Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]

Group 1 - The core viewpoint of the articles indicates a significant inflow of funds into Hong Kong stock ETFs, with a net inflow exceeding 155 billion yuan over the past week, contrasting with a net outflow of over 105 billion yuan from stock ETFs in general [1][5] - On August 1, the A-share market saw multiple major indices decline, with the Shanghai Composite Index falling by 0.37% to close at 3559.95 points, and the Shenzhen Component Index down by 0.17% to 10991.32 points [2] - The ETF market showed a divergence in fund flows, with Hong Kong market ETFs leading in net inflows at 36.09 billion yuan, while broad-based ETFs experienced a net outflow of 27.23 billion yuan [3] Group 2 - Specific ETFs such as the E Fund Hong Kong Securities ETF, the Fuguo Hong Kong Internet ETF, and the Huatai-PB Hang Seng Technology ETF saw substantial net inflows of 38.56 billion yuan, 34.48 billion yuan, and 30.68 billion yuan respectively over the past week [5] - The China technology sector is expected to benefit from AI advancements, with capital expenditure growth and the accumulation of scarce assets in the Hong Kong tech sector likely to accelerate performance [5] - In the bond ETF sector, the E Fund Sci-Tech Bond ETF recorded a net inflow of over 41 billion yuan, while the Bosera Convertible Bond ETF and the Southern Sci-Tech Bond ETF saw net inflows of over 34 billion yuan and 28 billion yuan respectively [5]

【导读】继续吸金！港股通 ETF 过去一周资金净流入超 155 亿元 中国基金报记者 若晖 大型基金公司旗下部分 ETF 继续保持资金净流入。 上周五（ 8 月 1 日）， A 股市场多个主流指数下跌。场内资金止盈意愿强烈，继续 " 落袋为安 " 。 W ind 数据显示，过去一周，股票 ETF （含跨境 ETF ）资金净流出超 105 亿元 ，仅上周四，股票 ETF 单日资金净流出就超 100 亿 元。 从过去一周情况看，港股 ETF 是股票 ETF" 吸金 " 主力。其间，港股通 ETF 资金净流入超 155 亿元，多只相关 ETF 资金净流入位居市 场前列。同期，科创债 ETF 是债券市场 ETF" 吸金 " 主力。 股票 ETF 上周五小幅净流入 上周五， A 股市场多个主流指数小幅回调，截至收盘，上证指数跌 0.37% ，报收于 3559.95 点；深证成指下跌 0.17% ，报收于 10991.32 点；创业板指下跌 0.24% ，报收于 2322.63 点。沪深两市成交金额接近 1.6 万亿元，较上一个交易日大幅缩量 3377 亿元。 Wind 数据显示，上周五，股票 ETF （含跨境 ETF ...

Group 1 - The ETF market opened with mixed performance, with the Hong Kong Stock Connect ETF (513990) leading the gains at 2.01% [1] - The Hong Kong Innovative Drug ETF (513120) increased by 1.69%, while the Hong Kong Stock Connect Medical ETF (159776) rose by 1.48% [1] - Conversely, the Oil and Gas Resources ETF (563150) led the declines at 1.77%, followed closely by the Oil and Gas ETF (159588) which fell by 1.76%, and the Bosera Oil and Gas ETF (561760) decreased by 1.65% [1] Group 2 - The article suggests that investors should consider buying index ETFs to capitalize on market rebounds [1]

