基金市场再次见证历史性时刻！ 近年来，国内ETF发展突飞猛进。2020年10月，国内ETF总规模首次突破万亿大关；2023年8月，国内ETF总规模突破2万亿元；2024年9月，国内ETF总规 模突破3万亿元；2025年4月，国内ETF总规模突破4万亿元；2025年8月突破5万亿元。 可以看出，ETF市场规模增长速度不断加快，今年连续突破两个万亿级关口。其中，突破4万亿元关口用时6个多月，突破5万亿元关口仅花了4个多月时 间。 在年内两次突破万亿元级整数关过程中，市场"吸金"主力也在发生变化。据Wind数据统计，在突破4万亿元过程中，有26只ETF资金净流入额超过100亿 元，其中有16只为宽基ETF，承接4月股市大幅震荡过程中，"国家队"出手稳定市场的资金净流入。 而今年8月突破5万亿元关口，则是债券ETF及港股ETF共同发力。一方面，机构资金持续增持首批科创债ETF等品种；另一方面，港股创新药等板块大爆 发，各路资金借道港股ETF进行跨境配置。Wind数据显示，在此轮规模增长中，资金净流入超过100亿元的ETF只数达到19只，其中有15只为债券ETF， 另外4只为港股ETF。 与此同时，中国在全球ETF中的 ...

【导读】 上周五股票 ETF 市场净流入资金 57 亿元 中国基金报记者 张燕北 8 月 22 日， 沪指涨破 3800 点，当日股票 ETF 市场（含跨境 ETF ，下同）规模站稳 4 万亿元关口，单日净流入资金约 57 亿元。其 中，宽基 ETF 净流入居前，涨幅较大的行业 ETF 净流出较多。 科创芯片类 ETF 全线大涨 Wind 数据显示，截至 8 月 22 日，全市场 1179 只股票 ETF 总规模达 4.11 万亿元，进一步站稳 4 万亿元关口。 当日股票 ETF 成交额合计 2708.11 亿元，与上一日的 2090.25 亿元相比，成交额激增近 618 亿元，增幅近 30% 。其中，科创 50ETF 当日成交额超百亿元，达到 119.86 亿元，较前一日翻倍。 当日涨幅领先的 ETF 均集中于科创 50 指数、科创芯片指数、科创信息指数、科创成长指数以及芯片类指数。 | 排行 | 证券简称 | 资金流向 | 最新规模 | | 基金份额 当日涨跌幅 | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | | | | (177) | (亿元) ...

中经记者 秦玉芳 广州报道 随着A股三大指数创出近十年来新高，融资余额、私募基金规模持续攀升、增量资金入市活跃，尤其股 票型ETF近来吸引力增强。 与此同时，公募、私募及个人投资者等增量资金开始涌入A股市场。 其中，股票型ETF成为不少机构及个人投资者参与股市的重要渠道，其吸金能力持续增强。Wind数据显 示，截至8月20日，最近一周全市场ETF申赎净流入超500亿元，其中股票型ETF申赎净流入230亿元。 市场分析人士指出，随着理财、保险等长期资金持续入市，预计未来5年我国股票型ETF规模有望增至8 万亿元。 股票型ETF抢眼 8月21日，上证指数开盘3770.68点，收盘3771.1点，创十年以来新高。 从两市成交额来看，截至8月20日，A股连续6个交易日总成交额超过2万亿元，最高超过2.8万亿元；融 资融券余额也连续3个交易日突破2万亿元大关。 华西证券在研报中明确指出，A股新一轮牛市已然启动。站上十年新起点，A股步入"慢牛"新周期。中 期展望，A股市场仍有充足空间和机会。 市场分析人士认为，本轮牛市启动以来，A股增量资金入市的趋势明显。除公募基金、外资等机构资金 外，私募资金在近期牛市的增量资金中备受 ...

近期，股市交投活跃，部分主题ETF凭借极致风格和高弹性斩获较高收益，吸引大量资金跟风涌 入。 责编：叶舒筠 校对： 彭其华 Wind数据显示，年内涨超20%的ETF数量占比高达三分之一，其中以持仓较为集中的主题ETF居多。如7只跟 踪港股医药板块的ETF年内回报实现翻倍，香港证券、稀土、通信等主题ETF年内回报均超过50%。 资金流动的背后，除了投资者风险偏好提升、追逐高波动产品外，与基金的过度营销不无关系。基金销售往往 利用投资者追涨心理，在净值大幅上涨时大力营销，追求规模迅速扩张，忽视波动风险以及成份股自身的流动 性风险。在主题ETF资金加持下，成份股迎来大量ETF资金涌入，股价随即飙升。一旦主题ETF规模缩水，趋 势反转，势必成为股价下跌加速器。主题ETF的快涨快跌特征，极易导致投资者利益受损。 面对市场波动，相关各方应保持理性。基金公司应加强投资者教育，避免在市场亢奋时过度营销；对于销售渠 道，则需要明确区分不同风险偏好的投资者，防止投资者因短期收益产生冲动交易；投资者更应认清自身风险 承受能力，要认识到主题ETF的高收益与其高波动息息相关，切忌跟风炒作盲目追高。 在基金公司、销售渠道等推动下，面对高 ...

