专题：2025资产管理高峰论坛 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，中银证券全球首席经济学家管涛在主题演 讲中表示，未来五年核心资产的配置方向包括自主可控与新潮消费、龙头企业的并购重组、传统行业的 创新发、优质企业的产业外迁四个方向。管涛强调，未来大量的投资来自于转型升级，对于个人来讲相 对不太容易，个人缺乏专业的经验、缺乏时间精力，需要更多地依靠财富管理机构，穿越周期配置资 产。 ...

Core Insights - The total scale of ETFs reached 5.69 trillion yuan as of November 21, with an increase of nearly 2 trillion yuan since the beginning of the year, indicating strong growth in the ETF market [1] - Stock ETFs have shown the highest growth in scale this year, reflecting a sustained demand for core asset allocation among investors, driven by improved market sentiment and expectations of economic recovery [1][2] - A total of 328 new ETFs were launched this year, raising a combined 253.3 billion units, with significant increases in the financial sector and specific indices like the Hang Seng Tech Index [1][3] ETF Market Dynamics - Stock ETFs dominate the market, accounting for 78.27% of the total number, 66.99% of the total units, and 64.23% of the total net asset value [2] - Among stock ETFs, scale index ETFs contribute the most to net asset value, making up 42.23% of the total, significantly higher than thematic and sector indices [2] - Cross-border ETFs also show strong demand, with a share of 26.21% in units and 16.02% in net asset value, indicating a robust interest in global asset allocation [2] Economic and Regulatory Factors - The improvement in China's macroeconomic environment has boosted investor confidence, alongside a growing preference for passive investment tools, leading to an increase in ETF supply [3] - The demand for low-cost, high-transparency ETFs has risen, supported by regulatory policies that streamline the fund registration process [3] - Commodity and money market ETFs have also seen growth, with asset net values increasing to 4.07% and 5.38% respectively, driven by specific liquidity needs and risk-hedging demands [3] Performance of Individual ETFs - A total of 68 ETFs have seen their scale grow by over 10 billion yuan this year, with 5 products exceeding 50 billion yuan in growth, predominantly among broad-based ETFs [3] - The significant growth in stock-based broad ETFs reflects an enhanced expectation of economic recovery, directing funds towards large-cap blue-chip indices [3]

Market Overview - A-shares showed strength in early trading, with the Shanghai Composite Index rising by 0.9% to surpass the 4000-point mark, and total market turnover reaching 1.3378 trillion yuan, an increase of 188.1 billion yuan compared to the previous day [1] - The market saw active rotation of hotspots, with sectors such as phosphorus chemicals, storage chips, controllable nuclear fusion, aviation engines, insurance, wind power equipment, and PEEK materials leading in gains, while sectors like Hainan Free Trade Zone, tourism and hotels, short drama games, and ice and snow industry faced declines [1] - Hong Kong stocks collectively rose, led by the semiconductor sector, with automotive and large internet stocks also performing well [1] Index Performance - The CSI 300 Index, which consists of 300 large-cap stocks from the Shanghai and Shenzhen markets, had a rolling P/E ratio of 14.2 times and showed a slight increase [3] - The CSI A500 Index, covering 500 large-cap stocks across various industries, had a rolling P/E ratio of 16.61 times and increased by 1.3% [3] - The ChiNext Index, which includes 100 large-cap stocks from the ChiNext board, had a rolling P/E ratio of 40.7 times and rose by 1.4% [3] - The STAR Market 50 Index, consisting of 50 large-cap stocks from the STAR Market, had a rolling P/E ratio of 158.2 times and increased by 2.8% [4] - The Hang Seng China Enterprises Index, which includes 50 large-cap Chinese companies listed in Hong Kong, had a rolling P/E ratio of 10.5 times and rose by 1.7% [5]

