基金市场再次见证历史性时刻！ 近年来，国内ETF发展突飞猛进。2020年10月，国内ETF总规模首次突破万亿大关；2023年8月，国内ETF总规模突破2万亿元；2024年9月，国内ETF总规 模突破3万亿元；2025年4月，国内ETF总规模突破4万亿元；2025年8月突破5万亿元。 可以看出，ETF市场规模增长速度不断加快，今年连续突破两个万亿级关口。其中，突破4万亿元关口用时6个多月，突破5万亿元关口仅花了4个多月时 间。 在年内两次突破万亿元级整数关过程中，市场"吸金"主力也在发生变化。据Wind数据统计，在突破4万亿元过程中，有26只ETF资金净流入额超过100亿 元，其中有16只为宽基ETF，承接4月股市大幅震荡过程中，"国家队"出手稳定市场的资金净流入。 而今年8月突破5万亿元关口，则是债券ETF及港股ETF共同发力。一方面，机构资金持续增持首批科创债ETF等品种；另一方面，港股创新药等板块大爆 发，各路资金借道港股ETF进行跨境配置。Wind数据显示，在此轮规模增长中，资金净流入超过100亿元的ETF只数达到19只，其中有15只为债券ETF， 另外4只为港股ETF。 与此同时，中国在全球ETF中的 ...

【导读】见证历史！全市场ETF规模突破5万亿元大关 中国基金报记者 方丽 陆慧婧 基金市场再次见证历史性时刻！ 今年以来，黄金、A股等各类型资产轮番表现，增量资金持续涌入ETF市场，通过ETF进行大类资产配置，股票、债券、商品等各类型ETF 规模不断增长。 Wind数据显示，截至8月25日，全市场ETF总规模达到5.07万亿元，这也是继今年4月份突破4万亿元大关之后，时隔4个 月时间再次突破万亿级整数关口。 业内人士表示，此次跨过万亿元整数关口，是历史上用时最短的一次，这也从侧面反映出被动投资大时代正加速到来。 全市场ETF规模突破5万亿元 Wind数据显示，截至8月25日，全市场ETF总只数达到1273只，总规模达到5.07万亿元，相比前一交易日增长1006亿元，正式突破5万亿 元大关。 近年来，国内ETF发展突飞猛进。2020年10月，国内ETF总规模首次突破万亿大关；2023年8月，国内ETF总规模突破2万亿元；2024年 9月，国内ETF总规模突破3万亿元；2025年4月，国内ETF总规模突破4万亿元；2025年8月突破5万亿元。 可以看出，ETF市场规模增长速度不断加快，今年连续突破两个万亿级关口。 ...

投容大咖啡 刘潇（左）、刘水清 海纳全球优质资产 善用ETF触达未来 ——访兴证全球多元资产配置部基金经理刘潇、刘水清 以即将问世的兴证全球盈丰多元配置三个月持有期混合型FOF为例，这只基金将由刘水清和刘潇共同管 理，投资标的聚焦ETF，投资于ETF的比例不低于非现金基金资产的80%。业绩比较基准覆盖中证A500 指数、境外权益资产、固收资产和黄金。在当前的时点推出这样一只产品，基金经理要表达什么？ "首先，这是一只以权益资产为主的多元配置产品，用多种资产来搭建组合，在充分获取权益资产回报 的同时，以跨资产、跨地域的配置方式来降低分散风险。"刘潇介绍，"其次，我们主要将被动的ETF产 品作为投资工具。过去两三年被动投资发展迅猛，ETF数量已超千只，整体管理规模突破4万亿元，品 种多样且类别丰富，当前时间点推出ETF-FOF的时机已然成熟。" 兴证全球多元资产配置团队研究认为，如果将视野扩展至全球并进一步拓宽投资品类，借助FOF的形 式，以ETF为主要投资标的，能以一种简单明了的方式搭建组合，为投资者带来更好的持有体验。 对于普通投资者来说，ETF-FOF还比较陌生，但它本质上很简单。在刘水清看来，有点像乐高玩 ...

以下为 上一期晨星投资洞察分享会 上的核心数据解读，所有数据均来自晨星全球投资终端 Morningstar Direct。 01 全球公募基金趋势 2025上半年，全球主动管理型基金的产品数量更迭迅速，资金持续向固收类资产倾斜，在这一 背景下，海外基金对中国市场的配置又有哪些值得关注的新动态？ 全球开放式基金和ETF发行与关闭情况 2025上半年，主动开放式基金的发行与关闭数量均非常巨大，而ETF产品则呈现出强劲的净增 长态势。 数据显示，开放式基金新发行了3958只，但主动管理型开放式基金净增长仅为278只；而ETF 共发行1264只，净增长达1051只。 全球开放式基金和ETF资金流向 从大类资产的资金流向看，2025上半年，超过4100亿美元的资金净流入债券型基金，是流入 股票型基金资金的两倍。与此同时，配置型基金录得约200亿美元的资金净流出。 从股票型基金的细分类别来看，流入美国大盘平衡策略的资金仍居首位，而欧洲股票、印度股 票和中国股票的资金流入也位居前列。 被动投资持续扩张，规模占比升至43% 过去十年，被动投资产品的市场份额稳步提升。 截至6月30日，全球公募基金总规模增长超过130%，被动型 ...

