| | | | | 全市场ETF情况汇总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 基金类型 | 数量合计(只) | 白比(%) | 份额合计(亿份) | = = (%) | 资产净值合计(亿元) | 白比(%) | | | 股票型ETF | 922 | 80.17 | 20,317.69 | 72.65 | 29,434.7302 | 72.73 | | 2 | 债券型ETF | 29 | 2.52 | 67.67 | 0.24 | 2.416.6186 | 5.97 | | 3 | 商品型ETF | 17 | 1.48 | 236.27 | 0.84 | 1,635.1745 | 4.04 | | 4 | 货币型ETF | 27 | 2.35 | 1,711.23 | 6.12 | 1,714.6816 | 4.24 | | 5 | 跨境ETF | 145 | 12.61 | 5,571.90 | 19.92 | 5,209.2221 | 12.87 | | 6 | 其他 | 10 | 0.87 | 62.37 | 0 ...

4月29日，南都·湾财社记者从业内多方求证获悉，近日多家基金公司收到中证指数有限公司（下称"中证指 数"）、深圳证券信息有限公司（下称"深证信息"）关于调降指数基金使用费的通知。包括基点费率普遍下 调20%、季度下限调降至2万元、取消部分产品下限等核心内容，被视为继2025年3月公募基金全面承担指 数使用费后，指数化投资领域的又一重大改革举措。 晨星（中国）基金研究中心分析师崔悦在接受南都·湾财社记者采访时指出，此次降费是监管引导、市场竞 争与指数公司主动优化的共同结果，将对基金行业成本结构、产品创新及投资者体验产生深远影响。 费率结构性下调：基点八折与季度下限优化 根据中证指数通知，此次调降具体体现在以下三个方面。一是基点费率下调20%。所有股票指数产品的年 化基点费率由0.03%降至0.024%，债券指数产品由0.01%降至0.008%。以跟踪沪深300的ETF为例，其年化 费率从0.03%降至0.024%，对于规模达到百亿的产品而言，每年可节省费用60万元。 二是季度下限调至2万元。股票指数产品的季度收费下限统一降至2万元，规模小于1亿元的产品取消下 限。这意味着，对于管理多只小规模ETF的基金公司而言 ...

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 ...

Core Insights - The rapid growth of index-enhanced funds in the market has been notable, with a year-on-year increase of over 500% in the number of new funds established in 2023, indicating a rising market sentiment towards these products [1][4] - Despite the growth in new fund establishments, the total scale of index-enhanced funds remains relatively low compared to ETFs, which have surpassed 4 trillion yuan, with index-enhanced funds currently at 217.596 billion yuan [1][5] - The demand potential for index-enhanced funds among retail investors is significant, suggesting that these products may be a key focus for future industry developments [1][7] Group 1: Market Trends - A total of 68 index-enhanced funds have been reported in 2023, a 257.89% increase from 19 in the same period last year [4] - As of April 24, 2023, 39 index-enhanced funds have been established, marking a 550% increase from 6 in the previous year [4] - Major fund managers are actively launching new index-enhanced products, with several funds already receiving regulatory approval [3][4] Group 2: Performance and Competition - The largest index-enhanced fund, E Fund's SSE 50 Enhanced, has a scale of 18.938 billion yuan, making it the only fund exceeding 10 billion yuan [6] - The overall scale of index-enhanced funds has grown from 153.952 billion yuan at the end of 2021 to over 203.077 billion yuan by the end of 2024 [7] - Long-term performance of index-enhanced funds has been strong, with 278 out of 663 funds recording positive returns in 2023, and over 90% of funds achieving positive returns over a five-year period [8] Group 3: Future Outlook - The industry anticipates that the competition among index-enhanced funds will intensify, with a focus on sustainable and stable excess returns being crucial for future success [9] - Fund managers are encouraged to continuously refine their models to deliver competitive excess returns, which will be essential for attracting and retaining investors [9] - The market environment and the asset allocation capabilities of fund managers are expected to have a positive correlation with the performance of index-enhanced funds in the future [9]

智通财经APP获悉，在全球市场经历过山车式波动的时期，挪威1.7 万亿美元的主权财富基金出现六个 季度以来的最大亏损，而亏损的主要原因是科技公司价值下跌。 全球最大上市企业单一持有者——挪威央行投资管理公司周四发布声明称，今年前三个月该基金亏损 0.6%(约400亿美元)，创2023年三季度以来最大跌幅。 这家主要跟踪指数的基金股票投资亏损1.6%，固定收益投资则盈利1.6%，整体表现仍比基准指数高出 0.16个百分点。 首席执行官尼古拉·坦根在声明中表示，"本季度受到显著市场波动影响，""我们的股票投资出现负回 报，主要受科技板块拖累。" 不过，4月初特朗普总统大幅提高关税引发的市场动荡最严重阶段尚未反映在一季度业绩中。 这只重仓科技股的基金主要持有苹果、微软、英伟达、谷歌母公司Alphabet、亚马逊和Meta等巨头，还 持有特斯拉1.8%股份。 虽然这些持仓去年曾带来13%的惊人回报，但副首席执行官特隆德·格兰德此前表示，2024年已开始减 持科技股，部分是为降低这些主导全球股市的公司回调风险。 挪威主权财富基金主要投资股票和债券 由于该基金主要采取指数化投资，主动管理空间有限。其基准指数由财政部设定， ...

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 ...