Core Insights - Index funds have significantly outperformed active equity funds in 2023, with many achieving year-to-date returns exceeding 90%, even approaching 100% [1][2] - The performance gap is particularly notable among large public funds, where index funds have outperformed their actively managed counterparts, highlighting the limitations of active fund managers in extreme market conditions [1][3] Performance Comparison - Several index products, such as the GF Hong Kong Innovation Drug ETF and the Huatai-PineBridge National Innovation Drug ETF, have achieved returns of over 90% and 95% as of August 1, 2023, outperforming 90% of active equity products [3][4] - For instance, the GF Hong Kong Innovation Drug ETF has a return of 95%, while its actively managed counterpart, the GF Shanghai-Hong Kong-Shenzhen Pharmaceutical Fund, has a return of 79% [3][4] - The Tianhong Hong Kong-Shenzhen Innovation Drug ETF has a return of 51%, compared to 34% for the Tianhong Healthcare Fund [3][4] Market Dynamics - The extreme performance of index products is closely linked to the current market conditions, particularly in the innovative pharmaceutical sector, where index funds can fully capitalize on their stock positions [6][7] - Active equity funds often fail to maintain full exposure to the pharmaceutical sector, limiting their performance compared to index funds that have clear and transparent allocations [6][7] Transparency and Strategy - Index products benefit from mandatory regulations regarding their holdings, leading to greater transparency compared to the flexibility afforded to active fund managers, which can result in unpredictable portfolio compositions [5][7] - The shift in focus among active fund managers, such as moving from "medical" to "innovative drugs," has led to underperformance as they struggle to adapt to market trends [8] Industry Trends - The rise of index funds is becoming a key strategy for public funds to reduce costs and reliance on star fund managers, with over 90% of new equity fund launches in 2023 being index products [10] - The integration of AI technology in asset management is expected to further enhance the efficiency of index funds, allowing for better analysis and personalized index product offerings [10]

Investment Rating - The report indicates a neutral outlook on emerging markets (EM) equities, with a focus on the contrasting performance between ETFs and non-ETFs [1][9]. Core Insights - Emerging market equity inflows have significantly slowed to +$680 million from +$4.1 billion the previous week, primarily driven by ETF subscriptions of +$2.2 billion, while non-ETFs experienced a sell-off of -$1.5 billion [1][9]. - Year-to-date (YTD) flows for EM equities stand at -$13.6 billion, with non-ETF flows at -$33.2 billion, contrasting with ETF inflows of +$19.5 billion [1][9]. - Regional fund flows show that GEMs attracted +$1.5 billion, while Asia ex-Japan saw outflows of -$881 million, indicating regional disparities in investment trends [1][4]. Summary by Sections Overall EM Equity Flows - Total EM equity flows for the week were +$680 million, with YTD flows at -$13.6 billion [1][4]. - ETFs contributed +$2.2 billion, while non-ETFs saw a decline of -$1.5 billion [1][9]. Regional Performance - GEMs experienced inflows of +$1.5 billion, while Asia ex-Japan faced outflows of -$881 million [1][4]. - EMEA and LatAm saw marginal inflows of +$31 million and +$22 million respectively, while EM ex-China recorded redemptions of -$241 million [1][4]. Market Specifics - Taiwan attracted moderate inflows of +$1.5 billion, while India saw small inflows of +$514 million [2][4]. - South Africa and Turkey reported significant outflows of -$706 million and -$109 million respectively [2][4].

2024 年全球金融市场动荡不断：主要发达市场的货币政策发生重大转向，技术革新催生新的投资 热潮，特朗普胜选、韩国政坛动荡等政治事件也在持续影响投资者信心和市场波动…… 尽管面临诸多挑战，全球投资者的热情却未因此减退，依然借道基金积极寻找着新的投资机会、 对家庭资产进行配置。 晨星最新发布的 《晨星全球公募基金及中国主题基金资金流观察》 报告显示， 2024年全球共同 基金与ETF共吸引了近2.98万亿美元的净流入资金，推动全球公募基金管理规模突破60万亿美 元，较2015年翻倍增长。 与此同时，全球基金市场的格局正随着投资者偏好的转变而悄然重塑。 2024年，ETF不仅在中国市场备受追捧，全球范围内也迎来了 "史诗级"胜利——全年净流入资金 高达1.7万亿美元，创下历史新高。 使用低成本、高透明度工具进行投资和配置，已经渐渐成为 全球投资者的共识。 在经历了连续三年遭遇净赎回后，主动基金也在 2024 年重新获得投资者的喜爱，全年获得681亿 美元的净流入。 尽管如此，从市场份额的变化来看，被动基金势不可挡，主动基金依然面临着日益严峻的挑战。 从全球的维度来看，被动基金的市场份额从 2015 年的 23% ...