引言： 在全球金融市场的发展历程中，交易所交易基金（ETF）凭借其低成本、高透明、高流动性的核心优势，从诞生之初的小众产品，逐渐成长为全球资产配置 的核心工具。在中国，随着资本市场改革深化、投资者结构优化与资产配置需求升级，ETF 市场虽起步晚于海外，但凭借惊人的增长速度与丰富的产品创 新，正成为中国资本市场高质量发展的重要组成部分。 ●全球ETF规模屡创新高，发展势不可挡 1993年，全球第一只ETF在美国诞生，标志着一种全新投资工具的问世。进入21世纪，ETF迅速跨越地域界限，2000年后陆续登陆欧洲、亚太市场，开启了 全球化扩张的序幕。自2010年以来，全球ETF市场迈入持续快速发展阶段，规模连续多年保持高速增长，实现了超过18%的年化复合增长率。截至当前， ETF在全球公募基金总规模中的占比已突破15%，从一个辅助性产品成长为资产配置的中坚力量（资料来源：招商银行研究院《全球ETF发展趋势及境外 ETF发展特色》；2025.11.24）。 这一显著增长的背后，离不开多重驱动因素的共同作用： √ 从资金端看：一方面，市场参与者的资产配置需求日益多元，各国监管部门对透明、低成本工具的政策鼓励，持续引导长期 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月22日，A股三大指数集体走高，跨年行情拉开序幕，截止午盘，中证A500ETF南方（159352）放量 上涨0.99%，成交额54.94亿元。 近期资金大幅流入中证A500ETF南方（159352），截止12月19日，A500ETF南方（159352）近13天获得 连续资金净流入，该基金最新份额294.18亿份，规模356.84亿元。近5日资金净流入101亿元，近10日净 流入139亿元，近20日净流入141亿元。 业内人士表示，近期A500ETF的巨量交投与规模跃升，反映出机构化、指数化投资趋势的深化，以 及"耐心资本"入市渠道的进一步畅通。 晨星中国基金研究中心高级分析师李一鸣认为，近期A500ETF成交额放大可能是受到跨年行情预期与政 策催化的影响，国内外宽松政策预期升温推动资金布局跨年行情，A500指数作为重要的宽基品种，成 为资金配置工具。并且，政策引导耐心资本入市，宽基ETF成为增量资金入场的重要通道。 李一鸣表示，中证A500指覆盖沪深两市市值较大的股票，兼具大盘蓝筹的稳定性与中盘的弹性，行业 分布均衡，相比沪深300 ...

Group 1: Core Insights - The "Action Plan for Promoting High-Quality Development of Public Funds" was issued by the China Securities Regulatory Commission (CSRC) on May 7, 2025, aiming to reshape the industry ecosystem with 25 key measures focused on investor-centric development, strong regulation, and risk prevention [1] - The public fund industry is transitioning from a focus on scale to a focus on quality, with improvements in investment research capabilities, investor services, and market ecology [2] - The public fund fee reform has entered its final stage, with annual savings for investors exceeding 50 billion yuan, enhancing investor experience and promoting long-term capital market investment [3][4] Group 2: Industry Growth and Trends - As of October 2025, the total scale of public funds reached 36.96 trillion yuan, marking a historical high and reflecting a shift towards high-quality development [5][6] - The proportion of equity products in public funds has significantly increased, with stock and mixed funds reaching a combined scale of 10.18 trillion yuan, up by 22,205.99 billion yuan from the previous year [6] - The ETF market has also seen substantial growth, with a total scale of 5.7 trillion yuan as of October 2025, representing a 53% increase from the end of 2024 [8] Group 3: Regulatory Developments - New performance assessment guidelines for fund management companies were released, emphasizing a shift from scale expansion to value creation, which may lead to a differentiated industry landscape [10] - The introduction of performance comparison benchmarks aims to curb "style drift" and promote capability competition within the public fund industry [11][12] - The establishment of a performance benchmark element library by the China Fund Industry Association is a key measure to enhance industry governance and address issues related to benchmark selection [11] Group 4: Technological Advancements - The fund industry is accelerating its intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and advisory services [12][13] - AI technologies are being integrated into core investment research processes, providing more accurate and transparent decision-making tools for fund managers [13] Group 5: REITs and Thematic Funds - The public REITs market has expanded significantly, with 77 products listed and a total market value of 216.03 billion yuan, reflecting a 38% increase from the end of 2024 [14][15] - New guidelines for thematic funds have been introduced to prevent style drift and ensure that fund names align with actual investment directions [16] Group 6: Internationalization and Cross-Border Investment - The public fund industry is enhancing its internationalization efforts, with the number of cross-border ETFs reaching 200 and a total scale nearing 920 billion yuan [17] - The establishment of overseas subsidiaries by public fund companies is accelerating, with over 30 subsidiaries set up in various international markets [17]

