明年冲击40万亿！十大展望来了

Group 1: Industry Outlook - The public fund industry is expected to reach a scale of 40 trillion yuan in 2026, driven by long-term capital inflows and a low-interest-rate environment [3][4] - The growth of public funds is supported by the continuous influx of long-term funds from insurance, personal pensions, and social security funds, as well as the ongoing shift of savings into diversified products like ETFs and fixed-income products [3][4] - The industry has seen a significant increase in net asset value from approximately 9.1 trillion yuan in 2016 to about 36 trillion yuan in 2025, with an average annual growth rate of around 16% [4] Group 2: Investor-Centric Approach - The industry is shifting towards an investor-centric model, emphasizing the importance of investor profitability and prioritizing the interests of fund holders [5][6] - Regulatory changes, such as performance assessment guidelines and new performance benchmarks, are reinforcing this investor-first approach [5][6] Group 3: Product Innovation - There is a growing trend of product innovation in the public fund sector, with a focus on meeting real market demands and expanding offerings like REITs and various ETF products [7][8] - Future innovations are expected to include a wider range of ETFs, including those focused on technology, real estate, and low-volatility products [7][8] Group 4: ETF Development - The ETF market is anticipated to enter a new phase of differentiated competition, with a focus on thematic and sector-specific ETFs [9][10] - The demand for passive investment products is increasing, driven by a structural shift towards low-cost, high-transparency options [9][10] Group 5: Active Equity Funds - Active equity funds are expected to return to a focus on value investing, moving away from short-term speculative strategies [11][12] - Regulatory frameworks are tightening performance benchmarks, which will encourage fund managers to concentrate on long-term value creation [11][12] Group 6: Sales Transformation - Fund sales are transitioning towards a model that emphasizes maintaining existing clients over acquiring new ones, focusing on service quality and client experience [16][17] - The sales strategy will shift from product-centric to client-centric, with a greater emphasis on advisory services and long-term client relationships [16][17] Group 7: AI Integration - The integration of AI technology is becoming crucial for the public fund industry, enhancing efficiency in product management, customer service, and governance [18][19] - AI is expected to evolve from a tool for efficiency to a collaborative decision-making partner, impacting all aspects of fund operations [18][19] Group 8: Long-Term Focus - The public fund industry is anticipated to return to a long-term investment philosophy, aligning more closely with wealth management and pension fund objectives [21][22] - The regulatory environment is pushing for a focus on stability and quality in fund offerings, which will attract more institutional and long-term investors [21][22] Group 9: Market Diversification - The industry is likely to see a diversification of products and strategies, with a focus on niche markets and global asset allocation [22] - The introduction of floating fee structures is expected to become more prevalent, aligning fund performance with investor returns [22]