以下文章来源于六亿居士 ，作者六亿居士 雪球2024年度十大影响力用户。每周发布指数估值表，坚持指数基金(ETF)低估定投，分享指数基金基础分析，让我们：买入有依，持有有底，卖出有 据。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 六亿居士 . 作者：六亿居士 来源：雪球 主动与被动投资孰优孰劣 ， 曾是投资界热议的话题 。 最广为人知的莫过于巴菲特提出的十年赌约 ， 相信各位都有所耳闻 。 近年来 ， 随着指数化投资的快速发展 ， 各类被动型基金规模持续攀升 ， " 躺平 " 买指数成为越来越多人的选择 。 在此趋势下 ， 主动与被动 之争逐渐平息 。 Wind数据显示 ， 截至今年三季度末 ， 被动型权益基金规模已达4.54万亿元 ， 显著超越主动权益型基金的3.86万亿元 ， 且两者差距仍在扩大 。 于是 ， 一个值得思考的问题浮现 ： 当越来越多人转向被动投资 ， 主动基金是否还有机会 ？ 这是许多投资者关心的问题 ， 也是持有主动基金的朋友们最常提出的疑问 。 坦率地说 ， 答案或许并不复杂 ： 当市场中的非理性参与者减 ...

Summary of Conference Call Records Industry Overview - The records focus on the banking and financial industry, particularly the trends in deposit migration and its implications for the capital market. Key Points and Arguments 1. **Deposit Migration Trends** - As of August, M1 growth increased by 0.4 percentage points to 6%, while M2 growth remained stable, indicating a continued trend towards liquidity in deposits. Corporate demand for current deposits rose to 6.7%, while household current deposit growth slightly decreased to 6.3% [2][3][4] 2. **Potential for Capital Market Inflows** - The potential scale for household deposits migrating to equity markets is estimated at 5 to 7 trillion RMB. However, the process is complex and not straightforward, influenced by various factors including liquidity in the financial system [2][3][12] 3. **Impact of Monetary Policy** - The central bank's liquidity provision remains ample, with an increase of 0.4 trillion RMB in August. Interbank market rates are maintained at around 1.4% to 1.5%, indicating a loose monetary environment. However, a net decrease of 110 billion RMB in the central bank's debt to other financial companies may signal regulatory shifts [4][11] 4. **Cross-Border Capital Flows** - The RMB exchange rate remained strong, with a shift from capital outflows to inflows in the A-share market. This change is attributed to improved foreign capital conditions and a reversal of previous outflow trends [5][9] 5. **Non-Bank Deposit Increases** - Non-bank deposits increased by 550 billion RMB year-on-year in August, primarily from funds entering brokerage margin accounts and fixed-income product accounts. This indicates a shift in investment preferences towards non-bank financial products [6][7] 6. **Investor Risk Appetite** - There is a notable increase in residents' risk appetite, with a shift from fixed-term to current and equity assets. The ratio of household savings to stock market capitalization has decreased from 210% to 157%, suggesting room for further capital market inflows [8][12] 7. **Market Dynamics and Investor Sentiment** - Despite the potential for deposit migration, the pace has slowed due to factors such as preemptive fiscal and credit policies, increased investor divergence post-stock market rises, and a slowdown in export growth affecting capital flows [3][10][11] 8. **Future Outlook on Deposit Migration** - While the current pace of deposit migration is slowing, the potential remains significant. The estimated 5 to 7 trillion RMB potential for migration is expected to continue, albeit with fluctuations influenced by fiscal policies, market performance, and export dynamics [12] Other Important Insights - The trend of passive equity fund growth indicates a shift in investor behavior, with passive funds or ETFs becoming the primary choice for market entry [7] - The overall liquidity environment and regulatory changes will play crucial roles in shaping future capital market dynamics and deposit migration trends [4][11]