兴业基金徐成城：锚定指数投资体验 走差异化发展道路

Core Viewpoint - The company aims to develop a differentiated path for its index business, focusing on enhancing investor experience and leveraging the overall strategy of the parent bank [1][4]. Group 1: Index Fund Market Overview - The public fund industry has entered a new era of index investment, with index funds becoming essential tools for both individual and institutional investors due to their high liquidity, low fees, and transparent strategies [2]. - As of May 21, the scale of ETFs has surpassed 4 trillion yuan, with over 120 new ETFs established this year [2]. - The industry is experiencing a "Matthew effect," where new product issuance increasingly relies on the comprehensive strength, experience, and collaboration of fund companies, posing significant competitive pressure for latecomers like the company [2]. Group 2: Development Strategy - The company emphasizes a steady and methodical approach to development, progressing from broad-based to strategic and then to thematic industry products [3]. - The current goal is to complete the product chain of index funds before gradually diversifying the product categories [3]. Group 3: Enhancing Investor Experience - The company prioritizes improving investor experience as a core aspect of its development, aiming to create a professional and inclusive index business system [4]. - There is a paradigm shift in index fund development from prioritizing trading attributes to focusing on holding experience, with a need for predictable returns and controlled volatility [4]. - The company plans to prioritize products with lower drawdowns and volatility, ensuring strong explanatory logic for investment strategies [4]. Group 4: New Growth Points in Index Business - In the competitive index market, Smart Beta strategies and index-enhanced funds are emerging as new growth points [5]. - Compared to pure index products, index-enhanced products have advantageous fee structures and can potentially increase returns while meeting client and channel needs [5]. - The company recognizes the challenges in promoting Smart Beta strategies due to the need for financial knowledge and the lack of standardized definitions within the industry [6]. Group 5: Future Product Diversification - The company sees potential for further diversification of Smart Beta products, with core strategies including growth, dividends, quality, and value, which can be further segmented [6]. - These foundational strategies exhibit more regular cyclical patterns in market conditions, providing new development opportunities for index products [6].