In the first trading week of 2026, major A-share indices surged strongly, with the CSI 300 Index rising 2.79% for the week and the CSI A500 Index jumping 4.24%; the ChiNext Index gained 3.89%, while the STAR 50 Index soared 9.8%. The Hong Kong market experienced volatility, adjusting after a strong start on January 2nd, with the Hang Seng Index down 0.41% and the Hang Seng Tech Index falling 0.86% for the week.
Against the backdrop of a broad-based rally in A-shares, the ETF market witnessed an intense "relocation of funds." On one hand, equity ETFs surged impressively, with their total assets swelling by over 170 billion yuan in a single week, breaking through the 4 trillion yuan milestone. On the other hand, bond ETFs saw their consecutive growth streak end, shrinking by nearly 56 billion yuan for the week, showcasing a significant "seesaw effect" between stocks and bonds.
Amid the euphoria of the broad rally, a subtle shift occurred in fund flows: the CSI A500, which had been immensely popular at the end of 2025, saw its six-week inflow streak end, with its linked ETFs experiencing net outflows exceeding ten billion yuan. Meanwhile, traditional broad-based indices like the CSI 300 took up the "fund-raising baton," re-establishing their role as market stabilizers.
Among asset managers, ChinaAMC saw its ETF assets grow by over 42 billion yuan in the first week of the new year, reaching a total of 999.086 billion yuan, making a final charge towards the one trillion yuan milestone. E Fund Management followed closely, adding over 36 billion yuan this week, also pushing its ETF management scale past 900 billion yuan.
A-shares exploded upwards in the first week of the year, and the ETF market, after stabilizing above 6 trillion yuan, continued its leap towards new records, with total assets expanding to 6.19 trillion yuan.
Looking at asset changes, the total ETF market size surged by 160.345 billion yuan this week. Specifically, equity ETF assets skyrocketed by 172.999 billion yuan, pushing the total past 4 trillion yuan. Against this backdrop of strong inflows into equity ETFs, bond ETFs and money market ETFs shrank by 55.921 billion yuan and 11.185 billion yuan respectively, highlighting the seesaw effect. Furthermore, cross-border ETFs added 40.601 billion yuan this week, bringing their latest size to 978.9 billion yuan, approaching the one trillion yuan mark. Commodity ETF assets increased by 13.851 billion yuan.
Regarding the number of ETFs, Wind data shows that as of January 10, 2026, 11 new ETFs were listed this week, 8 of which were equity ETFs, with the remaining 3 being cross-border ETFs. This brings the total number of listed ETFs to 1,398.
In terms of underlying indices, as major stock indices rose collectively this week, the assets of their linked ETFs also expanded almost across the board. Within the top 20 list, only ETFs linked to two indices saw asset shrinkage: the CSI A500 and the ChiNext 50 Index.
Focusing first on the CSI A500, after its strong advance at the end of 2025, the six-week consecutive growth streak for assets in its linked ETFs came to an abrupt halt, with a slight decrease of 621 million yuan this week. The primary reason behind this was a shift to net outflows by investors. Following net inflows of nearly 100 billion yuan in December 2025, ETFs linked to this index experienced net redemption outflows exceeding 13 billion yuan this week, which outweighed the 12.5 billion yuan asset increase from net value appreciation, ultimately ending the consecutive growth record.
Additionally, assets in ETFs linked to the ChiNext 50 Index also shrank by 2.672 billion yuan this week, mainly due to net redemption outflows of over 3.8 billion yuan.
While the CSI A500 index paused its advance, ETFs linked to broad-based indices like the CSI 300 experienced a collective surge in assets. Among them, ETFs tracking the CSI 300 Index grew by 36.616 billion yuan this week, pushing the total scale beyond 1.2 trillion yuan. ETFs linked to the CSI 500, CSI 1000, and STAR 50 indices all saw asset increases exceeding 14 billion yuan.
Furthermore, ETFs linked to the SGE Gold 9999 Index and the Hang Seng Tech Index also grew by over 10 billion yuan this week. Having six different index-linked ETF categories each grow by more than 10 billion yuan in a single week is a historically rare occurrence. It is worth noting that, looking at the Hang Seng Tech and the Hong Kong Stock Connect Internet indices, while the indices themselves experienced volatile adjustments this week, their linked ETF assets grew against the trend, indicating clear signs of net fund inflows.