转自：新华财经 新华财经北京4月28日电（记者闫鹏）近日，偏股型基金2025年一季报基本披露完毕，基金产品的调仓 换股路径也浮出水面。从持仓变动看，汽车、电子、机械设备、有色金属、计算机等行业获加仓，公用 事业、非银金融、通信等行业被减仓。 分析认为，随着一系列增量政策逐渐发挥作用，市场信心持续回升，一季度偏股型基金调仓主要聚焦在 科技成长赛道。展望后市，基金经理看好权益市场，更关注人工智能、消费等板块机遇。 科技成长赛道受到公募青睐 据方正证券统计，与2024年第四季度相比，2025年一季度偏股型基金（普通股票型基金+混合型开放基 金中的偏股混合型、平衡混合型、灵活配置型）资产净值小幅下降，由32.3万亿降至31.6万亿，降幅为 2.1%，结束了前期持续增长的趋势；份额方面，2025年一季度市场基金份额共计29.4万亿份，环比减少 2.5%。 虽然基金整体资产净值小幅下降，但偏股型基金维持高股票仓位。2025年一季度偏股型基金股票仓位约 为85.2%，与上季度末相比基本保持平稳；股票型开放式基金仓位为89.4%，环比提高了0.4个百分点。 从A股重仓股的板块分布来看，科创板和北证的配置比例明显提升，主板与创 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In recent years, the ETF market has expanded, with the number of holders and the average holding scale per household increasing, and trading activity reaching a new high. Under the dual drive of policies and funds, ETFs have become an important engine for the high - quality development of the capital market [1][3]. - The current non - monetary ETFs are mainly held by institutions, followed by individuals, and the proportion of linked funds is the lowest. After penetrating the linked funds of non - monetary ETFs, institutional investors account for about 59% and the proportion has been increasing in recent years [3][21]. - Different types of ETFs have different holder structures. A - share ETFs, Hong Kong Stock Connect ETFs, and bond ETFs are mainly held by institutions; Shanghai - Hong Kong - Shenzhen ETFs and QDII - ETFs are mainly held by individuals; commodity ETFs are mainly held by linked funds [3]. - Different institutions have different preferences for ETFs. For example, Cinda Huijin and other central state - owned enterprises prefer A - share ETFs; enterprise annuities prefer Hong Kong Stock Connect ETFs; private securities investment and foreign institutions prefer QDII - ETFs; non - investment securities companies, bank wealth management, basic endowment insurance funds, and social security funds prefer bond ETFs [3][44]. 3. Summary According to the Table of Contents 3.1 ETF Holder Structure and Classification System 3.1.1 Research Background - The ETF market has been expanding rapidly in recent years. In 2012, the total scale of non - monetary ETFs was about 144 billion yuan with 47 products. By the end of 2024, the scale had reached about 3.5 trillion yuan with about 980 products [3][10]. - The number of non - monetary ETF holders has been increasing steadily, and the average holding scale per household has been growing since 2021. By the end of 2024, the number of non - monetary ETF holders was nearly 21 million, and the average holding scale per household reached 166,000 yuan [12]. - Since 2022, the trading activity of non - monetary ETFs has reached a new high, with the monthly average trading volume exceeding 10 trillion yuan [3][17]. 3.1.2 ETF Holder Classification - ETF holders can be divided into institutions, individuals, and linked funds. Currently, non - monetary ETFs are mainly held by institutions, followed by individuals, and the proportion of linked funds is the lowest. As of December 31, 2024, the holding scale proportions of institutions, individuals, and linked funds were 56%, 28%, and 16% respectively [21]. - The holders of non - monetary ETF linked funds are mainly individual investors, with institutional investors accounting for less than 20%. After penetration, institutional investors accounted for about 59% of non - monetary ETFs, and the proportion has been increasing since mid - 2021 [23][26]. - Institutional investors are further divided into various types, including Cinda Huijin, other central state - owned enterprises, insurance companies, bank wealth management, etc. [30]. 3.1.3 ETF Holder Position Distribution - Different types of ETFs have different holder structures. For example, as of December 31, 2024, the institutional holding proportion of A - share ETFs was 59%, Hong Kong Stock Connect ETFs was 72%, Shanghai - Hong Kong - Shenzhen ETFs was 36%, QDII - ETFs was 26%, bond ETFs was 78%, and commodity ETFs was 15% [32][34][37]. - According to the top ten holder information of ETFs, Cinda Huijin, linked funds, and insurance companies were the main holders of non - monetary ETFs at the end of 2024, with holding scales of 1.053 trillion yuan, 514.8 billion yuan, and 236.3 billion yuan respectively, accounting for 52%, 26%, and 12% of the total institutional holding scale of non - monetary ETFs [40]. - Different institutions have different preferences for ETFs. For example, Cinda Huijin, other central state - owned enterprises, and private equity/venture capital institutions prefer A - share ETFs; enterprise annuities prefer Hong Kong Stock Connect ETFs; private securities investment and foreign institutions prefer QDII - ETFs; non - investment securities companies, bank wealth management, basic endowment insurance funds, and social security funds prefer bond ETFs [44]. 