一、ETF行业快讯 1.三大指数震荡下挫，多只石油石化板块ETF上涨 3、行业、主题ETF合计规模破万亿元，年内增长超77% 据每日经济新闻，Wind（万得）数据显示，截至9月30日，全市场共有483只主题指数ETF和84只行业指 数ETF，最新规模分别为7747.85亿元和2876.27亿元，合计规模突破1万亿元。而年初，422只主题指数 ETF规模仅为4103.95亿元，76只行业指数ETF规模为1892.42亿元，二者合计规模为5996.37亿元。也就 是说，今年前三季度这两类ETF规模合计新增4627.74亿元，年内增长超77%。对比之下，今年前三季 度，宽基ETF以近2.2万亿元的基数仅新增3300亿元规模；同期行业、主题ETF从不到6000亿元规模一举 突破1万亿元。 基金份额的变动更能说明问题。据Wind数据统计，行业指数ETF今年前三季度份额新增847.08亿份至 3065.38亿份，主题指数ETF新增2050.32亿份至7280.6亿份，两者合计新增2897.4亿份；作为对比，宽基 ETF同期份额合计减少2241.5亿份。 如何看待行业、主题ETF与宽基ETF的"份额分化"？有分析认为，当前 ...

本报记者 彭衍菘 指数型基金方面，已定档10月份发行的产品数量超30只，覆盖宽基、成长、红利等多重风格：上证180、中证500等宽基指 数产品为投资者提供核心资产配置工具；中证A500红利低波动、中证红利等指数产品聚焦红利策略；创业板人工智能指数等则 精准卡位科技细分赛道。 从债券型基金来看，定档月内发行的9只债券型基金中，7只为混合债券型二级基金，1只为混合债券型一级基金，1只为债 券型FOF（基金中的基金），纯债基金"缺席"。 晨星（中国）基金研究中心分析师崔悦在接受《证券日报》记者采访时表示，ETF（交易型开放式指数基金）新发数量仍 较多，反映出公募基金行业致力于推出更多低成本、高透明度的资产配置工具。对于基金公司而言，布局多元化的ETF有助于 其构建产品护城河，积累管理规模。近期港股通和科技类ETF的密集出现，体现了基金公司对于当前市场的研判与布局。一方 面，投资者对于通过投资港股分散单一市场风险有着一定需求；另一方面，科技领域受到政策大力支持，基金公司希望通过布 局相关赛道来吸引资金。 从行业维度看，10月份新基金发行高潮的出现，体现出A股市场回暖与公募基金行业转型的鲜明趋势。今年前三季度，伴 随A ...

其次，避免频繁交易。尽管ETF交易便捷，但过度操作可能增加成本并影响长期收益。建议以资产配置 为核心，将ETF作为组合中的工具之一，实现多元化布局。 最后，持续学习和关注市场动态至关重要。了解ETF的跟踪误差、流动性、规模等指标，有助于做出更 理性的投资决策。 总之，ETF是一种高效、透明的投资工具，适合不同层次的投资者。理性认识其特点，科学运用，方能 在投资路上走得更稳更远。 ETF，全称为交易型开放式指数基金，是一种在证券交易所上市交易的基金产品。它结合了封闭式基金 和开放式基金的特点，既可以在二级市场像股票一样买卖，也可以通过一篮子证券进行申购赎回。大多 数ETF跟踪特定的指数，如宽基指数、行业指数或主题指数，因此具有较强的透明度和分散化特征。 与主动管理型基金相比，ETF通常管理费率较低，运作更透明，且交易灵活。投资者既能通过长期持有 获取指数增长带来的收益，也可在交易时段内实时买卖，把握短期市场机会。此外，由于ETF投资一篮 子证券，能够有效降低单一资产波动带来的风险，适合希望分散配置的投资者。 如何看待ETF投资？首先，应明确自身投资目标和风险承受能力。ETF虽具分散优势，但不同种类的 ETF风险 ...

Market Performance - The Nasdaq has led major averages with an increase of over 10% since the beginning of July, while the S&P is up more than 7% and the Dow is up 5% [1] - The market is experiencing a strong performance, with a notable strength in gold attributed to a weak dollar and overall weak currencies [2][3] Economic Indicators - The dollar has been one of the weakest currencies since 1973, contributing to the rise in gold prices [3] - Economic data over the last month has been coming in above expectations, indicating a better-than-average economic outlook [7] Sector Performance - Technology, driven by AI advancements, is leading sector performance, followed by cyclicals, while defensives are underperforming [7] - The performance of semiconductors is seen as a good economic barometer, showing relative strength after bottoming in April [8] Labor Market Insights - The labor market is showing signs of slowing, but recent job reports have been better than expected, indicating resilience [9][10] - Jobless claims trends have been encouraging, suggesting that the economy is not facing a catastrophic event despite signs of slowing [10] Market Dynamics - The current market dynamics show a combination of better economic outlook and strength in cyclicals, which is encouraging for future performance [7] - There is a noted disparity in market breadth, with significant updates occurring alongside negative breadth, which is unusual [11]

