业内人士：降低指数产品运营成本 有望推动指数化投资快速发展 金十数据4月29日讯，4月28日，两大指数公司——中证指数公司及深圳证券信息有限公司同时公告，调 整指数基金使用费，这也是继指数基金使用费改为基金管理人承担之后，出现的最新降幅举措。调整内 容分为三个部分：一是取消许可使用固定费；二是基点费率下调20%；三是调整基点费季度下限，上述 调降方案自2025年4月1日起正式生效。多位业内人士表示，从市场的角度看，降低指数产品运营成本， 有望推动指数化投资快速发展。从基金公司角度看，指数公司此举是以实际行动助力基金行业稳健发 展。 （中国基金报） ...

【导读】万亿市场再迎重磅利好，两大指数公司宣布调整指数使用费 五一小长假前夕，超5万亿元指数基金市场迎来重磅消息。 4月28日，两大指数公司——中证指数公司及深圳证券信息有限公司同时公告，调整指数基金使用费， 这也是继指数基金使用费改为基金管理人承担之后，出现的最新降幅举措。 调整内容分为三个部分：一是取消许可使用固定费；二是基点费率下调20%；三是调整基点费季度下 限，上述调降方案自2025年4月1日起正式生效。 多位业内人士表示，从市场的角度看，降低指数产品运营成本，有望推动指数化投资快速发展。从基金 公司角度看，指数公司此举是以实际行动助力基金行业稳健发展。 中证指数公司宣布调整指数使用费 4月28日，多家基金公司收到中证指数公司发布的《关于调整被动投资组合标的指数授权费的告知 函》，自4月1日起调整被动投资组合标的指数授权费。主要内容有以下三点： 一、取消许可使用固定费 自2025年4月1日起，所有新增授权的指数产品不再收取许可使用固定费；已获取授权的指数产品许可使 用固定费执行原协议收费方案至2025年3月31日。 二、调整许可使用基点费率 告知函发出之日前签署的指数许可使用协议，所有指数产品自20 ...

Core Viewpoint - The introduction of the China Government Bond Futures Yield Index by the China Securities Index Company has enabled Shenwan Hongyuan Securities to offer innovative financial products linked to this index, enhancing wealth management options for clients and promoting knowledge of the bond futures market [1][2][3]. Group 1: Product Offerings - Shenwan Hongyuan Securities has launched over 70 series of floating income certificates linked to the 10-year China Government Bond Futures Yield Index, with a total issuance scale exceeding 1.6 billion yuan, providing clients with low-risk investment products [1][2]. - The company has sold nominal principal exceeding 90 million yuan in OTC interest rate options linked to the index, offering clients diverse choices for managing interest rate risks [2]. Group 2: Market Dynamics - The bond futures market is experiencing stable operations, with increasing trading volume and open interest, which enhances market liquidity and the effective linkage between futures and spot markets [2][3]. - The China Government Bond Futures Yield Index serves as an important innovation tool in the domestic bond market, filling a gap in the availability of bond futures indices and demonstrating significant market influence [2][3]. Group 3: Investment Strategies - The index smooths the impact of contract rollovers and accurately reflects the yield of different maturity government bond futures, providing investors with tools for long-term trend analysis and investment [3]. - The product system covers short, medium, and long-term maturities, catering to diverse trading needs and enhancing liquidity and pricing effectiveness in the government bond market [3][4]. Group 4: Future Outlook - The trend of index-based investment is growing, contributing to stable long-term capital allocation and promoting high-quality development in the capital market [4]. - The increasing recognition and influence of index productization in financial markets suggest a promising future for the application of mature index products in asset allocation and risk management [4].

