Investment Rating - The industry rating is "Overweight" (Maintain) [7] Core Viewpoints - The ETF market showed a steady growth in total assets, with a month-on-month increase of 1.6% and a 0.9% rise in stock ETFs, indicating a moderate growth trend despite market fluctuations [11][12] - Bond funds reached a new high with net assets of 284.1 billion, growing by 15% month-on-month, and their market share increased by 0.8 percentage points to 6.9% [2][13] - The competitive landscape saw a slight decline in the concentration of leading firms, with the top three firms maintaining their positions but experiencing a slight decrease in market share compared to the beginning of the year [3][18] - The issuance of new products in May was relatively scattered, with a significant month-on-month decline in issuance scale, totaling 7.1 billion, down 51% [4][22] - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to reshape the industry ecosystem, emphasizing the need to enhance the scale and proportion of equity investments in public funds, which may accelerate the development of stock ETFs [5][26] Summary by Sections Total Structure - As of the end of May, the total net asset value of stock ETFs reached 297.36 billion, reflecting a month-on-month increase of 0.9%. The overall ETF market's net asset value totaled 412.6 billion, up 1.6% month-on-month, with a total of 27.469 billion shares, down 1.7% month-on-month [2][12] Competitive Landscape - The concentration of leading firms in the ETF market slightly decreased, with CR3, CR5, and CR10 at 44.8%, 57.5%, and 77.6% respectively, all down by 0.3 percentage points [3][18] New Product Issuance - The new issuance scale of stock ETFs in May saw a decline, primarily due to the previous month's bulk issuance of various ETFs. The highest scale product in May was the Morgan CSI A500 Enhanced Strategy ETF, which raised 1 billion [4][22] Policy Dynamics - The "Action Plan for Promoting High-Quality Development of Public Funds" was released on May 7, outlining a comprehensive reform roadmap aimed at enhancing governance, product issuance, investment operations, and assessment mechanisms within the industry [5][26]

证券研究报告 多元金融 ETF 月报：规模稳增，债基突破 华泰研究 2025 年 6 月 10 日│中国内地 行业月报 核心观点 回顾 5 月 ETF 市场变化，总资产规模环比增长 1.6%、股票 ETF 规模环比 提升 0.9%，权益市场震荡下保持温和增长态势。产品结构上，债券型基金 续创新高，资产净值达 2841 亿元、环比增长 15%，规模占比环比提升 0.8pct 至 6.9%。竞争格局上，龙头集中度环比小幅下滑，前 3 名地位稳固。新发 产品上，5 月发行较为分散、规模环比下滑。《推动公募基金高质量发展行 动方案》落地，多维度完善公募基金生态，强调大力提升公募基金权益投资 规模与占比，股票 ETF 有望迎来快速发展机遇。 总量结构：总资产规模保持温和增长 截至 25M5 末，股票型 ETF 资产净值合计 29,736 亿元，5 月环比增加 0.9%。 全市场 ETF 资产净值合计 41,260 亿元，5 月环比增长 1.6%；份额 27,469 亿份，5 月环比下降 1.7%。分产品结构来看，截至 25M5 末股票型 ETF 资 产净值占全部 ETF 的比例 72%，5 月环比小幅下滑 0.4pct ...

Core Insights - The new floating management fee rate funds have raised approximately 2.6 billion yuan within five days of their launch, with significant sales concentration in a few products [1][2] - The Eastern Red Core Value Fund has led the fundraising efforts, reaching 1.5 billion yuan and is expected to end its fundraising early [2][3] - Several fund companies are actively purchasing their own floating rate funds to demonstrate confidence in the market and their products [4][6] Fundraising Performance - The overall fundraising for the new floating management fee rate products reached about 2.6 billion yuan, with at least six products exceeding 100 million yuan [2] - The Eastern Red Core Value Fund achieved nearly 400 million yuan in its first half-day of sales, making it the largest among the newly launched products [2] - Other notable funds include the Tianhong Quality Value Fund, which has raised over 200 million yuan, and the combined fundraising of E Fund and others reaching 760 million yuan [2][3] Market Dynamics - The issuance of floating management fee rate funds has been met with varying levels of success, with some products struggling to attract investment [1][2] - Banks are offering promotional discounts on fees to stimulate interest, such as the one offered by China Bank for certain funds [3] - The market is currently seeing a trend of increased investor inquiries about floating rate funds, indicating a growing interest [2] Fund Company Actions - Multiple fund companies have announced plans to invest their own capital into their floating rate funds, with amounts typically around 10 million yuan [4][5][6] - This self-investment strategy is seen as a way to align the interests of fund managers and investors, reinforcing the commitment to high-quality fund management [6] Equity Fund Trends - In May, the total fundraising for equity funds reached approximately 65.8 billion yuan, with equity products accounting for nearly 45% of the total [7] - Passive index funds have emerged as leaders in fundraising, with specific funds raising significant amounts, such as the Jianxin Science and Technology Innovation Fund at 1.96 billion yuan [7] - The market outlook for equity products is positive, driven by policy support and improving investor sentiment [7]

