证券研究报告|宏观研究报告 [Table_Date] 2025 年 11 月 27 日 [Table_Title] 股票型 ETF 全解析 [Table_Title2] ETF 投资手册之一 [Table_Summary] ► 股票型 ETF 是什么产品？ 股票型 ETF 全称是交易型开放式指数基金，其名称刚好对应它 的三个特点："交易型"指该基金份额可在证券交易所内像股 票一样进行买卖，投资者可按市场价格实时交易；"开放式" [Table_Summary] 近年来，国内股票型 ETF 的发展高歌猛进，越来越多出现在广 大投资者视野之中。本篇报告在系统梳理股票型 ETF 市场整体 情况的基础上，对各类产品特征与细分品种市场表现进行归 纳，旨在为投资者把握各类 ETF 投资机会，提供清晰的框架。 意味着基金份额不设固定上限，投资者既可通过券商在二级市 场交易，也可按净值在一级市场进行申购与赎回。"指数基 金"则是该基金采取被动管理策略，其主要目标是紧密跟踪某 一特定指数的表现，而非由基金经理进行主动选股。 ►股票型 ETF 概览：规模快速扩张，可划分为五类 截至 2025 年 9 月，我国股票型 ETF 数量已 ...

Core Insights - The stock ETF market experienced a significant net outflow of over 20 billion yuan on November 26, marking the largest single-day outflow since February 12 of the same year [2][3] - Despite a market rebound, investors opted to secure profits, leading to a reduction in total shares of stock ETFs by 11.558 billion, with a total market size of 4.33 trillion yuan [3] Fund Flow Analysis - The total net outflow from stock ETFs reached 21.182 billion yuan, contributing to a cumulative outflow exceeding 38 billion yuan over the past two days [3] - Defensive products such as bond ETFs, free cash flow ETFs, and dividend ETFs attracted more capital, while broad-based ETFs tracking indices like the ChiNext, CSI 300, and CSI 500 faced significant outflows [2][5] ETF Performance - Among various ETF categories, strategy-style ETFs and commodity ETFs saw net inflows of 1.014 billion yuan and 409 million yuan, respectively, while broad-based ETFs experienced a net outflow of 15.111 billion yuan [5] - Major fund companies like E Fund and Huaxia Fund reported continued inflows into their ETFs, with E Fund's ETFs reaching a total size of 805.69 billion yuan, including a net inflow of 2.6 billion yuan into the Hang Seng Dividend Low Volatility ETF [5][6] Specific ETF Highlights - The top-performing bond ETFs included Huaxia's benchmark government bond ETF and the technology innovation bond ETFs from Taikang and Fuguo, each with net inflows exceeding 600 million yuan [7][8] - The gold ETF from Huaan also saw a notable net inflow of 327 million yuan, ranking fifth among all ETFs for net inflows on that day [8] Outflow Trends - The broad-based ETFs, particularly those tracking the ChiNext, CSI 300, CSI 500, and the STAR 50 indices, experienced the most significant outflows, with the ChiNext ETF alone seeing a net outflow of 2.645 billion yuan [10]

Core Viewpoint - The stock ETF market experienced a significant net outflow of over 20 billion yuan on November 26, marking the largest single-day outflow since February 12 of the same year, as investors opted to secure profits amid a market rebound [2][4]. Fund Flow Analysis - As of November 26, the total scale of all stock ETFs (including cross-border ETFs) reached 4.33 trillion yuan, with a reduction of 11.558 billion units in total shares, resulting in a net outflow of 21.182 billion yuan during the recent market rally [4]. - In terms of fund types, strategy-style ETFs and commodity ETFs saw net inflows of 1.014 billion yuan and 409 million yuan, respectively, while broad-based ETFs faced a net outflow of 15.111 billion yuan [6]. - Large fund companies continued to attract net inflows, with E Fund's ETFs reaching a scale of 805.69 billion yuan, increasing by 2.88 billion yuan on the same day [6]. Specific ETF Performance - The top net inflows were observed in bond ETFs, with the benchmark government bond ETF and various technology bond ETFs seeing inflows exceeding 600 million yuan each [9][10]. - The gold ETF also attracted attention, with a net inflow of 327 million yuan, ranking fifth in the net inflow list [10]. - Conversely, broad-based ETFs such as the ChiNext ETF, CSI 300 ETF, and others experienced significant outflows, with the ChiNext ETF alone seeing a net outflow of 604 million yuan [12][13].

