在指数化投资深入发展的新时代，资管行业正经历结构性的变革。如何在可控风险下实现稳定超额收益， 成为行业高质量发展的核心课题。指数化投资不仅为被动投资者提供了低成本、高透明度的配置渠道，也 为传统主观投资者开启了"系统性、可复制、可验证"的投研新范式。主观判断与量化逻辑的结合、数据驱 动的投资决策，正成为越来越多专业人士的选择。 Wind 始终致力于用科技与数据重构投研流程。基于对指数策略发展趋势的深刻洞察， Wind 重磅推出 2025 ALPHA 进化论 ·Alice AI 指数增强擂台赛 ，依托全球首个自然语言生成指数策略增强平台 —— Wind Alice AI 指数策略平台 ，旨在打造一个人人可参与、高手齐竞技、思想与策略共振的专业舞台。 本次大赛面向 Wind 金融终端全部用户 开放，不设门槛、鼓励探索。你可以用最天马行空的想法、最独特 的策略视角，在这个没有代码壁垒的平台上，尽情展现你的策略创造力与投资洞察力。风起于青萍之末， 浪成于微澜之间。在技术跃迁与理念变革的交汇点上，让我们共同见证，谁将引领 ALPHA 进化新浪潮。 【评选规则】 Alice Al 指 数 增 强 擂 台 正 / 式 / ...

Core Viewpoint - The development of the ETF market in China is driven by the need for diversified new index supply to address homogenization and enhance market quality and expansion [3][6]. Market Expansion and Challenges - The Chinese ETF market is experiencing strong growth, with 1,164 products and a total scale exceeding 4.1 trillion yuan, marking seven consecutive years of rapid increase since 2018 [2]. - Stock, QDII, and commodity ETFs have surpassed actively managed products, with stock ETFs holding over 70% market share [2]. - Bond ETFs have low penetration, indicating significant growth potential [2]. - Broad-based index ETFs dominate the market, with 72% of tracking scale concentrated in the top ten indices, and the CSI 300 index alone accounts for over 35% [2]. - The increasing concentration of indices reflects investor preference for high liquidity, but it also results in low median scale for half of the ETFs, leading to operational cost pressures and potential losses for many fund companies [2]. Addressing Homogenization through New Index Supply - The key challenge for enhancing the ETF market lies in diversifying index supply, as the current market is dominated by a few index providers, leading to severe product homogenization and intense competition [3]. - Many fund companies are operating at a loss due to management fees not covering costs, highlighting the need for new index offerings [3]. - The involvement of market-oriented institutions like Wind in index compilation can enrich ETF product types and alleviate competitive pressure among fund companies, fostering a healthier competitive ecosystem [3]. Market Potential for Hot Indexes - The ability to quickly launch hot indices is crucial, and institutions like Wind can leverage financial technology and data capabilities to capture market trends and policy directions [4]. - Wind's hot indices, such as the Mao Index and Ning Combination, are expected to evolve into ETF products, providing investors with more diversified asset allocation tools [4]. Innovation through AI in Index Development - To achieve diversified index supply, enhancing research efficiency and innovation is essential, aligning with Wind's Wind Alice AI index strategy platform [5]. - This platform democratizes strategy research, allowing users to generate and analyze strategies quickly and efficiently, significantly reducing the time and expertise required [5]. - The introduction of such intelligent tools lowers the barriers and cycles for index development, facilitating differentiated competition and driving the ETF market towards a richer and more mature phase [6].