中经记者 孙汝祥 夏欣 北京报道 近日，上交所举办"聚焦上交所——科创板六周年"专题线上路演活动，来自美欧亚太等主要市场的近50 家机构参与。 为做好科创板改革"1+6"政策宣贯，增进国际投资者对科创板市场及代表性上市公司的了解，路演活动 就科创板最新发展情况、改革政策以及科创板指数化投资情况等进行了讲解。 路演活动中，上交所有关部门介绍了科创板六年来在服务科技创新和新质生产力发展，引导资本向"硬 科技"企业聚集等方面的成果，以及"科八条"实施一年来，科创板指数化投资发展方面的突出成效，科 创板指数及ETF品类不断丰富，在吸引增量资金入市、服务关键核心技术创新方面发挥了重要作用。为 进一步打通支持优质科技型企业发展的堵点难点，今年6月，中国证监会宣布加力推出进一步深化改革 的"1+6"政策措施，继续充分发挥科创板示范效应。 下一步，上交所将加快推动各项改革举措落地见效，着力打造更具吸引力、竞争力的产品体系，继续做 好国际投资者服务，对外讲好中国故事，持续提升外资参与上交所市场的深度与广度，助力科创板企业 高质量发展，推动全球投资者更好地分享中国创新发展机遇。 （编辑：夏欣 审核：何莎莎 校对：张国刚） 在行业 ...

Group 1 - The A-shares market opened lower but rebounded, with the Shanghai Composite Index rising by 0.08% as of 11:00 AM on August 20 [1] - The A500 ETF managed by Harvest (159351) saw its constituent stock, Fuyao Glass, hit the daily limit, while Xiyuan Co. surged over 5% [1] - The A500 ETF's trading volume exceeded 2 billion yuan, indicating active market participation [1] Group 2 - As of August 19, the A500 ETF's total scale reached 12.601 billion yuan, with an average daily trading volume of 2.248 billion yuan and an average turnover rate of 1.789 billion yuan [1] - The total trading volume for August reached 40.399 billion yuan, ranking second among similar products in the Shenzhen market [1] - According to Galaxy Securities, there is a clear trend of residents reallocating wealth towards financial assets, with increased market risk appetite driving capital inflows [1] Group 3 - Industry experts suggest that the China Securities A500 Index has become an ideal choice for balanced allocation and sharing the growth dividends of core A-share assets, especially in the context of frequent market style rotations and policy support for index investment [1] - Currently, there are 39 ETFs tracking the A500 Index, with a combined latest scale of 181.329 billion yuan [1]

Group 1: Securities Firms Performance - The first batch of securities firms' semi-annual reports shows that five firms achieved both revenue and net profit growth [1] - Haotou Securities' subsidiary, Jianghai Securities, reported a net profit increase of 1311.6% year-on-year, benefiting from a low base effect [1] - The securities industry is expected to enter a new growth phase due to increased market activity and inflow of new funds, positively impacting brokerage, margin trading, asset management, and investment banking businesses [1] Group 2: ETF Market Growth - The total scale of ETFs has increased by 1.04 trillion yuan this year, reaching 4.77 trillion yuan, with a year-on-year growth rate of 27.88% [2] - Broad-based ETFs have emerged as a "ballast," showing significant scale and growth performance [2] - The expansion of ETF scale indicates a strong preference for index investment tools among investors, which is likely to enhance liquidity and stability in the market [2] Group 3: Equity Funds Performance - Over 96% of equity funds have achieved positive returns this year, with more than 20 funds doubling their performance [3] - The net asset values of over 2000 equity funds reached historical highs in August, reflecting a significant market recovery [3] - Factors such as ample liquidity and gradual recovery in corporate earnings are driving the upward trend in the equity market [3] Group 4: Tianfeng Securities Share Buyback - Tianfeng Securities plans to cancel 67.79 million repurchased shares, which will reduce the total share capital and enhance earnings per share [4] - The shares to be canceled were part of a buyback completed in October 2022, involving approximately 253 million yuan [4] - This action reflects the company's recognition of its value and may boost investor confidence in the securities sector [4]

