一晃之间2025年的日历就还剩下几页没翻了。 纵然年尾市场经历了一些波动，但无可否认，2025年是难得的资产大年，投资体验步入春天。这也是复杂的一年：过去大类资产间那些看似规律的相关性 与负相关性，在今年并不总是奏效。 这一年，A股市场在前行中校准航向，投资不再是与"堂吉诃德的风车"搏斗,而是一场关于产业趋势、估值重塑与全球定价权的深度再平衡。 该如何记忆一整年的市场？跟随指数的脉络。指数本质是市场用真金白银投票形成的动态共识。理解指数，便是理解市场在特定时期的集体判断。 未来，跟踪共识、解读共识，将成为投资者在市场中重要的生存技能。此时，一些年度记忆涌上心头，我们来做一个2025年指数投资回忆与复盘。 #时光锚点 春夏秋冬的潮汐 注：指数历史走势不代表具体产品业绩，不预示未来表现，也不代表投资建议。 春 · 科技重估的"东方既白" 蛇年伊始，以DeepSeek为代表的AI突破，重塑了市场对中国科技叙事的态度。AI、算力、端侧Agent、垂直应用…科技树的各个分支都迎来了可预见的未 来。 这一年，即便没有买到翻倍的5G通信，买了科创、创业板宽基，也能有不错的收益。走了三年坎坷路的科创板，终于"换了一个方向，奔 ...

Group 1: Public Fund Market Overview - The public fund market has experienced significant changes in the first half of 2025, focusing on enhancing investor satisfaction and addressing real concerns [1] - Innovative public fund products that genuinely respond to investor needs are emerging, characterized by sincerity and warmth rather than flashy marketing [1] Group 2: Public REITs Development - Public REITs have become deeply integrated into China's capital market, with the Wind REITs Index reaching a historical high, up 22.7% in the first half of 2025, and a total market value exceeding 200 billion yuan [3] - The overall dividend yield for REITs has surpassed 7%, providing investors with a new income-generating option that is less correlated with traditional stocks and bonds [3] Group 3: New Floating Rate Funds - The introduction of the first batch of new floating rate funds in May 2025 marks a significant shift in aligning the interests of fund managers and investors, moving away from fixed management fees [9] - This innovation represents a return to the essence of fiduciary responsibility, allowing investors to directly influence management fees based on performance [9] Group 4: ETF Market Growth - The total scale of ETFs in the market has surpassed 4 trillion yuan, indicating a strong consensus on the growing importance of index funds [10] - The launch of the Sci-Tech Innovation Index ETF has attracted over 30 public fund managers, reflecting a collective trust in China's technological advancements [10] Group 5: Free Cash Flow ETFs - The issuance of the first free cash flow ETFs in February 2025 introduces a new perspective focused on companies' ability to generate real cash after necessary expenditures [12] - This strategy aims to identify companies that can generate, save, and distribute cash effectively, enhancing investor confidence in returns [12] Group 6: Credit Bond ETFs - The credit bond ETF market has rapidly grown, with total assets exceeding 210 billion yuan, reflecting a strong demand for stable and low-risk investment options [19] - These ETFs simplify the investment process in credit bonds, allowing for efficient trading and better liquidity compared to traditional methods [21]