华夏基金旗下非货ETF规模首次突破1万亿元 中国基金报记者 李树超 随着权益市场回暖、被动投资理念的普及，刚刚站上6万亿元规模的ETF市场再迎里程碑事件。 最新数据显示，华夏基金旗下非货ETF管理规模已超1万亿元，首次突破1万亿元整数关口，成为国内公募行业首家非货ETF规模超万亿元的基金管理人。 业内人士表示，在监管支持、市场需求以及产品优势下，预计ETF市场仍将延续强劲增长势头，头部产品"强者恒强"的格局更为凸显，跟踪高效、费率更 优、流动性更好的产品未来有望脱颖而出。 华夏基金旗下非货ETF规模 首次突破1万亿元 Wind数据显示，截至1月12日净值更新，华夏基金旗下非货ETF管理规模达10165.88亿元，首次突破1万亿元整数关口。 最新数据还显示，南方基金非货ETF规模为4556亿元，嘉实、广发基金均超3000亿元，国泰、富国、博时基金等都超过2000亿元，汇添富、华宝、鹏华基 金等均跻身"千亿俱乐部"。 | 序号 | 基金管理人 | 非货ETF资产净值 (亿元) | | --- | --- | --- | | 1 | 表直算等 | 10.165.88 | | 2 | 易方达县金 | 9.232.31 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 原标题：见证历史！巨头大消息，首破万亿 随着权益市场回暖、被动投资理念的普及，刚刚站上6万亿元规模的ETF市场再迎里程碑事件。 最新数据显示，华夏基金旗下非货ETF管理规模已超1万亿元，首次突破1万亿元整数关口，成为国内公 募行业首家非货ETF规模超万亿元的基金管理人。 业内人士表示，在监管支持、市场需求以及产品优势下，预计ETF市场仍将延续强劲增长势头，头部产 品"强者恒强"的格局更为凸显，跟踪高效、费率更优、流动性更好的产品未来有望脱颖而出。 华夏基金旗下非货ETF规模 首次突破1万亿元 Wind数据显示，截至1月12日净值更新，华夏基金旗下非货ETF管理规模达10165.88亿元，首次突破1万 亿元整数关口。 另外，易方达基金非货ETF最新规模已达9232亿元，实现规模快速增长；华泰柏瑞基金非货ETF规模接 近6500亿元，跻身前三强。 数据显示，截至1月12日，全市场1378只非货ETF总管理规模为6.11万亿元。近十年该类产品平均规模增 速接近40%，成为近年来规模增长较快的公募基金细分产品类型。 最新数据还 ...

Core Viewpoint - The non-money ETF management scale of Huaxia Fund has surpassed 1 trillion yuan for the first time, marking a significant milestone in the domestic public fund industry [2][4]. Group 1: ETF Market Overview - The ETF market in China has reached a scale of 6 trillion yuan, with Huaxia Fund being the first public fund manager to exceed 1 trillion yuan in non-money ETF management scale [2][4]. - Other leading funds include E Fund with 923.2 billion yuan, Huatai-PB with nearly 650 billion yuan, and Southern Fund with 455.6 billion yuan [5][6]. Group 2: Growth Potential - The ETF market is expected to maintain strong growth momentum, driven by regulatory support, market demand, and product advantages [2][8]. - The average scale growth rate of non-money ETFs has approached 40% over the past decade, indicating a rapid increase in this segment of public funds [9]. Group 3: Competitive Landscape - The competition among ETF products will focus on tracking efficiency, fee levels, and niche market layouts, with efficient investment tools and good liquidity products likely to stand out [9]. - Huaxia Fund has established a comprehensive ETF ecosystem with 117 products covering various indices and strategies, maintaining the highest average scale in the industry for 21 consecutive years [7].

Group 1 - The core viewpoint of the news is the significant merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a pivotal moment in the brokerage industry as CICC aims to establish itself as a leading international investment bank [1][2] - The merger will allow CICC to enter the "trillion club" in total assets, becoming the fourth brokerage in the industry to achieve this milestone [1][2] - The stock exchange ratio for the merger has been set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with all three companies' stocks resuming trading on December 18 [1] Group 2 - The merger is expected to enhance CICC's asset scale significantly and strengthen its leading position in wealth management and cross-border business [2] - The complementary strengths of Dongxing and Xinda in regional networks and special asset investment banking will synergize with CICC's advantages in capital utilization, further enhancing competitive advantages [1][2] - This consolidation trend in the brokerage industry may lead to a revaluation of brokerage stocks and accelerate the concentration of the industry [2] Group 3 - As of the end of Q3 2025, the total scale of asset management products in China's fund industry has exceeded 80 trillion yuan, indicating a continuous expansion of the industry [3] - Public funds account for nearly half of this total, reflecting a trend of wealth shifting towards standardized products, while private fund demand remains strong with over 21 trillion yuan in scale [3] - The combined scale of private asset management products from brokerages and fund subsidiaries exceeds 12 trillion yuan, showcasing the accelerated institutionalization process in the market [3] Group 4 - Non-monetary ETFs saw a net inflow of 26.645 billion yuan yesterday, with a significant increase of over 60% compared to the previous day [4] - The A500 index ETFs attracted the highest net inflow, totaling 11.107 billion yuan, with the Huatai-PB CSI A500 ETF leading at 3.282 billion yuan [4] - The overall increase in net inflows into ETFs indicates a clear intention from the market to allocate funds, reflecting a growing preference for core assets [4]

Core Viewpoint - The recent leadership change at Bosera Fund, with Zhang Dong taking over as chairman from Jiang Xiangyang, reflects the company's commitment to stable management and growth in the public fund industry [1][2][7]. Group 1: Leadership Transition - Jiang Xiangyang has officially stepped down as chairman after a decade, during which he significantly increased the fund's management scale from 143.26 billion to 1.09 trillion [2]. - Zhang Dong, previously the general manager and a veteran in the financial industry, has taken over as chairman and will also serve as general manager [3][7]. Group 2: Company Performance - Under Jiang's leadership, Bosera Fund's bond fund scale exceeded 450 billion, ranking first in the market, while its non-cash ETF management surpassed 220 billion [2]. - In the first half of 2025, Bosera Fund reported revenues of 2.356 billion and net profits of 763 million [3]. Group 3: Market Environment and Strategy - The public fund industry is undergoing significant transformation, with a need to enhance equity fund offerings amidst increasing competition [7]. - Bosera Fund aims to balance its strengths in fixed income with a focus on growing its equity fund segment, which presents both opportunities and challenges for Zhang Dong [7][8]. Group 4: Industry Trends - The public fund industry has seen 318 executive changes across 129 companies this year, indicating a trend of leadership turnover driven by strategic adjustments and talent mobility [9].

Group 1 - The core viewpoint of the article indicates that the market sentiment and risk appetite have improved, leading to a shift from defensive to moderately aggressive investment strategies, particularly in the technology sector and the artificial intelligence (AI) industry chain [1] Group 2 - Data from Wind shows that nearly 300 billion yuan has flowed into non-monetary ETFs in April, reflecting a significant inflow into the market [1] - Public fund professionals suggest that after sufficient prior adjustments, the market is beginning to recognize the medium to long-term potential of the AI industry [1]

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].