ETF Market Overview - As of October 24, the performance of ETF products varied, with the Shanghai 50 index showing the highest increase among major broad-based ETFs, while the dividend-themed ETFs had the largest gains among industry and thematic products [2][9] - In the past two weeks, major broad-based ETFs such as the CSI A50, CSI 2000, and Shanghai 50 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [2][9] - The recent trend indicates a shift in fund flows, with the New Energy ETF moving from net inflow to net outflow, while the Pharmaceutical ETF transitioned from net outflow to net inflow [16] ETF Fund Flow Analysis - The cumulative fund flow for major broad-based ETFs has shown a trend of outflows turning into inflows and then back to outflows since the beginning of 2025, with significant inflows into the CSI 300 ETF in April, followed by continued outflows in subsequent months [10][12] - Recent data indicates that, apart from the Shanghai 50 ETF, which shifted from net outflow to net inflow, other major broad-based ETFs have transitioned from net inflows to net outflows in the past two weeks [10][12] Thematic ETF Tracking - For technology-themed ETFs, those tracking the Hang Seng Technology index saw significant net inflows, while products tracking the CS Artificial Intelligence index experienced net outflows [32] - Dividend-themed ETFs tracking the low-volatility dividend index had the highest net inflows, whereas those tracking the dividend index saw net outflows [35] New ETF Products and Market Growth - In the past two weeks, a total of 8 new ETFs were launched, with a combined issuance of 2.997 billion shares, all of which were stock ETFs [26] - Compared to the end of 2024, the scale of various ETFs has increased significantly, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs growing by 293.33%, 197.82%, 112.34%, 52.18%, and 13.97% respectively [26] Fund Management Scale Distribution - As of October 24, Huaxia Fund has the largest ETF scale at 912.812 billion, with E Fund's ETF management scale expanding by over 250 billion compared to the previous year [27][28]

Core Insights - The Hong Kong ETP market is experiencing significant growth, projected to be a breakthrough year in 2025, with a year-on-year asset management increase of 34.1%, reaching HKD 653.5 billion [2][3] Group 1: Market Performance - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% increase year-on-year, making it the third-largest ETP market globally, surpassing South Korea and Japan [2][3] - The turnover rate in the Hong Kong ETP market is leading globally, with a liquidity ratio of 14.7 as of 2025, up from 10.2 in 2024 and 9.0 in 2023 [3] Group 2: Product Innovation - The introduction of individual stock leveraged and inverse products in March 2025 has catered to retail investor needs, providing strategic investment tools for trading international equities during Asian hours [3] - The popularity of covered call option ETFs has increased since their launch in February 2024, appealing to investors seeking high-yield products in an unstable macro environment [4] Group 3: Cross-Border Trading - The average daily trading volume for ETFs through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached HKD 4.2 billion and HKD 3.2 billion respectively, with significant year-on-year increases of 128% and 142% [5] - The anticipated inclusion of more ETFs in the Stock Connect program in November 2025 is expected to further enhance cross-border trading activity [5] Group 4: Sector Focus - In the first three quarters of 2025, 14 technology-themed ETFs were launched in Hong Kong, with a total asset management size of HKD 120.1 billion, reflecting a 102% year-on-year increase [5] - The biotechnology sector has also seen growth, with three biotechnology-themed ETFs launched this year, totaling HKD 3.4 billion in assets, a 123% increase from September 2024 [5] Group 5: Active ETFs - The inflow of funds into active ETFs in Hong Kong reached USD 183 billion in the first half of 2025, driven by strong market rebounds and robust company earnings [6] - Asset management firms are accelerating the launch of more active products to meet investor demand for results-oriented and yield-focused strategies [6]