Core Insights - The article discusses the shift in Chinese residents' savings behavior in response to declining interest rates, highlighting a trend of moving funds from traditional bank deposits to non-bank financial products [1][12][14] Group 1: Interest Rate Changes - Recent data from the People's Bank of China shows that resident deposits have fallen below seasonal growth for the first time this year, while deposits in non-bank financial institutions have reached a record high [1][12] - Major state-owned banks have collectively lowered deposit rates, with the five-year fixed deposit rate now at only 1.3%, significantly lower than previous rates [2][3] Group 2: Generational Perspectives on Savings - Different generations exhibit varied responses to the low-interest environment: the cautious approach of the "50s," the hesitance of the "70s," the balanced view of the "80s," and the experimental attitude of the "00s" [1][5] - Older generations, like "50s" retirees, prefer traditional savings, while younger generations are more inclined to explore diverse investment options [5][11] Group 3: Investment Strategies - Many individuals are adopting a dual strategy: maintaining some funds in traditional deposits while seeking higher returns through stocks, funds, and insurance products [7][11] - "Fixed income plus" products are gaining popularity, offering a blend of fixed income and equity assets to balance risk and return [7][8] Group 4: Market Trends - The trend of "deposit migration" is evident, with a significant increase in A-share trading volumes and new stock account openings, indicating a shift towards more active capital market participation [12][14] - Historical patterns suggest that deposit migration is influenced by interest rate environments and capital market performance, with lower rates prompting a search for higher-yielding assets [13][14]

随着公募基金市场尤其是ETF(交易型开放式指数基金)的不断发展壮大，流动性服务成为基金精细化运 营的核心环节。9月份以来，全市场十余家公募机构发布公告称，为旗下共40余只产品新增流动性服务 商，其中包括多只ETF。 晨星(中国)基金研究中心分析师崔悦向《证券日报》记者表示，更多流动性服务商通过提供双边报价与 持续交易，能够进一步有效缩小ETF的二级市场买卖价差。对于投资者来说，不仅有助于降低即时交易 成本，还能让交易过程更顺畅。尤其在市场波动比较大的情况下，充足的流动性服务商可有效应对因二 级市场流动性不足引发的交易困难或交易价格大幅偏离ETF净值的风险。 长期来看，流动性提升与投资者参与形成正向循环。崔悦分析，流动性服务商通过持续报价能够平抑 ETF二级市场交易价格的异常波动，而流动性服务商数量的增加有助于进一步强化这一效果。此外，更 优的流动性安排还有助于ETF吸引更多投资者参与，进而形成"流动性提升—投资者基础扩大—流动性 进一步提升"的良性循环。 严格筛选流动性服务商 业内人士分析认为，这一措施可以引入更多专业机构提供流动性服务，缩小产品的交易价差、稳定基金 价格、缓释净值偏离风险，为投资者构建更高效 ...

Core Insights - The ETF market in China has shown robust growth in August, with significant increases in both management scale and trading activity [1][2] - Leading brokerage firms maintain a strong competitive position in the ETF business, leveraging their established client bases and service capabilities [1][2] - Smaller brokerages are actively seeking differentiation strategies to capture market share in specific ETF segments [1][3] Market Overview - As of the end of August, the Shanghai Stock Exchange had 909 fund products with a total asset management scale of 38,024.87 billion yuan, including 736 ETFs with a total market value of 37,161.16 billion yuan, reflecting a month-on-month growth of 10.86% [1] - The Shenzhen Stock Exchange had 817 fund products with a total asset management scale of 14,522.2 billion yuan, including 531 ETFs with a total market value of 14,143.59 billion yuan, showing a month-on-month growth of 14.22% [1] Brokerage Performance - In terms of ETF trading volume, leading brokerages such as Huatai Securities, CITIC Securities, and Guotai Junan maintained their top positions with market shares of 10.91%, 10.25%, and 6.77% respectively [2] - China Galaxy topped the ETF holding scale with a market share of 23.33%, followed by Shenwan Hongyuan at 17.2% and CITIC Securities at 6.81% [2] Competitive Landscape - Smaller brokerages are focusing on specific niches and utilizing internet channels to enhance their competitiveness in the ETF market [3] - In the Shanghai market, Huabao Securities' Shanghai Dongda Ming Road branch led with a trading volume share of 5.11% in August, while other notable branches included CITIC Securities and Dongfang Securities [3] Market Support - The active development of the ETF market is supported by market makers, with 21 primary market makers and 12 general market makers providing liquidity for 785 fund products on the Shanghai Stock Exchange [4] - The chief economist of Samoyed Cloud Technology Group suggested that leading brokerages should enhance their market-making efficiency, while smaller firms could adopt differentiated strategies to focus on specific ETF segments [4]

