文 | 银行螺丝钉 （转载请注明出处） 举手中购尖队。 ·按照交易价格,买卖交易。这个跟股票 交易规则类似。 正常情况下，场内基金的交易价格、基 金净值，是差不多的。 但是偶尔,会因为投资者过于贪婪,导 致买卖交易价格，大幅超过基金净值， 这就是溢价风险。 ·买ETF，要买折价，这样买的划算。 ·如果当天ETF出现较高溢价,可以不用 走ETF买入，可以申购场外指数基金。 场外基金申购,始终按照基金净值成 交，没有溢价风险。 ·如果折价买入ETF，遇到大涨，变成了 溢价,那可以在当天快收盘前,溢价卖 出ETF，然后场外按净值申购同指数的 场外指数基金,这样还吃到了折价变溢 价的套利收益。 投资者可能花1.1元，买了一个净值只有 1元的基金，白白浪费了钱。 识别ETF溢价风险也很简单。 ETF有实时净值,在一些金融终端里就 有，即IOPV。 如果ETF买卖交易价格等于或者小于 IOPV，那就没有溢价，甚至是折价的。 聪明的投资者自然想到： 这些都是指数基金的一些细节玩法。 不过对刚开始接触指数基金的投资者, 可能不太熟悉ETF等场内基金，可以先 从场外基金入手。 场外基金申购始终按照基金净值成交, 不存在溢价风险 ...

在指数供给的结构调整中，三大趋势尤为突出。一是主题指数扩张节奏放缓，回归理性发展。尽管主题指数仍是核心供给品类，无论是证券交易所及其指数 公司，还是市场机构，主题指数发布量均位居各类指数前列，但同比增幅显著下滑，表明市场逐步摆脱对短期热点的盲目追逐，转向更具长期价值的主题布 局。 新华财经上海1月9日电距2025年1月26日《促进资本市场指数化投资高质量发展行动方案》（以下简称《行动方案》）发布至今已近一年，在政策精准引导 与市场主体积极响应下，我国权益市场指数化投资实现规模与质量双跃升，资本市场生态持续优化。 据新华财经记者统计，截至2025年末，境内股票指数保有量达8000条，指数基金资产净值突破7.6万亿元，同比增长42%，其中ETF规模首破6万亿大关，同 比增幅超60%。产品布局精准契合科创、跨境互联互通等政策导向与市场热点，策略指数成增长引擎，差异化竞争格局渐成。 展望2026年，机构人士表示，在经济复苏与产业升级的双重支撑下，指数基金作为高效、透明的资产配置核心工具，其价值将进一步凸显，持续引领中国指 数化投资迈向高质量发展新阶段。 政策红利释放指数市场扩容提质 《行动方案》的落地实施，为指数市场 ...

元旦前的最后一天，公募销售新规出来了。 来源：市场资讯 从费率上看，总体降得还是很多的。 （来源：ETF智选） 主动偏股型基金的认购、申购费不得超过0.8%，指数型和债券型更是不得超过0.3%，找管理人直销（I份额）的话不得收取。 另外C份额的销售服务费也要降低，对于主动股票型第一年可以收取不超过0.4%的销售服务费，指数型第一年可以收取不超过 0.2%，第二年起"不得收取"。 但这里的用词是"可以"，而不是"应当"，不是强制规定。 所以，之后可能场外的指数型基金，在赎回费上就会有比较明显的差异，有的支持短线做T，有的不太支持。 这几周，持有场外指数产品的朋友，就需要重点关注各家基金公司调整赎回费的具体公告，之后尽量选择对个人投资者持有7天 以上会降赎回费的产品。 不过，C份额原来相对A份额的赎回费优势也没了。 现在A、C份额的赎回费都有共同的赎回费最低限制：持有少于7天就赎回，赎回费至少要交1.5%；持有7-30天，赎回费至少 1%；30天-180天，至少交0.5%。 而且村里还加了一句跟私募那边类似的规定：基金赎回费要全额计入基金财产。 私募那边的情况是，在赎回费计入基金财产之前，管理人是可以决定给投资人 ...

销售费新规落地，优化短期赎回费要求 投资银行业与经纪业 [Table_Industry] 关于《基金销售费用管理规定》的点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 王思玥(分析师) | 021-38031024 | wangsiyue@gtht.com | S0880525070022 | 本报告导读： 新规相较征求意见稿，主要变化在于优化场外指数基金、债券基金短赎收费。考虑 了场外指数型基金、债券型基金持有人对流动性的需求，保障了公募产品的竞争力。 投资要点： [Table_Summary] 事件：2025 年 12 月 31 日，证监会发布《公开募集证券投资基金销 售费用管理规定》 [Table_Report] 相关报告 投资银行业与经纪业《投融资再平衡持续，股权 融资逐步回暖》2025.12.22 投资银行业与经纪业《绩效考核迎新规，行业更 重投资者体验》2025.12.09 投资 ...

