高质量慢牛

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鹏华基金苏俊杰详解 “高质量慢牛”行情中的资产配置利器
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-10 15:00
Core Viewpoint - The Chinese asset management industry is at a historic turning point, with passive fund sizes expected to surpass active equity funds by the end of 2024, indicating a significant shift in asset allocation logic and investment tool selection [1][3]. Group 1: Industry Trends - The scale of passive index funds in China is rapidly increasing, with the gap between passive and active products widening. As of mid-2024, the total scale of passive index funds has reached approximately 5 trillion yuan, reflecting a growth of 27.4% from the end of 2024 [6][3]. - The number of ETF products has surged to 1,260, tracking over 480 indices, with a total scale of 4.7 trillion yuan, marking a more than 5.5-fold increase since the end of 2020 [6][7]. - The rise of index investment aligns with trends seen in mature markets like the U.S., where ETF growth has been explosive after reaching significant milestones [3][6]. Group 2: Investment Opportunities - The advantages of index funds, such as stable Beta returns, high transparency, and low fees, make them increasingly attractive to both institutional and individual investors [2][8]. - The average management fee for equity ETFs has dropped to 0.28%, significantly lower than the approximately 1.18% for active equity funds, enhancing the competitive edge of index products [11][8]. - The current market environment, characterized as a "high-quality slow bull" with low volatility and gradual upward movement, favors index investment strategies [8][19]. Group 3: Market Dynamics - The influx of various funding sources, including state-backed long-term funds and margin financing, has supported market liquidity and driven the current slow bull market [13][14]. - The behavior of investors has shifted, with a notable preference for index-based tools over traditional active equity products, particularly in the context of the current market dynamics [13][19]. - Data indicates that in July, the probability of making profits through index investments was significantly higher than through individual stock investments, reinforcing the advantages of index strategies in the current market [17][19]. Group 4: Company Strategies - Penghua Fund has established a comprehensive product matrix covering various dimensions, including broad-based and thematic ETFs, to cater to diverse investor needs [20][22]. - The company has developed a robust active quantitative strategy system, achieving notable excess returns in its enhanced products, which positions it favorably in the competitive landscape [24][23]. - Penghua is also focusing on innovative "fixed income plus" products to meet the demands of different risk-averse investors, enhancing the overall investment experience [26][27]. Conclusion - The era of index investment in China is emerging, with significant implications for asset management practices and investor strategies. The current market conditions and the evolution of investment tools are expected to further solidify the role of index products in the asset management ecosystem [28][29].
鹏华基金苏俊杰详解,“高质量慢牛”行情中的资产配置利器
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-10 12:54
苏俊杰在2025年资产管理年会发表主旨演讲 他指出,中国指数化投资已经全面迈发展"快车道",在当下"高质量慢牛"的市场行情中,指数基金因其 稳定的Beta收益、高度透明和低费率等优势,正日益成为机构与个人投资者捕捉行情、提升盈利体验的 重要工具。 21世纪经济报道记者杨娜娜 上海报道 8月16日,由南方财经全媒体集团指导,21世纪经济报道主办、浦发银行联合主办的"2025资产管理年 会"在上海浦东举办。 中国资产管理行业正站在历史性的拐点。2024年底,公募被动基金规模首次超越主动权益基金。今年以 来,伴随市场有效性持续提升与"低波慢牛"格局逐步清晰,一场围绕资产配置逻辑与投资工具选择的深 刻变革正在发生。 在此背景下,本届资管年会以"破局与重构——大资管再造竞争力"为主题,汇聚众多行业高管与专家, 共同探讨新周期下资管行业的未来路径。在"被动投资大发展下的资管新趋势"分论坛上,鹏华基金指数 与量化投资部总经理苏俊杰发表了题为《慢牛行情下,机构指数化投资中的新机遇》的主旨演讲,以其 深厚的实战洞察和详实数据,系统解读了指数投资的崛起逻辑与未来机遇。 苏俊杰在分享中开宗明义地指出,中国资产管理行业正在发生历史性 ...