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A500ETF成交突然霸屏，是何原因？_我的网站
一 | A股第二大规模宽基指数，A500ETF或将掀起一轮新鏖战。
Elliot James Reay could have copied every other Western act and sung a Taylor Swift cover. Instead, he took 1950s rock'n'roll to a live TV show where autotune is switched off and discovered a version of fame that Britain has forgotten.
Elliot James Reay was traveling in the US, trying to finish a song, when his manager called. There was an invitation to join Singer 2026, a prime-time live music show in China. Reay didn't hesitate. He had traveled the world before he was a full-time musician, but had run out of money before reaching China. "I went everywhere but China," he said while sitting for an interview with the Global Times, sitting in the office of his label in Beijing, from which the Palace Museum can be seen not far away.
Reay is, in the West, a very 2020s kind of artist. He began posting short covers on short video platform TikTok in 2019; during the UK Covid lockdown, he chose to focus on growing his fan base. He now has millions of followers across platforms, and his debut single notched 10 million views before it was even released. In the British industry, this is both a leg-up and a trap. "You can have all the followers," he says, "but they don't guarantee people will buy tickets."
In China, that equation flipped.
Nervous again
The Chinese show, Singer 2026 is broadcast completely live, with no pitch correction. For Reay, who had played enough small gigs to feel comfortable in his own skin, it was a shock. "I haven't felt nerves in a long time," he says. "But I've never been in a competition before. To have my singing judged against other people made me really nervous."
He watched Week One's performances from the wings and saw why. "The standard was terrifying," he says.
But the format, he admits, is something the UK no longer has: a televised singing contest that treats vocal ability as a public event, not a pre-packaged product. "It made me feel like I just started my career again."
Reay's lane is retro. Not as pastiche, but as lineage. He wears the silhouette of Elvis Presley, sings in the grain of 1950s pop, and writes songs that sound like they were cut from a Sun Records demo. He could have sanded it down for Chinese audiences, but he didn't.
"Someone has to start the wave before you can see it," he says. Among the songs he performed were "Unchained Melody" and his original track "I Think They Call This Love," which he co-wrote with his girlfriend. He points out that the Beatles still sit next to Taylor Swift on the radio, and that pop started in the 50s. "It's the foundations of pop," he says.
Learning to feel the words
In the final, Reay performed a bilingual version of the Chinese song "Hou Hui Wu Qi" (The End of the World). It was his first time singing in another language. He spent five days learning the Chinese lyrics, listening to the original on loop.
"There are sounds in Chinese we just don't have in English," he says. "I couldn't hear the difference at first. I'd say it, and Helen (his translator) would say, 'No.' I thought I was saying the same thing." Eventually, he stopped trying to hear it and started trying to feel it. "It became more about how it felt to say it. How I place my tongue in my mouth," he says.
He didn't understand the meaning until day three. "Helen gave me a card with the Chinese characters and the English translation. It's very poetic," he says. The performance received a strong reaction, with it being called an attempt at "cultural fusion."
He had saved his own original, "I Think They Call This Love," co-written with his girlfriend, for the same final. He had held the song back deliberately. "I knew that any week was my last week," he says, "but I knew that if I made it to the grand final that I had to do it then." He had no idea it would become the last song of the entire show.
When he finished, he walked straight off stage, took his girlfriend's hand, and the two of them left together, a moment that trended on Chinese social media that night.
The song is about the exact point they realized they were in love; it was also the first track of his career he fully believed in and pushed into the world. Having her there to watch it live, after weeks of her only seeing performances on a phone in a hotel room, "tied the whole thing in a bow at the end."
A touring musician, not a TikToker
Reay is open about the tension between his origin story and his ambition. "I don't want to be a TikTok celebrity," he says. "I'm a musician. I want to tour."
The platform gave him an audience, but it also boxed him in. He remembers friends who wrote incredible songs during lockdown, while he chose to build a fan base. Now, he says, some of those friends have had to stop writing and make TikTok videos instead.
China, he says, gave him permission to be both an online creator and a live performer. Universal Music, his label, didn't push him to chase trends. "They never said, 'Do this, do that,'" he says. "They supported what I wanted to sing, and then they made it the best version they could."
Before Reay, a string of international artists had already found warm receptions and career-shifting opportunities in China. Kazakhstani singer Dimash Kudaibergen, Malaysian star Shila Amzah, US country artist Mickey Guyton, British vocalist Jessie J, and French singer-songwriter Joyce Jonathan all won large Chinese audiences through high-profile television appearances and live performances, each using the platform to open a new chapter in their careers.
He's already planning a return. He wants to bring a tour. He wants to buy the traditional instruments he saw on set and take them home to England. "I'm going to learn how to play them," he says, "and maybe put them into my music."
The advice he'd give other Western artists looking East is to stay loyal to yourself. "Be yourself," he says. "It's very easy to want to change yourself to fit into a market, but at the end of the day, if you stay true to yourself, you'll be happy."
"In the UK, I felt like I needed to do other things to make other people happy," he says.
"If I hadn't stopped doing that, I wouldn't be sitting here. I wouldn't have done the show. My whole journey would be different," he says.