Group 1 - The report highlights a shift in investment style, with the banking sector receiving increased capital inflows, indicating a positive outlook for the industry [2][3] - In the equity market, technology sector ETFs saw a significant net inflow of 755 billion yuan, with semiconductor, battery, and robotics themes being particularly favored [3] - The banking ETF recorded a net inflow of 58 billion yuan in October, marking a new monthly high for 2025, following a net inflow of 32 billion yuan in September [3] Group 2 - The bond market is experiencing growth in bond ETFs, particularly in sci-tech bonds, corporate bonds, and government bonds, indicating strong investor interest [4] - The report notes a substantial increase in the buying of long-term government bonds by major banks, while insurance companies are also increasing their allocation to long-term bonds [4] - In the commodity market, there has been a shift in domestic investor preferences from gold stock ETFs to gold ETFs, with a notable net inflow of 337.82 billion yuan in October [4]

从单只基金分红金额来看，目前规模最大的四只沪深300ETF均已分红。其中，华泰柏瑞沪深300ETF年 内分红金额为83.94亿元，易方达沪深300ETF分红金额为71.52亿元。华夏沪深300ETF、嘉实沪深 300ETF分红金额也都超过50亿元。此外，中银丰和定期开放债券基金、国泰纳斯达克指数基金、南方 中证500ETF、华安上证180ETF、湘财鑫睿债券基金等产品，今年年内分红金额均超过12亿元。 数据显示，截至11月25日，今年以来超千只基金进行分红，分红总额为2041.89亿元。其中，权益类基 金年内分红金额为494.58亿元，远超去年全年的364.05亿元。 ...

◎记者 赵明超 临近年底，基金加大了分红力度，年内分红已突破2000亿元，其中权益类基金分红金额近500亿元，远 超去年全年分红总额。从基金分红情况看，不仅头部宽基ETF大额分红，红利主题基金高频派息，成长 风格主动权益类基金也罕见分红。在业内人士看来，权益类基金各品种掀起分红热潮，既缘于市场行情 向好增厚基金可分配收益，也体现出基金管理人愈发重视投资者的持有体验。 年内分红超过2000亿元 11月25日，共有32只基金发布分红公告。其中，部分基金公司同时发布多则分红公告。例如，工银瑞信 基金旗下5只基金、景顺长城基金旗下3只基金集中发布分红公告。 从单只基金分红金额看，目前规模最大的4只沪深300ETF均已分红，且分红金额遥遥领先。其中，华泰 柏瑞沪深300ETF年内分红金额为83.94亿元，易方达沪深300ETF分红金额为71.52亿元，华夏沪深 300ETF、嘉实沪深300ETF分红金额均超过50亿元。 Choice数据显示，截至11月25日，今年以来超千只基金进行分红，分红总额为2041.89亿元，较去年同 期增长25%。其中，权益类基金分红金额显著提升，今年已分红494.58亿元，远超去年全年的36 ...

Core Viewpoint - The new regulation for ETF naming in China aims to standardize the naming convention by requiring the inclusion of the fund manager's name, which is expected to enhance investor recognition and reduce confusion in the market [1][3][5]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have issued revised guidelines mandating that all existing ETFs must change their names to include the fund manager's name by March 31, 2026 [1][3]. - The new naming structure will follow the format of "core elements of the investment target + ETF" and will help clarify product identity for investors [4][6]. Group 2: Industry Impact - The regulation is seen as a shift from a focus on "name dividends" to a competition based on "brand strength," which may lead to increased market concentration and a "stronger getting stronger" dynamic [1][7]. - Major fund companies like E Fund and Huaxia have already begun to implement the new naming convention, indicating a proactive approach to the changes [4][6]. Group 3: Competitive Landscape - The new rules are expected to benefit larger fund companies, as clearer identification of fund managers will likely lead investors to prefer products from well-established brands with strong reputations [6][7]. - The competition will shift from merely securing popular names to emphasizing brand loyalty and historical performance, which may disadvantage smaller firms [6][7]. Group 4: Naming Strategy - Fund companies are adopting a phased approach to renaming their ETFs, prioritizing less popular products for early changes while delaying adjustments for high-volume products to minimize disruption [8][9]. - The costs associated with renaming are primarily related to updating marketing materials and operational systems, with a focus on ensuring all platforms are synchronized to avoid trading errors [9][10].

金 金融工程点评 [Table_Title] [Table_Message]2025-11-25 金工 ETF 点评：宽基 ETF 单日净流入 109.35 亿元；计算机、通信拥挤变幅较大 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日军工、农牧、传媒靠前，相比较而言，汽车、非银的拥挤度水平 较低，建议关注。此外，计算机、传媒拥挤度变动较大。从主力资金流动来 看，前一交易日主力资金流入军工、传媒；流出计算机、电力设备、电子。近 三个交易日主力资金减配电子、电力设备；增配传媒。 三、ETF 产品关注信号 ◼ 根据溢价率 Z-score 模型搭建相关 ETF 产品筛选信号模型，通过滚动测算提 供存在潜在套利机会的标的，此外 ...

