8月股市震荡上涨，大量资金通过股票型ETF（交易型开放式指数基金）涌入市场。 不过，从本月以来的ETF份额变化看，部分热门赛道并非资金首选，反而是相对低估的化工、医疗器 械、消费、煤炭等赛道受到了资金的青睐，非银、金融科技赛道也获得资金的追捧。与此同时，本月涨 幅较高的科创、芯片相关ETF中，部分份额出现了较大幅度的减少。 业内人士表示，短期市场情绪升温可能加剧部分标的波动，但医药、AI（人工智能）等赛道仍具投资 机会。对于担心行业主题ETF回撤风险的投资者，可以考虑一些跨行业资产配置的宽基ETF。 资金从科技相关ETF出逃 从ETF的份额变化来看，部分资金对一些赛道似乎出现了"恐高"情绪。 比如，指数刚创下阶段性新高， 科创50ETF却遭资金持续出逃。 科技相关的半导体、芯片等细分赛道在本月表现更猛，但相关主题ETF同样遭遇资金出逃。数据显示， 国联安半导体ETF、华夏芯片ETF、嘉实科创芯片ETF、国泰军工ETF本月份额均减少超20亿份。这些 行业主题ETF本月以来最大涨幅超过30%。 不过，芯片主题ETF的份额变化出现了一定分化。本月大涨的众多科创芯片ETF中，嘉实旗下产品出现 较大幅度的份额减少，华安 ...

21世纪经济报道记者 黎雨辰 ETF市场正式进入5万亿时代。 Wind数据显示，截至8月25日收盘，全市场ETF规模达到5.07万亿元。 自4月18日全市场ETF规模站上4万亿元以来，这一仅用4个月就完成的规模跨越，再一次刷新了ETF"万 亿里程"的新纪录。 从4万亿到5万亿的阶段性跨越，也是2025年以来ETF市场发展的缩影：A股市场回暖带动基金净值显著 上升，成为年内ETF规模增长的核心引擎；资金积极涌入行业主题ETF与港股ETF，反映出投资者借道 指数化工具捕捉轮动机会的策略倾向；债券ETF持续获青睐，则体现出市场中仍存在对稳健收益的大量 需求…… 华泰柏瑞指数投资部负责人向21世纪经济报道记者指出，ETF市场的快速发展，既代表着中国投资者日 益成熟、能够更加擅长使用多元化的金融工具来实现自身的投资目标，也代表着中国向亚洲、乃至全球 资产管理中心的地位迈出了一大步。 "中国ETF市场具有'要么涨净值，要么增份额'的跨周期特征，因此无论未来一段时间市场环境如何变 化，可能都会稳步达到下一个万亿。"该负责人表示，"随着市场规模的持续扩大，每一个万亿所需要的 增长幅度越来越小、节奏进一步加快，也是应有之义。" ...

具体来看，101只ETF规模超百亿元，7只超千亿元，规模超千亿元的均为宽基ETF。华泰柏瑞沪深 300ETF最新规模4128.8亿元，全市场规模最大，后面依次为易方达沪深300ETF、华夏沪深300ETF、嘉实 沪深300ETF、华夏上证50ETF、南方中证500ETF、易方达创业板ETF。 | | | | 规模超千亿元的ETF一览（截至8月25日收盘） | | | | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | 最新资产 净值(亿元) | 管理公司 | 比较基准 | | 1 | 510300. SH | 沪深300ETF | 4.4182.80 | 华泰柏瑞基金 | 沪深300指数 | | 2 | 510310. SH | 沪深300ETF易方达 | 1968.65 | 易方达基金 | 沪深300指数 | | | 510330. SH | 沪深300ETF华夏人 | 2.191.06 | 依直喜等 | 沪深300指数 | | 4 | 159919. SZ | 沪深300ETFy | 1, 918. 14 | 嘉实基金 | 沪深300指数 | | ...

