"千言万语汇成一句话——" 这是他在2025年的年末，为自己一年的投资，所做的"总结"。 小高说他"只看结果"——投资赚不赚钱。显然，在2025年，他获得了满意的结果。这就是他朴素的"获 得感"。 基民小高说到这里，故意拖长了声调，停顿了下，而后缓缓吐出三个字： "赚钱了！" 小高的"满意"是如何实现的？ 小高的"千言万语汇成一句话"背后，是资本市场在2025年的巨大变化，是公募基金行业在2025年的全新 改变。 "这一年的市场，让人很兴奋" 小高说，这一年的资本市场，让他感觉"很兴奋"。 当下，人的记忆，对于很多事情已经相当"麻木"，但是，对于重大事件的记忆，有时候却尤为深刻。 小高的兴奋，从春节期间的人形机器人、DeepSeek开始。在他的记忆里，2025年，市场开启了全新的 主线：硬科技！ 小高的兴奋很"克制"，这也让他的获得感来得很扎实："一个人不可能都买到最好的基金，先要能赚 钱，再看赚多赚少。" 小高的获得感，很真实，也颇有思辨和哲理。 "这就是高质量！" 资本市场的赚钱效应，自然是基金产品收益的源头活水，同样对小高的获得感影响巨大的，还有基金行 业在2025年的新变化。 小高说，2025年，基金 ...

MSCI (NYSE:MSCI) 2025 Conference December 02, 2025 10:55 AM ET Company ParticipantsAndy Wiechmann - CFOConference Call ParticipantsAlex Kramm - AnalystAlex KrammRight. Hello everyone. Thank you very much. I'm Alex Kramm, Senior Research Analyst at UBS, covering exchanges and business services. With me here to kick off my portion of the program is Andy Wiechmann, CFO at MSCI. Thanks for being here in.Andy WiechmannOf course.Alex KrammScottsdale for the first time.Andy WiechmannGreat to be here. Amazing event ...

Core Viewpoint - The 2025 Shanghai Stock Exchange International Investor Conference emphasizes the long-term investment value of China's capital market and its high-level opening-up, marking a significant moment as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" prepares to commence [1][2]. Group 1: Capital Market Development - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of capital market systems [1]. - The CSRC plans to advance the "Two Innovation Boards" reform and implement the "1+6" policy measures for the Sci-Tech Innovation Board, promoting stable operations of the Sci-Tech Growth Layer [1]. - There will be a focus on expanding the scale and proportion of equity investments from social security, insurance, and pension funds, while also deepening public fund reforms to better support long-term investments [1][2]. Group 2: Corporate Governance and Market Structure - The CSRC intends to optimize the structure of listed companies to enhance their investment value, including promoting mergers and acquisitions and improving corporate governance and information disclosure [2]. - A continuous improvement of the delisting mechanism will be pursued to ensure a market environment that allows for orderly entry and exit, fostering a competitive ecosystem [2]. Group 3: Internationalization and Investor Engagement - The capital market will progressively open up, focusing on market-oriented, legal, and international approaches to create a favorable investment environment for international investors [2][3]. - The Shanghai Stock Exchange aims to enhance its global competitiveness by expanding cross-border investment channels and enriching the international product system [3][4]. Group 4: Future Outlook - The "15th Five-Year Plan" period is seen as crucial for achieving socialist modernization and high-quality development in the capital market, with a commitment to a more open and inclusive market ecosystem [4]. - The conference encourages global investors to actively engage with and allocate resources to Chinese assets, capitalizing on the opportunities presented by China's economic growth [4].

Group 1 - The Fund Social Media Index for September 2025 shows stability among top institutions, with Huaxia Fund, China Europe Fund, and Fuguo Fund maintaining their positions in the top three [1] - New entrants to the ranking are mainly at the bottom, with Invesco Great Wall Fund and HSBC Jintrust Fund replacing Huafu Fund and Yongying Fund from the previous month [1] Group 2 - The top content on Douyin focuses on investor education, with the leading piece from Huaxia Fund combining emotional appeal with anti-fraud themes [2] - E Fund's entry uses a martial arts theme to explain index investments, showcasing innovative use of AIGC technology [2] - Wanji Fund's content emphasizes the long-term nature of investing through a simulated exam scenario, reinforcing the importance of scientific asset allocation [2] Group 3 - The trend of IP-based operation for fund video accounts is evident, with many entries being structured series that help establish content recognition and user habits [3] - High-traffic content on the Zhaocai account is primarily lightweight, focusing on benefits and hot topic analysis, with E Fund's analysis of the Vietnamese market gaining significant attention [3] - The WeChat public account entries mainly combine red envelope giveaways with investor education [3]

