多只港股主题ETF份额创新高 在港股市场的震荡调整中，资金加速进场。据Choice测算，1月5日至8日，港股主题ETF净申购额合计 达到100.5亿元。从资金流向看，港股科技板块成为资金重点关注方向。 具体来看，富国港股通互联网ETF净申购额为17.02亿元，华泰柏瑞南方东英恒生科技ETF净申购额为 9.87亿元，华夏恒生科技ETF净申购额为9.78亿元。另外，天弘恒生科技ETF、易方达港股通互联网 ETF、华宝港股互联网ETF、工银瑞信港股通科技30ETF、广发港股通科技ETF等净申购额均超过5亿 元。 1月5日至8日，港股主题ETF净申购额合计达到100.5亿元。从资金流向看，港股科技板块成为资金重点 关注方向 大量资金在港股震荡行情中进场。开年以来，短短四个交易日，港股主题ETF净申购额合计超百亿元， 多只ETF份额创上市以来新高。与此同时，多只新发港股主题基金主动缩短募集期，抢抓建仓机遇。从 今年以来新上报的基金产品看，港股主题基金同样是基金公司布局的重点。 公募加大布局力度 存量产品"吸金"，新发港股主题基金也加快发行脚步。1月9日，宝盈基金公告称，宝盈恒生科技指数基 金1月8日开始募集，募集截止日 ...

Core Viewpoint - A significant increase in trading volume for various broad-based ETFs was observed on December 17, with a net subscription of 19.2 billion yuan for equity ETFs, indicating strong investor interest in this asset class [1] Group 1: ETF Subscription Data - The net subscription for the CSI A500 ETF reached 11.2 billion yuan, while the CSI 300 ETF saw a net subscription of 3.1 billion yuan and the Hong Kong stock theme ETF had a net subscription of 2.6 billion yuan [1] - Over the recent week (December 11-17), the net subscription for CSI A500-related ETFs exceeded 25 billion yuan, highlighting a trend of substantial capital inflow [1] Group 2: Market Outlook - According to Fortune Fund, the current domestic policy is positively oriented, while external liquidity conditions remain uncertain, suggesting that the market may continue to experience volatility in the short term [1] - In the medium to long term, the market fundamentals are expected to strengthen due to the resonance between policy guidance and industrial cycles, maintaining the logic of a long-term slow bull market for A-shares [1] - Future investment themes are anticipated to focus on expanding domestic demand, innovation leadership, and countering excessive competition [1]

1. Report Industry Investment Rating - The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - The report focuses on the performance and capital flow of the ETF fund market in the past week (December 08 - December 12, 2025), providing investors with a reference [1]. - During this period, the Shanghai Composite Index slightly declined, and most stock ETFs fell. A - share growth ETFs had the largest increase, with an average increase of 3.81% for funds above a certain scale, while Hong Kong - stock theme ETFs and Hong Kong - stock dividend ETFs had significant declines [2][5]. - Capital flowed into A - share large - cap ETFs, with a net inflow of 9.08 billion yuan for the whole week. In contrast, A - share TMT ETFs and A - share financial and real - estate ETFs experienced capital outflows, with net outflows of 7.139 billion yuan and 5.824 billion yuan respectively [3][5]. 3. Summary According to Related Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: The Shanghai Composite Index slightly declined, and most stock ETFs fell. A - share growth ETFs had an average increase of 3.81% for funds above a certain scale, while Hong Kong - stock theme ETFs and Hong Kong - stock dividend ETFs had average declines of 3.03% and 2.82% respectively [2][5]. - **Capital Flow**: Capital flowed into A - share large - cap ETFs with a net inflow of 9.08 billion yuan, and A - share TMT ETFs and A - share financial and real - estate ETFs had net outflows of 7.139 billion yuan and 5.824 billion yuan respectively [3][5]. 3.2 Different Popular Sub - type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super - large - cap, mid - small - cap, science - innovation/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial and real - estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Each type has different performance in terms of weekly capital flow, weekly return, recent 1 - month return, and year - to - date return [13][14][15]. - **Hong Kong - stock ETFs**: Include broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real - estate), SmartBeta (dividend), and theme. Each type shows different performance in capital flow and return [28][29][30]. - **Shanghai - Hong Kong - Shenzhen ETFs**: Include industry and theme types, with different performance in capital flow and return [34][35][36]. - **US - stock ETFs**: Include broad - based index and industry types, with different performance in capital flow and return [37][38]. - **Other QDII - ETFs (excluding Hong Kong - stock/US - stock)**: Have different performance in capital flow and return [39]. - **Bond ETFs**: Have different performance in capital flow and return [40]. - **Commodity ETFs**: Have different performance in capital flow and return [41]. 3.3 Innovation Theme and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: Indexes such as animation and games, cloud computing and big data, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [43]. - **Consumption Sub - industry**: Indexes such as liquor, food and beverage, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [44]. - **Pharmaceutical Sub - industry**: Indexes such as vaccine and biotechnology, innovative drugs, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [45]. - **New Energy Theme**: Indexes such as power utilities, photovoltaic industry, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [46]. - **Central and State - owned Enterprise Theme**: Indexes such as mainland state - owned enterprises, Hong Kong - stock central enterprise dividends, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [47][48]. - **Steady - growth Theme**: Indexes such as coal, real estate, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [49]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong - Stock Connect Sub - industry**: Indexes such as Shanghai - Hong Kong - Shenzhen Internet, Hong Kong securities, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [50]. - **Dividend/Dividend Low - volatility Index Family**: Indexes such as CSI 300 Dividend, CSI Dividend Low - volatility, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [51]. - **Growth Enterprise Board Index Family**: Indexes such as science - innovation chips, growth enterprise board growth, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [52].

