指数投资下半场

Core Viewpoint - The article emphasizes that the competition in the index fund market is not about scale but about who can better accompany investors on their journey to wealth preservation and growth [4]. Group 1: Market Overview - As of the end of Q3 2025, the total number of index funds in the market reached nearly 3,000, with a total scale of 6.72 trillion yuan (excluding ETF-linked funds) [4]. - The number of newly established ETFs this year reached 328, with a new issuance scale exceeding 250 billion yuan, both hitting historical highs [4]. Group 2: Industry Challenges - Many institutions are caught in a cycle of "issuance wars, fee wars, and scale wars," treating index products merely as tools for expansion rather than as vehicles for wealth preservation and growth for investors [4]. - The homogeneity in competition leads to significant resource waste and potential losses for both fund companies and investors, complicating the selection process for investors [4]. Group 3: Tianhong Fund's Strategy - Tianhong Fund has differentiated itself by selecting long-term potential assets across various categories, focusing on new assets represented by "new productive forces" [6]. - The fund was a pioneer in launching the Tianhong CSI Hong Kong-Shanghai Cloud Computing Industry Index ETF (517390) in late 2021, which covers both Hong Kong cloud service providers and domestic computing hardware suppliers [6]. - Tianhong Fund has established a comprehensive product line, covering mainstream investment directions and enhancing its index funds with a focus on quality and diversity [7]. Group 4: Enhanced Index Strategy - Tianhong Fund has developed 19 enhanced index funds with a total management scale exceeding 12.084 billion yuan, making it one of the few teams in the industry to surpass the "100 billion scale" mark [8]. - The fund's enhanced index strategy aims to provide sustainable "Alpha" returns while maintaining high-quality risk-adjusted returns, avoiding high-risk methods to achieve excess returns [8]. Group 5: Performance Metrics - The Tianhong CSI 500 Enhanced Index A has achieved excess returns of 8.32% over the past year, 6.34% over three years, and 19.01% over five years [9]. - The Tianhong CSI 1000 Enhanced ETF recorded an excess return of 16.5% [9]. Group 6: Investor Engagement and Tools - Tianhong Fund has leveraged its early entry into Ant Fortune and its understanding of internet operations to build investor trust through professional educational content and deep insights from fund managers [10]. - The fund has developed practical tools to help investors reduce decision-making difficulties, such as a定投 plan based on the PB ratio for the ChiNext index [11][12]. Group 7: Future Outlook - The article concludes that true competitiveness in the index investment space stems from a deep understanding of investors' real needs and continuous support, with Tianhong Fund integrating internet operational thinking, technological development, and customer service experience [15].