主动权益巨头纷纷布局ETF！ 3月20日，兴证全球基金上报旗下第二只ETF产品——兴全国证价值100ETF，距离其首只ETF上市 仅两个多月。 近年来，以主动权益投资见长的基金公司纷纷杀入ETF赛道，ETF市场迎来差异化发展的新格 局。Wind数据显示，截至3月20日，全市场1456只ETF总规模达5.1万亿元。 兴证全球基金上报第二只ETF 3月20日，证监会网站信息显示，兴证全球基金上报旗下第二只ETF产品——兴全国证价值 100ETF。 在此前的1月8日，兴证全球基金旗下首只ETF产品——兴全沪深300质量ETF已经上市，Wind数据 显示，截至3月20日，该产品规模为3.06亿元。 东方红资管入局ETF 值得一提的是，近日，以主动权益投资见长的资管机构——东方红资管，也开启了ETF的布局。 3月19日，证监会网站信息显示，东方红资产管理上报了产品——东方红中证东方红红利低波动 交易型开放式指数证券投资基金，目前处于接收材料的状态。此举意味着这家以主动投资见长的 机构，正式踏入ETF这一竞争激烈的业务领域。 从产品定位来看，东方红资产管理并未选择规模竞争激烈的宽基指数，而是切入"红利低波"这一 细分领域 ...

Core Viewpoint - The article highlights the increasing trend of actively managed funds entering the ETF market, indicating a shift towards differentiated development in the ETF landscape, with a total market size of 5.1 trillion yuan as of March 20, 2023 [1][4]. Group 1: New ETF Launches - Xingsheng Global Fund has submitted its second ETF product, the Xingsheng National Value 100 ETF, just over two months after launching its first ETF [2]. - The National Value 100 Index is constructed by excluding securities with low trading volume and market capitalization, negative net profits, and low ROE metrics, focusing on the top 100 securities based on PE ratio and dividend yield [2]. - The top ten weighted stocks in this index include Gree Electric Appliances, Midea Group, and China Merchants Bank [2]. Group 2: Market Entry by Other Firms - Dongfanghong Asset Management has also entered the ETF space by submitting the Dongfanghong CSI Dongfanghong Dividend Low Volatility ETF, focusing on a niche segment of "dividend low volatility" [3]. - This strategy combines high dividend yields with low volatility, appealing to investors seeking stable returns during market fluctuations [3]. Group 3: Competitive Landscape and Differentiation - The ETF market is becoming increasingly competitive as more actively managed institutions enter, necessitating differentiation strategies to stand out [4]. - The consensus is forming that "whoever controls ETFs controls the market," making ETFs a crucial driver for public fund growth [4]. - The article emphasizes the need for "latecomer" public funds to address the challenge of achieving differentiation in a market with growing product homogeneity [4]. Group 4: Future Trends and Innovations - Industry experts suggest that the core strategy for developing unique indices is to identify promising niche areas within a mature market [5]. - There is significant potential for product innovation in the ETF space, including strategies like options for downside protection and transparent active ETFs [5]. - The Chinese ETF market is expected to expand into new areas, enhancing the diversity of risk-return profiles available to investors [5]. Group 5: Global Projections - Morgan Asset Management predicts that the global active ETF market could grow from approximately $1 trillion at the end of 2024 to $6 trillion by 2030, significantly outpacing passive ETFs [6]. - The analysis indicates that active ETFs can fill gaps in the fixed income sector, particularly in China's bond market, which is the second largest globally but has low ETF penetration [6].

回溯过去一年多，以主动投研为主的老牌公募们纷纷下场布局ETF：2025年，兴证全球基金打破 了22年的传统，推出了首只质量ETF；交银施罗德基金时隔14年重启ETF产线…… 一名接近东方红资产管理的人士在接受经济观察报记者采访时表示，过去东方红资产管理以主动管 理见长，但补齐被动指数这块拼图，能让公司的业务结构更加均衡。在市场剧烈波动时，多元化的 产品布局能够平滑单一业务线受到的冲击，从根本上增强企业抗风险的韧性。 这是又一家以主动投资管理见长的公募投资机构向被动投资延 展。这也意味着，在ETF总规模已经突破5万亿元的当下，"纯 主动管理机构"更是所剩无几了。 作者：洪小棠 封图：图虫创意 3月19日，一向以价值投资和主动管理见长的上海东方证券资产管理有限公司（下称：东方红资产 管理），正式上报了其成立16年来的首只ETF（交易型开放式指数基金）产品。 这是又一家以主动投资管理见长的公募投资机构向被动投资延展。这也意味着，在ETF总规模已经 突破5万亿元的当下，"纯主动管理机构"更是所剩无几了。 主动大厂的选择 3月19日，证监会网站最新信息显示，东方红资产管理正式上报了东方红中证东方红红利低波动交 易型开放 ...