Group 1 - MSCI reported a profit increase in Q3, driven by higher client spending and demand for index products and analytical services [1] - The company's profit for the quarter ending September 30 was $325.4 million, or $4.25 per share, compared to $280.9 million, or $3.57 per share, in the same period last year [1] - The index segment's recurring subscription revenue grew by 8.3% year-over-year to $242.6 million, supported by the growth of market-cap weighted index products [1] Group 2 - MSCI's total revenue increased by nearly 9.5% to $793.4 million, aided by rising fee income based on asset size [1] - The company's operating expenses rose by 7% year-over-year, primarily due to increased investments in employee compensation and information technology [2] - The current U.S. market is experiencing upward volatility, with lower interest rates and optimism in the AI sector alleviating investor concerns despite worries about the labor market and tariff issues [2]

Investment Rating - The report maintains a "No Rating" for the Beijing Stock Exchange (BSE) due to the inability to obtain necessary information or the presence of significant uncertainties [2][5]. Core Insights - The BSE has officially entered the "920 Code Era" starting from October 9, 2023, marking a significant milestone in its development by adopting a unified code system for all listed companies [3]. - The introduction of the unified code is expected to enhance market recognition and improve the overall brand image and credibility of the BSE, laying a solid foundation for future market-oriented reforms [3]. - The code transition is not merely a technical update but a crucial step towards standardizing market systems, facilitating index compilation, product development, and cross-market capital flow, thereby reducing costs for investors [4]. - The long-term outlook suggests that the unified code will accelerate the BSE's transformation from a trading-oriented market to a more allocation-focused market, supported by institutional investment and product innovation [4]. Summary by Sections Market Positioning - The unified code enhances the BSE's positioning as an independent exchange, allowing investors to better distinguish sector attributes [3]. Market Efficiency - The new code system is anticipated to improve the efficiency of capital inflows and outflows, thereby increasing market acceptance and paving the way for the introduction of ETFs and derivative products [4]. Future Market Ecosystem - The report envisions a future market ecosystem centered around ETFs, index products, and long-term capital, fostering a sustainable cycle of incremental capital and asset pricing [4]. Investment Strategy - The investment strategy focuses on a mid-to-long-term approach centered around "specialized, refined, and innovative" sectors and high-end manufacturing, emphasizing the importance of clear order-driven paths for selected targets [4].

（三）提升长期投资能力，更好推动上市公司治理能力改善 公募基金是支持实体经济增长的长期重要资金来源。今年1月22日，中央金融办、证监会、财政部、人 社部、央行金融监管总局联合印发《关于推动中长期资金入市工作的实施方案》，重点引导商业保险资 金、全国社会保障基金、基本养老保险基金、企（职）业年金基金、公募基金等中长期资金进一步加大 入市力度。1月23日，在国务院新闻办公室发布会上，证监会主席吴清又进一步在"提升实际投资比 例"方面，公布了稳步提高中长期资金投资A股规模和比例的具体安排，明确公募基金持有A股流通市值 未来三年每年至少增长10%。英大基金通过专业投研人员前瞻性发现投资价值，配置科创领域企业发行 的股票或债券，引导社会资本多维度支持科创企业发展，推动优秀科创企业价值发现，树立科技金融服 务新质生产力发展的鲜明导向。 （二）提升产品研发能力，更好服务科创领域普惠投资需求 公募产品每日公布净值、每季度披露资产组合，申赎灵活、运作规范、结算透明、风控严格，投资者如 不满意基金经理管理能力可随时赎回（非持有期产品），是最具备"用脚投票"自由的"普惠"金融工具。 经过27年的发展，目前公募基金行业管理规模已突破 ...

