来源：国际金融报 如果要为2025年的公募基金市场寻找一个年度"题眼"，答案或许并非某位明星基金经理或某只爆款产 品，而是"指数"二字。 全市场ETF规模破6.6万亿 回顾2025年，公募指数基金在全市场规模的权重正大幅提升。Wind数据显示，截至2025年三季度末， 全市场非货币ETF、ETF联接基金及其他场外指数基金总规模合计已逼近8万亿元，年内增长2.1万亿 元。 在A股结构性行情下，主动权益类基金表现分化加剧，指数基金却成了"主角"。其中，ETF更以现象级 速度"吸金"，成为指数化投资的急先锋。数据显示，截至2024年年末，全市场ETF规模合计4.66万亿 元，其中，股票型ETF规模合计2.9万亿元。仅仅过了三个季度，截至2025年三季度末，全市场ETF规模 已突破6.6万亿元，其中，股票型ETF规模已突破3.7万亿元。 股票型ETF仍是资金最青睐的类型，但与往年"宽基独大"不同，在成长风格主导下，行业和主题ETF今 年大放异彩。截至2025年12月25日，全市场股票型ETF中，行业ETF最新场内份额3260.41亿份，相比 2024年年末的2220.51份增长超千亿份；主题ETF最新场内份额7712 ...

Core Viewpoint - The robot-themed ETFs have experienced a significant surge, driven by increased market attention and investment inflows, indicating a growing interest in the robotics sector as commercialization accelerates [1][4]. Group 1: ETF Performance - As of December 4, two robot-themed ETFs rose over 3%, leading the stock ETF rankings, while nine others increased by more than 2% [2][3]. - Year-to-date, the 13 robot-themed ETFs have seen a total net inflow of nearly 47.5 billion yuan, with the top two ETFs, 华夏机器人 ETF and 易方达机器人 ETF, attracting 19.09 billion yuan and 12.35 billion yuan respectively [3]. Group 2: Market Dynamics - The performance disparity among robot-themed ETFs is attributed to differences in the underlying indices they track, with 国证机器人产业指数 showing higher gains compared to 中证机器人指数 [3]. - The market currently has 13 robot-themed ETFs, with the largest being 华夏机器人 ETF at 22.8 billion yuan and the second being 易方达机器人 ETF at 13.3 billion yuan [3]. Group 3: Institutional Interest - There has been a notable increase in the number of robot-themed ETFs submitted for regulatory approval, with 17 new products reported in the fourth quarter alone, reflecting strong institutional interest in the sector [4][5]. - The growing focus on robotics is seen as a response to policy support for hard technology innovation and the integration of AI and robotics, highlighting the sector's significant growth potential [5]. Group 4: Investment Strategy - Investors are advised to consider the tracking indices when selecting ETFs, with a preference for those tracking the 国证机器人产业指数 for humanoid robots and 中证机器人指数 for industrial automation [6]. - Key factors for ETF selection include the management capability of the fund company, product scale, liquidity, and cost efficiency, which are crucial for long-term investment success [6].

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]

Core Viewpoint - The article highlights a significant inflow of funds into equity ETFs and active equity funds, indicating a market rebound and renewed investor interest in equity investments [2][3][10]. Fund Inflows - On August 6, over 70 billion yuan flowed into equity ETFs, marking a reversal in the trend of fund outflows seen earlier in August [2][3]. - Notable net subscriptions were recorded for several ETFs, including 12.05 billion yuan for the Southern CSI 1000 ETF and over 5 billion yuan for both the E Fund CSI A500 ETF and Southern CSI 500 ETF [3]. - Hong Kong-themed ETFs also attracted substantial investments, with a net subscription of 21 billion yuan on the same day [3]. Fund Purchase Restrictions - Several high-performing active equity funds have implemented purchase restrictions to ensure stable operations and protect existing investors' interests. For instance, the China Europe Digital Economy Mixed Fund suspended large purchases exceeding 1 million yuan starting August 6 [4][5]. - This trend of limiting large subscriptions has been observed across nearly 30 funds since July, including the Yongying Ruixin Mixed Fund and the GF Growth Leading Mixed Fund [4]. New Fund Issuance - The new fund issuance market has shown significant recovery, with seven active equity funds exceeding 1 billion yuan in issuance since July. The Dachen Insight Advantage Mixed Fund alone raised 24.61 billion yuan [6]. - "Fixed income plus" products are also seeing proportional allocations due to high demand, as evidenced by the Southern Stable Growth Bond Fund, which had its fundraising cut short after reaching the 50 billion yuan cap [6]. Investment Trends - The "fixed income plus" strategy is gaining traction, as investors seek to enhance yield while maintaining a controlled risk profile amid declining 10-year treasury yields [8]. - The report from Huatai Securities indicates that equity funds are becoming a key channel for reallocating household savings, with a notable increase in the number of stock and mixed fund applications since mid-July [10]. Market Outlook - The overall sentiment among institutions remains optimistic, with active equity fund positions rising to relative highs. As of August 1, the average stock position for ordinary equity funds was approximately 90.34%, up 1.05 percentage points from July 25 [10]. - The expectation of continued policy support and the upcoming disclosure of semi-annual earnings from listed companies are anticipated to enhance investment opportunities, particularly in technology, high-end manufacturing, and high-dividend sectors [11].