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论文编号：	14941
作者编号：	2320224075
上传时间：	2024/12/6 17:08:54
中文题目：	TH公司指数型基金产品运营优化研究
英文题目：	Research on the Product Operation Optimization of Index Funds of TH Company
指导老师：	安利平
中文关键字：	指数型基金; 产品运营; 跟踪误差; 超额收益; 持有人结构
英文关键字：	index fund; product operation; tracking error; excess return; holder structure
中文摘要：	公募基金经历25年以上的发展后，已成为资产管理行业管理规模最大的产品类型，A股市场近三年受多重超预期因素影响，主动权益基金发展受限，但指数型基金业务逆市大发展，并迅速成为包含TH公司在内的各大头部基金公司的重要业务板块和战略方向。TH公司的指数型基金虽然于2015年已经布局，但在如今指数型基金同质化严重的背景下，TH公司的指数基金从规模、业绩、持有人体验上并没有展现出差异化的竞争力。 本研究以TH公司指数型基金产品运营优化为主题，分析了TH公司指数型基金产品运营过程中存在的问题，包括持有人结构单一、超额收益水平不高、跟踪误差不稳定、产品运营效率低、风险和成本高、申赎效率不够极致、产品创新机制不畅、对机构投资者吸引力不强等问题。基于这些问题，本研究围绕改善TH公司指数型基金规模、业绩、持有人体验三方面的目标，从产品运营的角度提出了一系列针对性的优化措施，如产品线布局优化、产品发行效率提升、投研与销售联动优化、主动型指数基金超额收益提升、被动型指数基金跟踪误差优化、运营风险效率成本优化、投资者申赎效率提升、回撤控制、费率优化、持有人结构优化、监管及市场服务机构协作优化、客户关系管理与销售支持优化等。并给出了优化方案实施的总体目标质量要求、时间进度要求及风险防控要求，明确优化方案中的重点任务，并从公司战略连续性、财务及人力资源、技术稳定性三方面阐明具体的保障措施。 基于本研究结果，为TH公司提供了一条通过卓越的指数基金产品运营，提升其指数基金规模位次、业绩水平以及投资者体验的路径，最终在激烈的市场竞争中构建差异化的竞争优势，成为受人尊敬的综合性头部基金公司。
英文摘要：	After more than 25 years of development, mutual funds have become the largest product type under management in the asset management industry. In the A-share market, the development of active equity funds has been limited in the past three years due to multiple unexpected factors, but the index funds have developed greatly against the market trend, and also have quickly become an important business segment and strategic direction of top-tier fund companies including TH company. Although TH Company had already laid out index funds as early as 2015, under the background of severe homogeneous competition of index funds, TH Company's index funds do not demonstrate differentiated competitiveness in terms of scale, performance, and holder experience. This thesis takes TH Company's index fund product operation optimization as the theme, analyzes the problems existing in the operation process of TH Company's index fund product, including single holder structure, low excess return level, unstable tracking error, low product operation efficiency, high risk and cost, not extreme enough purchase and redemption efficiency, unsmooth product innovation mechanism, unattractive to institutional investors, and so on. Based on these issues, this thesis proposes a series of targeted optimization measures from the perspective of product operation, aiming at improving the scale, performance and holder experience of TH Company's index funds, such as product lines layout optimization, product issuance efficiency improvement, investment research and sales linkage optimization, active index fund excess returns enhancement, passive index fund tracking error optimization, operational risk, efficiency and cost optimization, investor purchase and redemption efficiency improvement, drawdown control, fee rate optimization, holder structure optimization, supervision and market service agency collaboration optimization, customer relationship management and sales support optimization, etc. This thesis also gives the overall target quality requirements, time schedule requirements and risk prevention and control requirements of the implementation of the optimization plan, clarifies the key tasks in the optimization plan, and explains the specific ensurements from the perspectives of TH Company's strategic continuity, financial and human resources, and technical stability. Based on the results of this thesis, a path was pointed out for TH Company to improve its index funds scale ranking, performance level and investor experience through excellent index fund product operations, and ultimately build differentiated competitive advantages in the fierce market competition and become a respected comprehensive leading fund company.
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