牛市第二浪品种！两只低估高弹性指数基金降费至最低档

Core Viewpoint - The public fund industry is actively pursuing high-quality development by reducing investor costs and enhancing financial service offerings [1][2][3]. Group 1: Fee Reduction Initiatives - The majority of index funds in the market have a management fee rate of 0.5% and a custody fee rate of 0.1%, while Tianhong's ChiNext ETF has reduced its comprehensive annual fee rate to 0.2%, the lowest in the market [1]. - Tianhong Fund has lowered the fee rates of multiple products this year, including a reduction of 0.4% and 0.35% for Tianhong Global New Energy and Tianhong Global High-end Manufacturing, respectively [3]. Group 2: Fund Performance and Market Position - As of August 13, 2025, Tianhong's ChiNext ETF has a scale of 8.77 billion yuan, ranking third among similar products, with over 960,000 holders, the highest in the ChiNext index fund category [3][4]. - Tianhong Fund's equity index fund scale reached 115.1 billion yuan, ranking ninth in the industry, with 6.81 billion yuan in off-market index funds, ranking third [4]. Group 3: Market Trends and Valuation - The A-share market has shown strong performance, with the ChiNext index rising over 22% since June 23, 2024, benefiting from sectors like new energy, pharmaceuticals, and electronics [6]. - As of August 13, 2025, the ChiNext index's TTM price-to-earnings ratio is 35.73, in the 27.58% percentile over the past decade, indicating a valuation at the lower end compared to major broad-based indices [6][7]. Group 4: Future Outlook - The fund manager of Tianhong's ChiNext ETF anticipates significant potential upside, referencing historical bull markets where the ChiNext index increased over 100% [8]. - The current market position of the ChiNext index is favorable for long-term investment strategies, with a recommendation for investors to gradually build positions [8].