鹏华基金苏俊杰详解，“高质量慢牛”行情中的资产配置利器

Core Insights - The Chinese asset management industry is at a historic turning point, with passive public funds expected to surpass active equity funds by the end of 2024, marking a new development phase in the market [2][3][4] - The 2025 Asset Management Conference focused on the theme "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management," gathering industry leaders to discuss future paths in the new cycle [1][2] Industry Trends - Index investment in China is rapidly advancing, with passive index funds becoming essential tools for both institutional and individual investors due to their stable Beta returns, high transparency, and low fees [2][4] - As of July 2025, the total number of ETF products in China reached 1,260, with a total scale of 4.7 trillion yuan, reflecting a 27.4% increase from the end of 2024 [3][4] - The growth of the ETF market in China is expected to continue, with significant room for expansion compared to the U.S. market, where ETF assets exceed 9 trillion USD [3][4] Market Dynamics - The rise of passive index investment is attributed to increasing market efficiency and the growing difficulty of achieving excess returns through active management [4][5] - The average management fee for equity ETFs has dropped to 0.28%, significantly lower than the approximately 1.18% for active equity funds, enhancing the competitive advantage of index products [5][6] - The current market is characterized by a "high-quality slow bull" trend, defined by low volatility and gradual upward movement, with a notable risk-return profile [5][6] Funding Sources - Key funding sources driving the current market include long-term capital from state-owned entities, margin financing, and increased participation from quantitative private equity [7][8][9] - The margin financing balance has recently surpassed 2 trillion yuan, indicating a shift in the investor base compared to previous market rallies [8][9] Company Positioning - Penghua Fund has established a comprehensive product matrix, including 46 onshore ETFs and 28 offshore LOFs, covering various dimensions such as broad-based and thematic strategies [10][11] - The firm has developed a robust active quantitative strategy system, with significant excess returns reported for its enhanced products since 2020 [12] - Penghua is also focusing on innovative "fixed income plus" products to meet diverse investor needs, enhancing the investment experience during the current market conditions [13][14] Future Outlook - The "golden era" of index investment in China is anticipated, with index and enhanced tools becoming crucial for asset allocation and capturing structural opportunities [15]