基金市场再次见证历史性时刻！ 近年来，国内ETF发展突飞猛进。2020年10月，国内ETF总规模首次突破万亿大关；2023年8月，国内ETF总规模突破2万亿元；2024年9月，国内ETF总规 模突破3万亿元；2025年4月，国内ETF总规模突破4万亿元；2025年8月突破5万亿元。 可以看出，ETF市场规模增长速度不断加快，今年连续突破两个万亿级关口。其中，突破4万亿元关口用时6个多月，突破5万亿元关口仅花了4个多月时 间。 在年内两次突破万亿元级整数关过程中，市场"吸金"主力也在发生变化。据Wind数据统计，在突破4万亿元过程中，有26只ETF资金净流入额超过100亿 元，其中有16只为宽基ETF，承接4月股市大幅震荡过程中，"国家队"出手稳定市场的资金净流入。 而今年8月突破5万亿元关口，则是债券ETF及港股ETF共同发力。一方面，机构资金持续增持首批科创债ETF等品种；另一方面，港股创新药等板块大爆 发，各路资金借道港股ETF进行跨境配置。Wind数据显示，在此轮规模增长中，资金净流入超过100亿元的ETF只数达到19只，其中有15只为债券ETF， 另外4只为港股ETF。 与此同时，中国在全球ETF中的 ...

【导读】见证历史！全市场ETF规模突破5万亿元大关 基金市场再次见证历史性时刻！ 不仅产品只数、规模不断增长，伴随着各类创新产品上市，ETF覆盖的资产图谱也越来越完善，包括A股宽基、行业、主题、Smart Beta、跨境、商品、债 券、货币等各大类资产，基本满足投资者对各类资产的配置需求。 近年来，国内ETF发展突飞猛进。2020年10月，国内ETF总规模首次突破万亿大关；2023年8月，国内ETF总规模突破2万亿元；2024年9月，国内ETF总规 模突破3万亿元；2025年4月，国内ETF总规模突破4万亿元；2025年8月突破5万亿元。 可以看出，ETF市场规模增长速度不断加快，今年连续突破两个万亿级关口。其中，突破4万亿元关口用时6个多月，突破5万亿元关口仅花了4个多月时 间。 在年内两次突破万亿元级整数关过程中，市场"吸金"主力也在发生变化。据数据统计，在突破4万亿元过程中，有26只ETF资金净流入额超过100亿元，其 中有16只为宽基ETF，承接4月股市大幅震荡过程中，"国家队"出手稳定市场的资金净流入。 而今年8月突破5万亿元关口，则是债券ETF及港股ETF共同发力。一方面，机构资金持续增持首批科创 ...

据悉，华夏基金港股ETF不仅规模最大，布局也全面，港股ETF基金数量最多，达到14只，涵盖宽基、 科技、医药、红利等，旗舰产品恒生科技指数ETF（513180）规模达370亿元，恒生互联网ETF （513330）277亿元。 （编辑：夏欣 审核：何莎莎 校对：颜京宁） 中经实习记者 孙小琴 记者 夏欣 北京报道 8月25日，随着资金持续净流入以及港股市场的上涨，华夏基金旗下港股ETF总规模突破1000亿元，成 为全市场首家港股ETF规模破千亿元的基金管理人。 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 14.682 billion HKD on August 20, with notable net selling in specific stocks and sectors [1][7]. Group 1: Northbound Capital Activity - Northbound capital recorded a net selling of 14.682 billion HKD, with 7.587 billion HKD from the Shanghai Stock Connect and 7.095 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks by northbound capital included Tencent (00700), Pop Mart (09992), and Oriental Selection (01797) [1]. - The most sold stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southbound Hang Seng Technology (03033) [1]. Group 2: Stock-Specific Performance - Tencent (00700) saw a net buy of 9.69 billion HKD, supported by positive second-quarter performance reports from Bank of America, which raised profit forecasts for 2025-2027 by 2% [4]. - Pop Mart (09992) reported a net buy of 3.43 billion HKD, with a 204.4% year-on-year revenue increase to 13.88 billion CNY and a net profit growth of 362.8% to 4.71 billion CNY [5]. - Oriental Selection (01797) had a net buy of 3.02 billion HKD, with the company addressing rumors regarding its CEO and clarifying commission rates [5]. Group 3: Other Notable Stocks - Xiaomi Group (01810) experienced a net buy of 1.85 billion HKD, with a 75.4% year-on-year increase in adjusted net profit to 10.831 billion CNY, driven by its electric vehicle business [6]. - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) faced net selling of 933 million and 925 million HKD, respectively, despite positive revenue forecasts [6]. - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) faced significant net selling of 10.322 billion and 5.727 billion HKD, respectively, attributed to a lack of performance compared to A-shares [7].