Core Insights - The growth rate of broad-based index ETFs has significantly slowed down in 2025 compared to the explosive growth seen in the previous year [2][3] - The number of stock ETFs increased from 832 at the end of last year to 1,066, with net asset value rising from 28,876.80 billion to 36,021.33 billion, a year-on-year increase of 24.74% [2] - In contrast, the scale of index ETFs grew at a much slower rate of approximately 8.77%, with net asset value increasing from 21,856.45 billion to 23,773.29 billion [2] ETF Market Dynamics - The leading growth in stock ETFs this year comes from thematic ETFs, which saw their number and scale rise to 495 and 7,738.70 billion respectively, marking an 88.54% increase [2] - Industry and strategy ETFs also experienced significant growth, with increases of 58.58% and 50.21% respectively [2] - The market is characterized by uneven opportunities, with active funds focusing on a few high-growth sectors, leading to reduced attractiveness of broad-based ETFs [3] Performance of Specific ETFs - The CSI A500 index ETF has seen the highest net redemption, with outflows exceeding 900 billion, despite a 15.74% increase in its value [5][10] - The CSI A500 ETF products collectively have a scale of approximately 1,919.26 billion, but this is down by about 635.80 billion from the end of last year [7] - The market has seen a shift in fund flows from broad-based ETFs to industry-specific ETFs, particularly in TMT and financial real estate sectors [8] Management and Competition - The top two ETF managers, Huaxia Fund and E Fund, dominate the market with total ETF scales of 8,983.07 billion and 8,327.23 billion respectively, showing significant growth in non-money market ETFs [12] - Seven ETF managers have added over 1,000 billion in scale this year, accounting for nearly 60% of the total market growth [13] - Huaxia Fund's robot ETF has shown remarkable growth, increasing from 41.37 billion to 239.30 billion, a growth rate of 478.44% [13] Global ETF Landscape - Huaxia Fund and E Fund have entered the top twenty global ETF providers, marking a significant achievement for Chinese firms in the global market [14] - The competitive landscape remains stable among the top global ETF providers, with BlackRock and Vanguard leading the market [14]

Core Insights - The article highlights the disparity between the booming public fund market in China and the significant losses experienced by individual investors, with only 18.9% of retail accounts making profits despite a net asset value of 36.74 trillion yuan in public funds [1][3]. Group 1: Behavioral Biases - Investor irrational behavior is identified as the primary reason for losses, with data showing that small investors often engage in "buy high, sell low" strategies, leading to negative average returns on popular funds [3]. - High trading frequency incurs substantial costs, with a turnover rate of 200% resulting in transaction costs consuming 15% of returns, which can negate the fund's investment gains over time [3]. - A significant portion of small investors (nearly 60%) adjust their holdings based on short-term net value fluctuations, often missing out on subsequent market rebounds due to panic selling [3]. Group 2: Product Mismatch - The mismatch between fund product selection and investors' risk tolerance is a key factor in losses, with over 70% of the fastest-growing equity funds concentrated in high-risk sectors like AI and innovative pharmaceuticals [4]. - Many conservative investors mistakenly invest in equity funds that have maximum drawdowns exceeding 20%, which is beyond their risk tolerance [4]. - Complaints related to product risk mismatches increased by 18% in the first half of 2025, with over 60% linked to the volatility of popular thematic funds [4]. Group 3: Cognitive Biases - Investors often have unrealistic short-term return expectations, with 51% aiming for a 3%-10% stable increase, yet over 30% hold funds for less than six months, contradicting the long-term nature of fund investments [5]. - Misunderstanding fund performance leads to investment mistakes, as many investors fail to recognize that high returns often come from concentrated holdings and precise timing, which are not sustainable [6]. - Nearly 25% of investors incorrectly equate large fund sizes with superior performance, overlooking the risks associated with high concentration in large funds [6]. Group 4: Rational Solutions - To improve profitability, investors are advised to adopt a long-term investment approach, as those holding funds for over five years have a significantly higher profit rate compared to those holding for less than a year [6][7]. - Investors should scientifically allocate assets based on their risk tolerance, using a "core-satellite" strategy that emphasizes diversified investments [7]. - Utilizing official channels for information and participating in financial education initiatives can enhance decision-making and reduce irrational investment behaviors [8]. Group 5: Market Trends - The 2025 fund market shows that successful investors focus on overcoming behavioral biases, achieving product alignment, and adhering to long-term investment strategies, with over 80% of profitable investors practicing "diversified allocation + long-term holding" [9].