Core Viewpoint - The article discusses the paradox of choice in the investment fund market, highlighting that while the number of new funds has surged, this abundance of options can lead to decision fatigue and anxiety among investors [1][4][24]. Group 1: Market Trends - As of December 22, over 2400 new funds have been established this year, marking the second-highest record in history, with index products accounting for more than half of this issuance [1]. - The proliferation of funds has not simplified investment decisions; instead, it has complicated them, leading to a phenomenon known as "choice overload" [4][8]. Group 2: Psychological Insights - The article references a psychological experiment showing that more choices can lead to lower decision-making satisfaction, as seen in a jam tasting scenario where fewer options resulted in higher purchase rates [6]. - Behavioral finance concepts such as "regret aversion" and "loss aversion" are discussed, indicating that the anxiety of making the wrong choice can outweigh the satisfaction of making a correct one [8]. Group 3: Investor Types - Investors generally fall into two categories: "maximizers," who seek the best possible options, and "satisficers," who look for options that meet their minimum criteria [13][14]. - The investment industry tends to attract maximizers, leading to a culture of continuous comparison and adjustment, which can exacerbate the stress of decision-making [15]. Group 4: Strategies to Mitigate Decision Fatigue - The article suggests three strategies to reduce the mental burden of choosing among numerous funds: 1. Accept that there is no perfect investment portfolio, as outcomes are influenced by unpredictable future events [17]. 2. Establish clear criteria to narrow down choices, such as performance history and management experience [18][19]. 3. Embrace one's investment strategy and align it with personal goals, rather than constantly seeking the "optimal" choice [21]. Group 5: Future Considerations - The article emphasizes that the abundance of choices is likely to be a new norm for investors, and understanding personal investment preferences will be crucial in navigating this landscape [24][26]. - It is noted that many new funds may not offer significant advantages and that investors should focus on their foundational investment needs rather than being swayed by trends [24].

Core Insights - The article emphasizes the importance of independent research and long-term investment strategies in fund selection, highlighting four ETFs in the equity asset category that are worth attention for investors [1] Group 1: Market Trends - As of December 31, 2024, the one-year winning rate of active small-cap funds decreased from 49.6% in 2023 to 38.2%, and the three-year winning rate dropped from 58.7% to 37.6%, indicating a weakening ability of active funds to generate excess returns [2] - The market is increasingly favoring passive products, leading to improved pricing efficiency and overall market effectiveness [2] - The China Securities Regulatory Commission's action plan for promoting high-quality development of public funds is expected to further constrain the ability of active funds to create significant excess returns [2] Group 2: Index Overview - The index tracked by the passive funds is categorized as a mid-cap balanced stock fund, consisting of 500 stocks that are excluded from the CSI 300 index, reflecting the overall performance of mid to large-cap stocks [3][15] - The index is designed to balance market capitalization and liquidity, with a semi-annual adjustment mechanism to maintain stability and reduce turnover rates [4][16] Group 3: Fund Highlights - **E Fund CSI 500 ETF**: Established on August 27, 2015, this fund employs a full replication strategy to track the CSI 500 Index, managed by a team with extensive experience in index investment [7][8] - **Huatai-PB CSI 500 ETF**: Launched on May 13, 2015, this fund also follows a full replication method and is managed by a team with a clear division of responsibilities, focusing on daily index tracking and risk management [11][12] - **China Asset CSI 1000 ETF**: Founded on March 18, 2021, this fund utilizes a full replication strategy and has a robust operational framework supported by a stable team with significant experience in index fund management [19][20] - **E Fund CSI 1000 ETF**: Established on July 28, 2022, this fund follows a similar operational model as other E Fund products, focusing on systematic management and risk control [23][24] Group 4: Performance Metrics - As of September 30, 2025, the E Fund CSI 500 ETF had a scale of 2.95 billion, with a fee level in the lowest quartile among similar products [8] - The Huatai-PB CSI 500 ETF had a scale of 980 million as of September 30, 2025, also positioned in the lowest fee quartile [12] - The China Asset CSI 1000 ETF reached a scale of 45.47 billion by September 30, 2025, with a management fee reduced to 0.15%, placing it in the lowest fee quartile [20] - The E Fund CSI 1000 ETF had a scale of 1.56 billion as of September 30, 2025, with similar fee reductions, enhancing its cost competitiveness [24]

