以下文章来源于六亿居士 ，作者六亿居士 雪球2024年度十大影响力用户。每周发布指数估值表，坚持指数基金(ETF)低估定投，分享指数基金基础分析，让我们：买入有依，持有有底，卖出有 据。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 六亿居士 . 作者：六亿居士 来源：雪球 主动与被动投资孰优孰劣 ， 曾是投资界热议的话题 。 最广为人知的莫过于巴菲特提出的十年赌约 ， 相信各位都有所耳闻 。 近年来 ， 随着指数化投资的快速发展 ， 各类被动型基金规模持续攀升 ， " 躺平 " 买指数成为越来越多人的选择 。 在此趋势下 ， 主动与被动 之争逐渐平息 。 Wind数据显示 ， 截至今年三季度末 ， 被动型权益基金规模已达4.54万亿元 ， 显著超越主动权益型基金的3.86万亿元 ， 且两者差距仍在扩大 。 于是 ， 一个值得思考的问题浮现 ： 当越来越多人转向被动投资 ， 主动基金是否还有机会 ？ 这是许多投资者关心的问题 ， 也是持有主动基金的朋友们最常提出的疑问 。 坦率地说 ， 答案或许并不复杂 ： 当市场中的非理性参与者减 ...

Core Insights - The "2025 Guangzhou Investment Advisory Conference and Wealth Management Transformation Development Meeting" was held in Guangzhou, focusing on the development of ETF innovation and its role in enhancing the advisory ecosystem [1] Group 1: ETF Market Development - The domestic ETF market in China is rapidly growing, with over 1,300 ETFs listed and a total market size of 5.7 trillion yuan, surpassing Japan to become the largest ETF market in Asia [1] - The Shanghai Stock Exchange is continuously enriching index products to provide diversified investment tools, achieving breakthroughs in the number and scale of products like Sci-Tech Innovation Board ETFs and dividend ETFs [1] Group 2: Wealth Management Platforms - The Shenzhen Stock Exchange has established a one-stop wealth management platform with a comprehensive ETF product system covering various types, including stock, currency, bond, cross-border, and gold ETFs [2] - The Shenzhen Stock Exchange is actively cultivating the market by conducting advanced advisory training activities, attracting tens of thousands of advisors [2] Group 3: Index Supply and Investment Strategies - The supply of indices has evolved from "comprehensive coverage" to "precise matching," catering to both global markets and specific national strategies, which will support wealth management scenarios and buyer advisory businesses [2] - The value of index-based investment as a core tool will become more prominent as the domestic buyer advisory industry moves towards scale [2] Group 4: Research and Advisory Capabilities - The importance of building a robust research and advisory capability is emphasized, with firms like CITIC Securities creating an open research service ecosystem that collaborates with public and private funds [4] - The focus is on understanding investor behavior through comprehensive research to empower buyer advisory services [4] Group 5: Client Management and Customization - Companies like China Europe Wealth are enhancing client experience by not only assessing investment managers based on strategy but also monitoring actual account operations [6] - The goal is to address the limited capacity for multi-asset investments by maintaining a reserve of similar funds for timely adjustments to advisory strategies [6] Group 6: Future Directions - The focus for the upcoming year includes conducting common research and addressing high-end customized needs to provide better service solutions for clients [9] - From a product innovation perspective, there is an aspiration to offer more low-volatility products in response to the evolving investment landscape [12]

Group 1 - Multiple institutions have released investment strategy outlook reports for A-shares in 2026, indicating optimism for the performance of quality Chinese assets in the coming year [1] - Major foreign institutions such as JPMorgan, BNP Paribas, and Merrill Lynch have increased their allocation to A-shares, reflecting a consensus on the good investment value of A-shares amid a reshaping global asset allocation landscape [1] - China's economy has shown resilience, with a growth rate of 5.2% in the first three quarters of this year, and the export growth of high value-added products has been significant [1] Group 2 - The CSI A50 Index, launched in 2024, selects 50 leading companies across various industries, representing both new economy and traditional sectors, with a total market capitalization exceeding 20 trillion yuan [2] - The index covers 30 secondary and 50 tertiary industries, including traditional finance and consumption, as well as new economy sectors like renewable energy and semiconductors, reflecting a balanced industry structure [2] - The CSI A50 Index incorporates ESG evaluation and connectivity mechanisms to reduce major negative risk events and enhance investment accessibility for foreign capital [2] Group 3 - The CSI A50 Index has demonstrated stronger profitability, with a cumulative increase of over 73% in the past ten years, significantly outperforming other indices such as the SSE 50 and CSI 300 [3] - The historical annualized volatility of the CSI A50 Index is 20.72%, lower than that of the SSE 50, CSI 300, and CSI All Share Index, indicating a more stable return profile [3] - To facilitate investment in core leading A-share companies, Guangfa Fund is launching the Guangfa CSI A50 ETF, which closely tracks the CSI A50 Index, providing an efficient tool for asset allocation [3]

