晨星投资洞察分享会 聚焦全球投资趋势与多元资产配置，通过"数据+工具+研究"三维赋能，分享市场洞察、研究成果和解决方案，助力金融机构搭 建科学投研体系，提升服务效能。 根据Morningstar Direct数据，2025年第三季度， 从全球公募基金资金流向来看， 债券型基金净流入超过3680亿美元，规模是股票型基金的五倍； 主动ETF延续强劲势头，季度净流入超1530亿美元，创下历史新高，而被动型开放式基金则罕见出现净流出。此外，数字资产基金作为另类投资热度 不减，总规模较二季度末逆势增长23%。 在产品发行端， 中国新发行基金数量位列全球首位；全球范围内，主动型ETF的发行数量持续领先于被动型ETF；而在成熟市场，另类资产和交易工 具类型产品正主导新发行基金趋势。 如何高效捕捉全球市场的资金流向与产品趋势？ 本次分享会将展示如何借助晨星旗舰投研平台Morningstar Direct，快速穿透全球资管格局，锁定各类资产资金流背后的市场机会。作为覆盖 全球逾60万只投资产品的专业分析平台，Morningstar Direct集成了全球公募基金、ETF及个股的底层数据独家研究支持。 | | | | | Est ...

Core Insights - The article highlights the significant trends in global investment, particularly focusing on the strong inflow into bond funds and the record growth of active ETFs, while also noting the resilience of digital asset funds as alternative investments [1][10]. Fund Flows and Market Trends - In Q3 2025, bond funds saw a net inflow exceeding $368 billion, which is five times the inflow of equity funds [1]. - Active ETFs continued their strong momentum with a quarterly net inflow of over $153 billion, marking a historical high, while passive open-end funds experienced rare net outflows [1]. - Digital asset funds, as an alternative investment, grew by 23% compared to the end of Q2 2025, indicating sustained interest in this sector [1]. Product Issuance and Market Position - China led the world in the number of new fund issuances, while globally, the issuance of active ETFs outpaced that of passive ETFs [1]. - In mature markets, alternative assets and trading tool-type products are dominating the trend of new fund issuances [1]. Research and Analysis Tools - The article emphasizes the use of Morningstar Direct, a professional analysis platform covering over 600,000 investment products, to capture global asset management trends and identify market opportunities [2][18]. - Participants in the event will receive insights from the "Morningstar Fund Company Rating Panorama Report," which discusses the relationship between fund company fee structures, product line stability, and future performance [5][9].

Group 1: Company Overview - Neuberger Berman, founded in 1939, has assets under management totaling $558 billion, approximately 3.97 trillion RMB, operating in 26 countries and 39 cities globally [2] - The company has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets as of the end of 2024 [2] - Neuberger Berman leads in the Qualified Domestic Limited Partner (QDLP) business in mainland China [2] Group 2: Investment Strategy and Market Outlook - The company has been overweight in China compared to benchmarks, but significant increases in foreign investment in Chinese assets will take time [10] - Global economic growth is expected to be below expectations, and the macro environment remains complex, emphasizing the importance of diversified investment strategies [1][12] - The valuation of U.S. tech stocks is considered high, with the focus shifting from whether to invest to how to invest, similar to historical investments in railroads [11] Group 3: ETF and Active Management Trends - The rise of global active managers entering the active ETF space is noted, with Neuberger Berman's active ETF business growing to approximately $2.5 billion [5][7] - Active ETFs are experiencing growth at a rate surpassing passive ETFs, indicating significant potential for future development [7] - The popularity of Separately Managed Accounts (SMA) is increasing due to their tax efficiency, which may compete with active ETFs [6] Group 4: Risk Management and Client Focus - The company emphasizes the importance of decision-making prior to a crisis, focusing on risk awareness and maintaining robust operational structures [4] - Neuberger Berman aligns its compensation structure with client interests, ensuring that deferred compensation is tied to client performance rather than company stock prices [8] - The firm aims to help clients navigate market volatility by encouraging disciplined, long-term investment strategies [12]