Core Viewpoint - The article discusses the transformation of the public fund evaluation system in China, emphasizing the shift from traditional performance metrics to a focus on benchmark-based assessments, driven by new regulatory guidelines aimed at enhancing the quality of fund management [1][3]. Group 1: New Regulations Reshaping Evaluation Logic - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," which elevates the importance of performance benchmarks in fund management [3]. - The new regulations require clear definitions of performance benchmarks for fund products, which will guide product positioning, investment strategies, and performance measurement [3][4]. - A dual mechanism of "performance incentives + fee adjustments" will align the interests of investors and fund managers, with penalties for underperformance and rewards for exceeding benchmarks [3]. Group 2: Misconceptions About Performance - The article highlights that "beating the benchmark" does not equate to true investment capability, as risks may be hidden behind apparent returns [5][6]. - Many funds use flawed benchmarks, with nearly 75% relying on price indices, which can inflate perceived excess returns by ignoring dividends and reinvestment gains [7]. - A mismatch between fund strategies and benchmarks can distort excess returns, making them more reflective of style differences rather than actual investment skill [7]. Group 3: Risks of Excess Returns - The pursuit of short-term performance can lead to high volatility and concentrated investments, which may yield high returns during favorable market conditions but can result in significant losses when market dynamics change [9]. - The article notes that excess returns achieved through high risk may not accurately reflect a fund manager's investment ability, as they could stem from inadequate risk management [9][10]. Group 4: Importance of Risk-Adjusted Returns - The new regulations incorporate risk-adjusted performance metrics such as information ratio, tracking error, and active share into the evaluation framework, shifting the focus from pure returns to risk-adjusted returns [10]. - The information ratio is highlighted as a key tool for assessing active management effectiveness, measuring excess returns relative to the risk taken [12]. Group 5: Recognizing True Investment Capability - The article advocates for a shift in investor focus from mere performance rankings to evaluating risk-return profiles, emphasizing the importance of metrics like information ratio and tracking error [17]. - Funds with stable and high information ratios are likely to demonstrate sustainable excess returns, while those with fluctuating ratios may be relying on luck or risk-taking [16][17].

Core Insights - The article highlights a strong net inflow of funds into Hong Kong mutual recognition funds in November 2025, with significant contributions from various fund types [1][6]. Fund Performance - The Swiss Pictet Strategy Income Fund led the monthly net inflow with nearly 1.2 billion yuan, focusing on flexible allocation in global equities and fixed income securities [1]. - The Morgan Asian Dividend Fund attracted the most capital among equity funds, aiming to exceed its benchmark, the MSCI All Country Asia Pacific (ex-Japan) Net Total Return Index, by 30 percentage points [1]. - The Amundi Innovation Growth Equity Fund regained investor interest, ranking among the top ten for net inflows, primarily investing in companies benefiting from innovative business models [1]. - In fixed income, the demand for Asian bond funds remained stable, with the Bank of China Hong Kong All-Weather Asian Bond Fund and East Asia Union Asian Strategy Bond Fund ranking second and seventh in net inflows, respectively [1]. - High-yield and global bond products continued to experience outflows, with the HSBC Asian High Yield Bond Fund and Morgan International Bond Fund recording net outflows of 190 million yuan and 411 million yuan, respectively [1]. Company Insights - Swiss Pictet topped the net inflow rankings for November due to strong demand for its only mixed mutual recognition fund, while Bank of China Hong Kong and Morgan also saw significant net inflows exceeding 900 million yuan each [6]. - HSBC, which had recently turned its net inflow positive, faced net outflows again in November, with its multi-asset mutual recognition fund continuing to attract new funds despite overall negative trends [6][7]. - Morgan and HSBC dominate the Hong Kong mutual recognition fund market, with their products totaling 80.6 billion yuan and 34.1 billion yuan in size, respectively, accounting for 60% of the total market [11].