Core Viewpoint - The ETF market is undergoing a "standardization" transformation, with new regulations requiring existing ETFs to include the fund manager's identification in their names by March 31, 2026, which aims to enhance investor recognition and shift competition towards value creation rather than name competition [1][2]. Group 1: Standardization of ETF Naming - The new regulations establish a clear naming formula: "core elements of the investment target + ETF + manager name," ensuring product attributes are clear [2]. - As of now, 18 fund managers, including E Fund, Huaxia Fund, and Dacheng Fund, have already completed the renaming of their ETFs to comply with the new standards [1][2]. Group 2: Challenges in the ETF Market - The ETF market previously faced two main issues: lack of naming standards leading to confusion among similar products and a focus on the underlying index that obscured the value of fund managers [3]. - The proliferation of ETFs with similar names has made it difficult for investors to distinguish between products, necessitating the new naming regulations [4]. Group 3: Shift in Competitive Landscape - The new naming regulations are expected to shift the focus from "name grabbing" to "brand building," compelling fund managers to enhance their operational capabilities and service quality [4]. - Future competition in the ETF market will center on three key areas: brand reputation, operational efficiency (including low fees and high liquidity), and differentiated product positioning for smaller fund managers [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The market is experiencing a downward trend with most major broad - based indices and industry ETFs showing declines. Index product applications are active, especially in the science - tech chip direction [1][2][10]. 3. Summary by Directory 3.1 Index Product Establishment, Fund - raising, and Application - **Product Establishment and Listing**: In the recent week, 4 ETF products such as Southern Hang Seng Tech ETF were listed, and 19 products including Penghua Hang Seng Tech ETF were established [1][4]. - **Product Issuance Information**: In the coming week, 14 index products like Xingyin Guozheng New Energy Vehicle Battery ETF Connect A will end their fund - raising, and 8 index products such as Dacheng CSI 800 Index Enhancement A will start their fund - raising [1][6]. - **Product Application Information**: A total of 29 index products were applied for in the recent week. Multiple fund companies concentrated on applying for 7 ETFs in the science - tech chip direction [1][8]. 3.2 ETF Market Review - **Broad - based ETFs**: In the recent week (2025/11/17 - 2025/11/21), most major A - share broad - based ETFs declined, with high - drop ones including STAR 50 ETF, CSI 500 ETF, and ChiNext 50 ETF. Major broad - based ETFs in Hong Kong and the US also had significant drops. Gold ETF fell by 2.50% [2][10]. - **Industry ETFs**: Most major A - share industry ETFs declined. The advanced manufacturing category had a high drop this week, with the Photovoltaic ETF dropping the most at - 11.19%, followed by the New Energy Vehicle ETF (- 8.28%) and Battery ETF (- 9.56%). Among other category ETFs, the Steel ETF dropped by - 7.13% [2][12]. - **Cross - border ETFs**: The global market generally declined, with Hong Kong, European, and US stocks performing weakly. Huatai - Peregrine CSI KRX Korea Semiconductor ETF dropped by 10.06% [14]. - **Non - monetary ETFs**: Among non - monetary ETFs, Harvest S&P Biotech Select Industry ETF led with a 1.35% return in the recent week, while Penghua Shanghai STAR Market New Energy ETF lagged with a - 13.40% return [17]. 3.3 ETF Fund Flow - **Overall Scale**: As of November 21, 2025, there were 1304 ETFs in the whole market, with a total scale of 55004.93 billion yuan, a decrease of 1318.36 billion yuan from the previous week. A - share ETFs and cross - border ETFs ranked first and second in scale, with A - share ETFs' scale decreasing by 1175.02 billion yuan in the recent week [21]. - **Fund Inflow and Outflow**: Among non - monetary ETFs, ETFs targeting Hang Seng Tech had the largest net fund inflow of 92.52 billion yuan, while ETFs targeting CSI Banks had the largest net fund outflow of 16.76 billion yuan. Southern CSI 500 ETF and E Fund ChiNext ETF had high fund inflows of 57.32 billion yuan and 46.35 billion yuan respectively [24][26]. - **Liquidity**: Haifutong CSI Short - Term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 194.00 billion yuan. Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF had high liquidity, with an average daily trading volume of 111.58 billion yuan [26].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - The market is oscillating downward, with major broad - based indexes generally declining. A - share, Hong Kong, and US major broad - based ETFs, as well as commodity ETFs like gold, have all seen drops. Most major industry ETFs in the A - share market have also declined, especially in the advanced manufacturing sector [11]. - In terms of index product trends, 19 index products were established, 14 ended their fundraising, 8 started fundraising, and 29 were newly declared, with 7 ETFs in the science - innovation chip direction being concentratedly declared [1][5][7][9]. - Regarding ETF fund flows, the total market scale decreased compared to the previous week. Among non - currency ETFs, ETFs targeting Hang Seng Technology had the largest net inflow, while those targeting CSI Banks had the largest net outflow [22][25]. Summary by Directory 1. Index Product Establishment, Fundraising, and Declaration - **Product Establishment and Listing**: Four ETF products, including Southern Hang Seng Technology ETF and Southern CSI Hong Kong Stock Connect High - Dividend Investment ETF, were listed, and 19 products, such as Penghua Hang Seng Technology ETF and Huaxia S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, were established [1][5]. - **Product Issuance Information**: Fourteen index products, like Xingyin China Securities New Energy Vehicle Battery ETF Linked A, will end their fundraising in the coming week, and 8 products, such as Dacheng CSI 800 Index Enhancement A, will start fundraising [7][8]. - **Product Declaration Information**: A total of 29 index products were declared in the past week, with 7 ETFs in the science - innovation chip direction being concentratedly declared by multiple fund companies, including E Fund and Penghua [1][9]. 2. ETF Market Review - **Broad - based ETFs**: A - share major broad - based ETFs generally declined, with higher drops in Science and Technology Innovation 50 ETF, CSI 500 ETF, and ChiNext 50 ETF. Hong Kong and US major broad - based ETFs also had significant drops. Gold ETF dropped by 2.50% [11]. - **Industry ETFs**: Most major industry ETFs in the A - share market declined. The advanced manufacturing sector had a relatively high decline, with the Photovoltaic ETF dropping the most at - 11.19%, and the New Energy Vehicle ETF and Battery ETF dropping by - 8.28% and - 9.56% respectively. The Steel ETF in other categories dropped by - 7.13% [13]. - **Cross - border ETFs**: Cross - border market major broad - based indexes oscillated downward, with the China - South Korea Semiconductor index dropping the most at - 6.32%. The Huatai - Peregrine CSI Korea Exchange China - South Korea Semiconductor ETF dropped by 10.06% [15]. 3. ETF Fund Flows - **Market Scale**: As of November 21, 2025, there were 1304 ETFs in the entire market, with a total scale of 55004.93 billion yuan, a decrease of 1318.36 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale, with the A - share ETF scale decreasing by 1175.02 billion yuan [22]. - **Net Inflow and Outflow**: Among non - currency ETFs, ETFs targeting Hang Seng Technology had the largest net inflow of 92.52 billion yuan, while those targeting CSI Banks had the largest net outflow of 16.76 billion yuan. Southern CSI 500 ETF and E Fund ChiNext ETF had relatively high inflows of 57.32 billion and 46.35 billion yuan respectively [25][27]. - **Liquidity**: Haifutong CSI Short - Term Financing ETF led in liquidity, with an average daily trading volume of 194.00 billion yuan in the past week. Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF also had high liquidity, with an average daily trading volume of 111.58 billion yuan [27].