Core Viewpoint - The "Index Express" WeChat mini-program integrates the three core nodes of the investment process (search → compare → invest) with ETFs, index funds, and trading channels, creating a complete ecosystem for index investment [1][9]. Group 1: Market Overview - Index investment has seen rapid growth, with over 3,000 related products covering more than 450 indices across A-shares, Hong Kong stocks, and U.S. stocks [2]. Group 2: Investor Pain Points - Investors face three main challenges in index investing: difficulty in finding products due to the vast number available [3], challenges in selecting the best ETFs as multiple options often correspond to the same index [4], and cumbersome trading processes requiring switching between different software to place orders [5]. Group 3: Solution Offered by "Index Express" - "Index Express" addresses these issues by providing a one-stop service covering the entire investment process [5][22]. - It includes comprehensive market coverage with over 3,000 ETFs and index funds, and more than 450 indices [5][22]. - The program features real-time market data, allowing users to track index and ETF performance [6]. - It offers flexible filtering options with nearly 100 list indicators and over 80 screening criteria for multi-dimensional comparisons [7][22]. - The ETF comparison function allows users to compare up to 10 ETFs simultaneously, making it the only mini-program that provides intuitive ETF comparisons [8][22]. Group 4: Detailed Functionality - The "search" function allows users to find indices or products through various methods, including keyword searches and real-time rankings based on performance [10][11]. - The "compare" function supports comparisons of up to 10 ETFs with over 30 differentiated indicators, helping investors understand the differences among ETFs tracking the same index [14][15][16]. - The "invest" function enables efficient trading by allowing users to jump directly to brokers or platforms to complete purchases [17][18]. Group 5: Professional Indicators and Features - "Index Express" enhances decision-making efficiency by providing key indicators such as real-time total trading volume of ETFs and dividend yields [19]. - It also displays performance metrics like tracking error, excess returns, and dividend information for products [20][21]. - The program helps users quickly identify representative products, such as the largest ETFs or those with the highest excess returns [21]. Group 6: Significance of "Index Express" - For investors, "Index Express" reduces the difficulty of selecting ETFs, simplifies the investment process, and improves trading efficiency [22]. - For the market, it promotes standardization in index investing and increases investor coverage [22]. - It establishes a structured mapping of the index-investment knowledge system, creating scalable knowledge nodes for index investment [23].

Core Viewpoint - The current market is characterized by a "bull market driven by liquidity," where the rise in the market is primarily fueled by capital flow rather than fundamental factors [5][6]. Group 1: Market Dynamics - The market has seen significant activity, with the Shanghai Composite Index reaching a ten-year high of 3746 points and total market turnover increasing to 2.81 trillion [5]. - There are two main types of capital entering the market: "low-buying funds" from insurance and other absolute return-focused investors, and "high-leverage funds" from margin trading and asset management, which are primarily driven by retail investors [6]. - The second type of capital, which is more aggressive, has shown a stronger increase compared to the first type, as evidenced by the performance of indices like the CSI 1000 and CSI 2000, which have outperformed the CSI 300 [6][9]. Group 2: Capital Inflow Indicators - Recent data indicates a significant increase in retail investor participation, with 14.56 million new accounts opened in A-shares this year, a 36.88% increase compared to the same period last year [11]. - The People's Bank of China reported a rise in RMB deposits by 500 billion, with a notable decrease in household deposits, suggesting a shift in capital allocation towards the stock market [11]. Group 3: Investment Strategies - In a market characterized by alternating capital flows, the best strategy is to hold positions rather than frequently switching stocks, as patience is rewarded in this bull market [12]. - Key indicators for investment decisions include monitoring deviation rates and the ratio of margin buying to total A-share turnover, which can signal potential market corrections [13].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the public fund industry in China, specifically analyzing the performance and trends of various fund types in the second quarter of 2025. Core Insights and Arguments Public Fund Performance - In Q2 2025, the number and scale of newly launched active equity funds significantly increased, with an average fundraising scale of 520 million yuan, focusing on dividend value and technology growth [1][2] - Despite a market rebound, the overall share of active equity funds decreased by 2.2% due to redemptions of older products, maintaining a scale of 3.33 trillion yuan [1][2] - Fixed income plus products surpassed the levels of the second half of 2023, reaching 2.16 trillion yuan, with a notable expansion in mixed bond FOFs [1][2] Fund Categories - Active equity funds showed strong performance, with a 3.1% increase in the equity fund index, outperforming broad-based indices [1][5] - The new issuance of FOF products continued at a high level, with a total new scale of 18.6 billion yuan, leading to a 10% increase in the overall market scale of FOFs to 166.2 billion yuan [1][4] Investment Trends - Active equity funds increased their stock positions slightly, with a notable rise in holdings of Hong Kong stocks, which now account for 17% of their portfolios [3][26] - The communication and financial sectors received increased allocations, while consumer and manufacturing sectors saw reductions [27] Performance Metrics - The median returns for active equity funds in Q2 were strong, with ordinary stock, mixed equity, and flexible allocation products achieving median returns of 2.0%, 2.1%, and 1.8% respectively, all outperforming major indices [19][20] - Fixed income plus funds achieved positive returns across all subcategories, with convertible bond funds leading in performance [22][23] Additional Important Insights - The competitive landscape for FOF products shows a slight decrease in the market share of the top ten managers, which now account for 60.8% of the market [4][8] - The concentration of holdings in active equity funds has decreased, indicating a more diversified investment approach, with the CR10 and CR20 ratios at 17.5% and 25.8% respectively [28] - Notable stock holdings include Ningde Times, which remains the most favored stock among funds, despite a slight reduction in holdings [29] Market Dynamics - The passive index product market reached a total scale of 5.79 trillion yuan by the end of Q2, with a 12.6% quarter-on-quarter growth [11] - The issuance of passive stock products hit a historical high, with 109 new products launched in Q2 2025 [9][10] Sector-Specific Performance - The innovative pharmaceutical sector led the market in Q2, with corresponding theme funds achieving a median return of 10.1% [21] - The report highlights the strong performance of small-cap growth and value products, with median returns of 3.4% and 3.2% respectively [20] This summary encapsulates the key findings and insights from the conference call regarding the public fund industry, highlighting performance metrics, investment trends, and sector-specific dynamics.

