Trillion-dollar ETF manager appears, industry competition enters a new stage.

According to the China Securities Journal, on January 12, Huaxia Fund's ETF management scale exceeded 1 trillion yuan, becoming the first domestic ETF manager to reach the trillion-yuan level. Yifangda Fund followed closely with a ETF management scale of over 920 billion yuan, and is expected to join the trillion-yuan "club". Since 2025, the domestic ETF scale has successively exceeded the thresholds of 4 trillion yuan, 5 trillion yuan, and 6 trillion yuan, with the growth in scale driven by the market recovery leading to the increase in fund net asset value and a large amount of net inflows. In terms of competition, top ETF managers have leading products in many broad-based index and industry theme tracks, showing a clear first-mover advantage. At the same time, there is fierce competition in the supply of new tool products and ecosystem construction.