一直以来，在"走进上市公司"各类活动中，鹏华基金不仅关注上市公司本身，更强调构建一个涵盖"交 易所、上市公司、基金公司、媒体、投资者"的"生态圈"，通过多方视角的碰撞，形成对产业更立体的 认知。此次，多方联合共同走进三全食品，成为"生态圈"的又一新案例。食品产业作为民生之本，既是 保障国家粮食安全的重要环节，也是满足人民群众美好生活的关键领域。 事实上，在保障国家安全领域，鹏华基金持续布局国防和粮食产业，创新推出国防ETF和粮食ETF，构 建国家安全ETF系列。本次探访三全食品，正是其在深交所指导下，继去年探访登海种业之行后，再次 走进粮食ETF成份股企业，旨在近距离感受国家粮食安全下的食品消费行业新趋势，提高对投资的切身 感受，培育理性的投资文化。 近日，在深圳证券交易所指导下，鹏华基金举办的"深交所走进成份股公司暨鹏华基本面投资之美·三全 食品深度探访之旅活动"在郑州市举办。三全食品董事会秘书刘铮铮、鹏华基金品牌管理部总经理于凌 波、鹏华基金指数与量化投资部基金经理张羽翔等人参加活动。 此次走进的三全食品，是中国速冻食品行业首家上市公司，也是鹏华粮食ETF的成份股之一。活动中， 刘铮铮详细介绍了公司的发展 ...

Core Viewpoint - The domestic ETF market is experiencing explosive growth, approaching a scale of 4 trillion yuan, but faces increasing homogenization and competition, prompting some public funds to focus on "first-mover" differentiated products to capture market opportunities [1][2][9]. Group 1: Market Dynamics - The ETF market has seen a surge in new issuances, with over ten public funds competing, leading to intense competition where smaller funds struggle to keep up with larger ones [2]. - Major public funds dominate key broad-based and thematic ETF tracks, while some are exploring niche markets and innovative strategies to differentiate themselves [2][6]. Group 2: Innovative Product Launches - Several "first" ETFs have been launched this year, including the first General Aviation ETF and the first Satellite ETF, both by Yongying Fund, indicating a trend towards innovative product offerings [3]. - Other notable launches include the first ETF linked to a high-dividend strategy and the first ETF focused on the new energy sector in the ChiNext market, showcasing the trend of differentiation among leading public funds [3][4]. Group 3: Growth of Existing Products - The first convertible bond ETF launched by Bosera Fund has seen its scale grow from 6.284 billion yuan to 38.622 billion yuan in just one year, highlighting the potential for significant growth in innovative ETFs [4]. - The unique policy financial bond ETF from Fuguo Fund has also experienced substantial growth, increasing from approximately 7.224 billion yuan to over 43.9 billion yuan within a year [5]. Group 4: Competitive Advantages of "First-Mover" ETFs - "First-mover" ETFs can quickly capture market share and build scale, as seen with the first gold industry ETFs that have gained significant traction since their launch [6]. - These products can create brand loyalty and recognition due to their unique strategies, allowing public funds to compete effectively in a crowded market [7]. Group 5: Challenges Ahead - Despite the advantages, public funds face challenges in nurturing these "first-mover" ETFs, including high initial marketing costs and the risk of low liquidity and strategy obsolescence [8]. - The competitive landscape is shifting towards a focus on existing products, with later entrants potentially leveraging cost advantages to challenge smaller funds [9].