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]

成都的老股民王先生近期想转场到ETF，来分散一下风险，但面对证券APP里各式各样的ETF，他完全 不知道该买哪只，"许多甚至连名称都一模一样。" 这种"选择困难症"并非个例。北京白领小李持有5只不同基金公司的科技主题指数基金。"新质生产力是 大力发展的方向，所以通信、半导体、人工智能、机器人、芯片指数我都买了，但发现这些基金涨跌高 度同向，涨起来很激动，跌下去我也慌。" 天弘将这一产品体系比喻为"火锅图鉴"：宽基如同主食，提供中长期基收益基本盘；行业指数基金如配 菜，收益弹性，增强组合风味；商品、策略性产品，则如调料，能够优化组合的风险收益。通过"核心 +卫星"的配置思路，帮助投资者在分散风险的同时捕捉细分机会。 近年来，指数基金市场迎来爆发式增长。数据显示，从2020年末至2025年三季度末，境内ETF产品数量 由378只迅速扩容至1325只，ETF基金规模由1.11万亿元大幅增至5.63万亿元。今年7月，中国已超越日 本成为亚洲最大的ETF市场。但产品供给的饱和攻击让投资者陷入新的困境。根据数据，仅统计主份 额，全市场名称含"沪深300"的指数产品达159只，含"医药"的指数基金超46只。面对琳琅满目的" ...

Core Viewpoint - The article highlights the increasing number of mutual funds facing liquidation in June 2025, with 117 funds having exited the market year-to-date, primarily due to insufficient scale and performance issues [1][5]. Fund Liquidation Reasons - A total of 97 funds triggered contract termination clauses due to not meeting scale requirements, marking a 40% increase compared to the same period last year [1]. - Many funds are unable to grow in scale, leading to their closure, with some experiencing long-term poor performance while others saw capital withdrawal after outperforming benchmarks [1][3]. - Significant redemptions by single large investors have also contributed to the rapid decline in fund sizes, pushing them close to liquidation [1][7]. Performance vs. Scale - Some recently liquidated funds, such as the浦银安盛幸福回报定开债券, had stable returns but still could not maintain sufficient scale, with a net asset value below 50 million yuan [3]. - The金鹰品质 fund, which had a year-to-date increase of over 11%, also faced liquidation due to scale issues [3]. Current Market Landscape - As of June 16, 2025, there are 1,655 mutual funds with net asset values below 50 million yuan, with mixed funds being the most affected [7]. - The trend of increasing fund liquidations is attributed to market competition, poor performance, and the capabilities of fund managers and distribution channels [7]. ETF Liquidation Risks - Even in a strong market, some ETFs are facing liquidation risks, with 18 passive index funds having been liquidated this year [8]. - Specific ETFs, such as博时国证龙头家电ETF, are on the brink of liquidation due to consistently low asset values, despite temporary increases in scale [9][10].