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after breaking through 2 trillion yuan in december last year, it only took 9 months for the etf market to achieve another milestone, reaching the 3 trillion yuan mark.

wind data shows that as of september 30, the scale of etfs in the entire market reached 3.41 trillion yuan, an increase of 646 billion yuan from the beginning of september, exceeding the 3 trillion yuan mark. among them, stock etfs increased by about 600 billion yuan in september, contributing major scale increase.

especially with the recent sharp rise in the market, various funds are frantically rushing to raise funds through etfs. since september 24, in just five trading days, stock etfs have received a net inflow of 112.305 billion yuan. broad-based etfs represented by the csi 300 etf are highly favored by funds.

market-wide etfs exceeded 3 trillion yuan

wind data shows that as of september 30, the scale of etfs in the entire market reached 3.41 trillion yuan, an increase of 646 billion yuan from the beginning of september, an increase of 1.34 trillion yuan from the beginning of the year, and exceeded 3 trillion yuan.

specifically, stock etfs have contributed the main increase in scale. as of september 30, the scale of stock etfs has exceeded 2.65 trillion yuan, breaking through the 2.5 trillion yuan mark. in september, it increased by approximately 600 billion yuan. during the same period, cross-border etfs, bond etfs, and commodity etfs increased by 56.505 billion yuan, 6.61 billion yuan, and 3.288 billion yuan respectively, while currency etfs decreased by 36.039 billion yuan.

it is worth noting that as the china southern csi 500 etf hits a new high in scale, another member of the 100 billion etf camp has been added. as of now, there are already 6 billion-dollar etfs in the market, namely: huatai-berry csi 300 etf, with a scale of 397.547 billion yuan; e fund csi 300 etf, with a scale of 262.027 billion yuan; chinaamc csi 300 etf, with a scale of 167.074 billion yuan; chinaamc sse 50 etf, with a scale of 165.036 billion yuan; harvest csi 300 etf, with a scale of 149.329 billion yuan; southern china securities 500 etf, with a scale of 123.912 billion yuan.

the substantial expansion of etf scale this year is due to the increase in fund shares and fund net value.

on the one hand, the continuous accumulation of holdings by "national teams" such as central huijin is an important reason for the substantial expansion of etf scale this year. according to statistics from china securities journal, calculated based on the average transaction price and share of etf holdings, in the first half of this year, the "national team" led by central huijin accumulated more than 460 billion yuan in market capital, of which the amount of the four major csi 300 index etf holdings increased over 310 billion yuan.

on the other hand, the sharp rise in the market has also helped the scale of etfs reach a new level. since the announcement of a package of blockbuster policies on september 24, major indexes have rebounded rapidly. from september 24 to september 30, many etfs such as huaan gem 50 etf and southern gem etf rose by more than 50%. there were 253 shares in the entire market. only etf rose more than 30%.

hundreds of billions of funds rush to raise stock etfs

in the rapidly rising market, stock etfs are becoming an important channel for investors to get on board quickly.

especially since september 24, in just five trading days, stock etfs have received a net inflow of 112.305 billion yuan. among them, the net inflows of huatai-berry csi 300 etf, china southern csi 1000 etf, and china southern csi 500 etf were all 112.305 billion yuan. more than 10 billion yuan.

among the many stock etfs, the csi 300 etf received the most net subscriptions. huatai-berry csi 300 etf, e fund csi 300 etf, harvest csi 300 etf, and chinaamc csi 300 etf received 29.743 billion yuan and 9.942 billion yuan respectively. , 3.163 billion yuan, 1.684 billion yuan net inflow.

regarding why broad-based etfs represented by the csi 300 etf are the most popular, liu jun, director of the investment department of huatai-berry index, said that the current loosening of monetary policy sends a clear positive signal and helps to improve the market's overall risk appetite. the intersection of the two incremental policies, swap convenience operations and "repurchase and re-lending", further highlights the guidance of the new "nine national regulations" on the leading market style.

on the one hand, the securities, funds, and insurance asset swap facilities allow the csi 300 constituent stocks, stock etfs, etc. held by these institutions to be used as collateral to exchange for highly liquid assets such as treasury bonds from the central bank. willingness to hold assets;

on the other hand, for repurchase and refinancing, listed companies with higher dividend levels and better cash flow are expected to fully enjoy this policy, including future purchases by the stabilization fund, which may also be in this direction. for leading stocks in the market, the momentum for major incremental capital accumulation may increase, which in essence brings relatively clear incremental benefits to major index etfs and component stocks such as the csi 300.

in addition, liu jun said that even though the current overall profit cycle of a-shares is still at a relatively low stage in the conversion of old and new driving forces, the 2024 semi-annual report results disclosed by some listed companies have shown a relatively good recovery trend, especially for the shanghai and shenzhen 300 index. although the net profit of the entire index still showed negative growth year-on-year, looking at the second quarter alone, it has achieved positive growth, showing a trend of stabilization and improvement in performance. at the same time, the start of the fed's interest rate cut cycle is expected to attract foreign capital to accelerate its return to china's capital market and inject more vitality into the market. with the support of multiple positive factors, the csi 300 etf with benchmark attributes is expected to become an important channel for domestic and overseas long-term funds to deploy high-quality chinese assets.

incremental funding will affect market style

in recent years, etfs have ushered in rapid development. when the market is down, funds are borrowed from etfs to deploy at low levels. when the market is rising, funds are also borrowed from etfs to quickly get on the train. etfs are becoming investment tools by virtue of their fast and efficient characteristics, and they are also becoming market incremental funds. important market entry channel.

regarding the rapid expansion of the etf market, zhao xu, deputy general manager of the index and quantitative investment department of icbc credit suisse, said that in recent years, the development of etfs has shown an unprecedented acceleration. from the supply side, the continuously refined and enriched index system has provided investment opportunities. provide investors with more choices; from the demand side, the contrarian growth of etf scale has fully demonstrated its market recognition.

he believes that in recent years, with the further improvement of market effectiveness, excess returns in the market have shown the characteristics of systematic attenuation to a certain extent, and the average market return level represented by etfs has attracted more and more attention from investors, and investment the proportion of institutional investors among investor types has also increased significantly, and all types of investors have become more familiar with using etfs for investment and allocation.

su huaqing, fund manager of the quantitative investment department of wells fargo fund, believes that incremental funds such as passive funds and insurance funds may be the key factors that determine this year's market style, while changes in economic expectations are the key variables that determine the up and down direction of the market. combining the profit cycle of listed companies, market liquidity, valuation, favorable policies and other dimensions, we are more optimistic about the performance of large-cap stocks in the future. judging from historical data, since the differentiation between industries in the bottom area is small, it is more effective to adopt a broad-based index layout strategy.