近年来，中国ETF市场迎来爆发式增长，成为资管行业最具活力的增长极之一。 中信建投（601066）统计显示，截至2025年7月末，中国ETF资产管理规模已达6406亿美元，首次超越 日本，跃居亚洲最大ETF市场。数据进一步揭示，截至10月21日，国内ETF总规模已突破5.6万亿元，年 内激增超1.8万亿元，市场正处于"加速度"发展阶段。 作为以主动权益投资起家的机构，汇添富基金在选股领域已建立起核心优势。然而，早在主动投资如日 中天之时，汇添富基金就已将目光投向被动指数领域。 韩贤旺在回顾公司发展历程时指出："过去十几年与海外资管机构持续的交流中，我们愈发深切感受到 被动投资的这种趋势。" 他分享了一个关键观察。随着市场与行业的发展，曾经泾渭分明的主动投资和被动投资，两者的界限正 在变得模糊。海外领先的资管机构开始将指数作为管理工具，用指数对产品进行定位，并参照指数构建 相应组合。 更为关键的战略转折，发生在2022年11月汇添富基金指数品牌发布会上。 汇添富基金总经理张晖在会上表示，中国资管行业正迎来高质量发展的新时代，在市场有效性不断提 升、投资难度加大的背景下，"规则化投资"变得愈发重要。而汇添富的指数 ...

Core Viewpoint - The recent financial report of Greeenmei (002340) shows a slight increase in total revenue and a significant rise in net profit, indicating overall positive performance despite some challenges in cash flow and debt management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 17.561 billion yuan, a year-on-year increase of 1.28% [1] - Net profit attributable to shareholders was 799 million yuan, up 13.91% year-on-year [1] - In Q2 2025, total revenue was 8.065 billion yuan, a decrease of 10.23% compared to the previous year [1] - Q2 net profit attributable to shareholders was 288 million yuan, an increase of 17.29% year-on-year [1] - Gross margin stood at 12.48%, down 7.65% year-on-year, while net margin improved to 4.8%, up 4.21% [1] - Total expenses (selling, administrative, and financial) amounted to 896 million yuan, representing 5.1% of revenue, an increase of 13.4% year-on-year [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased significantly by 55.92% to 5.478 billion yuan [1] - Accounts receivable decreased by 6.02% to 6.776 billion yuan, but still represented 664.07% of net profit [1][2] - Interest-bearing liabilities rose by 46.77% to 32.98 billion yuan, indicating increased leverage [1] Investment Metrics - Return on Invested Capital (ROIC) for the previous year was 4.37%, with a median ROIC over the past decade at 5.12%, suggesting weak capital returns [1] - The average earnings per share (EPS) forecast for 2025 is 0.31 yuan, with analysts expecting a total profit of 1.599 billion yuan [2] Fund Holdings - The largest fund holding Greeenmei shares is the New Energy Vehicle LOF, which reduced its position, while several ETFs increased their holdings [3] - The fund's current size is 4.57 billion yuan, with a recent net value increase of 4.15% [3]