（原标题：3只创业板指数ETF成交额环比增超30%） 创业板指数ETF10月9日成交额变动 | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日 增加 | 环比增幅 | | --- | --- | --- | --- | --- | --- | | | | 0.56% | | | | | 159915 | 易方达创业板ETF | | 56.67亿元 | 16.72亿元 | 41.84% | | 159977 | 天弘创业板ETF | 0.53% | 2.79亿元 | 7159.50万元 | 34.51% | | 159952 | 广发创业板ETF | 0.61% | 3.96亿元 | 3842.51万元 | 10.73% | | 159957 | 华夏创业板ETF | 0.66% | 8643.76万元 | 3005.13万元 | 53.30% | | 159948 | 南方创业板ETF | 0.62% | 9120.69万元 | 611.21万元 | 7.18% | | 159676 | 富国创业板增强策略ETF | 0.64% | 1679.00万元 | 302.96万元 | 22 ...

Core Viewpoint - Tianhong Fund has reported a decline in net profit despite a slight increase in revenue, indicating a troubling trend in its financial performance and competitive position within the industry [1][3][23]. Financial Performance - In the first half of 2025, Tianhong Fund achieved operating revenue of 2.78 billion yuan, a year-on-year increase of 4.01%, while net profit fell to 917 million yuan, a decrease of 2% [1]. - Historical performance shows a significant decline, with revenue and net profit dropping from 10.125 billion yuan and 3.069 billion yuan in 2018 to 5.394 billion yuan and 1.679 billion yuan in 2024, respectively [1]. Market Position - As of mid-2025, Tianhong Fund's management scale is 1.2 trillion yuan, ranking fifth in the industry, a significant drop from its previous top position [3]. - The fund's reliance on money market funds has led to structural issues, as these funds now account for approximately 70% of its total scale [4]. Product Performance - Tianhong's money market fund, Yu'ebao, has seen its annualized yield drop to 1.087% as of July 2025, ranking low among similar products [4]. - The scale of Yu'ebao has decreased from a peak of 1.69 trillion yuan in 2018 to 793.22 billion yuan by June 2025 [4]. Management and Strategy Issues - Frequent changes in leadership, with four different chairpersons in recent years, have raised concerns about the stability and long-term planning of Tianhong Fund [7][8]. - The new chairman, Huang Chenli, lacks extensive experience in the fund industry, which may affect investor confidence [8]. Regulatory Impact - Regulatory measures have forced Tianhong Fund to reduce the scale of Yu'ebao, reflecting concerns over systemic risks associated with large money market funds [8]. Competitive Landscape - Tianhong Fund faces increased competition as it no longer holds a unique position within the Ant Group ecosystem, leading to a shift from a "flow dividend" to "flow competition" [9]. - The fund's performance in equity funds has lagged behind industry averages, with stock and mixed fund returns consistently underperforming [10][12]. Talent and Management Challenges - The departure of key fund managers has weakened Tianhong Fund's research and investment capabilities, leading to a reliance on less experienced personnel [20][21]. - The fund's ETF business, which started late, struggles to compete with established players, and its product offerings face challenges in differentiation [17][18]. Conclusion - Tianhong Fund is experiencing significant challenges due to over-reliance on money market funds, management instability, and competitive pressures, which have collectively led to a decline in its market position and financial performance [23].

