深交所：定投策略成为提升投资获得感关键工具 深交所基金管理部业务专家在开场发言中指出，定期投资（定投）能显著改善投资者的盈利体验与获得感。其表示，从调研数据来看，投资者对定投策略的 认知整体偏向正面，接受程度较高，具备良好的投资者教育基础。基于这一现状，深交所基金管理部坚持"场景化思维"，从投资者关心的投资场景出发，针 对养老、子女教育、抗通胀、梦想金等场景推出基于深市核心宽基ETF产品的单品定投策略和组合定投策略。 8月27日下午，华夏基金联合深圳证券交易所基金管理部、腾讯自选股在深圳举办指数策略见面会。会上，深交所基金管理部业务专家、华夏基金数量投资 部行政负责人徐猛、华夏基金高级策略分析师陈彦冰、知名财经博主峰哥亡命天涯围绕定投策略、低利率时代资产配置、ETF 投资工具应用等核心议题展 开深入交流。 这场以"指数投资新时代"为主题的会议，揭示了中国ETF市场在规模扩张、产品创新及投资者教育领域的最新突破。 在品牌化运营方面，深交所基金管理部已打造"大话定投策略"投教品牌，并推出"悟多家族"形象IP，通过"线上+线下"双轮驱动模式，打造集声音宣传、短 视频宣传、线下互动式活动为一体的"沉浸式"投资者服务体 ...

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].

Core Viewpoint - The article discusses the recent release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, emphasizing the need to establish a performance benchmark system for public funds to enhance investor interests and address long-standing issues in the industry [1][4]. Summary by Sections Performance Benchmark Issues - The performance benchmark for public funds has been largely ineffective, with only 26% of over 3,600 actively managed equity funds outperforming their benchmarks over the last three years [2]. - A significant 64% of actively managed equity funds are projected to underperform their benchmarks by over 10% from 2022 to 2024 amid a declining A-share market [2]. Causes of Underperformance - The underperformance of funds relative to benchmarks is attributed to poorly defined benchmarks that do not align with the funds' investment strategies and market conditions [3]. - The industry's focus on asset size over performance has led to a misalignment of incentives, where funds with poor long-term performance still attract investment due to their market positioning [3]. Implications of the New Action Plan - The new regulations are expected to fundamentally change the operational logic of actively managed equity funds, promoting a focus on stable investment returns and value investing [4][5]. - Short-term effects may include increased volatility in the market as funds adjust their portfolios to align with benchmarks [4]. Long-term Trends - The Action Plan is likely to enhance the importance of passive and value investing, with public funds expected to increase their allocation to index products and low-volatility assets [5][6]. - Fund managers will need to adapt their strategies to focus on long-term value rather than short-term gains, leading to a potential decrease in turnover rates and a more stable investment approach [6][7]. Fund Manager Accountability - Fund managers will face performance evaluations based on their ability to meet benchmark standards, with significant implications for their compensation structures [8]. - Some fund managers are expected to align their portfolios closely with benchmarks to secure their positions, while others maintain confidence in their ability to outperform through selective stock picking [9].

