智通财经6月18日电，ETF规模突破4万亿的同时，加强分红已经成为提升投资体验的重要方式。截至最 新，境内非货ETF累计分红811.27亿元，今年以来非货ETF分红已达201.84亿元，占比近25%。大宽基是 分红主力，4只沪深300ETF巨头年内合计分红达148.37亿元，其中，华泰柏瑞沪深300ETF单次分红 83.94亿元，打破境内ETF有史以来最高单次分红纪录。（智通财经记者 闫军） 境内非货ETF累计分红超800亿元 今年占比25% ...

Wind数据显示，4月非货ETF合计净流入近3000亿元。公募人士表示，经过此前充分的调整，市场情绪 和风险偏好已经有所改善，市场或从防守转向适度进攻，科技行业尤其是人工智能（AI）产业链的中 长期潜力或逐步显现。（中证报） ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In recent years, the ETF market has expanded, with the number of holders and the average holding scale per household increasing, and trading activity reaching a new high. Under the dual drive of policies and funds, ETFs have become an important engine for the high - quality development of the capital market [1][3]. - The current non - monetary ETFs are mainly held by institutions, followed by individuals, and the proportion of linked funds is the lowest. After penetrating the linked funds of non - monetary ETFs, institutional investors account for about 59% and the proportion has been increasing in recent years [3][21]. - Different types of ETFs have different holder structures. A - share ETFs, Hong Kong Stock Connect ETFs, and bond ETFs are mainly held by institutions; Shanghai - Hong Kong - Shenzhen ETFs and QDII - ETFs are mainly held by individuals; commodity ETFs are mainly held by linked funds [3]. - Different institutions have different preferences for ETFs. For example, Cinda Huijin and other central state - owned enterprises prefer A - share ETFs; enterprise annuities prefer Hong Kong Stock Connect ETFs; private securities investment and foreign institutions prefer QDII - ETFs; non - investment securities companies, bank wealth management, basic endowment insurance funds, and social security funds prefer bond ETFs [3][44]. 3. Summary According to the Table of Contents 3.1 ETF Holder Structure and Classification System 3.1.1 Research Background - The ETF market has been expanding rapidly in recent years. In 2012, the total scale of non - monetary ETFs was about 144 billion yuan with 47 products. By the end of 2024, the scale had reached about 3.5 trillion yuan with about 980 products [3][10]. - The number of non - monetary ETF holders has been increasing steadily, and the average holding scale per household has been growing since 2021. By the end of 2024, the number of non - monetary ETF holders was nearly 21 million, and the average holding scale per household reached 166,000 yuan [12]. - Since 2022, the trading activity of non - monetary ETFs has reached a new high, with the monthly average trading volume exceeding 10 trillion yuan [3][17]. 3.1.2 ETF Holder Classification - ETF holders can be divided into institutions, individuals, and linked funds. Currently, non - monetary ETFs are mainly held by institutions, followed by individuals, and the proportion of linked funds is the lowest. As of December 31, 2024, the holding scale proportions of institutions, individuals, and linked funds were 56%, 28%, and 16% respectively [21]. - The holders of non - monetary ETF linked funds are mainly individual investors, with institutional investors accounting for less than 20%. After penetration, institutional investors accounted for about 59% of non - monetary ETFs, and the proportion has been increasing since mid - 2021 [23][26]. - Institutional investors are further divided into various types, including Cinda Huijin, other central state - owned enterprises, insurance companies, bank wealth management, etc. [30]. 3.1.3 ETF Holder Position Distribution - Different types of ETFs have different holder structures. For example, as of December 31, 2024, the institutional holding proportion of A - share ETFs was 59%, Hong Kong Stock Connect ETFs was 72%, Shanghai - Hong Kong - Shenzhen ETFs was 36%, QDII - ETFs was 26%, bond ETFs was 78%, and commodity ETFs was 15% [32][34][37]. - According to the top ten holder information of ETFs, Cinda Huijin, linked funds, and insurance companies were the main holders of non - monetary ETFs at the end of 2024, with holding scales of 1.053 trillion yuan, 514.8 billion yuan, and 236.3 billion yuan respectively, accounting for 52%, 26%, and 12% of the total institutional holding scale of non - monetary ETFs [40]. - Different institutions have different preferences for ETFs. For example, Cinda Huijin, other central state - owned enterprises, and private equity/venture capital institutions prefer A - share ETFs; enterprise annuities prefer Hong Kong Stock Connect ETFs; private securities investment and foreign institutions prefer QDII - ETFs; non - investment securities companies, bank wealth management, basic endowment insurance funds, and social security funds prefer bond ETFs [44]. 