1. The fund industry in China developed in 14, and the fund market share showed a stepwise growth trend: the first stage was 1998 to 2000. Because the market variety is limited to closed-end funds, the fund scale is very small, and the fund shares in three years are 10 billion, 50 billion and 6 10 billion respectively. The third stage was in 2002-2003, and the fund scale grew rapidly, and the expansion scale reached its peak in 2003. Its market size of 654.38+063.3 billion has more than doubled compared with 2002. From 2004 to 20051October 20th, the scale of fund issuance fluctuated and developed due to market adjustment and other factors. There are 54 closed-end funds and 159 open-end funds in China fund market, with a fund share of 320 billion. From 2005 to 2007, the net value of the fund soared to 3.2 trillion. Since 2007, due to the stock market downturn, the net value of the fund has dropped to about 2 trillion.

2.2065438+The quarterly report ending on April 23rd, 2003 shows that by the end of March 20 13, at least six Public Offering of Fund companies held stock index futures contracts at the end of the period, among which only Cathay Pacific Capital-Guaranteed Hybrid Fund held 207 IF 1304 contracts, with a market value exceeding1550,000 yuan, which hedged their closing stocks.

This means that domestic funds began to bid farewell to the historical pattern of tinkering around the edges in the field of stock index futures, and gradually merged with the strategy of "multi-holding+dynamic stock index futures hedging" adopted by large overseas asset management companies. Following the diversification and instrumental innovation of wealth management products in recent years, the innovation and grafting hedging strategy of active equity funds may explore a new investment path with absolute returns.