Group 1 - The latest ranking of fund distribution by securities firms shows a significant concentration effect, with 57 firms entering the top 100, indicating a strong trend of dominance among leading firms [1][2] - The top three firms in fund distribution are CITIC Securities, Huatai Securities, and Guotai Junan, reflecting the consolidation effect in the industry [1][2] - The top ten institutions account for nearly 59% of the total equity fund holdings among the top 100, highlighting the increasing concentration in the fund distribution market [1][2] Group 2 - Since August, Hong Kong-themed ETFs have attracted over 100 billion yuan in net subscriptions, indicating increased investor confidence in the Hong Kong market [3][4] - The technology and innovative pharmaceutical sectors are particularly favored, with significant net inflows into related ETFs, which may enhance the valuation levels of associated companies [3][4] - The large-scale inflow into Hong Kong ETFs is expected to boost market sentiment and inject new vitality into the Hong Kong stock market [3][4] Group 3 - Huatai-PB's Hong Kong subsidiary has received regulatory approval for multiple licenses, marking a significant step in its international expansion [4] - This approval is expected to enhance the company's global asset allocation capabilities and strengthen its competitiveness in international markets [4] - The development may encourage other public funds to accelerate their internationalization efforts, positively impacting the financial sector's openness [4] Group 4 - Southwest Securities announced that its subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines [5][6] - Although this subsidiary's scale is small and has a low impact on the overall operations of the company, it reflects challenges faced by smaller securities firms in overseas operations [5][6] - The company is proactively planning a transformation of its overseas business, indicating a strategic adjustment in response to market conditions [5][6]

Fund Flows - Since June 10, over 151.6 billion yuan has been net subscribed to Hong Kong-themed ETFs, with significant interest in technology, innovative pharmaceuticals, and finance sectors [1][2] - Major ETFs such as the Fuguo Hong Kong Internet ETF and E Fund Hong Kong Securities ETF have seen substantial net subscriptions of 23.46 billion yuan and 17.89 billion yuan respectively [1] - Multiple ETFs have reached record high shares since their inception, indicating strong investor interest [1] Growth of ETF Sizes - The Fuguo Hong Kong Internet ETF's size increased from 22.19 billion yuan at the end of last year to 74.56 billion yuan as of August 28 [2] - Other ETFs like the E Fund Hong Kong Securities ETF and the Guangfa Hong Kong Non-bank ETF also experienced significant growth in size [2] Investment Opportunities - New Hong Kong-themed funds are being launched, focusing on sectors such as technology and pharmaceuticals, with several funds currently in the issuance process [3] - The Hang Seng Technology Index, which includes leading Chinese tech companies, is expected to benefit from the ongoing AI wave, presenting long-term investment value [3][4] Structural Changes in the Market - Three key structural changes are anticipated to lead to a systematic revaluation of Hong Kong assets: improved asset quality, increasing influence of southbound capital on pricing, and enhanced liquidity in the market [5]

