以下文章来源于阿尔法工场DeepFund ，作者基哥 截至2025年三季度末，全市场指数基金数量达到接近3000只，合计规模达到6.72万亿元（剔除 ETF联接基金）。在ETF爆发式增长的助推下，指数基金继续呈现快速增长态势。今年以来新成 立的ETF数量达到328只，新发规模也突破2500亿元，均创下历史新高。 在快速发展的同时，各家机构却陷入无差异的"发行战、费率战、规模战"循环。背后的原因，主 要是很多机构仅仅将指数产品当做扩张规模的"工具"，而忽视了每个产品对于投资者来说，都是 财富保值增值的媒介。 作为一家具有互联网基因、长期服务最广大多元投资者群体的基金公司，天弘基金深刻理解投资 者的财富保值增值需求，凭借自身技术积淀与客户服务经验，在指数基金赛道实现了从"工具提 供"到"全方位解决方案"的升维突破。 这一突破，恰好切中了当前行业快速发展背后的核心痛点：同质化竞争对基金公司和投资者都会 造成显著的资源浪费与潜在损失，对于基金公司来说，为了争夺市场份额难免会陷入价格战和营 销战，压缩利润空间；对于投资者来说，跟踪同一指数的产品大量涌现，增加了选择的难度。 功守道 阿尔法工场DeepFund . 专注基 ...

Core Insights - The number of index funds in the market is approaching 3000, with a total scale of 6.72 trillion yuan as of Q3 2025, and the number of newly established ETFs has reached a historical high of 328, with a new issuance scale exceeding 250 billion yuan [1] - The index investment sector is facing intensified competition characterized by "issuance wars, fee wars, and scale wars," leading to compressed profit margins for fund companies and decision-making difficulties for investors [1] - Tianhong Fund has differentiated itself by evolving from "tool provider" to "comprehensive solution provider," focusing on unique layouts, stable excess returns, and full-cycle support [1] Differentiated Product Line - Tianhong Fund has adopted a differentiated approach by avoiding the saturated broad-based index market and instead focusing on "forward-looking segmentation + comprehensive core" strategies [2] - The fund has launched products targeting "new productivity" sectors, such as the Tianhong CSI Hong Kong-Shenzhen Cloud Computing Industry Index ETF, which includes both Hong Kong cloud service providers and domestic hardware suppliers [2] - As of Q3 2025, Tianhong's index funds in the photovoltaic industry have nearly 10 billion yuan in scale, with its computer ETF at 2.555 billion yuan and biopharmaceutical ETF at 3.315 billion yuan, leading in their respective categories [2] Index Enhancement Strategy - Tianhong Fund has positioned index enhancement as a core competitive advantage, aiming to create sustainable excess returns for investors [3] - As of Q3 2025, the number of Tianhong's index enhancement funds has reached 19, with a management scale exceeding 12.084 billion yuan, making it one of the few "hundred billion-level index enhancement teams" in the industry [3] - The fund's strategies focus on high-quality risk-adjusted returns, with significant excess returns over peers, such as 19.01% for Tianhong CSI 500 Index Enhancement A over the past five years [3][4] Technology and Investor Support - Tianhong Fund leverages technology to enhance investor services, providing practical tools and full-cycle support to improve decision-making and holding experiences [5] - The fund has introduced a systematic investment plan for the ChiNext index, optimizing investment timing through specific triggers for stopping investments and taking profits [5] - Additionally, Tianhong has developed various grid trading tools to convert professional strategies into tangible returns for investors [6] Market Position and Future Outlook - Tianhong Fund's quantitative and technology teams have created an index analysis module to assist investors in comparing indices effectively [8] - The fund has established a strong presence in the market, with 12.8118 million holders of domestic equity index products, leading the industry [8] - The current phase of index investment in China is shifting towards high-quality development, with a focus on customer value creation, positioning Tianhong Fund to lead in this new stage of "detailed value, strong return quality, and deep customer engagement" [9]

Core Insights - The index fund market is rapidly growing, with nearly 3,000 funds and a total scale of 6.72 trillion yuan by the end of Q3 2025, alongside a record 328 new ETFs launched this year, exceeding 250 billion yuan in new issuance [1] - The industry is facing intensified competition characterized by "issuance wars, fee wars, and scale wars," leading to compressed profit margins for fund companies and decision-making challenges for investors [1] - Tianhong Fund is leveraging its internet-based approach and extensive experience to transition from "tool provision" to "comprehensive solution" offerings, highlighting its unique characteristics in the large index business [1] Differentiated Product Line - Tianhong Fund is avoiding the saturated broad-based index market by adopting a "forward-looking segmentation + comprehensive core" differentiation strategy [2] - The fund has launched products targeting "new productivity" sectors, such as the Tianhong CSI Hong Kong-Shenzhen Cloud Computing Industry Index ETF, which integrates both Hong Kong and domestic computing hardware providers [2] - As of Q3 2025, Tianhong's index products in the photovoltaic industry and other sectors have achieved significant scale, with the Tianhong CSI Photovoltaic Industry ETF nearing 10 billion yuan [2] Index Enhancement Strategy - Tianhong Fund is focusing on index enhancement as a core competitive advantage, aiming to create sustainable excess returns for investors [3] - The fund has 19 index enhancement funds with a total management scale exceeding 12.08 billion yuan, positioning it among the few "hundred billion-level index enhancement teams" in the industry [3] - Performance metrics show that Tianhong's index enhancement products have consistently outperformed industry averages, with notable excess returns over the past several years [3][4] Technology and Investor Engagement - Tianhong Fund is utilizing technology to enhance investor services, addressing common pain points such as "zombie investment" and "difficulty in profit-taking" through innovative investment plans [5] - The fund has introduced improved grid trading tools and developed an index analysis module to assist investors in comparing indices effectively [6][8] - By integrating professional education and deep insights from fund managers, Tianhong Fund has built strong user engagement, leading to a significant number of account holders in its equity index products [8] Market Positioning and Future Outlook - The shift in domestic index investment towards high-quality development emphasizes customer value creation over mere scale competition [9] - Tianhong Fund's model, centered on customer needs, technology, and solution delivery, is expected to lead the index investment sector into a new phase focused on segmentation, quality returns, and deep customer engagement [9]