Core Viewpoint - The recent bull market in Chinese assets, particularly A-shares and Hong Kong stocks, has been significantly driven by the AI industry and is expected to establish a new market pattern, with various investment opportunities emerging despite potential external disturbances [1][2]. Market Characteristics - The current bull market is characterized by more precise and effective policy support, including innovative monetary policy tools introduced by the central bank, which aim to stabilize the capital market and encourage long-term funds to enter the market [2][3]. - Institutional funds dominate the current market, with a notable influx of long-term capital from insurance and pension funds, leading to a shift from speculative trading to profit-driven investment [3][4]. - The total market capitalization of A-shares has increased by 47% from September 2024 to August 2025, indicating potential for further growth [3]. Investment Opportunities - Emerging technologies such as AI, robotics, and innovative pharmaceuticals are expected to remain the main investment themes, supported by favorable industrial policies [4][5]. - Other sectors benefiting from anti-involution policies, such as photovoltaics, non-ferrous metals, and construction materials, are also seen as having significant investment potential [4][5]. - "Hard assets" and sectors with competitive advantages in manufacturing and exports, including gold, resources, and public utilities, are highlighted as areas of interest for future investments [5]. Market Response Strategies - Investors are advised to adopt a rational approach to market fluctuations, distinguishing between short-term disturbances and long-term trends, and to maintain a long-term investment perspective [6]. - Strategies include optimizing asset allocation, focusing on companies with stable performance, and maintaining a balanced portfolio to manage risks effectively [6]. - The market is expected to experience normal fluctuations during its upward trajectory, with the potential for new highs in the A-share market supported by favorable internal policies and industry growth [7][8].

Group 1: Market Overview - The recent market rally since the "9·24" event has led to significant increases in Chinese assets, including A-shares and Hong Kong stocks, indicating the onset of a new bull market [1][2] - This bull market is characterized by a more stable and sustainable wealth effect, with the stock market becoming a new reservoir for residents' assets, replacing real estate [3] Group 2: Differences from Previous Bull Markets - The current bull market is supported by more precise and effective policies, including structural monetary policy tools introduced by the central bank to support capital markets [2][3] - There is a notable shift in the funding structure, with institutional funds, particularly long-term funds like insurance and pension funds, playing a dominant role, leading to a transition from speculative trading to profit-driven investment [3] Group 3: Investment Opportunities - Emerging technologies, particularly in AI, robotics, and innovative pharmaceuticals, are expected to remain the main investment themes, supported by favorable industrial policies [4][5] - Other sectors such as photovoltaic, non-ferrous metals, and construction materials are also seen as potential opportunities due to the positive impact of anti-involution policies [4][5] Group 4: Market Dynamics and Future Outlook - The total market capitalization of A-shares has increased by 47% from September 2024 to August 2025, indicating potential for further growth [3] - The market is expected to experience fluctuations, but the overall trend remains upward, with expectations for the index to reach new highs within the year due to supportive internal policies and improving overseas liquidity [8]

Group 1: Market Overview - Since the initiation of the "9·24" market rally, A-share market has experienced a continuous surge in new account openings, with estimates suggesting that the total number of new accounts will exceed 30 million by September 2025 [1][2] - The new account openings have shown a fluctuating upward trend, with a peak of 306.55 thousand accounts in March 2025, followed by a steady recovery in the subsequent months [2][3] - Personal investors are the primary contributors to this surge, while institutional account openings have also seen a notable increase, particularly from private equity funds [2][3] Group 2: Changes in Investment Behavior - The influx of personal investors is driven by a shift from traditional investment channels to ETFs, which have become a preferred choice due to their advantages [4][5] - The total market size of ETFs has increased significantly, reaching approximately 5.31 trillion yuan, marking an 85% growth since the "9·24" rally began [5][6] - Factors contributing to the popularity of ETFs include product diversity, ease of access through mobile platforms, lower fees compared to active funds, and reduced decision-making costs for investors [5][6] Group 3: Brokerage Firms' Competitive Advantage - Leading brokerage firms have capitalized on the surge in new account openings, with several firms reporting significant increases in both client numbers and asset sizes [7][8] - Major brokerages like Guotai Junan and CITIC Securities have seen their client bases exceed 20 million, benefiting from a robust multi-channel customer acquisition strategy [7][8] - The competitive edge of these firms lies in their comprehensive financial services and the ability to attract and retain clients through both online and offline channels [8]