开年以来港股主题ETF"吸金"超百亿元 多只产品份额创新高 1月5日至8日，港股主题ETF净申购额合计达到100.5亿元。从资金流向看，港股科技板块成为资金重点 关注方向 随着资金涌入，多只ETF份额创上市以来新高。截至1月8日，广发港股通非银ETF份额为176.09亿份， 富国港股通互联网ETF份额为951.68亿份，华泰柏瑞南方东英恒生科技ETF份额为603.99亿份，华夏恒 生科技ETF份额为679.06亿份，均创上市以来新高。 港股主题ETF阵营将持续扩容。近期，多只港股主题ETF发布上市交易公告书，从持有人看，频现私募 基金身影。其中，平安恒生港股通中国央企红利ETF将于1月12日上市，截至1月5日，前十名基金份额 持有人包括7只私募基金产品。类似的还有华宝中证港股通医疗主题ETF，同样将于1月12日上市，前十 名场内基金份额持有人包括2只私募产品，以及索密克汽车配件有限公司。 在资金持续涌入ETF的同时，部分绩优港股主题基金宣布暂停申购。1月9日，睿远基金公告称，自1月 12日起暂停睿远港股通核心价值混合基金的申购、定期定额投资和转换转入业务。在上述业务暂停期 间，基金赎回、转换转出业务照常办理。 ...

Core Insights - The market value of public funds' holdings in Hong Kong stocks reached 1.33 trillion yuan in Q3 2025, with passive funds surpassing active funds for the first time since 2017 [2][4]. Group 1: Market Trends - The market value of public funds' investments in Hong Kong stocks reached 13,255 billion yuan, with passive funds holding 7,000 billion yuan (52.8%) and active funds holding 6,255 billion yuan (47.2%) [4][5]. - The significant increase in passive fund holdings, which rose by 73% compared to Q2 2025, indicates a growing trend of capital flowing into the Hong Kong market through ETF products [5][6]. Group 2: Fund Performance - The top-performing ETFs in Q3 2025 included the Fuqua Hong Kong Internet ETF, Hua Bao Hong Kong Internet ETF, and Huaxia Hang Seng Technology Index ETF, with substantial increases in fund shares [6][7]. - Active funds showed a preference shift towards sectors like healthcare and materials, while reducing exposure to telecommunications and finance [8]. Group 3: Investment Strategies - Despite market fluctuations, some active fund managers increased their positions in Hong Kong stocks, focusing on technology core assets due to favorable valuations [9]. - The overall trading volume in the Hong Kong market has significantly increased, with average daily turnover reaching 2,579 billion HKD, nearly doubling from the previous year [11].

Group 1 - The total number of ETFs reached 31.6 trillion shares as of November 9, 2023, an increase of 508.56 billion shares or 19.17% from the end of last year, with a total scale of 5.74 trillion yuan, up by 2,003.92 billion yuan or 53.7% [1][2] - Over 300 new ETF products were launched this year, bringing the total number of ETFs to 1,354 [1] - Among the ETFs, 69 products saw a scale increase of over 10 billion yuan, with several technology-related products performing exceptionally well, such as the Fortune Hong Kong Internet ETF, which increased by 62.65 billion yuan [1] Group 2 - The rapid growth in ETF scale this year is attributed to the increased attractiveness of technology assets and the significant contribution from newly launched products [2] - New ETFs launched this year include 277 equity funds with over 150 billion yuan in issuance and 32 bond funds with over 90 billion yuan in issuance, indicating a strong investor preference for equity assets [2] - The technology sector is expected to remain a crucial part of China's economic development, providing long-term growth momentum for sub-sectors like large models and software applications, as well as benefiting from policy support in areas like cybersecurity and quantum computing [2]

Group 1 - The core viewpoint of the article highlights the increasing interest in Hong Kong stock thematic funds, particularly focusing on internet platform companies due to their strong business models, high returns, and global competitiveness [1][5] - Since October 9, over 20 Hong Kong thematic funds have been reported, with more than 60 funds reported since September, indicating a growing trend in public offerings targeting the Hong Kong market [1][2] - The recent thematic funds are increasingly focused on niche sectors, including software, semiconductors, and automotive industries, with a notable rise in actively managed equity funds [2][3] Group 2 - Over 270 billion yuan has flowed into Hong Kong stocks through ETFs this year, with a total net subscription of 277.09 billion yuan for Hong Kong thematic ETFs as of October 30 [3] - Major ETFs like the Fortune Hong Kong Internet ETF have seen significant net subscriptions, indicating strong investor interest and confidence in the sector [3] - The application of AI technology is viewed as a key growth driver for technology stocks, with a shift in consumer behavior towards new consumption trends driven by younger demographics [4][5]

