导语 图表2：2025年成立浮动费率基金IPO募集规模的市场份额分布 回溯2023年，在此之前，公募基金行业长期实行固定管理费+托管费模式，即便权益产品大跌 的阶段，多数产品仍按固定费率收取管理费，基金公司赚钱但基金不赚钱的矛盾愈发突出。 正是在这一背景下，2023年8只费率挂钩业绩的浮动费率基金集中获批。但受限于探索阶段， 这批产品的机制设计仍显粗放：例如，浮动机制在业绩比较基准的考量层面尚显欠缺，仅在费 率上浮的情形中把基准作为依据，而费率下调的情形中未纳入基准作为考量，削弱了业绩基准 对管理人的约束性；运作模式上，8只产品均采用三年封闭期的模式，带来流动性痛点，投资 者可能遇到急需用钱但无法退出的窘迫情况。 进入2025 年，随着《推动公募基金高质量发展行动方案》正式落地，浮动费率基金的探索迎 来突破。 这份方案不仅明确要求头部公募基金公司2025年新发主动权益基金中，60%以上需 采用浮动费率模式，更对费率挂钩维度、业绩基准选择等核心细节做出指引，推动产品从行业 自发探索转向政策引导下的标准化设计。 截至当前，30只今年已经成立的浮动费率基金的募 集规模达到330亿元，这一数字在主动偏股基金的整体募集 ...

近日，全球独立投资研究机构晨星公司（NASDAQ：MORN）宣布，已与芝加哥大学达成协 议，将收购旗下证券价格研究中心（Center for Research in Security Prices，简称"CRSP"）。 此次收购将进一步拓展晨星的指数业务能力，强化其在全球指数提供商中的领先地位。 此次收购将CRSP的指数体系与晨星的全球化业务范围相结合，旨在为全球投资者提供更广 泛 、 更 精 准 的 指 数 选 择 。 交 易 完 成 后 ， CRSP 团 队 将 正 式 并 入 晨 星 指 数 （ Morningstar Indexes）部门，其专业知识和创新方法将进一步丰富晨星的指数产品与服务。 根据Burton- Taylor国际咨询公司数据，晨星指数业务在过去五年中已成为全球增长最快的指数提供商之 02 深化全球布局，赋能投资者成功 一。 晨星全球CEO Kunal Kapoor表示， "将CRSP备受信赖的数据验证流程和稳健的指数构建方法 论纳入晨星的体系，这与我们始终致力于为投资者提供高质量、数据驱动的工具，赋能他们做 出更明智的投资决策的使命高度契合。此次收购不仅将拓展我们的指数业务能力，也将 ...

Core Viewpoint - The article highlights the performance and investment strategy of the FuGuo XinTianFeng Bond Fund, managed by Wu Lei, emphasizing its focus on high-quality credit bonds and flexible investment in convertible bonds to enhance returns while maintaining a stable investment style [2][3][16]. Fund Overview - Fund Code: 161019 - Fund Type: Ordinary Bond - Benchmark Index: China Ordinary Bond - Establishment Date: May 7, 2012 - Fund Size: 12.69 billion yuan as of June 30, 2025 - Annual Comprehensive Fee Rate: 0.88%, lower than the average of 0.92% for similar funds [2][23]. Performance Metrics - The fund achieved an annualized return of 5.09% under Wu Lei's management, ranking in the 10th percentile among ordinary bond funds [2][16]. - The fund's volatility is slightly higher than the average of similar funds, but it has a strong risk-adjusted return, with a Sharpe ratio in the top 10% of its category [16]. Investment Strategy - The fund primarily invests in medium to high-grade credit bonds to secure basic coupon income, while actively capturing interest rate fluctuations and flexibly investing in convertible bonds to enhance returns [3][11]. - The allocation to interest rate bonds is maintained between 0-30%, with a duration range of 1.5-4.5 years, allowing for flexible adjustments based on market conditions [2][11]. - The fund's investment process has been tested through complete market cycles, focusing on credit risk prevention and diversified investments [3][11]. Fund Management - Wu Lei, the fund manager, has 14 years of bond investment research experience and 8 years in public fund management, having joined FuGuo Fund in December 2016 [5]. - Under his leadership, the fund has maintained a stable investment process, with a focus on risk control and diversified strategies to enhance returns [11][16]. Asset Allocation - As of June 30, 2025, the fund's asset allocation includes 103.60% in bonds, with a negligible cash position of 0.50% [13]. - The fund's bond holdings are diversified, with a focus on high-quality, liquid credit bonds, and a maximum exposure to AAA-rated bonds typically kept below 20% [11][12]. Key Holdings - The top bond holdings include: - 23国开02: 5.61% - 25农行永续债01BC: 5.53% - 24光大银行债01: 4.82% - 兴业转债: 4.42% [15]. Risk Management - The fund has demonstrated strong performance in controlling drawdowns, with a maximum annual drawdown of only 1.69% [15]. - The fund's institutional ownership is high, exceeding 90%, which poses a risk of large redemptions due to the homogeneity of institutional behavior [15][16].

