万亿级ETF基金公司诞生之后

Core Viewpoint - The emergence of trillion-level ETFs marks a significant shift in the Chinese public fund industry, indicating a transition from active management to large-scale, passive investment strategies [2][4]. Group 1: Market Dynamics - As of January 12, 2026, the total scale of ETFs managed by Huaxia Fund surpassed 1,016.424 billion yuan, making it the first trillion-level ETF manager in China, with E Fund closely following at over 920 billion yuan [2]. - The combined ETF assets of Huaxia and E Fund account for nearly one-third of the entire market, highlighting the dominance of these two firms [2]. - The growth of Huaxia's ETF scale has been exponential, increasing more than fivefold from less than 190 billion yuan at the end of 2020 to over 1 trillion yuan in just over five years [3]. Group 2: Investment Strategies - Institutional investors, particularly those represented by the "national team," have become significant buyers of broad-based ETFs during market downturns, indicating a shift towards policy-driven asset allocation [3]. - Large insurance asset managers have moved away from selecting active fund managers for excess returns, favoring ETFs for their certainty and transparency, despite accepting average returns [4]. - Huaxia Fund's ETF strategy involves a balanced approach across various indices, while E Fund has shown strong retail penetration, with its CSI 300 ETF exceeding 300 billion yuan in scale [4]. Group 3: Competitive Landscape - The top five ETF managers account for nearly 55% of the total market ETF scale, creating a "Matthew Effect" where larger funds attract more institutional interest, making it difficult for new entrants to compete [7]. - The average management fee for ETFs is around 0.15%, which is significantly lower than the management fees of traditional active equity funds, emphasizing the scale-driven nature of ETF profitability [7]. - The competitive environment is characterized by high homogeneity in investment strategies and tracking indices, leading to intensified competition among ETF products [7]. Group 4: Future Outlook - The growth of ETFs is seen as a long-term strategy for asset managers, providing essential liquidity and becoming integral to market operations, akin to "shadow exchanges" [8]. - The public fund industry may evolve into a "dual-track" system, with leading firms focusing on ETF management as infrastructure providers, while others pursue differentiated active management strategies [8]. - Global trends indicate that the top three ETF providers hold 61% of the market share, with Chinese firms like Huaxia and E Fund moving towards the global forefront [9].