Core Findings - The report highlights eight key findings that demonstrate the critical role of the buy-side advisory model in enhancing investor experience [3] - The advisory service has achieved dual optimization in both experience and behavior for clients [2] Investment Experience - Advisory clients have a significantly better investment experience, with a cumulative profit ratio of 76.9%, compared to 63.4% for self-directed fund investors, representing a 13.5 percentage point increase [4] - In terms of risk management, only 1% of advisory clients experienced losses exceeding 20%, and only 0.2% faced losses over 30%, which is 1/10 and 1/15 of the same metrics for self-directed clients, respectively [4] Asset Allocation - Advisory clients exhibit a scientifically balanced asset allocation, with the proportions of money market, bond, stock, and mixed funds stable between 16% and 26%, avoiding excessive concentration in any single asset [7] - Over 90% of advisory clients have holdings of less than 100,000 yuan, breaking down barriers to professional wealth management services [7] Investment Behavior - Advisory clients are increasingly adopting a rational investment approach, with a reinvestment rate rising to 38.2% by September 2025, up from 12.1% in 2022, indicating a growing trend towards additional investments [10] - The average holding period for clients has extended to nearly two years, effectively mitigating irrational actions triggered by short-term market fluctuations [10] Client Recognition - The recognition of advisory services among clients has significantly improved, with only 8% expressing dissatisfaction [13] - Trust levels are high, with 77.7% of advisory clients willing to continue using the service, and 56.2% willing to recommend it to others, indicating a positive word-of-mouth effect [13][20] Client Demographics - The report reveals a clear profile of advisory clients, showing a dual trend of youth and maturity: 40% of clients are under 35 years old, up from 32.3% in 2022, and 8.3% are aged 18-25, significantly higher than the 4.4% among self-directed clients [24] - The gender ratio is becoming more balanced, with female clients increasing from 44.5% in 2022 to 48% by September 2025 [24] - The proportion of clients with over five years of investment experience has surged from 6.6% in 2022 to 32% in 2025, attracting both new investors and long-term investors [24] Client Needs and Industry Challenges - Clients have clear demands, focusing on three main areas: a pressing need for professional services, with 73.7% seeking one-on-one advisory communication; retirement planning as a primary goal for over 40% of clients; and a strong concern for strategy stability, with 72.8% worried about the risk-return performance of advisory strategies [27][31] - The industry faces two core challenges: nearly 80% of clients prioritize historical performance and investment capability over the completeness of advisory services when selecting firms, and there is a notable gap in the experience of clients who have paused services, with a dissatisfaction rate of 14.2% and a return intention of 44.3% [31] Recommendations for Industry Development - The report proposes six recommendations for high-quality industry development, including enhancing advisory team expertise, focusing on retirement financial scenarios, improving strategy stability and transparency, deepening investor education, optimizing service experience, and strengthening core client retention [34] Industry Progress - The report emphasizes that six years of pilot practice have proven that the fund advisory business effectively improves investor profit experiences and guides rational investment behavior, transitioning the industry from "product sales" to "asset allocation services" [36]

以下文章来源于晨星投资说 转眼就要迈入2026年，各家机构关于明年的市场展望也开始陆续登场。 上个月，晨星发布了 对明年市场的展望 ：未来一年，"不确定性"仍将是全球市场的主旋律。 保护主义抬头、地缘局势反复、情绪面推动的市场波动，这些都将成为全球投资者需要面对的 新常态。 就在不久前，晨星全球CEO Kunal Kapoor与三位分别负责美洲、欧洲和亚洲市场的策略师 ——Preston Caldwell、Michael Field和Kai Wang——围绕明年会对投资者组合造成影响的因 素进行了深入讨论。 三位策略师从各自市场的视角出发，回顾了2025年全球市场表现，也分享了他们认为2026年 最值得关注的趋势、风险与关键指标。 下面，就让我们跟随这场跨区域的对话，一起看看在迈向2026年的路上，我们投资中有哪些需 要重点关注的。 Kunal Kapoor： 聊正题前我得坦白，我总吐槽各类金融预测 —— 觉得没太大用，毕竟准确性太难 验证。所以想先问Kai，你怎么看这件事？你觉得晨星做"市场展望"的价值在哪？ Kai Wang： 在亚洲市场，你会看到很多观点其实都在跟风。比如，某些在我们看来护城河不 够宽的 ...

