陈逸来认为，一是成本优势。ETF等指数产品的运作成本更低，这在低利率环境下至关重要。成本端的节省成为低收益环境中 增厚回报的关键因素。 二是提供相对具有确定性的β机会，目前市场上的ETF覆盖了绝大多数行业及主题赛道，无论是机构投资者还是个人投资者，都 能在丰富的ETF标的中找到适配需求的选择，拓宽资产配置边界。 21世纪经济报道记者 庞成 深圳报道 当前，全球已进入降息大周期，"资产荒"成为资管行业热议的核心问题，不少资管机构正在从被动投资策略中寻找破局之道。 11月20日，以"立足湾区投资全球"为主题的2025湾区财富大会在深圳会展中心举行。在20日下午举行"市场前瞻：量化策略和被 动投资趋势"主题讨论环节上，易方达基金指数高级研究员陈逸来表示，在低利率环境下，优质高收益资产愈发稀缺。而此时， 被动投资的优势愈发凸显，尤其ETF产品，凭借三大核心特质，成为破解"资产荒"的重要配置方案。 三是天然具备分散化特征，ETF通过跟踪一篮子标的实现投资，天生具有分散风险的属性。在市场波动放大的背景下，这种分 散化配置能帮助投资者平滑收益波动，获取更稳健的投资回报。 2025湾区财富大会由21世纪经济报道、深圳金博会运 ...

｜2025年11月21日 星期五｜ NO.1 券商前三季度科创债承销额同比增长近58% 近日，中国证券业协会发布2025年前三季度证券公司债券（含企业债券）承销业务专项统计数据，详细 列出了券商承销各类专项债券的数量、金额以及排名等关键信息。其中，中信证券在半数细分指标上位 居榜首，展现出强大的综合实力。今年前三季度，券商在重点领域债券承销业务上的增长势头尤为亮 眼。其中，科技创新债券承销金额实现跨越式增长，同比增幅超57%，总额成功突破7000亿元大关；民 营企业债券承销同样交出亮眼成绩，金额达3913.6亿元，同比增长43.46%，两大板块的强劲增长，凸显 出券商对实体经济重点领域融资需求的精准响应。 点评：债券ETF规模激增至7100亿元，反映投资者对稳健资产的偏好持续增强。海富通短融ETF、博时 可转债ETF等头部产品规模扩张显著，凸显市场对流动性和多元化配置的需求。这一趋势或推动固收类 产品创新，加剧基金公司间竞争。债市资金流入可能对股市形成一定分流效应，投资者需更注重资产组 合的防御性。长期看，债券ETF的壮大将丰富投资工具，助力金融市场深化发展。 NO.4 先锋领航：ETF年度资金流入量逼近35 ...

智通财经APP获悉，做空机构浑水资本的创始人卡尔森·布洛克(Carson Block)表示，当前并非做空美国 科技巨头的适当时机，尽管关于人工智能(AI)潜在泡沫的警告日益增多。布洛克表示："在当前市场 中，我宁愿做多也不愿做空。如果你试图做空英伟达或任何大型科技股，你的投资生涯将不会长久。" 美股后市如何?华尔街存明显分歧 与布洛克一样，Wedbush Securities科技研究主管Dan Ives也表达了对美股科技股的积极态度。他将当前 市场对AI交易的紧张情绪形容为"短视行为"，并断言科技股——近两年推动美股上涨的主要力量——牛 市至少还将持续两年。 这位科技股多头指出，市场对半导体ETF需求强劲，强调"自6月以来，我们观察到相关需求已提升约 30%"。他将当前环境定义为"资本支出超级周期"，认为这是技术变革的早期阶段，并称投资者目前仅 处于AI革命的"第二、三阶段"。他还为大型科技公司的巨额资本支出辩护，解释道，"这些公司每投入1 美元资本支出，未来几年最终将获得8至10美元的回报"。 Mariner Wealth Advisors首席投资策略师兼股票部门主管Jeff Krumpelman也认为，近 ...

