突破2600亿！指增“黄金时代”正在来临，来看大厂样本

Core Insights - The public fund industry is undergoing a transformation with the tightening of performance benchmarks, pushing all players towards a competitive landscape focused on index-enhanced strategies, which are becoming a significant structural trend in the market [1][2] - As of the end of 2025, the scale of quantitative index-enhanced funds has surpassed 260 billion, with a notable increase in new product launches, indicating a strong market response [2] Industry Trends - The introduction of the regulatory framework by the China Securities Regulatory Commission (CSRC) is establishing performance benchmarks as a new guiding principle for the public fund industry [1] - The number of newly established index-enhanced funds reached 177, with a total issuance scale exceeding 97.518 billion, surpassing the total from the previous three years [1][2] Competitive Landscape - Leading fund companies are building comprehensive index ecosystems, with firms like China Merchants Fund and Tianhong Fund leading in product offerings and market coverage [4] - Mid-tier and smaller firms are focusing on niche strategies to carve out their market share amidst competition from larger players [4] Performance Metrics - A significant 95.97% of enhanced index products achieved positive returns in the year, with the highest return reaching 85.77% [5] - 86.01% of index-enhanced products delivered positive excess returns, with nine products exceeding 20% in excess returns compared to their benchmarks [5][6] Technological Advancements - Tianhong Fund's quantitative index-enhanced business has evolved into a core area, leveraging AI to achieve systematic and scientific investment strategies [8][9] - Over 70% of the excess factors in Tianhong's quantitative index-enhanced products are derived from AI learning, showcasing a shift from traditional methods to AI-driven approaches [9][10] Operational Efficiency - The operational model at Tianhong involves a highly engineered "alpha pipeline" that integrates various data sources and models to enhance investment decision-making [11][12] - The collaborative structure within Tianhong's research and investment teams ensures a seamless execution of strategies, combining human expertise with advanced systems to achieve stable long-term excess returns [12]