晨星投资洞察分享会 聚焦全球投资趋势与多元资产配置，通过"数据+工具+研究"三维赋能，分 享市场洞察、研究成果和解决方案，助力金融机构搭建科学投研体系，提升服务效能。 2025年，全球公募市场正经历深刻的结构性调整。根据Morningstar Direct终端数据显示，主动型 开放式基金规模持续收缩，而"ETF化"浪潮已成为核心驱动力，成为机构布局增量的策略出口， 特别是美欧市场，主动ETF已成为发行主力。目前，晨星数据库已完整收录全球超过6300只主动 管理型ETF。 在资金流向层面，2025年大中华区股票资金在第四季度显著恢复，单季流入超330亿美元。面对 日益多元的全球与本土配置需求，机构投资者在筛选标的时，亟需一套能穿透底层持仓、直达策 略核心的研判体系与工具支持。 本期分享会将为您深度复盘2025年全球公募资金流版图，并基于Morningstar Direct终端，展示 如何在增量市场中对海外主动管理型ETF产品进行高效调研。 数据来源：Morningstar Direct Morningstar Webinars 晨星投资洞察分享会: 洞察2025年全球公募版图 破解海外主动 ETF 的"研选"之 ...

Global Fund Trends - In the first half of 2025, there was a significant turnover in the number of actively managed funds, with 3,958 new open-end funds launched, but only a net increase of 278 actively managed open-end funds. Conversely, ETFs saw a strong net growth of 1,051, with 1,264 new ETFs issued [4]. - Over $410 billion in net inflows were directed towards bond funds, which is double the amount flowing into equity funds. Meanwhile, allocation funds experienced a net outflow of approximately $20 billion [7]. Passive Investment Growth - The market share of passive investment products has steadily increased over the past decade, with the total size of global public funds growing by over 130%. As of June 30, 2025, the total management scale of passive products accounted for 43%, up from 23% ten years ago, while active products' share decreased from 77% to 57% [13]. Overseas Fund Allocation to China - There has been a noticeable recovery in the allocation ratio of overseas funds to Chinese stocks, which dropped from a peak of 11.07% in 2020 to a low of 4.79% in 2024. However, this ratio began to rise again in the second half of 2024, reaching 6.26% by the end of March 2025 [19]. - In the overseas Chinese-themed funds, passive products have surpassed active funds in scale, with passive Chinese-themed funds exceeding active funds by approximately $16 billion as of June 30, 2025 [21]. - Despite a period of net inflows from 2020 to 2022, overseas Chinese-themed funds experienced net outflows from 2023 to 2024, with total fund size decreasing from nearly $250 billion in 2021 to $175.2 billion by the end of 2024. In the first half of 2025, these funds saw a net outflow of about $2 billion, although their total size grew to $196.7 billion [23][24].