智通财经APP获悉，对于多元化基金经理而言，最不愿面对的困境，莫过于管理的投资组合被七家科技公司高度主导——它们清一色是美国企业，均为巨型 市值，且全部聚焦于经济领域的同一板块。然而，就在本周标普500指数再度刷新历史高点之时，投资者不得不直面一个残酷现实：若想跟上市场步伐，很 大程度上意味着只能被迫重仓持有这些股票。 2025年，一小群紧密关联的科技超级巨头再次贡献了不成比例的回报——而这一模式已延续近十年。真正值得关注的是，并非那些耳熟能详的赢家名单依旧 如故，而是这种收益差距正以空前的强度，严重考验着投资者的耐心底线。 挫败感决定了资金的流向。据美国投资公司协会(ICI)数据估算，全年约有1万亿美元从主动型股票共同基金中流出，标志着连续第11年净流出，且按某些指 标衡量，是本轮周期中流出最严重的一年。相比之下，被动型股票交易所交易基金(ETF)则获得了超过6000亿美元的资金流入。 图1 随着这一年推进，投资者开始逐步撤离——他们重新审视是否值得为偏离指数显著的投资组合支付额外成本。然而经过复盘验证，却发现这种差异化布局非 但未带来预期回报，反而让他们不得不直面"付了溢价却未获收益"的尴尬处境，最终只能 ...

Core Insights - The article highlights the atypical career trajectory of Liang Xing, who transitioned from a sales role to a senior executive position in the fund industry over 16 years, showcasing her unique path in a predominantly traditional field [1][10]. Career Development - Liang Xing began her career in 2007 at Huashan Fund Management as a Senior Regional Manager, focusing on fund sales, which provided her with a deep understanding of fund products and market demands [3][14]. - In July 2011, she joined Guotai Fund, marking the start of her rapid growth within the company, where she held multiple roles including Product Brand Manager, Researcher, Fund Manager Assistant, and Deputy Director in her first five years [4][14]. - Liang's career path is considered non-mainstream, as she moved from a higher-ranked firm (Huashan Fund, ranked 8th) to a lower-ranked one (Guotai Fund, ranked 20th) in 2011, which was seen as a strategic choice for broader development opportunities [6][16]. Key Turning Points - A significant turning point in Liang's career occurred with the establishment of the Quantitative Investment Division at Guotai Fund, where she was offered a position as a researcher, eventually leading to her role as the Division Director in July 2018 [7][17]. - Liang's promotion trajectory closely aligns with the tenure of Guotai Fund's current General Manager, Zhou Xiangyong, who joined in January 2011 and initiated the formation of the quantitative investment team [7][17]. ETF Expansion - Under Liang's leadership as the Director of the Quantitative Investment Division, Guotai Fund significantly expanded its ETF product offerings: 4 products in 2019, 6 in 2020, and 20 in 2021 [8][18]. - By the end of 2024, Guotai Fund had 61 non-money market ETFs with a total scale of 148.5 billion yuan, ranking 7th in the industry, and its industry/theme ETFs totaled approximately 84.1 billion yuan, ranking 1st [8][18]. Future of Index Investment - Liang expresses confidence in the future of index investment, anticipating growth in passive funds, particularly ETFs, driven by increasing investor awareness and regulatory support for long-term capital market participation [9][19]. - In 2024, passive fund assets are expected to surpass active funds for the first time, indicating a significant shift in the A-share investment landscape and the public fund industry [9][19]. - Liang leads a nearly 30-member quantitative team, which has established a comprehensive and efficient structure that enhances collaboration and adaptability to market changes [19].