Market Overview - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 500, and CSI 300 yielding returns of 0.03%, 0.00%, and -0.28% respectively, while the STAR 50, ChiNext, and Shenzhen Component Index had returns of -2.99%, -2.26%, and -0.89% respectively [5][15] - The trading volume of major indices decreased last week, with the average daily trading volume for major indices falling within the historical percentile range of 55%-75% over the past 52 weeks [18][20] - In terms of industry performance, retail trade, consumer services, and non-bank financials led with returns of 6.58%, 4.4%, and 2.99% respectively, while power equipment and new energy, electronics, and machinery lagged with returns of -3.09%, -3.02%, and -1.71% respectively [22][23] Fund Issuance and Performance - A total of 40 new funds were established last week, with a total issuance scale of 183.21 billion yuan, showing an increase compared to the previous week [4] - The number of funds reported for issuance last week was 41, which is a decrease from the previous week, including 1 REITs, 1 QDII, and 2 FOFs [5] - The median performance of alternative funds this year has been the best, with a return of 52.67%, while the median returns for active equity, flexible allocation, and balanced mixed funds were 27.29%, 20.97%, and 15.16% respectively [33][40] ETF Market - As of December 19, 2025, the total scale of China's ETF market reached 5.83 trillion yuan, a significant increase of 56% from 3.73 trillion yuan at the end of 2024, with a net increase of 2.09 trillion yuan [10] - The top ten ETFs with the highest scale growth this year included the CSI 300 Index ETF, which saw a scale increase of over 173.1 billion yuan, and the gold ETF, which increased by over 150 billion yuan [13] - The thematic ETFs performed notably well, with the Hong Kong Stock Connect Innovative Drug Index ETF showing a staggering growth rate of 2923.19%, followed by the Robot Index ETF at 489.63% [13] Asset Management Scale - As of December 17, 2025, the total scale of asset management products from various financial institutions reached 80.03 trillion yuan, with public funds accounting for 36.74 trillion yuan [9] - The scale of private asset management products from securities companies and their subsidiaries was 6.37 trillion yuan, while private funds reached 21.99 trillion yuan [9]

