剔除新成立的基金，公募市场披露存续的300余只QDII基金产品（初始基金口径，下同）2025年9月平均回报率为5.92%。 数据显示，9月份，易方达中证海外互联ETF、华夏恒生互联网科技业ETF、创金合信全球芯片产业A等QDII基金表现居前。 具体来看，9月份，收益率居前的QDII基金大多与互联网科技等资产配置相关。 易方达中证海外互联ETF9月表现位居第一，收益率达到18.78%。华夏恒生互联网科技业ETF、嘉实中证海外中国互联网30ETF等基金表现同样居前。 主动权益型基金方面，创金合信全球芯片产业A收益率达到15.01%，业绩居前。数据显示，创金合信全球芯片产业成立于2023年3月，主要精选全球芯片产 业相关证券。据最新财报显示，2025年二季度末，基金重仓股包括中芯国际、华虹半导体、圣邦股份等。截至9月30日，该基金前9月净值上涨38.74%。 另一方面，天弘越南市场A、广发恒生消费ETF等20余只基金9月净值出现回撤。 易方达基金、华夏基金、创金合信基金等旗下产品9月收益率居前 统计显示，剔除新成立的基金，公募市场披露存续的300余只QDII基金产品2025年9月平均回报率为5.92%。 | 面即修 ...

Core Viewpoint - As of September 29, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 112.995 billion yuan, reflecting an increase of 1.277 billion yuan from the previous trading day [1] Summary by Category ETF Financing and Margin Balance - The ETF financing balance stood at 105.33 billion yuan, which is an increase of 1.337 billion yuan compared to the previous trading day [1] - The ETF margin short balance was recorded at 7.665 billion yuan, showing a decrease of 0.06 billion yuan from the previous trading day [1] Net Inflows and Top Performers - On September 29, a total of 228 ETFs experienced net financing inflows, with the Hai Fu Tong CSI Short Bond ETF leading the way with a net inflow of 1.043 billion yuan [1] - Other ETFs with significant net inflows included the Huatai-PB CSI 300 ETF, E Fund CSI Overseas Internet ETF, Huaxia SSE Sci-Tech Innovation Board 50 ETF, Southern CSI 500 ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, and Bosera CSI Convertible Bonds and Exchangeable Bonds ETF [1]

Core Insights - As of September 18, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 111.949 billion yuan, a decrease of 4.675 billion yuan from the previous trading day [1] - The financing balance for ETFs stands at 104.046 billion yuan, down by 4.547 billion yuan, while the securities lending balance is 7.903 billion yuan, a decrease of 0.128 billion yuan [1] ETF Performance - On September 18, 206 ETFs experienced net financing inflows, with the E Fund CSI Overseas Internet ETF leading with a net inflow of 286 million yuan [1] - Other ETFs with significant net financing inflows include the Guotai CSI All Share Securities Companies ETF, Harvest SSE STAR Chip ETF, Huabao CSI All Share Securities Companies ETF, Huatai-PB SSE Dividend ETF, and Tianhong CSI All Share Securities Companies ETF [1]

Core Insights - As of September 12, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 111.705 billion yuan, a decrease of 1.002 billion yuan from the previous trading day [1] - The financing balance for ETFs is 103.943 billion yuan, down by 1.019 billion yuan, while the margin balance for securities lending increased by 0.017 billion yuan to 7.762 billion yuan [1] ETF Financing Activity - On September 12, 210 ETFs experienced net financing inflows, with the highest net inflow recorded for the Bosera CSI Convertible Bonds and Exchangeable Bonds ETF, amounting to 312 million yuan [1] - Other ETFs with significant net financing inflows include the FTSE China Government Bond 7-10 Year Policy Financial Bonds ETF, Huabao CSI Bank ETF, Huatai-PineBridge CSI 300 ETF, Southern CSI Shenwan Nonferrous Metals ETF, E Fund CSI Overseas Internet ETF, and Harvest CSI 500 ETF [1]

