证券Ⅱ行业深度分析：全球视野下的被动资管发展与中国借鉴

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The international passive asset management sector has developed rapidly since its inception, with significant growth in assets under management (AUM) and management fee income, which reached $22 billion by the end of 2022, outpacing active investment growth [2][20] - Passive asset management products, primarily index funds and ETFs, are characterized by low fees, high transparency, and risk diversification, with index funds exceeding $20 trillion in size and ETFs surpassing $10 trillion by the end of 2022 [2][20] - BlackRock is the leading global passive asset management firm, with a passive investment scale of $6.62 trillion, accounting for 72% of its total AUM, while Fidelity Investments has also seen significant growth in passive products, reaching $1.3 trillion by April 2024 [2][20] - The report emphasizes the need for domestic asset management firms to upgrade their business models, optimize scale effects, and focus on innovation to remain competitive in the evolving market landscape [2][20] Summary by Sections 1. Origin and Development of International Passive Asset Management - Passive asset management began in the 1970s, gaining traction with the introduction of the Efficient Market Hypothesis and Capital Asset Pricing Model in 1965 [12] - The first passive product, the Vanguard 500 Index Fund, was launched in 1976, but it took time for the concept to gain acceptance among investors [12][13] 2. Main Products of International Passive Asset Management - Index funds and ETFs are the primary products, with ETFs experiencing rapid growth and currently dominating the market [2][20] - By the end of 2022, passive investment AUM reached $21 trillion, while traditional active management AUM was $29 trillion, indicating a narrowing gap [21] 3. Analysis of Representative Institutions in International Passive Asset Management - BlackRock and Fidelity Investments are highlighted as key players, with BlackRock focusing on passive management and Fidelity expanding its passive offerings alongside its traditional active management [78][100] 4. Insights and Lessons for Domestic Markets - Domestic asset management firms are encouraged to adopt a diversified approach that includes active, passive, and alternative investments to enhance service capabilities [2][20] - Emphasis is placed on the importance of leveraging technology and innovation to improve competitiveness and meet evolving investor demands [2][20]