晨星香港互认基金月报 基于晨星独家数据库，聚焦北上互认基金的月度资金流向、资产规模变化及管理 人市场份额动态，旨在为专业投资者提供及时、客观的数据参考与市场洞察。 2025年8月，香港互认基金资金流向呈现分化态势，净流入与净流出产品数量基本持平。自 年初放宽互认基金客地销售比例上限后，香港互认基金在内地的销售额快速增加。国家外汇 管理局数据显示， 2025年3月，香港互认基金内地发行销售累计净汇出金额突破1500亿元 人民币，创下历史新高 ， 随后数月却连续回落。这一变化显示，随着国内 A 股市场的强劲 复苏，内地投资者对海外投资的热情有所降低。 具体到基金产品， 摩根亚洲总收益 债券基金 8月吸金9.75亿元，月净流入规模居首位，年 初至今净流入排名也稳居前三。该基金采用无基准的 "最佳投资机会" 总回报策略，借助亚 洲信用债、本币债券及可转债投资等多种驱动因素获取收益。 截至2025年8月，其今年的表 现显著优于国内纯债基金的平均水平 。 摩根亚洲股息基金 延续 了7 月的资金净流入态势， 8月成为第三受欢迎的香港互认产品。该基金注重平衡资本增值与收益，长期目标是实现超 越业绩比较基准（MSCI 亚太除日 ...

晨星中国业务团队招聘： 产品经理、 产品运营经理、 大区销售总监 产品经理 - 中国业务团队 岗位描述 " 为加速推进中国市场业务，产品团队现诚聘一名专注于买方投顾解决方案的产品经理。在此岗位上， 你需快速吸收晨星在投资顾问领域的全球专业积淀，同时密切关注国内外行业前沿动态。基于这些经 验与积累，你需结合中国市场的发展阶段与用户需求偏好，对解决方案进行本土化并持续完善。通过 开展用户调研、组织业务培训及深度分析反馈，提出针对性的产品优化方案，以驱动用户增长并最大 化其商业价值。此外，你将参与产品战略的制定，需求定义与功能规划，并推动解决方案的最终落地 执行。工作地点为深圳办公室。 核心职责 深入研究国内外投资顾问行业趋势与最佳实践，保持敏锐洞察，为产品战略提供依据，并持续优 化晨星中国的投顾解决方案。 任职要求 扫码一键投递 工作地点：广东深圳 产品运营经理 - 基金投顾 挖掘产品创新及功能优化机会，结合用户需求、产品定位与应用场景设计产品解决方案，撰写需 求文档，并协同设计师开展用户界面（UI）开发工作。 与开发团队、产品测试团队及数据团队紧密协作，就产品需求达成共识，并保障产品开发进度与 交付质量。 制定 ...

引言 晨星基金研究秉持独立性与投资者利益优先的原则，通过对基金投研团队、投资流程等 的分析来确定对基金的信心。我们的研究方法注重可持续性并以长期投资为导向，助力 投资者在基金选择中做出更加明智的投资决策。 本篇文章介绍晨星基金研究团队认为 FOF资产类别中值得关注的四只基金产品，期望能为投资者在决策中提供参考。 通常来说，FOF以追求基金资产的长期稳健增值为目标，通过大类资产配置和优选基金 两个层面，在分散组合风险的同时创造收益。目前FOF根据投资策略的不同，可细分为 目标日期基金和目标风险基金两大类。目标日期基金根据投资者的目标退休日期来规划 基金的资产配置，并且随时间推移不断调整资产配置比例以匹配投资者在不同年龄段的 风险承受能力，定位于"一站式"养老投资产品。目标风险基金是在成立时预设风险水 平，并通过调整权益和固收等资产的配置比例来维持组合风险水平恒定的基金。目标风 险基金由投资者自主选择和调整自身投资组合的风险水平，定位于"工具型"养老投资产 品。 01 招商和悦稳健养老目标一年持有期混合（FOF） 产品速览 该基金是晨星基金分类下的保守混合型基金，属于目标风险中的稳健型产品，其业绩基准为沪 深30 ...

