记者丨易妍君 编辑丨包芳鸣 国内ETF市场正以创纪录的发行规模宣告指数化投资浪潮的全面来临。 公募排排网数据显示，截至2025年11月18日，今年内全市场新发ETF数量及份额均已大幅超越去年全 年。 在政策推动与多元需求共同催生的蓬勃市场下，ETF产品结构也在经历深刻变化。科创、自由现金流等 主题ETF成为资金追逐的焦点。这不仅折射出投资者在低利率环境下对优质资产的重定义，更彰显出市 场配置工具日趋精细化的特征。 21世纪经济报道记者注意到，伴随着市场扩容，行业竞争格局也趋于固化。头部机构凭借品牌、产品线 与规模效应构筑起坚实护城河，未来ETF市场集中度有望进一步提升。 "当前的竞争格局对基金公司的产品创新、成本管控、投研运营及渠道品牌建设等多方面能力提出挑 战。"晨星（中国）基金研究中心总监孙珩向记者指出。 发行规模创新高 公募排排网数据显示，按认购起始日统计，截至2025年11月18日，今年以来全市场共计发行322只 ETF，合计发行份额达2446.44亿份；已超越去年全年的发行数量（179只）、发行规模（1275.31亿 份）。 相较2024年全年，今年内ETF新发数量增长了79.89%，发行份额增幅则 ...

记者丨易妍君 编辑丨包芳鸣 国内ETF市场正以创纪录的发行规模宣告指数化投资浪潮的全面来临。 公募排排网数据显示， 截至2025年11月18日，今年内全市场新发ETF数量及份额均已大幅超越去年全年。 发行规模创新高 公募排排网数据显示，按认购起始日统计， 截至2025年11月18日，今年以来全市场共计发行322只ETF，合计发行份额达2446.44亿 份；已超越去年全年的发行数量（179只）、发行规模（1275.31亿份）。 相较2024年全年， 今年内ETF新发数量增长了79.89%，发行份额增幅则达到91.83%。 同时， 今年内ETF的发行规模也显著高于此前的历史峰值——2021年，ETF发行数量为310只，合计发行份额1933.56亿份。 这些变化验证了国内ETF市场的蓬勃发展。 孙珩向21世纪经济报道记者指出，2025年国内ETF市场正迎来爆发式增长，指数化投资成市场主流趋势。一方面，政策支持下ETF 审批提速，公募机构，不管是头部还是中小型公司都加速布局，新发产品覆盖科技、港股、信用债等诸多细分赛道，满足多元配置 需求。 另一方面，ETF兼具持仓分散、费率低廉等优势，既吸引了保险、外资等长线资金将 ...

行业竞争加剧 国内ETF市场正以创纪录的发行规模宣告指数化投资浪潮的全面来临。 公募排排网数据显示，截至2025年11月18日，今年内全市场新发ETF数量及份额均已大幅超越去年全 年。 在政策推动与多元需求共同催生的蓬勃市场下，ETF产品结构也在经历深刻变化。科创、自由现金流等 主题ETF成为资金追逐的焦点。这不仅折射出投资者在低利率环境下对优质资产的重定义，更彰显出市 场配置工具日趋精细化的特征。 21世纪经济报道记者注意到，伴随着市场扩容，行业竞争格局也趋于固化。头部机构凭借品牌、产品线 与规模效应构筑起坚实护城河，未来ETF市场集中度有望进一步提升。 "当前的竞争格局对基金公司的产品创新、成本管控、投研运营及渠道品牌建设等多方面能力提出挑 战。"晨星（中国）基金研究中心总监孙珩向记者指出。 发行规模创新高 公募排排网数据显示，按认购起始日统计，截至2025年11月18日，今年以来全市场共计发行322只 ETF，合计发行份额达2446.44亿份；已超越去年全年的发行数量（179只）、发行规模（1275.31亿 份）。 相较2024年全年，今年内ETF新发数量增长了79.89%，发行份额增幅则达到91.83 ...

点击注册小程序 查看完整报告 特别申明： 基金产品表现跟踪： 长期行业主题基金指数表现来看，本周医药主题基金表现占优，TMT主题基金回撤明显。截至2025年11 月14日，医药、周期、消费、金融地产、新能源、行业轮动、行业均衡、国防军工、TMT主题基金本周涨 跌幅分别为4.69%、2.00%、1.68%、0.77%、-0.43%、-0.68%、-1.24%、-1.95%、-4.42%。 ETF市场跟踪： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.11.10-2025.11.14）黄金价格上涨，国内权益 市场指数集体回调。行业方面，本周综合、纺织服饰、商贸零售行业涨幅居前，通信、电子、计算机行业 跌幅居前。基金市场方面，本周债券型基金表现 ...

