数据来源/Wind 制表/张凌之 代码 简称 涨幅（%） 159502.OF 标普生物科技ETF 2.70 513290.OF 纳指生物科技ETF 2.45 159995.OF 芯片ETF 1.76 159665.OF 半导体龙头ETF 1.71 159801.OF 芯片ETF龙头 1.69 159813.OF 半导体ETF 1.67 513750.OF 港股通非银ETF 1.63 159612.OF 标普500ETF 1.62 159582.OF 半导体产业ETF 1.51 159918.OF 中创400ETF 1.49 ...

基金方面，芯片ETF龙头(159801)强势上涨3.38%，冲击4连涨。拉长时间看，截至2025年8月13日，芯 片ETF龙头近1周累计上涨2.52%，涨幅排名同类基金前列。 今日，芯片半导体行业继续走强，截至11:07，国证半导体芯片指数(980017)强势上涨3.64%，其中，第 二大权重股寒武纪(688256)上涨12.33%，股价再创历史新高，市值突破4000亿元。 与此同时，第三大权重股海光信息(688041) 发布2025 年半年报，第二季度单季实现收入30.6 亿元，同 比增长41%；归母净利润7.0 亿元，同比增长23%；扣非净利润6.5 亿元，同比增长19%，截至目前该成 分股上涨11.55%。 此外，瑞芯微(603893)上涨6.04%，北方华创(002371)，龙芯中科(688047)等多只个股跟涨。 芯片ETF龙头(159801)：紧密跟踪国证半导体芯片指数，为反映沪深北交易所芯片产业相关上市公司的 市场表现，丰富指数化投资工具，编制国证半导体芯片指数。场外联接(A：012629；C：012630；F： 021945)。 天风证券指出，全球半导体增长延续乐观增长走势，2025年AI驱动 ...

Core Viewpoint - The article discusses the challenges faced by financial institutions in Taiwan and mainland China regarding the practice of "self-funding" to meet ETF sales targets, highlighting the negative returns associated with this practice in recent years [1][2][3]. Group 1: Self-Funding and Negative Returns - The phenomenon of "self-funding" exists across various industries, but negative expected returns in the fund industry are rare [3]. - For example, newly launched stock ETFs in 2020 had an average net value increase of approximately 1.5% from establishment to listing, allowing managers to lock in profits through market transactions [5]. - However, by 2021, self-funding behavior began to yield negative returns, with an average net value performance of -1% for self-funded ETF subscriptions [6]. - In some cases, such as a specific startup board ETF, losses could exceed 10% by the time of listing [8]. Group 2: Accelerated Construction Periods - The article notes that the construction period for ETFs has significantly decreased, from an average of 28 days in 2020 to just 11 days by 2025 [12]. - This rapid construction leaves fund managers with limited opportunities for market timing, leading to a mechanical approach to building positions [13][19]. - The average construction time for ETFs has remained under 15 days from 2021 to 2025, making it challenging for managers to find suitable entry points [18]. Group 3: Successful Timing by Fund Managers - Data shows that certain fund managers have successfully timed their ETF launches, resulting in significant profits for initial investors [20]. - For instance, the "Chip ETF Leader" managed by GF Fund earned nearly 386 million yuan for its initial subscribers [21]. - The timing of these successful launches often coincided with favorable market conditions, such as the semiconductor industry's growth during the trade war [23]. Group 4: Investor Experience and Fund Management - The article emphasizes that while ETF products are primarily tools for market participation, the experience of initial investors is crucial [28]. - It suggests that fund managers should consider the timing of product issuance and the length of the construction period to enhance investor returns [29].