Group 1 - The core viewpoint is that public FOFs are increasingly aligning with index-based investments, with a notable rise in the issuance of ETF-FOF products in 2023 [1][2] - As of August 15, 2023, a total of 39 public FOF products were issued this year, with a total issuance of 359.13 billion shares, significantly higher than the entire years of 2024 and 2023 [2] - The average net asset value growth rate for public FOFs over the past year reached 16.38% as of August 14, 2023, with over 80% of public FOFs recovering their net asset value to above 1 yuan [1] Group 2 - The proportion of ETF holdings within FOF products is gradually increasing, with the upcoming Xingzheng Global Yingfeng Multi-Asset Allocation FOF focusing on ETFs, allocating at least 80% of its non-cash fund assets to ETFs [1] - By the end of Q3 2024, passive index funds (including enhanced index funds) are expected to hold more A-share market value than active equity funds for the first time [2] - The number of ETF-FOF products has been steadily increasing, with significant interest from fund managers in utilizing ETFs for flexible and efficient equity asset allocation [3]

在ETF投资领域，投资者可以采用多种策略来提高收益，包括投资指数增强型ETF、主动管理策略等。 （1）投资指数增强型ETF 主动管理策略通常需要投资者根据市场环境和经济周期的变化，战术性调整投资组合，比如调整所持有 的ETF资产的比例。例如，在牛市期间，投资者可增加股票类ETF的权重；而在熊市期间，投资者可增 加债券类或黄金类ETF的权重，以减小风险。 选自深圳证券交易所基金管理部编著的《深交所ETF投资问答》（中国财政经济出版社2024年版） 指数增强型ETF是一种在追踪基准指数的同时，尝试获取超额收益的投资产品。它们通常会采用定量模 型，如基于动量、价值、质量等因子的策略，来选取具有超额收益潜力的证券。与传统的被动型ETF相 比，指数增强型ETF的投资组合通常更具灵活性，而且在一定程度上可以提高收益。 目前国内已经上市了多个增强ETF，覆盖了我国的主要宽基指数，包括沪深300指数、中证500指数、中 证1000指数、创业板指数等。投资者在选择这类产品时，可以关注基金公司的指数增强实力和产品增强 效果，综合判断基金管理人是否具备稳定的超额收益能力。 （2）主动管理策略 ...

（2）主动管理策略 主动管理策略通常需要投资者根据市场环境和经济周期的变化，战术性调整投资组合，比如调整所持有 的ETF资产的比例。例如，在牛市期间，投资者可以增加股票类ETF的权重；而在熊市期间，投资者可 以增加债券类或黄金类ETF的权重，以减小风险。 选自深圳证券交易所基金管理部编著的《深交所ETF投资问答》（中国财政经济出版社2024年版） 在ETF投资领域，投资者可以采用多种策略来提高收益，包括投资指数增强型ETF、主动管理策略等。 （1）投资指数增强型ETF 指数增强型ETF是一种在追踪基准指数的同时，尝试获取超额收益的投资产品。它们通常会采用定量模 型，如基于动量、价值、质量等因子的策略，来选取具有超额收益潜力的证券。与传统的被动型ETF相 比，指数增强型ETF的投资组合通常更具灵活性，而且在一定程度上可以提高收益。 目前国内已经上市了多个增强ETF，覆盖了我国的主要宽基指数，包括沪深300指数、中证500指数、中 证1000指数、创业板指数等。投资者在选择这类产品时，可以关注基金公司的指数增强实力和产品增强 效果，综合判断基金管理人是否具备稳定的超额收益能力。 （文章来源：证券日报） ...

Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]

Core Viewpoint - The article highlights the growing trend of public fund companies entering the ETF market, with Xingzheng Global Fund signaling its intention to develop ETF business through a recent procurement project for an ETF business system [2][4][5]. Industry Overview - The ETF market in China has surpassed 4 trillion yuan, indicating a significant shift towards index-based investment strategies [2][6]. - Major fund companies like E Fund and Huaxia have already embraced index business, showcasing the competitive landscape of the ETF market [2][6]. Recent Developments - Xingzheng Global Fund has disclosed a procurement project for an ETF business system, with a procurement amount of 1.87 million yuan, indicating its strategic move into the ETF space [4][5]. - The installation of the ETF system is expected to be completed soon, allowing for rapid product approval through a fast-track process [5]. Market Dynamics - The ETF market has seen a surge in participation from various fund companies since 2020, with notable entries from firms that previously did not engage in ETF offerings [7]. - The increasing demand for ETF products is driven by favorable policies and the need for efficient asset allocation among both individual and institutional investors [8]. Competitive Landscape - The article discusses the "80/20 effect" in the ETF market, where a few leading companies dominate the majority of market share, posing challenges for new entrants [2][5]. - New entrants are encouraged to explore differentiated strategies, such as focusing on niche markets or innovative product offerings, to carve out a competitive advantage [10][11]. Future Outlook - The potential for "curve overtaking" exists for new entrants if they can identify and meet specific market needs, especially as the ETF market transitions from a focus on scale to quality [11]. - The article notes that the proportion of passive products in the U.S. stock market is around 16%, while in China, it is only 3% to 4%, indicating significant growth potential for the ETF business in China [11].