Group 1 - The core viewpoint emphasizes the importance of the capital market in fostering new productive forces and supporting technological innovation and industrial integration [1][4] - The Shanghai Stock Exchange is focusing on optimizing key systems such as issuance, refinancing, and mergers and acquisitions to guide capital towards advanced technologies and future industries [1][4] Group 2 - The financing aspect involves continuous reforms in the capital market, enhancing the "hard technology" attributes of the Sci-Tech Innovation Board, and improving refinancing and merger mechanisms to support tech companies [2] - A comprehensive financing system is being established to ensure quality tech companies receive necessary financial support throughout their lifecycle [2] Group 3 - The investment side is characterized by encouraging long-term capital to enter the market, with significant contributions from various funds, including commercial insurance and pension funds [3] - As of the second quarter, the scale of private equity and venture capital funds reached 14.4 trillion yuan, with over 50% of investments directed towards high-tech enterprises [3] Group 4 - The expansion of product offerings, such as ETFs focused on artificial intelligence and commercial aerospace, provides diverse investment options and supports innovation through market mechanisms [4] - The proportion of strategic emerging industry companies in the A-share market has exceeded 50%, with the tech sector accounting for over 25% of market capitalization [4]

Group 1 - The Shanghai Stock Exchange is focusing on fostering new productive forces by optimizing key systems such as issuance, refinancing, and mergers and acquisitions, guiding capital towards cutting-edge technologies and advanced manufacturing [1] - A series of innovative measures have been implemented this year to build a service system covering the entire lifecycle of technology enterprises, from financing to investment and product development [1] Group 2 - The financing aspect is crucial for nurturing new productive forces, with reforms in the capital market aimed at ensuring resources flow to companies with core technologies, particularly through the Sci-Tech Innovation Board [2] - The refinancing and merger mechanisms are being improved to support listed technology companies in increasing R&D investment and integrating industry resources [2] Group 3 - The investment side is essential for creating a healthy innovation ecosystem, with a focus on attracting long-term capital from various sources such as commercial insurance and pension funds [3] - As of the second quarter, the scale of private equity and venture capital funds in China reached 14.4 trillion yuan, with 50% of projects and 54% of invested capital directed towards high-tech enterprises [3] Group 4 - The expansion of product offerings, such as ETFs focused on artificial intelligence and commercial aerospace, provides more opportunities for risk diversification and value discovery [4] - The proportion of strategic emerging industry companies in the A-share market has exceeded half, with the technology sector accounting for over a quarter of the market capitalization [4]

Core Insights - The A-share market is experiencing a strong influx of funds into equity funds, with a total of 1,163 new funds established by October 19, 2025, surpassing the total of 1,135 for the entire year of 2024, indicating a robust recovery in the fund market [1] - The number of newly established equity funds has reached 661, with a total issuance scale of 339.396 billion yuan, accounting for 37.45% of the total issuance scale, marking the highest proportion in nearly 15 years since 2011 [1] - The high proportion of equity funds in 2025 reflects investors' desire for higher returns during a bull market and indicates that fund companies are responding to market demand by increasing the issuance of equity funds [1] Fund Issuance Trends - The total issuance scale for the year has reached 906.273 billion yuan, with seven products exceeding 6 billion yuan in initial fundraising, and 50 funds surpassing 3 billion yuan [1] - The top mixed FOF fund, Dongfanghong Yingfeng, has raised 6.573 billion yuan, followed by several other funds with similar fundraising achievements, indicating strong institutional interest in bond index tools and stable strategy products [2] - Passive index bond funds have become the mainstay in the 3 billion to 6 billion yuan range, with several bond ETFs achieving over 3 billion yuan in fundraising, highlighting the demand for low-volatility assets [2] Market Dynamics - The rebound in the equity market has led to increased issuance of active equity funds, with several products surpassing 2 billion yuan in scale, reflecting a growing demand for equity assets [3] - The issuance scale of bond funds has decreased compared to last year, as the attractiveness of the stock market increases amid narrowing interest rate space, demonstrating a "stock-bond seesaw" effect [3] - The structural changes in the fund issuance market indicate a shift in capital flow, with public funds becoming a significant channel for capital inflow into the A-share market, suggesting a potential continuation of the golden period for equity investment [3]