数据来源：Morningstar Direct； 截至日期：2025年11月30日 图表2：31个申万一级行业指数11月涨跌幅 图表1：11月A股市场主要股指涨跌幅 01 市场洞察 宏观经济偏弱修复，股债承压 11月，反映国内经济先行指标的制造业PMI录得49.2%，在10月份49.0%的基础上小幅回升了 0.2个百分点，主要受到生产指数、新订单指数、从业人员指数和供应商配送时间指数等多个 分项出现改善的提振。制造业PMI连续8个月位于收缩区间，但景气水平在11月呈现弱修复的 态势。10月份CPI同比上涨0.2%，PPI同比下降2.1%。相比于9月份CPI和PPI同比分别下降 0.3%和2.3%而言，服务价格的涨幅扩大带动CPI由降转升，而PPI同比降幅收窄主要是受到生 产资料价格降幅缩小的影响。 11月，A股走势整体先涨后跌。ETF注册流程改革措施的落地完善了资本市场指数化投资产品 体系；另外，十五五规划确立的科技自立自强等长期主线，以及优化外资投资相关制度、推动 中长期资金入市细化方案的发布等资本市场改革相关政策，提振了市场对股市长期发展的信 心。在诸多利好政策的带动下，A股在上半月走势上行，13日盘中最 ...

Core Viewpoint - The article emphasizes the importance of using appropriate performance benchmarks for funds, highlighting that many funds currently use price indices, which may misrepresent their performance compared to total return indices [1][22][49]. Group 1: Investment Returns - Investment returns primarily come from three components: price returns, dividend returns, and reinvestment returns [3][4][5]. - Price returns reflect market price changes, while dividend returns include cash earnings from stocks and bonds, and reinvestment returns generate additional earnings through compounding [3][4][5]. Group 2: Impact of Dividends on Returns - The difference in returns between price indices and total return indices is significant; over the past 20 years, the annualized return for the CSI All Share Total Return Index was 10.84%, compared to 9.31% for the price index [15]. - In bond investments, the annualized return for the CSI Comprehensive Bond Wealth Index was 4.19%, while the net price index only yielded 0.39% [15]. - The contribution of dividends and reinvestment to total returns is substantial, accounting for approximately 30% of stock investment returns and over 90% of bond investment returns over the past 20 years [19]. Group 3: Inappropriate Benchmark Selection - Approximately 75% of funds use price indices as their performance benchmarks, which is inappropriate since fund returns are essentially total returns [22][25]. - The issue is particularly pronounced in equity and mixed funds, with almost no funds using total return indices as benchmarks [25]. Group 4: Lowered "Passing Line" - Using price indices as benchmarks lowers the difficulty of outperforming the benchmark, creating a misleading perception of fund performance [30]. - For instance, 68% of actively managed equity funds outperformed the CSI 300 price index over the past five years, but this figure dropped to 55% when using the total return index [30]. Group 5: "Inflated" Excess Returns - Many index funds and ETFs appear to generate excess returns compared to their benchmarks, but this is largely due to the use of price indices, which overlook dividends and reinvestment [37][40]. - If benchmarks were switched to total return indices, many funds' reported excess returns would significantly decrease or even disappear [40]. Group 6: Need for More Standardized Benchmark Usage - The article calls for the industry to adopt total return indices as performance benchmarks to provide a clearer and more objective assessment of fund performance [49][50]. - The current regulatory focus aims to enhance the role of performance benchmarks in determining product positioning, clarifying investment strategies, and measuring performance [49][50].

