展望2026年，摩根资产管理中国副总经理兼投资总监杜猛指出，随着中国产业全球竞争力的提升，国际投资者正重新审视中国资产的配置价 值，中国资产的长期价值重估进程仍在持续，看好2026年市场结构性机会。他进一步强调，在当前市场分化格局下，判断优质资产应突破"新 旧行业"的传统框架，回归产业需求是否稳定增长以及现金流能否持续这一核心逻辑。 从细分投资风格来看，权益投资团队均衡成长组组长兼资深基金经理李博认为，2026年科技成长风格有望保持相对优势。一方面，中国经济处 在转型升级关键期，以科技为代表的新经济或是未来增长更快、更具活力的部分；另一方面，从产业趋势看，AI已进入实质性发展阶段，海 外科技巨头与国内大厂的持续资本开支，带动从能源基础设施到终端应用的全链条，产业发展趋势明确。在经济温和复苏与企业盈利回升的预 期下，运用"价值成长"策略，结合未来三年复合增速、合理估值水平及PEG等核心指标，仍有望筛选出较多增长潜力持续且估值合理的优质公 司。 权益均衡与价值组组长兼资深基金经理倪权生则从资产配置角度解析，认为随着经济基本面趋稳及部分行业格局优化，具备竞争优势的优质上 市公司有望提供更优的股东回报，使得股票资产的 ...

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 在岁末年初之际，2026年权益市场将如何演绎成为投资者关注的焦点。近日，摩根资产管理中国权益投 资团队在策略会上，以多元与国际视角，分享了对于2026年市场机会的研判。 摩根资产管理中国总经理王琼慧在开场致辞中表示，面对全球被动投资的浪潮，摩根资产管理始终坚持 发展主动投资能力，致力于打造"立足本土，与全球融会贯通"的投研平台。依托研究驱动、团队协作与 严谨的风险管理体系，公司持续为投资者提供高质量的产品与服务，挖掘长期价值。 银河证券数据显示，截至11月30日，摩根基金近1年、2年、3年及20年的主动股票投资管理能力均位列 行业前10（分别为6/130、6/127、8/122、7/29），其中近一年主动股票投资管理收益率超过50%。同时 近年来公司在指数及量化、固定收益、多资产解决方案、混合资产以及流动性管理等领域齐头并进，各 投资团队实力不断增强。 展望2026年，摩根资产管理中国副总经理兼投资总监杜猛指出，随着中国产业全球竞争力的提升，国际 投资者正重新审视中国资产的配置价值，中国资产的长期价值重估进程仍在持 ...

Group 1 - The core indices, including the CSI A500, CSI A100, and CSI A50, showed positive performance with increases of 1.0%, 0.8%, and 0.6% respectively at midday [1][2][4] - The CSI A500 Index tracks 500 securities with large market capitalization and good liquidity, covering 91 out of 93 sub-industries [2] - The CSI A100 Index consists of 100 representative securities with large market capitalization and good liquidity, reflecting the overall performance of leading listed companies in 46 sub-industries [4]

Core Insights - The total number of ETFs has increased by nearly 120 billion shares, reaching 27.7 trillion shares as of August 18, with a total scale of 4.77 trillion yuan, reflecting a year-to-date growth of 1.04 trillion yuan and a year-on-year increase of 27.88% [1] Group 1: ETF Market Performance - Broad-based ETFs have emerged as a "ballast," showing significant scale and growth performance [1] - The continuous buying by long-term funds, such as Central Huijin, has led to a substantial expansion in the scale of broad-based ETFs represented by the CSI 300 and CSI A500 [1] - Innovative products like the CSI A50 and CSI A500 series ETFs are setting benchmarks, driving the development of broad-based ETFs towards richer themes and a more complete toolchain [1] Group 2: Future Outlook - Broad-based products currently dominate the ETF market and are expected to maintain explosive growth in the future [1]

Core Viewpoint - The largest ETF product in the market, Huatai-PB CSI 300 ETF, announced a cash dividend, which is expected to exceed 8 billion yuan, potentially setting a record for single dividend payouts in domestic ETFs [1][2]. Group 1: Dividend Announcement - Huatai-PB CSI 300 ETF will distribute a cash dividend of 0.88 yuan per 10 fund shares, with the record date on June 17, ex-dividend date on June 18, and payment date on June 27 [2]. - The fund's latest size is approximately 380 billion yuan, and the total dividend amount is projected to surpass 8 billion yuan, marking a historical high for domestic ETFs [2][3]. - Since its establishment in May 2012, the fund has distributed dividends 13 times, with a total exceeding 16 billion yuan [2]. Group 2: Growth in ETF Dividends - The total dividend amount for ETFs (including linked funds) has exceeded 12 billion yuan this year, doubling from around 5 billion yuan in the same period last year, setting a new historical high [4]. - Major contributors to this year's dividend payouts include broad-based ETFs, with several funds distributing over 2 billion yuan [4]. - New ETF products, particularly those focusing on free cash flow and certain indices, have adopted monthly evaluation dividend mechanisms, enhancing their appeal [4]. Group 3: Factors Driving Dividend Growth - The increase in dividend payouts is attributed to multiple factors, including rising dividend amounts and ratios from A-share listed companies, which serve as significant sources of income for equity ETFs [5]. - Public funds are increasingly focusing on enhancing investor experience through active and continuous dividends [5]. - The thriving ETF market provides a solid foundation for large-scale dividend distributions, allowing investors more flexible cash management options [5][6].

