Liu Bing, executive committee member and business director at China Galaxy
Securities, said index investing may be entering a 'super cycle' — a long-term
trend that is redefining industry fundamentals. He said the second half of the
China ETF market will favor institutions that first build adviser-service
infrastructure, urging a layered ETF service ecosystem that shifts ETFs from
single-product sales to full-lifecycle allocation with buy-side advisers
embedded; overseas experience shows advisers are a major source of incremental
ETF flows, and the rollout of active ETFs should broaden strategies and ease
product homogeneity.
