面对上千只ETF，投资者却更迷茫了

Core Viewpoint - The Chinese public fund industry is undergoing significant changes, with a shift from actively managed equity funds to index-based investments, leading to the rise of Smart Beta strategies as a solution to industry pain points [2][15]. Group 1: Industry Changes - The halo of actively managed equity funds is fading, and star managers are struggling to regain investor trust [2]. - Index-based investments are experiencing explosive growth due to their transparency and low costs, surpassing actively managed equity funds in scale [2]. - Smart Beta strategies, particularly dividend strategies, are emerging as a popular solution to address the complexities of asset allocation for ordinary investors [2][9]. Group 2: Smart Beta Strategy Development - Smart Beta strategies incorporate effective stock selection logic into index construction to enhance performance or optimize risk-return characteristics [3]. - The Smart Beta concept is not new, with early products launched in the U.S. as far back as 2000 [3]. - The Smart Beta strategy matrix has rapidly expanded, with various factor-based ETFs emerging over the years, including momentum and low volatility strategies [4]. Group 3: Market Comparison - As of the end of 2024, the U.S. Smart Beta ETF market has grown to 364 products with a total management scale of $1,727.51 billion, a 23-fold increase over ten years [5]. - In contrast, China's Smart Beta ETF market is significantly smaller, with a total scale of only 120 billion yuan, accounting for about 3% of the domestic equity ETF market [8]. Group 4: Factor Strategies in China - In China, the dividend factor strategy dominates the Smart Beta ETF landscape, contrasting with the U.S. where growth, value, and quality factors lead in management scale [9]. - The demand for stable dividend assets has surged in a low-interest, high-volatility environment, reflecting a market preference for "certainty" [9]. Group 5: Free Cash Flow as a Key Indicator - Free cash flow is becoming an important metric for investors to assess corporate value, as it reflects a company's financial health and actual profitability [10]. - The CSI All Index Free Cash Flow Index has shown a historical annualized return of 7.77% over nearly ten years, significantly outperforming the CSI All Index's -3.95% return in the same period [10][13]. Group 6: Product Launches and Regulatory Support - As of June 18, 2025, 27 fund companies have launched 32 index funds related to free cash flow strategies, indicating strong market interest [11]. - The recent regulatory framework emphasizes addressing industry pain points and transitioning from a focus on scale to prioritizing investor returns, with Smart Beta strategies like dividends and free cash flow aligning with these goals [15][16].