Group 1 - Foreign long-term capital is increasingly investing in Chinese assets, indicating growing confidence in the market [1] - Qatar Holding LLC has become a significant shareholder in China Asset Management Company, acquiring a 10% stake [1] - Qatar Investment Authority, which manages over $500 billion, is one of the largest sovereign wealth funds in the Middle East [1] Group 2 - Several foreign financial giants have increased their investments in China's public fund industry this year [2] - Morgan Stanley Fund raised its registered capital from 600 million to 950 million yuan [2] - Fidelity International increased its registered capital from $1.6 billion to $1.82 billion [2] Group 3 - Foreign public funds are focusing on equity products, with Morgan Fund launching multiple new ETFs [3] - The Chinese public fund market has become the third largest globally, with assets exceeding 30 trillion yuan [3] - The recent regulatory framework aims to address structural challenges in the public fund industry [3]

Core Insights - Two stock ETFs have announced their listing, with the latest positions showing that the Invesco Hang Seng Hong Kong Stock Connect Automotive Theme ETF has a stock position of 9.20%, while the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical ETF has a stock position of 31.93% [1] Group 1: ETF Listings and Positions - A total of 20 stock ETFs have announced listings since May, with an average position of 20.13%. The highest position is held by the Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF at 44.14% [1] - Other ETFs with high positions include the Huitianfu Shanghai Stock Exchange Science and Technology Innovation Board 100 ETF at 42.48%, the Huitianfu CSI 800 Free Cash Flow ETF at 41.74%, and the GF CSI 800 Free Cash Flow ETF at 32.89% [1] - The lowest positions are recorded for the Founder Fubon CSI All Share Free Cash Flow ETF and the Huanfu CSI All Share Free Cash Flow ETF, both at 0.00%, and the Morgan CSI A500 Enhanced Strategy ETF at 8.55% [1] Group 2: Fundraising and Shareholder Structure - The average fundraising for the ETFs announced since May is 3.51 million shares, with the largest being the Morgan CSI A500 Enhanced Strategy ETF at 10.16 million shares, followed by the Free Cash Flow ETF at 5.30 million shares and the Founder Fubon CSI All Share Free Cash Flow ETF at 5.10 million shares [1] - Institutional investors hold an average of 16.02% of the shares, with the highest proportions in the following ETFs: the Zhao Shang CSI Satellite Industry ETF at 45.56%, the Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF at 42.14%, and the Zhao Shang CSI All Share Free Cash Flow ETF at 27.05% [2] - ETFs with lower institutional ownership include the Jiashi National Certificate Free Cash Flow ETF at 1.09%, the Founder Fubon CSI All Share Free Cash Flow ETF at 2.03%, and the Huaxia National Certificate Aerospace Industry ETF at 2.04% [2]

Group 1 - The Hong Kong innovative drug sector experienced a strong surge on May 20, with multiple related ETFs opening significantly higher, including the Hong Kong Innovative Drug 50 ETF (513780), which rose over 5% [1] - Some Hong Kong medical-themed ETFs faced profit-taking, with the Hong Kong Innovative Drug ETF (513120) seeing a net outflow of over 500 million yuan despite its over 5% increase, and the Hang Seng Medical ETF (513060) experiencing a net outflow of over 400 million yuan [1] - The second enhanced strategy ETF tracking the CSI 500 index, the Guotai CSI 500 Enhanced Strategy ETF, was announced to be established on May 21, with a first fundraising scale of 570 million yuan and a total of 2,440 effective subscription households [1] Group 2 - The People's Bank of China announced that the Loan Prime Rate (LPR) for May 20 is 3.0% for the one-year term and 3.5% for terms over five years, both down by 10 basis points from the previous period [2] - Major banks, including China Construction Bank and China Merchants Bank, have lowered the RMB deposit rates, with the one-year fixed deposit rate now at 0.95% [2]

