并且，周向勇表示，科学设定基准能够更有效地连接中国资本市场与经济基本面，让投资者分享中国经 济增长的红利。当中国最广大的个人投资者拥有的以储蓄为代表的资金能够真正意义上沉淀下来，转化 为实实在在的长期资本，这将成为中国经济新一轮高质量发展的"助推器"。 2025年12月30日，中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金 业金牛奖颁奖典礼"在上海虹口区举办。国泰基金党委书记、董事长周向勇在圆桌讨论环节明确表示， 公募基金行业高质量发展的核心转型是从"重规模"转向"重回报"，这一转变本质上是资产管理机构回 归"受人之托，代客理财"的行业本源。他强调，行业需平衡盈利性与功能性，且要将功能性置于首位， 既要为投资者创造价值、提升投资获得感，也要推动资本市场更好服务国家战略。 声明:文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 近几年市场热议"基金赚钱，基民不赚钱"，周向勇认为，主要是因为主动权益基金虽然收益不弱，但是 波动性太强。公募基金行业强化业绩比较基准的约束作用，有助于让投资回归本源，让投资者更加清晰 地了解产品，"所见即所得"，保障公募基金投资有准则。 随着 ...

Core Insights - The total scale of ETFs reached 5.69 trillion yuan as of November 21, with an increase of nearly 2 trillion yuan since the beginning of the year, indicating strong growth in the ETF market [1] - Stock ETFs have shown the highest growth in scale this year, reflecting a sustained demand for core asset allocation among investors, driven by improved market sentiment and expectations of economic recovery [1][2] - A total of 328 new ETFs were launched this year, raising a combined 253.3 billion units, with significant increases in the financial sector and specific indices like the Hang Seng Tech Index [1][3] ETF Market Dynamics - Stock ETFs dominate the market, accounting for 78.27% of the total number, 66.99% of the total units, and 64.23% of the total net asset value [2] - Among stock ETFs, scale index ETFs contribute the most to net asset value, making up 42.23% of the total, significantly higher than thematic and sector indices [2] - Cross-border ETFs also show strong demand, with a share of 26.21% in units and 16.02% in net asset value, indicating a robust interest in global asset allocation [2] Economic and Regulatory Factors - The improvement in China's macroeconomic environment has boosted investor confidence, alongside a growing preference for passive investment tools, leading to an increase in ETF supply [3] - The demand for low-cost, high-transparency ETFs has risen, supported by regulatory policies that streamline the fund registration process [3] - Commodity and money market ETFs have also seen growth, with asset net values increasing to 4.07% and 5.38% respectively, driven by specific liquidity needs and risk-hedging demands [3] Performance of Individual ETFs - A total of 68 ETFs have seen their scale grow by over 10 billion yuan this year, with 5 products exceeding 50 billion yuan in growth, predominantly among broad-based ETFs [3] - The significant growth in stock-based broad ETFs reflects an enhanced expectation of economic recovery, directing funds towards large-cap blue-chip indices [3]

Core Insights - The article discusses the impact of AI on the investment management industry, particularly focusing on the performance of an AI-driven analyst compared to human fund managers. The AI managed portfolios outperformed human managers in 93% of cases, generating an excess return of $17.1 million from 1990 to 2020 [1][2]. Group 1: AI Performance and Implications - The AI analyst was able to adjust portfolios of over 3,300 actively managed mutual funds, achieving superior performance compared to human managers [1]. - The study indicates that AI can complete tasks in hours that would typically require ten professional employees, thus uncovering information that may be overlooked by humans [2]. - The research serves as a thought experiment to evaluate the potential impact of AI on the investment landscape, suggesting that if AI had been available 35 years ago, it could have significantly altered the industry [4]. Group 2: Challenges and Limitations - The study has limitations, as the AI did not compete against other funds with similar technological capabilities, which may skew the results [3]. - The average management fee for human-managed funds is $3.6 million per quarter, and the study suggests that funds would need to increase fees by at least five times to match the returns generated by AI [5]. - There are operational and regulatory constraints that human fund managers face, which may limit their ability to leverage AI effectively [6]. Group 3: Future of Human Fund Managers - While AI is expected to enhance efficiency, it may lead to the gradual elimination of certain roles, particularly junior analysts [2][6]. - Despite the rise of AI, there will still be a place for skilled human fund managers who can effectively utilize AI models [7]. - The article suggests that those who can adapt their thinking to incorporate AI may outperform it, indicating that human intuition and creativity still hold value in investment management [8].