Core Viewpoint - The article emphasizes that the competition in the index fund market is not about scale but about who can better accompany investors on their journey to wealth preservation and growth [4]. Group 1: Market Overview - As of the end of Q3 2025, the total number of index funds in the market reached nearly 3,000, with a total scale of 6.72 trillion yuan (excluding ETF-linked funds) [4]. - The number of newly established ETFs this year reached 328, with a new issuance scale exceeding 250 billion yuan, both hitting historical highs [4]. Group 2: Industry Challenges - Many institutions are caught in a cycle of "issuance wars, fee wars, and scale wars," treating index products merely as tools for expansion rather than as vehicles for wealth preservation and growth for investors [4]. - The homogeneity in competition leads to significant resource waste and potential losses for both fund companies and investors, complicating the selection process for investors [4]. Group 3: Tianhong Fund's Strategy - Tianhong Fund has differentiated itself by selecting long-term potential assets across various categories, focusing on new assets represented by "new productive forces" [6]. - The fund was a pioneer in launching the Tianhong CSI Hong Kong-Shanghai Cloud Computing Industry Index ETF (517390) in late 2021, which covers both Hong Kong cloud service providers and domestic computing hardware suppliers [6]. - Tianhong Fund has established a comprehensive product line, covering mainstream investment directions and enhancing its index funds with a focus on quality and diversity [7]. Group 4: Enhanced Index Strategy - Tianhong Fund has developed 19 enhanced index funds with a total management scale exceeding 12.084 billion yuan, making it one of the few teams in the industry to surpass the "100 billion scale" mark [8]. - The fund's enhanced index strategy aims to provide sustainable "Alpha" returns while maintaining high-quality risk-adjusted returns, avoiding high-risk methods to achieve excess returns [8]. Group 5: Performance Metrics - The Tianhong CSI 500 Enhanced Index A has achieved excess returns of 8.32% over the past year, 6.34% over three years, and 19.01% over five years [9]. - The Tianhong CSI 1000 Enhanced ETF recorded an excess return of 16.5% [9]. Group 6: Investor Engagement and Tools - Tianhong Fund has leveraged its early entry into Ant Fortune and its understanding of internet operations to build investor trust through professional educational content and deep insights from fund managers [10]. - The fund has developed practical tools to help investors reduce decision-making difficulties, such as a定投 plan based on the PB ratio for the ChiNext index [11][12]. Group 7: Future Outlook - The article concludes that true competitiveness in the index investment space stems from a deep understanding of investors' real needs and continuous support, with Tianhong Fund integrating internet operational thinking, technological development, and customer service experience [15].

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]