（原标题：从籍籍无名中闯出天地，6万亿ETF市场5年养成） 岁末年初，沪指再度跃上4000点，与此同时，ETF市场也在近期跨越又一个里程碑——总规模突破6万 亿元大关。 当指数投资的热情与市场回暖的势头在此交汇，ETF乘着"5年5倍"的加速度，正驶向一个崭新的纪元。 截至2025年末，全ETF市场超过3/4的产品数量、近5/6的总规模和4/5的总成交量均来自最近的五年内。 时钟拨回五年前，A股正从一轮牛市的高点步入新周期。 彼时，ETF规模仅占全公募市场的约5%，让7亿基民津津乐道的还是管理主动权益基金的"男神女神"； 机构资金虽已是ETF的持有主力，但仍有大规模的中长期机构资金面临诸多入市"堵点"等待政策开闸； 部分基金公司已经开始将发展ETF业务、普及被动投资提到战略高度，但也并非所有规模居前的"大 厂"，都能够提前预见到指数大时代的浪潮…… 如今，ETF在公募市场中的角色地位、其管理人的竞逐生态、所反映的投资偏好，乃至对A股市场能够 产生的影响，都已大有不同。 几大视角、一些数据，让我们一同回顾ETF市场五年来的部分核心变迁。 规模全景：从"积跬步"到"至千里"，ETF发展上演"速度与激情" 2025年 ...

Core Insights - The U.S. stock market has reached historical highs, with the Dow Jones Industrial Average surpassing 49,000 points, indicating a significant shift in the investment environment that could present both opportunities and risks for investors [1][2]. Market Performance - On January 6, 2025, the Dow Jones increased by 484.90 points (0.99%) to close at 49,462.08, marking a new record [1]. - The S&P 500 rose by 42.77 points (0.62%) to 6,944.82, also achieving a historical closing high [1]. - The Nasdaq Composite gained 151.35 points (0.65%) to reach 23,547.17 [1]. - The Dow Jones had already increased by 1.23% on January 5, leading to a cumulative rise of over 2% in just two days [2]. Economic Drivers - The first driving force behind the stock market surge is the Federal Reserve's monetary policy, which has lowered interest rates to a range of 3.50% to 3.75% by 2025, increasing liquidity in the market [2]. - The second factor is corporate stock buybacks, which have reached near-historical highs, reducing the number of shares and pushing stock prices higher [2]. - The third influence is the AI boom and the self-reinforcing nature of passive investments, where rising large-cap stocks lead to increased index fund purchases, further driving prices up [3]. Valuation Concerns - The Buffett Indicator, which measures the ratio of total stock market capitalization to GDP, has reached 223%, significantly exceeding the 70%-80% range considered reasonable [3]. - Historical data shows that after two consecutive years of over 10% gains in the S&P 500, the following year typically sees a decline [3]. Diverging Opinions - Optimists argue that AI profits have yet to be fully realized, and the U.S. economy has not faced a hard landing, with S&P 500 earnings growing by 13.4% year-over-year in Q3 2025 [4]. - Pessimists highlight the high valuations based on uncertain economic conditions, warning that any negative developments could lead to a market correction [4][5]. Global Investment Trends - Analysts suggest that the trend of global capital moving towards Asia will continue, driven by a weakening dollar, significant valuation differences, and higher economic growth rates in China compared to the U.S. [6]. - The S&P 500's TTM P/E ratio is 29.5, while the CSI 300 is at 14.1, indicating a higher safety margin in the Chinese market [6]. Investment Opportunities - Key sectors to watch include hard technology, high-end manufacturing, and structural opportunities in domestic demand, particularly in aging-related and emotional value consumption sectors [8]. - Companies with core technologies and those benefiting from domestic trends are expected to attract investment [8]. Conclusion - The current market dynamics suggest that investors should focus on structural opportunities in Asia, particularly in undervalued sectors with strong growth potential, rather than chasing high valuations in the U.S. market [10].

深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜对《证券日报》记者表示，首先，年初 市场资金面相对宽松，银行理财等资金逐步回流，配置需求较为集中，而FOF分散风险的特性与此类需 求高度契合；其次，当前市场风险偏好有所回升，有利于FOF完成建仓与布局；再次，行业竞争日趋激 烈，FOF整体规模持续增长，头部机构抢先发行新产品，旨在进一步抢占市场份额、完善自身产品线； 最后，保险、养老金等长期资金入市意愿增强，FOF因多元配置、波动相对较小的特点成为此类资金批 量布局的重要选择。 "2026年开年，2只混合型FOF'迅速结募'的现象凸显资金对专业资产配置的迫切需求。"晨星(中国)基金 研究中心高级分析师吴粤宁在接受《证券日报》记者采访时表示，在国内存款利率持续下行的背景下， 投资者对稳健多元配置方案需求强烈，FOF凭借专业配置与风险分散优势，成功对接了这一需求。 谈及未来FOF的发展趋势，吴粤宁认为不同类型产品各有机遇："在被动投资加快发展的背景下， ETF(开放型交易式指数基金)具有低成本、高流动性的特性，将助力混合型FOF更高效地跟踪指数、把 握市场动向，提升产品性价比。" 债券型FOF方面，吴粤宁认 ...