Core Insights - The Hong Kong ETP market is projected to experience strong growth in 2025, becoming the third-largest market globally in terms of ETP trading volume [1] Market Performance - As of September 2025, the average daily trading volume of the Hong Kong ETP market reached HKD 37.8 billion, representing a year-on-year increase of 146% [1] - The market has surpassed South Korea and Japan in ETP trading volume [1] Sector Contributions - The surge in the ETP market is primarily driven by the popularity of technology-themed exchange-traded funds (ETFs), particularly the flagship Hang Seng Tech Index ETP [1] - The number of technology-themed ETFs listed in Hong Kong reached 14 in the first three quarters of 2025, with a total asset management scale of HKD 120.1 billion, marking a year-on-year increase of 102% [1] Biotechnology Sector - In the biotechnology sector, three biotechnology-themed ETFs were listed year-to-date, with a total asset management scale of HKD 3.4 billion, reflecting a growth of 123% compared to September 2024 [1]

2025年，香港ETP（交易所买卖产品，包括交易所买卖基金(ETF)和杠杆及反向产品）市场增长强劲， 迎来了突破性的一年。 放眼全球，截至2025年9月底，香港ETP市场（包括ETF和杠杆及反向产品）的换手率高居全球榜首。 换手率计算的是ETP（相对于其资产值）的成交频次倍数。香港ETP市场在2023年凭着9.0的流通比率位 列全球第二，2024年以10.2跃居第一，如今更达14.7，奠定香港全球领先地位。 二、产品创新切合散户需求 2025年3月，亚洲首批个股杠杆及反向产品上市，为投资者在亚洲交易时段买卖NVIDIA、Tesla及 Coinbase等国际股本证券提供策略投资工具。 其后不久，全球首只韩股（三星电子）杠杆及反向产品亦于2025年5月在香港上市，进一步拓展了亚洲杠 杆及反向产品市场。 截至9月底， 中国香港的ETP市场成交额已超越韩国和日本， 成为全球第三大市场；资产管理规模按年增 长34.1%，达到6535亿港元。 对此，10月21日，香港交易所交易所买卖产品主管Jean-Francois Mesnard-Sense表示，香港ETF市场今 年的表现强劲，主要受惠于其长期稳健的增长与持续发展，这 ...

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third-largest market globally by trading volume as of September 2025, surpassing South Korea and Japan [1][2] - The asset management scale has increased by 34.1% year-on-year, reaching HKD 653.5 billion [1] Group 1: Trading Volume and Turnover - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% year-on-year increase, making it the third-highest globally [2] - The turnover rate in the Hong Kong ETP market has risen to 14.7, establishing its leading position worldwide [2] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has catered to retail investors' needs, particularly for trading high-liquidity stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products listed in Hong Kong reached HKD 3.6 billion, a 51% increase year-on-year [3] Group 3: Cross-Border Trading - The average daily trading volume for ETFs traded through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [5] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - The biotechnology ETFs have also gained traction, with a total asset management scale of HKD 3.4 billion, marking a 123% increase from the previous year [7] Group 5: Global Connectivity - The introduction of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced the market's global connectivity [8] - A memorandum of understanding signed between the Hong Kong Stock Exchange and the Abu Dhabi Securities Exchange aims to strengthen financial market ties [8] Group 6: Rise of Active ETFs - Active ETFs have gained prominence, with inflows reaching USD 183 billion in the first half of 2025, driven by strong market performance [9] - As of September 2025, there are 31 active ETFs listed in Hong Kong, with a total market value of approximately HKD 23.7 billion, a 143% increase from the previous year [9] Conclusion - The strong performance of the Hong Kong ETF market in 2025 is attributed to its robust growth and continuous development, positioning it as a leading global ETF market [10]

ETF Market Overview - As of September 19, the overall performance of ETF products in the past two weeks has been good, with the Sci-Tech 50 showing the highest increase among major broad-based ETFs, while technology sector ETFs had the largest gains among industry and thematic products [3][10] - In the past two weeks, major broad-based ETFs, except for the ChiNext Index, experienced net outflows, with the Sci-Tech 50 ETF having the largest net outflow [3][10] Fund Flow Analysis - In the past two weeks, the military industry ETF shifted from net inflow to net outflow, while funds accelerated into dividend, pharmaceutical, large manufacturing, financial real estate, and new energy ETFs, with inflow speeds for cyclical, consumer, and technology ETFs slowing down [16] - For bond ETFs, there was a significant inflow into credit bond ETFs, while convertible bonds, short-term financing, and government bond ETFs shifted from net inflow to net outflow, with policy financial bonds experiencing accelerated net outflows and local government bonds seeing slowed net inflows [16] ETF Product Structure - As of September 19, a total of 27 new ETFs were established in the past two weeks, with a total issuance of 48.362 billion units, consisting of 14 pure bond ETFs and 13 stock ETFs [19] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs increasing by 237.50%, 111.89%, 94.45%, 46.09%, and 11.03% respectively [19] Thematic ETF Tracking - In the past two weeks, products tracking semiconductor-related indices, such as the China-Korea Semiconductor, performed well, while funds tracking the National Chip Index experienced net outflows [25][28] - The AI-themed ETFs, which have a high proportion of AI stocks, had an average return of 6.67% in the past two weeks, with a net outflow of 1.557 billion yuan [3] - The robotics-themed ETFs showed an average return of 8.30% in the past two weeks, with a net inflow of 8.473 billion yuan [3] Fund Manager Scale Distribution - As of September 19, Huaxia Fund had the largest ETF on-market scale at 863.966 billion yuan, while E Fund's ETF management scale expanded by over 370 billion yuan compared to one year ago [20]

