经济观察报 记者 陈姗 今年以来，ETF（交易型开放式指数基金）市场跑出"加速度"，仅用约四个月时间就实现了从4万亿元到5万亿元的里程碑跨越。被动指数投资时代正加速到 来。 Wind数据显示，截至9月18日，全市场ETF基金总数为1308只，总资产净值达5.34万亿元。与2024年9月相比，近一年ETF基金总数量增幅达31.19%，总资产 净值增幅达52.57%。 多位受访人士向记者表示，5万亿ETF规模背后，是A股投资者投资行为模式的转变，也标志着机构化进程的加速。快速崛起的ETF，不仅已成为资金入市的 重要工具，亦成为监管稳定资本市场的利器。ETF正在深刻重塑A股市场的生态与格局。 资金入市新模式 近年来，我国ETF市场发展显著提速。自2004年首只ETF产品推出以来，突破第一个万亿元规模耗时近十六年；而此后从1万亿元到突破5万亿元，仅用了不 到五年时间。其中，第五个万亿元的增长历时仅四个多月。 面对ETF规模突破5万亿元这一里程碑，业内分析认为，一方面得益于近年来ETF产品类型不断丰富，投资者对透明度更高、工具属性更强的ETF关注度显著 提升，促使资金持续流向ETF；另一方面，股市走稳向好，投资需求升温 ...

Core Insights - The public fund industry in China is undergoing significant transformation due to the fee reduction reform initiated by the China Securities Regulatory Commission (CSRC) in July 2023, which has led to a shift in focus from active to passive fund management [1][3][8] - The reform has resulted in a notable decline in management fees, particularly affecting small and medium-sized fund management companies, which are struggling to maintain profitability [6][10] - The emergence of new fund models, such as floating fee rate funds, aims to align the interests of fund managers and investors more closely, enhancing the overall investment experience [9][11] Group 1: Fee Reduction Impact - The fee reduction reform has set a cap on management fees for active equity funds at 1.2% and custody fees at 0.2%, effective from July 7, 2023, impacting both new and existing funds [3][4] - As a result of the reform, the issuance of equity index funds has surged, with new issuance reaching 1,880.59 billion yuan in the first half of 2023, marking a significant shift towards passive investment strategies [4][5] - The competitive landscape for ETFs has intensified, with many large public funds focusing on passive products to drive revenue growth amid declining management fees [5][10] Group 2: Challenges for Small and Medium-sized Firms - Small and medium-sized public funds are facing severe challenges, with over 56% of fund managers reporting a decline in management fee income, some experiencing drops exceeding 50% [6][7] - These firms are focusing on improving product performance rather than expanding their offerings, as they struggle to compete for market share and access to distribution channels [7][10] - The pressure to reduce costs has led to cuts in marketing and operational expenses, impacting the overall growth potential of these smaller firms [8][10] Group 3: Strategic Adaptations - The industry is witnessing a structural reform aimed at enhancing the quality of fund offerings, with a focus on consolidating resources towards leading products [8][10] - Fund managers are increasingly investing in research and development capabilities to improve performance and attract investors, despite the pressure on fees [10][11] - The introduction of floating fee rate funds is seen as a way to better align the interests of fund managers with those of investors, potentially improving investor satisfaction and retention [9][11]

Core Viewpoint - The strong performance of the CSI 1000 Index has led to the early termination of several automatic trigger strategy wealth management products from various banks, driven by both policy encouragement and market conditions [1][2]. Group 1: Product Performance and Market Trends - Multiple wealth management products linked to the CSI 1000 Index have achieved early termination due to meeting the exit conditions, allowing investors to lock in annualized returns of 4.05% to 4.35% [2]. - The number of newly issued index-based wealth management products reached 208 in 2024, with an average annualized return of 4.75%, indicating a growing interest in these products [3]. - As of July 4, 2025, 193 index-based products have been issued this year, with an average return of 4.96% for the year and 4.70% over the past year, outperforming traditional fixed-income and mixed-asset products [3]. Group 2: Drivers of Growth - The growth of index-based wealth management products is attributed to strong stock market performance in late 2024 and the increasing homogenization of traditional bank wealth management products, which has made index products more attractive [3]. - The CSI 1000 Index is favored for its focus on small and medium-sized enterprises, with nearly 200 constituent stocks being specialized and innovative companies, providing high growth potential and valuation advantages [4]. Group 3: Future Outlook - The market is expected to see a rise in "fixed income + options" and enhanced index products, with underlying assets expanding beyond single equity indices to include bonds, commodities, and cross-border asset allocation indices [5]. - There will be increased attention on thematic indices related to technology and green finance, aligning with national strategic priorities [5].