Group 1 - The core viewpoint of the articles highlights the recognition of Lin Huijie from Dongxing Securities for achieving the second place in the ETF simulation portfolio ranking for July, with a monthly return rate of 17.97% [1][2] - The investment advisory industry in China is experiencing a high growth cycle, driven by an increase in residents' financial management awareness, which is influencing asset allocation trends [1][2] - The "Golden Unicorn Best Investment Advisor Selection" event aims to provide a platform for investment advisors to showcase their capabilities and enhance communication with investors, thereby promoting the healthy development of the wealth management industry in China [1][2] Group 2 - Lin Huijie expressed that the current market is driven by financing funds and event-driven factors, leading to a bullish sentiment, while cautioning about potential short-term corrections in popular sectors due to overheated trading emotions [2] - The focus for future investments is on industries related to new productive forces, particularly in strategic emerging industries and future sectors, with a specific emphasis on companies in semiconductor, artificial intelligence, robotics, low-altitude economy, and stablecoins [2] - Dongxing Securities is enhancing its investment advisory services by focusing on team building, product quality, and customer experience, leveraging AI applications to improve client interactions and educational initiatives [3]

Group 1 - Northbound capital recorded a net purchase of HKD 35.876 billion on August 15, setting a new historical record for single-day net purchases [1] - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033) [1][5] - The net purchases for the top three stocks were HKD 12.788 billion, HKD 5.356 billion, and HKD 2.176 billion respectively [5] Group 2 - Alibaba-W (09988), Tencent (00700), and Meituan-W (03690) saw net purchases of HKD 1.454 billion, HKD 1.406 billion, and HKD 1.246 billion respectively [6] - Semiconductor companies like SMIC (00981) and Hua Hong Semiconductor (01347) received net purchases of HKD 392 million and HKD 2.843 million respectively, driven by increased demand in the industrial and automotive sectors [6] Group 3 - Crystal Tech Holdings (02228) experienced a net purchase of HKD 134 million, with expectations of significant revenue growth due to a partnership with DoveTree [7] - Li Jin Technology (00558) received a net purchase of HKD 108 million, focusing on a strategic collaboration for magnesium alloy humanoid robots [7]