Core Insights - The domestic ETF market has surpassed 4 trillion yuan, reaching a total scale of 40,399.23 billion yuan as of April 21, marking an approximate 8% growth since the end of 2024 [1][4] - The increase in ETF scale this year is primarily driven by stock ETFs, cross-border ETFs, commodity ETFs, and bond ETFs, contributing 769.63 billion yuan, 733.92 billion yuan, 812.00 billion yuan, and 652.96 billion yuan respectively [1][7] - Major players in the ETF market include Huaxia Fund, E Fund, and Huatai-PB Fund, which dominate the top three positions, while competition remains intense among other fund companies [1][8] ETF Market Growth - As of April 21, stock ETFs have seen a net inflow of 1,987.25 billion yuan since April 7, with major contributions from broad-based ETFs favored by long-term investors [2][4] - Several core broad-based ETFs have reached historical highs, significantly contributing to the overall growth of stock ETFs [4][5] - The number of ETF shares has increased substantially, with notable growth in products like Huatai-PB CSI 300 ETF and Huaxia CSI 300 ETF, among others [3][5] Competitive Landscape - The top ten fund companies hold over 70% of the ETF market share, with Huaxia Fund leading at 7040.12 billion yuan, followed by E Fund and Huatai-PB Fund [8][9] - The rankings among fund companies have shifted compared to the end of 2024, indicating a dynamic competitive environment [9][10] - The market is characterized by high concentration and ongoing structural evolution, with significant fluctuations in rankings among fund companies [11][12] Impact of Institutional Investors - Institutional investors, including state-owned enterprises, have played a crucial role in the growth of the ETF market, providing liquidity and stabilizing market conditions [13][14] - The increase in ETF investments by state-owned entities is expected to enhance the appeal of dividend-themed ETFs and support technology sector investments [14][15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past two weeks, most ETF products have performed poorly, with only a few exceptions. The capital flow trends of different types of ETFs vary, and the scale of most ETFs has changed to some extent compared to the end of 2024 [2]. 3. Summary by Relevant Catalogs 3.1 ETF Market Review 3.1.1 Main Type ETF Fund Flows Overview - In the past two weeks, most broad - based ETFs had net capital inflows, with the CSI 300 ETF having the largest net inflow. Among them, the products tracking the STAR 50 had the smallest decline among broad - based ETFs, and the military industry ETF had the smallest decline among industry and theme products [9][11]. 3.1.2 Main Type ETF Cumulative Fund Flows - **Broad - based ETFs**: Since 2025, broad - based ETFs have generally seen capital outflows, but recently, due to large - scale capital inflows into the CSI 300 ETF and others, most broad - based ETFs have achieved net capital inflows. In April, except for A - series ETFs, all types of broad - based ETFs have changed from net outflows to net inflows, with significant inflows into the CSI 300, CSI 1000, and CSI 2000 ETFs [12]. - **Industry and Theme ETFs**: Technology ETFs have seen capital inflows since March, and the inflow speed has accelerated in the past two weeks. Pharmaceutical ETFs have changed from outflows to inflows, while financial real - estate ETFs have changed from inflows to outflows. Dividend ETFs have seen continuous small - scale capital inflows this year, and the net inflow speed has slightly increased in the past two weeks [20]. - **Bond ETFs**: Since 2025, credit - bond and treasury - bond ETFs have had net capital inflows, while convertible - bond ETFs have had net outflows. Affected by the bond - market rebound, treasury - bond ETFs have seen accelerated capital inflows since March, but in the past two weeks, treasury - bond and convertible - bond ETFs have changed from net inflows to net outflows, while short - term financing ETFs have had net inflows [20]. 