上交所更新指数业务三年行动方案，构建"长钱长 投"生态助力居民财富管理 2025年3月24日，上海证券交易所宣布完成对《指数业务三年行动方案（2024-2026年）》的中期更新。 此次修订紧扣服务国家战略与资本市场改革主线，旨在通过优化指数生态、强化科技赋能、完善产品供 给，为中长期资金入市创造更优环境，推动形成"长钱长投"的市场格局，助力居民财富保值增值。 立足国家战略，打造"中国品牌"指数体系 围绕金融"五篇大文章"，上交所正加速构建服务科技、绿色、普惠、养老、数字金融的指数矩阵。例 如，在科技金融领域强化科创板指数布局，绿色金融方向深化ESG指数应用，普惠金融领域推出低门槛 稳收益产品，养老金融领域编制个人养老金投资标的指数。这一体系不仅为投资者提供多元化配置工 具，更通过引导资金流向国家重点领域，助力经济高质量发展。此外，跨境指数布局的完善（如纳入港 股通ETF）进一步提升了中国指数的国际影响力，为全球资金配置中国资产提供便利。 展望未来：指数化投资迈向高质量发展 上交所表示，下一步将以更大力度落实行动方案，深化与市场各方合作，推动指数产品创新与投教宣传 协同发力。随着更多中长期资金入市和居民财富管理 ...

Core Viewpoint - The article discusses the significant upgrade of the "Super ETF" brand by Harvest Fund, aiming to enhance the index investment ecosystem and provide better services to investors [3][11]. Group 1: ETF Market Growth - The domestic ETF market is experiencing a golden period, with narrow and broad-based ETFs driving growth [3]. - The global ETF market is rapidly expanding, with the U.S. market reaching approximately $8 trillion, while China's ETF market has surpassed 3 trillion yuan in just 17 years [4][8]. - By 2030, China's ETF market is projected to reach 10 trillion yuan, indicating a robust growth trajectory [4]. Group 2: Shift in Investment Preferences - A historic moment in the A-share market has occurred, with the market value of passive equity funds surpassing that of active equity funds, reflecting investor confidence in ETFs [5]. - The rapid development of ETFs is driven by policy support, clear advantages of ETF tools, and improvements in index innovation and compilation rules [6]. Group 3: Harvest Fund's Position and Strategy - Harvest Fund is a leader in the ETF sector, with an index management scale nearing 250 billion yuan and having won multiple awards for passive investment [8][9]. - The company has launched the "Super ETF" brand, which includes features like "Super Broad," "Super Opportunity," "Super Convenience," and "Super Tool," aimed at enhancing investor experience [10][11]. - The introduction of the "Super Jabei" index investment mini-program is part of Harvest's strategy to provide better tools for investors [3][10]. Group 4: Performance and Future Outlook - Several ETFs under Harvest Fund have shown strong performance, with 14 ETFs increasing by over 10% year-to-date, and some exceeding 30% [9]. - The company aims to continue leading the index investment sector by focusing on product innovation and ecosystem services, supported by favorable policies and market conditions [11].

Core Viewpoint - The launch of North Exchange (北交所) ETFs is anticipated to accelerate, potentially debuting in Q3 of this year, supported by favorable policies and improving market liquidity [1][2][3]. Group 1: Market Activity and Performance - As of the end of 2024, there are 264 companies listed on the North Exchange, with a total revenue of 178.46 billion yuan in 2024, reflecting a year-on-year growth of 7.81% [2]. - The North Exchange stock market became active after September 24, 2024, with peak daily trading volumes reaching 61.7 billion yuan, and average trading volumes around 40 billion yuan since March 2025 [1][4][5]. - The proportion of North Exchange stock trading volume relative to the total trading volume of the Shanghai and Shenzhen exchanges has significantly increased, stabilizing above 2% since the beginning of this year [5][6]. Group 2: ETF Development and Regulatory Support - The North Exchange has received substantial policy support since its inception, including the introduction of the North 50 Index, which laid the groundwork for passive index fund investments [3][4]. - The China Securities Regulatory Commission (CSRC) has emphasized the need to enrich the product system and expand index investment, including the development of ETFs and other investment vehicles [3][4]. - The recent government directives aim to enhance the proportion of equity public funds and establish a fast-track approval process for ETFs, indicating a strong push for index investment development [3][4]. Group 3: Challenges and Considerations - Industry experts highlight the necessity of sufficient market liquidity to support the launch and trading of ETFs, with concerns about potential liquidity risks affecting normal operations [4][7]. - The current regulatory environment imposes high qualification requirements for investors in North Exchange stocks, which may evolve as the market matures [8]. - There are ongoing discussions regarding the technical aspects of ETF implementation, including market-making systems and the potential need for adjustments in investor qualifications to enhance trading activity [6][8].