Core Viewpoint - The "national team" funds have significantly increased their holdings in ETFs, with a total purchase of nearly 66 billion units in the first half of the year, reflecting their strong influence and stability in the A-share market amidst volatility [1][5]. Group 1: National Team's Investment Strategy - As of June 30, the "national team" institutions, including Central Huijin and China Reform Holdings, held a total of 26 ETFs with a combined market value of 1.28 trillion yuan, marking an increase of over 20% year-to-date [1][5]. - Central Huijin maintained a stable overall holding, while its subsidiary, Central Huijin Asset Management, aggressively increased its positions in broad-based, small-cap, and technology innovation ETFs [2][5]. - The top ETFs in the "national team's" portfolio include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF, which are the main components of their holdings [5][6]. Group 2: Market Trends and ETF Growth - The total market size of ETFs has surpassed 5 trillion yuan, achieving a growth of 37.25% compared to the end of the previous year, with an increase of 1.39 trillion yuan in the first eight months of this year alone [8][9]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and rising investment demand [9][10]. - The "national team's" actions during market downturns have played a crucial role in stabilizing the market, with significant inflows from long-term funds such as insurance capital [8][10]. Group 3: Sector-Specific Investments - The "national team" has extended its asset allocation to various sectors, including pharmaceuticals, chips, and liquor, through asset management plans [5][6]. - Central Huijin Asset Management has notably increased its holdings in industry-specific ETFs, particularly in the healthcare and technology sectors [6][10]. - The investment strategy indicates a focus on both broad market exposure and targeted sector investments, reflecting a comprehensive approach to capital allocation [5][6].

Core Viewpoint - In the first half of 2023, the "national team" significantly increased its investment in ETFs, showcasing its influence and stability in the volatile A-share market, with a total investment of nearly 66 billion yuan [3][5]. Group 1: National Team's Investment Strategy - The national team, including Central Huijin and China Reform Holdings, has increased its holdings in 26 ETFs, with a total market value reaching 1.28 trillion yuan, reflecting a year-on-year increase of over 20% [3][8]. - Central Huijin maintained a stable overall holding, while its subsidiary, Central Huijin Asset Management, aggressively increased its positions in broad-based, small-cap, and sci-tech ETFs, raising its holdings by 58.5% [6][9]. - China Reform focused on central enterprise-themed ETFs, increasing its holdings in specific products, which contributed to a net increase of 1.48 million shares [8][9]. Group 2: ETF Market Growth - The total market size of ETFs surpassed 5 trillion yuan, achieving a growth of 37.25% compared to the end of the previous year, with an increase of 1.39 trillion yuan in the first eight months of 2023 alone [12][14]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and rising investment demand [13][14]. - The national team's actions during market downturns have played a crucial role in stabilizing the market, with significant trading volumes observed in A-share ETFs following their increased participation [12][13]. Group 3: Future Outlook - The ETF market is expected to continue its rapid growth, driven by policy initiatives, changing market demands, and increased participation from individual and institutional investors [14]. - The anticipated inflow of long-term funds, particularly from insurance capital, is projected to reach 1 trillion yuan in equity assets this year, further supporting the ETF market [12][14]. - Future growth in the ETF market may focus on Hong Kong stocks, industry themes, and bond ETFs, as the market adapts to evolving investor preferences [14].

Core Insights - As of August 18, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 103.356 billion yuan, an increase of 3.208 billion yuan from the previous trading day [1] - The financing balance for ETFs was 96.978 billion yuan, up by 3.07 billion yuan, while the margin short balance was 6.378 billion yuan, increasing by 0.138 billion yuan [1] ETF Financing Activity - On August 18, 259 ETFs experienced net financing inflows, with the top net inflow recorded by the Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF, which saw a net inflow of 1.077 billion yuan [1] - Other ETFs with significant net inflows included the Guotai Shanghai Stock Exchange 5-Year Government Bond ETF (net inflow of 276 million yuan), Haifutong Zhongzhai Short-term Bond ETF (net inflow of 256 million yuan), and Haifutong Shanghai Stock Exchange Urban Investment Bond ETF (net inflow of 222 million yuan) [1] - Additional ETFs with notable net inflows were the Pengyang Zhongzhai 30-Year Government Bond ETF (net inflow of 166 million yuan), Guotai Shanghai Stock Exchange 10-Year Government Bond ETF (net inflow of 124 million yuan), and Yifangda Zhongzhai Overseas Internet ETF (net inflow of 98 million yuan) [1]

