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In fact, judging from the experience of mature overseas markets, the decline or even loss of excess returns of actively managed funds may be a phenomenon of the capital market maturing. In the past, due to the relatively young Chinese capital market, the market pricing efficiency was not high, and public funds had advantages in fundamental research and were easy to discover mispriced investment opportunities. However, as the A-share market has been rectified, and with the increasing diversification of investor entities and tools, the participation of foreign capital, quantitative factors, and long-short strategies has greatly improved the pricing efficiency of assets, and the difficulty for actively managed fund managers to obtain alpha has increased significantly.

The explosive growth of ETFs will also affect the investment ecology of the A-share market. From the current development status of the public offering industry, although the total scale has exceeded 30 trillion yuan, the total scale of equity funds is only more than 6 trillion yuan, and some of them are invested in the Hong Kong stock market. At present, the scale of A-share equity ETFs has exceeded 2 trillion yuan, accounting for one-third of the scale of public equity assets. If public funds are an important force in stabilizing the A-share market, then the importance of these ETFs is self-evident. (Shanghai Securities News)