Shanghai Stock Exchange and Shenzhen Stock Exchange release ETF industry development annual report every year. This year, the Office of the Chief Chinese Economist of the Hong Kong Stock Exchange also released an ETF industry research report. This article is based on three reports: "Shanghai Stock Exchange ETF Industry Development Report (2022)", "ETF Industry Development Annual Report (2021)", and "ETF Inclusion in the Shanghai-Shenzhen-Hong Kong Stock Connect - Significance and Opportunities", and summarizes the current status and market outlook of the ETF industry for investors.
01. Global Market: The scale of
ETF exceeded US$10 trillion for the first time
The global ETF market size has been growing steadily. The number of global ETFs increased from 2,503 in 2010 to 8,553 in 2021, with an average annual growth rate of 12%; the asset management scale increased from US$1.3 trillion in 2010 to US$10.0 trillion in 2021, with an average annual growth rate of . As of the end of 2021, the ETF market size of in the United States was the largest in the world. has a total of 2,628 ETFs, with an asset management scale of US$7.1 trillion, followed by Europe, with a total of 1,928 ETFs and an asset management scale of US$1.5 trillion.
From the establishment of the world's first ETF in 1993 to the first time in 2009, the scale of the ETF exceeded US$1 trillion for the first time, and the global ETF market experienced 17 years of growth; and to the second twelve trillion, the global ETF market only took 4 years to develop; since then, the scale of ETF showed an accelerated growth trend, with the scale exceeding US$6 trillion in 2019, and exceeded US$10 trillion for the first time in 2021.
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Significance and Opportunities")
In addition, benefiting from the overall growth of the global asset management industry, the proportion of ETF in the global asset management industry has increased from 4.1% in 2014 to 7.5% in 2020. The ETF product's penetration rate in the asset management industry is constantly increasing.
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities")
From the asset category of ETF investment, stock ETF still dominates, with a scale of more than US$8 trillion, and accounts for 79% of the global ETF asset scale. The scale of bond ETF grew rapidly, reaching US$1.83 trillion, firmly ranking second in scale, accounting for 18%; the scale of commodity ETF in 2021 was US$187.6 billion, accounting for 1.8%. shares and bond ETFs account for 97% of the total, making them the most important investment assets.
From the perspective of global exchanges, the three largest ETF assets in are New York Stock Exchange , Nasdaq Exchange and London Stock Exchange . All three of the top ten ETFs in global ETFs belong to the United States.
From the perspective of managers, the top three ETF managers in are all the United States asset management companies , Blackrock, Vanguard and StateStreet respectively. Among them, Blackrock manages as many as 984 ETF products, with a total scale of US$3.30 trillion in 2021, accounting for 32% of the global ETF scale. Vanguard's number of products is far less than Blackrock, with only 176 products, with a scale of about US$2.23 trillion, accounting for 21% of the global ETF scale. The ETFs of only these two managers in the world exceed US$ trillion. The scale effect of
ETF managers is very obvious. The top two managers manage more than half of the global ETF scale, and the scale growth rate exceeds that of other managers. Vanguard's management scale was US$1.61 trillion last year, but its management scale reached US$2.23 trillion in 2021, with a growth rate of nearly 40%. BlackRock's growth rate in 2021 was 22%. Vanguard dominated the ETF competition in 2021. According to ETF.COM data, Vanguard occupied 6 seats on the rankings for the top 10 ETF products with net inflows in 2021.
02. Domestic market: the number and scale of
ETFs both hit new highs, and cross-border ETFs performed well
As of the end of 2021, a total of 629 ETF products were listed and traded in the domestic market, with an asset scale of 1404.632 billion yuan. Among them, there are 602 non-monetary ETFs, with an asset scale of 1110.085 billion yuan, accounting for 79.03% of the total domestic ETF products. By product category, equity ETFs dominate, with 520 products and an asset scale of 947.239 billion yuan, accounting for 67.44% of the total domestic ETF scale.