｜2025年8月26日 星期二｜ 点评：中国ETF规模突破5万亿大关，彰显投资者对被动投资工具的青睐。华泰柏瑞沪深300ETF等头部 产品规模持续扩大，反映机构资金对宽基指数的配置需求。债券ETF和跨境ETF规模创新高，表明资产 配置多元化趋势明显。ETF市场快速发展将促进资本市场结构优化，提升整体市场流动性和效率，为投 资者提供更多样化的投资选择。 NO.3 华泰证券资管拟不超3200万元自购旗下权益基金 8月25日，华泰证券（上海）资产管理有限公司（简称"华泰证券资管"）公告，将于近期陆续运用不超 过3200万元自有资金投资公司旗下权益类公募基金，持有期不少于1年。华泰证券资管表示，此举是基 于对中国资本市场长期健康稳定发展，以及公司主动投资管理能力的信心。运用自有资金投资旗下产 品，旨在秉持长期投资的理念，与广大投资者和基金持有人共担风险、共享收益。 点评：华泰证券资管拟以不超3200万元自购旗下权益基金，持有期不少于1年，此举彰显对资本市场长 期健康发展的信心。对公司而言，自购行为将增强投资者对旗下权益类产品的信任度，提升品牌形象。 对券商资管行业而言，这一举措或引发其他机构跟进，形成示范效应。对整体 ...

中国ETF规模正式进入5万亿时代。最新数据显示， 国内ETF规模达到5.07万亿元，仅用4个月就完成了4万亿到5万亿的跨越，当前ETF基金数量为 1271只。 全市场101只ETF规模超百亿，6只超千亿。 具体来看，华泰柏瑞沪深300ETF最新规模4128.8亿元，全市场规模最大；行业ETF中，国泰证券ETF以445.57亿元排名第一；主题ETF规模第一的是 嘉实科创芯片ETF，规模为351.03亿元；策略ETF规模最大的来自华泰柏瑞，旗下红利低波ETF最新规模211.39亿元；债券ETF规模最新大的是博时可 转债ETF，最新规模达613.2亿元，是首只突破600亿的债券ETF；此外，华安黄金ETF和富国港股通互联网ETF分别以571.59亿元、753.55亿元，在商 品ETF和跨境ETF中排名第一。 ...

Core Insights - The A-share market experienced a slight decline on August 8, with the three major indices collectively falling, while stock ETFs attracted significant capital inflow of 19.40 billion yuan on the same day [1][2] Group 1: Stock ETF Performance - Stock ETFs have seen a continuous inflow of nearly 150 billion yuan over six consecutive trading days in August, with over 130 billion yuan inflow recorded in the week from August 4 to August 8 [1][2] - As of August 8, there are 1,167 stock ETFs in the market, with a total scale of 3.80 trillion yuan [2] - The top three stock ETFs by net inflow on August 8 were: Huabao 300 Cash Flow ETF (5.61 billion yuan), Jiasheng Sci-Tech Chip ETF (5.37 billion yuan), and Guangfa Hong Kong Innovative Medicine ETF (4.05 billion yuan) [2][4] Group 2: Sector and Theme Analysis - The sectors attracting the most capital inflow on August 8 included cash flow (17.8 billion yuan), Hong Kong pharmaceuticals (12.2 billion yuan), semiconductors (10.2 billion yuan), and Hong Kong technology (8.1 billion yuan) [2] - Among the top 20 stock ETFs by net inflow, 11 were related to Hong Kong stocks, focusing on innovative medicine, internet, technology, and non-bank sectors [2][4] Group 3: Outflow Trends - On August 8, 24 stock ETFs experienced outflows exceeding 1 billion yuan, particularly those tracking broad indices like the CSI 300 and the ChiNext, as well as industry ETFs related to gaming, consumption, and artificial intelligence [5][6] - The top three stock ETFs by net outflow included the CSI 300 ETF (6.03 billion yuan), ChiNext ETF (3.78 billion yuan), and Gaming ETF (3.34 billion yuan) [7] Group 4: Market Outlook - The A-share market is expected to maintain a slow upward trend supported by policy backing and reasonable liquidity, with structural opportunities remaining abundant [6]

