Core Viewpoint - The fund, Dongfanghong Huili Bond Fund, aims to provide stable long-term returns through a diversified investment strategy that combines pure bonds with flexible allocations in convertible bonds and stocks, managed by experienced fund manager Kong Lingchao [2][4][10]. Fund Overview - Fund Code: 002651 - Fund Type: Active Bond - Benchmark Index: China Active Bond Benchmark Index [1] Fund Performance - As of June 30, 2025, the fund achieved an annualized return of 4.42% during Kong Lingchao's management, ranking in the top 27% among similar active bond funds [2][10]. - The fund's annual comprehensive fee rate is 1.27%, lower than the average of 1.35% for similar funds [23]. Investment Strategy - The fund employs a diversified asset allocation strategy, primarily focusing on pure bonds while also incorporating convertible bonds and stocks to enhance returns [8][10]. - The stock investment approach involves selecting undervalued stocks with competitive advantages, determining industry allocation ratios based on macroeconomic trends [8][9]. - Convertible bonds are added when valuations are low, with a preference for debt-oriented and balanced types [9][10]. Risk Management - The fund's diversified strategy has shown resilience during market volatility, outperforming peers in risk-adjusted returns [3][10]. - The fund maintains a conservative duration strategy, resulting in lower performance volatility compared to similar funds [10][11]. Fund Manager Profile - Kong Lingchao has over 13 years of experience in the securities industry and has managed the fund since August 2016, overseeing approximately 144 billion yuan in assets across multiple similar funds [4][10]. Asset Allocation - The fund's asset allocation typically centers around 15% in equity assets, with dynamic adjustments based on macroeconomic forecasts [8][10]. - The credit bond allocation generally ranges from 40% to 95%, focusing on high-grade bonds with a low exposure to lower-rated credits [9][10]. Performance Metrics - The fund's standard deviation is 3.84%, outperforming 54% of peers, with a maximum drawdown of -4.03%, better than 80% of similar funds [19]. - The fund's Sharpe ratio stands at 0.46, outperforming 74% of peers, indicating strong risk-adjusted performance [20].

Core Viewpoint - The article emphasizes the importance of goal-based financial planning and asset allocation as a mainstream model in wealth management, highlighting the role of investment advisors in helping clients achieve their financial objectives through structured strategies and dynamic monitoring [1][4][5]. Group 1: Evolution of Investment Advisory - The investment advisory business has evolved over five years from pilot exploration to model upgrading, with significant changes in how financial products are strategized and utilized by various financial institutions [2][3]. - The introduction of regulatory frameworks, such as the draft management regulations for investment advisory services, marks a transition from exploratory practices to standardized operations, defining key characteristics of investment advisory services [3]. Group 2: Goal-Based Financial Planning - The goal-based financial planning model has gained traction in the past two decades, allowing for the breakdown of vague financial aspirations into actionable life goals, which are then matched with appropriate asset allocation strategies [4][5]. - This model has a profound impact on the wealth management industry by shifting the focus from seeking excess returns to helping clients achieve their financial life goals, thus enhancing the value proposition of investment advisory services [5]. Group 3: Local Practices in Financial Planning - Investment advisors are encouraged to help clients prioritize their life goals and create personalized asset allocation plans based on risk tolerance, expected returns, and investment timelines [8]. - A multi-tiered account management system supports the investment advisory service model, allowing for the isolation and dynamic adjustment of funds to meet various client goals [8]. Group 4: Key Insights for Investment Advisory - Four key insights have emerged from the past five years of investment advisory practice: 1. Establishing a systematic understanding of clients and their goals through robust data platforms [9]. 2. Reconstructing business processes and service systems from a buyer's perspective to enhance client service [9]. 3. Promoting agile collaboration among organizational structures, talent, values, and assessment systems to center around client returns [9]. 4. Focusing on the development and upgrade of technological systems to enhance service capabilities through data and AI [9].

