资管一线 | 永赢基金蔡路平：在指数领域深耕差异化，以左侧布局拥抱新机遇

Core Viewpoint - Index funds have gained popularity among investors as a means to optimize asset allocation and diversify risk, with Yongying Fund adopting a dual-track strategy of "broad-based foundation + innovative breakthrough" to navigate the competitive landscape [1] Company Development - Yongying Fund's index business started relatively late, initially adopting a conservative defensive strategy and focusing on building a foundational framework and conducting extensive market research [2] - A strategic turning point occurred in 2020 when the company recognized the need to move beyond merely "following" the market and began to explore differentiated opportunities, particularly in the booming medical sector [2][3] - The decision to launch a medical device ETF was based on the recognition of the unique investment value in the medical device sector, which was less saturated compared to other areas in healthcare [3] Investment Strategy - The company embraces "left-side" opportunities, focusing on sectors aligned with clear national policy directions, such as low-altitude economy and commercial aerospace, which were highlighted in government reports [4] - Despite being a latecomer in the index product market, the company leverages the creativity and efficiency of its research team to pursue challenging yet promising investment opportunities [4] Recent Product Launches - In 2023, the company launched a gold stock ETF to fill a gap in the domestic market, which has seen a net value increase of over 68% year-to-date as of September 3, 2025 [5] - The company emphasizes the importance of research and risk control in index investment, countering the misconception that index investing requires no research [5] Future Directions - The company plans to enhance its product matrix by focusing on three dimensions: refining broad-based products, embracing Smart Beta opportunities, and implementing a "two-step" strategy for new productivity sectors [6] - The refinement of broad-based products will involve detailed operations to capture market opportunities, while Smart Beta products are expected to gain market share as the market shifts towards a more configuration-oriented approach [6] - The "two-step" strategy involves initially launching actively managed funds in emerging sectors before transitioning to index products as market conditions improve [6][7] - The company aims to continuously expand its product offerings to build a competitive and comprehensive product matrix [7]