ETF配置系列分析报告：恰逢其时丰富的资产多元的配置

ETFETF0102032026131ETF5.311402ETF69.30%ETF7254.75QDII5572.95ETF

3468.910405062/

CONTENTS0102030405063

/本人有

169580个文档在互联网上公开展示，

每天几万个目光扫过，商业价值无可估量。本广告页虚席以待，有眼光人士可以和我联系宣传和推广，目前只放开四个位置，见下方有意联系wechat

:

lycqlc位置一：

每月5000元位置二：

每月3000元位置三：

每月2000元位置四：

每月1000元01ETF4

/1.1ETF

2004

-2011

2012

-2020

ETF

2012

ETFETFETFETFETF

2004

2004ETF2006ETF50ETF54.35

ETFETFETF201825%ETF29%44%2019

ETF

2009

ETF662.20ETFETF200%28

ETFETF202047%20102011ETF201825%10%ETF70%60%50%40%30%20%10%0%20122013201420152016规模占比20172018201920202021数量占比5数据：Wind，国泰证券研究1.1ETF2021-

2021ETF

ETF1232025456ETF2025ETF13755.852021-ETF2022-2024242019-2025ETF2019-2025ETF50%9%40%30%20%10%0%7%5%3%1%2019202020212022202320242025-10%-1%2019202020212022202320242025主动权益基金超额收益平均值主动权益基金超额收益中位数股票型ETF占权益基金的比例主动固收基金超额收益平均值主动固收基金超额收益中位数债券型ETF占固收基金的比例6数据：Wind，国泰证券研究注：此图中主动固收基金仅包括纯债债券型和准债债券型基金。数据

：Wind，国泰

证券研究1.1ETFETF数据：Wind，国泰证券研究71.2ETFETFETF

ETF5572.953468.9117

8653

202669.30%ETF

53ETF10.50%

6.54%131ETF

124636785.227254.75

7254.7513.67%36785.22

QDIIETF5572.953468.911246商品股票型债券型商品QDII股混型股票型债券型QDII股混型注：数据截至2026.01.31。数据：Wind，国泰证券研究

ETFETF

202613156ETFETF900080007000600050004000300020001000080%70%60%50%40%30%20%10%3.8873%

0%华夏易方达柏瑞

南方债券型嘉实商品广发国泰富国博时华安股票型QDII股混型累计规模占比（右）ETF注：数据截至。数据：Wind，国泰证券研究2026.01.3181.2ETF

ETFETFETFETF95.74%

77.27%66.82%

QDIIETFETF51.72%ETF%ETF1009080706050403020100100%80%60%40%20%0%股票型债券型商品个人持有份额QDII股混型股票型债券型商品QDII股混型机构持有份额注：数据截至2025.06.30。数据

：Wind，国泰注：数据截至2025.06.30。数据

：Wind，国泰证券研究证券研究91.3ETFET

FETF1800016000140001200010000800060004000200005004003002001000

ETF

ETFETFETFETF1.43宽基ETF行业ETF主题ETF策略ETFETF规模（亿元）数量（只；右）2026

1

31475ETFETF

391150ETFETFETF220ETF35000300002500020000150001000050000120010008006004002000160

ETF84.16%ETFETF1.67ETF0.330.25

ETF86.39%内地规模（亿元）香港沪港深12.20%

1.41%数量（只；右）注：数据截至2026.01.31。数据

：Wind，国泰证券研究101.3ETFET

F

宽基ETF：标的覆盖范围广泛ETF100009000800070006000500040003000200010000120100806040200

ETFETFETF11897462916830050500

1726ETF50ETFA500A5003003005005005050

ETFETF境内跨市场境内单市场香港市场沪港深市场规模（亿元）数量（只；右）注：数据截至2026.01.31。

A500

ETF40300500

ETF30数据：Wind，国泰证券研究ETFETFETF30000300.SH000510.SH000905.SH000688.SH399006.SZ300A500500506112.542772.511575.571538.13964.9040291917注：数据截至2026.01.31。11数据：Wind，国泰证券研究1.3ETFET