Core Viewpoint - The Chinese public fund issuance market is experiencing a significant recovery and structural characteristics in 2025, driven by policy guidance and market demand, with a notable increase in the number of new non-money market funds and a shift towards equity funds as the main focus of new issuances [1][3]. Group 1: Market Performance - As of December 4, 2025, the total number of new non-money market funds reached 1,476, a substantial increase from 1,134 in 2024, marking a three-year high [1]. - Among the new issuances, equity funds (including stock funds and mixed funds with at least 70% equity allocation) accounted for 1,066 new products, up 47.9% from 721 in 2024 [1]. - The issuance of bond funds (including bond funds and mixed funds with at least 50% bond allocation) remained stable at 360, compared to 366 in 2024 [1]. Group 2: Differentiation in New Issuance - There is a clear differentiation in new issuance performance between leading and smaller fund companies, with top firms capturing nearly half of the total new issuance volume and initial scale [5][6]. - Leading fund companies, such as Huaxia Fund, Fuguo Fund, and Yifangda Fund, dominate the market with 71, 60, and 54 new products respectively, significantly exceeding the industry average of 11 new products [7][9]. - Smaller fund companies typically adopt a focused strategy, averaging around 4 new products, concentrating on specific asset types or niche areas to differentiate themselves [9]. Group 3: Active vs. Passive Fund Dynamics - In 2025, passive products, particularly ETFs, became a focal point in the public fund industry, with 601 of the 1,066 new equity funds being passive, including 282 ETFs and 197 ETF-linked funds [10][14]. - Active fund issuance remains dominated by leading companies, with Huaxia Fund leading with 33 new active products, while smaller firms struggle to match the scale of larger competitors [14]. - The issuance of "fixed income plus" products in the active bond category saw a significant increase, with the number rising from 97 in 2024 to 154 in 2025, indicating a growing trend in this segment [14]. Group 4: Pricing of New Products - The pricing of new products reflects the fee reform initiated by the China Securities Regulatory Commission, with management and custody fees generally lower across the board [17][19]. - Active equity funds typically have management fees around 1.20% for non-index enhanced products and 0.80% for index-enhanced products, while passive funds have significantly lower fees [19][20]. - The average management fee for newly issued passive equity funds is around 0.37%, while bond passive products average 0.16%, indicating a trend towards lower costs in the industry [20]. Group 5: Strategic Differentiation - The public fund market in 2025 showcases strategic differentiation based on resource endowments, with leading firms expanding through a platform-based approach while smaller firms focus on specialization [21]. - Investors are encouraged to consider the investment objectives and strategies of new funds rather than solely chasing brand names or market trends, highlighting the importance of rational asset allocation [21].

Core Viewpoint - The article discusses the launch of the "Xinzhi Diagnosis" tool by Guosen Securities in collaboration with Morningstar, aimed at addressing the challenges faced by investors in managing their mutual fund accounts, particularly the issue of "pre-investment enthusiasm and post-investment coldness" [1]. Group 1: Pain Points - Traditional fund diagnostics are limited to individual product performance reviews, failing to assess risk and allocation from an overall account perspective. The "Xinzhi Diagnosis" tool effectively addresses the difficulty of account analysis [3]. - The tool allows for one-click aggregation of all holdings, enabling investors to conveniently and accurately summarize their mutual fund holdings across the market, thus achieving a comprehensive overview of personal fund assets [5]. - It provides in-depth analysis of underlying assets, utilizing Morningstar's global database to identify and penetrate the underlying holdings of users, rather than simply aggregating based on fund categories [6]. Group 2: Professional Empowerment - The "Xinzhi Diagnosis" tool leverages the KYP (Know Your Portfolio) module from Morningstar's advisory solutions, which includes two core capabilities: - Morningstar's holding transparency analysis, which offers multi-dimensional data analysis [8]. - Synchronization with personal E-accounts to enable comprehensive platform-wide holding analysis [10]. Group 3: Value Creation - The collaboration between Morningstar and Guosen Securities aims to explore a new model for post-sale service in public mutual funds. By combining Morningstar's innovative tools with Guosen's professional team, the service enhances the value chain from product to solution to service [12]. - This service is designed from the buyer's perspective, allowing investors to navigate the challenges and difficulties encountered during the fund investment process with greater ease [12].