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二 | 市场传言称，“上交所和深交所预计各选1只中证A500ETF纳入期权标的”。消息一出，立马引发热议。 一方面，首批中证A500ETF上市已经超过一年，纳入期权标的也在预期之内；另一方面，当前已上市A500相关ETF超40只，上交所、深交所各占半壁江山，如按传言，单交易所仅有1只纳入，谁能入选？ 有基金公司方面表示，对于纳入期权标的暂无确切消息，但是A500规模之争早已暗潮涌动。 最新规模来看，40只中证A500ETF以及增强ETF最新规模为1928.24亿元。
三 | 其中，200亿以上规模A500ETF已有3只，上交所上市的华泰柏瑞A500ETF自今年内6月底稳居行业第一，最新规模为238.96亿元，国泰中证A500ETF和易方达A500ETF紧随其后，两只ETF均在深交所上市。
四 | 又“卷”起来了，A500ETF成交额霸屏 A500ETF持营战再次打响。
五 | 10月20日，市场冲高回落，缩量上涨，热点轮动没有明显的主线，资金活跃度上，A500ETF一只独秀。截至收盘，全市场股票ETF成交额前十中，A500ETF占据了5个席位。 具体来看，华夏A500ETF成交额为50.81亿元，领跑股票ETF成交榜，国泰A500ETF和华泰柏瑞A500ETF成交额均超40亿元，南方A500ETF、易方达A500ETF成交额同样排名靠前。40余只中证A500ETF合计成交额超274亿元，上述成交额前五的A500ETF合计成交213亿元，占比近8成。 场内成交额代表了流动性，尽管成交额高不一定意味着资金流入规模多，资金流入更多体现在份额申购而非二级市场买卖。但是对于非行业主题ETF，且规模不占优势的品种上，多只产品同时成交额放大，背后原因或是做市商交易活跃，是基金公司持营的方式之一。 宽基ETF是持久战，这是入场基金公司的共识。 作为全市场第二大宽基指数，A500ETF的持营战依然是在前半程。从规模来看，场内A500相关ETF规模为1928亿元，整体较最高峰2700亿元缩水明显，产品规模差距拉大，已有12只ETF规模不足2亿元。 但是对于头部ETF基金公司而言，A500依然是必争之地，尤其是季末阶段，A500冲量明显。从最新规模来看，华泰柏瑞A500ETF自今年6月底跃升至行业第一后，始终保持领先优势；具备先发优势的国泰A500ETF紧随其后；期间包括南方A500ETF、广发A500ETF一度冲至前三，近期易方达A500ETF势头更猛。 谁能纳入期权标的？17只产品入围 基金公司再次在A500ETF上发力或与当下“两交易所各选1只中证A500ETF纳入期权标的”市场传言相关。随着A500ETF产品不断扩容，成为A股举足轻重的宽基ETF，纳入期权标的也是顺理成章，水到渠成。 纳入期权标的对于ETF而言，相当于按下了规模“加速器”。一般而言，从对冲组合或波动率交易策略角度而言，机构投资者更倾向于选择纳入期权标的ETF进行交易，进而推动该ETF规模增长。有统计显示，以创业板ETF、中证500ETF为例，纳入期权标的后，对应ETF份额短期内增长40%、60%，规模拉动效应显著。 那么，ETF纳入期权标的需要什么条件？根据深交所发布《深圳证券交易所股票期权试点交易规则》显示，ETF被选择作为合约标的时，应当符合下列四个条件： （一）属于本所公布的融资融券标的证券； （二）基金成立时间不少于6个月； （三）最近6个月的日均持有账户数不低于4000户； （四）本所规定的其他条件。 财联社记者统计显示，当前符合上述条件的A500ETF产品有17只，几乎涵盖了首批A500ETF，这也再次凸显了权益ETF先发优势。
六 | 从上交所上市的A500ETF而言，华泰柏瑞A500ETF胜算最大，最新规模为238.96亿元，2025年半年报显示，持有人户数为2.59万户，年内净流入为31.87亿元，年内资金流入排第一；上交所上市规模排在第二的是华夏基金，当前规模为160.59亿元，持有人户数为3.18万户，同样具备一定的竞争力。 深交所上市的A500角逐更为激烈，该交易所规模第一的是国泰A500ETF，规模为218.83亿元，持有人户数遥遥领先全市场，为10.6万户；与此同时，易方达A500ETF规模上紧随其后，当前规模211.73亿元，持有人户数为2.07万户，年内资金净流入，呈现明显的追赶之势；南方A500ETF也有突围可能，当前规模为195.73亿元，持有户数2.13万户。 从规模、户数上，上述产品优势更为明显，但是从交易所规则来看，鹏华、嘉实、富国、天弘、博时、泰康、汇添富、摩根、银华、招商、广发、景顺长城等旗下A500ETF均符合要求。
七 | 可以预见的是，在纳入期权标的未落地之前，规模排序、流动性表现等指标均是加分项，头部产品的鏖战或许也更加激烈。
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Published on:08:49:27