Core Viewpoint - The article discusses the significant growth of ETF funds in China, highlighting a historical turning point where passive equity fund sizes are set to surpass active equity funds by the end of 2024, driven by various market dynamics and investor preferences [2][5]. Group 1: Market Trends - By the end of 2024, the size of passive equity funds in China is projected to reach 3.61 trillion yuan, surpassing active equity funds at 3.46 trillion yuan, marking a significant shift in the investment landscape [2]. - The share of passive ETFs within passive equity funds has dramatically increased from 38% in 2015 to 90% in 2024, while passive open-end funds have decreased from 62% to 10% [5]. - The U.S. market has seen a similar trend, with passive funds surpassing active funds in total assets by the end of 2023, indicating a fundamental change in market structure [5]. Group 2: Fee Structure - The rapid development of domestic ETFs over the past seven years has led to a competitive environment where fund companies have reduced fees to differentiate their products [8]. - The net operating fee rate for domestic ETFs has remained stable from 2018 to 2023, with a notable decline in 2024, influenced by regulatory reforms and competitive pressures [9][10]. - Major ETFs have collectively reduced management and custody fees from 0.5% and 0.1% to 0.15% and 0.05%, contributing to the overall decrease in industry fee levels [10]. Group 3: Value Creation - The article emphasizes the importance of actual value creation in ETFs, with a focus on funds that have significantly increased their asset sizes after accounting for inflows and outflows [20]. - The top 10 value-creating ETFs in China are primarily large-scale funds tracking broad market indices, reflecting a prevailing investment strategy focused on low-cost, diversified exposure [20]. - Similar trends are observed in the U.S. market, where low-cost passive funds tracking major indices dominate the value creation rankings [24]. Group 4: Investment Risks - The article notes that ETFs focused on specific themes or sectors tend to exhibit higher volatility and risk, often leading to significant value losses for investors [28][29]. - The top 10 ETFs with the largest value losses in China are primarily thematic funds, highlighting the risks associated with narrow investment focuses [28]. - In the U.S., a majority of the funds with the highest value losses are also ETFs concentrated on specific sectors or themes, reinforcing the notion that broad market exposure generally mitigates risk [31].

自基金投顾试点五年以来，我国买方投顾业务取得了哪些成效与展业经验，又面临着怎样的发展趋 势与挑战？在养老金融中，投顾将扮演何种关键角色？ 在晨星中国2025年度投资峰会上，易方达基金副总裁陈彤先生以《买方投顾之中国实践》为题，深 度剖析了中国投顾业务五年试点的成效、挑战与未来方向。 易方达基金副总裁陈彤 01 实践体会：坚持买方立场 陈彤先生指出， 基金投顾在改善投资者收益体验方面成效显著 ，数据显示，多家投顾试点机构 客户盈利占比达70%以上。他认为， 投顾的价值是多维度的 ：它能改善客户的实际收益，也能有 效提供新的就业岗位，重置行业流量入口与销售格局，减少买卖双方的信息不对称，可以作为有 效的外部约束帮助资管行业重塑客户信任，优化行业基础设施建设。 陈彤强调， 投顾一定要坚持买方立场，培养真正将客户利益放在首位的文化 。他分享了围绕买 方投顾的一系列实践体会，例如：为实现客户利益最优，必须坚持全市场筛选基金；投顾板块应 设立与资产管理相隔离的独立投研团队，因为投资基础资产与研究基金产品存在差异，管理基金 的基金经理并不一定擅长做基金配置；同时，顾问与销售人员的立场、知识体系和目标不同，二 者也要分离。 ...

