王麦琪 制图 ETF新发份额创年度新高 科技主题备受追捧 ◎胡尧 记者 赵明超 2025年，ETF市场迎来快速扩容，年内新发ETF产品340只，合计发行份额超过2400亿份，创下年度发 行新高。在业内人士看来，ETF具有费率低、透明度高、交易便捷等优势，在政策推动和市场赚钱效应 推动下，正在被越来越多的投资者所接受，未来还有很大的发展空间。 在业内人士看来，随着指数体系不断细化，以及产品设计更加多元，ETF将持续向更垂直的产业链、更 前沿的方向延伸，科技主题ETF依然是重要增量品种来源之一。 指数化投资空间广阔 年内共成立340只ETF Choice数据显示，截至12月25日，年内共成立340只ETF，合计发行份额达2440.53亿份。 从产品类型看，股票型ETF是发行主力。数据显示，年内新发股票型ETF达308只，发行份额1673.61亿 份。从具体产品看：今年9月8日成立的富国机器人ETF，发行份额为23.44亿份；今年2月成立的易方达 科创综指ETF、建信科创综指ETF、博时科创综指ETF等，发行份额均为20亿份。 从主题类型看，科技主题唱主角。数据显示，在年内成立的340只ETF中，科技相关主题产品超 ...

Core Viewpoint - Despite the strong performance of technology and pharmaceutical funds, public funds are gradually adopting a defensive mindset [1] Group 1: ETF Construction Strategies - The construction speed of popular industry ETFs has slowed down as stock prices heat up [4] - As of September 19, 2023, the strongest technology fund has achieved a performance of 196%, while the strongest pharmaceutical fund has exceeded 170% [5] - The construction speed of ETFs is influenced by the performance of the underlying sectors, with slower construction in sectors that have seen rapid price increases [5][6] Group 2: Shift to New Consumption - Head funds are increasingly participating in new consumption IPOs, indicating a strategic shift towards defensive assets [7] - Notable new consumption companies, such as IFBH, have attracted significant public fund interest, reflecting a growing focus on consumer stocks [8] - The new consumption sector is seen as a core defensive asset due to its relatively stable stock performance and emerging growth drivers [9] Group 3: Market Outlook and Investment Logic - The third quarter of 2023 is expected to be a period of market differentiation, with a focus on selecting quality companies [10] - Analysts suggest that the new consumption sector is gaining traction due to its emphasis on consumer experience and the emergence of leading brands in the capital market [10] - The consumption sector is anticipated to benefit from clearer demand-side policies in the second half of the year, leading to improved profitability [11]

Core Viewpoint - Despite the strong performance of technology and pharmaceutical funds, public funds are gradually adopting a defensive mindset [1] Group 1: ETF Construction Strategies - The construction speed of popular industry ETFs has slowed down, with significant positions only around 10-17% before their respective listings [3][4] - As of September 19, 2023, the strongest technology funds have achieved returns of up to 196%, while pharmaceutical funds have exceeded 170% [3][4] - The rapid construction of ETFs is often linked to the performance of the underlying sectors, with slower construction occurring when sector gains are excessive [4] Group 2: Shift Towards Consumer Stocks - Leading funds are increasingly focusing on consumer stocks, with several pharmaceutical-themed funds beginning to include new consumer stocks in their portfolios [5][6] - The IPO of IFBH, a coconut water company, attracted significant interest from multiple public and private funds, indicating a shift in investment strategy [5] - The entry of public funds into consumer stocks is seen as a response to the strong performance of the innovative drug sector [6] Group 3: Outlook on Consumer Sector - The consumer sector is viewed as a core defensive asset for public funds, driven by the emergence of quality companies and new performance drivers [7][8] - Analysts suggest that the competitive landscape in the consumer industry may improve due to a weak economic environment, leading to better product innovation and operational efficiency [8] - The consumer sector is characterized by a vast domestic market and increasing international expansion, presenting new investment opportunities [8]

Group 1 - The core viewpoint indicates that despite strong performance in technology and pharmaceutical funds, some public funds are shifting towards a defensive strategy, with new consumption stocks potentially offering better investment safety [1][4] - The construction speed of popular thematic ETFs has slowed down significantly as stock prices rise, with specific ETFs showing low stock positions just before their listing [2][3] - The slowdown in ETF construction speed is attributed to the substantial gains in related sector funds, with technology funds achieving up to 196% and pharmaceutical funds over 170% year-to-date [3] Group 2 - Some funds are beginning to replace their holdings in pharmaceuticals and technology with defensive consumer stocks, indicating a strategic shift among fund managers [4][6] - Public funds have started to participate in the IPOs of consumer stocks, which was rare earlier in the year, suggesting a growing interest in the consumer sector [4][5] - The consumer sector is viewed as a key defensive asset for public funds, driven by reasonable valuations and the emergence of quality companies with new performance drivers [6][8] Group 3 - Fund managers believe that the third quarter will see a differentiation in market performance, emphasizing the importance of selecting quality companies as the market becomes more rational [7] - New consumption trends are characterized by a focus on consumer experience and the emergence of leading brands in the capital market, which could lead to sustained interest in these sectors [7][8] - The consumer industry is expected to benefit from clearer demand-side policies in the second half of the year, potentially leading to improved profitability and competitive dynamics [8]