Core Insights - The public fund industry in China has shown significant growth in the first half of 2025, with 28 companies reporting their revenue, and 8 companies exceeding 1 billion yuan in revenue [1] - The total management scale of public funds reached a new high, surpassing 35 trillion yuan by the end of July 2025, reflecting a substantial increase in fund issuance [1] Revenue Performance - E Fund ranked first in revenue with approximately 5.896 billion yuan, a year-on-year increase of about 9.71% [2] - Huaxia Fund followed in second place with 4.258 billion yuan in revenue, showing a year-on-year growth of approximately 16.05% [2] - GF Fund ranked third with 3.898 billion yuan in revenue, marking a year-on-year increase of about 22.17% [2][3] - Southern Fund and Fortune Fund also reported double-digit revenue growth rates of approximately 11.65% and 14.09%, respectively [2] Profitability - E Fund led in net profit with 1.877 billion yuan, a year-on-year increase of 23.84% [4] - ICBC Credit Suisse Fund achieved a net profit of 1.745 billion yuan, with a growth rate of 29.64%, narrowing the gap with E Fund [4] - Southern Fund, GF Fund, and Huaxia Fund reported net profits of 1.194 billion yuan, 1.180 billion yuan, and 1.123 billion yuan, respectively, all showing significant growth [4] - Yongying Fund experienced a remarkable growth rate of 42.16%, achieving approximately 0.897 billion yuan in revenue, moving up in rankings significantly [3] Market Dynamics - The competitive landscape among leading firms has intensified, with Huaxia Fund experiencing the slowest net profit growth at 5.82%, resulting in a drop in rankings [5] - The overall improvement in the A-share market provided favorable investment opportunities for public funds, enhancing their ability to generate returns for investors [5] - The industry is focusing on compliance management, product innovation, and the integration of AI technology to enhance operational efficiency and asset management capabilities [5]

Group 1 - The meeting held by Huaxia Fund, Shenzhen Stock Exchange, and Tencent focused on index investment strategies, highlighting the latest breakthroughs in China's ETF market regarding scale expansion, product innovation, and investor education [1] - The Shenzhen Stock Exchange emphasized that regular investment (Ding Tou) significantly enhances investors' profit experience and acceptance, indicating a strong foundation for investor education [4] - The exchange plans to launch an "ETF Ding Tou Case Exhibition" to vividly showcase the advantages and application environments of ETF regular investment, promoting rational, value, and long-term investment concepts [4] Group 2 - Huaxia Fund's executive highlighted that in the current environment of declining risk-free interest rates, traditional deposit assets are becoming less effective for value appreciation, suggesting a shift towards equity assets [5] - The current domestic policy encourages long-term investment, with institutional investors like insurance funds increasing their market participation, driven by advancements in AI technology [9] - The low-interest-rate environment necessitates a shift in investment strategies, with index investment being a suitable approach for ordinary investors due to its risk diversification and lower management costs [10][14] Group 3 - The number of ETFs in China has surpassed 1,200, with a total scale exceeding 5 trillion yuan, marking the arrival of the era of universal index investment [15] - China has become the largest ETF market in Asia, surpassing Japan, and is increasingly influential in the global ETF landscape [15] - Huaxia Fund aims to enhance investor satisfaction in index investment by focusing on innovation and collaboration with ETF ecosystem partners to support the high-quality development of the capital market [15]

Core Viewpoint - The recent A-share market has experienced a significant upward trend, with the Shanghai Composite Index breaking through multiple key levels, indicating a recovery in market activity and investor interest [1][3]. Group 1: Market Activity and Investor Behavior - The number of new account openings has increased significantly on a month-over-month basis, but the total remains far below the levels seen during the "9·24" market surge last year [2][5]. - Despite a surge in new account openings, the overall figures are still not comparable to the highs reached in the first quarter of this year, indicating a cautious investor sentiment [3][5]. - Many individual investors are increasingly opting for ETFs and index products to participate in the market, as these tools help mitigate the challenges of stock selection and capture sector opportunities [1][14]. Group 2: Brokerage Strategies - Leading brokerages are shifting their strategies from merely increasing new account openings to activating dormant clients and focusing on high-net-worth individuals [8][10]. - The activation of dormant clients is seen as crucial due to the potential for higher contributions to brokerage revenues, especially as these clients may have significant capital [8][9]. - Brokerages are also implementing various strategies to attract high-net-worth clients, including offering algorithmic trading and customized investment advisory services [10][11]. Group 3: Investment Trends and Opportunities - The current A-share ecosystem has changed, with a notable increase in the number of listed companies, making stock selection more challenging for investors [13][14]. - The rise of quantitative trading is becoming more prominent, with many brokerages introducing quantitative tools for high-net-worth investors, indicating a shift towards a quantitative investment era [13][14]. - ETFs are gaining popularity among investors, particularly as a safer investment choice in the current market environment, with a focus on technology and healthcare sectors as areas of potential growth [14][16]. Group 4: Key Investment Directions - Four key investment directions have been identified: high-margin assets with low valuations, technology growth sectors, consumer sectors boosted by policy support, and companies with long-term competitive advantages [16]. - The focus on technology sectors includes areas such as artificial intelligence, robotics, and biomedicine, which are expected to show high growth potential [16]. - The consumer sector is also highlighted as a strategic area for investment, particularly in the context of domestic demand expansion [16].