专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 来源：鹏华基金 2025年，注定是中国ETF市场具有里程碑意义的一年。 Wind数据显示，截至2025年12月26日，ETF总规模已从年初的约3.73万亿元激增至约6.03万亿元，年内 规模增长超2万亿元，增速超过53%。从3万亿到4万亿的跨越，仅用了不到7个月，从4万亿跨越到5万亿 用时不到4个月，而在年底收官之际，ETF总规模正式跨越6万亿大关。 当下，指数化投资大爆发的背景下，鹏华基金旗下指数投资品牌鹏华Ashares交出了一份令人瞩目的成 绩单：科创ETF产品扩容至12只，产品布局数量及品类覆盖均稳居行业第一梯队。从科技投资共同体到 科创股债ETF大厂，从品牌年轻化到特殊人群服务，从"ETF投资工具生产方"到"ETF策略解决方案提供 方"，鹏华指数业务在2025年实现全方位突破。 下面，我们通过十个关键词，一同回眸鹏华Ashares不平凡的2025年。 科创股债ETF大厂 2025年，鹏华基金在科创投资领域建成了完整的"股债协同"生态圈。截至12月30日，公司旗下科创ETF 产品达到12只，成为业内名副 ...

Core Viewpoint - As of November 7, 2025, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 118.109 billion yuan, showing a decrease of 2.67 billion yuan from the previous trading day [2] Summary by Category ETF Margin Balance - The ETF financing balance stands at 109.725 billion yuan, down by 2.626 billion yuan from the previous trading day [2] - The ETF short-selling balance is 8.384 billion yuan, decreasing by 0.044 billion yuan from the previous trading day [2] Net Buy Transactions - A total of 216 ETFs recorded net buy transactions in financing [2] - The leading net buy amount is from the Huaxia Hang Seng Internet Technology ETF (code: 513330), with approximately 87.3479 million yuan [2] - Other notable ETFs with significant net buy amounts include: - Penghua Chemical ETF (code: 159870) with about 72.7372 million yuan - Da Cheng Hang Seng Technology ETF (code: 159740) with around 60.0608 million yuan - E Fund China Concept ETF (code: 513050) with approximately 50.2751 million yuan - Huatai-PB Solar ETF (code: 515790) with about 36.4372 million yuan [2]

Core Insights - The number of stock ETFs with assets exceeding 10 billion yuan has increased to 56 as of September 19, 2023, up from 47 at the end of June, indicating a growing interest in these investment vehicles [2][3] - The recent entrants into the "billion club" are primarily industry-themed ETFs, particularly in sectors such as chemicals, resources, robotics, and batteries, with some products experiencing over a tenfold increase in scale since June [3][4] - There has been a significant net inflow of funds into industry-themed ETFs, with 17 ETFs attracting over 1.5 billion yuan in net inflows from September 1 to September 19, 2023, highlighting a trend of capital concentration in specific sectors [5][6] Industry Trends - The rapid growth of specific industry-themed ETFs reflects investor optimism towards certain sectors, driven by economic structural transformation and supportive industrial policies, particularly in high-tech and advanced manufacturing [4][6] - Fund companies have been actively launching and promoting ETFs focused on niche industries, which has contributed to the increase in ETF sizes, aligning with market investment hotspots [4][6] Investor Behavior - Funds flowing into industry-themed ETFs can be categorized into three types: those seeking stable returns (favoring sectors like beverages), those optimistic about industry prospects (investing in robotics), and those attracted by valuation advantages and event-driven opportunities (focusing on brokers, chemicals, and gold stocks) [6][7] - The influx of funds into these ETFs indicates a shift towards a more strategic approach among investors, with some focusing on long-term growth trends while others engage in short-term trading based on market sentiment [7][8] Market Volatility - The volatility of popular ETFs is evident, with significant price fluctuations observed in the leading ETFs during the period from September 1 to September 19, 2023, where some ETFs experienced declines after previous gains [8][9] - Investors are advised to avoid blindly following trends in ETF investments, as the concentration of capital in popular sectors can lead to inflated valuations and potential corrections if market sentiment shifts [9]

Core Insights - The "anti-involution" policy aims to break the cycle of meaningless competition in China's chemical industry, promoting high-quality development and innovation [3][5][10] - The rapid growth of the Penghua Chemical ETF, which increased by over 15 billion yuan in just two months, reflects investor enthusiasm and confidence in the chemical sector's transformation [12][14] Group 1: Anti-Involution Policy - The "anti-involution" concept originates from anthropology, describing a situation where internal competition leads to meaningless complexity when external expansion is not possible [3] - The chemical industry in China has experienced severe internal competition, resulting in price wars and compressed profit margins, necessitating a shift towards differentiation and value creation [5][7] - Various policies have been introduced to support this transition, including energy-saving initiatives and industry self-regulation [4][5] Group 2: Market Response - The Penghua Chemical ETF, launched in February 2021, has become the largest chemical-themed ETF, with its scale reaching 186.72 billion yuan by September 2025 [8][12] - Institutional investors, including social security funds, have increased their holdings in the chemical sector, indicating a growing recognition of its investment value [14] - The current price-to-book ratio of the CSI Chemical Index is 2.2, indicating that the sector remains undervalued compared to historical levels [14] Group 3: Industry Outlook - The chemical industry is positioned for a renaissance as it shifts from price competition to value competition, with a focus on technological innovation and differentiation [7][10] - The high technical barriers in the chemical sector mean that companies with established technological advantages are likely to thrive, while those relying on price competition may face extinction [7] - The ongoing global supply chain restructuring and the push for carbon neutrality are creating new opportunities for growth within the chemical industry [9][10]