Core Insights - The total margin balance for ETFs in the Shanghai and Shenzhen markets reached 105.29 billion yuan as of August 11, reflecting an increase of 2.99 billion yuan from the previous trading day [1] - The financing balance for ETFs was 99.10 billion yuan, up by 3.26 billion yuan, while the securities lending balance decreased to 6.20 billion yuan, down by 0.26 billion yuan [1] Group 1 - A total of 298 ETFs experienced net financing inflows on August 11, with the top performer being the FuGuo 7-10 Year Policy Financial Bond ETF, which saw a net inflow of 1.29 billion yuan [1] - Other notable ETFs with significant net inflows included HaiFuTong ZhongZheng Short Bond ETF (226 million yuan), BoShi ZhongZheng 0-3 Year National Development Bank ETF (154 million yuan), and PengYang ZhongZheng 30-Year Treasury Bond ETF (119 million yuan) [1] - Additional ETFs with substantial net inflows were YiFangDa ZhongZheng Overseas Internet ETF (101 million yuan), GuangFa ZhongZheng Hong Kong Innovative Drug ETF (81.33 million yuan), and HuaTai BaiRui ZhongZheng 2000 ETF (75.79 million yuan) [1]

Core Viewpoint - As of August 4, the total margin balance of ETFs in the Shanghai and Shenzhen markets reached 103.06 billion, reflecting an increase of 3.32 billion from the previous trading day [1] Group 1: ETF Margin Balance - The ETF financing balance was 96.83 billion, up by 3.26 billion from the previous trading day [1] - The ETF margin short balance was 6.23 billion, increasing by 0.06 billion from the previous trading day [1] Group 2: Net Inflows - On August 4, 247 ETFs experienced net inflows, with the top performer being the FuGuo 7-10 Year Policy Financial Bond ETF, which saw a net inflow of 0.651 billion [1] - Other ETFs with significant net inflows included the Guotai 5-Year Government Bond ETF (0.301 billion), Haifutong Zhongzheng Short-term Bond ETF (0.213 billion), and Haifutong Shanghai Stock Exchange Urban Investment Bond ETF (0.18 billion) [1] - Additional notable net inflows were recorded for the Yifangda Zhongzheng Overseas Internet ETF (0.144 billion), Yifangda ChiNext ETF (0.116 billion), and Guotai Zhongzheng Military Industry ETF (0.11 billion) [1]

Group 1 - A-shares experienced a collective rise of over 1% on May 6, with technology growth sectors, including AI and Huawei's Harmony ecosystem, showing strong performance [1][2] - Major ETFs, such as E Fund's CSI Overseas Internet ETF and Huaxia's Hang Seng Internet Technology ETF, saw gains exceeding 3% [2][3] - The market sentiment has improved, shifting from defensive to a moderate offensive stance, particularly in the technology sector [1][4] Group 2 - In April, non-monetary ETFs saw a net inflow of nearly 300 billion, with major funds like Huatai-PB and E Fund leading in net inflows [3] - Gold ETFs attracted significant investment, with a total net inflow exceeding 49 billion, driven by rising international gold prices [3] - The technology and internet-themed ETFs in the Hong Kong market also garnered substantial inflows, with leading products attracting over 20 billion in April [3] Group 3 - The market is entering a phase of improved risk appetite, with expectations for a gradual return to technology growth in May and June [4][5] - The technology sector's adjustment period has been significant, and the potential for AI and other tech industries is becoming more apparent [4] - Investment strategies suggest increasing exposure to technology assets while maintaining positions in dividend and gold assets [5]