China International Capital Corporation analysis states that by the end of the first quarter of 2025, the overall scale of passive products has seen its first single-quarter decline in nearly two years, with a growth rate of -1.0%. Inflows for Stock ETFs have stagnated, with significant Outflow from broad Index products. Although the issuance scale of Stock ETFs has increased, the net Outflow of funds has led to a mere 0.3% increase in scale. Bond ETFs maintain a high growth rate, and Commodity ETFs have surged by 39.9% driven by the Gold market. The scale of Industry-themed products is generally rising, with the manufacturing Sector showing the highest growth of 14.8%. The scale growth rate of cross-border products has reached 16.4%, with their scale ratio approaching previous highs. The concentration of products has further declined, with many top managers' scales decreasing. The issuance of equity products has gained momentum, with focus on the Sci-Tech Innovation Index and the China Securities A500 products. (China International Capital Corporation insight)