Core Viewpoint - The A-share market has shown strength after a period of high volatility, with all three major indices achieving weekly gains, particularly the ChiNext Index, which has returned above 3000 points for the first time in over three years. This market recovery has led to several "fixed income +" funds reaching historical net asset value highs, indicating a potential for continued structural market trends that will test the asset allocation and stock-picking abilities of these funds [1]. Group 1: Fund Performance and Strategy - Wang Shiqian, a fund manager at Penghua Fund, specializes in multi-asset investment and has successfully managed several benchmark "fixed income +" products, including Penghua Shuangzhai Jiali A, which reached a new high net value of 2.3314 yuan on September 17 [1]. - The "fixed income +" products managed by Wang Shiqian exhibit a high degree of diversification and clear strategic positioning, with total assets under management exceeding 22 billion yuan as of the latest semi-annual report [2]. - The Penghua Shuangzhai Jiali fund has achieved a year-to-date net value growth rate of 16.27% and a growth rate of 10.55% in 2024, benefiting from a strategy that combines technology and cyclical investments with convertible bonds [2]. Group 2: Market Insights and Trends - The bond market is currently experiencing a weak performance due to rising risk appetite and slight redemptions from bond funds, with expectations of continued volatility in the bond market [4]. - The stock market is in a bullish phase, driven primarily by the rise of the artificial intelligence industry, with potential short-term adjustments providing good buying opportunities [5]. - The convertible bond market has stabilized recently, with supply-demand dynamics suggesting that valuations may remain high, potentially supported by upward movements in the stock market [6].

Core Viewpoint - The Chinese asset management industry is at a historic turning point, with passive fund sizes expected to surpass active equity funds by the end of 2024, indicating a significant shift in asset allocation logic and investment tool selection [1][3]. Group 1: Industry Trends - The scale of passive index funds in China is rapidly increasing, with the gap between passive and active products widening. As of mid-2024, the total scale of passive index funds has reached approximately 5 trillion yuan, reflecting a growth of 27.4% from the end of 2024 [6][3]. - The number of ETF products has surged to 1,260, tracking over 480 indices, with a total scale of 4.7 trillion yuan, marking a more than 5.5-fold increase since the end of 2020 [6][7]. - The rise of index investment aligns with trends seen in mature markets like the U.S., where ETF growth has been explosive after reaching significant milestones [3][6]. Group 2: Investment Opportunities - The advantages of index funds, such as stable Beta returns, high transparency, and low fees, make them increasingly attractive to both institutional and individual investors [2][8]. - The average management fee for equity ETFs has dropped to 0.28%, significantly lower than the approximately 1.18% for active equity funds, enhancing the competitive edge of index products [11][8]. - The current market environment, characterized as a "high-quality slow bull" with low volatility and gradual upward movement, favors index investment strategies [8][19]. Group 3: Market Dynamics - The influx of various funding sources, including state-backed long-term funds and margin financing, has supported market liquidity and driven the current slow bull market [13][14]. - The behavior of investors has shifted, with a notable preference for index-based tools over traditional active equity products, particularly in the context of the current market dynamics [13][19]. - Data indicates that in July, the probability of making profits through index investments was significantly higher than through individual stock investments, reinforcing the advantages of index strategies in the current market [17][19]. Group 4: Company Strategies - Penghua Fund has established a comprehensive product matrix covering various dimensions, including broad-based and thematic ETFs, to cater to diverse investor needs [20][22]. - The company has developed a robust active quantitative strategy system, achieving notable excess returns in its enhanced products, which positions it favorably in the competitive landscape [24][23]. - Penghua is also focusing on innovative "fixed income plus" products to meet the demands of different risk-averse investors, enhancing the overall investment experience [26][27]. Conclusion - The era of index investment in China is emerging, with significant implications for asset management practices and investor strategies. The current market conditions and the evolution of investment tools are expected to further solidify the role of index products in the asset management ecosystem [28][29].

苏俊杰在2025年资产管理年会发表主旨演讲 他指出，中国指数化投资已经全面迈发展"快车道"，在当下"高质量慢牛"的市场行情中，指数基金因其 稳定的Beta收益、高度透明和低费率等优势，正日益成为机构与个人投资者捕捉行情、提升盈利体验的 重要工具。 21世纪经济报道记者杨娜娜 上海报道 8月16日，由南方财经全媒体集团指导，21世纪经济报道主办、浦发银行联合主办的"2025资产管理年 会"在上海浦东举办。 中国资产管理行业正站在历史性的拐点。2024年底，公募被动基金规模首次超越主动权益基金。今年以 来，伴随市场有效性持续提升与"低波慢牛"格局逐步清晰，一场围绕资产配置逻辑与投资工具选择的深 刻变革正在发生。 在此背景下，本届资管年会以"破局与重构——大资管再造竞争力"为主题，汇聚众多行业高管与专家， 共同探讨新周期下资管行业的未来路径。在"被动投资大发展下的资管新趋势"分论坛上，鹏华基金指数 与量化投资部总经理苏俊杰发表了题为《慢牛行情下，机构指数化投资中的新机遇》的主旨演讲，以其 深厚的实战洞察和详实数据，系统解读了指数投资的崛起逻辑与未来机遇。 苏俊杰在分享中开宗明义地指出，中国资产管理行业正在发生历史性 ...

Core Insights - The recent recovery in the equity market has led to impressive performance of "fixed income +" products, with a median yield of 1.21% for these funds in Q2 2025 [1] - "Fixed income +" funds have shown a significant overweight in the technology sector, exceeding the allocation by 5.7 percentage points, while underweighting consumer and financial stocks [1] - The distribution of convertible bonds indicates a notable overweight in financial convertible bonds, with an allocation exceeding by 10.1 percentage points [1] - Industry experts believe that the value of "fixed income +" funds will become more pronounced in the second half of the year, suggesting investors consider these products based on their risk preferences and the capabilities of fund managers [1] Fund Manager Insights - Wang Shiqian, the manager of "fixed income +" products at Penghua Fund, has a strong track record with multiple five-star rated funds, focusing on enhancing portfolio returns through equity and convertible bond investments [5] - The Penghua Fengli A fund, a low-volatility "fixed income +" product, has a convertible bond allocation of 10-35% and has maintained a maximum drawdown of under 2% since 2022 [5] - Penghua Changxiang A, another low-volatility fund, employs a unique strategy combining bonds and a focus on the Sci-Tech 100 index, with a maximum drawdown of 1.75% since inception [6] - Penghua Shuangzhai Jiali A, a medium-volatility fund, has a stock allocation of 10-20% and a convertible bond allocation of 10-50%, achieving a maximum drawdown of 6.77% during the 2022 bear market [6] - Penghua Convertible Bond A, a high-volatility fund, has a stock allocation of 15-20% and a convertible bond allocation of 80-85%, ranking 3rd out of 22 in net value growth among convertible bond funds over the past seven years [7] Market Outlook - Both Wang Shiqian and Fang Chang have increased their allocation to technology growth sectors this year, maintaining a positive outlook for this area [10] - The Penghua Changxiang fund has a stock allocation of 9.15%, with several technology stocks among its top ten holdings, reflecting Wang Shiqian's long-term optimism for the tech sector [10] - Fang Chang anticipates a favorable investment environment in the stock market due to overall liquidity and a recovering macroeconomic backdrop, with a focus on dividend assets and technology growth opportunities [10]