□本报记者 魏昭宇 上周，ETF申报火热，多家公募机构密集上报新产品。8月20日，今年最火爆的ETF品种之一科创债ETF 迎来首次扩容，14家基金公司集体上报第二批科创债ETF；8月19日至22日，首批中证科创创业人工智 能ETF的上报数量已达10只。此外，多家基金公司还围绕港股、航空航天、卫星产业等多个细分赛道持 续布局。 业内人士指出，随着指数体系不断优化创新，市场有效性提升，具有机构化特征的ETF产品有望受到市 场更多重视，成为增量资金入市的重要载体。 14家公募 人工智能ETF上报 证监会网站显示，8月19至8月22日，首批中证科创创业人工智能ETF的上报数量已达10只，基金管理人 分别为华泰柏瑞基金、易方达基金、华安基金、工银瑞信基金、国联安基金、富国基金、永赢基金、泰 康基金、景顺长城基金、中金基金。 中证指数公司网站显示，上述ETF跟踪的中证科创创业人工智能指数于今年5月发布，最新的前十大权 重股分别为新易盛、中际旭创、寒武纪-U、澜起科技、金山办公、芯原股份、石头科技、润泽科技、 昆仑万维、恒玄科技，合计权重超64%。 上报第二批科创债ETF 8月20日，证监会网站显示，14家基金公司上报第二 ...

Core Viewpoint - The article discusses the increasing maturity of index-based investment in the domestic market and the launch of the ETF-FOF strategy by Xingzheng Global Fund, aimed at utilizing index tools for multi-asset allocation strategies [1][2]. Group 1: ETF-FOF Strategy Launch - Xingzheng Global Fund's multi-asset allocation department has initiated the ETF-FOF strategy, managed by experienced FOF fund manager Liu Xiao and index investment expert Liu Shuiqing [1]. - The performance benchmark for the new ETF-FOF product is a composite of various indices, including the CSI A500 Index (60%), MSCI World Index (15%), China Bond Composite Index (15%), Hang Seng Index (5%), and Shanghai Gold Exchange Au99.99 spot contract closing price (5%) [2]. - The strategy aims to create a more diversified asset portfolio compared to traditional stock-bond combinations, especially given the low returns on bonds and cash assets [2]. Group 2: Active Management and Investment Approach - The team plans to utilize index tools to express market factor views while also taking advantage of pricing discrepancies in extreme market conditions [3]. - In the overseas equity investment segment, the team will focus on basic tracking and capitalize on arbitrage opportunities due to QDII investment quota limitations [3]. - The selection of ETF products will prioritize the capabilities of the index management teams behind them, focusing on tracking error, liquidity, and fee ratios [3]. Group 3: Market Position and Future Direction - The ETF-FOF product is not new in the public fund industry, but the team aims to revitalize the strategy by focusing on multi-asset allocation rather than solely on sector rotation [4]. - Xingzheng Global Fund's multi-asset allocation department has over five years of FOF investment management experience, and the team is committed to providing a one-stop solution for fund product selection [5]. - The future direction for FOF development includes expanding the range of asset classes and continuously improving tracking and return enhancement based on established performance benchmarks [5].

头部券商ETF成交额占比保持领先。7月份，上交所ETF（非货币，下同）成交额（经纪业务）居前三位的券商为华泰证 券、中信证券和国泰海通，与6月份排名一致，当月成交额在市场中的占比分别为10.8%、10.67%和6.66%。此外，华宝证券、 东方证券、中国银河、广发证券当月成交额在市场中的占比均在4%以上。 本报记者 周尚伃 当下，券商纷纷将目光投向ETF（交易型开放式指数基金）业务，加大布局力度。《证券日报》记者从券商处获悉，近 日，上交所、深交所分别向机构内部披露了7月份券商经纪业务在ETF领域的最新核心数据，涵盖成交额以及交易账户数量等 关键指标。从各项核心指标来看，券商ETF相关业务竞争格局呈现出头部券商地位稳固、中小券商奋力突围的特点。 市场持续活跃 7月份，ETF市场规模持续扩大、成交活跃度进一步提升。从整体规模看，截至7月末，沪市基金产品共890只，资产管理 总规模34342.97亿元。其中，ETF共719只，总市值33520.69亿元；当月ETF累计成交金额55841.84亿元，日均成交金额2427.91 亿元。 深市基金产品共803只，资产管理总规模12742.3亿元。其中，ETF共516只， ...

（原标题：中证指数有限公司赵永刚：指数化投资已进入新阶段） 赵永刚判断，指数化投资已进入新阶段，ETF成交额占比显著提升，新生代投资者接受度远超预期，国 内发展空间仍大。他提出未来五大方向：综合类指数、差异化策略指数、沪深港互联互通、恒定比例的 多资产指数，以及结合衍生品的创新型策略产品。 人民财讯8月24日电，8月23日，"2025雪球指数基金领袖峰会"在上海举办。中证指数有限公司研发部总 经理赵永刚在会上表示，国内ETF市场正在快速扩张，从2018年的5500亿增长到如今的5.7万亿，成为 了机构和个人投资者的重要配置工具。 ...