Group 1 - The stock market has seen active trading, with a significant number of thematic ETFs achieving high returns, attracting substantial capital inflow [1] - One-third of ETFs have gained over 20% this year, with concentrated thematic ETFs, such as those tracking the Hong Kong pharmaceutical sector, doubling their returns [1] - Since July, the top 10 ETFs with the largest capital outflows are all broad-based ETFs, while the top three ETFs with the most capital inflows are thematic ETFs, each exceeding 10 billion in net inflow [1] Group 2 - The increase in capital flow towards thematic ETFs is partly driven by heightened investor risk appetite and aggressive marketing by fund companies [2] - The rapid inflow of ETF funds into constituent stocks has led to significant price increases, but a potential reversal could accelerate price declines if thematic ETF sizes shrink [2] - Investors are advised to maintain rationality and recognize the relationship between high returns and high volatility in thematic ETFs, emphasizing the importance of diversified asset allocation rather than chasing extreme returns [2]

华西证券股份有限公司 HUAXI SECURITIES CO.,LTD. 仅供机构投资者使用 证券研究报告 策略专题报告 2025年08月20日 站上十年新起点,A股步入"慢牛"新周期 一、过去 A 股长期横向震荡的原因。1)2010年起,A 股 ROE 持续下行。中国在经济产业结构转型过程中,传统投资 出口拉动增长的模式边际效应递减:2) 2024年以前,A 股 募资规模(IPO、增发)持续高于分红金额,并且市场上行 阶段往往伴随重要股东净减持规模增加,在增量资金入市不 足阶段持续消耗流动性。 二、A股新一轮牛市已然启动。1)全球贸易不确定性增强. 但中国经济的强大韧性正在得到越来越广泛的国际认可; 2) 居民部门积累大量超额储蓄,资产荒权益币场吸引力提 升。截至 2025年上半年,住户存款向上偏离 2011-2019 年 间的趋势线约 50 万亿元以上,意味着股市潜在增量资金庞 大。当前居民存款搬家仍处于早期阶段,一旦资本市场活力 激发,则会产生居民存款搬家现象,从而促进"居民配置资 金入市与股市慢涨"的正反馈效应:3)供给侧"反内卷" 与需求侧"扩内需"并进,修正了投资者对长期低通胀的预 期,A 股盈利 ...

Core Viewpoint - The current market rally has exceeded many investors' expectations, with the Shanghai Composite Index breaking the 3731.69 point high from 2021, reaching a ten-year high [2] Group 1: Market Participants - The market funds are categorized into four types: state-owned funds, institutions, retail investors, and foreign capital, with varying levels of participation [2] - State-owned funds, referred to as the "national team," have been largely absent, with significant net outflows from broad-based ETFs since May, while industry-specific ETFs saw inflows in July [2] - Institutional participation is characterized by limited motivation for public funds to increase holdings, with the stock allocation of actively managed public funds at 71.4%, a decrease of 3.8 percentage points over the past year [2] - Retail investors have shown increased participation, with new account openings rising to above the 60th percentile level over the past three years, and small order net inflows increasing by 39% month-over-month in July [3] - Foreign capital has shown signs of recovery, with a 36.3% increase in average daily trading volume of northbound funds in July compared to June, marking a significant return of foreign investment [3] Group 2: Active Funds and Retail Participation - Active funds, including speculative capital, margin trading, and private equity, have driven the recent market uptrend, with average daily trading amounts on the top trading list reaching 30.8 billion yuan in August [5] - The margin trading balance has surpassed 2 trillion yuan, indicating a growing interest in leveraged trading [5] - Private equity has also expanded, with an average stock long position of 61.1% in June, up 5.3 percentage points from the end of last year [5] - Despite the increase in retail participation, the overall engagement remains low, with new account openings in July matching April levels but still below the levels seen in February and March [5] Group 3: Foreign Capital Trends - Recent reports indicate a significant increase in foreign capital activity, with the proportion of foreign trading in the Shanghai and Shenzhen markets reaching 12.9% [6] - Strategic investors from foreign markets have participated in Hong Kong IPOs at a five-year high, although overall trends in foreign mutual funds show mixed results, with passive funds seeing net inflows while active funds experienced slight outflows [6] - The analysis of different funding sources helps to understand the current market dynamics and the reasons behind valuation disparities among sectors [6]