Core Viewpoint - The bond ETF market has experienced rapid expansion this year, with leading products seeing significant growth and a clear restructuring of the industry [1][2]. Overall Scale Continues to Reach New Highs - As of November 24, the total scale of bond ETFs reached 720.6 billion yuan, continuously setting historical highs [4]. - In the overall market structure, as of November 21, stock ETFs accounted for 63.93%, cross-border ETFs 15.89%, and bond ETFs 12.82%, a significant increase from 4.66% at the end of last year [4]. - The overall scale of bond ETFs was only 174 billion yuan at the end of last year, indicating a remarkable growth rate [4]. - Some bond ETFs have shown outstanding performance this year, with the Bosera CSI Convertible Bond ETF up 15.93% and the Haifutong Shanghai Stock Exchange Investment Grade Convertible Bond ETF up 12.04% as of November 21 [4]. Head Product Expansion - A considerable portion of the growth in leading products comes from net increases this year, with the Haifutong CSI Short-term Bond ETF increasing by 43.032 billion yuan, and the Pengyang 30-Year Government Bond ETF growing by 28.930 billion yuan [5]. - As of November 21, the total number of bond ETF products reached 53, with 32 launched this year, accounting for over 60% [5]. Bond ETFs as Efficient Investment Vehicles - Bond ETFs are characterized by T+0 trading, pledging capabilities, high efficiency, and low transaction costs, making them powerful tools for investors [7]. - Compared to stock ETFs, bond ETFs have four notable features: high liquidity, lower trading thresholds through index sampling replication, low transaction fees, and the ability to be used for high ratio pledging financing [7]. Institutional Dominance and Market Drivers - The bond ETF market is predominantly led by institutional investors, who account for 92%, while individual investors make up only 8% but have significant growth potential [8]. - The rapid expansion of bond ETFs is driven by three main factors: strong policy support, explosive product innovation, and a shift in market conditions leading investors to seek transparent, low-cost index tools [8][9].

