理财公司被动投资:做供应商还是采购方?  

Potential Strategies for Wealth Management Companies in the Development of Passive Investing

作　　者：金玥 樊睿 JIN Yue;FAN Rui(Yinhua Fund Management Co.,Ltd;Beijing Branch of Huaxia Bank Co.,Ltd)

机构地区：[1]银华基金管理股份有限公司产品开发与管理部 [2]华夏银行股份有限公司北京分行金融市场部

出　　处：《金融市场研究》2025年第3期97-105,共9页Financial Market Research

摘　　要：随着被动投资理念逐渐被市场认同并广泛接受,海外及国内ETF市场正在蓬勃发展。理财公司的管理规模近30万亿元,是资管行业第二大机构,但被动投资规模几乎为零,发展被动投资是未来发展的重要方向。从海外市场及我国公募行业发展经验来看,理财公司结合自身资源禀赋有两条发展被动投资的路径,一是作为供应商直接提供被动产品工具,但面临竞争激烈、负债端掣肘、需考虑投入产出比等问题;二是作为采购方将指数产品作为财富管理解决方案的底层工具,可考虑结合产品机制设计优化持有体验、将成熟指数投资策略产品化、构建股债多元配置产品线等举措。The concept of passive investment has become increasingly accepted by the market,and overseas and domestic ETF products have thrived as a result.Wealth management companies,with some 30 trillion yuan under management,are now the second largest type of institution in the domestic asset management industry,but have almost no presence in the passive investment sphere.Drawing from the experience of overseas markets and the development of China's public fund industry,there are two paths forward for wealth management companies in the passive investment area.The first is to act as suppliers directly providing passive product tools,though this faces challenges such as potentially fierce competition,constraints on the liability side,and the need to carefully weigh the costs and benefits.The second is to act as purchasers using index products as the underlying tools for wealth management solutions.This will require attention to product mechanism design,the need for mature index investment and advisory strategies,as well as the construction of a diversified asset allocation product line in an era of low interest rates.

关 键 词：被动投资 理财公司 ETF 供应商 解决方案 

分 类 号：F832.39[经济管理—金融学] F274