每经记者|彭水萍 10月20日~10月24日，A股主要指数震荡攀升，沪深300指数周涨3.24%，创业板指和科创50指数分别大涨8.05%和7.27%；港股科技股也同步反弹，恒生科 技指数周涨5.2%。 本周，ETF市场迎来强势"大回血" ，ETF总规模猛增1630.76亿元，创9月以来单周新高。股票型ETF扛起大旗，一周猛增1068亿元，其中宽基ETF贡献超七 成；跨境ETF也摆脱近期颓势，货币型ETF一举扭转年内缩水局面。 沪深300指数挂钩ETF成为本周主角，单周大增343亿元，规模突破1.2万亿元。凭借沪深300等宽基ETF的全线回暖，头部公募集体狂欢：华夏基金、易方 达ETF规模均回血超300亿元，华夏基金ETF管理规模再次突破9000亿元。 值得一提的是，黄金类ETF成为本周规模缩水产品的重灾区，不过整体规模跌幅并不大，反而出现资金"越跌越买"的情况，上周的两只明星产品华安基金 旗下黄金ETF和博时基金旗下黄金ETF基金，本周合计吸引超50亿元的资金净申购。 本周全市场ETF数量变化不大，仅新增1只跨境ETF，不过总规模"回血"不少。Wind数据显示，截至10月25日，全市场ETF总规模达5.69 ...

Core Insights - The total scale of domestic ETFs in China has surpassed 5 trillion yuan, marking a significant milestone in the rapid development of the public fund industry and the optimization of the capital market structure [1][2][3] Group 1: Growth Milestones - The first ETF in China was launched in December 2004, and it took nearly 16 years to reach a scale of 1 trillion yuan. The subsequent milestones of 2 trillion, 3 trillion, 4 trillion, and now 5 trillion yuan were achieved in progressively shorter time frames of 3 years, 1 year, 7 months, and 4 months respectively [2] - The recent growth from 4 trillion to 5 trillion yuan is attributed to multiple factors including policy support, product system improvement, and increased market demand [2][3] Group 2: Market Dynamics - The current macroeconomic environment shows stable growth expectations for the Chinese economy, leading to increased investor confidence in equity assets, particularly in core A-share indices like the CSI 300 and SSE 50 [3][4] - Equity ETFs dominate the market, accounting for over 70% of the total, excluding bond, money market, and cross-border ETFs [3][4] Group 3: Sector Performance - The CSI 300 index-linked ETFs have reached a scale of 1.1 trillion yuan, with a year-to-date growth of nearly 200 billion yuan. The SSE 50 index ETF has nearly 200 billion yuan, growing by approximately 32 billion yuan this year [4] - There is a noticeable influx of funds into high-growth sectors such as technology and healthcare, with significant increases in the scales of relevant ETFs, including the Sci-Tech Chip Index ETF and the Medical Index ETF [4][5] Group 4: Future Outlook - The growth of ETFs to 5 trillion yuan signifies a maturation of the Chinese capital market, with expectations for future focus on quality enhancement alongside scale expansion [5] - ETFs are anticipated to play a crucial role in serving the real economy, promoting common prosperity, and facilitating financial openness, providing global investors with opportunities to share in China's development [5]

Group 1: ETF Market Overview - A total of 68.968 billion yuan flowed into the market via ETFs from August 1 to 7, with the total ETF scale approaching 4.7 trillion yuan and total shares increasing by 36.483 billion to 2.78 trillion shares [1][2] - Analysts indicate a significant acceleration of funds entering the market through ETFs, particularly in broad-based index products, highlighting the core asset allocation value [1][2] Group 2: Factors Supporting Market Attraction - Four positive factors support the attractiveness of the Chinese capital market: relatively low valuation levels of A-shares, strengthening capital aggregation effects under the "technology narrative," enhanced market resilience through buybacks and dividends, and gradually increasing institutional inclusiveness [2][3] - The recent influx of funds into broad-based index ETFs reflects investor preference for core assets, driven by a stable macroeconomic environment and improved economic growth expectations [3] Group 3: Performance of Various ETFs - The largest increase in ETF scale was seen in the CSI 300 index-linked ETFs, which grew by 6.697 billion yuan to a total of 1.08 trillion yuan, and the CSI 1000 index-linked ETFs, which increased by 6.517 billion yuan, nearing 160 billion yuan [2] - The Hang Seng Technology Index-linked ETFs saw a growth of nearly 5.7 billion yuan, while the Hong Kong Stock Connect Internet Index and the Hong Kong Stock Connect Innovative Drug Index increased by 3.3 billion yuan and 1.653 billion yuan, respectively [4] Group 4: Gold and Commodity ETFs - Gold ETFs linked to the Shanghai Gold Exchange surpassed 140 billion yuan, with several individual gold ETFs growing by over 500 million yuan in the past week, the largest reaching 59 billion yuan [4] - The rise in gold prices is attributed to macroeconomic fluctuations and increased expectations of interest rate cuts by the Federal Reserve, leading to heightened demand for gold assets as a hedge against uncertainty [5]