据中国基金报记者观察，近期不少此前尚未布局ETF市场的基金公司纷纷发布招聘信息以及ETF基金发 行项目，为入局ETF市场做准备，其中不乏一些"银行系"基金公司、新成立的基金公司，以及老牌的拥 有公募牌照的券商资管机构。 多位业内人士表示，更多机构加入ETF领域无疑会加剧市场的竞争，但也有望在产品创新方面带来新的 理念，促进ETF市场发展。 ETF市场有望迎来更多新力军加盟 6万亿元级ETF市场正吸引着越来越多的机构竞逐其中。 近日，多家基金公司正在加大ETF人才招聘力度，为发力2026年做准备，部分新成立的基金公司也加入 ETF招聘大军之中。 中国基金报记者近期发现，鹏安基金正在对外招聘基金会计，该岗位需要具备ETF基金及PCF文件制作 经验。公开资料显示，鹏安基金是一家次新基金公司，成立于2024年1月，总部位于海口市，由开源证 券全资设立。目前，鹏安基金已经成立了包括鹏安中证红利指数、鹏安核心优选混合、鹏安安泰利率债 在内的三只产品，尚未布局ETF产品。 除了鹏安基金之外，另一家券商资管——财通证券资管也在为布局ETF市场招揽基金会计。某人才招聘 App显示，ETF基金会计的日常工作包括负责公司旗下产品（ ...

Core Viewpoint - The ETF market in China is experiencing significant growth, with over 2 trillion yuan added in 2025, attracting numerous new entrants from various sectors, including banks and newly established fund companies [2][4]. Group 1: Market Dynamics - The ETF market is now valued at approximately 6 trillion yuan, leading to increased competition as more institutions seek to enter this space [4]. - Many fund companies are ramping up recruitment for ETF-related positions in preparation for 2026, indicating a strategic shift towards ETF offerings [4][5]. - New entrants, such as Peng'an Fund and Caifeng Securities Asset Management, are actively hiring for roles that require expertise in ETF operations and accounting [4][5][10]. Group 2: Motivations for Entry - The influx of fund companies into the ETF market is driven by a combination of policy support, market demand, and the advantages of passive investment strategies [14][15]. - The increasing effectiveness of the market has made passive investment through ETFs more appealing, as active management yields diminishing returns [14]. - Institutions are recognizing the potential for growth in the ETF sector, with a focus on expanding their product lines to capture market share during this growth phase [14][15]. Group 3: Challenges and Strategies for New Entrants - New entrants face significant challenges, including competition from established players, resource allocation, and brand recognition [18][19]. - To succeed, new fund companies must adopt a long-term perspective, focusing on differentiation and strategic investment in talent and technology [18][20]. - Emphasizing product innovation and enhancing service quality will be crucial for new entrants to carve out a niche in the competitive ETF landscape [20].

Core Insights - The public fund issuance market in 2025 experienced significant growth, with a total of 1,552 new public fund products established, marking a 35.87% increase from 2024 and reaching a four-year high in issuance numbers [1] - The average subscription period for new funds decreased to 16.41 days from 22.61 days in the previous year, indicating heightened market enthusiasm [1] - The equity market's favorable conditions laid a solid foundation for this growth, with 1,109 new equity funds accounting for 71.41% of the total new funds [1] Fund Types - Among the new funds, stock funds were the primary contributors, with 835 stock funds issued, representing 53.77% of the total, while 274 mixed equity funds accounted for 17.64% [1] - The trend towards passive investment has become a core driver, with the introduction of a fast-track approval process for ETFs, allowing for registration within five working days [1] ETF Market - A total of 358 new ETFs were established in 2025, with an issuance volume of 2,581.66 billion units, both figures setting historical records and surpassing the total issuance of the previous two years [1] - Stock ETFs were the mainstay, with 319 stock ETFs issued, totaling 1,629.16 billion units, which constituted 89.1% of the total ETF issuance [2] Institutional Participation - The market concentration for new fund issuance was high, with 133 institutions participating, and 24 of them issuing more than 20 products each [2] - Leading institutions included E Fund with 69 new products, followed by China Universal Fund and Huaxia Fund with 64 and 61 products respectively, focusing on equity and index sectors [2] Market Dynamics - The continuous allocation of long-term funds has strengthened the liquidity and scale advantages of leading ETFs, creating a "Matthew Effect" that attracts more follow-on investments [2] - The introduction of innovative products, such as FOFs, saw explosive growth with 88 new issuances, more than doubling from 2024, and various innovative ETFs catering to diverse investor needs [2] REITs Market - The public REITs market in 2025 witnessed a surge in subscription enthusiasm, with some offerings experiencing subscription multiples in the hundreds, such as 320 times for a commercial REIT and 340 times for a clean energy REIT [3] - By the end of 2025, the domestic public REITs market had 79 products with a total issuance scale exceeding 210 billion yuan, establishing itself as the largest REITs market in Asia and the second largest globally [3] Future Outlook - The fund issuance market for 2026 is set to commence, with 39 new funds expected in the first week, predominantly focusing on equity and FOF funds, with technology sectors being a key area of interest [4]