1. Report Information - Report Title: ETF Performance Tracking and Fund Flow Weekly Report (2025.09.08 - 2025.09.12) - Report Date: September 15, 2025 [1] 2. Core Viewpoints - This week, overseas ETF funds showed an overall outflow trend, with a significant decline compared to the previous two weeks, recording a net outflow of 0.60 billion yuan. Foreign investors' allocation attitude this week was inclined to wait - and - see. The electronics and computer sectors continued to attract attention, but short - term attention should still be paid to changes in overseas risk preferences and the support of domestic policies to confirm future trends [16] 3. Summary by Directory 3.1 Wide - based ETFs - **Fund Inflow/Outflow**: Some wide - based ETFs had significant fund inflows and outflows. For example, Tianhong ChiNext ETF had a fund inflow of 41.60 billion yuan, while Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had a fund outflow of 41.89 billion yuan [4] - **Performance**: Different wide - based ETFs had varying weekly price changes. For instance, Tianhong ChiNext ETF had a weekly increase of 2.11%, and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had a 5.38% increase [4] 3.2 Industry Theme, Smart Beta, and Hong Kong Stock Connect ETFs - **Industry Theme ETFs**: The average weekly price change of industry theme ETFs varied across different sectors. The average weekly price change of some sectors reached up to 5.30%, while others were relatively lower [6] - **Smart Beta ETFs**: The average weekly price change of Smart Beta ETFs also showed differences among sectors such as technology, medicine, and finance. There were also corresponding fund inflows and outflows [10][12] - **Hong Kong Stock Connect ETFs**: The average weekly price change and fund inflow/outflow of Hong Kong Stock Connect ETFs were presented. For example, the average weekly price change of some Hong Kong Stock Connect ETFs was around 3.17% [28] 3.3 Equity ETFs - **Statistics**: The report provided statistics on the number, scale, and trading volume of equity ETFs corresponding to different indices. For example, the funds corresponding to the CSI 300 index had a total scale of 327.41 billion yuan, accounting for 30.28% of the total scale [14] 3.4 Overseas ETFs - **Overall Fund Flow**: Overseas ETFs had a net outflow of 0.60 billion yuan this week. In terms of style indices, CSI 500 and CSI 1000 attracted funds, while the ChiNext Index, SSE 50, CSI A500, and CSI 300 shifted from inflows to outflows, with the CSI 300 being significantly sold off [16] - **Industry - level Allocation**: At the industry level, the electronics and computer sectors received significant additional allocations, while sectors such as automobiles, power equipment, and banks showed net fund outflows [16] - **Individual Stock Allocation**: Some individual stocks like BYD and CATL saw fund withdrawals, while Shenghong Technology was the most - increased stock with an increase of 0.05 billion yuan [16][21]

Group 1 - The total trading volume of the ChiNext Index ETFs reached 12.412 billion yuan today, an increase of 2.607 billion yuan compared to the previous trading day, representing a growth rate of 26.59% [1] - Specifically, the E Fund ChiNext ETF (159915) had a trading volume of 9.856 billion yuan today, up by 1.489 billion yuan, with a growth rate of 17.79% [1] - The GF ChiNext ETF (159952) recorded a trading volume of 896 million yuan, an increase of 341 million yuan, with a growth rate of 61.42% [1] Group 2 - The Tianhong ChiNext ETF (159977) saw a trading volume of 512 million yuan today, increasing by 297 million yuan, with a remarkable growth rate of 137.38% [1] - The Bank of China Securities ChiNext ETF (159821) and the Fortune ChiNext ETF (159971) had significant increases in trading volume, with growth rates of 251.20% and 174.81% respectively [1] - The ChiNext Index (399006) closed down by 4.25%, while the average decline of related ETFs was 4.07%, with the Fortune ChiNext ETF (159971) and the Eastmoney ChiNext ETF (159205) experiencing the largest declines of 4.42% and 4.41% respectively [1]

Group 1 - The total trading volume of the ChiNext Index ETFs reached 9.564 billion yuan today, an increase of 3.086 billion yuan compared to the previous trading day, representing a growth rate of 47.63% [1] - Specifically, the E Fund ChiNext ETF (159915) had a trading volume of 8.092 billion yuan, up by 2.385 billion yuan, with a growth rate of 41.80% [1] - The GF ChiNext ETF (159952) saw a trading volume of 769 million yuan, an increase of 478 million yuan, with a remarkable growth rate of 164.37% [1] Group 2 - The ChiNext Index (399006) closed down by 0.69%, while the average decline of related ETFs tracking the ChiNext Index was 0.58% [2] - The top-performing ETFs included the Harvest ChiNext Enhanced Strategy ETF (159675) and the Fortune ChiNext Enhanced Strategy ETF (159676), which rose by 0.26% and 0.25% respectively [2] - The worst-performing ETFs were the Rongtong ChiNext ETF (159808) and the Jianxin ChiNext ETF (159956), which fell by 1.05% and 0.92% respectively [2]

