每经记者 彭水萍 每经编辑 赵云 今年的行情已走过三个季度，一些买宽基ETF的朋友在今年国庆节假期可能有点"懵"：手里的宽基 产品明明涨得不错（沪深300涨近18%，创业板指涨51%），怎么份额反倒悄悄少了？看数据更直观， 全市场宽基ETF总规模从2.19万亿元冲到2.51万亿元，猛增3200亿元，可份额却掉了2241.5亿份。这不 是"bug"，而是两个"小秘密"在搞事：一是净值涨得太凶，把你止盈卖出的份额"盖"住了；二是大家开 始"移情别恋"——行业、主题ETF（贴热点、弹性高）以及债券ETF这些"新欢"抢了宽基的"旧爱"位 置。 原来，市场早就从"买个宽基躺平"，变成"挑着热点精准进攻"了。 此外，宽基ETF内部也出现明显分化：有的稳如泰山（几只沪深300ETF业绩、规模稳健增长）， 有的涨得越猛却被卖得越狠（3只涨超50%的成长宽基产品遭遇超百亿元级的净赎回），这又是怎么回 事？ 净值拉升助力规模增长 今年前三季度，A股主要宽基指数震荡攀升，沪深300指数涨17.94%，上证50指数涨11.33%，中证 A500指数上涨21.91%；创业板和科创板相关宽基指数表现更为强势，创业板指前三季度大涨51.2 ...

拉长时间来看，近年来ETF整体呈现加速发展态势，每万亿元扩容周期逐渐缩短。2023年8月份，ETF总规模首次突破2万 亿元；2024年9月份，ETF总规模突破3万亿元；今年4月份，ETF总规模又突破4万亿元；今年8月份，ETF总规模就快速迈上了 5万亿元新台阶。 本报记者 方凌晨 今年以来，我国指数化投资持续发展，ETF（交易型开放式指数基金）规模持续攀升。截至三季度末，全市场ETF总规模 达5.63万亿元，创下历史新高。 在受访业内人士看来，ETF正愈发成为重要的投资工具。ETF的加速发展是政策支持、投资者需求增强等多方面因素综合 作用的结果。 规模加速增长 年内ETF规模和份额双双实现快速增长。据Wind资讯数据统计，截至9月30日，全市场ETF总规模达到5.63万亿元，创下历 史新高，较年初增加1.9万亿元，增幅超50%；ETF总份额达到3.01万亿份，较年初增加3530.05亿份，增幅超13%。 随着ETF总规模不断增长，各类型ETF和单只ETF产品的规模也进一步增长。 从投资范畴来看，股票ETF和债券ETF两类ETF产品受到关注。其中，股票ETF是规模最大的一类ETF产品，截至9月30 日，股票ET ...

6、净申购（亿元）：计算公式为：NETBUY(T) = NAV(T)–NAV(T-1)*（1+R（T）），其中NETBUY(T)为净申购金额，NAV(T-1)为前一交易日的ETF净值。 7、T+0：是否支持T+0的交易方式。 8、机构持仓占比为ETF基金最近一期年报、半年报披露的机构持仓占比，剔除对应联接基金持有占比，数据为预估值可能存在偏差。 数据说明： 1、本表针对ETF各类日频数据进行每日跟踪，不构成投资建议。 2、本表根据ETF追踪指数类别进一步分为"宽基"/"主题"两个子表。其中"宽基" ETF跟踪指数为沪深300、中证500、中证A500等主流宽基指数；"主题" ETF跟踪 指数为非银、红利、中概互联等某行业/风格指数。 3、基金池构建：在每个类型中选取规模较大的一只或几只ETF基金进行分析。 4、 RSI相对强弱指标：计算公式为：RSI = 100 – 100 / (1 + RS)，其中RSI是一定周期（12天）内平均涨幅和平均跌幅的比值。RSI>70，市场处于超买状态； RSI<30，市场处于超卖状态。 5、日内行情趋势：采用5分钟级别的日内成交价构成的趋势图，其中红点为当日最高价和最低价，由 ...

