今年，指数化投资的市场认可度显著提升，公募ETF（交易型开放式指数基金）再次迎来发展大 年：产品数量和规模双双跃升，市场关注度持续升温，更多公募基金公司加速布局创新产品，更多投资 者也将目光投向ETF等指数产品。 政策也在推动指数产品发展。今年5月，证监会发布的《推动公募基金高质量发展行动方案》提 及，"大力发展各类场内外指数基金""实施ETF快速注册机制"。围绕2025年ETF的最新进展及下一步走 向，《国际金融报》记者近日采访了华泰柏瑞基金指数投资部副总监谭弘翔。 谭弘翔指出，公募ETF今年呈现结构性分化，后续市场仍将快速发展，且具有跨周期特征，产品种 类与形态有望更加多元。 结构分化 "结构性分化"是谭弘翔眼中今年ETF最突出的关键词，集中体现在两条主线： 一是债券ETF的"井喷"。Wind数据显示，2025年4月15日至12月15日短短八个月，债券ETF资金净 流入高达4189亿元。"说明真实需求一直存在，只是过去缺少足够多样的工具去匹配。"谭弘翔指出，目 前无论是利率债还是信用债ETF都能找到较大的应用场景，新发的科创债ETF更是有力地支持了科创债 市场建设，折射出资本市场直面资金与资产错配所迸发的 ...

Core Viewpoint - The article discusses the concept of "mutual fulfillment" in the context of fund management and investor behavior, highlighting the importance of collaboration between fund managers and investors to achieve better investment outcomes [2][10]. Group 1: Fund Performance and Investor Returns - A recent report by Morningstar indicates that the five-year annualized investor return difference is negative for all fund products as of December 31, 2024 [7]. - Only passive non-sector equity products have outperformed their corresponding fund returns by nearly 3 percentage points, showcasing a unique case of positive investor return difference [8]. Group 2: Responsibilities of Fund Managers and Investors - Fund managers are tasked with enhancing research capabilities to generate substantial long-term returns for investors and improving communication regarding risk-return characteristics, especially for actively managed products [10]. - Investors need to invest time in selecting suitable funds and recognize the significance of timing in buying and selling, aiming to avoid poor investment practices such as increasing positions during price surges [10][11]. Group 3: The Role of Passive Non-Sector Equity Products - Passive non-sector equity products, particularly broad-based ETFs, exemplify "mutual fulfillment" as they clearly present risk-return characteristics and have a high proportion of institutional investors who contribute to market stability [10].

Core Insights - The Chinese public fund industry has experienced explosive growth over the past decade, yet investors often realize lower actual returns compared to the fund's performance due to poor timing decisions [1] - Morningstar's report highlights the disparity between investor returns and fund returns, emphasizing the need for practical advice to help investors improve their returns [1] Investor Return Disparity - As of December 31, 2024, the five-year annualized investor return disparities for higher-risk products like equity-focused funds are -2.17%, -2.65%, and -3.59% for actively managed non-sector stocks and sector funds, respectively [2] - Lower-risk products such as conservative mixed funds and fixed-income funds show smaller investor return disparities of -0.86% and -0.62% [2] - Investors often overlook potential risks of funds due to blind chasing of trends, leading to significant losses during market downturns, particularly in sector funds [2] Recommendations for Investors - Investors should carefully assess their risk tolerance and select funds that align with their risk preferences, have experienced research teams, stable investment strategies, and robust risk controls [3] - A diversified investment portfolio with funds of varying risk-return characteristics can help mitigate risks during market fluctuations [3] - Emphasizing a long-term holding strategy can reduce the impact of poor timing decisions and enhance the potential for long-term asset appreciation [3]