Among them, according to Wind classification, broad-based index ETF products account for the highest proportion, accounting for nearly 50% of the total scale of equity products. broad-based, theme, industry, strategy and style index ETFs account for 49.63%, 29.64%, 19.29%, 1.41% and 0.03% of the total scale of equity products, respectively. The asset scale of currency, cross-border stocks, commodities and bond ETFs is decreasing in turn, with asset scales of RMB 2945.47, RMB 1099.85, RMB 28.896 and RMB 23.964 billion, respectively, accounting for 20.97%, 7.83%, 2.06% and 1.71% respectively.
points market point, the Shanghai Stock Exchange is significantly ahead of the Shenzhen Stock Exchange in terms of management scale and transaction volume. In 2021, the total management scale of ETFs in Shanghai reached 1.1 trillion yuan, and the management scale of ETFs in Shenzhen reached 266.9 billion yuan. In terms of trading volume, the total trading volume of ETFs in the Shanghai Stock Exchange exceeded 15 trillion yuan, while the Shenzhen Stock Exchange only exceeded 2.7 trillion yuan, but the trading volume of Shenzhen Stock Exchange stock ETFs accounted for a larger proportion.
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities")
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities")
From the perspective of managers, the scale of ETFs is concentrated in the leading fund companies with obvious trend, and the scale concentration is still increasing. As of the end of 2021, there are 53 fund companies in the domestic market that have ETF products. Among them, the total scale of non-monetary ETFs managed by the top 10 fund companies in scale was 892.09 billion yuan, accounting for 79.21% of the total scale of non-monetary ETFs, an increase of 1.14 percentage points from the previous year; the proportion of non-monetary ETFs in scale of the top 5 and top 3 fund companies in scale was 60.14% and 43.29% respectively. Huaxia Fund ranks first in the industry in terms of both non-monetary ETFs and stock ETFs, and is significantly ahead of the second place.
In 2021, the number of domestic ETF products increased by 275 compared with the previous year, with an asset scale increasing by 30.55%; the number of non-monetary ETF products increased by 275, with an asset scale increasing by 35.83%.
From the perspective of product categories, the scale of all types of products is showing an increasing trend, among which cross-border stock ETFs have the largest increase, reaching 212.33%, and incremental funds have flowed into Hong Kong stock theme ETFs. The cross-border products with the largest increase in scale of are E Fund China Internet ETF (513050.SH) and Huaxia Hang Seng Internet Technology ETF (513330.SH). The total asset scale of increased from 13.296 billion yuan at the beginning of 2021 to 51.48 billion yuan at the end of 2021, and the increase of is nearly 3 times. has continued to decline due to the market for leading Chinese Internet stocks represented by Tencent and Alibaba . The market continues to subscribe to this theme product, and the ETF share has repeatedly hit new highs.
2021 domestic newly issued equity ETFs mainly include broad-based and theme products. From the perspective of the new equity product category, the number of new products of Kuanba ETFs is 39, with an asset scale of 70.199 billion yuan, accounting for 45.83% of the total scale of new equity ETFs; the number of new products of theme ETFs is 174, with an asset scale of 66.313 billion yuan, accounting for 43.29% of the total scale of new equity ETFs.
points to market, in terms of the Shanghai Stock Exchange, as of the end of 2021, there were 19 ETFs in the Shanghai Stock Exchange with a total of 19 ETFs with a scale of more than 10 billion yuan, and accounts for more than 76%. Among them, the Shanghai Stock Exchange's ETFs with a scale of more than 10 billion include 8 broad-based ETFs, 8 industry-themed ETFs, 2 cross-border ETFs and 1 gold ETF , with a total scale of more than 480.6 billion yuan, accounting for about 34% of the total ETFs in the market. Huaxia Fund manages Shanghai Stock Exchange 50 ETF ranks first in the Shanghai Stock Exchange, and fund scale is close to 70 billion yuan.