Core Insights - The ETF market in Shanghai and Shenzhen has shown steady growth, with the total scale exceeding 57,000 billion yuan as of the end of October [1][2] - Recent regulatory changes by the China Securities Regulatory Commission (CSRC) are expected to enhance the ETF registration and listing process, potentially attracting more long-term capital into the market [1][3] Group 1: Market Overview - As of the end of October, there are 772 ETFs in the Shanghai market with a total market value of 40,847.47 billion yuan, reflecting a growth of 2.11% compared to the previous period [1] - The Shenzhen market has 559 ETFs with a total market value of 16,246.33 billion yuan, contributing to a combined ETF total of 57,093.80 billion yuan across both markets [1] Group 2: Brokerages and Trading Activity - The top 30 institutions by ETF trading volume in October include major brokerages like CITIC Securities and Huatai Securities, as well as smaller firms, indicating a stable market structure [2] - The ETF holdings among the top 30 institutions also reflect a mix of comprehensive large brokerages and specialized mid-sized firms, suggesting a trend towards differentiated operations in the ETF business [2] Group 3: Regulatory Changes - The CSRC has optimized the ETF registration and listing process by removing the requirement for a no-objection letter from the stock exchange, which is expected to reduce the administrative burden on industry participants [3] - Fund managers can now directly apply for registration for ETFs tracking mature indices, streamlining the process and enhancing market efficiency [3] - The regulatory changes aim to encourage innovation and differentiation in ETF products, addressing the issue of homogeneity in product offerings [3]

A-shares - Nobikang Artificial Intelligence Technology (Chengdu) Co., Ltd. has submitted its third listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [2] - As of November 17, over 10,000 new private equity securities investment funds have been registered this year, with stock strategies being the dominant force in the issuance market [2][3] - In November, 509 overseas institutions conducted research on 109 listed companies, with a focus on the electronics and machinery equipment sectors [2] Financial Products - As of November 20, 19 insurance companies have issued capital replenishment bonds or perpetual bonds this year, totaling over 70 billion yuan, with nearly 70% being perpetual bonds [4] - The latest LPR remains unchanged at 3.0% for 1-year and 3.5% for 5-year terms, maintaining stability for six consecutive months [4] - The Shanghai and Shenzhen Stock Exchanges have released new guidelines to promote high-quality development of index investment [4] Fund Market - As of November 17, a total of 1,378 public funds have been issued this year, surpassing last year's total of 1,143, marking the highest issuance in three years [5] - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating increased market activity [5] Economic Indicators - In October, China's retail sales grew by 2.8%, with significant increases in the sales of upgraded consumer goods such as gold and jewelry, which rose by 37.6% [6][7] - From January to October, the national general public budget revenue reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while expenditure was 22.58 trillion yuan, up 2% [8]

Core Viewpoint - The development of high-quality ETFs in China is being actively promoted through regulatory optimizations and standardizations, which aim to enhance the investment ecosystem and address issues of product homogeneity and low recognition [1][2]. Group 1: Regulatory Optimizations - The China Securities Regulatory Commission (CSRC) has streamlined the ETF registration and listing process by removing the requirement for a no-objection letter from the stock exchange, allowing fund managers to apply directly for registration [2]. - The total scale of ETFs has surpassed 5.6 trillion yuan, and the recent reforms are expected to further invigorate the market [2]. - A rapid registration mechanism for stock ETFs has been established, aiming to complete registration within five working days from acceptance [2]. Group 2: Market Dynamics - In 2023, a record 328 new ETFs were established, with a total issuance scale of 253.33 billion yuan, marking the highest annual figures to date [4]. - The competitive landscape is intensifying, with multiple fund managers often launching similar innovative products simultaneously, leading to challenges in operational capacity [4][5]. - The head effect in ETFs indicates that larger funds attract more liquidity, while smaller funds may struggle to gain traction, as seen with the 32 existing 中证A500 ETFs, some of which have scales below 100 million yuan [4]. Group 3: Product Naming and Differentiation - The Shanghai and Shenzhen Stock Exchanges have revised their fund business guidelines to standardize ETF naming conventions, requiring names to include core investment elements and fund manager abbreviations [6][7]. - This change aims to improve product recognition and assist investors in making informed decisions, addressing the issue of similar product names in the market [6][7]. - Fund managers are encouraged to adopt differentiated strategies rather than following trends, to avoid issues related to oversaturation and underperformance in fundraising [5][7].