Group 1 - The first batch of brokerage firms' semi-annual reports shows that all five firms achieved growth in both revenue and net profit, indicating an improvement in the securities industry's overall performance [1] - Jianghai Securities, a subsidiary of Haitou Co., reported a staggering 1311.6% year-on-year increase in net profit, largely due to a low base effect [1] - The influx of incremental capital into the market is expected to boost brokerage businesses such as brokerage services, margin trading, asset management, and investment banking, signaling a potential new growth cycle for the securities industry [1] Group 2 - The total scale of ETFs has increased by 1.04 trillion yuan this year, reaching 4.77 trillion yuan, with a year-on-year growth rate of 27.88% [2] - Broad-based ETFs have emerged as a "ballast," showing significant scale and growth, reflecting investors' preference for index investment tools [2] - The expansion of ETF scale indicates that market funds are seeking stable allocation channels, which will enhance overall market liquidity and stability [2] Group 3 - Over 96% of equity funds have achieved positive returns this year, with more than 20 funds doubling their performance, and over a thousand funds exceeding 30% returns [3] - The collective new highs in net value for over 2000 equity funds indicate a clear market recovery, driven by ample liquidity and gradual corporate profit recovery [3] - The strong performance of funds is likely to attract more incremental capital into the market, positively impacting the financial sector and enhancing overall market confidence [3] Group 4 - Tianfeng Securities plans to cancel 67.79 million repurchased shares, which will reduce the total share capital and improve earnings per share metrics [4] - This move reflects the company's recognition of its own value and may boost investor confidence in brokerage stocks, potentially sending positive signals to the market [4] - The action of repurchasing and canceling shares by brokerage firms may draw attention to similar financial strategies among other companies in the sector [4]

Core Viewpoint - The public fund industry is actively embracing digital finance as a key driver for transformation and upgrading in the context of building a modern financial system in China [1] Group 1: Digital Finance Development - Digital finance optimizes the allocation efficiency of financial resources and supports the transformation of economic growth models [1] - The public fund industry is advancing digital transformation through three main paths: enhancing digital investment research capabilities, increasing digital product innovation, and innovating digital marketing and services [1] Group 2: Digital Investment Research - The public fund industry is leveraging advancements in AI technology, particularly AIGC technologies like ChatGPT, to build intelligent investment research systems [1] - The integration of artificial intelligence and machine learning algorithms is aimed at optimizing investment analysis and decision-making processes [1] - Intelligent investment research enhances data processing efficiency, helps investors capture market opportunities, and mitigates emotional biases in investment decisions [1] Group 3: Digital Product Innovation - The public fund industry is increasing innovation efforts to launch more digitally-oriented fund products in response to the growing demand for diversified investments [4] - Financial institutions are utilizing AIGC technology to quickly grasp market dynamics and customer preferences, accelerating financial product innovation [4] - The industry is actively exploring product design and issuance in emerging areas such as cryptocurrencies to meet diverse investor needs in the digital age [4] Group 4: Digital Marketing and Services - The public fund industry is strengthening collaborations with fintech platforms to innovate marketing and service models [5] - Digital finance reduces reliance on traditional physical outlets, enhancing investment convenience for investors [5] - Collaborations with fintech platforms enable the public fund industry to conduct diverse investor education activities and improve customer service experiences [5] - The partnership between overseas financial institutions and fintech platforms is becoming increasingly close, focusing on enhancing marketing efficiency and optimizing customer experiences [5]

Group 1 - The ETF market is experiencing unprecedented growth opportunities, with the total scale of domestic ETFs reaching 4.77 trillion yuan as of August 18, 2023, and stock ETFs accounting for approximately 3.51 trillion yuan [1] - The Shanghai Stock Exchange's ETF market has shown rapid expansion, with the scale surpassing 3 trillion yuan in May 2023, representing over 70% of the total domestic ETF market [1] - The growth is attributed to the recognition of ETFs' advantages in risk diversification and low costs, aligning with the principles of rational investment [1] Group 2 - The "Three Investments" philosophy—rational investment, value investment, and long-term investment—advocated by the Shanghai Stock Exchange is becoming a guiding principle for investors and asset management institutions [2] - ETFs cover a diverse range of assets, including stocks, bonds, and cross-border assets, and are seen as a key vehicle for long-term capital to support the real economy [2] - The growth of the ETF market by 2025 is viewed as a testament to the broader acceptance of the "Three Investments" philosophy and the effectiveness of long-term investment strategies [2] Group 3 - The capital market has remained stable and positive, with ETFs becoming increasingly important tools for asset allocation among institutions and individual investors [3] - Long-term institutional investors, such as social security and insurance funds, are increasing their allocation to ETFs, demonstrating the gradual emergence of the "long money, long investment" effect [3] - The continuous expansion of ETF scale and resilient net subscriptions highlight the preference for ETFs that cover large-cap blue-chip stocks and high-dividend sectors among long-term investors [3] Group 4 - The ETF product system is continuously being optimized to attract more long-term capital into the market, following the implementation of the "Three Investments" initiative by the Shanghai Stock Exchange [4] Group 5 - ETFs are recognized for their transparency, efficiency, low cost, and tool-like characteristics, making them essential for implementing the "long money, long investment" philosophy [5] - Major ETFs like the CSI 300 and STAR 50 are effectively covering core market assets and innovation drivers, providing efficient and diversified investment tools for long-term capital [5] Group 6 - ETFs are increasingly becoming core tools for value discovery in the hard technology industry, with a growing variety of thematic ETFs in sectors like semiconductors and AI [6] - The bond ETF market has also seen significant growth, surpassing 500 billion yuan, indicating strong demand for medium to long-term capital allocation [6] - The future outlook suggests a significant increase in the scale and proportion of index-based investments in A-shares, further enhancing the asset allocation function of ETFs [6]