Core Insights - The total scale of ETFs increased by 458.8 billion yuan in the past month, reaching 5.13 trillion yuan, marking a nearly 10% growth [1] - The number of ETF shares rose by 115.4 billion, totaling 2.9 trillion shares, with 16 new products launched, bringing the total to 1,288 [1] - The financial sector saw the largest increase in shares, followed by the sub-segment of the chemical industry and the Hong Kong internet sector [1][2] ETF Performance - Ten products experienced a scale increase of over 10 billion yuan, with several broad-based products growing by over 20 billion yuan, such as Huatai-PB CSI 300 ETF and CSI 300 ETF E-Fund, which grew by 24.3 billion yuan and 21.6 billion yuan respectively [1] - The top-performing thematic ETFs included Guotai Securities ETF and E-Fund ChiNext ETF, both exceeding 10 billion yuan in growth [2] Thematic and Cross-Border ETFs - The chemical industry and artificial intelligence sectors are attracting significant investment, with the Penghua Chemical ETF growing by over 14 billion yuan and the E-Fund AI ETF increasing by 5.6 billion yuan [2] - Cross-border ETFs are becoming a key channel for investing in Hong Kong stocks, with the Fuguo Hong Kong Internet ETF growing by 19.8 billion yuan and the Huatai-PB Hang Seng Technology ETF increasing by 8.2 billion yuan [3] Market Trends - The current low valuation of A-shares and ongoing domestic growth policies are driving demand for broad-based ETFs, which are seen as a risk-diversifying investment option [2] - The demand for cross-border ETFs is rising due to improved valuation expectations in Hong Kong and the attractiveness of technology and financial sectors [3]

Group 1 - A-share ETF market experienced a net outflow of over 4.2 billion yuan on September 10, despite a general market rebound [2][3] - The overall stock ETF market saw a net outflow of 8.25 billion yuan, with A-share ETFs being the primary contributors to this outflow [3] - In the first eight trading days of September, the stock ETF market attracted over 10 billion yuan in net inflows [2] Group 2 - The Hong Kong market ETFs and commodity ETFs saw significant net inflows of 3.531 billion yuan and 1.243 billion yuan, respectively, while broad-based ETFs faced a net outflow of 5.378 billion yuan [5] - ETFs tracking the Hong Kong Internet index led the inflows with a net increase of 1.197 billion yuan, while those tracking the CSI 300 index faced a net outflow of 1.728 billion yuan [5] - Major fund companies like E Fund and Huaxia Fund reported continued net inflows in their ETFs, with E Fund's total ETF scale reaching 759.97 billion yuan, increasing by 4.83 billion yuan on the same day [5][6] Group 3 - Specific ETFs such as the Yongying Gold Stock ETF and the Huitianfu Battery 50 ETF have gained significant investor interest, reflecting a trend of capital inflow into various sectors [8] - The securities sector has seen a notable influx of capital, attributed to improved performance expectations and valuation advantages, driven by active market conditions [8] - The basic chemical industry is viewed positively, particularly the agricultural chemicals and fine chemicals segments, indicating a favorable outlook for these sectors [9] Group 4 - Broad-based ETFs tracking indices like the CSI 300, SSE 50, and ChiNext 50 experienced significant sell-offs, indicating a shift in investor sentiment [10]

Core Viewpoint - The A-share market has experienced increased volatility since September, with investors showing a strong interest in industry-themed ETFs, particularly in battery and securities sectors, while shifting away from technology sectors like chips and artificial intelligence [1][4][6]. Fund Flows and ETF Performance - From September 1 to September 9, 12 stock ETFs saw net inflows exceeding 1 billion yuan, with industry-themed ETFs leading the way [1][4]. - Battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted significant net inflows of 35.23 billion yuan, 22.97 billion yuan, and 21.17 billion yuan respectively during this period [4][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan, indicating a strong market interest [6][7]. - The performance of battery ETFs has been notable, with returns of 40% for Huatai-PB Battery 50 ETF and CMB Battery ETF from August 9 to September 9 [7]. Investment Trends and Shifts - Investors are increasingly favoring assets with reasonable valuations and high earnings certainty, as evidenced by the shift from technology sectors to high-growth areas like batteries and securities [4][6]. - The trend of significant inflows into non-broad-based ETFs suggests a change in how retail investors are entering the market, with a preference for thematic and sector-focused investments [14][15]. - The shift in investment strategy indicates that selecting industries may become more critical than selecting individual stocks in the current market environment [15]. Market Dynamics and Future Outlook - The inflow into securities ETFs, such as Guotai Junan ETF, which saw a net inflow of 50.84 billion yuan, reflects the active trading environment in the market [10][11]. - The overall trend shows that non-broad-based ETFs have experienced a rapid expansion, with net inflows of 227.9 billion yuan from June to August, while broad-based ETFs faced significant outflows [14]. - The changing dynamics of retail investor participation may lead to a more concentrated market effect, emphasizing the importance of industry selection in investment strategies [15].

