Core Viewpoint - Tianhong Fund has successfully transitioned from a small company to a leading fund manager in China, primarily driven by its innovative product, Yu'ebao, and its strategic focus on C-end users [1][7]. Group 1: Historical Development - In 2013, Tianhong Fund launched Yu'ebao, the first internet money market fund in China, which quickly gained popularity and led to a significant shift of funds from bank deposits to money market funds [1]. - By the end of Q1 2017, Tianhong Fund's public fund scale surpassed 1 trillion yuan, with Yu'ebao contributing 1.14 trillion yuan [1]. - Despite its rapid growth, Tianhong Fund was initially perceived as a "small company" due to its lower ranking in non-money market fund scales [1][2]. Group 2: Strategic Shifts - In response to regulatory pressures on money market funds, Tianhong Fund began focusing on other products, launching three ETFs in 2019 during a market low [2]. - The company adopted a low-cost strategy for its index products, reducing management fees to 0.5%, half of the industry average [3]. - Tianhong Fund shifted its strategy from low pricing to a "surrounding the onshore market" approach, converting traditional index funds into ETF-linked funds [3][4]. Group 3: C-end User Engagement - Tianhong Fund has leveraged its C-end user base, built through Yu'ebao, to enhance its ETF offerings, making them attractive to both retail and institutional investors [4][6]. - The company has implemented user-friendly features, such as low trading fees and innovative marketing strategies, including live streaming to engage with investors [4][5]. - As of Q1, Tianhong Fund's equity index fund scale reached 115.2 billion yuan, ranking 9th in the industry, with its ETFs attracting significant retail interest [4][6]. Group 4: Product Portfolio and Market Position - Tianhong Fund currently manages 27 ETFs covering various asset classes, with its flagship product being the Tianhong ChiNext ETF, which is the largest off-market index fund in its category [5]. - The company’s ETFs have been designed to cater to the preferences of retail investors, particularly those interested in short-term trading due to low transaction costs [5][6]. - By the end of 2024, passive index funds are expected to surpass actively managed equity funds in scale, highlighting the growing importance of this segment in the market [6]. Group 5: Future Outlook - Tianhong Fund aims to become the largest index fund service provider in China, focusing on retail investors and enhancing its product offerings [7]. - The company is also developing its B-end ecosystem, indicating a broader strategic vision beyond just C-end users [8]. - The potential for growth remains high, with the company positioned to capitalize on the increasing demand for index funds and ETFs in the market [9].

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 25 只，合计发行规模为 208.56 亿元，较前一周有所减 少。此外，上周有 47 只基金首次进入发行阶段，本周将有 18 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 36 只基金，较上上周申报数量有 所减少 。申报的产品包括 2 只 FOF ， 1 只 QDII ，华夏国证航天航空行业 ETF 、工银瑞信中证港股通汽车 产业主题 ETF 、天弘国证航天航空行业 ETF 、工银瑞信上证科创板 200ETF 、长城中证红利低波动 100ETF 、万家中证人工智能主题 ETF 等 。 二、天弘基金发布《 2024 基金配置洞察报告》 近日，天弘基金推出《 2024 基金配置洞察报告》，试图解答投资者的 " 七问 " ，包括 " 大家都回本了吗 "" 在过往的牛熊周期里，大家都经历了什么 "" 基金应该怎么配 " 等。《报告》用累计超过 5400 万非货币基金投资者的历史数据（指截至 2024 年 12 月 31 日曾持有过天弘基金非货币公募基金产品的 总用户数），旨在 ...