Group 1 - The forum titled "'Empowering Trading, Building Ecology' - New Trends in Index Investment" was held in Shanghai, marking the launch of the "Trading Masters Club" [1] - The founder of the "Trading Masters Club," Li Xudong, emphasized the importance of social networks in investment success and aims to foster knowledge sharing and mutual assistance among investors [1] - The club is intended to break down information silos and cultivate a new generation of investment talent, helping young individuals develop systematic trading thinking [1] Group 2 - Li Xin, Chairman of Futures Daily, stated that the media will empower the "Trading Masters Club" from three dimensions: resources, platform, and ecology, transforming information advantages into practical support for traders [2] - Yang Jinghao, Chief Economist at Kangkai Data, discussed the current global economic downturn and suggested that A-shares present allocation opportunities due to asset rotation [2] - Wang Yayun from Xunuo Capital highlighted the unique value of stock index CTA strategies in uncertain markets, noting their potential for absolute returns through long and short trading [2] Group 3 - Over 80% of investors in global CTA strategy funds are institutional investors, including pension funds and sovereign wealth funds, benefiting from low correlation with stock and bond markets [3] - The integration of stock index futures into CTA strategies is beneficial, as their performance shows low correlation with stock index futures, enhancing net value when combined with long-term strategies [3] - The event featured numerous industry leaders and experts who shared their insights and experiences, enriching the discussions on trading strategies [3] Group 4 - The successful launch of the "Trading Masters Club" provides a quality platform for professionals and enthusiasts in the index investment field to collaborate and exchange ideas [4] - The club aims to consolidate industry strength and promote communication and development in index investment, assisting investors in navigating complex market environments [4] - Future activities and seminars will be organized regularly to provide ongoing professional support and quality services to members [4]

Core Viewpoint - The "Empower Trading, Build Ecology" forum and the launch of the "Trading Masters Club" aim to promote index investment trends and trading strategies, fostering knowledge sharing and collaboration among investors [1][5]. Group 1: Event Overview - The forum was co-hosted by Xunuo Capital, Futures Daily, Hongkai Investment, Yiluo Fund, and others, gathering industry elites, experts, and investment enthusiasts [1]. - Key figures including Li Xudong, Li Xin, and Lin Jun delivered opening remarks, emphasizing the importance of networking in investment success [1]. Group 2: Objectives of the Trading Masters Club - The club aims to break down information silos, promote knowledge sharing, and cultivate new investment talent, focusing on three main goals: mutual assistance in the investment field, systematic trading thinking for the youth, and empowering a new generation of trading experts [1]. - Lin Jun described the club as a super engine that fosters complementary coexistence among various investment strategies and provides a platform for value accumulation [1]. Group 3: Contributions from Futures Daily - Li Xin stated that Futures Daily will empower the club through resources, platforms, and ecosystems, transforming information advantages into practical support for traders [2]. Group 4: Market Analysis and Insights - Yang Jinghao, Chief Economist at Kangkai Data, analyzed macroeconomic changes between China and the U.S., noting that while the U.S. economy shows resilience, tariffs and interest rate expectations could impact China's exports [2]. - He suggested that the current situation may present opportunities for the A-share market, highlighting the potential for new upward momentum driven by favorable policies in consumption and investment [3]. Group 5: Practical Insights from Trading Experts - Several experienced traders shared their insights and strategies during the event, emphasizing the importance of practical experience in navigating market changes [3]. - The event featured nearly 50 trading experts who provided valuable discussions on trading techniques and market responses [3]. Group 6: Investment Talent Development - Wu Yunfeng, founder of Investment Advisory Network, discussed the platform's role in selecting and nurturing outstanding futures trading talent, with a focus on a closed-loop ecosystem for talent development [4]. - The "Futures Star Competition," a collaboration with Futures Daily, has attracted nearly 5,000 participants and has a peak equity of over 2 billion, showcasing the platform's effectiveness in talent identification [4]. Group 7: Future Activities and Goals - The successful launch of the Trading Masters Club is expected to further consolidate industry efforts, promoting communication and development in the index investment sector [5]. - The club plans to regularly host various activities and seminars to provide ongoing professional support and quality services to its members [5].

