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3.61万亿背后的费率暗战:中国 ETF 如何改写被动投资格局(下篇)
Morningstar晨星·2025-07-09 10:39

Core Viewpoint - The article discusses the transformative changes in the domestic ETF market, emphasizing the increasing competition and the impact of fee reductions on the industry, while highlighting the need for innovation to create value and establish competitive barriers [1]. Group 1: Management Fee Income Analysis - The ETF management fee income in China's public fund industry has shown a steady increase, growing from 3.2 billion in 2018 to 13.6 billion in 2024, with an average annual growth rate of 27% [4]. - The top ten fund companies in terms of management fee income in 2018 still dominate the market in 2024, holding 72% of the market share, down from 83% in 2018, indicating a strong leader effect [5]. - The market share of some companies, like Huaxia Fund and Huatai-PB Fund, has increased significantly due to product line enhancements and active market engagement, while others, like Huabao Fund, have seen a decline due to a lack of mainstream ETF products [6]. Group 2: Competitive Landscape of Mid-Tier Fund Companies - Mid-tier fund companies have shown some stability, with three out of ten companies from 2018 dropping out of the top twenty by 2024, while two have moved into the top ten, increasing their market share from 15% to 19% [9]. - Guotai Fund has successfully increased its market share from 1% in 2018 to 5% in 2024 by actively participating in mainstream ETF developments and capitalizing on market opportunities [11]. Group 3: Trends in the A500 ETF Market - The rapid development of the CSI A500 ETF, which launched in September 2024, reflects the growing interest in ETF products, with the first batch of ten funds raising a total of 20 billion [12]. - The A500 ETF market has seen a significant growth rate, with a total scale of 175.6 billion by the end of Q4 2024, representing 5% of all ETF funds, showcasing its rapid acceptance compared to the more established Hu-Shen 300 ETF [12]. - The competitive landscape for the A500 ETF is characterized by a fee war, with all 32 products launched adopting a management fee rate of 0.15%, indicating a trend towards lower fees in the industry [13]. Group 4: Comparison with the U.S. ETF Market - The U.S. ETF market has experienced steady growth in management fee income, with an average annual increase of 16% since 2018, reflecting strong demand for ETF products [16]. - Similar to China, the U.S. ETF market exhibits a strong leader effect, with the top ten companies holding 70% of the market share in 2024, although the concentration is higher among the top five companies [21]. - The high concentration in the U.S. ETF market may provide insights for the Chinese market, suggesting that as the domestic ETF market matures, competition may intensify and market share could further consolidate among leading firms [22]. Group 5: Future Outlook - The domestic ETF market is thriving, with leading fund companies maintaining stable positions, while mid-tier firms are also finding growth opportunities through optimized product offerings [23]. - The rapid issuance of the A500 ETF and the trend of fee reductions highlight both the industry's vibrancy and the risks of homogenized competition [23]. - To navigate the challenges posed by fee reductions, fund companies must innovate and differentiate their products and services to establish a robust competitive edge in the evolving ETF market [23].