In terms of Shenzhen Stock Exchange, as of the end of 2021, a total of 37 fund companies have issued ETF products in Shenzhen Stock Exchange. Among them, the total scale of non-monetary ETFs managed by the top 10 fund companies in the Shenzhen Stock Exchange is 224.028 billion yuan, accounting for 85.05% of the total scale of non-monetary ETFs in the Shenzhen Stock Exchange. Huaxia Fund is still the leader in the Shenzhen Stock Exchange, with the scale of non-monetary ETFs reaching 57.2 billion yuan, accounting for more than one-quarter of the scale of non-monetary ETFs in the Shenzhen Stock Exchange.
03. Investor structure analysis:
has a large number of individual investors, and institutional investors hold larger
Shenzhen Stock Exchange analyzed the overall structure of ETF investors in the "Annual Report on the Development of ETF Industry (2021)". The report pointed out that institutional investors are still the main holders of domestic ETF products, but the number of individual investor accounts accounts accounted for 99.65% of the total number of ETF accounts.
From the perspective of investor holding scale, as of the end of June 2021, individual investors held 435.962 billion yuan of domestic ETF products, accounting for 34.01% of the total scale; institutional investors (including ETF link fund ) held 845.805 billion yuan, accounting for 65.99%, and are the holding entities in the domestic ETF market.
Individual investors hold a total of 391.884 billion yuan in domestic non-monetary ETFs, accounting for 39.70% of the total non-monetary ETFs; institutional investors hold a total of 595.336 billion yuan, accounting for 60.30% of the total non-monetary ETFs.
From the perspective of product categories, the proportion of individual investors holdings of cross-border stocks, domestic stocks, commodities, currency and bond ETFs decreased in turn, at 51.58%, 40.11%, 16.89%, 14.96% and 7.24% respectively.
In terms of the number of investor accounts, as of the end of 2021, the number of accounts held by in the domestic market was 7.5299 million, an increase of 25.50% over the previous year. Among them, the number of individual investor accounts is 7.5033 million, accounting for 99.65% of the total account; the number of institutional investor accounts is 26,600, accounting for 0.35% of the total account.
In addition, the Shanghai Stock Exchange conducted a separate analysis of the structure of ETF investors in the Shanghai Stock Exchange ETF Industry Development Report (2022). In terms of holding scale of
, as of the end of 2021, the total market value of individual investors holding Shanghai Stock Exchange ETFs was 356.348 billion yuan, and the total market value of institutional investors holding Shanghai Stock Exchange ETFs was 782.577 billion yuan. individual investors hold Shanghai Stock Exchange ETFs with a market value of 31.29%, while institutional investors hold Shanghai Stock Exchange ETFs with a market value of 68.71%.
In terms of the number of investors, as of the end of 2021, the number of individual investors in Shanghai ETFs accounted for 99.58%, and the number of institutional investors accounted for 0.42%, and remained the same as the same period in 2020.
From the perspective of the target asset category, bond ETFs and equity ETFs account for a higher proportion of institutional investors, while cross-border ETFs account for a higher proportion of individual investors. Specifically, the scale and share of institutions of broad-based ETFs, theme ETFs, industry ETFs, currency ETFs, commodity ETFs, and bond ETFs account for a higher proportion of institutional holdings, among which the scale and share of institutions account for the highest proportion of institutions, all exceeding 90%; the scale and share of individual holdings of strategic ETFs and cross-border ETFs account for a higher proportion of individual holdings.
Statistics also show that private equity fund , general institutions, public equity fund is in the top position in the ETF's average daily holdings scale ranking, and 's average daily holdings in 2021 were 157.6 billion yuan, 150.9 billion yuan and 140.7 billion yuan respectively.
report believes that the higher the proportion of institutional investors, the larger the product scale. When the market value of the product is higher than 8 billion yuan, institutional investors are more willing to hold it, accounting for more than 70%.
