11月25日，市场迎来强势反弹，主要股指全线上扬，创业板指重上3000点，涨近3%，领涨主流宽基指 数；成分股菲利华涨超9%，胜宏科技、中际旭创、新易盛涨超7%，卫宁健康、协创数据、阳光电源等 涨超5%。 市场有风险，投资需谨慎。 海外方面，美联储降息预期再度升温。继上周五纽约联储主席威廉姆斯释放鸽派信号后，美联储主席热 门人选、联储理事沃勒表示，主要担心劳动力市场，主张12月降息。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 中信证券表示，展望2026年，从大势研判来看，A股全球营收敞口企业已不局限于少数公司，而是足以 推动整个A股的行情，未来A股的基本面要放在全球市场需求去看，而不是单看本土需求。从市场流动 性来看，追求稳健回报的绝对收益资金持续入市，应该是未来资本市场增量流动性格局的核心特征，一 定程度上推动了A股宽基指数波动率步入长期下行趋势；工具型产品逐步抢占传统主观多头产品市场份 额，可能 ...

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].