3.2 Behavioral Characteristics Analysis of the Top Ten Holders of Different ETFs 3.2.1 Cinda Huijin - Cinda Huijin has a high concentration of positions and a clear preference for large - cap stocks. By the end of 2024, it held 44 ETFs, mainly A - share ETFs, with a share/scale proportion of 99.24%/99.77% [48][49]. - In 2024, it significantly increased its holdings of A - share ETFs, especially in the first half of the year. In the second half of 2024, it mainly increased its holdings of broad - based ETFs and reduced its holdings of industry - specific ETFs [51][54]. 3.2.2 Social Security Funds and Basic Endowment Insurance - Social security funds and basic endowment insurance hold a small number of ETFs, mainly bond ETFs. By the end of 2024, they held 3 bond ETFs, with a total share/scale of 0.56 billion shares/7.64 billion yuan [56]. - Their preference for bond ETFs has increased in recent years. In 2022, they only held 1 A - share ETF, did not hold any ETFs in 2023, and held 1 and 3 bond ETFs in mid - 2024 and at the end of 2024 respectively [58]. 3.2.3 Annuities - Annuities hold a large number of A - share ETFs, a high share of Hong Kong Stock Connect ETFs, and a relatively large scale of bond ETFs. By the end of 2024, they held 127 ETFs, with 88 A - share ETFs, 28 Hong Kong Stock Connect ETFs, and 7 bond ETFs [61]. - In 2024, they increased their holdings of stock - type ETFs, and the market value of both stock and bond holdings increased significantly. At the end of 2024, they mainly increased their holdings of Hong Kong technology and dividend ETFs and A - share real estate chain ETFs [65][67]. 3.2.4 Insurance Companies - Insurance companies hold a large number of A - share ETFs and prefer CSI 300 ETFs. By the end of 2024, they held 397 ETFs, with 312 A - share ETFs, accounting for 68.71%/75.95% of the share/scale [70]. - Since the end of 2022, they have mainly increased their holdings of A - share ETFs, but reduced their holdings in the second half of 2024. In the second half of 2024, they mainly increased their holdings of Hong Kong technology ETFs and reduced their holdings of A - share industry - specific ETFs [73][76]. 3.2.5 Insurance Asset Management - Insurance asset management has a high proportion of stock - type ETFs in terms of quantity, and bond ETFs have a relatively large market value although the share is not high. By the end of 2024, it held 87 ETFs, with 64 A - share ETFs and 9 bond ETFs [78]. - Since 2022, its ETF holdings have gradually decreased, but it significantly increased its holdings of A - share ETFs in the second half of 2024, with a large position - switching amplitude [82][84]. 3.2.6 Public Funds - Public funds hold a high share and a large scale of A - share ETFs, followed by QDII - ETFs. By the end of 2024, they held 372 ETFs, with 234 A - share ETFs and 63 QDII - ETFs [87]. - In 2023, their ETF holdings decreased, but they started to increase their holdings of A - share, QDII, and commodity ETFs in 2024, with a relatively large position - switching amplitude in the second half of 2024 [91][96]. 3.2.7 Securities Companies 3.2.7.1 Securities Companies (Investment) - Securities companies (investment) hold a high share and a large scale of A - share ETFs. By the end of 2024, they held 2572 ETFs, with 2236 A - share ETFs [98]. - Since the second half of 2023, their ETF holdings have gradually decreased, but they mainly increased their holdings of A - share, bond, and Shanghai - Hong Kong - Shenzhen ETFs in 2024, with a large position - switching amplitude in the second half of 2024 [102][106]. 3.2.7.2 Securities Companies (Non - Investment) - Securities companies (non - investment) hold a high share of A - share ETFs, and bond ETFs have a large scale proportion. By the end of 2024, they held 58 ETFs, with 34 A - share ETFs and 18 bond ETFs [110].

今天先聊债券，因为债券跌得最多，给大家按摩一下。 跌得确实有点多，满屏都是绿色的，7-10年利率债基今天跌0.5%左右，而10年国债从1.74%的位置上行4.55bps，你从比例上看， 差不多相当于上 证跌3%吧 ，那肯定算大跌了对吧。 | 利率债二级 | | | 信用债二级 | 同业存单二级 | | 同业存单一级 … … " | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1Y | | 2Y | ЗУ | 5Y | 7Y | 10Y | 10Y以上 | | 国债 | 250001.IB | 240024.IB | 250005.IB | 250003.IB | 240018.IB | 240011.IB | 2400006 ... | | 1.5850 | | 1.5100 | 1.6000 | 1.6600 | 1.7475 | 1.7875 | 1.9750 | | - 8.50 | | - 7.00 | - 5.50 | - 6.00 | - 6.50 | 4.55 | - 3.75 | | 国开 | 210203.IB | 220203 ...