FETF

宽基ETF：标的覆盖范围广泛1201008060402006050403020100

ETF

2026131ETF104.3617300

20.6754ETF20212022202320242025500

26.40ETF75规模（亿元）数量（只；右）

ETFETF-100%80%60%40%20%0%29%

55%

45%60%-65%083.34%-20%-40%超额收益近一年月度胜率近三年近两年注：数据截至2026.01.31。数据

：Wind，国泰证券研究121.3ETFET

FETF

行业ETF：细分行业丰富，跟踪指数逐渐精细化6000500040003000200010000

2026131ETF14262.80475201

ETF公共服务金融地产

科技消费医药制造周期ETF内地

香港

沪港深ETF

ETF1765643.90ETF2688.1820015010050ETFETF

40%ETF0ETFETF14公共服务金融地产

科技消费医药制造周期内地

香港

沪港深399975.SZ931637.CSI000685.SH000813.CSI000819.SH1337.171171.21685.58544.54448.078116注：数据截至2026.01.31。数据

：Wind，国泰证券研究113注：数据截至2026.01.31。数据

：Wind，国泰证券研究1.3ETFET

F

行业ETF：细分行业丰富，跟踪指数逐渐精细化

ETFCS

ETFBetaETF——BetaETFbetaETF5.70ETFETFh30192.CSI399264.SZ950162.CSI931743.CSIh11059.CSI4202512102025072420241211202307192023022216.7926.302553++338.91177.09注：数据截至2026.01.31。数据

：Wind，国泰证券研究141.3ETFET

F

主题ETF：产业、地区、概念各有特色

ETFETFETF

ETFETFETFETF100090807060504030201009008007006005004003002001000新能源人工智能机器人航空航天船舶新材料智慧互联

新兴产业

人文生活数量（只；右）互联网产业主题规模（亿元）地区主题

概念主题注：数据截至2026.01.31。数据

：Wind，国泰15证券研究1.3ETFET

FETF

策略ETF：红利类策略占据主流地位2000150010005000

ETFESG

++ETF内地

香港

沪港深

ETFETFETF

731996.5236.05%AETF8070605040302010063.95%ETF

ETF343.0415–20ETF82.1256.59ESGETF49.80内地

香港

沪港深注：数据截至2026.01.31。数据

：Wind，国泰证券研究161.4ETFETFETF

ETF35003000250020001500100050030252015105

202625131ETF7254.7553ETFETFETFETFETF00

可转债利率债信用债数量（只；右）主题债

ETF规模（亿元）

2021-2025ETF注：数据截至2026.01.31。数据：Wind，国泰证券研究20252000ETFETFETF932160.CSI950245.CSIh11014.CSI931078.CSI950167.CSIAAA2199.35164664.65648.71643.19593.4311AAA6注：数据截至2026.01.31。数据

：Wind，国泰证券研究171.5ETFETFQDII

ETF

ETFETF2%1%1%ETF

17ETF3468.9196%9%ETFETFSGE黄金9999上海金1

ETF上期有色金属指数大商所豆粕期货价格指数易盛能化A

QDIIETF

QDIIETF87%ETF865572.95QDII

ETF

QDIIETF3500300025002000150010005004540

305252015105

ETF

ETF00

QDIIETF

QDII

ETF海外跨境中国规模（亿元）数量（只；右）注：数据截至2026.01.31。数据

：Wind，国泰

QDII

ETF500证券研究181.5ETFETFQDII

ETF500QDII

ETF500100-MSCI50--50------DAXCAC40225IBOVESPA()5030---191.6ETFETF

ETF

ETF

ETFETF

ETFETFETFAIETFETFETFETFETF

ETFETF

ETFETFETF

201.6ETFETF21数据：国泰证券研究。详情请见2026年2月11日发布的报告《ETF配置系列（一）：恰逢其时

丰富的资产多元的配置》。0222

/2.13%回撤（右轴）目标波动3%策略净值2.520.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%

