“拥抱康波”！公募鏖战ETF，谁将定义下半场？

Core Viewpoint - The article discusses the transformative impact of ETFs on the public fund industry in China, highlighting the rapid growth and competitive dynamics within the sector as it shifts towards index-based investment strategies [2][4][5]. Group 1: ETF Growth and Market Dynamics - The total scale of ETFs in China is projected to grow from 2 trillion yuan to 3.7 trillion yuan in 2024, and further to 6 trillion yuan by 2026, indicating a 60% increase [2]. - By the end of 2025, the scale of public ETFs is expected to reach an unprecedented 6 trillion yuan, representing about 5% of the total A-share market capitalization [4]. - The rapid growth of ETFs is reshaping the capital market, transitioning it from a retail-driven environment to one governed by rules and asset allocation logic [4][5]. Group 2: Competitive Landscape - The competition among fund companies has intensified, focusing on fee rates, liquidity, and product diversity, with leading firms like Huaxia Fund emerging as key players [3][6]. - As of January 2026, Huaxia Fund's ETF scale reached 1,016.42 billion yuan, making it the first public fund company to surpass the trillion yuan mark in non-cash ETFs [6]. - The disparity in ETF scale among fund companies is widening, with over 100 firms still not participating in the ETF market, and many existing players struggling to reach significant scale [6][7]. Group 3: Regulatory and Policy Influences - Regulatory policies have played a crucial role in the expansion of the ETF market, including simplified product approval processes and the promotion of ETF interconnectivity [7]. - A significant fee reduction trend has emerged, with the average management fee for stock ETFs dropping from 0.46% in early 2024 to 0.25% by mid-2025, enhancing investor affordability [8][9]. Group 4: Branding and Product Differentiation - A wave of product renaming has swept the industry, with major fund managers like Huaxia Fund adopting new naming conventions to enhance product recognition and brand loyalty [9][10]. - The focus of competition is shifting from mere product offerings to a more comprehensive brand narrative, addressing the issue of product homogeneity in the ETF market [10][11]. Group 5: Huaxia Fund's Competitive Advantage - Huaxia Fund has established a robust ecosystem for its ETFs, characterized by a diverse product matrix and a commitment to low fees and high liquidity [14][15]. - The company's strategy involves integrating active research capabilities into passive investment tools, allowing for innovative product development that anticipates market trends [16][17]. - This comprehensive approach has positioned Huaxia Fund as a leader in the ETF space, creating a sustainable competitive advantage that is difficult for others to replicate [18].