来源：国际金融报 如果要为2025年的公募基金市场寻找一个年度"题眼"，答案或许并非某位明星基金经理或某只爆款产 品，而是"指数"二字。 全市场ETF规模破6.6万亿 回顾2025年，公募指数基金在全市场规模的权重正大幅提升。Wind数据显示，截至2025年三季度末， 全市场非货币ETF、ETF联接基金及其他场外指数基金总规模合计已逼近8万亿元，年内增长2.1万亿 元。 在A股结构性行情下，主动权益类基金表现分化加剧，指数基金却成了"主角"。其中，ETF更以现象级 速度"吸金"，成为指数化投资的急先锋。数据显示，截至2024年年末，全市场ETF规模合计4.66万亿 元，其中，股票型ETF规模合计2.9万亿元。仅仅过了三个季度，截至2025年三季度末，全市场ETF规模 已突破6.6万亿元，其中，股票型ETF规模已突破3.7万亿元。 股票型ETF仍是资金最青睐的类型，但与往年"宽基独大"不同，在成长风格主导下，行业和主题ETF今 年大放异彩。截至2025年12月25日，全市场股票型ETF中，行业ETF最新场内份额3260.41亿份，相比 2024年年末的2220.51份增长超千亿份；主题ETF最新场内份额7712 ...

Core Viewpoint - Jinlong Co., Ltd. is facing significant survival challenges due to high debt, continuous losses, and the freezing of shares held by its actual controller [2][3]. Group 1: Shareholding and Debt Situation - On June 3, Jinlong Co., Ltd. announced that 35,000,000 shares held by its controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd., will be auctioned, representing 16.59% of the shares held by the shareholder and 3.91% of the total share capital of the company [1]. - As of February 2025, a total of 236 million shares have been frozen, accounting for 52.63% of the total shares held by the controlling shareholder and 26.34% of the company's total shares [1]. - The freezing of shares is primarily due to overdue debts and litigation amounting to approximately 2.06 billion yuan [1]. Group 2: Financial Performance and Restructuring Efforts - Jinlong Co., Ltd. initiated a major asset restructuring in June 2024 to sell 67.78% of its stake in Zhongshan Securities to recover funds and alleviate debt, but the transaction was terminated in May 2025 due to regulatory issues [2]. - Zhongshan Securities is a key profit source for Jinlong Co., Ltd., with a net profit increase of 287.66% to 171 million yuan in 2024, while Dongguan Securities also saw a 45.4% profit increase to 923 million yuan [2]. - From 2021 to 2024, Jinlong Co., Ltd. incurred cumulative losses of nearly 1 billion yuan, with a debt-to-asset ratio reaching a five-year high of 81.09% in 2024 [2]. Group 3: Industry Context and Future Outlook - The challenges faced by Jinlong Co., Ltd. reflect the survival crisis of small and medium-sized securities firms, characterized by diminishing license value and ineffective capital operations [3]. - The company is exploring a transition into the computing power sector, but there has been no significant progress, raising doubts about the feasibility of this strategy due to a lack of technical expertise and financial support [3]. - Short-term relief may come from the potential approval of the sale of a 20% stake in Dongguan Securities, but long-term survival will require a departure from reliance on financial leverage [3].

Core Viewpoint - Jindong Co., Ltd. has decided to abandon the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company primarily holding cash or lacking specific business operations, reflecting a strategic shift in its operations [2][3][5] Group 1: Strategic Decisions - The company initially planned to sell its stakes in Zhongshan Securities and Dongguan Securities to reduce debt and transition into the computing power sector, but has now reversed this decision [2][3] - The decision to halt the sale may indicate a cautious approach towards the computing power business and a potential return to its core securities operations [2][5] Group 2: Financial Challenges - Despite the abandonment of the sale, the company still faces significant debt issues, with a high debt-to-asset ratio consistently above 70% over the past decade [6][7] - The company's net profits have been negative during the reporting period, primarily due to substantial interest expenses from its large borrowings [6][7] Group 3: Asset and Equity Situation - The company holds a 67.78% stake in Zhongshan Securities and a 40% stake in Dongguan Securities, both of which contribute significantly to its profits [7] - The company has struggled to progress in selling its stake in Dongguan Securities, with the transaction still pending regulatory approval, leading to frozen shares due to unpaid debts [7][8]

Core Viewpoint - Longxin Technology held its 2024 annual online performance briefing, showcasing strong investor engagement with an 88.89% response rate to questions [1] Group 1: Company Performance - Longxin Technology reported revenue and net profit growth compared to the previous year, as detailed in the 2024 annual report [2] - The company acknowledged a decline in sales profit margins over the past two years and is implementing measures such as cost optimization, supply chain integration, and product structure upgrades to improve profitability and market share [3] Group 2: Product and Market Development - Longxin Technology has established a robust supply chain relationship with major automotive manufacturers, including Tesla and various global Tier 1 suppliers, enhancing its position in the automotive display market [2] - The company is focusing on high-value projects, particularly in the foldable screen segment for clients like Apple and Huawei, leveraging its competitive advantages in UTG and UFG products [3] Group 3: Strategic Initiatives - Longxin Technology is actively pursuing opportunities in the computing power sector, aligning with the exponential growth in global demand for computing power [3] - The company is committed to enhancing its presence in the new energy sector, particularly through its investment in Bick Power, which has shown promising revenue and profit performance [5] Group 4: Industry Outlook - The global economy is experiencing moderate growth amidst complex challenges, with technological innovation and supply chain restructuring being key growth drivers [7] - The industry faces significant challenges, including rising protectionism and intense competition, particularly in the automotive supply chain [7]