Core Viewpoint - The article emphasizes the importance of promoting medium- and long-term capital inflow into the capital market as a stabilizer and ballast for healthy market operation [1] Group 1: Medium- and Long-term Capital Inflow - The National People's Congress representatives are focusing on implementing policies to encourage medium- and long-term capital to enter the market, with a strong push for index investment and innovation in ETF products [1] - The 2025 Government Work Report highlights the need for deepening comprehensive reforms in capital market financing and enhancing mechanisms for stabilizing the market [1] Group 2: ETF Market Development - The Shenzhen Stock Exchange has been actively developing index investment and has implemented a special action plan to promote high-quality development of the ETF market, focusing on various aspects such as index compilation and product development [1][2] - By the end of 2024, the scale of ETFs in the Shenzhen market is expected to double, surpassing 1 trillion yuan, with a five-year annualized growth rate exceeding 50% [2] - The proportion of ETF scale to the circulating market value of the stock market is projected to increase from 1.9% to 3.6% by the end of 2024, with the number of ETF holders growing by 39% to 4.56 million [2] Group 3: Product Innovation - The Shenzhen Stock Exchange has introduced various cross-market products, including the CSI A50 ETF and CSI A500 ETF, to allow investors to benefit from new productive forces [2] - Future plans include optimizing index investment, enhancing equity product development, and creating more investment options for different risk preferences [2]

Core Viewpoint - The article emphasizes the importance of promoting medium- and long-term capital inflow into the capital market as a stabilizer and ballast for healthy market operation, highlighting the role of ETFs in this process [1]. Group 1: Medium- and Long-term Capital Inflow - The National People's Congress representatives are focusing on implementing policies to encourage medium- and long-term capital to enter the market, with a strong push for index investment and ETF product innovation [1]. - The 2025 Government Work Report calls for deepening comprehensive reforms in capital market financing and enhancing mechanisms to stabilize the market [1]. Group 2: ETF Market Development - The Shenzhen Stock Exchange has actively developed index investment in response to new trends in asset allocation and wealth management, implementing a comprehensive action plan to enhance the quality of the ETF market [1]. - By 2024, the scale of ETFs in the Shenzhen market is expected to double, surpassing 1 trillion yuan, with a five-year annualized growth rate exceeding 50% [2]. - The proportion of ETF scale to the circulating market value of stocks is projected to increase from 1.9% to 3.6% by the end of 2024, with the number of ETF holders growing by 39% to 4.56 million [2]. Group 3: Product Innovation and Strategy - The Shenzhen Stock Exchange has introduced various cross-market products, including the CSI A50 ETF and CSI A500 ETF, to facilitate investment in new technologies and business models [2]. - Future plans include optimizing index investment, increasing equity product development, and promoting ETF regular investment strategies to create a favorable environment for long-term capital inflow [2].

二是以ETF为核心，逐步形成低成本、低波动、适应机构长期持有的产品。近年来，指数化投资快速发 展，多数宽基指数和细分行业指数均有相应的ETF产品，带动增量资金持续流入市场。随着证监会关于 指数化投资的配套方案落地，各方要积极促进指数化投资高质量发展，引导指数化配置方法成为主流投 资方式。 三是优化机构转型，形成应对低利率时代的新服务体系。当前，货币基金在我国公募基金中的规模占比 超过40%。随着货币型基金收益率下降，由货币基金向其他类型基金转化已成为必然趋势。要发挥公募 基金的主动创新能力，规范公募基金运行，通过基金产品创新和基金组合等形式提高投资收益率，通过 优质的投资顾问等服务引导投资者投资权益市场，推动中长期资金入市。 四是完善股票市场的定价理念和方法，提升对新型要素的估值定价能力。在数字化、科技化背景下，数 字要素的货币化、资本化、证券化程度不断提升，要加速科技型、创新型、流量型股票的定价模式和思 路创新转型，加强针对相关企业估值的理论研究和标准制定，引导中长期投资者从企业生命周期和行业 驱动力等角度审视企业数字化、科技化价值。 五是坚持功能导向，落实功能性和盈利性相结合的评价体系。当前，金融市场盈利 ...