Group 1 - The global liquidity easing cycle has officially begun following the Federal Reserve's interest rate cut in September, leading to a consensus among institutions to increase allocations in Hong Kong stocks [2][3] - Hong Kong stocks are considered sensitive to global liquidity, currently positioned in an "valuation trough," benefiting from a weaker US dollar and the revaluation of RMB assets, thus presenting significant allocation value [2][3] - Several Hong Kong stock-related ETFs have seen substantial inflows since September, with the Invesco Hong Kong Internet ETF gaining 10.842 billion shares and a net inflow of 11.042 billion yuan, while other ETFs also received over 3 billion yuan in net inflows [2] Group 2 - According to Invesco, Hong Kong stocks are expected to benefit first from the global liquidity easing cycle due to their sensitivity to global liquidity, particularly US dollar liquidity [3] - The Fed's interest rate cuts typically lead to a weaker dollar and open up space for Chinese monetary policy easing, enhancing the attractiveness of Hong Kong stocks to foreign investors as profits in HKD are magnified when converted to USD [3] - The current valuation of A-shares and Hong Kong stocks remains low compared to other major global capital markets, with a potential shift of capital from overvalued US stocks to emerging markets, particularly quality Chinese assets [3] Group 3 - With the Fed's rate cut in September, global market liquidity is expected to improve, attracting foreign capital and research institutions to focus on the Hong Kong stock market [4] - Continuous inflows from southbound funds are anticipated to provide ongoing liquidity to the Hong Kong market, supported by favorable policies, creating a conducive environment for market growth [4] - Despite some divergence in market opinions regarding the internet sector's accumulated gains, leading internet companies in Hong Kong are still viewed as having reasonable valuations, with strong recovery potential in profit margins as the economy normalizes [4]

Core Insights - The Chinese stock ETF market has experienced significant growth in both scale and inflow, with the total stock ETF size reaching a historical high of 3.71 trillion yuan by the end of September, marking an increase of 820.82 billion yuan or approximately 28.43% year-to-date [1][5] - In September alone, stock ETFs saw a net inflow of 112.31 billion yuan, with a notable preference for industry-themed ETFs over broad-based index ETFs [2][10] Market Performance - As of September 30, the total ETF market reached 5.63 trillion yuan, with stock ETFs comprising 65.88% of this total [5] - The stock ETF market's net inflow in September was the second highest this year, following April, with significant inflows recorded in the last three trading days of the month [5][6] - The stock ETF's net asset value increased from 3.5 trillion yuan at the end of August to 3.71 trillion yuan by the end of September, reflecting a growth of 209.8 billion yuan or about 6% [6] Investment Trends - The net subscription for stock ETFs in September was the highest of the year at 571.99 million units, indicating strong investor interest [6] - The performance of various indices was robust, with the ChiNext 50 index rising by 14.40% and the new energy battery index increasing by 32.14% in September [6][11] - The most popular ETFs in terms of net inflow included those focused on securities and battery sectors, highlighting a trend towards sector-specific investments [10] Investor Behavior - There is a clear divergence in fund flows, with industry-themed ETFs attracting significant capital while broad-based index ETFs experienced net outflows [2][10] - The increase in risk appetite among investors has led to a more active trading environment, particularly in technology and growth-oriented sectors [7][11] - Some ETFs tracking major indices like the ChiNext 50 and CSI 300 faced net redemptions, indicating profit-taking behavior among investors [11]

