国联安中证A500增强策略ETF

Search documents
马太效应凸显!做市商成ETF“救命稻草”?
券商中国· 2025-08-04 10:20
在ETF大发展的背景下,不少ETF基金此前高调入场却因同质化明显或持营不力,正处于濒临淘汰的边缘。 甚至此前高举高打的多只中证A500ETF在年内也遭遇份额锐减,还有产品因规模较小导致流动性匮乏,在二级 市场价格频繁遭遇大起大落的尴尬场面。 因此,近日多家公募官宣旗下ETF产品增加券商作为做市商,旨在提升基金在二级市场的流动性。 多只ETF增加做市商 晨星(中国)基金研究中心高级分析师代景霞表示,随着基金公司业务的不断发展和ETF管理资产规模的扩 大,原有的交易渠道和交易能力可能无法满足日益增长的交易需求。因此引入券商作为一级交易商有助于ETF 提升交易效率等。 代景霞认为,首先,从应对交易需求的角度来看,增加券商作为一级交易商能够显著提升交易执行的效率与质 量,确保基金公司迅速且准确地响应大规模资金的进出及复杂交易操作需求;其次,更多的一级交易商意味着 市场参与者和交易对手的增多,这有助于增强ETF产品的市场流动性和交易活跃度。 据了解,ETF除了投资者买卖产生的流动性外,还需要专门的做市商以使其二级市场交投活跃。 根据交易所等披露的情况显示,ETF的流动性服务商覆盖率极高,截至2025年6月底,上交所基金 ...
多家公募增加做市商 提升旗下ETF流动性
Zheng Quan Shi Bao· 2025-08-03 19:32
Group 1 - The rapid development of ETFs has led to many products facing issues of homogenization and poor management, resulting in significant share reductions and liquidity problems for some smaller products [1][5] - Several public funds have announced the addition of brokerages as market makers for their ETF products to enhance liquidity in the secondary market [1][2] Group 2 - On August 1, Guolian Fund announced an agreement with Ping An Securities and Great Wall Securities to act as market makers for its ETF, effective from August 1, 2025 [2] - Other funds, such as Huatai-PineBridge and E Fund, have also added brokerages as market makers for their ETFs, with over 40 announcements made in July alone [2] Group 3 - The presence of market makers is crucial for maintaining active trading in ETFs, with data showing that as of June 30, 2025, the Shanghai Stock Exchange had 20 primary market makers and 12 general market makers covering 746 fund products [3] - The Shenzhen Stock Exchange reported having 27 liquidity service providers for 491 ETF products as of mid-2023 [3] Group 4 - Analysts suggest that increasing the number of brokerages as primary market makers can significantly improve trading efficiency and quality, ensuring quick and accurate responses to large fund inflows and complex transactions [4] - The growing role of liquidity service providers in the ETF ecosystem is emphasized, with wealth management platforms increasingly using liquidity metrics to select quality ETFs [4] Group 5 - The "Matthew Effect" in the ETF industry is becoming more pronounced, with some ETFs facing shrinking scales and liquidity crises, particularly among previously popular products [5][6] - Statistics indicate that the number of ETFs choosing to liquidate has increased, with 20 index funds opting for liquidation as of August 1, including some high-performing thematic funds [6]
险资借道ETF布局权益市场:人工智能、红利、宽基等主题受青睐
Huan Qiu Wang· 2025-07-27 01:31
Group 1 - Recent ETF listings have attracted significant attention from insurance capital institutions in equity investments [1][3] - The second largest holder of the Huatai-PineBridge CSI Hong Kong Stock Connect Consumer Theme ETF is China United Property Insurance Co., holding 60.01 million shares [1] - The top ten holdings of the CSI Hong Kong Stock Connect Consumer Index include popular consumer stocks like Pop Mart and Laopu Gold [1] Group 2 - Insurance capital is increasingly entering various thematic sectors such as artificial intelligence, dividends, and free cash flow [3] - The second largest holder of the Fortune CSI Sci-Tech Innovation Board Artificial Intelligence ETF is ZhongAn Online P&C Insurance Co., holding 35 million shares [3] - In the dividend sector, China Life Reinsurance Co. is the second largest holder of the Great Wall CSI Dividend Low Volatility 100 ETF, with over 10 million shares [3] Group 3 - Insurance capital institutions are also investing in broad-based ETFs, with China Pacific Life Insurance Co. being the largest holder of the Guolianan CSI A500 Enhanced Strategy ETF, holding 20 million shares [3] - The allocation of insurance capital to equity assets is steadily increasing, supported by policy measures [4] - This shift is expected to release trillions in long-term funds, enhancing market stability and supporting quality enterprise financing [4]
6月新发基金规模超900亿元!这类产品成“香饽饽”
天天基金网· 2025-06-27 05:05