In addition, the trading activity of institutional investors is slightly higher than that of individual investors, among which private equity funds, securities companies proprietary operations, and securities companies hedging transactions are the most active. In 2021, the transaction amount of individual investors in Shanghai's individual investors was 7.25 trillion yuan, accounting for 47.49%, and the transaction amount of institutional investors was 8.01 trillion yuan, accounting for 52.51%.
04. Conclusion
Hong Kong Stock Exchange pointed out in "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities" that the main factors that ETFs are sought after include the relatively low investment costs of , the opportunity to achieve diversification, product liquidity, transparency and potential tax incentives. ETF can provide global investors with diversified investment options, including stocks, bonds, commodity , etc.
Relying on the above characteristics, ETF products are becoming increasingly popular among global investors, including institutional investors and individual investors. Compared with developed markets such as Europe and the United States, China's asset management industry is in a booming upward channel, and ETF products will play an increasingly important role in it. expects China's asset management industry to usher in great development, and also expects ETF products to play a greater role in it. This is a blessing for ordinary investors, no matter what.
Shanghai Stock Exchange and Shenzhen Stock Exchange release ETF industry development annual report every year. This year, the Office of the Chief Chinese Economist of the Hong Kong Stock Exchange also released an ETF industry research report. This article is based on three reports: "Shanghai Stock Exchange ETF Industry Development Report (2022)", "ETF Industry Development Annual Report (2021)", and "ETF Inclusion in the Shanghai-Shenzhen-Hong Kong Stock Connect - Significance and Opportunities", and summarizes the current status and market outlook of the ETF industry for investors.
01. Global Market: The scale of
ETF exceeded US$10 trillion for the first time
The global ETF market size has been growing steadily. The number of global ETFs increased from 2,503 in 2010 to 8,553 in 2021, with an average annual growth rate of 12%; the asset management scale increased from US$1.3 trillion in 2010 to US$10.0 trillion in 2021, with an average annual growth rate of . As of the end of 2021, the ETF market size of in the United States was the largest in the world. has a total of 2,628 ETFs, with an asset management scale of US$7.1 trillion, followed by Europe, with a total of 1,928 ETFs and an asset management scale of US$1.5 trillion.
From the establishment of the world's first ETF in 1993 to the first time in 2009, the scale of the ETF exceeded US$1 trillion for the first time, and the global ETF market experienced 17 years of growth; and to the second twelve trillion, the global ETF market only took 4 years to develop; since then, the scale of ETF showed an accelerated growth trend, with the scale exceeding US$6 trillion in 2019, and exceeded US$10 trillion for the first time in 2021.
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Significance and Opportunities")
In addition, benefiting from the overall growth of the global asset management industry, the proportion of ETF in the global asset management industry has increased from 4.1% in 2014 to 7.5% in 2020. The ETF product's penetration rate in the asset management industry is constantly increasing.
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities")
From the asset category of ETF investment, stock ETF still dominates, with a scale of more than US$8 trillion, and accounts for 79% of the global ETF asset scale. The scale of bond ETF grew rapidly, reaching US$1.83 trillion, firmly ranking second in scale, accounting for 18%; the scale of commodity ETF in 2021 was US$187.6 billion, accounting for 1.8%. shares and bond ETFs account for 97% of the total, making them the most important investment assets.
From the perspective of global exchanges, the three largest ETF assets in are New York Stock Exchange , Nasdaq Exchange and London Stock Exchange . All three of the top ten ETFs in global ETFs belong to the United States.
