这种头部集中的格局，与其说是市场选择的结果，不如说是综合实力的较量。 ETF赛道拼的是投研一体化的硬实力、产业趋势的预判力以及服务生态的构建力。 文/每日财报 沐言 今年上半年境内ETF市场总规模首次突破了4万亿元大关，在如此高的基数仍然能实现15%的环比增速让整个行业为之沸腾。 Wind数据显示，前 12 家基金公司占据超八成市场份额，前五家又占据了近六成，嘉实基金则以2600亿元的ETF规模稳居前五。不仅有规模优势，其管理 能力也不恍让。在国泰海通最新权益类基金绝对收益排名中，截止2025年6月30日，这家公司近一年以 16.06% 的收益率跃居大型公司第三，较去年的第 八位显著提升。 除了上述方向，嘉实基金在自主可控、数字AI、绿色低碳、生命技术这些细分市场也都深有研究，做了布局。以自主可控方向为例，包括嘉实科创芯片 ETF（588200）、集成电路ETF（562820）、信息安全ETF（159613）等；数字AI方向则有软件ETF（159852）、通信ETF（159695）、机器人ETF嘉实 （159526）等产品。 截止7月10日，最近一年，嘉实科创芯片ETF涨幅超58%，软件ETF涨幅超55%，稀 ...

Market Overview - The Shanghai Composite Index briefly surpassed 3500 points, reaching a high of 3512.67 points, the highest intraday level in nearly eight months, but closed at 3493.05 points, down 0.13% [1][3] - The Shenzhen Component Index fell slightly by 0.06% to 10581.8 points, while the ChiNext Index rose by 0.16% [1] - Total A-share trading volume was 1.53 trillion yuan, an increase of approximately 528 billion yuan from the previous trading day [1] Sector Performance - The market showed sector divergence, with Wind's multi-financial and education indices leading gains, while precious and base metals indices saw significant declines [1] - Notable concept indices included Kimi, short drama games, and chicken industry indices, which rose by 2.22%, 2.13%, and 1.71% respectively, while rare earth, insurance, and GPU indices fell by around 1.8% [1][4] Investment Sentiment - Southbound funds showed a net inflow of approximately 9.256 billion Hong Kong dollars, indicating a willingness to invest despite the overall market decline [2] - Analysts suggest that while the risk of a significant market pullback is relatively low, further upward movement requires more fundamental support [2][12] Recent Trends - From July 1 to July 9, the Shanghai Composite Index, ChiNext Index, and Shenzhen Component Index rose by 1.41%, 1.47%, and 1.11% respectively [6] - The construction materials, comprehensive, steel, banking, and media indices were the top five performing sectors during this period, with gains of 6.65%, 6.18%, 5.55%, 4.67%, and 3.75% respectively [10] Fund Flows - There has been a noticeable increase in fund inflows into thematic ETFs, with several ETFs seeing net inflows exceeding 1 billion yuan [11] - The A-share financing balance has remained above 1.8 trillion yuan, indicating strong leverage sentiment among investors [11] Future Outlook - Analysts emphasize the importance of fundamental improvements for sustained market growth, with a focus on high ROE assets as a favorable investment strategy [12][13] - The current market environment is seen as a good opportunity for long-term investments, particularly in sectors like pharmaceuticals and consumer goods, which are expected to yield significant returns over time [13]

【环球网财经综合报道】4月9日以来，科技成长领域强势反弹。截至7月3日，PCB（印制电路板）指数涨幅超 50%，CPO概念（光电共封装技术）指数上涨近40%。其中，光模块企业新易盛，PCB公司胜宏科技、东山精密等 公司股价更是纷纷创出历史新高。 富国基金测算显示，经过近期修复，目前TMT板块整体估值修复至历史中枢位置，虽板块内部估值分化，计算 机、电子、传媒估值偏高，可能带来短期行情波动，但当前AI处于发展初期，估值容忍度较高。若后续AI产业链 业绩兑现，高估值有望被高业绩增速消化。 同时，机构密集调研科技细分领域。Choice数据显示，近一个月来，截至7月3日，半导体、计算机软件、光电子 器件等行业调研热度居前。调研纪要显示，业绩成为机构关注的核心要素。如7月1日，中欧基金、泉果基金、光 大保德信基金等调研东山精密，询问公司今年主要贡献利润的业务；6月13日至16日，华泰柏瑞基金、宏利基金、 财通基金等调研胜宏科技，关注公司订单情况。（南木） 重仓科技行业的基金也乘势而起，净值大幅反弹。4月9日至7月2日期间，永赢科技智选混合基金净值反弹 57.77%，中航机遇领航混合基金净值上涨56.66%，德邦鑫星价值 ...