"英伟达变得多昂贵都无关紧要，"Block表示。"所有这些购买标普500指数的基金，只有在出现净资金流出时才会卖出英伟达。只要有资金流入， 无论价格如何他们每天都会买入。" 英伟达三季度业绩大超预期，令虎视眈眈的大空头瞬间噤声。 著名做空机构浑水首席执行官Carson Block表示，尽管市场对人工智能潜在泡沫的警告不断增加，但现在并非做空美国最大科技公司的合适时机。 当地时间周四，他在接受彭博电视采访时明确警告投资者，做空英伟达等大型科技股将面临巨大风险。 Block坦言，在当前市场环境下他"宁愿做多也不愿做空"。这位以激进做空策略闻名的投资者指出，任何试图做空英伟达或其他大型科技股的投资 者"不会在这个行业待太久"。 美股近日因投资者担忧科技股涨势过热而出现动荡，高盛集团和摩根大通的高管均表示市场可能面临进一步下跌。尽管如此，英伟达周三公布的 强劲营收预测和对泡沫论的反驳在一定程度上缓解了市场担忧，英伟达盘后股价应声上涨超6%，科技股代表纳斯达克100期货周四上涨1.5%。 被动投资冲击价格发现机制 Block认为，被动交易的繁荣已经"在很大程度上削弱价格发现功能，破坏了市场机制"。他解释说，购买标普50 ...

股票型达283只，名称带有"科创"字眼有66只 【深圳商报讯】（记者 陈燕青）今年，ETF发行火热。公募排排网数据显示，按认购起始日统计，截 至2025年11月18日，今年以来全市场共计发行322只ETF基金，合计发行份额达2446.44亿份，同比去年 全年大增91.83%，创出历史新高。 存量方面，去年9月，国内ETF规模突破3万亿元；今年4月，国内ETF规模站上4万亿元关口；今年8月 底，国内ETF规模突破5万亿元，目前规模突破5.7万亿元。 国家队对ETF颇为青睐。根据粗略计算，截至今年三季度末，中央汇金投资、中央汇金资产等持有的 ETF规模单季增长超2000亿元，达到约1.55万亿元。 "ETF产品因其风险分散、成本低廉、交易透明等特点，获得投资者青睐。总体看，这两年被动指数基 金的发行明显好于主动权益基金，"深圳一家公募基金渠道人士对记者称，"虽然今年市场持续走强，但 从销售来看，主动权益产品并不是太好卖，毕竟前几年部分主动权益产品回撤很大，一些投资者仍然心 存疑虑。" 东部一家公募投研人士表示，公募基金可以通过深耕特定领域的产业研究，推出各种行业、主题的特色 ETF，从而实现主动管理与被动投资的优 ...

四季度以来，高位震荡的市场环境为灵活的主动权益基金提供了表现的舞台。泰信发展主题等多只主动 权益基金强势领涨，显著超越被动指数产品。11月以来，股票型和混合型基金新品的上报数量已反超指 数基金。无论是业绩端还是新品端，主动基金正在重新"掌舵"。 近期，主动权益基金热度回归。在天相投顾基金评价中心看来，一方面，主动权益基金三季度整体上战 胜了被动权益基金，表明主动型基金经理擅长的风格或开始回归，主动权益类产品重新具备较好的阿尔 法收益，四季度积极布局主动权益产品或是市场的选择。 在业内机构看来，主动权益基金热度回归，一方面是市场的选择，近期主动权益基金整体战胜被动权益 基金，主动权益类产品重新具备较好的阿尔法收益；另一方面，由于前期被动权益产品发行较多、规模 增长较快，发行主动权益产品对基金管理人而言可能是业务上的平衡。 主动权益基金热度提升 四季度以来，国内权益市场进入高位震荡阶段，成长与价值风格交替走强。在此阶段，部分主动权益基 金凭借更加灵活的持仓优势和深挖阿尔法收益的能力，近期业绩显著领先被动指数产品。 数据显示，截至11月18日，四季度以来，基金经理黄潜轶管理的泰信发展主题、泰信现代服务业收益率 均超 ...

指数化投资的崛起格外引人注目。在今年发行的1378只新基中，指数型基金的数量达到813只，占 总量的59%。这一数据直观地展现出指数化投资在市场中的热度与重要性。 2025年以来，公募基金发行市场迎来显著变化。 据公募排排网数据，截至2025年11月17日，按认购起始日统计，今年以来全市场共计发行公募基金 1378只，这一数字远超去年全年的1143只，并且创下近3年的新高，同时也终止了基金发行连续3年下滑 的颓势。 此外，今年以来发行新基平均认购天数为16.31天，与去年22.63的平均认购天数相比，募集周期明 显大幅缩短，进一步验证了基金发行市场的回暖。 | | | 2025年以来不同奏型公募基金发行统计 | | | | | --- | --- | --- | --- | --- | --- | | 投资类型(一级) | 产品数量 | 卡比 | 投资类型(三级) | 产品数量 | 占比 | | | | | 被动指数型基金 | રેસ | 41. 29% | | 股票型基金 | 762 | 55. 30% | 增强指数型基金 | 167 | 12. 12% | | | | | 普通股票型基金 | 26 | 1 ...

