合计发行份额超过2400亿份，创下年度发 行新高。在业内人士看来，ETF具有费率低、透明度高、交易便捷等优势，在政策推动和市场赚钱效应 推动下，正在被越来越多的投资者所接受，未来还有很大的发展空间。 在业内人士看来，随着指数体系不断细化，以及产品设计更加多元，ETF将持续向更垂直的产业链、更 前沿的方向延伸，科技主题ETF依然是重要增量品种来源之一。 指数化投资空间广阔 年内共成立340只ETF Choice数据显示，截至12月25日，年内共成立340只ETF，合计发行份额达2440.53亿份。 从产品类型看，股票型ETF是发行主力。数据显示，年内新发股票型ETF达308只，发行份额1673.61亿 份。从具体产品看：今年9月8日成立的富国机器人ETF，发行份额为23.44亿份；今年2月成立的易方达 科创综指ETF、建信科创综指ETF、博时科创综指ETF等，发行份额均为20亿份。 从主题类型看，科技主题唱主角。数据显示，在年内成立的340只ETF中，科技相关主题产品超 ...

Group 1 - The total margin balance of ETFs in the two markets is 98.332 billion yuan, a decrease of 267 million yuan from the previous trading day, representing a 0.27% decline [1] - The financing balance of ETFs is 92.477 billion yuan, down by 298 million yuan, a 0.32% decrease from the previous day [1] - The margin balance for Shenzhen ETFs is 33.175 billion yuan, a decrease of 98.01 million yuan, while the financing balance is 32.403 billion yuan, down by 93.797 million yuan [1] Group 2 - The number of ETFs with a financing balance exceeding 100 million yuan is 107, with the highest being Huaan Gold ETF at 7.683 billion yuan [2] - The ETFs with the largest increases in financing balance include A500 ETF, Electric Power ETF, and Bosera Sci-Tech Innovation Index ETF, with increases of 269.21%, 190.69%, and 156.98% respectively [2] - The ETFs with the largest decreases in financing balance include CCB Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF, Guotai Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF, and Hai Fu Tong Shanghai Stock Exchange Benchmark Market Maker Bond ETF, with decreases of 85.67%, 80.32%, and 60.37% respectively [2] Group 3 - The top three ETFs by net financing inflow are Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Component ETF, Fortune China Bond 7-10 Year Policy Financial Bond ETF, and E Fund CSI 300 Medical ETF, with net inflows of 41.486 million yuan, 38.582 million yuan, and 31.830 million yuan respectively [3] - The top three ETFs by net financing outflow are Bosera Convertible Bond ETF, Hang Seng Technology ETF, and Huaxia Nasdaq 100 ETF (QDII), with net outflows of 95.411 million yuan, 30.485 million yuan, and 30.054 million yuan respectively [3] Group 4 - The latest margin balance for the top ETFs in terms of margin balance includes Southern CSI 1000 ETF, Southern CSI 500 ETF, and Huaxia CSI 1000 ETF, with balances of 2.071 billion yuan, 1.755 billion yuan, and 390 million yuan respectively [4] - The ETFs with the largest increases in margin balance include Southern CSI 500 ETF, Bosera Convertible Bond ETF, and Jiashi CSI High-end Equipment Sub-50 ETF, with increases of 48.9102 million yuan, 7.8256 million yuan, and 2.1388 million yuan respectively [4] - The ETFs with the largest decreases in margin balance include Huatai-PineBridge CSI 300 ETF, Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF, and Huaxia Hang Seng ETF, with decreases of 17.0439 million yuan, 3.9842 million yuan, and 2.3699 million yuan respectively [4] Group 5 - The highest increase in margin volume is seen in Hai Fu Tong Shanghai Stock Exchange Investment Grade Convertible Bond ETF, with a margin volume of 239,900 shares, an increase of 172.00% [5] - The ETFs with the highest decrease in margin volume include Huaxia Hang Seng ETF, Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF, and E Fund Startup Board ETF [5]

Core Viewpoint - The recent fund issuance market has continued its recovery from March, with over 100 new funds launched in April, totaling nearly 100 billion yuan in issuance. The total number of new funds established this year exceeds 400, with a combined issuance scale of over 340 billion yuan, nearly half of which are equity funds [1]. Fund Issuance Overview - As of this year, 427 new funds have been established, an increase of 20 compared to the same period last year, with a total issuance scale of 342.46 billion yuan [1]. - The issuance scale of newly established equity funds accounts for nearly half of the total, with 255 new stock funds launched, a year-on-year increase of 70%, totaling 138.77 billion yuan, which represents 40.52% of the total fund issuance, a year-on-year growth of 206.43% [1]. - There are 20 new FOFs with an issuance scale of 23.03 billion yuan, a year-on-year increase of 456.44%, accounting for nearly 7% [1]. - Seven new QDIIs were established with an issuance scale of 4.11 billion yuan, a year-on-year growth of 74% [1]. - The issuance scales for 61 mixed funds and 77 bond funds were 20.19 billion yuan and 152.86 billion yuan, respectively, accounting for 5.89% and 44.64%, both showing a year-on-year decline [1]. Index Fund Performance - A total of 271 index funds have been issued with a combined scale of 190.18 billion yuan, accounting for nearly 56%, showing a year-on-year growth of nearly 26% [2]. - Among these, passive index stock funds and enhanced index stock funds account for over 240 funds with an issuance scale exceeding 100 billion yuan [2]. - The largest single index fund issued is the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF Link, with a scale of nearly 5 billion yuan [2]. Market Outlook - Public fund institutions are generally optimistic about future opportunities in the equity market. Looking ahead to the second quarter, it is noted that with rising expectations of interest rate cuts in the U.S. and increasing recession fears, investors should pay attention to the potential return of foreign capital [2]. - In terms of asset allocation, a "dividend + technology growth" barbell strategy is recommended for A-shares [2]. Investment Themes - The investment themes for the second quarter include three main lines: dividend defense during market fluctuations, technological advancements in emerging industries, and sectors benefiting from domestic demand policies [3]. - In the initial phase of the second quarter, the market is entering a period of fluctuations, suggesting a focus on defensive strategies in sectors such as utilities and banking [3]. - For technological advancements, attention should be given to innovations in AI applications, including humanoid robots, while also considering investment opportunities in sectors benefiting from policy stimuli and cyclical consumption [3].