From the perspective of managers, the top three ETF managers in are all the United States asset management companies , Blackrock, Vanguard and StateStreet respectively. Among them, Blackrock manages as many as 984 ETF products, with a total scale of US$3.30 trillion in 2021, accounting for 32% of the global ETF scale. Vanguard's number of products is far less than Blackrock, with only 176 products, with a scale of about US$2.23 trillion, accounting for 21% of the global ETF scale. The ETFs of only these two managers in the world exceed US$ trillion. The scale effect of
ETF managers is very obvious. The top two managers manage more than half of the global ETF scale, and the scale growth rate exceeds that of other managers. Vanguard's management scale was US$1.61 trillion last year, but its management scale reached US$2.23 trillion in 2021, with a growth rate of nearly 40%. BlackRock's growth rate in 2021 was 22%. Vanguard dominated the ETF competition in 2021. According to ETF.COM data, Vanguard occupied 6 seats on the rankings for the top 10 ETF products with net inflows in 2021.
02. Domestic market: the number and scale of
ETFs both hit new highs, and cross-border ETFs performed well
As of the end of 2021, a total of 629 ETF products were listed and traded in the domestic market, with an asset scale of 1404.632 billion yuan. Among them, there are 602 non-monetary ETFs, with an asset scale of 1110.085 billion yuan, accounting for 79.03% of the total domestic ETF products. By product category, equity ETFs dominate, with 520 products and an asset scale of 947.239 billion yuan, accounting for 67.44% of the total domestic ETF scale.
Among them, according to Wind classification, broad-based index ETF products account for the highest proportion, accounting for nearly 50% of the total scale of equity products. broad-based, theme, industry, strategy and style index ETFs account for 49.63%, 29.64%, 19.29%, 1.41% and 0.03% of the total scale of equity products, respectively. The asset scale of currency, cross-border stocks, commodities and bond ETFs is decreasing in turn, with asset scales of RMB 2945.47, RMB 1099.85, RMB 28.896 and RMB 23.964 billion, respectively, accounting for 20.97%, 7.83%, 2.06% and 1.71% respectively.
points market point, the Shanghai Stock Exchange is significantly ahead of the Shenzhen Stock Exchange in terms of management scale and transaction volume. In 2021, the total management scale of ETFs in Shanghai reached 1.1 trillion yuan, and the management scale of ETFs in Shenzhen reached 266.9 billion yuan. In terms of trading volume, the total trading volume of ETFs in the Shanghai Stock Exchange exceeded 15 trillion yuan, while the Shenzhen Stock Exchange only exceeded 2.7 trillion yuan, but the trading volume of Shenzhen Stock Exchange stock ETFs accounted for a larger proportion.
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities")
(Source: "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities")
From the perspective of managers, the scale of ETFs is concentrated in the leading fund companies with obvious trend, and the scale concentration is still increasing. As of the end of 2021, there are 53 fund companies in the domestic market that have ETF products. Among them, the total scale of non-monetary ETFs managed by the top 10 fund companies in scale was 892.09 billion yuan, accounting for 79.21% of the total scale of non-monetary ETFs, an increase of 1.14 percentage points from the previous year; the proportion of non-monetary ETFs in scale of the top 5 and top 3 fund companies in scale was 60.14% and 43.29% respectively. Huaxia Fund ranks first in the industry in terms of both non-monetary ETFs and stock ETFs, and is significantly ahead of the second place.
In 2021, the number of domestic ETF products increased by 275 compared with the previous year, with an asset scale increasing by 30.55%; the number of non-monetary ETF products increased by 275, with an asset scale increasing by 35.83%.
From the perspective of product categories, the scale of all types of products is showing an increasing trend, among which cross-border stock ETFs have the largest increase, reaching 212.33%, and incremental funds have flowed into Hong Kong stock theme ETFs. The cross-border products with the largest increase in scale of are E Fund China Internet ETF (513050.SH) and Huaxia Hang Seng Internet Technology ETF (513330.SH). The total asset scale of increased from 13.296 billion yuan at the beginning of 2021 to 51.48 billion yuan at the end of 2021, and the increase of is nearly 3 times. has continued to decline due to the market for leading Chinese Internet stocks represented by Tencent and Alibaba . The market continues to subscribe to this theme product, and the ETF share has repeatedly hit new highs.