【导读】前9月基金分红超1800亿元 从基金公司来看，今年以来，博时基金旗下分红产品最多，有超130只产品实施了分红。排在第二位的 易方达基金有近百只产品实施了分红。紧随其后的是广发基金、招商基金，年内分别有超90只、超80只 产品实施了分红。此外，汇添富、嘉实、富国等多家基金公司分红产品数量也位居前列。 公募基金派发"大红包"。 今年前9月，超2900只基金产品宣布分红，累计分红金额超1800亿元，较去年同期增长近30%。 从类型上看，债券型基金仍是分红主力，总分红规模超千亿元，占比近65%。此外，指数基金的分红超 300亿元，占权益类基金分红总额的超八成。 多位业内人士表示，今年以来，公募基金分红激增是政策引导、股市回暖和基金公司产品策略创新的综 合结果。未来，公募基金分红增长态势或仍将持续。 年内基金分红超1800亿元 较去年同期增长近30% 数据显示，今年以来，共有2908只（不同份额分开计算）基金产品宣布分红，累计分红总额超1800亿 元，达1830.47亿元，与去年同期的2466只、1415.29亿元相比，数量和金额同比增长分别为17.92%、 29.34%。 从单只产品分红金额来看，今年以来，有 ...

Core Viewpoint - Postal Savings Bank of China has experienced a decline in stock price, with a cumulative drop of 5.12% over the past four days, closing at 5.75 CNY per share on September 30, 2023, with a total market capitalization of approximately 690.55 billion CNY [1] Company Overview - Postal Savings Bank of China, established on March 6, 2007, and listed on December 10, 2019, is headquartered in Beijing, China. The bank provides a range of banking and financial services, primarily through personal banking, corporate banking, and funding operations [1] - The revenue composition of the bank is as follows: personal banking accounts for 69.57%, corporate banking for 19.70%, funding operations for 10.65%, and other services for 0.07% [1] Shareholder Insights - E Fund's Hu Shen 300 ETF (510310) is among the top ten circulating shareholders of Postal Savings Bank, having increased its holdings by 13.21 million shares in Q2, totaling 140 million shares, which represents 0.16% of the circulating shares. The fund has incurred a floating loss of approximately 11.23 million CNY today and 43.51 million CNY over the past four days [2] - The fund has a total asset size of 266.52 billion CNY, with a year-to-date return of 20.05% and a one-year return of 27.83% [2] Fund Management - The fund managers of E Fund's Hu Shen 300 ETF are Yu Haiyan and Pang Yaping, with total assets under management of 385.76 billion CNY and 314.87 billion CNY, respectively. Yu has a tenure of nearly 15 years, while Pang has been managing for nearly 7 years [3] Fund Holdings - Five funds under E Fund hold a total of 4.06 million shares of Postal Savings Bank, with a floating loss of approximately 324,600 CNY today and 1.26 million CNY over the past four days [4] - E Fund Rui Jin Mixed A (009689) holds 1.77 million shares, representing 0.59% of the fund's net value, with a floating loss of about 142,000 CNY today [4] - E Fund Rui Chuan Mixed A (009215) reduced its holdings by 46,500 shares, now holding 649,500 shares, which is 2.16% of the fund's net value, with a floating loss of about 52,000 CNY today [5]