Group 1: Company Overview - Neuberger Berman, founded in 1939, has assets under management totaling $558 billion, approximately 3.97 trillion RMB, operating in 26 countries and 39 cities globally [2] - The company has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets as of the end of 2024 [2] - Neuberger Berman leads in the Qualified Domestic Limited Partner (QDLP) business in mainland China [2] Group 2: Investment Strategy and Market Outlook - The company has consistently overweighted its investment in China compared to benchmarks, although significant increases in foreign investment in China will take time [1][12] - The global economic growth is expected to be below expectations, and the macro environment remains complex, emphasizing the importance of diversified investment strategies [1] - The valuation of U.S. tech stocks is considered expensive, and the focus should be on "how to invest" rather than "whether to invest" [1][13] Group 3: ETF and Active Management - The rise of ETFs is driven by various factors, including tax efficiency, with active ETFs growing at a rate that outpaces passive ETFs [6][8] - Neuberger Berman's active ETF business has grown to approximately $2.5 billion, with a positive trend in fund inflows primarily from new clients [6] - The popularity of Separately Managed Accounts (SMA) is increasing, as they can enhance tax efficiency and may compete with active ETFs in the future [7][8] Group 4: Risk Management and Client Focus - The company emphasizes the importance of risk management and maintaining a disciplined investment approach, especially during market downturns [14] - Neuberger Berman aligns its compensation structure with client interests, ensuring that deferred compensation is tied to client performance rather than company stock prices [9] - The firm aims to help clients navigate market challenges and maintain long-term investment strategies, avoiding the pitfalls of market timing [14]

Core Insights - The chairman and CEO of Neuberger Berman, George H. Walker, emphasizes that the firm has been overweighting China in its investment strategy compared to benchmarks, indicating a long-term commitment to the Chinese market [1][10] - Walker notes that while the valuation of U.S. tech stocks is becoming expensive, the critical question for investors is not whether to invest, but how to invest effectively [1][11] - The global asset management industry is witnessing a significant rise in actively managed ETFs, with Neuberger Berman's active ETF business growing to approximately $2.5 billion [4][6] Company Overview - Neuberger Berman, founded in 1939, manages assets totaling $558 billion, equivalent to approximately 3.97 trillion RMB, and operates in 26 countries and 39 cities [2] - The firm has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets [2] Investment Strategy - The firm has been focusing on diversifying investments and maintaining a robust risk management framework, especially in light of past financial crises [3] - Walker highlights the importance of transparency and tax efficiency in investment products, noting that actively managed ETFs are gaining traction due to these factors [5][6] Market Trends - The growth of actively managed ETFs is outpacing that of passive ETFs, indicating a shift in investor preferences towards more actively managed strategies [6] - The firm anticipates that the global AUM (Assets Under Management) for active ETFs will grow from $1.4 trillion in June 2025 to $4.2 trillion by 2030 [6] Client Focus - Neuberger Berman aims to align its compensation structure with client interests, ensuring that deferred compensation is tied to client performance rather than the firm's stock price [7] - The firm recognizes the increasing interest from Chinese insurance companies in global asset allocation strategies, particularly in a low-interest-rate environment [8] Geopolitical Considerations - Walker suggests that foreign investors will require time to increase their allocation to Chinese assets, despite recent positive developments in U.S.-China trade relations [10]