Core Insights - The total scale of Exchange-Traded Funds (ETFs) in China has surpassed 4 trillion yuan for the first time, reaching 4.06 trillion yuan as of April 24, 2023, indicating a continuous growth trend in the ETF market [1][2] - The rapid growth of the ETF market reflects increasing investor recognition of index-based investment tools, with a diverse product system enhancing the investment value of ETFs [1][2] - The demand for low-cost and efficient investment tools is rising, with institutional and individual investors increasingly favoring ETFs for their stability, risk diversification, and low costs [2][3] Market Development - The ETF market has experienced accelerated growth since the first ETF was launched in December 2004, with significant milestones reached in 2020, 2023, and 2024, showcasing a trend of rapid expansion [1] - Recent policy support, including the "National Nine Articles" and the China Securities Regulatory Commission's action plan, has contributed to the high-quality development of the ETF market [2][3] Product Diversification - The ETF product pool is expanding to cover multiple asset classes, including stocks, bonds, and commodities, providing systematic risk management tools for investors [2][3] - New ETF products, such as the first batch of nine CSI All-Share Free Cash Flow ETFs, are being introduced, focusing on financial health indicators of companies [2] Future Outlook - The ETF market is expected to continue its high-quality development trend, with a more diverse index system and the introduction of emerging themes like ESG and carbon neutrality [3] - Institutional investors are anticipated to increase their allocation to ETFs, providing stable capital inflows to the market [3]

文 | 银行螺丝钉 （转载请注明出处） 这几年，虽然A股和海外市场，涨跌走势有区别。但有一点是共通的：指数基金都得到了飞速 发展。 A股指数基金，在2024年，规模超过三万亿，创下历史新高。 在2024年前几个月时间里，规模就增长了几千亿。这几乎是A股指数基金诞生前十年的规模增长之 和。 海外指数基金的增长速度也非常快，并没有停下脚步。 有朋友问，指数基金在海外最早是怎么发展起来的呢？ 从海外指数基金的发展历程中，能否窥见一些A股指数基金的发展趋势呢？ 美股指数基金的发展历程，大体上可以分为三个阶段。 阶段一：理论奠基期 第一个阶段，是20世纪初-60年代，理论基础阶段。 这个阶段，很多经济学领域的著名学者，提出的重要理论，为指数基金的诞生奠定了理论基 础。 例如， • 巴舍利耶，提出了市场涨跌不可预测。 • 马科维茨，提出了分散配置，可以降低波动风险。 • 威廉·夏普，提出了阿尔法、贝塔收益，并构建了资本资产定价模型。 • 尤金·法马，提出了市场有效假说，并且日后又丰富了自己的观点，证明有策略可以获得超越 市场的收益。 系统学习过金融知识的朋友，对这些理论可能都比较熟悉了。 这些理论提出者的名字，也经常出现 ...

广发证券资深金工分析师 张钰东 SAC: S0260522070006 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发金工安宁宁陈原文团队 摘要 ETF市场概况： 指数化投资理念愈发受到投资者认可，ETF产品凭借透明、低费率、交易便捷等优势，成为居民资产配置的重要工具，ETF 规模持续创新高，ETF资金流变动逐渐成为市场中的关注重点。 ETF交易机制特点： ETF具有独特的双层交易机制，即一级市场的申购赎回和二级市场的买卖交易，一级申赎指用一篮子股票换取ETF份 额，申赎会直接增减ETF的总份额。本报告旨在针对申赎导致的ETF资金流数据，探索用于ETF轮动的配置效果。 zhangyudong@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券 资深金工分析师 陈原文 风险提示： 本专题报告所述模型用量化方法通过历史数据统计、建模和测算完成，所得结论与规律在市场政策、环境变化时可能存在失效风 险；策略在市场结构及交易行为的改变时有可能存在策略失效风险；因量化模型不同，本报告提出的 ...

