crashbandicootnsanetrilogyswitch| Strategic combination, the "new battlefield" is here!

　　炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！

　　来源：中国基金报

　　中国基金报记者 方丽 陆慧婧

　　国内ETF市场跨上2万亿元大关，激烈的赛道竞争也从单品时代进入策略组合时代。

　　据中国基金报记者crashbandicootnsanetrilogyswitch了解，有大型基金公司近期正在打造指数研究院，旗下数十名人员专注于给ETF提供各类投研服务。还有基金公司开发了ETF小程序，搭建围绕ETF策略的服务体系，为投资者提供更细致化的投教和服务触达。

　　多位业内人士表示，ETF多样、灵活的工具属性赋予其自身丰富且可拓展的应用场景，随着ETF市场产品数量逐渐提升，基金公司之间的差异化竞争将更多体现在策略服务能力上。“投顾+ETF”的财富模式将成为各家基金公司下一阶段比拼的“主战场”。

　　多家ETF巨头加码策略组合服务

　　2万亿元的ETF赛场上，各大ETF巨头的“发力点”正从单品首发迈向策略组合的多品并进。

　　据中国基金报记者了解，近期，一家头部大型基金公司正在打造指数研究院，公司旗（金麒麟分析师）下数十名人员组成的团队专注于围绕ETF提供各类投研服务。除了对内的研究服务之外，还会给客户定制基于ETF组合的策略方案。“这一举动的目的就是把ETF当成服务载体，从这一载体衍生出各种商业模式，从而创造价值。”一位业内人士表示。

　　富国基金量化投资部ETF投资总监王乐（金麒麟分析师）乐也透露，富国基金致力于搭建围绕策略的服务体系，开发了风格轮动、行业轮动、网格交易等量化模型，来提升ETF的投资胜率，并推出了“E起富”微信小程序、富国ETF投资决策系统网站等工具，旨在为终端客户提供更好的投资体验。

　　华宝基金相关人士也表示，华宝基金通过自研的“ETF全知道”微信小程序，对投资者进行了更细致化的投教和服务触达，该小程序围绕指数和ETF投资，设置了赛道掘金、投资干货、视频直播等精品栏目，日常以持续高频的专精行情资讯陪伴、服务用户。

　　此外，“ETF全知道”投教账号已覆盖微信公众号/视频号、微信小程序、同花顺、腾讯自选股、雪球、券商APP、抖音等，运用AIGC、虚拟数字人等前沿技术，以图片、文章、视频、直播等为媒介，全平台、全天候向用户提供ETF相关的专精资讯、数据分析、热点解读、视频直播等服务。

　　“通过交易策略、资产配置，做好ETF持续营销和客户陪伴是大势所趋，是财富管理发展到一定阶段的必然选择。”博时基金券商业务部负责人王鹤锟认为。

　　积极布局投顾相关团队

　　为了更好地提供ETF策略服务，多家基金公司也在加大相关人员配置，探索最新布局方向。

　　王乐乐以AI领域举例，“富国基金最近几年正积极布局相应团队，在量化增强上也获得了比较好的效果，这些能力业务为富国在AI模型及ETF应用奠定了基础，推出基于AI模型的宽基与行业轮动等。”

　　王鹤锟也提及，过往两年，在买方投顾工具化配置“1crashbandicootnsanetrilogyswitch.0”阶段，博时基金注重“产品”和“队伍”的基础建设。产品方面“优首发，重持营”；队伍方面，一方面，在公司内部，常态化开展全员资产配置大赛、资产配置培训赋能等工作；另一方面，在渠道服务上，通过“博罗蜜”、“指慧家”小程序等线上平台打造，分别对财富管理机构投资顾问、ETF投资者提供持续迭代的交易策略、资产配置陪伴工具。

　　他还透露，未来两年进入“买方投顾工具化配置2.0”阶段，博时基金将与渠道投顾一起，从ETF终端投资人“账户”角度，升级ETF陪伴体系，提升买方投顾交易策略、资产配置执行的效率和精准度，推动投资人体验的持续优化。

　　不过也有基金公司人士坦言，目前公司在ETF策略服务上仍处于探索阶段。“指数投研和运营团队前期已经做了一些针对特定客户需求的策略服务，并定期向内部营销提供相关的配置策略建议。不过由于人力配置较为有限，且对策略开发模型技术有较高要求，短期内暂时还不会公开提供这项服务，待成熟后考虑布局。”

　　从单品时代进入策略组合时代

　　可以说，ETF正从单品时代进入策略组合时代。

　　“ETF从单品时代进入策略组合时代，意味着券商财富管理迈入高质量发展的新阶段。随着居民财富管理理念和投资习惯日益成熟，以及财富管理机构投顾专业水平和业务模式不断升级，ETF在交易策略、配置组合中的工具属性优势会越来越突出。”王鹤锟表示。

　　华宝基金指数投资总监胡洁也认为，从单品时代进入到策略组合时代，这一转变是发展的必然。

　　胡洁更细致分析指出，随着资本市场的发展，单一的投资策略已经无法满足投资者日益增长的需求。因此，ETF产品开始从传统的单一指数追踪策略向多因子复合策略演变。这种多元化的策略能够为投资者提供更精准的市场覆盖和风险收益匹配。同时，由于ETF市场同质化现象严重，基金管理人和财富管理机构需要通过构建适合投资者的策略组合来获得市场竞争优势。这意味着，未来的ETF产品将更加注重策略的创新和差异化，以吸引不同风险偏好的投资者。

For the current ETF homogenization problem, Yingmi fund researcher Li Zhaoting also said that ETF single product homogenization and repetition is high, it is difficult for investors to determine which passive index fund performance is better through surface research, such as the domestic S & P 500 passive index fund number has reached 8, Nasdaq 100 passive index fund number a total of 19. Fund managers and wealth management institutions need to innovate the product form and create a strategic combination suitable for investors.

"Investment + ETF" has become a new battlefield.

Many people in the industry believe that the "investment plus ETF" ecological model will become a new direction of development and a new battlefield in the next stage.

Wang Lele said that in the context of the transformation of wealth management, improving the holding experience of investors' ETF is one of the urgent problems to be solved. With reference to overseas experience, professional investment is to improve the success rate of investment from the "investment" side, and to improve the holding experience of investors from the "care" side. Therefore, with the help of professional team, the development of ETF investment business is the key. The direction that fund companies need to continue to make efforts is how to join hands to invest, assist and empower them to do a good job of investor service together.

Wang Hekun also analyzes the two major advantages of the "ETF+ investment" model: first, it has more trading advantages than the traditional "over-the-counter fund + investment" model; second, it has more allocation advantages compared with the traditional "stock + investment" model. "ETF+ investment" has obvious advantages of transparency, standardization, standardization and large-scale capital accommodation, which is more conducive to the introduction of long and stable money into the capital market.

However, there are also many difficulties in "invest + ETF". Zeng Hengwei, wealth management partner of Paiping.com, pointed out that first of all, investor education still needs to be strengthened to improve their understanding and acceptance of ETF portfolio strategies; second, how to realize the personalization of services to meet the unique needs of different investors is also a problem that we need to think about. Technical support and regulatory compliance are also important factors to promote the healthy development of the model.

However, despite the challenges, Tsang Hengwei believes that with the continuous maturity of the market and the continuous progress of technology, the ecological model of "Investment + ETF" will show broad prospects for development and provide investors with more high-quality and efficient investment services.