Group 1 - The global ETF industry has seen nearly $1 trillion in net inflows this year, marking the 15th consecutive year of net inflows [1] - Active ETFs have become the most significant growth driver in the global ETF market, accounting for only 8% of the total ETF assets but attracting nearly 30% of global net inflows this year, amounting to $300 billion [1] - The Asia-Pacific region's active ETF market is still in its early stages, with only 5% of the $2 trillion total ETF market being active ETFs, primarily due to slower regulatory approval processes [1] Group 2 - Fixed income ETFs are gaining attention from investors due to their advantages in transparency and asset configurability [2] - Digital asset ETFs are expected to be a key driver of ETF growth, with an increasing variety of investment options available [2] - Hong Kong's ETF market has significant growth potential, with a current penetration rate of only 5% to 7% in the public fund market [2] Group 3 - Institutional funds are becoming a crucial support for the ETF market, with 37 central banks globally using ETFs for investment [2] - The Bank of Japan and the People's Bank of China are major buyers in their respective ETF markets, holding nearly 80% and 25% of their markets [2] - The asset classes accessed by institutional clients through ETFs are diverse, helping asset management companies gain high transparency at lower costs [3] Group 4 - The gap between institutional and retail investors in ETF usage scenarios is narrowing, with both groups showing interest in tactical and long-term strategies [3] - Retail investors, traditionally focused on short-term trading, are increasingly adopting a "buy and hold" strategy, particularly in Asian fixed income and investment-grade bond ETFs [3]

1. Report Industry Investment Rating No relevant content provided 2. Core Views of the Report - Last week, 30 new ETF products were issued in the US, with an increase in the number of issuances and a relatively large number of leveraged inverse products [6]. - Stock ETF inflows remained above $10 billion last week, while cryptocurrency ETFs had a slight outflow. Gold, Bitcoin ETFs, and long - term bond ETFs all had outflows [3][8]. - In the past three months, US raw material - related ETFs have performed well, but there is significant differentiation among sub - industries. Gold and silver mining ETFs have been outstanding, with some products rising more than 70% this year, while building materials - related products have performed weakly [3][14]. - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, an increase of $0.78 trillion from May. From August 6th to 13th, domestic stock funds in the US had a net outflow of about $15.4 billion, and the inflow of bond products continued to narrow to around $1 billion [3][16]. 3. Summary by Directory 3.1 US ETF Innovation Products: Intensive Issuance of Leveraged Inverse Products - Defiance, Tradr, and Leverage Shares issued 9 single - stock leveraged inverse ETFs last week. Defiance's Leveraged Long + Income series offers 150 - 200% leveraged returns on stocks and thickens returns through option strategies [6]. - Northern Trust issued 11 products last week, covering 3 series, including two ladder - strategy series investing in municipal bonds and inflation - protected bonds, and another series mainly investing in short - term, medium - term, and comprehensive tax - exempt municipal bonds [7]. - JPMorgan issued a stock income product last week, which will flexibly use coupons, option premiums, etc. to thicken returns. Amplify's Covered Call product issued last week is linked to ProShares' silver mining ETF and thickens returns by selling monthly call options [7]. - Tidal issued 2 active ETFs last week, managed by SMART. They adopt trend and growth strategies respectively. The manager first selects 800 - 850 stocks based on market value and liquidity, then further screens them according to momentum and growth indicators, and finally actively selects 25 - 30 stocks expected to outperform the S&P 500 [1][7]. - Janus Henderson issued a global AI product last week, actively selecting stocks related to or benefiting from the AI industry. VanEck issued two industry products, targeting technology and consumer discretionary companies [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stable Inflows into Stock ETFs - Stock ETF inflows remained above $10 billion last week, while cryptocurrency ETFs had a slight outflow. Vanguard's S&P 500 ETF had the largest inflow, the Russell 2000 ETF had an obvious return flow, and DSPY also entered the top ten in terms of inflows. ARKK started to have outflows again, and gold, Bitcoin ETFs, and long - term bond ETFs all had outflows [3][8]. - ARKK has been experiencing continuous outflows since August 14th, and SPY has had relatively large outflows in the past two weeks [13]. 3.2.2 US ETF Performance: Gold and Silver Mining Outperforms Other Material Products - In the past three months, US raw material - related ETFs have performed well, but there is significant differentiation among sub - industries. Gold and silver mining ETFs have been outstanding, with some products rising more than 70% this year, while building materials - related products have performed weakly [14]. 3.3 Recent Capital Flows of US Ordinary Public Mutual Funds - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, an increase of $0.78 trillion from May. The S&P 500 rose 6.15% in June, and the scale of domestic stock products increased by 4.26%, slightly lower than the stock increase [16]. - From August 6th to 13th, domestic stock funds in the US had a net outflow of about $15.4 billion, basically the same as the previous week, and the inflow of bond products continued to narrow to around $1 billion [3][16].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - Last week, State Street issued broad - industry option strategy products, and other option strategy product lines also expanded. The performance of new and traditional energy in the US has diverged significantly this year, with new energy outperforming traditional energy. The Russell 2000 ETF had a significant outflow, while the overall inflow of broad - based ETFs was positive. The outflow of US domestic stock funds returned to over $10 billion in a single week, and the inflow of bond products was stable [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: State Street Issues Broad - Industry Option Strategy Products - Last week, there were 23 new US products. State Street issued option strategy products for its GICS broad - industry ETFs, which invest in existing broad - industry ETFs and sell corresponding call options to gain income, covering all 11 industries. The GraniteShares YieldBOOST product line expanded, with a new product linked to CoinBase, and the YieldMax single - stock Covered Call strategy product was linked to ROBLOX. BlackRock issued an infrastructure active ETF, First Trust issued a nuclear energy product, Dakota issued an active ETF, and PGIM issued 4 ETFs, including 3 corporate bond ETFs with different maturities and a S&P 500 downside protection product [1][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Outflow from Russell 2000 ETF - Last week, equity ETFs had an inflow of nearly $10 billion, the inflow of digital currency ETFs slowed down, and commodity ETFs had a slight outflow. Among broad - based ETFs, the Russell 2000 ETF had an outflow of nearly $5 billion, while multiple YieldMax Covered Call products had the highest inflows, and traditional leveraged products had outflows. In the bond market, short - term bonds had inflows and long - term bonds had outflows [1][10][13]. 3.2.2 US ETF Performance: New Energy Significantly Outperforms Traditional Energy - This year, there has been a significant divergence in the performance of new and traditional energy in the US. Different from the high - inflation period of 2021 - 2022, the new energy sector has significantly outperformed the traditional energy sector. The VanEck nuclear energy ETF has risen by over 40%, and other managers also issued similar products last week [1][17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The S&P 500 rose by 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 16th to July 23rd, US domestic equity funds had a total outflow of approximately $13.5 billion, returning to over $10 billion, while the inflow of bond products was stable [1][19].

