一时间，公募基金行业掀起一股行业主题ETF的发行热潮。 11月28日，首批7只紧密跟踪中证科创创业人工智能指数的ETF正式启动发行，部分ETF发行首日即售罄。与 此同时，还有数十只行业主题ETF，正处于申报流程之中。 其背后正是当下投资者购买基金的真实写照。近年来，A股市场呈现出鲜明的结构性特征，部分新兴行业表现 亮眼，而一些传统的大盘蓝筹股表现却不尽如人意，跑输大盘指数。这种明显的分化态势，使得"一篮子买入 市场"的宽基策略收益被大幅稀释。投资者纷纷倾向于通过投资 窄基ETF （通常指跟踪特定主题、行业或策略 的指数基金，与 宽基ETF 形成对应关系）谋求高收益。 Wind数据显示，全市场股票型窄基ETF总规模已经突破1.6万亿元，虽不及宽基ETF总规模，但是其1倍的增幅 远远高于宽基ETF不足10%的增长速度。 大量资金涌入窄基ETF 在今年基金发行市场中，窄基ETF产品日益丰富，行业主题ETF更是迎来爆发式增长。 11月28日，首批7只跟踪中证科创创业人工智能指数的ETF正式发行，吸引了众多投资者的目光。此外，还有 数十只围绕中证科创创业机器人、中证科创创业半导体、上证科创板创新药等诸多行业主题的ETF ...

一时间，公募基金行业掀起一股行业主题ETF的发行热潮。 11月28日，首批7只紧密跟踪中证科创创业人工智能指数的ETF正式启动发行，部分ETF发行首日即售罄。与 此同时，还有数十只行业主题ETF，正处于申报流程之中。 其背后正是当下投资者购买基金的真实写照。近年来，A股市场呈现出鲜明的结构性特征，部分新兴行业表现 亮眼，而一些传统的大盘蓝筹股表现却不尽如人意，跑输大盘指数。这种明显的分化态势，使得"一篮子买入 市场"的宽基策略收益被大幅稀释。投资者纷纷倾向于通过投资窄基ETF（通常指跟踪特定主题、行业或策略 的指数基金，与宽基ETF形成对应关系）谋求高收益。 Wind数据显示，全市场股票型窄基ETF总规模已经突破1.6万亿元，虽不及宽基ETF总规模，但是其1倍的增幅 远远高于宽基ETF不足10%的增长速度。 大量资金涌入窄基ETF 在今年基金发行市场中，窄基ETF产品日益丰富，行业主题ETF更是迎来爆发式增长。 11月28日，首批7只跟踪中证科创创业人工智能指数的ETF正式发行，吸引了众多投资者的目光。此外，还有 数十只围绕中证科创创业机器人、中证科创创业半导体、上证科创板创新药等诸多行业主题的ETF正在申报 ...

Core Viewpoint - The narrow-based products are becoming the main driving force for the growth of public funds, driven by the segmented demands of investors [1][2]. Group 1: Market Trends - The public fund industry is entering a tool-oriented era, where narrow-based products with distinct styles and specific industry scenarios are key to marketing strategies [2]. - Despite a slight overall redemption in public fund shares, narrow-based products have seen significant growth, indicating a shift in investor preference towards these products [3][4]. Group 2: Performance of Narrow-based Products - Narrow-based products have countered the shrinkage of wide-based ETFs, with significant net subscriptions observed in various narrow-based ETFs during the third quarter [4]. - Specific examples include the Satellite ETF with over 10 times net subscriptions, the Robot ETF with nearly 5 times, and the New Energy Battery ETF with about 8 times [4]. Group 3: Active Equity Funds - Active equity funds are also aligning with narrow-based strategies, with themes like innovative drugs, digital economy, and artificial intelligence leading performance rankings [5][6]. - The top 10 active equity funds are all industry-themed, showcasing a trend towards sector-focused investment strategies [5]. Group 4: Tool-oriented Product Development - The arrival of the tool-oriented era in public funds has led to a consensus that "whoever masters narrow-based products will dominate" [8]. - Fund companies are increasingly focusing on tool-oriented products that cater to specific investor needs, enhancing their competitive edge [8][9]. - The development of tool-oriented products is seen as a response to the challenges of extracting excess returns in an efficient market [9].