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission, aiming to address issues in the public fund industry and achieve a turning point in high-quality development within three years [1][7]. Group 1: Overall Requirements - The plan emphasizes building a public fund industry that aligns with the essence of Chinese modernization, focusing on strong regulation, risk prevention, and high-quality development [8]. - It aims to shift from a focus on scale to prioritizing investor returns, targeting a significant improvement in the industry's quality within three years [8]. Group 2: Optimizing Operational Models - The plan proposes establishing a floating management fee mechanism linked to fund performance, with a target for leading institutions to issue at least 60% of such funds in the next year [8][19]. - It highlights the need to strengthen the constraint of performance benchmarks, ensuring strict regulation of how fund companies select and disclose these benchmarks [9][10]. - Enhancements in transparency are proposed, including revising information disclosure templates for actively managed equity funds to improve readability and relevance [2][18]. Group 3: Improving Evaluation Systems - The plan outlines reforms to the performance evaluation mechanism for fund companies, emphasizing long-term performance and investor returns [20][24]. - It suggests that the weight of fund investment return indicators should not be less than 50% for company executives and 80% for fund managers [20][24]. - The plan aims to reshape industry evaluation and award systems, encouraging a focus on long-term performance over short-term metrics [20][24]. Group 4: Increasing Equity Investment Proportion - The plan aims to enhance regulatory guidance and institutional supply to significantly increase the scale and proportion of equity investments in public funds [25][26]. - It notes the historical decline in the scale of actively managed equity funds, with a recovery expected following the implementation of the plan [25][26]. Group 5: Guiding Long-Term Investment Behavior - The plan emphasizes the establishment of a counter-cyclical adjustment mechanism to dynamically adjust product registration based on market conditions [29][30]. - It aims to curb speculative behaviors such as high turnover rates and style drift, promoting a culture of long-term investment [29][30]. Group 6: Optimizing Fund Registration Processes - The plan proposes optimizing the registration mechanisms for different types of public fund products, including a rapid registration process for stock ETFs [33][34]. - It aims to reduce the average registration time for various fund types, with a target of completing ETF registrations within five working days [33][34]. Group 7: Encouraging Fund Companies to Invest in Their Own Equity Funds - The plan increases the weight of self-purchase of equity funds in the evaluation system for fund companies by 50% [4][39]. - It reports that in Q1 2025, fund companies invested 3.9 billion yuan in net purchases of public non-cash products, with a significant portion in bond funds [4][39]. Group 8: Establishing Research and Investment Capability Evaluation Systems - The plan calls for the establishment of a research and investment capability evaluation system for fund companies, incorporating both internal and external perspectives [45][46]. - It emphasizes the importance of enhancing core research and investment capabilities within the industry [45][46]. Conclusion - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to significantly enhance the public fund industry's role in serving the real economy and stabilizing the capital market, leading to a healthier and more sustainable development trajectory [47].

Abstract 摘要 点击小程序查看报告原文 规模及竞争格局：产品规模上行趋势暂缓，宽基规模占比有所回落 被动产品规模上行趋势暂缓。 截至3月末被动产品整体规模5.14万亿元，总规模在近两年的上行趋势中首次出现单季度下滑，季度规模增速为-1.0%。结构 上，虽然一季度股票ETF新发规模不少，但由于产品资金净流出较多，整体上股票ETF相较上季度规模仅增长0.3%；债券型ETF则维持规模高增速，规模 增长21.2%，连续4个季度规模增速在20%以上；商品型ETF受益于黄金市场的持续走强，单季度大幅增长39.9%。此外，LOF和场外指数基金规模下降 8.2%；而货币型ETF规模下降6.1%。 产品集中度进一步下降。 无论是公司还是产品口径，被动产品集中度继上一季度下降后都出现进一步回落，行业CR5降至47.9%，产品CR10下降至 28.0%。我们认为长期来看集中度升高的趋势难以逆转，头部区域格局较为固定，目前竞争的加剧主要来源于大量新产品发行，尾部产品市占率扩充明 显。 权益产品发行热度攀升。 2025年一季度被动权益产品共计发行99只。季度发行数量创历史新高。同时总发行规模709亿元也有明显上升，总发行规模处 ...