Core Insights - Two new stock ETFs have announced their listing, with the latest positions showing a stock allocation of 19.86% for Bosera CSI All Share Free Cash Flow ETF and 16.37% for China Merchants CSI Satellite Industry ETF [1][2] - Since May, a total of 18 stock ETFs have announced their listings, with an average allocation of only 20.08%. The highest allocation is 44.14% for Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF [1][2] - The average fundraising for the newly announced ETFs is 366 million shares, with the largest being Morgan Stanley CSI 500 Enhanced Strategy ETF at 1.016 billion shares [1][2] ETF Holdings Structure - The average proportion of shares held by institutional investors is 16.31%, with the highest being 45.56% for China Merchants CSI Satellite Industry ETF [2][3] - The ETFs with the lowest institutional investor holdings include Harvest National Index Free Cash Flow ETF and China Merchants CSI All Share Free Cash Flow ETF, with proportions of 1.09% and 2.03% respectively [2][3] ETF Listing Details - The listing details for the newly established ETFs include their fund codes, names, establishment dates, fundraising scales, and stock allocations. For example, Bosera CSI All Share Free Cash Flow ETF has a fundraising scale of 324 million shares and a stock allocation of 19.86% [2][3] - The highest stock allocation among the listed ETFs is 44.14% for Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF, established on April 29, 2025 [3]

Group 1 - The first enhanced strategy ETF tracking the CSI A500 has been established, with a subscription amount of 1.016 billion yuan and 7,765 effective subscription accounts, marking the largest fundraising scale for an enhanced index ETF in the past two years [4][5][7] - The main sales channels for the Morgan CSI A500 Enhanced Strategy ETF include CITIC Securities and Guotou Securities [5][7] - Recently, a number of money market funds have implemented purchase limits, adjusting large subscription limits for distribution channels or directly suspending subscriptions [5][7] Group 2 - In the past year, a total of 1,110 new public funds were established, raising 1.15 trillion yuan, with stock funds accounting for 546 new funds and 330.726 billion yuan raised [8] - This period saw the establishment of 17 new funds, including 8 stock funds, 4 mixed funds, 4 bond funds, and 1 FOF fund, raising a total of 15.363 billion yuan [12] - The largest newly established fund was the Guotai Zhongdai Preferred Investment Grade Credit Bond Index A, with a scale of 5.999 billion yuan [12] Group 3 - The average return for ordinary stock funds last week was -0.69%, while mixed funds returned -0.72% and bond funds returned -0.02% [19] - Year-to-date, ordinary stock funds have an average return of 3.11%, mixed funds 2.31%, and bond funds 0.64% [19]

- The report does not contain any specific quantitative models or factors for analysis, construction, or testing [5][17][21] - The report primarily focuses on fund market dynamics, issuance, performance, and ETF flows without detailing quantitative models or factor-based strategies [5][7][26] - Quantitative product performance is mentioned, with active quantitative products yielding an average return of 1.79% last week and 2.55% year-to-date, while quantitative hedging products yielded 0.14% last week and 0.71% year-to-date [17][21][22]

□本报记者 张韵 上周，有的基金首发规模接近20亿元，有的基金延长募集期或踩线成立，基金新发市场在一定程度上表 现出冷热不均的特点。Wind数据显示，上周，按不同份额分开计算，逾30只公募基金（含增设份额的 发行）宣告成立，总发行规模超60亿元。按同一基金不同份额合并计算，基金发行规模首尾差距超过19 亿元。 发行市场"温差"较大 据Wind统计，按不同份额分开计算，上周成立的31只公募基金合计募资约63亿元。按同一基金不同份 额合并计算，基金发行规模最高的超过19亿元，发行规模最低的仅约1000万元，"温差"较为明显。 建信上证科创板综合ETF联接、摩根中证A500增强策略ETF发行规模均超10亿元，远超其它同期成立基 金的规模；前者募资金额高达19.54亿元，后者募资超10亿元。 新基发行将迎来新亮点 在新基金发行方面，多位业内人士认为，《推动公募基金高质量发展行动方案》提出了多个关于基金发 行的新要求。未来，新基金发行有望迎来诸多新亮点。 例如，新一批浮动费率基金或将成为后续公募基金发力的重点方向。据记者了解，多家基金公司已围绕 浮动费率基金的发行展开筹备工作。 在其它同期成立的基金中，除了南方中证物联 ...