Core Viewpoint - The article highlights the significant growth of the ETF market in China, with total ETF assets surpassing 4.8 trillion yuan, reflecting increased confidence and willingness of institutional and individual investors to enter the market [2] Group 1: Long-term Investment Strategy - The "long money, long investment" strategy aligns with the "three investment" philosophy, emphasizing the need for stability in the market and promoting a virtuous cycle between the capital market and the real economy [4] - Regulatory support through policies like the "National Nine Articles" and the "High-Quality Development Action Plan for Index Investment" aims to guide long-term capital into the market [4][5] - Investor education initiatives have been crucial in promoting long-term investment concepts, with significant outreach efforts reaching millions of clients [4] Group 2: ETF Market Dynamics - Broad-based ETFs tracking major indices like the CSI 300 and the STAR Market have become primary tools for long-term capital allocation, showing resilience during market adjustments [6] - The share of institutional investment in broad-based ETFs has increased significantly, indicating a shift towards long-term strategies [6] - The rise of thematic and sector-specific ETFs is driving capital towards strategic emerging industries, aligning with national priorities [7] Group 3: Bond ETFs and Market Stability - Bond ETFs have seen explosive growth, exceeding 500 billion yuan, serving as a stabilizing force in investor portfolios amid declining interest rates [8] - The demand for bond ETFs reflects strong long-term capital allocation needs among investors [8] Group 4: Institutional Investor Influence - Institutional investors have become a cornerstone of the ETF ecosystem, with their holdings in equity ETFs exceeding 40% by the end of 2024 [10] - The penetration rates of institutional investors in stock and bond ETFs have reached 62.14% and 84.9%, respectively, indicating a robust shift towards long-term investment [10] Group 5: Future Outlook - The deepening of personal pension systems and expansion of the third pillar of pensions will continue to broaden the supply of long-term capital [13] - ETFs are expected to play a crucial role in aligning capital with national innovation strategies, particularly in hard technology sectors [13] - The article envisions a resilient and vibrant capital market driven by patient capital flowing into strategic areas like hard technology and green initiatives [13]

Group 1 - The core viewpoint of the articles highlights the significant growth of the ETF market, which has surpassed 4.8 trillion yuan, reflecting increased confidence and willingness of institutional and individual investors to enter the market [1][2][7] - The "long money long investment" strategy is gaining traction, aligning with the "three investment" philosophy, which emphasizes stable market conditions and a positive cycle between capital markets and the real economy [2][9] - Regulatory support through policies such as the "National Nine Articles" and the "High-Quality Development Action Plan for Index Investment" is facilitating the entry of long-term capital into the market [2][3] Group 2 - Broad-based ETFs tracking major indices like the CSI 300 and the STAR Market are becoming primary tools for long-term capital allocation, demonstrating resilience during market adjustments [3][4] - The rise of thematic and sector-specific ETFs is directing funds towards strategic emerging industries, such as hard technology and new energy, thereby enhancing the development of new productive forces [4][5] - Bond ETFs have seen explosive growth, exceeding 500 billion yuan, serving as a stabilizing force in investors' asset allocation amidst a declining interest rate environment [5][6] Group 3 - Institutional investors are increasingly becoming the backbone of the ETF ecosystem, with their holdings in stock ETFs surpassing 40% by the end of 2024, indicating a shift towards long-term investment strategies [7][8] - The low-cost nature of ETFs reduces friction in long-term investments, while their transparency enhances investors' understanding of value logic, effectively connecting long-term capital with quality assets [8][10] - The future of the ETF market is expected to expand with the deepening of personal pension systems and the integration of capital with technological innovation, promoting sustainable growth in strategic sectors [9][10]

Core Insights - The total shares of ETFs (Exchange-Traded Funds) have increased by nearly 120 billion, reaching 2.77 trillion shares as of August 18 [1] - The total scale of ETFs has reached 4.77 trillion yuan, with a year-to-date growth of 1.04 trillion yuan, representing a significant increase of 27.88% compared to the end of last year [1] - Broad-based ETFs have emerged as a "ballast," showing outstanding performance in both scale and growth rate [1]