3.2 Behavioral Characteristics Analysis of the Top Ten Holders of Different ETFs 3.2.1 Cinda Huijin - Cinda Huijin has a high concentration of positions and a clear preference for large - cap stocks. By the end of 2024, it held 44 ETFs, mainly A - share ETFs, with a share/scale proportion of 99.24%/99.77% [48][49]. - In 2024, it significantly increased its holdings of A - share ETFs, especially in the first half of the year. In the second half of 2024, it mainly increased its holdings of broad - based ETFs and reduced its holdings of industry - specific ETFs [51][54]. 3.2.2 Social Security Funds and Basic Endowment Insurance - Social security funds and basic endowment insurance hold a small number of ETFs, mainly bond ETFs. By the end of 2024, they held 3 bond ETFs, with a total share/scale of 0.56 billion shares/7.64 billion yuan [56]. - Their preference for bond ETFs has increased in recent years. In 2022, they only held 1 A - share ETF, did not hold any ETFs in 2023, and held 1 and 3 bond ETFs in mid - 2024 and at the end of 2024 respectively [58]. 3.2.3 Annuities - Annuities hold a large number of A - share ETFs, a high share of Hong Kong Stock Connect ETFs, and a relatively large scale of bond ETFs. By the end of 2024, they held 127 ETFs, with 88 A - share ETFs, 28 Hong Kong Stock Connect ETFs, and 7 bond ETFs [61]. - In 2024, they increased their holdings of stock - type ETFs, and the market value of both stock and bond holdings increased significantly. At the end of 2024, they mainly increased their holdings of Hong Kong technology and dividend ETFs and A - share real estate chain ETFs [65][67]. 3.2.4 Insurance Companies - Insurance companies hold a large number of A - share ETFs and prefer CSI 300 ETFs. By the end of 2024, they held 397 ETFs, with 312 A - share ETFs, accounting for 68.71%/75.95% of the share/scale [70]. - Since the end of 2022, they have mainly increased their holdings of A - share ETFs, but reduced their holdings in the second half of 2024. In the second half of 2024, they mainly increased their holdings of Hong Kong technology ETFs and reduced their holdings of A - share industry - specific ETFs [73][76]. 3.2.5 Insurance Asset Management - Insurance asset management has a high proportion of stock - type ETFs in terms of quantity, and bond ETFs have a relatively large market value although the share is not high. By the end of 2024, it held 87 ETFs, with 64 A - share ETFs and 9 bond ETFs [78]. - Since 2022, its ETF holdings have gradually decreased, but it significantly increased its holdings of A - share ETFs in the second half of 2024, with a large position - switching amplitude [82][84]. 3.2.6 Public Funds - Public funds hold a high share and a large scale of A - share ETFs, followed by QDII - ETFs. By the end of 2024, they held 372 ETFs, with 234 A - share ETFs and 63 QDII - ETFs [87]. - In 2023, their ETF holdings decreased, but they started to increase their holdings of A - share, QDII, and commodity ETFs in 2024, with a relatively large position - switching amplitude in the second half of 2024 [91][96]. 3.2.7 Securities Companies 3.2.7.1 Securities Companies (Investment) - Securities companies (investment) hold a high share and a large scale of A - share ETFs. By the end of 2024, they held 2572 ETFs, with 2236 A - share ETFs [98]. - Since the second half of 2023, their ETF holdings have gradually decreased, but they mainly increased their holdings of A - share, bond, and Shanghai - Hong Kong - Shenzhen ETFs in 2024, with a large position - switching amplitude in the second half of 2024 [102][106]. 3.2.7.2 Securities Companies (Non - Investment) - Securities companies (non - investment) hold a high share of A - share ETFs, and bond ETFs have a large scale proportion. By the end of 2024, they held 58 ETFs, with 34 A - share ETFs and 18 bond ETFs [110].