Core Insights - ETFs are restructuring the pricing system of key sectors in the Hong Kong stock market [1] - On August 15, southbound funds net purchased HKD 35.876 billion in Hong Kong stocks, marking the highest single-day net purchase since the launch of the Stock Connect mechanism [1] - Year-to-date, the net purchase amount of southbound funds in Hong Kong stocks has reached HKD 938.9 billion, setting a new annual record [1] ETF Impact - Hong Kong-themed ETFs play a significant role in the inflow of southbound funds, with 6 out of the 9 equity ETFs that have seen net inflows exceeding HKD 10 billion this year being Hong Kong-themed [1] - The continuous inflow of funds through Hong Kong-themed ETFs is driving the valuation recovery of Hong Kong stocks and gradually competing for pricing dominance in certain industry sectors [1]

Core Viewpoint - The influx of capital into Hong Kong stocks through ETFs is reshaping the pricing system of certain core sectors in the market, with significant net inflows recorded this year [1][5]. Group 1: ETF Market Dynamics - As of August 15, 2023, southbound funds have net purchased HK stocks amounting to 938.9 billion HKD, setting a new annual record [1]. - Nine stock ETFs have seen net inflows exceeding 10 billion HKD this year, with six being Hong Kong-themed ETFs [4]. - The performance of Hong Kong-themed ETFs has been particularly strong, with significant increases in assets under management for several key products [2][3]. Group 2: Sector Performance - The internet, non-bank financials, and innovative pharmaceuticals are the three leading themes attracting ETF investments [2]. - The 富国中证港股通互联网ETF has achieved a year-to-date increase of 37.14%, significantly outperforming the沪深300 index [3]. - The 易方达中证香港证券投资主题ETF has recorded a year-to-date return of 64.89%, ranking it among the top in its category [3]. Group 3: Impact on Pricing Power - The growing influence of ETFs is evident as they begin to dominate the pricing of Hong Kong stocks, particularly among listed brokerages [5][6]. - The performance of H-shares has outpaced A-shares, with notable increases in stock prices for companies like 广发证券 and 中金公司 [6]. - The shift in pricing power from foreign capital to domestic capital is becoming more pronounced, driven by the substantial inflow of southbound funds [6][7]. Group 4: Future Outlook - Analysts believe that the current valuation recovery in the Hong Kong market is far from over, with ETFs seen as a prime vehicle for investors to engage in this transformation [8]. - The market is characterized by ample incremental capital, improved risk appetite, and attractive valuations compared to overseas markets [8][9]. - The Hong Kong market is positioned as a significant offshore RMB market, benefiting from both southbound fund inflows and foreign capital reallocation [9].

Core Insights - The Hong Kong stock market is experiencing a significant influx of capital, particularly into thematic ETFs, with over 500 billion yuan entering in July alone and a total net subscription exceeding 100 billion yuan for the year [1][2]. Group 1: Thematic ETF Performance - In July, the net subscription for Hong Kong thematic ETFs reached 568.18 billion yuan, with financial, technology, and innovative pharmaceuticals being the most popular sectors [2]. - Specific ETFs such as the E Fund Hong Kong Securities ETF and the GF Hong Kong Stock Connect Non-Bank ETF saw net subscriptions of 111.43 billion yuan and 74.68 billion yuan respectively [2]. - The total net subscription for thematic ETFs in the first seven months of the year reached 1,025 billion yuan, with the total scale of these ETFs surpassing 500 billion yuan by the end of July [3]. Group 2: Capital Inflow Dynamics - Southbound capital has become the main driver for the Hong Kong stock market, with a cumulative net inflow exceeding 800 billion yuan this year, surpassing the total for the previous year [4]. - The influx of capital is attributed to three main factors: the attractive valuation of Hong Kong stocks post-adjustment, a global asset rebalancing favoring non-US assets, and the resilience of new economy sectors like AI and innovative pharmaceuticals [4]. - Public funds have significantly contributed to this inflow, with an estimated net inflow of 3,000 to 4,500 billion yuan through Hong Kong Stock Connect expected for the year [4]. Group 3: Market Valuation and Outlook - The valuation of Hong Kong stocks remains relatively low compared to major global markets, indicating that the market's prosperity may just be beginning [5]. - The overall earnings forecast for Hong Kong stocks has been revised upward since October last year, reflecting market confidence in economic recovery and corporate profitability [6].