Core Viewpoint - The A-share market has shown signs of recovery with a three-day rise in the Shanghai Composite Index, leading to a structural "market" in public fund issuance since June [1] Fund Issuance Overview - The total scale of newly issued funds since June has exceeded 90 billion yuan, with bond funds accounting for a significant portion of this growth [2][3] - Mixed FOF funds have emerged as the "fund-raising king" with a single fund raising 6.573 billion yuan, while bond funds dominate in terms of quantity [2][3] Fund Types and Performance - As of June 24, 22 newly issued bond funds raised 43.285 billion yuan, making up 47.63% of the total issuance, with an average size of 1.968 billion yuan per fund [3] - Notable bond funds include two policy financial bond index funds that raised 6 billion yuan each, indicating strong demand for high-quality pure bond products [3] - Mixed funds raised 21.571 billion yuan, accounting for 23.74% of the total, marking the highest proportion since January 2023, reflecting institutional enthusiasm for equity market positioning [3] FOF and Passive Index Funds - Eight FOF funds were issued, raising 9.111 billion yuan, with an average size of 1.139 billion yuan, indicating increased investor recognition of asset allocation products [4] - Passive index products have seen a decline in issuance, with many tracking major indices and lacking differentiation, leading to lower fundraising amounts [4] New Fund Innovations - The issuance of new floating-rate funds has gained momentum, with 13 out of 26 approved funds raising over 12.6 billion yuan, marking a significant development in fund fee reform [5] - Innovative funds such as the first central enterprise commercial real estate REIT raised 500 million yuan and ended fundraising early, showcasing market interest in quality asset securitization products [5] Market Trends and Future Outlook - The market continues to exhibit a "strong bond, weak equity" trend, driven by decreased investor risk appetite and a shift towards low-volatility bond products [6] - As market conditions improve, the issuance of equity funds is expected to gradually recover, while bond funds will remain crucial in asset allocation [7]
6月新发基金规模超900亿元!这类产品成“香饽饽”
券商中国· 2025-06-26 01:46
Core Viewpoint - The A-share market has experienced a structural "market" in public fund issuance since June, with a significant increase in new fund sizes, particularly in bond funds, while passive index products have seen a decline in popularity [1][2]. Fund Issuance Overview - The total new fund issuance in June exceeded 90 billion yuan, with bond funds raising 43.285 billion yuan, accounting for 47.63% of the total, and an average size of 19.68 billion yuan per fund [3]. - Notably, two policy financial bond index funds raised 60.01 billion yuan and 60 billion yuan respectively, indicating strong institutional demand for high-quality pure bond products [3]. Fund Types and Performance - Mixed-asset FOF funds raised 91.11 billion yuan, representing 10.03% of the total, with the largest fund, Oriental Red Yingfeng, raising 65.73 billion yuan in just 7 days, highlighting the growing recognition of asset allocation products [4]. - The issuance of mixed funds reached 215.71 billion yuan, the highest proportion since January 2023, reflecting institutional enthusiasm for equity market positioning [4]. Passive Index Products - The issuance of passive index products has cooled, with many tracking broad indices like the CSI A500 and CSI 300, showing limited differentiation and lower fundraising amounts, such as 2.52 billion yuan and 2.34 billion yuan for specific ETFs [5]. Innovative Fund Trends - The popularity of new floating-rate funds has surged, with 13 out of 26 approved funds raising over 12.6 billion yuan, indicating a significant advancement in fund fee reform [6]. - Innovative funds, such as the first central enterprise commercial real estate REIT, raised 5 billion yuan and ended fundraising early, reflecting market interest in quality asset securitization products [6]. Market Dynamics - The new fund market continues to reflect a "strong bond, weak equity" trend, driven by decreased investor risk appetite and a shift towards low-volatility bond products [7]. - Despite overall market issuance differentiation, innovative products like Sci-Tech theme ETFs and REITs have attracted attention, indicating a demand for structural investment opportunities [7]. Future Outlook - As market conditions improve, the issuance of floating-rate funds is expected to continue, with a gradual recovery in equity fund issuance while bond funds will remain crucial in asset allocation [8].