2021 domestic newly issued equity ETFs mainly include broad-based and theme products. From the perspective of the new equity product category, the number of new products of Kuanba ETFs is 39, with an asset scale of 70.199 billion yuan, accounting for 45.83% of the total scale of new equity ETFs; the number of new products of theme ETFs is 174, with an asset scale of 66.313 billion yuan, accounting for 43.29% of the total scale of new equity ETFs.
points to market, in terms of the Shanghai Stock Exchange, as of the end of 2021, there were 19 ETFs in the Shanghai Stock Exchange with a total of 19 ETFs with a scale of more than 10 billion yuan, and accounts for more than 76%. Among them, the Shanghai Stock Exchange's ETFs with a scale of more than 10 billion include 8 broad-based ETFs, 8 industry-themed ETFs, 2 cross-border ETFs and 1 gold ETF , with a total scale of more than 480.6 billion yuan, accounting for about 34% of the total ETFs in the market. Huaxia Fund manages Shanghai Stock Exchange 50 ETF ranks first in the Shanghai Stock Exchange, and fund scale is close to 70 billion yuan.
In terms of Shenzhen Stock Exchange, as of the end of 2021, a total of 37 fund companies have issued ETF products in Shenzhen Stock Exchange. Among them, the total scale of non-monetary ETFs managed by the top 10 fund companies in the Shenzhen Stock Exchange is 224.028 billion yuan, accounting for 85.05% of the total scale of non-monetary ETFs in the Shenzhen Stock Exchange. Huaxia Fund is still the leader in the Shenzhen Stock Exchange, with the scale of non-monetary ETFs reaching 57.2 billion yuan, accounting for more than one-quarter of the scale of non-monetary ETFs in the Shenzhen Stock Exchange.
03. Investor structure analysis:
has a large number of individual investors, and institutional investors hold larger
Shenzhen Stock Exchange analyzed the overall structure of ETF investors in the "Annual Report on the Development of ETF Industry (2021)". The report pointed out that institutional investors are still the main holders of domestic ETF products, but the number of individual investor accounts accounts accounted for 99.65% of the total number of ETF accounts.
From the perspective of investor holding scale, as of the end of June 2021, individual investors held 435.962 billion yuan of domestic ETF products, accounting for 34.01% of the total scale; institutional investors (including ETF link fund ) held 845.805 billion yuan, accounting for 65.99%, and are the holding entities in the domestic ETF market.
Individual investors hold a total of 391.884 billion yuan in domestic non-monetary ETFs, accounting for 39.70% of the total non-monetary ETFs; institutional investors hold a total of 595.336 billion yuan, accounting for 60.30% of the total non-monetary ETFs.
From the perspective of product categories, the proportion of individual investors holdings of cross-border stocks, domestic stocks, commodities, currency and bond ETFs decreased in turn, at 51.58%, 40.11%, 16.89%, 14.96% and 7.24% respectively.
In terms of the number of investor accounts, as of the end of 2021, the number of accounts held by in the domestic market was 7.5299 million, an increase of 25.50% over the previous year. Among them, the number of individual investor accounts is 7.5033 million, accounting for 99.65% of the total account; the number of institutional investor accounts is 26,600, accounting for 0.35% of the total account.
In addition, the Shanghai Stock Exchange conducted a separate analysis of the structure of ETF investors in the Shanghai Stock Exchange ETF Industry Development Report (2022). In terms of holding scale of
, as of the end of 2021, the total market value of individual investors holding Shanghai Stock Exchange ETFs was 356.348 billion yuan, and the total market value of institutional investors holding Shanghai Stock Exchange ETFs was 782.577 billion yuan. individual investors hold Shanghai Stock Exchange ETFs with a market value of 31.29%, while institutional investors hold Shanghai Stock Exchange ETFs with a market value of 68.71%.
In terms of the number of investors, as of the end of 2021, the number of individual investors in Shanghai ETFs accounted for 99.58%, and the number of institutional investors accounted for 0.42%, and remained the same as the same period in 2020.
