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 adviser

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.