Core Viewpoint - The article discusses the transformation of index investment in China's capital market, highlighting its strategic value in optimizing resource allocation, enhancing the quality of listed companies, and attracting long-term capital by 2025, marking the beginning of a new phase in high-quality index investment development [1]. Group 1: Institutional Support and Innovation - The implementation of the "Action Plan" provides dual support for index investment through institutional guarantees and innovation engines, significantly improving the efficiency of ETF registration and issuance [1]. - The China Securities Regulatory Commission has streamlined the ETF registration process, allowing fund managers to apply directly for registration without needing a no-objection letter from the stock exchange, thus expediting the registration process to within five working days [1]. Group 2: Product Development and Cost Reduction - Index companies and fund managers are optimizing index compilation methods, focusing on national strategic directions and developing specialized indices that cater to emerging industries, such as the AI index launched in May 2023 [2]. - The investment costs for index funds have continued to decrease, with the elimination of annual fees for ETF listings and reductions in other operational costs, promoting a lower cost structure for index funds [2]. Group 3: Accessibility and Growth of ETFs - ETFs are rapidly emerging as a key vehicle for inclusive finance, providing ordinary investors with a channel to share in the capital market's growth, with the total market size of ETFs reaching 5.83 trillion yuan, a 56% increase from the beginning of the year [3]. - The proportion of individual investors holding ETFs has been steadily increasing, indicating a shift towards ETFs as a core investment tool among retail investors [3]. Group 4: Enhanced Investment Options - The variety of ETF products has expanded, with a notable increase in narrow-based and thematic ETFs, catering to both individual and institutional investors' diverse needs [5]. - The public fund industry is entering a tool-oriented era, with a focus on narrow-based ETFs that can deliver high performance, aligning with market trends towards active equity fund transformation [5]. Group 5: Strategic Alignment with National Goals - ETFs are becoming essential in guiding capital towards emerging industries such as AI, biomedicine, and aerospace, thus supporting industrial upgrades and enhancing corporate governance through their selection mechanisms [7]. - Major ETF management institutions are intensifying their focus on the Sci-Tech Innovation Board, enriching the toolbox for investing in technological innovation and high-quality development [8]. Group 6: Market Impact and Pricing Power - Some ETFs are replacing active equity funds as the largest institutional investors in listed companies, enhancing their marginal pricing power in the market [9]. - The inclusion of companies in index components has led to significant increases in ETF holdings, surpassing investments from northbound funds and active equity funds [9].

- The report does not contain any specific quantitative models or factors for analysis[1][2][3][4]

Group 1 - The core viewpoint of the article is the significant developments in the public fund industry in 2025, highlighting reforms, growth in fund size, and the shift towards high-quality development [1][2][3] Group 2 - The "Action Plan for Promoting High-Quality Development of Public Funds" was issued, featuring 25 measures aimed at reshaping the industry ecosystem, focusing on investor-centric development, strong regulation, and risk prevention [2][19] - The plan emphasizes a shift from "scale" to "return" for fund companies and sales institutions, with key areas including optimizing fee structures and enhancing investor services [2][19] Group 3 - The public fund fee reform has entered its final phase, with annual savings for investors exceeding 50 billion yuan, achieved through three stages of fee reductions [3][20][21] - The first phase reduced management and custody fees for active equity funds, saving approximately 14 billion yuan annually [20] - The second phase lowered trading commission fees, saving around 6.8 billion yuan, while the third phase targeted subscription and purchase fees, saving about 30 billion yuan [20][21] Group 4 - The public fund industry reached a record size of 36.96 trillion yuan by the end of October 2025, marking a continuous growth trend [5][22] - The increase in fund size is attributed to improved industry ecology, driven by product innovation and enhanced services [22] - Equity products have become a core focus, with stock and mixed funds reaching a combined size of 10.18 trillion yuan, reflecting a significant structural upgrade [22][23] Group 5 - The ETF market has also seen substantial growth, with total assets surpassing 5.7 trillion yuan, a 53% increase from the previous year [7][24] - The rapid growth of the ETF market indicates a shift towards index-based investment strategies becoming mainstream [24] Group 6 - The introduction of new performance evaluation guidelines for fund companies aims to shift the focus from scale to value creation, promoting a more differentiated and healthy ecosystem [9][26] - The guidelines are expected to accelerate industry differentiation, with larger firms likely to attract more capital and talent [26] Group 7 - The public fund industry is undergoing an intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and client services [12][29] - AI technologies are being integrated into core investment research processes, providing more accurate market predictions and personalized investment advice [29] Group 8 - The public REITs market has expanded significantly, with 77 products listed and a total market value of 216.03 billion yuan, reflecting a 38% increase from the previous year [30][31] - The asset types for REITs are diversifying beyond traditional infrastructure to include commercial properties, indicating a growing market potential [30][31] Group 9 - The cross-border ETF market has seen rapid development, with nearly 200 products and a total scale approaching 920 billion yuan, highlighting the industry's internationalization efforts [10][33] - The expansion of QDII quotas supports the internationalization of public funds, with over 170.87 billion USD approved for investment [33]