1.510.50

3%3%3%2015-202520162017201820192020202120222023202420256.93%8.42%5.28%7.10%6.92%7.52%1.47%5.39%11.71%6.92%6.74%证券研究-2.99%-1.89%-3.21%-2.59%-3.72%-2.20%-1.86%-2.51%-2.22%-1.92%-3.72%3.41%2.81%3.61%2.91%4.00%3.42%3.58%2.44%3.79%3.47%3.37%2.42%1.92%2.46%1.92%3.00%2.40%2.84%1.47%2.43%3.10%2.47%1.482.324.451.652.751.863.420.792.155.273.611.812.864.372.153.692.313.130.523.684.852.231.891.970.641.651.221.56-0.081.432.651.621.3823资料：Wind，国泰注：无风险利率以Wind货币基金指数为基准。详情请见2026年3月3日发布的报告《ETF配置系列（三）：构建不同风险偏好的ETF配置策略——基于风险预算的ETF配置实践》。2.15%

回撤（右轴）目标波动5%策略净值2.520.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%1.51

5%5%0.505%2015-202520162017201820192020202120222023202420259.28%9.27%3.72%7.14%9.77%9.59%1.26%6.28%14.48%10.23%8.04%证券研究-4.41%-2.48%-3.61%-2.62%-3.72%-2.64%-2.58%-2.51%-2.57%-2.22%-4.41%5.15%3.82%2.94%3.22%2.09%3.50%3.34%3.40%1.82%3.41%4.66%3.33%1.431.470.161.531.501.59-0.121.502.611.791.332.103.741.032.722.623.640.492.505.634.601.822.413.141.163.412.792.870.373.474.262.201.794.34%4.60%3.16%5.16%4.66%4.34%2.92%4.91%4.99%4.48%24资料：Wind，国泰注：无风险利率以Wind货币基金指数为基准。详情请见2026年3月3日发布的报告《ETF配置系列（三）：构建不同风险偏好的ETF配置策略——基于风险预算的ETF配置实践》。2.2回撤（右轴）权益增强资产配置策略3.530%1%2%3%4%5%6%7%8%9%10%

A2.521.51300ETF

300ETF

0.502015-2025201620172018201920202021202220232024202515.52%5.17%5.43%13.45%10.55%12.89%2.77%13.13%28.29%11.35%-6.65%6.40%4.20%5.12%4.49%8.12%4.96%5.40%3.57%6.51%6.87%5.72%4.61%2.49%3.59%2.59%6.16%3.52%3.99%2.21%4.09%5.78%4.20%2.120.550.482.471.052.160.193.164.101.461.672.331.951.564.211.225.700.616.298.502.881.353.352.071.515.171.713.670.705.966.951.962.28-2.66%-3.48%-3.19%-8.64%-2.26%-4.56%-2.09%-3.33%-3.94%-8.64%11.66%证券研究25资料：Wind，国泰注：无风险利率以Wind货币基金指数为基准。详情请见2026年3月3日发布的报告《ETF配置系列（三）：构建不同风险偏好的ETF配置策略——基于风险预算的ETF配置实践》。2.2回撤（右轴）境内股债宏观打分配置策略

3.02.52.01.51.00.50.0%

6%5%5%-1.0%-2.0%-3.0%-4.0%-5.0%1

30010007-10SGE99990.02017010320181025202008142022061320240402202601232017-20252017201820192020202120222023202420253.79%2.37%10.08%9.22%9.11%5.77%2.84%10.82%8.42%6.98%-1.96%2.28%1.20%1.98%1.88%2.07%2.32%2.80%2.05%2.20%2.05%2.10%1.511.930.844.514.864.351.380.865.334.891.663.171.205.354.483.942.081.404.954.123.32-2.84%-2.23%-1.91%-2.10%-4.21%-3.33%-2.05%-1.73%-4.21%3.38%3.75%3.98%3.66%4.84%3.89%4.04%3.44%3.74%0.602.602.232.391.120.642.592.351.7726资料：Wind，国泰证券研究。详情请见2026年2月26日发布的报告《ETF配置系列（二）：宏观打分配置策略

