2025年度回望：当华尔街不再相信“勤劳致富”

Core Viewpoint - The article discusses a significant shift in the investment landscape, highlighting the rise of ETFs (Exchange-Traded Funds) as a preferred investment vehicle, marking the end of the era where retail investors relied heavily on individual stock selection [5][8]. Group 1: Market Trends - In 2025, a staggering $1.4 trillion of net inflow into the market was recorded, surpassing last year's record by $300 billion, indicating a dramatic increase in market liquidity [6][8]. - The annual trading volume of the ETF market is projected to reach an astonishing $57.9 trillion in 2025, showcasing the growing dominance of ETFs [8][11]. - The net inflow into ETFs in 2025 is more than double that of 2023, reflecting a significant shift in investor behavior towards these investment products [13]. Group 2: Investor Behavior - Investors are increasingly fleeing uncertainty and the anxiety associated with personal stock selection, opting for the simplicity and transparency of ETFs [9][10]. - The article compares the previous stock-picking approach of retail investors to hunting in a forest, while now they have access to a "supermarket" of ETFs, allowing for easier selection of investment themes [10][11]. - The shift from passive to active management within ETFs is noted, with a growing number of funds being actively managed, indicating a more sophisticated approach to investing [15][16]. Group 3: Product Innovation - The number of new ETF products launched in 2025 is expected to reach 1,100, reflecting a rapid expansion in the variety of investment options available to investors [20]. - The emergence of AI-assisted decision-making tools is highlighted as a new trend among investors, helping them navigate the overwhelming number of ETF choices available [21][22]. - The article emphasizes the evolution of ETFs from basic index funds to more complex, actively managed products, akin to gourmet meals compared to simple frozen foods [16][25]. Group 4: Future Outlook - The article concludes that the traditional era of stock picking is fading, giving way to a new era focused on asset allocation through ETFs, supported by advanced tools like AI for better decision-making [25].