From the perspective of the target asset category, bond ETFs and equity ETFs account for a higher proportion of institutional investors, while cross-border ETFs account for a higher proportion of individual investors. Specifically, the scale and share of institutions of broad-based ETFs, theme ETFs, industry ETFs, currency ETFs, commodity ETFs, and bond ETFs account for a higher proportion of institutional holdings, among which the scale and share of institutions account for the highest proportion of institutions, all exceeding 90%; the scale and share of individual holdings of strategic ETFs and cross-border ETFs account for a higher proportion of individual holdings.
Statistics also show that private equity fund , general institutions, public equity fund is in the top position in the ETF's average daily holdings scale ranking, and 's average daily holdings in 2021 were 157.6 billion yuan, 150.9 billion yuan and 140.7 billion yuan respectively.
report believes that the higher the proportion of institutional investors, the larger the product scale. When the market value of the product is higher than 8 billion yuan, institutional investors are more willing to hold it, accounting for more than 70%.
In addition, the trading activity of institutional investors is slightly higher than that of individual investors, among which private equity funds, securities companies proprietary operations, and securities companies hedging transactions are the most active. In 2021, the transaction amount of individual investors in Shanghai's individual investors was 7.25 trillion yuan, accounting for 47.49%, and the transaction amount of institutional investors was 8.01 trillion yuan, accounting for 52.51%.
04. Conclusion
Hong Kong Stock Exchange pointed out in "ETFs are included in the Shanghai-Shenzhen-Hong Kong Stock Connect - Meaning and Opportunities" that the main factors that ETFs are sought after include the relatively low investment costs of , the opportunity to achieve diversification, product liquidity, transparency and potential tax incentives. ETF can provide global investors with diversified investment options, including stocks, bonds, commodity , etc.
Relying on the above characteristics, ETF products are becoming increasingly popular among global investors, including institutional investors and individual investors. Compared with developed markets such as Europe and the United States, China's asset management industry is in a booming upward channel, and ETF products will play an increasingly important role in it. expects China's asset management industry to usher in great development, and also expects ETF products to play a greater role in it. This is a blessing for ordinary investors, no matter what.
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Ye Zhan | Yi Zhiquan | Yu Bo | Yu Yang | Yu Shanhui | Yu Haocheng
Yu Peng | Yu Xiaobin | Yuan Yi | Yuan Hang | Yuan Xi | Yuan Duowu
More than Xiaobo | Yu Yafang | Yu Kemiao | Zhang Danhua | Zhang Dongyi | Zhang Kai
Zhang Feng Fuguo | Zhang Feng Rural Bank of China | Zhang Feng | Zhang Hanyi | Zhang Hui
Zhang Hui Hui
Zhang Hui
Zhang Hui | Zhang Jintao | Zhang Jun | Zhang Jianfeng | Zhang Ping | Zhang Fan
Zhang Yanpeng | Zhang Yingjun | Zhang Yichi | Zhang Hong | Zhang Yu
Zhang Yufan | Zhang Kun | Zhang Zhongwei | Zhang Xuwei | Zhang Jing | Zhang Liang
Chapter Heng | Zhang Hui | Zhang Xufeng | Zhang Xiuqi | Zhang Gewu | Zhan Cheng
Zhao Xiaodong | Zhao Qiang | Zhao Jian | Zeng Gang | Zheng Chengran | Zheng Huilian
Zheng Ke | Zheng Lei | Zheng Weishan | Zheng Wei | Zheng Zehong | Zheng Ri
Zhou Yingbo | Zhou Keping | Zhou Liang | Zhou Xuejun | Zhou Yun | Zhou Yang
Zhou Jun | Zhou Hanying | Zhu Ping | Zhu Yun | Zhu Xiaoliang | Zhong Yun
Zhu Yi | Zuo Jinbao | Zhao Bei | Zou Lihu | Zou Weina | Zou Wei
Zou Xi