昨天，媒体都在报道， 蚂蚁上线了"指数+"平台 ，这无疑是这两天基金行业最大的新闻，基金公司和其他销售渠道，大概率都在加急研究 这个事情，而对大家未来买基金，也会是一个很大的变化，相当于手里的工具，要鸟枪换炮了。 兹事体大，我也开篇简单聊几句，对行业的观察。 上周四的时候， ETF总规模突破了4万亿 ，数字的背后，有两个亮点。 其一，从时间的维度看，国内的第一个ETF是2004年成立的，直到2021年，花了整整17年，才突破了1万亿，而随后，突破2万亿、3万 亿、4万亿，分别只用了3年、9个月、6个月，加速度非常恐怖。 其二，是从产品的维度看，这周聊黄金的时候，提到过，最近1个月，黄金ETF规模增长了超过40%，但其实，不仅是黄金，债券ETF、跨 境ETF（港股产品），最近1个月的单月增速，也都在10%以上，都呈现高增长的态势。 第一，场外指数同样在高速增长 ，按照一季度末数据，股票型指数产品规模合计是3.95万亿，扣除掉一季度末的ETF规模（2.8万亿），场 外的股票型指数规模，也在1.1万亿以上了，如果你把ETF里国家队的1万多亿扣掉，再考虑到ETF的规模里，还涉及场外联接基金的重复计 算，事实上，场内指 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and continued institutional interest in Kweichow Moutai, driven by its stable cash flow and high dividend yield, amidst a challenging economic environment [1][2][5] - Kweichow Moutai remains the top holding for public funds, with over 90 million shares held and a market value exceeding 140 billion yuan, indicating its status as a favored investment choice [1][4] - The company achieved a 15% year-on-year net profit growth in 2024, demonstrating its robust operational capabilities despite industry adjustments [2][6] Group 2 - The domestic consumption market is identified as a key growth driver, supported by a large population base and increasing consumer demand, which enhances the appeal of the food and beverage sector [1] - Institutional investors show a preference for high-dividend stocks, with Kweichow Moutai exemplifying this trend through its commitment to maintaining a cash dividend ratio of no less than 75% of annual net profit from 2024 to 2026 [5] - The strategic position of Kweichow Moutai in major indices like the CSI 300 and SSE 50, where it holds significant weight, further solidifies its attractiveness to long-term investors as index-based investment strategies gain traction [8][9]

以下文章来源于华宝聚合 ，作者小聚 华宝聚合 . "聚集财富，志同道合"—华宝证券机构理财平台官方公众号；我们期待通过专业、高效、个性化的服务，为您的财富增值保驾护航。 深耕金融产品生态,紧密跟踪 财富与资管行业的变化格局! 今年,中国金融产品年度报 告,是华宝证券连续第十四年 发布的金融产品年度报告,被 业内誉为"红宝书" 作为躬身入局财富管理生态重构的记录者与实践者,十四年 来,我们始终紧密追踪财富生态的系统性与结构性演进,致力于 解码行业系统性变革的进化密码。2012年华宝证券第一篇报告 《新视角： 2012理财市场年度策略报告》 问世,紧接着2013 年《金融产品泛投行化加速》、2014年《无畏的希望》, 2015年《大疆无界》,2016年《回归本质》一步步记录着金 融产品领域的更迭交错,为这个时代留下了可追溯的痕迹。随 后2017年《组合致胜》、2018年《大资管：变革与重构》、 2019年《金融产品供给侧改革》，是资管新规时代下,我们对 金融产品演绎变化的思考与记录。到了2020年，我们提出了 《财富管理新时代》，2021年以来，我们提出了《大迁徙》、 《走出舒适区》、《行而不辍》、《迈向服务化》 ...

Group 1 - The core viewpoint of the article emphasizes the evolving landscape of wealth management and financial products in 2024, highlighting the challenges and opportunities presented by changing market conditions [5]. - The article discusses the potential decline in yields for deposit replacement products, questioning whether this trend will continue [5]. - It addresses the difficulties clients face in accepting net value fixed-income products, indicating a need for better communication and education [5]. Group 2 - The first section of the article outlines various insights into wealth management, including the implications of the "胖东来" case for wealth management institutions [5]. - It explores the hidden secrets behind investors' choices between funds and wealth management products, suggesting a complex decision-making process [5]. - The article also examines the impact of index-based investment tools on the competitive landscape of financial products, indicating a shift towards more standardized investment options [5]. Group 3 - The second part of the article provides a comprehensive review and outlook on various financial products, including a detailed annual report on bank wealth management for 2024 [5]. - It presents an overview of the public fund market, highlighting the ecological structure and challenges faced in a low-profit environment [5]. - The report on ETFs emphasizes their characteristics of efficiency, transparency, and low cost, which position them as potential market leaders [5].