Group 1 - The semiconductor sector, particularly the chip index, is leading the market with significant gains, including a 2% increase within the first 8 minutes of trading [1] - The strong performance of the chip index and the Sci-Tech 50 index is largely attributed to the surge in shares of Cambrian, which rose by 5% shortly after the market opened, following a 10% increase the previous day [1] - Cambrian's stock price has reached a new high of 1080 yuan, marking a doubling in value from its lowest point of 520 yuan on July 10, indicating a significant upward trend over the past month [1][3] Group 2 - The recent surge in Cambrian's stock price has attracted attention, leading to speculation about the investors behind this trend, with suggestions that public funds and large speculators are involved [3] - The current bull market is characterized by a focus on major technology stocks, similar to previous consumer-driven bull markets, highlighting the importance of investing in core leaders like Cambrian [3] - There is a growing consensus that the domestic chip industry is poised for substantial growth, which is expected to yield significant benefits for chip companies [3]

中金研究 2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》，旨在落实新"国九条"关于"稳步推进公募基金改革、推动证券基金机构高质量 发展、支持中长期资金入市"的决策部署。《方案》中特别 强调对于基金产品的"长周期考核"以及重视投资者持有基金盈亏情况， 这就要求基金产品 在长周期具备一定的绝对收益能力。在此背景下，我们认为 侧重长期绝对收益的多资产产品重要性会有所提升。 因此，本文接下来的部分将首先描述 相对成熟的美国多资产产品市场概况，并在美国经验的基础上阐述我国多资产产品的现状及未来的可能发展路径。 点击小程序查看报告原文 Abstract 摘要 美国多资产指数发展历程较为漫长。 2006年美国政府通过Pension Protection Act（PPA），即《养老金保护法案》，将目标日期基金定为养老计划的默认 投资标的，相应的，对应的目标日期基金指数也随之出现，随后，伴随不同的市场环境陆续出现恒定比例型、风险平价型以及宏观轮动型多资产指数。 指数编制底层资产的不同及所用模型的差异往往导致风险收益指标表现的差异。整体看， 长期风险调整后收益表现较好的三只美国多资产指数为S&P MARC ...

Core Viewpoint - The article emphasizes that diversifying risks and aligning with trends is essential for navigating the complexities of the market, particularly in the innovative drug sector, which presents significant long-term investment opportunities through index-based investments [1]. Group 1: Industry Overview - The innovative drug industry is transitioning from reliance on generic drugs to breakthroughs in self-developed drugs, driven by advancements in technology and increased research efficiency [2]. - The Chinese innovative drug sector has seen a surge in overseas licensing fees, reaching a scale of billions of dollars, indicating a robust growth trajectory [2]. - The innovative drug sector has rebounded strongly in 2023, supported by valuation recovery, policy backing, and the expiration of patents for multinational pharmaceutical companies [2][3]. Group 2: Investment Opportunities - The article suggests that ordinary investors can mitigate risks by investing in index funds related to innovative drugs, similar to historical trends seen in the railway and internet sectors [3]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Index and the CSI Innovative Drug Industry Index are highlighted as key indices for investment, with the former focusing on companies in the Hong Kong market [4][5]. Group 3: Index Characteristics - The Hang Seng Hong Kong Stock Connect Innovative Drug Index excludes CXO companies to focus solely on innovative drug firms, ensuring a more accurate reflection of the industry's development [5][6]. - The revised index has shown superior performance, with an annualized return exceeding 47% since its launch, indicating strong investment value [6]. Group 4: Policy and Market Dynamics - The Chinese government has established a comprehensive support system for the innovative drug industry, enhancing approval efficiency and market access [8]. - The market for licensing transactions has evolved, with a significant increase in the number and value of deals, indicating a shift towards more stable revenue models for innovative drug companies [9]. Group 5: Technological Advancements - China's innovative drug research capabilities have advanced significantly, with domestic companies covering 40% of global research targets and leading in several therapeutic areas [10]. - The efficiency of clinical trials in China is notably higher than in Western countries, contributing to a competitive edge in drug development [10]. Group 6: Long-term Investment Potential - The demand for innovative drugs is expected to grow due to an aging population and increasing prevalence of chronic diseases, while the supply remains limited due to high barriers to entry [11]. - The current market penetration of innovative drugs in China is below that of other G20 countries, suggesting substantial growth potential [11]. Group 7: Hong Kong Market Insights - The innovative drug sector in Hong Kong has a higher market capitalization share compared to A-shares, benefiting from a more favorable IPO environment for biotech companies [13]. - The average R&D expenditure of innovative drug companies in Hong Kong is significantly higher than that of their A-share counterparts, indicating a stronger commitment to innovation [13]. Group 8: Future Outlook - The article predicts that 2025 may mark a pivotal year for Chinese innovative drugs, with the potential for blockbuster products and record licensing deals [15]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Index includes many companies not listed in A-shares, providing unique investment opportunities in leading biotech firms [15].

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]

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 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]