Group 1 - On September 29, the company reported the launch of the CCB Schroder CSI Selected Hong Kong and Shanghai Technology 50 ETF, marking a significant return to ETF offerings after 14 years since the establishment of the CCB ShenZhen 300 Value ETF in September 2011 [1][2][4] - The ETF aims to reflect the performance of 50 technology companies with strong research capabilities and good fundamentals selected from the mainland and Hong Kong markets, with the top five sectors being electronics, machinery, communications, power equipment, and computers [4] - The company currently has only two existing ETF products, with the latest sizes being 227 million and 63 million respectively for the CCB 180 Governance ETF and the CCB ShenZhen 300 Value ETF [4] Group 2 - On September 25, another active equity firm, Xingzheng Global Fund, submitted its first ETF product application, the Xingzheng Global CSI 300 Quality ETF, indicating a trend among active managers to expand into the ETF market [5] - The ETF market in China has seen significant growth, with total ETF assets increasing from 373 billion at the beginning of the year to 547 billion by September 26, representing a growth rate of over 46% [6] - Major fund companies like Huaxia Fund and E Fund have ETF management scales exceeding 800 billion, while others like Huatai-PB Fund and Southern Fund have also seen substantial growth in their ETF management scales [6][7]

Group 1 - On September 29, the company reported the launch of the CCB Schroder CSI Selected Hong Kong and Shanghai Technology 50 ETF, marking a significant return to the ETF market after 14 years since the establishment of the CCB Schroder Shenzhen 300 Value ETF in September 2011 [1][2][4] - The ETF aims to reflect the performance of 50 technology companies with strong research capabilities and good fundamentals selected from the mainland and Hong Kong markets, with the top five industries by weight being electronics, machinery, communications, power equipment, and computers [4] - The ETF market in China has seen significant expansion, with total ETF assets increasing from 373 billion to 547 billion this year, representing a growth of over 46% [6] Group 2 - On September 25, another active equity firm, Xingzheng Global Fund, submitted its first ETF product, the Xingzheng Global CSI 300 Quality ETF, indicating a trend among active managers to diversify into ETF offerings [5] - Major fund companies such as Huaxia Fund and E Fund have seen their ETF management scales exceed 800 billion, while other firms like Huatai-PB and Southern Fund have also reported substantial growth in their ETF assets [6][7] - Several "super products" in the ETF market have attracted significant capital this year, with the Fortune CSI Hong Kong Internet ETF leading with an increase of over 70 billion, followed by other major ETFs with substantial growth figures [7]

Core Viewpoint - CICC's stock price increased by 5.04% to 37.53 CNY per share, with a trading volume of 1.276 billion CNY and a market capitalization of 181.167 billion CNY as of September 29 [1] Company Overview - China International Capital Corporation (CICC) was established on July 31, 1995, and listed on November 2, 2020. The company is headquartered in Beijing and operates in various financial services including investment banking, equity sales and trading, fixed income, commodities, currency, wealth management, and investment management [1] - CICC's revenue composition is as follows: Wealth Management 32.73%, Equity Business 20.81%, Fixed Income 17.37%, Investment Banking 12.11%, Other 8.25%, Asset Management 5.14%, and Private Equity 3.60% [1] Shareholder Insights - E Fund's HuShen 300 ETF (510310) is among CICC's top ten circulating shareholders, having increased its holdings by 1.4602 million shares in Q2, totaling 14.8519 million shares, which represents 0.31% of circulating shares. The estimated floating profit from this investment is approximately 26.7334 million CNY [2] - The HuShen 300 ETF has a total asset size of 266.516 billion CNY and has achieved a year-to-date return of 18.23%, ranking 2807 out of 4221 in its category [2] Fund Manager Performance - The fund managers of E Fund's HuShen 300 ETF are Yu Haiyan and Pang Yaping. Yu has a tenure of 14 years and 298 days, managing assets totaling 385.764 billion CNY, with the best fund return of 155.16% and the worst return of -78.9% during his tenure [3] - Pang has a tenure of 6 years and 348 days, managing assets of 314.865 billion CNY, with the best fund return of 84.56% and the worst return of -37.67% during his tenure [3] Fund Holdings in CICC - E Fund has two funds that are major shareholders in CICC, holding a total of 1.491 million shares. Based on the previous day's closing price of 35.73 CNY and the current price of 37.53 CNY, the estimated floating profit is approximately 2.6839 million CNY [4] - E Fund's HuShen 300 ETF (512570) increased its holdings by 226,100 shares in Q2, now holding 758,420 shares, which represents 0.0259% of circulating shares and 2.14% of the fund's net value. The estimated floating profit from this position is about 1.3645 million CNY [4] - E Fund's HuShen 300 Index (LOF) A (502010) reduced its holdings by 76,100 shares, now holding 733,000 shares, which represents 0.0252% of circulating shares and 2.04% of the fund's net value. The estimated floating profit from this position is approximately 1.3194 million CNY [4]

