On December 17, SWHY held the 2025 Capital Markets Investment Conference in Shenzhen. SWHY's Chief Analyst of A-share strategy, Fu Jingtao, stated that in 2025, core Assets may experience a turning point in adversity, potentially marking a year of extreme transformation for active management. The excess returns of active management are directly linked to the trends in the industry. The establishment of new economic opportunities is typically driven by proactive exploration followed by passive coverage, and active management always has vitality. The long-term foundation for the development of passive products relies on improvements in corporate governance and Shareholder returns, while in the past two years, the explosive growth of passive product scales has relied more on strong trends in value and growth phases. (China Securities Golden Bull)