Core Viewpoint - The article highlights the increasing trend of index-based investment in bank wealth management products, indicating a shift towards equity investments to attract long-term capital into the market [1][4][6]. Group 1: Index Investment Trends - Multiple wealth management companies are intensifying their focus on equity investments, particularly through index-linked products, to facilitate the entry of long-term funds into the market [1][7]. - The number of bank wealth management products linked to passive indices has significantly increased, with 92 products identified in various stages of sale, indicating a growing acceptance of index-based investment strategies [2][4]. - Index-based investment strategies have become a popular choice in the asset management industry, with passive index public funds surpassing active equity funds for the first time in Q3 2024 [4]. Group 2: Product Characteristics and Types - Index-based wealth management products are characterized by their transparency and ability to track specific indices, making them more appealing to investors compared to traditional products [7][10]. - The products can be categorized into three types: self-developed off-market index products, linked public ETF products, and exchange-traded index products (ETP) [10]. - Some products are specifically linked to industry or thematic indices, such as AI computing power and wind power generation, reflecting a diversification in investment themes [5]. Group 3: Industry Insights and Future Directions - Industry experts believe that the shift towards index-based products requires banks to enhance their research and development capabilities, as many have historically focused on fixed-income investments [9][10]. - Companies are encouraged to learn from domestic and international index investment experiences, including establishing dedicated index investment departments and leveraging financial technology for index management [11]. - The development of index-based products is seen as a strategic move to meet the evolving needs of investors and to break traditional perceptions of wealth management products [7][8].

市场研究部 2025 年 2 月 19 日 政策周报 本周发文 重点关注：工信部等八部门印发《新型储能制造业高质量发展行 动方案》提到，到 2027 年，我国新型储能制造业全链条国际竞 争优势凸显，优势企业梯队进一步壮大，产业创新力和综合竞争 力显著提升，实现高端化、智能化、绿色化发展。 重要会议 重点关注：上交所组织召开指数化投资高质量发展座谈会。上交 所相关负责人表示，将持续丰富指数基金产品体系和高质量供给， 不断优化 ETF 配套机制，与市场各方同题共答、增强合力，推 动指数化投资高质量发展各项举措落实落地，提升中长期资金 A 股投资比例与稳定性，更好服务实体经济和金融强国建设。 讲话批示 重点关注：习近平在民营企业座谈会上强调，党和国家对民营经 济发展的基本方针政策，已经纳入中国特色社会主义制度体系， 将一以贯之坚持和落实，不能变，也不会变。新时代新征程民营 经济发展前景广阔、大有可为，广大民营企业和民营企业家大显 身手正当其时。 分析师：易华强 登记编码：S1490513080001 邮箱：yihuaqiang@crsec.com.cn 未经授权引用或转发须承担法律责任及一切后果，请务必阅读文后的免 ...

FAMUSE ! 近日,个人养老金迎来重磅新消息! √ 自2024年12月15日起,个人养老金制度从36个先 行试点城市(地区)推广至全国。 同时,个人养老金投资标的迎来扩容,建信中证500指 数增强基金等85只权益指数基金首批纳入个人养老金 产品目录,增设Y类份额。 保障部等五部门发布《关于全面实施个人养老金制度的通 2017 The First III Datat 顺应指数化投资趋势 提供更多元养老投资选择 在被动化投资浪潮下,指数基金是大势所趋,尤其是宽基 指数基金,不局限某一行业或主题,具有广泛的市场代表 性,且此类产品运作透明、风险分散、成本较低,既是长 期"耐心资本"入市的主要媒介,也是投资者布局权益资产 的高性价比之选。 尤其今年以来,在"国家队"大举增持宽基ETF、9.24以来A 股行情回暖,以及中证A500相关指数基金密集发行等因 素驱动下,我国被动投资迎来跨越式发展。 截至今年二学反木,王中切攸列馆数奉立仅负股宗비规候 达3.24万亿,首次超越主动权益基金的股票投资规模 动指数基金、主动权益基金股票投资规模变化 60000 50000 40000 30000 20000 10000 (数据 ...