Core Viewpoint - The market continues to rise, with the Shanghai Composite Index approaching 4000 points and a significant increase in trading volume, indicating strong investor sentiment and activity [1]. Market Performance - The Shanghai Composite Index increased by over 1.0%, nearing the 4000-point mark, with a half-day trading volume of 15,760 billion yuan, which is an increase of over 3,000 billion yuan compared to the previous trading day [1]. - More than 3,700 stocks rose, reflecting broad market participation [1]. Sector Performance - The top-performing sectors included steel, small metals, pork, controllable nuclear fusion, Fujian, and storage chips [1]. - Conversely, sectors such as wind power equipment, gaming, Shenzhen, and state-owned cloud experienced declines [1]. Index Performance - The CSI A500 Index rose by 1.1% with a rolling P/E ratio of 17.1 times [3]. - The CSI 300 Index also increased by 1.1%, with a rolling P/E ratio of 14.6 times [3]. - The ChiNext Index saw a rise of 1.5%, while the STAR Market 50 Index increased by 0.8% [1]. - The Hang Seng China Enterprises Index rose by 1.0% [1]. Technology Sector - The STAR Market 50 Index, which consists of 50 high-quality technology stocks, increased by 0.8%, with semiconductor stocks accounting for over 65% of the index [5].

Core Viewpoint - International gold prices have strengthened significantly, reaching record highs, with a notable increase in the management scale of gold ETFs, indicating a rise in investment interest [1] Group 1: Factors Driving Gold Price Increase - The recent surge in gold prices is attributed to a combination of geopolitical risks, the global credit system, and liquidity of funds [1] - Continuous accumulation of gold by global central banks and institutional funds has further reinforced the upward trend in gold prices [1] Group 2: Market Outlook - Industry experts suggest that while there may be short-term fluctuations at high levels, the long-term supporting factors for gold remain intact [1] - The importance and resilience of gold as a core asset allocation continue to be highlighted in the current market environment [1]

Core Viewpoint - The article discusses the recent financial performance of a leading company in the technology sector, highlighting significant revenue growth and strategic initiatives that position the company for future success [5]. Group 1: Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $5 billion in the last quarter [5]. - Net income rose to $1.2 billion, reflecting a 30% increase compared to the same period last year [5]. - The gross margin improved to 45%, up from 40% in the previous year, indicating better cost management and pricing strategies [5]. Group 2: Strategic Initiatives - The company announced plans to invest $500 million in research and development over the next three years to enhance its product offerings [5]. - A new partnership with a leading cloud service provider was established, expected to drive additional revenue streams and market penetration [5]. - The company is expanding its operations into emerging markets, targeting a 15% increase in market share by 2025 [5].

Group 1 - The core viewpoint indicates a noticeable divergence in ETF fund flows, with broad-based ETFs decreasing while industry/theme-specific ETFs are increasing, and A-shares decreasing while Hong Kong stocks are increasing [1] - The market may be entering the last round of intensive subscription and redemption for actively managed public funds since 2021, with core assets held by institutions expected to rise, suggesting a shift back to core assets as a focus [1] - There is a coexistence of high debt funding rates and passive interest rate cuts in overseas markets, with China's manufacturing sector facing reduced competitive pressure, indicating a potential long-term recovery in profit margins for Chinese manufacturing [1] Group 2 - The suggested investment strategy emphasizes reducing market volatility, adjusting portfolio structures, and focusing on structural opportunities in sectors such as consumer electronics, resources, innovative pharmaceuticals, chemicals, and gaming [1]

Core Viewpoint - The A-share market continues its rebound, with the CSI A500 Index reaching a near three-year high, reflecting increasing enthusiasm for core asset allocation and strong liquidity in the A500 ETF by Huatai-PB [1] Group 1: Market Performance - As of August 22, the CSI A500 Index has reached a closing point that is the highest since July 2023, indicating a sustained upward trend in the market [1] - The A500 ETF by Huatai-PB has seen significant trading activity, with daily trading volumes exceeding 5 billion yuan for two consecutive days, averaging 5.069 billion yuan [1] - The fund's scale has achieved a net growth for three consecutive weeks, reaching 20.783 billion yuan, making it the only ETF tracking the CSI A500 Index with a scale exceeding 20 billion yuan [1] Group 2: Index Characteristics - The CSI A500 Index is designed to represent high-quality blue-chip stocks, selecting 500 securities with large market capitalization and good liquidity from various industries [2] - The index prioritizes the inclusion of emerging industry leaders, aiming to depict the overall performance of core assets amid China's economic transformation [2] Group 3: Fund Management and Fees - The management and custody fees for the A500 ETF by Huatai-PB are among the lowest in the A-share market, at 0.15% and 0.05% per year, respectively, which may help reduce investment costs [2] - As of August 22, the cumulative net asset value of the A500 ETF is 1.1570 yuan, making it one of the few ETFs tracking the CSI A500 Index with a cumulative net asset value exceeding 1.15 yuan [2] Group 4: Management Experience - Huatai-PB Fund, the manager of the A500 ETF, is one of the first ETF managers in China with over 18 years of experience in ETF operations [3] - The firm has developed the largest ETF in the A-share market, the CSI 300 ETF, with a scale exceeding 552 billion yuan [3]