- The report discusses the "Volume Timing Signal" model, which indicates a cautious outlook for all major indices as of August 8, 2025[22][23] - The "HS300 Upward Stock Proportion Sentiment Indicator" is introduced, calculated as the proportion of HS300 constituent stocks with positive returns over the past N days. This indicator is currently above 80%, signaling high market sentiment[23][25] - The "Momentum Sentiment Indicator" is explained, using two smoothed lines (fast and slow) with different windows (N1=50, N2=35). When the fast line exceeds the slow line, it signals a bullish market view. As of August 8, 2025, the fast line is above the slow line, maintaining a positive outlook[26][28] - The "Moving Average Sentiment Indicator" is based on the number of HS300 closing prices above eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233). If the count exceeds 5, it indicates a bullish view. As of August 8, 2025, the HS300 index is in a positive sentiment zone[32][36] - Cross-sectional volatility analysis shows a week-on-week decline in HS300, CSI500, and CSI1000 indices, indicating a weaker short-term alpha environment. Over the past quarter, cross-sectional volatility for these indices is at mid-to-lower levels compared to the past six months[37][40] - Time-series volatility analysis also shows a week-on-week decline for HS300, CSI500, and CSI1000 indices, with the past quarter's volatility at mid-to-lower levels compared to the past six months, suggesting a weaker alpha environment[40][42]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the performance of the ETF fund market, summarizing the performance and capital flows of the overall ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds in the past week (August 4 - August 8, 2025) to provide references for investors [1]. 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Most A - share - focused ETFs rose this week. Defense and military industry ETFs had the largest increase, with an average increase of 5.08% for funds above a certain scale, while pharmaceutical and biological ETFs had the deepest decline, with an average decrease of 0.91% for funds above a certain scale [2][6]. - **Capital Flow**: Funds continued to flow into Hong Kong stock ETFs significantly, with a net inflow of 12.342 billion yuan throughout the week. Conversely, the most capital flowed out of science and technology innovation/growth enterprise board - related index ETFs, with a net outflow of 3.945 billion yuan throughout the week [3][8]. 3.2 Different Popular Sub - type ETF Funds Market Performance - **Stock ETF - Broad - based Index**: Different broad - based index ETFs showed various performance in terms of capital flow, weekly increase/decrease, and performance in the past month and since the beginning of the year. For example, in the super - large - cap index, the China AMC SSE 50 ETF had a weekly net capital outflow of 2.243 billion yuan and a weekly increase of 1.18% [16]. - **Stock ETF - Industry Theme**: Different industry - themed ETFs also had different performances. For instance, in the TMT sector, the Harvest SSE STAR Market Chip ETF had a weekly net capital inflow of 406 million yuan and a weekly increase of 1.32% [22]. - **Bond ETF, QDII ETF, Commodity ETF**: Each type of ETF had its own characteristics in terms of capital flow and performance. For example, the Haitong Fortune CSI Short - term Financing Bond ETF in the bond ETF category had a weekly net capital inflow of 4.023 billion yuan and a weekly increase of 0.04% [30]. 3.3 Innovative Theme and Sub - industry ETF Funds Market Performance - **TMT Innovation Theme**: The animation and gaming index had a weekly increase of 6.41% and an increase of 35.09% since the beginning of the year. The China AMC Gaming ETF, representing this index, had a weekly increase of 6.25% [34]. - **Other Themes**: Other themes such as consumer sub - industries, pharmaceutical sub - industries, new energy themes, central and state - owned enterprise themes, and stable - growth themes also had their respective performance data in terms of weekly increase/decrease and performance since the beginning of the year [35][36][37].

Group 1 - Communication ETFs and communication equipment ETFs led the market with weekly gains of 5.64% and 4.57% respectively [4][5] - Four innovative drug-themed ETFs were among the top ten performing ETFs, each with gains exceeding 4% [4][5] - The Kexin Composite Index ETF from Jiashi experienced the largest decline, dropping 14.16% [4][6] Group 2 - Significant capital inflows were observed in two Kexin bond ETFs, with the Hong Kong Securities ETF leading the net inflow rankings [2][7] - The Hong Kong Securities ETF saw a net inflow of over 10 billion yuan in July [7][8] - The total trading volume for the A500 ETF and related products exceeded 120 billion yuan [3][10] Group 3 - The top ten ETFs by net inflow included five Hong Kong ETFs, highlighting strong investor interest in this segment [7][8] - The average daily trading volume for the Hong Kong Securities ETF reached 19.024 billion yuan [9][8] - The trading volume for the Kexin 50 ETF was reported at 32.819 billion yuan [10]

7月31日，南下资金净买入港股131.26亿港元。 其中：净买入盈富基金24.05亿、恒生中国企业17.82亿、美团-W 13.98亿、快手-W 13.83亿、阿里巴巴- W 10.43亿、南方恒生科技9.73亿、小米集团-W 4.41亿、腾讯控股4.33亿、中芯国际2.21亿；净卖出老铺 黄金2.78亿、石药集团1.13亿。 据统计，南下资金已连续6日净买入腾讯，共计27.055亿港元；连续5日净买入阿里巴巴，共计26.7318亿 港元；连续5日净买入小米，共计30.3639亿港元。 IFC等新增大店分别于5月及6月开业、有望于下半年明显贡献增量业绩；并继续看好老铺黄金的竞争优 势及高成长势头，维持"买入"评级，目标价1200港元不变，对应2025年38.5倍市盈率。 腾讯控股：招商证券国际发表报告，中国游戏市场在上半年实现强劲增长，凭借新产品、AI及精细化 营运，该行重点覆盖公司的表现超越同行。对于第二季及全年展望，该行认为丰富的游戏储备有望持续 推动增长，利润率扩张。该行预计腾讯、网易及哔哩哔哩第二季游戏收入将按年增长15%、18%及 13%，2025财年按年增15%、13%及13%。 北水关注个股 中 ...