Core Viewpoint - Morningstar, Inc. is expanding its operations in China, specifically seeking a Regional Sales Director for East China to enhance client relationships and drive sales growth [3][4]. Group 1: Job Responsibilities - The role focuses on developing new clients and deepening cooperation with existing clients to achieve sales targets [3]. - Collaboration with product, development, and sales support teams is essential to provide suitable solutions for clients [3]. - Active participation in financial activities such as forums, seminars, and exhibitions is required to identify and explore potential clients [3]. - Accurate and timely reporting using the internal Salesforce system is necessary for managing new and renewal business contracts [3]. Group 2: Company Overview - Morningstar, Inc. and its subsidiaries provide data and research reports on various investment products, including managed investment products, public companies, and private capital markets [4]. - As of December 31, 2024, Morningstar manages and advises on assets totaling approximately $338 billion [4]. - The company operates in 33 global markets, offering investment management and advisory services [4][8]. Group 3: Candidate Requirements - Candidates should have at least 3 years of institutional sales experience or related marketing experience, preferably in the financial services sector [8]. - Experience in supporting or selling financial data and advisory solutions is preferred [8]. - Strong communication skills in both Chinese and English, along with a relevant educational background in finance, are required [8].

Core Viewpoints - The article discusses the performance differences between active and passive industry funds, highlighting that while industry funds generally exhibit high volatility, the ability of active funds to achieve excess returns varies significantly across different sectors [2][3]. Industry Funds - Within the three industry fund categories examined, passive funds often show considerable differences and may not accurately represent the overall exposure characteristics of the industry. This is compounded by significant asset concentration in some passive funds and the varying performance of sub-sectors in different years, leading to notable fluctuations in the annual victory rates of active industry funds [6]. - In 2024, active consumer industry funds outperformed larger passive funds tracking the CSI White Wine Index, with a victory rate increasing from 48.1% in 2023 to 69.9% by the end of 2024. Conversely, the victory rate for active pharmaceutical industry funds decreased from 74.4% in 2023 to 58.9% in 2024, with active consumer funds taking the lead [3][7]. - The technology, media, and telecommunications sector saw active funds' performance decline, with a victory rate dropping from 45.5% in 2023 to 19.8% in 2024, largely due to poor decision-making in sector allocation and stock selection by many active fund managers [3][9]. Consumer Industry Funds - In 2024, active consumer industry funds achieved a significant turnaround, with notable performance in home appliances, automobiles, and retail sectors benefiting from consumer subsidy policies, resulting in index increases of 25.4%, 16.3%, and 13.7%, respectively. The performance of passive funds was adversely affected by the poor showing of those tracking the CSI White Wine Index, which had a return of -17.1% [7][8]. - The overall asset-weighted average return of passive funds in the consumer sector was -7.4%, contrasting sharply with an equal-weighted average return of +4.2%, indicating that the performance of a few large passive funds significantly impacted the overall results [7]. Pharmaceutical Industry Funds - Despite a decline in the one-year victory rate for active pharmaceutical funds, they maintained the highest three-year and five-year victory rates among the examined categories. The active funds' strategies of overweighting resilient sectors like chemical pharmaceuticals and traditional Chinese medicine helped mitigate losses from underperforming areas [8][9]. - The passive funds in this category are primarily large-scale funds tracking broad indices, which allows them to better represent the overall exposure of the pharmaceutical industry [9][10]. Technology, Media, and Telecommunications Industry Funds - The one-year victory rate for active funds in this sector fell to 19.8%, with many active managers making poor allocation and selection decisions. In contrast, larger passive funds focusing on specific themes like the Sci-Tech Board and semiconductors performed well due to strong market performance in those areas [9][10]. - Over the long term, active funds in the pharmaceutical and technology sectors have shown a tendency to achieve significant positive excess returns, indicating a higher likelihood of selecting outperforming active funds in these industries [10]. Fee Reform and Future Implications - The China Securities Regulatory Commission has been progressively implementing fee reforms since July 2023, which have led to a significant decline in overall fee levels in the public fund industry. This trend may affect the comparative results between active and passive funds in the future [10][11]. - The "High-Quality Development Action Plan" released in May 2025 aims to shift fund companies' focus from "scale" to "investor returns," which may influence fund managers' investment strategies and the potential for active funds to achieve excess returns [11].