Core Viewpoint - The stock ETF market in China has seen significant inflows, with a total of approximately 150 billion yuan in net inflows over six consecutive trading days in August, indicating strong investor interest and confidence in the market [2][4]. Summary by Sections Stock ETF Inflows - On August 8, the stock market experienced slight declines, with total trading volume reaching 1.74 trillion yuan, while stock ETFs attracted a net inflow of 19.40 billion yuan [2][3]. - Since the beginning of August, stock ETFs have accumulated nearly 150 billion yuan in net inflows, with over 130 billion yuan flowing in during the week of August 4 to August 8 [2][4]. Leading ETFs - As of August 8, there are 1,167 stock ETFs in the market, with a total scale of 3.80 trillion yuan. On that day, 21 ETFs saw net inflows exceeding 1 billion yuan, with industry and thematic ETFs leading the inflows [4]. - The top three ETFs by net inflow on August 8 were: - Huabao 300 Cash Flow ETF: 18.17 billion yuan - Jiashu Science and Technology Chip ETF: 5.61 billion yuan - Guangfa Hong Kong Innovative Medicine ETF: 5.37 billion yuan [4][6]. Sector Performance - The sectors with the highest net inflows on August 8 included: - Cash Flow: 17.8 billion yuan - Hong Kong Pharmaceuticals: 12.2 billion yuan - Semiconductors: 10.2 billion yuan - Hong Kong Technology: 8.1 billion yuan - Hong Kong Internet: 4.0 billion yuan [4][5]. Outflows from Certain ETFs - On August 8, 24 stock ETFs experienced net outflows exceeding 1 billion yuan, particularly those tracking broad indices like the CSI 300 and ChiNext, as well as industry ETFs related to gaming, consumption, and artificial intelligence [8][10]. - The top three ETFs with the largest net outflows included: - CSI 300 ETF: -6.03 billion yuan - ChiNext ETF: -3.78 billion yuan - Gaming ETF: -3.34 billion yuan [10]. Market Outlook - According to Guangfa Fund, the risk-return ratio and funding supply will be key factors influencing asset price performance. The current A-share market shows low certainty in profitability, with moderate valuation attractiveness and improving funding supply, suggesting a continued wide-ranging fluctuation in the market [9]. - Fuqun Fund anticipates that with policy support and reasonable funding conditions, the market is likely to maintain a slow upward trend, presenting structural opportunities [9].

Core Viewpoint - The article highlights a significant outflow of funds from stock ETFs in China, with a total net outflow exceeding 6 billion yuan, indicating a cautious market sentiment among investors [2][5]. Fund Flow Analysis - On July 14, the total net outflow from all stock ETFs (including cross-border ETFs) was 6.44 billion yuan, with A-share stock ETFs experiencing a net outflow of 34.33 billion yuan [2][5]. - A-share broad-based ETFs saw a notable outflow, while technology-focused ETFs and Hong Kong stock ETFs continued to attract capital [3][10]. - Industry-themed ETFs and Hong Kong market ETFs led the inflows, with net inflows of 37.62 billion yuan and 27.86 billion yuan, respectively, while broad-based ETFs faced the largest outflows, totaling 72.92 billion yuan [7]. ETF Performance - As of July 14, the total scale of 1,138 stock ETFs reached 3.47 trillion yuan, with broad-based ETFs experiencing a scale decrease of 99.68 billion yuan [5][7]. - Specific ETFs such as the 30-year government bond ETF and the technology-focused ETFs saw significant inflows, with the former attracting 11.2 billion yuan and the latter, including the Jiashi Technology Chip ETF and Huaxia Science and Technology 50 ETF, receiving 7.61 billion yuan and 5.47 billion yuan, respectively [11][12]. Market Sentiment - The market is characterized by a strong oscillation rhythm, with a high safety margin due to low valuations and ample liquidity supporting valuations. There is a notable risk appetite among investors, with many waiting for lower entry points [8]. - The technology sector, particularly the science and technology board, is viewed as a key area for capturing growth opportunities in China's technological upgrade [12].

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]

Group 1 - The technology growth sector has seen a strong rebound since April 9, with the PCB index rising over 50% and the CPO concept index increasing nearly 40% as of July 3 [1] - Notable companies such as Xinyiseng in the optical module sector and Shenghong Technology, Dongshan Precision in the PCB sector have reached historical stock price highs [1] - Funds heavily invested in the technology sector have also experienced significant net value rebounds, with the Yongying Technology Smart Mixed Fund increasing by 57.77% and the Zhonghang Opportunity Leading Mixed Fund rising by 56.66% from April 9 to July 2 [3] Group 2 - A substantial influx of capital into technology sub-sectors has been observed, with significant net subscriptions for thematic ETFs, including 2.682 billion yuan for the Jiashi Science and Technology Chip ETF and 1.413 billion yuan for the Huaxia Robot ETF since June [3] - The overall valuation of the TMT sector has recovered to historical averages, although there is internal valuation differentiation, particularly in computing, electronics, and media sectors, which may lead to short-term market fluctuations [3] - Institutions have been actively researching technology sub-sectors, with a focus on semiconductor, computer software, and optoelectronic devices, emphasizing performance as a core concern [4]