Group 1: Fund News - The total scale of personal pension funds has exceeded 12 billion yuan, reaching 12.472 billion yuan by the end of Q2, representing an increase of over 8% compared to the end of Q1 [1] - Year-to-date, personal pension funds have achieved positive returns, with an average net value increase of 5.5% as of July 21 [1] - Nearly 80 billion yuan has flowed into Hong Kong stock market through ETFs this year, with 69 out of over 130 Hong Kong-themed ETFs receiving net inflows, particularly favoring technology and internet sectors [2] Group 2: REITs and Fund Manager Updates - China Securities Regulatory Commission has accepted the fundraising application for the China Aviation Fund's Tianhong Consumer REIT on July 22 [3] - A new fund manager, Miao Fu, has been appointed to assist Wang Baohe in managing the Fuguo Zhihang Quantitative Stock Selection Fund, bringing 7 years of experience in the securities industry [3] Group 3: ETF Market Performance - The market experienced a slight increase, with the Shanghai Composite Index rising by 0.01% and closing above 3600 points, while the Shenzhen Component Index fell by 0.37% [3] - The total trading volume in the Shanghai and Shenzhen markets was 1.86 trillion yuan, a decrease of 28.4 billion yuan from the previous trading day [3] - Notable performers included several Nikkei-related ETFs, with the highest increase reaching 4.54% [3] Group 4: ETF Opportunities - It is anticipated that brokerage firms' operating income will grow by 10% year-on-year by Q2 2025, with net profit expected to increase by 20% [6] - The improvement in performance, along with mergers, restructuring, and steady refinancing, is expected to enhance the net asset scale of brokerages, with a continued upward trend in ROE [6] - The rebound in the economic fundamentals and the gradual release of wealth effects are likely to accelerate the recovery of asset management businesses, making securities ETFs a focus for investment [6]

Group 1 - The total scale of public funds reached 33.73 trillion yuan by the end of Q2, with significant growth in money market funds, bond funds, and equity funds [1] - The number of public fund products reached 12,907, with passive index funds showing the highest growth among equity products, increasing by 255.81 billion yuan in a single quarter [1] - E Fund and Huaxia Fund have both surpassed 2 trillion yuan in management scale, joining the "trillion club" of fund managers, indicating a strengthening of the head effect in the industry [1] Group 2 - Nearly 80 billion yuan has flowed into Hong Kong-themed ETFs this year, with a strong preference for technology and internet sectors among investors [2] - Five Hong Kong-themed ETFs have each received over 5 billion yuan in net inflows this year, reflecting market confidence in high-quality assets in Hong Kong [2] - The continuous inflow of funds supports liquidity in the Hong Kong market and may attract more investors to explore investment opportunities [2] Group 3 - Huaxi Securities announced a cash dividend distribution of approximately 223 million yuan for the 2024 fiscal year, reflecting its strong profitability and commitment to shareholder returns [3] - The cash dividend distribution may lead to investor interest in the valuation changes post-dividend, particularly within the brokerage sector [3] - High cash payouts are viewed as a signal of stable operations in the industry, potentially enhancing market confidence in the financial sector [3] Group 4 - The first batch of 85 "Index Y" funds reached a combined scale of over 1.5 billion yuan, with the low-volatility dividend strategy gaining popularity among investors [4] - The Huatai-PB CSI Low Volatility Dividend ETF has seen a significant scale increase of 31.2% since the end of 2024, indicating a preference for stable returns among pension investors [4] - This investment trend suggests that long-term funds are increasingly favoring stable asset allocations in the market [4]