Core Viewpoint - The China Securities Regulatory Commission has released an action plan to promote the high-quality development of public funds, emphasizing the establishment of a performance evaluation system centered on fund investment returns, aiming to address the long-standing issue of performance benchmarks being ineffective in the public fund industry [1][5]. Group 1: Performance Benchmark Issues - The performance benchmark is a critical measure for assessing a fund's ability to generate excess returns, yet only 26% of over 3,600 actively managed equity funds outperformed their benchmarks over the last three years [2]. - Some funds have underperformed their benchmarks by over 100 percentage points, highlighting the inadequacy of benchmark settings that do not align with investment strategies and market conditions [2][3]. - The public fund industry has been criticized for a "scale-oriented" approach, where management fees are tied to asset size, leading to a focus on growth rather than performance [3][4]. Group 2: Impact of the New Action Plan - The new action plan is expected to profoundly change the operational logic of actively managed equity products, emphasizing the importance of stable investment returns and value investing [1][5]. - There will be a trend towards aligning fund products with performance benchmarks, potentially leading to structural market fluctuations as funds adjust their portfolios [6]. - The action plan may result in a shift towards passive investment strategies and increased focus on low-volatility, high-dividend products, particularly in the banking sector [6][7]. Group 3: Fund Manager Reactions - Fund managers are now required to pay close attention to performance benchmarks, with significant implications for their compensation based on their funds' performance relative to these benchmarks [9][10]. - Some fund managers express confidence in their ability to outperform benchmarks through stock selection, while others may feel pressured to align their portfolios more closely with benchmarks to secure their positions [10][11]. - The action plan is likely to lead to a decrease in turnover rates among funds, as managers focus on long-term investment value rather than short-term trading [7][8].

Core Viewpoint - The reduction of index licensing fees by major index providers is expected to optimize costs for index products, enhancing the competitiveness of public funds and providing investors with more diverse and low-cost investment options [1][8]. Summary by Sections Index Licensing Fee Reduction - Fund companies have received notifications from China Securities Index Co., Ltd. and Shenzhen Securities Information Co. regarding the reduction of index licensing fees, effective from April 1 [3]. - The overall licensing fees have been reduced to 80% of the previous rates, aligning with the rapid growth of index investment [1][5]. Specific Adjustments - The annual basis point rates for stock index ETFs and off-market funds have been adjusted to 0.024% and 0.016%, respectively, while bond index ETFs and off-market funds are set at 0.008% [4]. - The quarterly minimum charge has been lowered to 20,000 yuan for those previously exceeding this amount [5]. - The range of index products without a quarterly minimum charge has been expanded, allowing for more flexibility in fee structures [5][6]. Impact on Fund Companies - The fee reduction is anticipated to alleviate the financial pressure on fund companies, which have recently faced increased costs due to changes in fee responsibilities [7]. - This adjustment is expected to enhance the pricing flexibility of ETF products, allowing fund companies to better manage overall costs and improve product attractiveness [10]. - Larger fund companies with comprehensive index product matrices will benefit from reinforced scale and cost advantages, while smaller firms may find it easier to enter the index product market [10]. Benefits for Investors - The reduction in index licensing fees is likely to translate into lower product fees and improved net asset values, potentially increasing investor returns and willingness to invest in index products [10]. - The anticipated introduction of more innovative and customized indices will provide investors with a wider array of choices regarding risk-return profiles and thematic coverage [10]. Future Outlook for Index Companies - The overall decrease in fees is expected to drive index companies to upgrade their service offerings and develop more specialized index solutions [11]. - Industry experts predict that index service providers will continue to adjust their authorization policies dynamically to support the growth of the index investment market [11].

Core Viewpoint - The reduction in index licensing fees presents a new opportunity for cost optimization in index products, benefiting both fund companies and investors by enhancing product attractiveness and market competitiveness [2][9]. Summary by Sections Index Licensing Fee Reduction - Fund companies have received notifications from China Securities Index Co., Ltd. and Shenzhen Securities Information Co. regarding the reduction of index licensing fees, effective from April 1 [3]. - The overall licensing fees have been reduced to 80% of the previous rates, aligning with the rapid development of index investment [2][5]. Specific Adjustments - The annual basis point fee rates have been lowered: for stock index ETFs and off-market funds to 0.024% and 0.016%, respectively, and for bond index ETFs and off-market funds to 0.008% [4]. - The quarterly minimum charge has been adjusted to a uniform 20,000 yuan for those exceeding this amount, and the range of index products without a quarterly minimum charge has been expanded [5][6]. Impact on Fund Companies - The fee reduction is expected to alleviate the financial pressure on fund companies, which have seen an increase in costs due to changes in fee responsibilities [8]. - This adjustment allows for greater flexibility in product pricing, enhancing the appeal of index products and supporting high-quality development in the public fund industry [8][10]. Benefits for Investors - The decrease in index licensing fees is anticipated to lead to lower product fees and improved net values, potentially increasing investor returns and willingness to allocate to index products [10]. - The introduction of more innovative and customized indices will provide investors with a wider range of choices in terms of risk-return profiles and industry themes [10]. Future Outlook - The fee reduction signifies a closer collaboration between index service providers and fund companies, reflecting confidence in the future of index investment [9][11]. - Index companies are expected to enhance their service offerings and adapt their authorization policies to support the ongoing growth of the index investment market [11].