Core Insights - The issuance of index-based wealth management products is on the rise, driven by both policy incentives and market demand [1][3][4] - As of the end of May 2025, nearly 600 index-based net value products are in circulation, reflecting a significant increase from the previous year [2][3] - The trend indicates a shift towards passive investment strategies, with a growing acceptance of cost-effective investment tools among investors [4][5] Issuance Trends - From April 1 to June 16, 2025, six wealth management companies launched 20 new products linked to indices, primarily tracking various bond and stock market indices [2] - The number of existing index-based products has increased by over 100 since the end of 2024, indicating heightened issuance activity [2][3] Drivers of Growth - The growth in index-based products is attributed to favorable policies such as the rollout of personal pension systems and optimized ETF approval processes [3][5] - The shift towards net value transformation in bank wealth management has made index products appealing due to their transparency and low cost [3][5] Asset Allocation Strategies - Index-based wealth management products are increasingly adopting a "fixed income + index" strategy, balancing stable returns with enhanced yield potential [5][6] - New trends in product offerings include a focus on small-cap indices, technology growth themes, and increased investment in Hong Kong and overseas assets [6][7] Differentiation Among Firms - Different wealth management companies are adopting varied strategies in their index product offerings, with some focusing on equity indices while others emphasize "fixed income + options" strategies [7] - The competitive landscape is evolving, with firms needing to enhance their research capabilities and investor education to navigate market volatility and associated risks [7][8]

Group 1 - The core viewpoint of the articles emphasizes the need for the public fund industry to shift from scale-oriented to performance-oriented operations, driven by a high-quality development action plan [1][2] - The action plan aims to align the behavior of the fund industry with investor interests, addressing behavioral issues within the industry [2] - There is a recognition of the phenomenon where "products make money, but investors do not," highlighting the need to reduce the gap between product returns and investor account returns [1][3] Group 2 - Industry leaders discussed the importance of a floating management fee mechanism linked to performance, which could enhance high-quality development [1][2] - Investment education and the responsibility of wealth management institutions, particularly buy-side advisors, are crucial for improving investor behavior and outcomes [2] - The future scarcity of alpha returns suggests that funds generating excess returns will become increasingly rare, necessitating a focus on passive index investing for most investors [2]

"近年来国内债券ETF快速发展，2024年5月规模突破1000亿元，2025年2月规模突破2000亿元，最新规 模已突破2500亿元。"业内人士表示。 业内人士预计，与国内股票ETF以及海外成熟资本市场相比，国内债券ETF仍有较大的发展空间，未来 债券ETF规模将会进一步扩大。 快速增长 自2013年3月5日国内第一只债券ETF——国泰上证5年期债券ETF成立以来，债券ETF市场一度发展缓 慢，前5年总共发行了3只债券ETF。 21世纪经济报道特约记者庞华玮 广州报道 今年以来，债券型ETF迎来显著增量资金，目前总规模已跨过2500亿元大关。 国泰基金认为，债券型ETF凭借持仓透明、交易灵活、风险可控等特性，正成为资产配置的重要工具。 随着居民资产配置从存款向权益类资产转移，债券ETF有望成为连接传统储蓄与资本市场的重要桥梁。 不过，近年来债券ETF驶入快车道。2024年5月17日，债券ETF首次突破千亿元大关。之后不到9个月， 2025年2月7日，债券ETF再度突破2000亿元大关。又过了3个月，5月9日，债券型ETF总规模再度跨过 2500亿元大关，达到2531.29亿元。 Wind数据显示，债券型ETF ...