NO.1 又有公募自购新发浮动费率基金 6月3日，兴证全球基金发布公告，拟运用固有资金2000万元认购旗下兴证全球合熙混合型证券投资基 金。据悉，该基金为首批新模式浮动费率基金之一。 同日，中欧基金微信公众号发文称，公司于5月30日出资1000万元购入旗下首批新模式浮动费率基金中 欧大盘智选混合发起式基金，且承诺持有期限不低于三年。 据统计，在此之前，已有东方红资管、天弘基金、博时基金等多家基金管理人自购旗下新发的浮动费率 基金。 NO.2 港股主题ETF规模创新高 今年以来，港股主题ETF持续吸金，年内规模增长856.74亿元，增幅为27.97%。数据显示，截至5月30 日，港股主题ETF规模逼近4000亿元关口，达到3919.62亿元。 值得一提的是，整体规模攀升，也使得百亿级别的港股主题ETF由去年底的8只增至5月底的11只。 每经记者｜肖芮冬 每经编辑｜叶峰 ｜2025年6月5日星期四｜ NO.5 超百亿资金涌向科创ETF 5月份，ETF资金流向较4月呈现明显变化。主要宽基ETF由4月的净流入转为净流出，部分行业主题ETF 则受到资金青睐。 Wind数据统计显示，5月，科创、芯片、半导体、军工、国防、 ...

21世纪经济报道记者 易妍君 广州报道 5月，ETF资金流向较上月呈现明显变化。主要宽基ETF由4月的净流入转为净流出，部分行业主题ETF 则受到资金青睐。 特别是以半导体、芯片、高端制造为代表的科技创新方向，相关ETF合计"吸金"规模超过200亿元。其 中，华夏科创50ETF、国联安半导体ETF、嘉实科创芯片ETF的净流入额分别达到49.31亿元、23.64亿 元、18.74亿元，为5月"吸金"规模排名前三的股票ETF。 受访人士向21世纪经济报道记者指出，科创方向ETF吸金反映出市场风险偏好结构性上修，资金从防御 性板块转向科技成长。 展望后市，机构认为，科技产业的投资主线将继续围绕AI展开。 主题ETF强势"吸金" 刚刚过去的5月，A股大盘指数稳步反弹，行业板块有所分化。申万农林牧渔、公用事业、传媒、电力 指数涨幅居前，均超过2%；电子、社会服务、计算机、房地产、钢铁、食品饮料指数则呈现跌势，其 中，电子指数跌幅最大，达到2.85%，其他几个行业指数的跌幅均不到1%。 概念板块方面，科创方向的多个细分领域调整明显。 例如，5月6日—5月30日，芯片指数、上证科创板50指数、半导体指数分别下跌了2.24% ...

Core Viewpoint - The article emphasizes the transformative impact of AI technology, particularly following the release of ChatGPT, and highlights the importance of proactive investment strategies in the evolving tech landscape [1][2]. Group 1: AI Development and Investment Opportunities - The release of ChatGPT in November 2022 marked a significant moment in AI, leading to a surge in investment interest [1]. - The AI industry has undergone multiple waves of development, with key milestones such as AlexNet in 2012 and AlphaGO in 2016, indicating a long-term trend towards AI integration in various sectors [1][2]. - The concept of "Scaling Law" is central to investment strategies, suggesting that non-linear changes in AI capabilities will lead to substantial value creation [2]. Group 2: Long-term Technological Trends - The article discusses the ongoing technological revolution as a core driver of economic growth and asset price increases, particularly in China [3]. - The understanding of technology trends and national development dynamics is crucial for public funds to remain competitive [3]. Group 3: Research and Team Collaboration - The company has established cross-team research groups to address complex industries, ensuring comprehensive coverage of technological advancements [6][7]. - The integration of diverse expertise within teams enhances the ability to identify investment opportunities across various sectors, such as automotive and semiconductor industries [7][8]. Group 4: Passive Investment Strategies - The success of the 嘉实科创芯片ETF (588200) illustrates the effectiveness of passive investment strategies in the semiconductor sector, with its assets growing from under 200 million to over 16 billion [12]. - The company has a strong foundation in passive products, having launched the first cross-market ETF in China and developed various Smart Beta products [13][14]. Group 5: Future Investment Directions - The company identifies four main investment themes: self-sufficiency in technology, digital AI, green low-carbon initiatives, and life sciences [14]. - The focus on creating a user-centered investment ecosystem reflects a shift in asset management towards enhancing investor experience and engagement [15]. Group 6: Overall Investment Philosophy - The article underscores the importance of a multi-faceted investment approach that captures both beta and alpha opportunities in the tech sector [16][17]. - The company's long-term commitment to deep research and proactive investment strategies positions it well to navigate the complexities of the evolving tech landscape [17].