Core Viewpoint - The E Fund ChiNext ETF has surpassed 100 billion yuan in scale, becoming the largest ChiNext ETF in the market as of August 25 [2][5]. Group 1: ETF Performance and Growth - As of August 25, the E Fund ChiNext ETF reached a scale of 100.71 billion yuan, marking a significant increase since it last surpassed the 100 billion yuan mark on November 13 of the previous year [5][6]. - The ChiNext Index has shown impressive performance, with a year-to-date increase of over 29% and a maximum increase of over 58% since the low point in April [5][6]. - The E Fund ChiNext ETF was established on September 20, 2011, with an initial issuance of 562 million shares, and its current share count stands at 3.68 billion [5][6]. Group 2: Market Context and Comparisons - There are currently seven ETFs in the market with a scale exceeding 100 billion yuan, covering key indices such as CSI 300, SSE 50, and CSI 500 [3][6]. - The E Fund ChiNext ETF is the seventh large-scale stock ETF, with the top four positions held by CSI 300-related ETFs, including the Huatai-PB CSI 300 ETF, which exceeds 400 billion yuan [6]. - The ChiNext Index is characterized by its growth style, focusing on emerging industries such as high-end manufacturing, information technology, and biomedicine, with significant representation from the information technology sector (35.9%) and industrial sector (32.1%) [8][12]. Group 3: Valuation and Future Outlook - As of August 25, 2025, the ChiNext Index has a price-to-earnings ratio of 40.08, placing it at the 38.36 percentile [9]. - The ChiNext Index has shown a cumulative increase of over 140% since January 1, 2011, significantly outperforming the CSI 300 and CSI 500 indices [8][12]. - Industry experts believe that the high proportion of emerging industries and high-tech enterprises in the ChiNext Index indicates strong growth potential and competitiveness, contributing to high-quality economic development in the long term [12].

Summary of Key Points Core Viewpoint - The trading volume of the ChiNext Index ETFs reached 3.795 billion yuan today, showing a significant increase of 2.086 billion yuan compared to the previous trading day, with a growth rate of 122.05% [1] Trading Volume and Performance - The E Fund ChiNext ETF (159915) had a trading volume of 3.152 billion yuan, up 1.703 billion yuan from the previous day, reflecting a growth rate of 117.51% [1] - The GF ChiNext ETF (159952) recorded a trading volume of 404 million yuan, an increase of 305 million yuan, with a remarkable growth rate of 309.00% [1] - The Tianhong ChiNext ETF (159977) saw a trading volume of 58.5342 million yuan, up 25.8799 million yuan, representing a growth rate of 79.25% [1] - Other ETFs such as the Jianxin ChiNext ETF (159956) and the Rongtong ChiNext ETF (159808) experienced substantial increases in trading volume, with growth rates of 1354.08% and 840.26% respectively [1] Market Performance - The ChiNext Index (399006) rose by 1.73% by the end of the trading day, while the average increase for related ETFs tracking the ChiNext Index was 1.52% [1] - The top-performing ETFs included the GF ChiNext ETF (159952) and the Bosera ChiNext ETF (159908), which increased by 1.96% and 1.71% respectively [1]