Group 1 - The State Council Information Office will hold a press conference on May 7, 2025, to introduce a "package of financial policies to support market stability and expectations" [1][2][6] - Officials from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission will present information and answer questions [1][2][6] - The press conference will feature simultaneous English interpretation [3][7] Group 2 - Journalists are encouraged to submit questions of interest via email prior to the press conference [4][8] - The press conference will take place at the Central Propaganda Department's press hall, located at 11 Xichangan Street [5][10] Group 3 - Following the announcement, the FTSE China A50 index futures surged over 0.5% [10] - On the first trading day after the May Day holiday, the A-shares market saw significant gains, with the Shanghai Composite Index rising over 1% [10][15] - The government has shown a commitment to stabilizing the stock market and promoting healthy development in the real estate sector [15][16]

Investment Rating - The industry is rated as "Overweight" [7] Core Views - The ETF market experienced a slight increase in total assets by 0.1% month-on-month, while stock ETFs saw a decline of 1.5% due to a drop in the CSI 300 index [11][12] - The product structure remains relatively stable, with a slight decrease in the proportion of stock ETFs and an increase in bond ETFs [11][15] - The competitive landscape shows a slight decrease in the concentration of leading fund companies, with the top three maintaining their positions but experiencing a slight decline in market share compared to the beginning of the year [3][19] - New product issuance saw a batch of stock ETFs launched in March, raising a total of 9.9 billion yuan [4][25] - Regulatory policies continue to support the market, with a faster issuance of equity funds expected, indicating potential for market expansion [5][35] Summary by Sections Total Structure - As of the end of March 2025, the net asset value of stock ETFs totaled 282.13 billion yuan, reflecting a month-on-month decrease of 1.5%. The total net asset value of all ETFs reached 380.04 billion yuan, with a month-on-month increase of 0.1% [2][12] - The proportion of stock ETFs in the total ETF market is 74%, showing a slight decrease of 1.3 percentage points [15] Competitive Landscape - The concentration of fund companies in the ETF market has slightly decreased, with CR3, CR5, and CR10 at 44.9%, 57.5%, and 77.7% respectively, reflecting a month-on-month decline of 0.4 to 0.5 percentage points [3][19] - The top three fund companies, including Huaxia, E Fund, and Huatai-PB, have maintained their positions but have seen a slight decline in market share since the beginning of the year [19][24] New Product Issuance - In March, stock ETFs were issued in bulk, with a total of 9.9 billion yuan raised. This includes various ETFs from multiple fund companies focusing on free cash flow and index themes [4][25][28] Policy Dynamics - The development of equity funds is expected to accelerate, with the CSRC chairman stating that stock ETF products can now be registered quickly within five working days. The number of registered equity funds has significantly increased, indicating a robust growth trajectory for the ETF market [5][35]

Core Viewpoint - The article emphasizes the importance of promoting medium- and long-term capital inflow into the capital market as a stabilizer and ballast for healthy market operation [1] Group 1: Medium- and Long-term Capital Inflow - The National People's Congress representatives are focusing on implementing policies to encourage medium- and long-term capital to enter the market, with a strong push for index investment and innovation in ETF products [1] - The 2025 Government Work Report highlights the need for deepening comprehensive reforms in capital market financing and enhancing mechanisms for stabilizing the market [1] Group 2: ETF Market Development - The Shenzhen Stock Exchange has been actively developing index investment and has implemented a special action plan to promote high-quality development of the ETF market, focusing on various aspects such as index compilation and product development [1][2] - By the end of 2024, the scale of ETFs in the Shenzhen market is expected to double, surpassing 1 trillion yuan, with a five-year annualized growth rate exceeding 50% [2] - The proportion of ETF scale to the circulating market value of the stock market is projected to increase from 1.9% to 3.6% by the end of 2024, with the number of ETF holders growing by 39% to 4.56 million [2] Group 3: Product Innovation - The Shenzhen Stock Exchange has introduced various cross-market products, including the CSI A50 ETF and CSI A500 ETF, to allow investors to benefit from new productive forces [2] - Future plans include optimizing index investment, enhancing equity product development, and creating more investment options for different risk preferences [2]

Core Viewpoint - The article emphasizes the importance of promoting medium- and long-term capital inflow into the capital market as a stabilizer and ballast for healthy market operation, highlighting the role of ETFs in this process [1]. Group 1: Medium- and Long-term Capital Inflow - The National People's Congress representatives are focusing on implementing policies to encourage medium- and long-term capital to enter the market, with a strong push for index investment and ETF product innovation [1]. - The 2025 Government Work Report calls for deepening comprehensive reforms in capital market financing and enhancing mechanisms to stabilize the market [1]. Group 2: ETF Market Development - The Shenzhen Stock Exchange has actively developed index investment in response to new trends in asset allocation and wealth management, implementing a comprehensive action plan to enhance the quality of the ETF market [1]. - By 2024, the scale of ETFs in the Shenzhen market is expected to double, surpassing 1 trillion yuan, with a five-year annualized growth rate exceeding 50% [2]. - The proportion of ETF scale to the circulating market value of stocks is projected to increase from 1.9% to 3.6% by the end of 2024, with the number of ETF holders growing by 39% to 4.56 million [2]. Group 3: Product Innovation and Strategy - The Shenzhen Stock Exchange has introduced various cross-market products, including the CSI A50 ETF and CSI A500 ETF, to facilitate investment in new technologies and business models [2]. - Future plans include optimizing index investment, increasing equity product development, and promoting ETF regular investment strategies to create a favorable environment for long-term capital inflow [2].