From the perspective of asset managers, leading institutions saw collective growth in their ETF assets under management this week. Within the top 20 ranking, only two institutions experienced a decrease in scale: Yinhua Fund and Haitong Fortis Haitong Fortis Fund. In terms of rankings, only the originally 14th-ranked Haitong Fortis Fund dropped one position, swapping places with Penghua Fund, while other rankings remained unchanged.
Regarding asset changes, the top institutions continued to lead the charge in the first week of the year, with the top four all registering weekly growth exceeding 20 billion yuan. Specifically, ChinaAMC's ETF AUM surged by 42.04 billion yuan, reaching a total of 999.086 billion yuan, now just a step away from the trillion-yuan mark. E Fund Management followed closely, adding 36.083 billion yuan this week, also pushing its ETF AUM past 900 billion yuan. China Southern Asset Management maintained its strong momentum from the end of 2025, with ETF assets growing by 28.848 billion yuan this week. Huatai-PineBridge Fund's ETF AUM also increased by 21.992 billion yuan.
Additionally, GF Fund and Guotai Asset Management saw their ETF assets grow by 16.633 billion yuan and 9.372 billion yuan respectively this week, placing them relatively ahead within the second-tier group.
Turning to the two institutions that saw asset shrinkage, they share a common characteristic: a significant portion of their ETF assets are in fixed-income products. Yinhua Fund's AUM decreased by 8.227 billion yuan this week, with two of its larger fixed-income ETFs collectively shrinking by over 12 billion yuan. Similarly, at Haitong Fortis Fund, the Short-term Bond ETF alone decreased by 8.389 billion yuan, leading to an overall ETF AUM shrinkage of over 8 billion yuan.
Regarding top individual products, changes in this week's TOP20 list were also primarily related to CSI A500 products. Firstly, the ChinaAMC A500 ETF Fund, which entered the TOP20 last week, fell out of the top 20 this week, with Harvest Fund's STAR Chip ETF taking its spot to re-enter the rankings. Secondly, while the Huatai-PineBridge A500 ETF saw slight asset growth this week, its ranking dropped by one position, being overtaken by ChinaAMC's Hang Seng Tech Index ETF. Furthermore, within the top ten, China Southern's CSI 1000 ETF strongly surpassed Fullgoal Fund's Hong Kong Stock Connect Internet ETF, moving up from 10th to 9th place.
In terms of weekly asset changes, leading products saw almost universal growth; within the TOP20, only the China Southern A500 ETF experienced a decrease, shrinking by 793 million yuan. However, China Southern's CSI 500 ETF picked up the baton for growth, adding 15.245 billion yuan in a single week, becoming this week's "champion of增量" (increment).
Additionally, the "behemoth" Huatai-PineBridge CSI 300 ETF also grew by over 15 billion yuan this week. Meanwhile, E Fund's CSI 300 ETF, China Southern's CSI 1000 ETF, and ChinaAMC's STAR 50 ETF also grew by over 7 billion yuan each, underscoring that broad-based indices remain the cornerstone of ETF asset growth.
Finally, it is worth mentioning that HUAAN Fund's Gold ETF grew by 3.305 billion yuan this week, reaching a latest size of 97.29 billion yuan. Given its growth trend in recent months, it is poised to potentially become the first commodity ETF to surpass 100 billion yuan in assets.
ETF with Assets Over 400 Billion Yuan Officially Renamed On the evening of January 7th, Huatai-PineBridge Fund announced that the expanded trading abbreviation for its CSI 300 ETF (510300) would be adjusted to "沪深300ETF华泰柏瑞" (CSI 300 ETF Huatai-PineBridge), effective January 9th. Public data shows that as of the end of 2025, the fund's size had already exceeded 420 billion yuan.
Over 10 Products Collectively Filed! Nonferrous Metals-Themed ETFs Become Focus for Fund Companies Wind data shows that since December 2025, up to January 9, 2026, several fund companies including Huatai-PineBridge Fund, ChinaAMC, Ping An Fund, Yongying Fund, Fullgoal Fund, Bosera Fund, Penghua Fund, and Tianhong Fund have filed applications for CSI Industrial Nonferrous Metals Themed ETFs. Additionally, GF Fund, HUAAN Fund, Taikang Fund, and Invesco Great Wall Fund have filed for CSI Nonferrous Metals Mining Themed ETFs, while E Fund Management has filed for a CSI Segmented Nonferrous Metals Industry Themed ETF. It is noteworthy that some products filed in December 2025 have already been approved rapidly.
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