被动投资系列（二）：被动化浪潮下的A股：从美/日市场看未来趋势

Group 1 - The passive investment trend in the US stock market has reached a level of approximately 18% as of 2023, driven by a mature ETF market, low fee advantages, and the rise of robo-advisors [1][11][15] - Japan's passive investment rate has reached 14% by October 2024, significantly influenced by the Bank of Japan's policies and interventions in the ETF market [2][39][40] - The A-share market's passive investment rate is currently at levels comparable to the US in 2012 and Japan in 2017, with domestic stock ETFs reaching a scale of 2.9 trillion yuan, accounting for 7.5% of the free float market value [2][43][42] Group 2 - In recent years, the scale of passive funds in China has surpassed that of active funds for the first time, indicating a significant shift in investment strategies [3][45] - There has been a notable trend of capital moving from active to passive funds in China, mirroring the experiences seen in the US market from 2014 to 2023 [3][50] - Certain individual stocks in the A-share market have reached passive investment rates comparable to those in mature markets, particularly in the Sci-Tech Innovation Board [3][3] Group 3 - The influx of passive funds has contributed to an increase in valuation premiums for stocks included in major indices, suggesting that passive investment can enhance stock valuations [4][4] - The ongoing passive investment trend is expected to alter the market dynamics in the A-share market, potentially leading to a reversal of the current valuation disparity between large-cap and small-cap stocks [5][5]