一、 ETF规模或是决定 转型期的公募基金行业 走出焦虑以长期业绩赢得投资者信赖 中国基金报记者若晖王建蔷 总规模创34万亿元历史新高的公募基金，压力与焦虑也伴随而来。 行业转型期，焦虑来自方方面面。拉动权益产品规模增长的ETF赛道厮杀激烈，规模大战从中证 A500ETF打到基准做市信用债ETF、科创债ETF，在主流宽基ETF费率降至0.15%，做市商费用高企的背 景下，除了部分头部公司仍在不计成本投入之外，部分基金公司已经"战略转移"，将精力投入有针对性 的营销。 主动权益基金则在业绩回暖与规模留存间艰难寻求平衡，业绩分化加剧，投资者信任重建之路道阻且 长。 行业人才流动亦出现放缓，可供从业人员跳槽的职位较牛市顶峰时期明显减少。曾被寄予厚望的个人养 老金业务，总体依旧步履蹒跚，规模增速远低于市场预期。 在业内人士看来，这种焦虑状态并非无解方程。ETF业务需要在竞争中找到特色定位，主动权益基金需 要重建信任锚点，以长期业绩和风格稳定性赢得持有人青睐，公募基金才可能穿越周期迷雾，走向高质 量发展的新阶段。 公司行业地位的"胜负手" "很难用一个准确的数值来描述当前ETF竞争的激烈程度。"一位基金公司人士谈及目前 ...

Core Viewpoint - The total scale of public funds in China has surpassed 33 trillion yuan, reflecting a significant growth driven by policy benefits, product innovation, and increasing demand for wealth management among residents [2][4][10]. Group 1: Growth of Public Fund Scale - As of April 2024, the total scale of public funds reached 33.12 trillion yuan, marking a historic high and the seventh increase since the beginning of 2024 [2][4]. - The growth in public fund scale is attributed to multiple factors, including the deepening of capital market reforms and the high-quality development of the industry, which has enhanced investor confidence [4][5]. - The increase in public fund scale indicates a shift in investor behavior towards diversified asset allocation, with public funds becoming a key tool for wealth management [4][8]. Group 2: Factors Driving Growth - The public fund scale has increased by 5 trillion yuan in 2024, showcasing its advantages over other asset management forms like bank wealth management and insurance [8][9]. - Key drivers of this growth include the release of policy dividends, product innovation, and changes in investor behavior, suggesting a sustainable growth trend [8][9]. - The demand for asset preservation and appreciation has intensified, with public funds offering a transparent and professionally managed investment option [4][6]. Group 3: Types of Funds and Investor Behavior - The growth of public funds is characterized by a rare simultaneous increase in money market funds, bond funds, and equity funds, indicating a diversification in investor asset allocation [14][16]. - In April, money market funds grew by 664.8 billion yuan, bond funds by 140.2 billion yuan, and equity funds by 112 billion yuan, with equity funds reaching a record high of 4.58 trillion yuan [14][17]. - The simultaneous growth of these fund types reflects enhanced market confidence and a shift in investor preferences towards balanced risk and return [14][19]. Group 4: Future Development and Market Trends - The public fund market in China has significant growth potential, driven by increasing resident wealth, the entry of long-term funds like pensions, and ongoing product innovation [11][12]. - The industry is expected to transition from a focus on scale expansion to quality-driven growth, with an emphasis on structural growth and globalization [12][20]. - Future trends indicate a diversification in fund types, with a focus on low-volatility products and asset allocation strategies supported by regulatory initiatives [27][29].

Core Insights - The number of public fund managers has surpassed 4000, nearly doubling since 2018, reflecting rapid industry growth and intensified talent competition [1][2][4] - The recent regulatory framework emphasizes a shift from scale to quality, making talent strategy crucial for high-quality development in the fund industry [1][5] Group 1: Industry Growth and Talent Competition - As of May 10, 2025, the number of public fund managers reached 4017, compared to 2025 at the end of 2018, indicating significant growth [2] - The influx of new generation fund managers introduces fresh perspectives and diversifies investment strategies, while also intensifying performance pressure on existing managers [2][3] - The industry faces a growing demand for diversified fund products, prompting managers to seek differentiated competitive paths [2][3] Group 2: Regulatory Changes and Impact on Fund Managers - The new regulatory framework aims to limit the number and scale of products managed by individual fund managers, leading to a potential reduction in the number of managers overseeing over 10 billion [4][5] - The number of active equity fund managers managing over 10 billion has decreased by over 48% compared to the first quarter of 2023, indicating a structural change in the industry [4][5] - The focus is shifting towards sustainable investment returns rather than blind expansion, with an emphasis on long-term performance and compliance [5][6] Group 3: Shift Towards Integrated Research Platforms - The trend of "de-starring" fund managers is emerging, with a focus on building integrated, multi-strategy research platforms rather than relying on individual star managers [6][7] - Fund companies are increasingly prioritizing systematic decision-making and quality control through collaborative research teams [6][7] - The introduction of quantitative analysis models and AI tools is expected to enhance research efficiency and investment decision accuracy [3][6] Group 4: Talent Dynamics and Future Outlook - High turnover rates among fund managers have raised concerns, but the industry remains attractive for new talent, indicating a dynamic talent landscape [7] - The emphasis on competitive compensation and career development opportunities is crucial for attracting top talent in the fund management sector [7] - The entry of new generation fund managers is expected to inject innovation and drive the industry towards diversification and specialization [7]