Core Insights - The Chinese stock ETF market has experienced significant growth in both scale and inflow, with the total stock ETF size reaching a historical high of 3.71 trillion yuan by the end of September, marking an increase of 820.82 billion yuan or approximately 28.43% year-to-date [5][6][10] - In September alone, stock ETFs saw a net inflow of 112.31 billion yuan, with industry-themed ETFs attracting 94.13 billion yuan while broad index ETFs faced a net outflow of 47.91 billion yuan [5][10] Market Performance - As of September 30, the total ETF market reached 5.63 trillion yuan, with stock ETFs comprising 65.88% of this total [5] - The stock ETF market's net inflow in September was the second occurrence of surpassing 100 billion yuan this year, following April [5][6] - The last three trading days of September saw significant inflows of 22.12 billion yuan, 12.39 billion yuan, and 12.42 billion yuan respectively [5] Investment Trends - The most popular sectors for investment included securities, batteries, and Hong Kong internet stocks, while broad index ETFs like the STAR 50 and CSI 300 experienced net outflows [6][10] - Notable inflows were recorded in specific ETFs, such as the Fortune Hong Kong Internet ETF and Guotai Junan Securities ETF, which saw inflows of 12.35 billion yuan and 11.68 billion yuan respectively [10] Fund Performance - In September, the CSI 300 index rose by 3.2%, while the ChiNext 50 surged by 14.4%, indicating strong performance across major indices [6] - The top-performing industry indices included the new energy battery sector, which increased by 32.14%, and the semiconductor sector, which rose by 17.75% [6][11] Future Outlook - Analysts predict continued growth in stock ETFs driven by policy support, improved market conditions, and rising demand for wealth management among residents [7][11] - The preference for industry-themed ETFs is expected to persist, particularly in sectors with clear policy backing and substantial growth potential [12]

Core Insights - The Chinese stock ETF market has experienced significant growth in both scale and inflow, with total stock ETF assets reaching a record high of 3.71 trillion yuan by the end of September, marking a year-to-date increase of 820.82 billion yuan, or approximately 28.43% [1][3][4] Summary by Sections Market Growth - As of September 30, the total market ETF size reached 5.63 trillion yuan, also a historical high [2] - The stock ETF segment accounted for 65.88% of the total market ETF size, with a steady increase from 2.89 trillion yuan at the end of last year to 3.71 trillion yuan by September [3] Inflows and Performance - In September alone, stock ETFs saw a net inflow of 112.31 billion yuan, marking a significant monthly inflow after April [4][5] - The last three trading days of September recorded substantial inflows of over 10 billion yuan each day [4] - The stock ETF segment also reported a strong performance, with major indices like the ChiNext 50 and the Science and Technology Innovation Board showing gains of 14.40% and 13.66%, respectively [6] Sector Preferences - In September, thematic ETFs attracted 94.13 billion yuan in net inflows, while broad-based index ETFs experienced a net outflow of 47.91 billion yuan [9] - The most popular ETFs included those focused on securities and battery sectors, with net inflows of 24.60 billion yuan and 10.99 billion yuan, respectively [9] - Notably, some broad-based ETFs, such as those tracking the ChiNext 50 and the CSI 300, faced significant outflows, indicating a shift in investor preference [10] Future Outlook - Analysts suggest that the growth trend in stock ETFs is likely to continue, driven by policy support, improved market conditions, and rising wealth management needs among residents [7][10]

Group 1 - The A-share market's "924行情" has seen significant net subscriptions of 865.3 billion yuan in non-currency ETFs from September 24, 2024, to September 22, 2025 [1] - The top-performing ETF is the FuGuo Hong Kong Stock Connect Internet ETF, which received a net subscription of 57.9 billion yuan, increasing its scale from 15 billion yuan to 94.5 billion yuan [1] - The second and third positions in net subscriptions are held by the Bosera Convertible Bond ETF with 32.1 billion yuan and the HaiFuTong Short-term Bond ETF with 31.4 billion yuan, respectively [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

Group 1 - The total shares of ETFs increased by nearly 17 billion, reaching 2.94 trillion shares, with a total scale growth of over 70 billion, marking a 1.34% increase to 5.32 trillion [1] - The most favored asset class is Hong Kong stocks, particularly technology and internet-themed ETFs, which saw new capital inflows exceeding 1 billion [1] - The financial sector had the largest increase in ETF shares, with 24 funds tracking it, while the largest thematic increase was in the CSI Wine Index, tracked by 1 fund [1] Group 2 - The Fuguo Hong Kong Stock Connect Internet ETF led the growth with nearly 6 billion, while several other products also saw increases of over 1 billion [2] - Analysts noted that the expectation of valuation recovery in Hong Kong stocks and the demand for diversified asset allocation are driving the expansion of related cross-border ETFs [2] - The technology sector's recovery in sentiment is attracting investors to high-growth assets through ETFs, prompting fund managers to adjust their positions in Hong Kong stocks [2] Group 3 - Investment opportunities and risks coexist, with AI technology in the early stages of commercialization but facing high valuation pressures [3] - Securities sector ETFs also saw significant inflows, with multiple funds increasing by tens of billions, driven by favorable capital market reform policies [3] - The current market sentiment in A-shares is improving, leading to a preference for low-valuation, high-elasticity financial assets [3]