Core Viewpoint - The domestic macroeconomic environment showed signs of marginal improvement in August, with a slight recovery in manufacturing PMI and a strong performance in the stock market, while the bond market faced pressure due to the strong stock performance and changes in interest rates [3][4][5]. Economic Indicators - In August, the manufacturing PMI recorded at 49.4%, a slight increase of 0.1% from July's 49.3%, indicating improved manufacturing sentiment [3]. - The CPI remained flat year-on-year, while the PPI decreased by 3.6%, reflecting a balance between the price changes of production and living materials [3]. Stock Market Performance - The stock market performed strongly in August, with the Shanghai Composite Index breaking through 3700 and 3800 points, reaching a ten-year high [4]. - Major indices saw significant gains, with the Shanghai Composite Index and Shenzhen Component Index rising by 7.97% and 15.32%, respectively [4]. - Among 31 Shenwan industry sectors, 30 experienced gains, with notable increases in the communication, electronics, and non-ferrous metals sectors, all exceeding 18% [4]. Bond Market Dynamics - The bond market faced pressure as the stock market thrived, with the central bank implementing a 700 billion yuan reverse repurchase operation to maintain liquidity [5]. - The yield on medium to long-term government bonds increased, with the 5-year and 10-year yields rising by 6 basis points and 13 basis points to 1.63% and 1.84%, respectively [5]. - The overall return of the bond market, as reflected by the China Bond Index, fell by 0.61% in August [5]. Global Economic Context - The US Markit Composite PMI rose to 55.4% in August, while the Eurozone's manufacturing PMI increased to 50.7%, indicating positive economic performance abroad [6]. - Global stock indices showed mixed results, with the S&P 500 and Nikkei 225 rising by 1.91% and 4.01%, respectively [6]. Fund Performance - The Morningstar China Open-End Fund Index recorded a 7.94% increase in August, driven by strong A-share performance [14]. - Growth-style funds outperformed value and balanced funds, with large-cap growth equity funds achieving average returns of 17.31% [18]. - Fixed-income funds exhibited mixed results, with convertible bond funds leading with a 5.97% increase, while credit bond funds showed declines [19].

Core Viewpoint - The article highlights the performance and strategies of the Guangfa Pure Bond Fund, managed by Song Qianqian, emphasizing its focus on high-grade credit bonds and flexible trading strategies to enhance returns while maintaining a robust risk management framework [2][3][14]. Fund Overview - Fund Type: Credit Bond - Fund Size: 28.392 billion yuan as of June 30, 2025 [2]. - Fund Manager: Song Qianqian, who has 14 years of experience in bond trading and 9 years in investment management [3]. Investment Strategy - The fund primarily invests in high-grade credit bonds, utilizing flexible credit spread and interest rate spread trading strategies to enhance returns [2][7]. - The portfolio maintains a duration of 3 years or less, focusing on stable coupon income [7]. - Credit trading positions typically range from 10% to 30%, while interest rate trading positions are between 0% and 20% [7]. Performance Metrics - As of July 31, 2025, the fund achieved an annualized return of 4.16%, ranking in the 5th percentile among credit bond funds [2][14]. - The fund's volatility, measured by standard deviation, is higher than the peer average, but its risk-adjusted returns, measured by Sharpe ratio, are significantly better than the average [14]. Fee Structure - The fund's annual comprehensive fee rate is 0.66%, lower than the peer average of 0.93% [18]. Team and Research Support - The fixed income research team consists of nearly 20 members, focusing on macro strategy, credit rating, and equity research [4]. - The fund benefits from a large bond trading team, ensuring efficient execution of trades [14]. Risk Management - The fund manager sets a drawdown control target of within 2%, successfully maintaining this target during the management period [14]. - The fund's strategy has historically outperformed in volatile credit spread and interest rate environments, although it may lag in stable conditions [14].