Core Viewpoint - The article discusses the recent entry of several large public funds into the ETF market, highlighting a shift in strategy from active equity management to recognizing the importance of ETFs as a significant investment vehicle [3][10]. Group 1: Market Entry and Strategy - Several large public funds, including Xingzheng Global Fund, are preparing to enter the ETF market, indicating a strategic shift [2][6]. - The delay in entering the ETF market by these funds is attributed to their previous focus on active equity strategies, which they are now reconsidering in light of the growing importance of ETFs [3][10]. - The article notes that the ETF market is characterized as a "head game," where large public funds dominate, but there are significant differences in their capabilities and strategies [4][11]. Group 2: Current Developments in ETFs - Recent movements in the ETF space include plans from several large public funds to launch new products, with some already having the necessary systems in place [6][10]. - A notable example includes a public fund planning to launch a technology-related ETF focused on the Hong Kong and Shanghai markets [6]. - The article mentions that the proportion of passive ETFs in the passive equity fund market has increased from 38% to 90% between 2015 and 2024, indicating a strong trend towards passive investment strategies [10]. Group 3: Challenges and Opportunities - The article identifies two fundamental challenges for public funds in the ETF market: establishing a stable and sustainable profit source and finding differentiated strategies to stand out [4][15]. - It is noted that for ETF businesses to be profitable, they typically need to reach a scale of over 100 billion yuan, with individual ETFs requiring at least 1 billion yuan to be viable [15][16]. - The competitive landscape is expected to become more intense, with new entrants having opportunities but facing challenges due to the established presence of larger funds [10][16]. Group 4: Future Trends and Innovations - The article discusses the potential for innovation in the ETF space, including the development of active ETFs that utilize strategies such as options for downside protection and enhanced returns [17]. - Predictions indicate that by 2030, the global active ETF market could grow significantly, driven by the need for differentiated strategies in a competitive environment [17]. - The integration of active management strategies into the ETF framework is seen as a way to meet diverse market demands, particularly in the fixed income sector [17].

Core Insights - The domestic ETF market experienced significant growth in the first half of 2025, with total ETF assets surpassing 4 trillion yuan, increasing from 3.73 trillion yuan at the beginning of the year to 4.31 trillion yuan by mid-year [1][2] - Several new and existing ETFs gained substantial inflows, with notable contributions from major fund companies such as Huaxia Fund, E Fund, and Fuguo Fund, which added 928.32 billion yuan, 648.66 billion yuan, and 513.71 billion yuan respectively [1][2] - The focus of ETF fund managers is shifting from brand promotion to achieving scale, driven by new policies and regulatory guidance [7][8] ETF Market Growth - The total scale of domestic ETFs reached over 4 trillion yuan for the first time, with an increase of over 580 billion yuan in the first half of 2025 [1] - Eight public fund institutions added between 20 billion yuan and 50 billion yuan in ETF management scale, while ten institutions added between 5 billion yuan and 20 billion yuan [2] - The market saw multiple standout products across various sectors, indicating a broad-based growth in ETF inflows [2] Performance of Existing Products - Several existing ETFs revitalized their performance, with the Huaxia Gold ETF and Fuguo China-Hong Kong Internet ETF seeing net inflows of 311.47 billion yuan and 257.27 billion yuan respectively [3] - Other ETFs, such as the Industrial Bank China-Hong Kong Technology ETF and Huaxia China-Robotics ETF, also experienced significant scale increases, each exceeding 100 billion yuan [3] New Product Launches - The first batch of benchmark market-making credit bond ETFs gained attention, with several funds exceeding 20 billion yuan in scale by mid-year [4] - Existing products like the Hai Futong China Short-term Bond ETF also saw substantial growth, with nearly 20 billion yuan added in the first half of the year [4] Strategic Focus of Fund Managers - Fund managers are advised to focus on innovative potential products and maintain a robust marketing strategy to capture market share [8] - The competitive landscape is expected to continue, with leading products maintaining an advantage due to their established resources and market presence [7][8]

一直以来，在"走进上市公司"各类活动中，鹏华基金不仅关注上市公司本身，更强调构建一个涵盖"交 易所、上市公司、基金公司、媒体、投资者"的"生态圈"，通过多方视角的碰撞，形成对产业更立体的 认知。此次，多方联合共同走进三全食品，成为"生态圈"的又一新案例。食品产业作为民生之本，既是 保障国家粮食安全的重要环节，也是满足人民群众美好生活的关键领域。 事实上，在保障国家安全领域，鹏华基金持续布局国防和粮食产业，创新推出国防ETF和粮食ETF，构 建国家安全ETF系列。本次探访三全食品，正是其在深交所指导下，继去年探访登海种业之行后，再次 走进粮食ETF成份股企业，旨在近距离感受国家粮食安全下的食品消费行业新趋势，提高对投资的切身 感受，培育理性的投资文化。 近日，在深圳证券交易所指导下，鹏华基金举办的"深交所走进成份股公司暨鹏华基本面投资之美·三全 食品深度探访之旅活动"在郑州市举办。三全食品董事会秘书刘铮铮、鹏华基金品牌管理部总经理于凌 波、鹏华基金指数与量化投资部基金经理张羽翔等人参加活动。 此次走进的三全食品，是中国速冻食品行业首家上市公司，也是鹏华粮食ETF的成份股之一。活动中， 刘铮铮详细介绍了公司的发展 ...