Group 1 - The chairman of Zhejiang Securities, Wu Chenggen, has retired due to age, and Qian Wenhai has officially taken over as chairman and president, marking a new management cycle for the company [1] - This leadership change may accelerate the implementation of the company's strategy, with market attention on its business integration and innovation capabilities [1] - As a representative of mid-sized brokerages, the optimization of Zhejiang Securities' governance structure may lead to a reevaluation of management efficiency within the industry, potentially altering the competitive landscape among brokerages [1] Group 2 - The market value of public funds' holdings in Hong Kong stocks has surpassed 1.3 trillion yuan, with passive public funds now exceeding active funds for the first time since 2017 [2] - The significant increase in passive fund investments highlights a trend of accelerated capital flow into the Hong Kong market through ETF products, reflecting a growing demand for low-cost and transparent investment tools [2] - The shift towards passive investment may lead to increased volatility in key sectors like technology and consumer goods, while also enhancing overall market liquidity [2] Group 3 - A total of 39 new public funds are expected to be launched this week, with equity products dominating the offerings, accounting for over 70% of the new funds [3] - The average fundraising period for new funds has decreased to less than 17 days, indicating a growing investor interest and willingness to enter the market [3] - The concentration of new equity funds is likely to boost the performance of sectors such as brokerage and asset management, as well as high-growth areas like technology and consumer [3] Group 4 - Guotai Junan Financial Holdings successfully issued a 5 billion USD zero-coupon convertible bond, optimizing its debt structure and reducing financing costs [4] - The bond issuance, backed by Guotai Junan International Holdings, is expected to enhance liquidity and attract market attention to its stock price [4] - This successful issuance reflects international investors' confidence in Chinese brokerages and is likely to bring positive signals to the Hong Kong stock market, enhancing overall market vitality [4]

Group 1 - The core viewpoint is that active fund managers must adopt hedge fund strategies to cope with the shift of funds towards low-cost passive management portfolios [1][2] - Olivier Nobille from Arkea Asset Management emphasizes the need for active funds to utilize mathematical models, algorithms, derivatives, and hedging techniques to enhance the likelihood of outperforming indices and provide stronger protection during market downturns [1][2] - Arkea Asset Management manages $55 billion in assets and has seen its two major funds outperform nearly 90% of their peers this year, with returns of 9% and 18% compared to a 12% increase in the Euro Stoxx 50 total return index [1] Group 2 - Over the past decade, only 14.2% of active fund managers in Europe have outperformed passive strategies, highlighting the challenges faced by active managers in justifying their higher fees [5] - The market has seen a significant influx into exchange-traded funds (ETFs) and other passive products due to their lower costs and better liquidity, making it increasingly difficult for active fund managers to demonstrate their value [2][5] - Nobille believes that smaller boutique firms will struggle to compete with larger asset management companies due to the lack of economies of scale, and the only way to justify higher fees is by offering unique products that employ hedge fund-like strategies [5] Group 3 - In late 2022, Arkea launched a series of thematic funds using a "layered strategy" designed to manage specific risks and enhance returns [8] - Stress tests simulating a market crash similar to 2008 indicated that the hedging strategy could offset about two-thirds of the decline [8]

Fund Flow Analysis - In May, Chinese stock funds experienced a mild outflow, with foreign long-only funds (LOs) seeing a withdrawal of $200 million, a significant decrease from the $5.3 billion outflow in April [1][3] - Passive funds saw a recovery with an inflow of $14 billion in May, compared to an outflow of $3.7 billion in April, while active funds continued to experience outflows of $1.5 billion [1][3] - Southbound capital inflow weakened, dropping to $6 billion in May from $21 billion in April, marking the lowest level since 2024 [1][14] Global Fund Allocation - The global fund's underweight position in Chinese stocks has slightly narrowed, with global funds underweight by 12 percentage points, Asia-Pacific funds by 15 percentage points, and emerging market funds by 30 percentage points [2] Sector and Stock Performance - Active fund managers increased their holdings in Consumer Durables & Apparel and Consumer Services, while reducing their positions in Capital Goods, Food Beverage & Tobacco, and Media & Entertainment [10] - The most increased stocks included Alibaba, BYD, Midea Group, and JD.com, while Tencent and Zijin Mining saw the most reductions [11] Local Fund Dynamics - Local passive funds tracking A-shares saw a significant outflow of $9 billion in May after a large inflow of $27 billion in April [12] - The cumulative outflow of overseas active funds since 2022 has approached levels seen in early March 2025, with cumulative active fund flows hitting historical lows since the end of 2022 [5] Short Selling Interest - As of May 31, short positions in offshore/Hong Kong stocks amounted to $900 million, primarily concentrated in the Financials and Real Estate sectors [20]