3.1.3 ETF Product Structure Distribution - **Newly - issued Products**: As of April 11, 12 new ETFs were established in the past two weeks, with a total issuance share of 4.439 billion, including 11 stock ETFs and 1 QDII ETF [25]. - **Product Scale**: Compared with the end of 2024, except for broad - based ETFs, the scales of various types of ETFs have increased. The scales of commodity ETFs, bond ETFs, industry + dividend ETFs, and QDII - ETFs have increased by 71.48%, 32.76%, 12.22%, and 2.48% respectively, while the scale of broad - based ETFs has decreased by 1.42% [25]. 3.1.4 Manager Scale Distribution - As of April 11, China Asset Management has the largest on - exchange ETF scale, reaching 67.3518 billion yuan. E Fund's ETF management scale has expanded by more than 25.449 billion yuan compared to a year ago [26]. 3.2 Classification of ETF Tracking 3.2.1 Technology Theme ETF - **Performance**: Products tracking semiconductor - related indexes such as the CSI Semiconductor have performed well in the past two weeks, and overseas technology ETFs have performed worse than domestic ones [32]. - **Fund Flows**: Products tracking Hong Kong technology indexes such as the Hang Seng Tech have had the largest net capital inflows in the past two weeks, while products tracking the CSI All - Share Semiconductor have had net outflows [32]. 3.2.2 Dividend Theme ETF - **Performance**: The ETF product tracking the MSCI China A - Share International Low Volatility (USD) has had the smallest decline in yield in the past two weeks [33]. - **Fund Flows**: Products tracking the Dividend Low Volatility index have had the largest net capital inflows in the past two weeks, while products tracking the Guoxin Hong Kong - Stock Connect Central - SOE Dividend index have had significant net outflows [33]. 3.2.3 Consumption Theme ETF - **Performance**: Products tracking agricultural indexes such as the China Securities Grain Index have performed well in the past two weeks. The S&P 500 Consumer Discretionary Select Index ETF has a high premium [36]. - **Fund Flows**: The ETF tracking the 800 Consumption Index has had the largest net capital inflows in the past two weeks, while products tracking the CSI Wine Index have had net outflows [36]. 3.2.4 Pharmaceutical Theme ETF - **Performance**: Products tracking the STAR Biotech Index have performed well in the past two weeks [39]. - **Fund Flows**: ETFs tracking the Hong Kong Innovative Drug (CNY) and Hong Kong - Stock Connect Innovative Drug indexes have had the largest net capital inflows in the past two weeks, while products tracking the Hang Seng Healthcare Index have had net outflows [39]. 3.2.5 Large - scale Manufacturing Theme ETF - **Performance**: Products tracking utility - related indexes such as the Green Power Index have performed well in the past two weeks [42]. - **Fund Flows**: Products tracking the CSI Military Industry Index have had the largest net capital inflows in the past two weeks, while products tracking new - energy indexes such as the New - Energy Battery Index have had net outflows [42]. 3.2.6 QDII ETF - **Performance**: Products tracking the S&P 500 Consumer Discretionary Select Index have performed well in the past two weeks, and the QDII - ETF tracking this index has a high premium [44]. - **Fund Flows**: Products tracking the Hang Seng Tech Index have had the largest net capital inflows in the past two weeks, while ETF products tracking the Hang Seng Healthcare Index have had net outflows [44]. 3.3 Hot - Topic ETF Tracking 3.3.1 AI Theme ETF - **Performance**: AI - themed products have performed poorly in the past two weeks, with an average yield of - 9.12%. The product tracking the CS Artificial Intelligence index has the highest yield [52]. - **Fund Flows**: Since February 2024, there has been a large - scale net capital inflow. After a significant outflow from September to October 2024, the overall trend has been a rapid inflow. In the past two weeks, the capital inflow speed has slowed down, with a net inflow of 516 million yuan [52]. 3.3.2 Robot Theme ETF - **Performance**: Robot - themed products have performed poorly in the past two weeks, with an average yield of - 9.38%. The product tracking the Automobile Index has the highest yield [56]. - **Fund Flows**: After December 2024, the overall capital flow has shown a rapid inflow trend. In the past two weeks, the capital inflow speed has accelerated, with a net inflow of 1.625 billion yuan [56]. 3.3.3 "National Team" Holding ETF - As of the end of 2024, the "National Team" (only counting Huijin, Guoxin, and Chengtong) held a total of 320.396 billion shares of ETFs. In the past two weeks, there has been a large - scale net capital inflow of 186.118 billion yuan, with a net inflow of 106.611 billion yuan on April 8 alone [2].