Core Insights - The scale of initiated funds in China has surpassed 3.2 trillion yuan, marking a significant growth in the past year, driven by policy support and market demand [2][4][5] - Index funds have emerged as the primary product type for initiated funds, accounting for 54% of newly established initiated funds this year [6][4] - Fund companies are increasingly focusing on "opportunity capture" in the current market environment, aiming to quickly enter the market and seize growth opportunities [9][8] Fund Growth and Market Dynamics - As of the end of Q2 this year, the number of initiated funds reached 2,268, reflecting a 20% year-on-year increase, while the total management scale grew by 12% [4] - The establishment of initiated funds is characterized by lower thresholds, allowing fund companies to experiment in new markets and respond to investor demand [5][6] - The current bullish A-share market, with the Shanghai Composite Index rising over 10% this year, has motivated fund companies to establish initiated funds to share in market gains [8][9] Performance and Investor Engagement - Over 80% of actively managed initiated funds have achieved positive returns, with an annualized return rate of 9.17% since inception [14][13] - The self-investment requirement for fund managers in initiated funds fosters a shared interest in long-term performance between managers and investors [14][10] - Fund companies are encouraged to enhance their research capabilities and product differentiation to ensure the sustainable development of initiated funds [12][18] Challenges and Recommendations - The industry faces challenges such as product homogenization and the prevalence of "mini funds," necessitating a focus on improving research and product design [12][18] - Fund companies should avoid blindly following market trends and instead conduct thorough market research to create attractive products [18][19] - Effective investor education is crucial to help investors understand the normalcy of fund liquidation and to ensure transparency in the process [19][18]

Core Viewpoint - The scale of initiated funds in China has exceeded 3.2 trillion yuan, marking a significant growth in the number and size of these funds, which have become an important form for public offerings to innovate products [2][3][4]. Fund Growth and Market Dynamics - As of the end of Q2 this year, the number of initiated funds reached 2,268, a year-on-year increase of 20%, with a total management scale exceeding 3.2 trillion yuan, reflecting a 12% year-on-year growth [5]. - Initiated funds have been steadily growing since the establishment of the first initiated fund in 2012, becoming a key form for public offerings to innovate products [5]. - The current market environment has led fund companies to focus on "opportunity capture" when establishing initiated funds, aiming to quickly respond to market trends and enhance their product lines [11][12]. Product Structure and Index Funds - Index funds are the primary type of initiated funds, accounting for 54% of newly established initiated funds this year [7]. - The explosive growth of index-type initiated funds is driven by policy guidance and market demand, with regulatory bodies promoting an increase in index investment scale and proportion [8]. - The preference for lower-cost, transparent index funds has increased among investors, especially as the performance of actively managed equity products has declined [8][9]. Long-term Performance and Investor Engagement - Over 80% of actively managed initiated funds have achieved positive returns, with an annualized return rate of 9.17% since inception for 439 funds [15]. - The requirement for fund managers to invest their own capital and hold it for at least three years aligns their interests with those of investors, promoting a focus on long-term performance [16][12]. Challenges and Recommendations for Sustainable Development - The initiated fund model faces challenges such as performance differentiation and the prevalence of "mini funds," necessitating a multi-faceted approach to ensure sustainable development [14][19]. - Fund companies are advised to enhance their research capabilities, optimize product design, and strengthen marketing efforts to improve the attractiveness of initiated funds [20][21]. - It is recommended that fund managers exercise caution in launching initiated funds, avoiding trends that may lead to short-term gains and focusing on building a solid foundation for long-term success [20][21].