【导读】2025公募基金十大新闻 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 1.《推动公募基金高质量发展行动方案》印发 25条举措重塑行业生态 为落实中央政治局会议"稳步推进公募基金改革"决策部署，5月7日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动 方案》）。 《行动方案》坚持以投资者为本的发展理念，以强监管、防风险、促进高质量发展为主线，探索建立适合中国国情、市情的公募基金发展 新模式；坚持问题导向、目标导向，提出一系列回应市场和社会关切的改革措施，着力督促基金公司、基金销售机构等行业机构从"重规 模"向"重回报"转变。 《行动方案》提出25条核心举措，聚焦五大关键方向精准发力：一是优化主动权益类基金收费模式；二是强化基金公司与投资者的利益绑 定；三是提升服务投资者的能力；四是提高公募权益投资规模和稳定性；五是一体推进强监管防风险促高质量发展。 业内人士表示，《行动方案》的出台是公募行业发展的关键拐点，25条举措精准回应市场关切与行业痛点。 业内 ...

股票型基金成为ETF发行主力。数据显示，今年以来发行股票型ETF达283只，占到发行总量的87.89%，合计 发行份额达1493.95亿份，占到总份额的61.07%。具体来看，其中以被动指数型基金为主，发行数量达265 只，而增强指数型基金仅18只。 紧随其后的是债券型基金。数据显示，今年以来发行32只债券型ETF，占到发行总量的9.94%，合计发行份额 为914.83亿份，占到总份额的37.39%。此外，QDII基金尽管发行数量有限，但市场接受度较高。数据显示， 今年以来虽然仅发行7只QDII基金，合计发行份额仅37.67亿份，但截止日份额达100.52亿份，呈现出明显的 超募现象，反映出投资者对海外市场投资工具的需求较为旺盛。 在政策推动、产品特性、投资者偏好等多方面因素影响下，交易型开放式指数基金（ETF）市场规模不断提 升。截至2025年12月15日，ETF总规模已从年初的约3.73万亿元激增至约5.74万亿元，年内规模增长超2万亿 元，增速超过53%。 ETF市场的发展离不开政策助力，近年来，相关支持政策频出。2024年4月发布的新"国九条"提出，建立交易 型开放式指数基金快速审批通道，推动指数化投 ...

市场震荡过程中，A500ETF成为资金抢筹的对象。 特别是在A股反弹的12月17日，投资者交易A500ETF的热情空前。据Wind统计，当天，全市场45只 A500ETF（包括指数增强、红利低波等）合计成交额突破520亿元，远超沪深300ETF的成交额，为当日 最活跃的一类股票ETF。 拉长时间看，2025年12月12日—12月18日，全市场A500ETF的单日成交额已连续5个交易日超过400亿 元。 值得一提的是，成交放量的当天（12月17日），A500ETF的净流入额超过110亿元，大型公募旗下的 A500ETF仍然是"吸金"主力。 与此同时，近期，在净申购资金的加持下，A500ETF的总规模已超过2300亿元，较11月底增加了近370 亿元。其中，华泰柏瑞基金、南方基金旗下A500ETF的规模双双突破300亿元，形成双巨头格局。 在业内人士看来，A500ETF的巨量交投与规模跃升，反映出机构化、指数化投资趋势的深化，以及"耐 心资本"入市渠道的进一步畅通。 巨量成交背后 A股上证指数在12月17日、12月18日连续上涨。资金借道宽基ETF入市的趋势再次凸显。 尤其是A500ETF遭到资金抢筹，引发市场诸 ...