2025年公募基金新发市场呈现显著增长态势。据公募排排网数据显示，按认购起始日统计，截至2025年 12月31日，2025年新成立公募基金产品共计1553只，较2024年的1143只增长35.87%，创下四年发行数 量新高。与此同时，新基金平均认购天数为16.41天，较上年的22.63天缩短超6天，也从侧面反映出市场 热情高涨。 | | | 2025年新成立不同类型公募基金按数量统计 | | | | --- | --- | --- | --- | --- | | 基金类型一级 | 数量 | 草学类型二级 | 数量 | 数量占比 | | | | 被动指数型基金 | 618 | 39.79% | | 股票型基金 | 835 | 增强指数型基金 | 187 | 12.04% | | | | 普通股票型基金 | 30 | 1.93% | | 湯合型基金 | 305 | 偏股混合型基金 | 274 | 17.64% | | | | 偏债混合型基金 | 18 | 1.16% | | | | 灵活配置型基金 | ਰੇ | 0.58% | | | | 半衡混合型基金 | 4 | 0. 26% | | 债券型基金 | 285 ...

深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜对《证券日报》记者分析称："推动 2025年新基金发行市场'量效齐升'的主要原因包括：一是权益市场行情向好，市场情绪积极带动公募基 金发行节奏加快，平均认购天数也明显缩短；二是被动投资趋势持续深化，指数化工具需求旺盛，加之 审批流程提速与ETF（交易型开放式指数基金）产品持续扩容，以及中长期资金持续入场，共同促使被 动指数型股票基金成为发行主力；三是行业头部机构发挥引领作用，如大型公募机构在权益和指数产品 上集中布局，形成了明显的带动效应；四是FOF（基金中基金）等产品的快速发展也丰富了市场供 给。" 本报记者 昌校宇 2025年公募基金发行市场呈现出数量与效率同步提升的积极态势。据公募排排网最新数据，按认购起始 日统计，截至2025年12月30日，年内新发行的公募基金产品共计1553只，较2024年的1143只增长 35.87%，创下近4年发行数量的新高。与此同时，新基金的平均认购天数明显缩短，从2024年的22.63天 减少至2025年的16.41天，也从侧面反映出市场参与热情较高。 从产品类型看，权益类基金占据主导地位。截至2025年12月30日 ...

从产品结构来看，权益类基金占据绝对主导地位。今年新发的股票、偏股混合型等权益类基金共1109 只，占新发基金总数的71.41%。 【深圳商报讯】(记者陈燕青)公募排排网数据显示，按认购起始日统计，全年新成立公募基金产品共计 1553只，同比增长35.87%，创下近4年发行数量新高。与此同时，新基金平均认购天数为16.41天，较去 年缩短超6天，也从侧面反映出市场热情高涨。 对此，融智投资FOF基金经理李春瑜表示，今年新基发行数量与效率双升的主要原因包括：一是权益市 场行情向好，市场热情高涨推动发行加速，平均认购天数显著缩短。二是被动投资趋势深化，指数化工 具需求旺盛，审批提速与ETF扩容，被动指数型股票基金成为发行主力。三是行业头部机构引领，大型 公募机构密集布局，尤其在权益及指数领域重点发力，形成发行集中效应。 ...

摘要 深圳商报·读创客户端记者 陈燕青 今年公募基金新发市场呈现显著增长态势。公募排排网数据显示，按认购起始日统计，全年新成立公募 基金产品共计1553只，同比增长35.87%，创下近四年发行数量新高。与此同时，新基金平均认购天数 为16.41天，较去年缩短超6天，也从侧面反映出市场热情高涨。 对此，融智投资FOF基金经理李春瑜表示，今年新基发行数量与效率双升的主要原因包括：一是权益市 场行情向好，市场热情高涨推动发行加速，平均认购天数显著缩短。二是被动投资趋势深化，指数化工 具需求旺盛，审批提速与ETF扩容，被动指数型股票基金成为发行主力。三是行业头部机构引领，大型 公募机构密集布局，尤其在权益及指数领域重点发力，形成发行集中效应。 从产品结构来看，权益类基金占据绝对主导地位。今年新发的股票、偏股混合型等权益类基金共1109 只，占新发基金总数的71.41%。其中，股票型基金发行835只，占比53.77%；偏股混合型基金发行274 只，占比17.64%。 被动指数型产品成为发行主力军。全年新发被动指数型基金达699只，占总量的45.01%。其中，被动指 数型股票基金表现尤为突出，共计发行618只，另有被动指 ...