According to the Haitong Securities Research Report, the trend of passive investment in A-shares often stems from the ETF “the more it falls, the more you buy” logic. The recent contrarian expansion of A500 ETFs supports the further development of passive investment. Institutions such as central remittance and insurance capital are the main drivers of ETF expansion this year, and institutionalization in 2025 may still be the main source of ETF growth. Over time, the pricing power for A-share passive funds continues to rise, making it more difficult for active funds to obtain excess amounts, but there are still ways to invest in some styles.