Group 1 - The article discusses the ongoing debate between active and passive investment strategies, highlighting the increasing popularity of passive investing and its implications for active investors [5][31]. - It emphasizes that the success of active investing relies on the existence of "inefficient" market participants, allowing skilled investors to capitalize on their mistakes [7][10]. - The article presents three viable paths for beating the market: defeating "foolish money," seeking "different money," and managing investment behavior [5][22][24]. Group 2 - The first path, defeating "foolish money," suggests that skilled investors can profit from less competent market participants, as demonstrated by successful investors like Warren Buffett [10][12]. - The second path involves recognizing that not all market participants are "foolish," but rather have different risk perceptions, which can lead to mispricing of assets [16][22]. - The third path focuses on behavioral finance, illustrating how managing emotions and adhering to investment discipline can lead to superior returns compared to passive strategies [24][28]. Group 3 - The article concludes that as more investors shift towards passive strategies, the opportunities for excess returns may become scarcer, but active investors can still find advantages through behavioral biases in the market [33][34]. - It highlights that the competition in the investment landscape is intense, and success will depend more on relative skill levels rather than absolute skill levels [34].

Core Insights - The public fund issuance market has experienced significant changes since 2025, with a total of 1,378 public funds issued as of November 17, 2025, surpassing last year's total of 1,143 and marking a three-year high [1][2] - The average subscription period for newly issued funds has decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] Fund Issuance Statistics - The total number of public funds issued in 2025 includes 762 equity funds and 250 bond funds, with equity funds accounting for 55.30% of the total [2][6] - Among the newly issued funds, passive index funds have become increasingly popular, with 813 index funds issued, representing 59.00% of the total [3][4] Market Trends - The rise of index investing is notable, with 736 out of 762 equity funds being index funds, which constitutes 96.59% of the equity fund category [4][5] - The trend towards passive investment is evident, as 646 of the 813 index funds are passive index funds, making up 79.46% of the index fund total [5] Investor Behavior - The younger generation of investors is becoming a significant force in the market, showing a higher acceptance and trust in public funds, which injects new vitality into the industry [3] - There is a clear shift in investor preference towards equity assets, as evidenced by the substantial increase in the issuance of equity funds compared to the decline in bond fund issuance [6] Issuer Landscape - A total of 131 public fund institutions have issued new funds in 2025, with 22 institutions issuing 20 or more new funds, indicating a "Matthew Effect" in the industry [7]

Core Viewpoint - The article discusses the growth and success of China Asset Management, particularly focusing on the achievements of Huaxia Fund in both passive and active investment strategies, drawing parallels with global giants like BlackRock and Berkshire Hathaway [5][6]. Group 1: Comparison with Global Giants - Huaxia Fund is often compared to BlackRock, referred to as "China's BlackRock," due to its significant presence in the ETF market, with a management scale of 903.562 billion RMB as of Q3 this year [6]. - BlackRock has expanded its active investment strategies while maintaining its dominance in passive investments, similar to Huaxia's recent growth in active equity funds [7]. Group 2: Performance of Active Funds - Huaxia's active equity funds have shown remarkable performance, with several funds achieving over 100% returns in the past year, significantly outperforming their benchmarks [8]. - Notable funds include Huaxia Digital Industry A, which achieved a return of 104.19%, and Huaxia Semiconductor Leader A, with a return of 50.06% [8]. Group 3: Innovation and Strategy - Huaxia Fund aims to create a multi-asset platform, likening its approach to building with LEGO, focusing on granular asset categories to meet diverse investment needs [9][21]. - The company has been a pioneer in various asset management innovations, being the first to launch several products, including ETFs and QDII funds [11]. Group 4: Long-term Commitment and Talent Development - The success of new asset management innovations relies on foresight, patience, and long-term investment in talent development, as illustrated by the journey of fund manager Gu Xinfeng in navigating the New Third Board and later the Beijing Stock Exchange [14][19]. - Huaxia's proactive research and investment strategies have allowed it to capitalize on emerging opportunities in sectors like technology and renewable energy [17]. Group 5: Research and Product Development - Huaxia Fund emphasizes the importance of active research in defining and creating investment products, ensuring that their indices reflect active investment insights rather than merely replicating existing benchmarks [18]. - The firm has developed innovative products like the CNQQ index, which is based on active research rather than traditional market capitalization weighting [18]. Group 6: Client-Centric Approach - Huaxia Fund focuses on enhancing the investment experience for clients, developing tools like "Red Rocket" to make investment processes more engaging and understandable [21]. - The company aims to align fund managers' styles with product characteristics, allowing for a more tailored investment approach that meets diverse client needs [21].