Core Insights - The total share of ETFs has increased by nearly 120 billion, reaching 2.77 trillion shares, with a total scale of 4.77 trillion yuan, reflecting a year-to-date growth of 1.04 trillion yuan and a year-on-year increase of 27.88% [1] - Broad-based ETFs, particularly those tracking the CSI 300 and CSI A500 indices, have shown significant growth due to sustained buying from long-term funds like Central Huijin, establishing themselves as the dominant force in the ETF market [1][2] - The CSI 300 ETF has become the only thematic fund to exceed 1 trillion yuan in total scale, with a year-to-date growth of 116.7 billion yuan, indicating strong investor confidence in large-cap blue-chip stocks [2] ETF Market Performance - The CSI 500 and CSI 1000 thematic ETFs have also performed well, with total scales of approximately 181.7 billion yuan and 167.6 billion yuan respectively, reflecting a positive trend in investor sentiment [2] - A total of 47 individual products have seen scale growth exceeding 10 billion yuan, with the FuGuo Hong Kong Stock Connect Internet ETF leading with a growth of nearly 47 billion yuan [2] - Bond ETFs have shown stable growth, indicating a robust demand for fixed-income products, while cross-border ETFs have rapidly increased in scale, highlighting a growing need for diversified investment options [3] Investment Trends - The increase in ETF market scale, particularly in broad-based products, indicates a concentration of funds towards core assets and stable products, providing effective tools for diversification and risk management [3] - The overall market sentiment is buoyed by improved economic growth expectations in China, leading investors to favor index funds for core asset allocation [2][3] - The competitive landscape among fund companies has enhanced investor trust, further driving the demand for low-valuation blue-chip stocks [2]

Core Viewpoint - The Chinese stock market is experiencing a positive upward trend due to multiple favorable factors, leading to a significant increase in investor demand for quality core assets [1][2] Fund Overview - Huashang Fund has launched the Huashang CSI 300 Index Enhanced Fund (Class A: 024313 / Class C: 024314) to help investors seize core asset allocation opportunities through a dual strategy of core asset beta and active alpha [1] - The fund will end its fundraising period on August 15 [1][2] Index Characteristics - The Huashang CSI 300 Index, which the fund is anchored to, includes 300 leading companies with high market capitalization and liquidity from the Shanghai and Shenzhen stock exchanges, primarily in the financial, industrial, and information technology sectors [1] - This index reflects a diversified combination of cyclical, defensive, and growth characteristics, allowing investors to capture both traditional industry valuation recovery opportunities and emerging industry development dividends [1] Investment Strategy - The fund integrates Huashang Fund's deep expertise in active management with advanced quantitative investment techniques, aiming for dual return potential of "index β + quantitative α" [1] - Historical data indicates that mainstream index-enhanced products, including the CSI 300 Index, typically achieve annualized excess returns in the range of 3% to 8%, with a median volatility lower than corresponding ETFs, providing a better risk-reward ratio for investors in volatile markets [1][2] Management Team - The fund will be managed by two core members of Huashang Fund's quantitative investment team: Dr. Deng Mo and Dr. Ai Dingfei, both of whom have extensive experience in the securities industry [2][3] - Dr. Deng Mo has over 14 years of experience in the investment research field, while Dr. Ai Dingfei has nearly 11 years of experience, including a background at Goldman Sachs [2][3] Market Context - The investment value of China's core assets is increasingly prominent, and the quantitative enhancement strategy for the CSI 300 Index allows investors to benefit from China's economic transformation and strive for excess returns through active management [2]