Group 1: Core Insights - The complexity of alternative strategies in newly launched ETFs in the US is increasing, with products like Rex's Nvidia options strategy offering 105-150% exposure while providing weekly dividends through a covered call strategy [1] - First Trust has launched a diversified product that combines stocks, bonds, and commodities, with 60% in covered call strategies, 35% in bonds, and 5% in commodities [1] - The recent inflow of over $10 billion into US stock ETFs indicates a renewed interest in equities, particularly in the Nasdaq 100 and gold ETFs [2][4][7] Group 2: ETF Performance and Trends - Gold-related ETFs have seen significant performance, with gold mining ETFs rising approximately 50% this year, driven by a nearly 30% increase in gold prices [8][9] - The top inflowing ETFs include QQQ (Invesco Nasdaq 100 ETF) with $39.52 billion, while SPDR S&P 500 ETF Trust (SPY) saw an inflow of $12.92 billion [5] - Conversely, short-term bond ETFs experienced outflows, indicating a shift in investor preference towards equities and commodities [4][7] Group 3: Fund Flow Dynamics - The total assets of US non-money market mutual funds stood at $21.06 trillion as of April 2025, reflecting a slight decrease from March [10] - During the week of May 14-21, US domestic equity funds experienced an outflow of $11.3 billion, while bond products continued to see inflows, maintaining a high level of interest [10]