以绝对收益为目标

多元配置为手段》。2.2回撤（右轴）全球资产宏观打分配置策略3.02.52.01.51.00.50.0%

-1.0%-2.0%-3.0%-4.0%-5.0%100DAX225

0.0201701032018102520200814202206132024040220260123资料：国泰证券研究2017-202520177.37%2.83%-2.05%-2.23%-1.28%-3.40%-2.36%-2.92%-2.91%-2.86%-3.03%-3.40%2.87%3.45%3.66%4.63%3.83%5.33%3.50%3.57%3.94%3.91%1.44%2.03%1.71%2.27%2.25%2.90%1.72%2.01%2.48%2.13%2.453.601.2811.605.385.223.823.374.054.033.285.101.408.718.085.483.855.705.764.925.24201820192020202120222023202420250.723.973.863.112.012.683.113.002.7614.86%18.21%12.26%11.08%9.72%11.46%12.16%11.15%27资料：Wind，国泰证券研究。详情请见2026年2月26日发布的报告《ETF配置系列（二）：宏观打分配置策略

以绝对收益为目标

多元配置为手段》。0328

/3.1VS800

2014-2025

ETFETFETFETF02014-2025201461.73%20.11%59.64%18.57%12.91%24.85%23.69%31.51%23.04%22.70%13.14%43.39%25.96%29.45%-12.19%13.45%40.07%8.53%7.17%30.66%7.13%-3.20%-14.43%-2.73%-9.07%-4.90%-6.19%-9.43%-8.29%-6.46%-7.58%-10.23%-2.95%-14.43%1.8866.67%2015201620172018201920202021202220232024202554.98%-4.74%17.64%-7.33%54.14%65.66%27.50%10.56%-7.38%30.55%50.44%26.65%-56.91%-18.66%-11.00%-18.33%-13.04%-19.77%-12.88%-19.15%-22.66%-25.50%-12.00%-56.91%1.311.200.241.531.622.081.321.710.270.671.801.1958.33%66.67%58.33%66.67%75.00%66.67%75.00%75.00%58.33%41.67%58.33%63.89%2.47%10.49%13.13%12.58%19.19%21.35%18.67%11.15%27.47%16.41%17.44%20.05%20.43%39.88%28.26%31.87%2.99%18.34%29.55%20.82%29资料：Wind，国泰证券研究。详情请见2026年3月9日发布的报告《ETF配置系列（四）：多样化的风格轮动ETF配置策略多维度打分的ETF风格轮动》。3.1VS800

2017-2025

300ETF1000ETF300ETF1000ETF02017-2025201723.37%11.09%24.99%20.97%28.26%20.82%21.56%14.20%25.06%16.59%21.07%-6.16%8.21%-1.09%10.65%20.36%26.98%2.63%8.91%4.32%0.78%8.26%2.79%12.19%10.37%6.78%15.76%14.58%5.16%8.29%2.75%9.73%-0.71%-7.27%-6.18%-2.13%-5.17%-8.21%-1.08%-4.52%-2.40%-8.21%2.94-0.091.033.001.710.181.730.520.280.8583.33%20182019202020212022202320242025-28.47%44.35%46.15%26.22%-18.69%-1.46%16.52%21.67%11.53%-33.32%-13.40%-15.91%-15.12%-23.01%-16.25%-14.61%-10.08%-35.19%50.00%58.33%75.00%50.00%50.00%66.67%66.67%50.00%61.11%30资料：Wind，国泰证券研究。详情请见2026年3月9日发布的报告《ETF配置系列（四）：多样化的风格轮动ETF配置策略多维度打分的ETF风格轮动》。3.2VS