分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 监管和行业动态： 8月16日，由《21世纪经济报道》和浦发银行联合主办，浦银理财、浦银安 盛基金协办的"2025资产管理年会"在上海隆重启幕。本届年会以"破局与重构——大资管再造竞 争力"为核心主题，设置主论坛和平行主题论坛，在各论坛上，多位理财公司高管发表洞见。 同业创新动态： 1、8月16日，"2025资产管理年会"在上海启幕，主论坛后续环节中，浦银理财 举办了"日鑫悦益"产品体系2.0焕新暨科技金融五力模型主题产品发布会。该产品体系进行了四 大主产品线的战略进阶："日"系列实现现金管理类产品功能进阶"功能+"；"鑫"系列升级"债券 +"策略；"悦"系列深耕信用资产价值"项目+"；"益"系列强化多元配置，构建"固收+"多元矩阵。 2、8月19日，招银理财首度发布SMARP大类资产配置指数。该指数由招银理财和中诚信指数 联合发布，涵盖稳健、平衡和进取三种策略，旨在优化资产配置，实现动态风险管理，捕捉 债、股、商等多资产多策略机会。 收益率表现： 上周（2025.8.11-2025.8.17，下同） ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The 2025 Asset Management Annual Conference highlighted the need for a competitive restructuring in the asset management sector, focusing on multi-asset and multi-strategy investment approaches [3][11]. - The report indicates a general decline in the annualized returns of cash management products and fixed-income products, reflecting market volatility and changing investor sentiment [5][16][18]. - The report emphasizes the importance of enhancing research capabilities and service quality in the asset management industry to adapt to market changes and investor needs [12][13]. Regulatory and Industry Dynamics - The 2025 Asset Management Annual Conference took place on August 16, focusing on the theme of "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management" [3][11]. - Key executives from various financial institutions shared insights on the future of multi-asset investment strategies and the importance of AI infrastructure in driving growth [11][12]. Peer Innovation Dynamics - The report discusses the launch of the "日鑫悦益" product system by浦银理财, which includes strategic upgrades across four main product lines to enhance functionality and investment strategies [4][14]. - 招银理财 introduced the SMARP index, aimed at optimizing asset allocation and dynamic risk management across various asset classes [15]. Yield Performance - For the week of August 11-17, 2025, cash management products recorded an annualized yield of 1.31%, down 3 basis points from the previous week, while money market funds yielded 1.20%, down 1 basis point [5][16][20]. - The report notes a general decline in annualized yields for fixed-income products across different maturities, influenced by market factors such as U.S.-China tariff concerns and consumer loan policies [18][19]. Net Value Tracking - The report indicates that the net value ratio of bank wealth management products rose to 1.52%, an increase of 0.65 percentage points week-on-week, reflecting a widening credit spread [6][24][26]. - The widening credit spread is noted to be at historical low levels since September 2024, suggesting limited value for investors [26].

Core Insights - The article discusses the significant growth and potential of the ETF market, highlighting its alignment with current market conditions and investor preferences [1][3]. Group 1: ETF Market Characteristics - The ETF market is characterized by rapid growth, a wide variety of products, and substantial future potential [3]. - ETFs have become a crucial force in the asset management market, covering multiple asset classes including stocks, bonds, commodities, and convertible bonds [3]. - The ecosystem surrounding ETFs is continuously improving, with various investment strategies and financial industry extensions being developed [3]. Group 2: Factors Driving ETF Growth - Multiple factors contribute to the rapid rise of ETFs, including ongoing regulatory support, significant capital inflows, and the public fund industry's focus on ETFs as a key growth area [3][4]. - The low cost, high efficiency, and transparency of ETFs make them particularly suitable for the current market environment [3][4]. Group 3: Support for Fixed Income Plus Strategies - ETFs provide strong support for fixed income plus strategies, enhancing large asset allocation through quantitative dimensions [4]. - The introduction of Smart Beta quantitative strategies has effectively increased client confidence by clearly communicating expected returns, holding periods, and risk probabilities [4][5]. Group 4: Low-Risk Asset Preferences - Current market trends show that clients prefer low-risk assets, often viewing wealth management products as alternatives to deposits [6]. - Despite favorable performance in fixed income plus strategies, growth in wealth management products remains concentrated in pure fixed income and ultra-low volatility products [6]. Group 5: Addressing Asset Allocation Challenges - The industry faces challenges in aligning client demands with market trends, particularly in a low-interest-rate environment [6][7]. - A multi-asset, broad allocation approach is necessary to address the issue of asset scarcity, which requires enhanced research capabilities and a redefined investment culture [7].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [29]. Core Insights - The ETF market has shown significant growth this year, with a total scale increase of over 1 trillion yuan, reaching 4.77 trillion yuan as of August 15, 2025, which is a 27.9% increase year-to-date [8][9]. - The trading activity of ETFs has surged, with total trading volume approaching 2 trillion yuan last week, marking the second-highest record in history [8]. - The report highlights that the growth in ETF scale is primarily driven by net asset value increases, with notable growth in bond and commodity ETFs [9]. Summary by Sections Stock ETFs - As of August 15, 2025, the total scale of stock ETFs is 3.21 trillion yuan, reflecting a 2.8% increase month-on-month and an 11.2% increase year-to-date [2]. - The top five stock ETFs by subscription last week included various ETFs focused on broad market indices [2]. Industry-Themed ETFs - The scale of industry-themed ETFs reached 780 billion yuan, with a year-to-date increase of 30.4% [3]. - The top-performing industry-themed ETFs last week were primarily in the financial technology and healthcare sectors [3]. Style Strategy ETFs - The scale of style strategy ETFs is 133 billion yuan, with a year-to-date increase of 29.8% [3]. - Major inflows were observed in specific dividend and value-focused ETFs [3]. Cross-Border ETFs - Cross-border ETFs reached a scale of 716 billion yuan, marking a 68.9% increase year-to-date [4]. - Significant inflows were noted in ETFs linked to the Hang Seng Index and technology sectors [4]. Commodity ETFs - The scale of commodity ETFs is 153 billion yuan, with a year-to-date increase of 102.1% [4]. - Net inflows into commodity ETFs this year totaled 57.4 billion yuan [4]. Bond ETFs - Bond ETFs reached a scale of 541.4 billion yuan, reflecting a 211.2% increase year-to-date [4]. - This segment has seen over 300 billion yuan in net inflows this year, indicating its importance as a tool for institutional investors [4].