Core Viewpoint - The article highlights a significant shift in investor behavior towards industry-themed ETFs, particularly in the context of increased market volatility, with a notable preference for sectors with reasonable valuations and high earnings certainty [3][5][6]. Summary by Sections ETF Market Trends - From September 1 to September 9, 12 industry-themed ETFs saw net inflows exceeding 1 billion yuan, with battery ETFs emerging as a new favorite among investors [1][3]. - The battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted net inflows of 3.523 billion yuan, 2.297 billion yuan, and 2.117 billion yuan respectively during this period [3][6]. Sector Rotation - There has been a clear rotation of funds from technology sectors like chips and artificial intelligence to high-growth sectors such as batteries and brokerages, reflecting a preference for assets with reasonable valuations and earnings certainty [5][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan from September 1 to September 9, with significant returns observed in the previous month [6][7]. Performance of Broker ETFs - The Guotai Securities ETF recorded a net inflow of 5.084 billion yuan from September 1 to September 9, marking it as the only ETF to surpass 5 billion yuan in inflows during this period [9][10]. - The overall market activity has remained high, benefiting brokerages, which are directly impacted by trading volumes and margin financing [10]. Cross-Border ETF Activity - There has been a notable inflow into Hong Kong stock ETFs, with 15.36 billion yuan flowing in from September 1 to September 5, indicating growing investor confidence in the Hong Kong market [11]. Changing Investment Behavior - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion yuan from June to August, while broad-based ETFs experienced significant outflows [13]. - The shift towards non-broad-based ETFs suggests a change in how retail investors are entering the market, with ETFs becoming a preferred investment vehicle due to their flexibility and lower costs [13][14].

Group 1 - Central Huijin has increased its holdings in multiple industry ETFs, including 121 million shares of the Penghua Liquor ETF, during the second quarter's volatile market, indicating a strategic move to support the liquor sector [1] - The market has shown a concentrated trend towards technology stocks, leading to irrational upward movements, which contrasts with the previously advocated slow bull market by regulators [2] - The current market sentiment is overly focused on short-term gains, which could hinder sustainable growth in the stock market, as emphasized by Wu Xiaoqiu [4] Group 2 - Cambrian Technology issued a risk warning, stating that its stock price may be detached from its current fundamentals, with projected revenues of 5 billion to 7 billion yuan by 2025 and no new product launches planned [5] - The market's reaction to risk warnings from companies has historically been mixed, with stocks continuing to rise despite such announcements, indicating a potential disconnect between market behavior and fundamental signals [5] - The current investment climate suggests avoiding overheated sectors until market sentiment stabilizes, prompting a reevaluation of investment strategies [5]

Market Performance - A-shares experienced a significant rebound today, showcasing a deep "V" pattern with technology stocks leading the recovery [2] - The Shanghai Composite Index rose by 1.14%, the Shenzhen Component increased by 2.25%, and the ChiNext Index surged by 3.82% [2] - The total market turnover exceeded 30 trillion yuan, marking the fourth instance in A-share history to surpass this threshold [2] Key Stock Movements - Cambrian Technology surpassed Kweichow Moutai to become the new "king" of A-shares, with its stock price rising over 15% to close at 1587.91 yuan per share, exceeding Kweichow Moutai's closing price of 1446.1 yuan [4] - The PCB (Printed Circuit Board) sector saw significant gains, with leading stock Shenghong Technology rising over 19% and achieving a historical high, with a trading volume exceeding 23 billion yuan [2] Technology Sector Insights - The technology sector collectively surged, with the Sci-Tech Innovation 50 Index increasing by 7%, reaching a three-year high [4] - Key areas driving this growth included copper cable high-speed connections, CPO (Co-Packaged Optics), lithography machines, and semiconductors [4] - The State Council's recent policy on "Artificial Intelligence+" is expected to positively impact AI application development and enhance foundational support such as computing power and data [4] Central Huijin's Investment Strategy - Central Huijin has increased its holdings in various ETFs, particularly in the liquor and chemical sectors, as disclosed in the latest public fund mid-term report for 2025 [6] - In the second quarter, Central Huijin significantly purchased approximately 150 billion yuan worth of broad-based ETFs, becoming a stabilizing force in the market [7] - The report indicates that Central Huijin has also increased its stake in the Penghua Liquor ETF, holding 581 million shares as of the end of the second quarter [9]