Core Insights - The A-share market has shown significant growth since the implementation of the "9·24" policy, with the Shenzhen Component Index rising by 61.70% and the Shanghai Composite Index increasing by 38.97% from September 24, 2024, to September 19, 2025, marking a historic total market capitalization exceeding 100 trillion yuan [1] Investment Environment - The "9·24" policy has positively impacted over 200 million investors, enhancing their sense of gain and happiness [1] - The policy has led to a surge in new funds entering the market, with securities firms experiencing a wave of new account openings [4] Investor Behavior - An investor's experience illustrates the typical journey of ordinary investors under the new policy, highlighting a shift from initial losses to eventual gains [2][6] - The investor's cautious approach has evolved from blindly following popular fund managers to a more analytical strategy, focusing on policy dynamics and industry news [6] Market Trends - The A-share market experienced a significant rebound after the "9·24" policy, with a notable increase in technology sector stocks, particularly in semiconductor and healthcare themes [6][7] - The investor's portfolio saw substantial gains, with over 40% profit from a technology ETF, indicating a broader trend of recovery and growth in the market [7] Personal Impact - The investor's financial success has led to changes in daily life, including increased communication with family about market performance, reflecting the emotional connection to investment outcomes [7] - Plans for future investments and family activities demonstrate the practical implications of market gains on personal life [7]

Market Overview - Since September, the A-share market has experienced fluctuations and adjustments, with increased risk aversion leading some funds to shift towards dividend assets characterized by low valuations and high dividends [1] - The Shanghai Composite Index has dropped by 1.18% since September, indicating a structural divergence in the market [2] Sector Performance - The defense, computer, and electronics sectors, which previously led the market, have seen significant corrections, with the defense sector index declining over 10% [2] - Conversely, cyclical sectors such as electric equipment, non-ferrous metals, and public utilities have strengthened, with the electric equipment sector rising over 5% [2] - The strong performance of cyclical sectors is attributed to steady demand recovery and the appeal of high dividend yields in the current market environment [2] Stock Characteristics - Over 3,000 stocks have declined since September, with more than 450 stocks falling over 10%, while over 400 stocks have risen more than 10% [3] - Stocks that have increased by at least 10% exhibit significant high dividend characteristics, with their average market capitalization below 15 billion and average P/E ratios lower than those of declining stocks [4] Fund Flows - Dividend assets have attracted significant capital, with dividend-themed ETFs seeing a net inflow of over 800 million, while other sectors like technology and AI have experienced substantial outflows [5] - Financing balances in sectors such as electric equipment and non-ferrous metals have increased, while sectors like defense and computing have seen declines [5] Stability and Risk Buffer - Dividend assets have shown notable resilience during market downturns, outperforming the Shanghai Composite Index in several instances since 2020 [6][7] - The dividend index has a lower P/E ratio compared to consumer and technology indices, indicating a more attractive valuation for risk-averse investors [8] Investment Strategy - The dividend sector is seen as a strong defensive choice in a volatile market, while the consumer sector offers stable returns and growth potential for long-term investors [9] - The technology sector, despite its high growth potential, carries investment risks due to lower dividend yields and higher valuations [9]

Core Viewpoint - The rise of artificial intelligence, chips, and semiconductors has led to significant market performance in A-shares, with Cambricon Technologies emerging as a standout leader, reflecting a shift in investment preferences and the transition of new and old economic drivers [1] Group 1: Company Performance - Cambricon Technologies has seen its stock price increase over 20 times since the beginning of 2023, with a market capitalization exceeding 500 billion yuan [1] - The company has become the second stock in A-shares to reach a price of over 1,000 yuan, following Kweichow Moutai [1] Group 2: Market Impact - The strong performance of Cambricon has positively influenced related funds, with several technology-themed ETFs showing active trading and significant premiums [1] - Many actively managed equity funds heavily invested in Cambricon have reported net asset value increases of 30% to 40% [1] Group 3: Investment Trends - The emergence of technology leaders like Cambricon signifies a substantial shift in capital market dynamics, illustrating the ongoing transition from old to new economic drivers [1]