Core Viewpoint - The rise of passive investment is reshaping the asset management industry, leading to three significant impacts: the toolization of Beta, the specialization of Alpha, and the intensification of the Matthew effect [1][4]. Group 1: Growth of Passive Investment - Passive funds are experiencing rapid growth globally, outpacing active management in markets such as the US, Europe, Japan, and China [3]. - In China, passive strategies, particularly ETFs, are witnessing explosive growth due to their low fees, with broad-based index ETFs having management fees as low as 15 basis points (bps) compared to 120 bps for active equity funds [3][4]. - Policy support is enhancing the development of passive investment, with the new "National Nine Articles" establishing a fast-track approval process for ETFs [3]. - The preference for passive investment aligns with investor needs, as it has a lower cognitive barrier and is increasingly driven by retirement finance, with over 80% of index fund holders in the US being from personal retirement accounts and corporate pension plans [3][4]. Group 2: Performance and Market Dynamics - Although there is some debate regarding performance, the difficulty for active equity funds to consistently outperform passive funds is increasing, with only 21% of active funds in the US outperforming passive funds over the past decade [4][6]. - In China, 58% of active equity funds outperformed their passive counterparts in 2023, a decrease of 5 percentage points from 2022, indicating growing challenges in achieving excess returns in the A-share market [4][8]. Group 3: Impacts on Asset Management Industry - The passive investment trend is leading to the toolization of Beta, making passive products essential for both institutional and individual investors [5]. - For institutional investors, ETFs are becoming crucial for asset allocation, meeting demands for transparency, low volatility, and cost efficiency [5]. - The specialization of Alpha is highlighted by the need for active managers to focus on areas with low pricing efficiency and information opacity to generate excess returns [6][7]. - The Matthew effect is intensifying, with the top ten institutions in the passive equity fund space holding 66% of the market share, and 80% in the ETF sector, compared to only 46% in active equity funds [8].

Core Viewpoint - The wealth management industry is experiencing new opportunities due to changes in resident asset allocation and the deepening development of capital markets, despite challenges posed by a low interest rate environment and fluctuating global economic conditions [1][3]. Group 1: Passive Investment Trends - The rise of passive investment has accelerated, with index-based investment becoming a significant choice for large-scale capital allocation. As of June 30, the total scale of ETFs listed in China reached 4.31 trillion yuan, an increase of over 15% since the beginning of the year [2]. - The active performance of the A-share market, which recently surpassed 3,700 points, reflects the positive impact of emerging sectors such as artificial intelligence, new consumption, and innovative pharmaceuticals [2]. Group 2: Industry Challenges and Adaptations - The wealth management industry is enhancing its research capabilities, risk pricing abilities, asset allocation skills, and investor service capabilities in response to market complexity and product diversity [3]. - The industry is shifting from a sales-driven mindset focused on scale to a service-oriented approach that emphasizes value creation and investor account returns [3]. Group 3: Future Outlook - The Chinese economy has shown strong resilience, with government initiatives aimed at boosting consumption and investment returns, which will further expand the market scale of the wealth management industry [4]. - Innovations in pension finance and digital finance are creating new growth opportunities, with a focus on developing a comprehensive pension service system that meets the wealth management needs across individuals' and families' life cycles [4]. - The acceleration of AI applications and the digital transformation of asset management institutions are expected to enhance the quality and scope of wealth management services [4].