Core Insights - The article discusses the performance and holdings of the E Fund's SSE 50 ETF, particularly focusing on the changes in the holdings of Central Huijin Investment and the impact of share consolidation on reported figures [5][8][12]. Group 1: Fund Performance and Distributions - Since its inception, the E Fund SSE 50 ETF has distributed dividends twice, with the latest distributions being CNY 0.0560 per share on November 13, 2023, and CNY 0.0350 per share on November 7, 2024 [1]. - The fund underwent a share consolidation on March 7, 2025, where each share was converted into 0.4972 shares, affecting the reported number of shares held by investors [8][9]. Group 2: Holdings and Changes - Central Huijin held 185 million shares at the end of last year, which, after the consolidation, translates to approximately 91.76 million shares, indicating no actual selling activity [9][10]. - The overall trend shows that Central Huijin has been consistently increasing its holdings in various ETFs, including the SSE 50 ETF, particularly during market downturns [11][12]. Group 3: Market Strategy and Future Outlook - Central Huijin's strategy appears to focus on stabilizing the market during periods of volatility, with a history of buying during downturns and potentially selling during overheated market conditions [15][16]. - The article suggests that while Central Huijin has not sold any shares recently, future actions will depend on market conditions and the organization's strategic decisions [12][16].

Core Viewpoint - The A-share market has experienced a significant rally following a series of policy measures, with the Shanghai Composite Index reaching a nearly ten-year high, indicating a potential shift from a localized bull market to a comprehensive bull market [1][9]. Market Performance - The Shanghai Composite Index rebounded to 3,336.5 points by September 30, 2024, with a record trading volume of 2.59 trillion yuan, and has since continued to rise, reaching a recent high of 3,899.96 points [2]. - Over the past year, the Shenzhen Composite Index increased by 65%, and the ChiNext Index surged by 108%, reflecting strong performance in the equity market [2]. - As of September 24, 2024, 99.8% of the 7,621 active equity funds reported positive returns, with 857 funds achieving over 100% returns [2][3]. Fund Performance and Growth - The total issuance scale of active equity funds reached 119.64 billion yuan, a 55.6% increase compared to the same period in the previous year [3]. - Notable funds include the Debon Xin Xing Value Flexible Allocation Mixed Fund, which achieved a return of 271.51%, leading the performance rankings [3]. Sector Focus and Investment Strategy - High-performing funds are primarily focused on sectors such as AI computing and technology, with significant investments in companies within the electronics and communications sectors [4]. - The investment strategy emphasizes a deep understanding of industry trends and maintaining discipline in investment decisions, which has contributed to superior returns [4]. ETF Market Growth - The total scale of ETFs surpassed 3 trillion yuan by the end of Q3 2024, with significant contributions from stock ETFs and cross-border ETFs, which saw a year-on-year growth of over 90% [5][6]. - As of September 24, 2024, the stock ETF market reached 3.6 trillion yuan, with several ETFs achieving impressive returns exceeding 100% [6]. Future Market Outlook - The combination of strong performance from active equity funds and ETFs is expected to attract more capital into the market, potentially leading to a comprehensive bull market [7][9]. - Analysts express cautious optimism regarding the market's future, citing stable domestic fundamentals and the positive impact of recent policies aimed at boosting economic growth [8].