3ETF

510880.SHETF

159915.SZ2014-2025201462.99%35.74%-3.15%22.32%-11.15%46.41%54.93%27.92%3.80%11.68%18.45%22.85%22.64%23.07%53.36%21.86%10.06%20.44%22.30%27.62%20.69%22.21%13.20%33.21%17.04%26.03%-17.82%-55.33%-23.53%-5.87%-18.78%-16.30%-18.46%-18.10%-17.36%-12.67%-25.50%-7.80%28.14%-5.50%13.54%18.40%11.29%12.61%19.91%13.61%20.44%19.17%-0.32%-1.80%12.10%11.20%19.79%7.98%7.53%8.56%6.36%10.24%9.54%11.70%9.13%17.66%11.02%11.54%-7.00%-22.86%-4.48%-2.71%-6.91%-4.46%-9.99%-11.93%-5.98%-4.97%-16.95%-14.30%-22.86%2.76-0.281.692.431.321.981.951.431.762.11-0.02-0.161.0563.64%41.67%50.00%66.67%58.33%33.33%58.33%58.33%58.33%75.00%33.33%50.00%53.85%20152016201720182019202020212022202320242025-56.48%31资料：Wind，国泰证券研究。详情请见2026年3月9日发布的报告《ETF配置系列（四）：多样化的风格轮动ETF配置策略多维度打分的ETF风格轮动》。3.2VS

6

300ETF2000ETF14.53%

2014

-2023925.58%61.81%202525.62%-1.61%2014-2025201420152016201720182019202020212022202320242025106.59%94.58%-5.43%23.37%-24.23%39.43%46.10%32.96%0.56%20.91%-8.03%32.31%28.99%3.07%26.44%5.63%8.98%15.76%8.53%7.72%8.11%7.70%7.98%10.21%9.73%6.01%12.89%7.68%9.62%-5.33%-15.46%-8.35%-2.94%-8.85%-5.79%-5.27%-6.72%-8.56%-6.34%-11.81%-7.30%-15.46%3.601.840.363.420.690.932.462.002.120.581.14-0.211.5166.67%66.67%66.67%75.00%58.33%66.67%91.67%83.33%75.00%41.67%75.00%33.33%66.67%43.64%27.01%10.89%21.79%22.38%24.73%18.17%21.64%13.99%24.89%18.99%23.75%-50.98%-30.58%-6.16%-32.67%-17.17%-13.34%-10.20%-21.21%-14.98%-14.11%-13.72%-50.98%7.14%19.59%20.43%20.57%3.51%14.65%-1.61%14.53%1.15%25.41%25.62%25.58%32资料：Wind，国泰证券研究。详情请见2026年3月9日发布的报告《ETF配置系列（四）：多样化的风格轮动ETF配置策略多维度打分的ETF风格轮动》。3.3VS20253002016-

300ETF300ETF2016-202520161.91%20.54%-20.47%45.12%43.44%13.77%-1.43%13.91%41.81%25.02%16.64%19.24%8.88%-15.36%11.17%-2.87%4.52%8.38%6.28%-3.61%-10.90%-6.73%-7.18%-3.25%-8.77%-16.26%-6.36%-8.13%-8.97%-16.26%1.3333.33%201720182019202020212022202320242025-6.28%-29.93%-15.22%-16.94%-13.17%-14.69%-9.76%-0.460.580.632.271.211.282.021.700.401.1736.36%36.36%54.55%66.67%58.33%75.00%90.91%63.64%50.00%56.67%17.75%20.54%23.17%17.29%15.25%12.93%24.55%15.50%18.05%7.83%3.74%5.90%13.64%17.29%18.45%23.55%21.95%4.04%6.01%14.23%14.41%11.66%12.90%10.17%10.28%-17.13%-8.10%-29.93%12.06%33资料：Wind，国泰证券研究。详情请见2026年3月9日发布的报告《ETF配置系列（四）：多样化的风格轮动ETF配置策略多维度打分的ETF风格轮动》。0434

/4.1VS800

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