Core Insights - The total trading volume of the ChiNext Index ETFs reached 3.697 billion yuan today, an increase of 1.721 billion yuan from the previous trading day, representing a growth rate of 87.06% [1] Trading Volume Summary - E Fund ChiNext ETF (159915) had a trading volume of 3.150 billion yuan, up 1.520 billion yuan from the previous day, with a growth rate of 93.29% [1] - GF ChiNext ETF (159952) recorded a trading volume of 260 million yuan, an increase of 74.83 million yuan, with a growth rate of 40.38% [1] - Tianhong ChiNext ETF (159977) saw a trading volume of 90.251 million yuan, up 70.278 million yuan, with a growth rate of 351.84% [1] - Notably, Bank of China Securities ChiNext ETF (159821) and Tianhong ChiNext ETF (159977) had significant increases in trading volume, with growth rates of 502.97% and 351.84% respectively [1] Market Performance - As of market close, the ChiNext Index (399006) rose by 2.63%, while the average increase for related ETFs tracking the ChiNext Index was 2.59% [1] - The top-performing ETFs included Industrial Bank ChiNext ETF (159958) and Jianxin ChiNext ETF (159956), which increased by 2.81% and 2.77% respectively [1]

Market Performance - The total trading volume of the ChiNext Index ETFs reached 3.883 billion yuan today, an increase of 1.523 billion yuan compared to the previous trading day, representing a growth rate of 64.55% [1] - The ChiNext Index (399006) rose by 0.51% by the end of the trading session, while the average increase of related ETFs tracking the ChiNext Index was 0.52% [1] ETF Trading Volume - E Fund ChiNext ETF (159915) had a trading volume of 3.426 billion yuan today, up 1.4 billion yuan from the previous day, with a growth rate of 69.08% [1] - Tianhong ChiNext ETF (159977) recorded a trading volume of 102 million yuan, an increase of 55.206 million yuan, with a growth rate of 117.75% [1] - GF ChiNext ETF (159952) had a trading volume of 197 million yuan, increasing by 46.239 million yuan, with a growth rate of 30.61% [1] Notable Increases - The trading volume of Industrial Bank ChiNext ETF (159958) and Tianhong ChiNext ETF (159977) saw significant increases of 194.39% and 117.75%, respectively, compared to the previous trading day [1] - The top-performing ETFs in terms of trading volume increase included E Fund ChiNext ETF (159915) and Tianhong ChiNext ETF (159977) [1] Individual ETF Performance - The performance of individual ETFs showed varied results, with notable increases in trading volumes and price changes, such as: - E Fund ChiNext ETF (159915): 0.46% increase, 3.426 billion yuan trading volume [1] - Tianhong ChiNext ETF (159977): 0.54% increase, 102 million yuan trading volume [1] - GF ChiNext ETF (159952): 0.50% increase, 197 million yuan trading volume [1]

Core Insights - The domestic index investment scale has been rapidly increasing, with intensified competition in index product innovation and fee structures, leading to a deep competitive landscape in the market [1] - Tianhong Fund has gained a significant competitive advantage through its strong foundation in index investment and continuous innovation, particularly in diversified high-quality index layouts [1] Fund Ratings and Performance - Tianhong Fund ranked 6th among 88 participating fund companies, with 27 out of 35 index funds receiving a five-star rating in the latest tool attribute rating by Guotai Haitong Securities as of the end of Q1 2025 [2] - The number of five-star rated products has increased from 15 to 27 since Q1 2024, indicating a consistent improvement in Tianhong Fund's index investment performance [2][3] Product Diversity and Strategy - Tianhong Fund offers a wide range of five-star rated index funds, including mainstream broad-based ETFs like the Tianhong CSI 300 ETF and industry-specific funds such as the Tianhong CSI Robotics ETF and Tianhong CSI New Energy ETF [3] - The fund has established 91 index and index-enhanced funds by April 30, 2025, covering various types and styles, including broad-based, industry, thematic, and strategy-focused products [4] Market Trends and Future Directions - The index fund market is evolving from a single product to a strategy solution platform, with Tianhong Fund focusing on Smart Beta product lines and integrating quantitative factors into passive products [5] - The company aims to provide scientific investment strategy solutions through a three-dimensional research support system, addressing the growing demand for wealth management in China's financial market [5]