Group 1 - Major index companies have reduced the "authorization fees" for index products, including lowering annual basis point rates and expanding the range of index products without a quarterly minimum fee [1] - Several funds announced a temporary suspension of subscriptions before the May Day holiday, with resumption set for May 6, primarily affecting bond funds, money market funds, and interbank certificate index funds [1] - In April, 11 new fund products each exceeded 1 billion units in issuance, totaling 26.3 billion units, which accounted for 72% of the new fund issuance scale for the month [1] Group 2 - Notable fund manager Zhu Shaoxing increased his stake in Shengjian Medical, with his fund holding an additional 1.1035 million shares compared to the end of last year [2] - Zhang Kun's fund significantly increased its holdings in SF Holding, with 35 million shares representing a 0.7% stake as of the end of the first quarter [2] Group 3 - The ETF market experienced slight fluctuations, with the Shanghai Composite Index down 0.05% and the Shenzhen Component Index down 0.05%, while the ChiNext Index fell by 0.13% [2] - The automotive parts-related ETFs showed strength, with a peak increase of 1.96% [3] - Electric power stocks collectively adjusted, with Leshan Electric hitting the daily limit down, and related ETFs experiencing declines, with the highest drop at 2.23% [5] Group 4 - Analysts suggest that the electric power and public utility sectors are foundational industries with stable performance, recommending long-term investment in large hydroelectric and nuclear power companies [6] - A new fund, the GF SSE Sci-Tech Innovation Board 100 ETF, is set to launch, managed by Luo Guoqing, with a performance benchmark based on the SSE Sci-Tech Innovation Board 100 Index [7]

Core Viewpoint - The article discusses the upcoming LSEG 2025 Market Outlook Forum, focusing on the financial market trends and opportunities in China for the year 2025, emphasizing the importance of financial technology and data development [1][2]. Agenda Summary - The forum will feature prominent guests from various financial sectors, including banking, securities, insurance, asset management, fintech, and corporations, to discuss the outlook for the Chinese market in 2025 [2]. - The event will commence with a welcome speech addressing the recovery of the Chinese market and new opportunities in fintech and data development [2]. - David Day, President of LSEG Asia Pacific, will deliver a keynote speech analyzing the macroeconomic situation and policy outlook for 2025 [4]. - A series of roundtable discussions will cover various topics, including asset allocation in a low-interest-rate environment, future trends of ETFs, the impact of AI on smart finance, and the internationalization process of Chinese institutions [5][6][19][21]. - The forum will also include a special session focusing on the uncertainties in the commodity market and strategies for futures market development [31][32]. Participants and Hosts - Notable participants include chief economists, fund managers, and executives from leading financial institutions, such as the Industrial Bank of China and Huatai-PB Fund Management [5][10][27]. - Each roundtable will have designated hosts to facilitate discussions, ensuring a comprehensive exploration of the topics [5][19][21]. Company Overview - LSEG (London Stock Exchange Group) is a leading provider of financial market infrastructure, serving over 40,000 clients across more than 170 countries with financial data, analysis, news, and index products [39]. - The company emphasizes its commitment to promoting financial stability, enhancing economic capabilities, and supporting sustainable growth through innovative financing and risk management solutions [39].