Core Viewpoint - The article emphasizes the significance of high-end manufacturing as a core driver of economic growth during China's economic transformation, highlighting the role of public funds in providing investment opportunities in this sector [4][5]. Fund Overview - The fund, managed by Bi Tianyu, focuses on high-end manufacturing companies and employs a growth investment strategy that combines macro industry analysis with bottom-up research [2][11]. - As of May 2025, the fund achieved an annualized return of 9.57% during the manager's tenure, outperforming the benchmark by 5.90% [22]. Performance Metrics - The fund's recent three-year and five-year annualized returns were -5.98% and 2.11%, ranking 70% and 42% among peers, respectively [22]. - The fund's Sharpe ratio during the manager's tenure was 0.52, ranking 21% among similar funds [22]. Investment Strategy - The fund adopts a concentrated investment approach, with top ten holdings accounting for 45% to 65% of the portfolio from 2019 to 2024, indicating a preference for leading growth stocks [12]. - The fund's annual expense ratio is 1.70%, slightly above the average of 1.59% for similar funds [27]. Sector Allocation - The fund's sector allocation as of December 2024 shows a significant focus on cyclical (44.22%) and technology (35.33%) sectors, compared to the benchmark [17]. Manager's Experience - Bi Tianyu has 25 years of experience in the securities industry and has been managing the fund since its inception, demonstrating a strong track record in stock selection across various sectors [5][19].

导语 2025年以来，老铺黄金以独特的中国宫廷古法制金工艺加上高颜值设计，一度出现全民 抢购的盛况；3月3日，蜜雪冰城正式在港股上市，其融资认购倍数和认购金额刷新了港 股的历史记录，成为港股新一代的冻资王；而随着潮流玩具领域的标志性事件——薄荷 色拉布布（Labubu）以108万元天价成交，新消费行业可谓赚足了眼球。对应到资本市 场，泡泡玛特、老铺黄金、蜜雪集团等头部标的轮番上涨，成为市场备受瞩目的资产。 与此同时，随着国内药企研发能力的增强，国产创新药获得国际顶尖医药公司认可，创 新药赛道也迎来爆发期，A 股与港股市场均展现出强劲的超额收益特征。截至6月20日 数据显示，中证创新药产业指数年内累计涨幅达10.97%，而中证香港创新药指数更是 上涨50.9%，成为资本市场焦点。 然而进入上周（6月16日-6月20日），两大热门板块同步出现阶段性调整：新消费领域 中，泡泡玛特周内累计跌幅12.11%，老铺黄金、蜜雪集团分别下挫13.34%、6.46%； 创新药板块亦受短期情绪影响，中证创新药产业指数和中证香港创新药指数单周分别回 调5.42%和8.53%，市场呈现获利回吐与结构分化特征。 此次震荡回调对于投资者 ...

Core Insights - Morningstar was founded in the 1980s by Joe Mansueto to bridge the information gap between ordinary investors and professionals, emphasizing the importance of high-quality data and independent research [1] - Since entering China in 2003, Morningstar has combined global methodologies with local market insights, providing independent research support as the only foreign institution qualified for fund ratings in the country [1] Group 1: Investment Principles - Morningstar adheres to three core investment principles: focusing on investors, maintaining a fundamental analysis approach, and recognizing the importance of fees [2] - The company has conducted three key studies to enhance investor experience: "Fund Fees and Future Success Rates," "Active vs. Passive Weather Vane," and "Investor Return Gap" [2] Group 2: Fund Fees and Future Success Rates Study - The study indicates that fund fees are the most critical predictor of future performance, with lower fees correlating to a higher likelihood of outperforming peers and long-term survival [4] - Both in the U.S. and China, funds with lower fees tend to have better performance and survival rates, while larger fund sizes generally lead to lower fees [4] Group 3: Active vs. Passive Weather Vane Study - This research aims to reveal the probability of active funds outperforming passive funds in different market environments [9] - Over the past decade in the U.S., passive funds have significantly outperformed active funds across various market sectors, while in China, the success rate of active large-cap balanced equity funds has notably declined [10] Group 4: Investor Return Gap Study - The "Investor Return Gap" study explores why actual investor returns often lag behind fund performance, attributing this to factors like poor timing decisions [14] - The research shows significant disparities in return gaps across different asset classes, closely linked to the volatility of those assets, with higher volatility assets generally exhibiting larger return gaps for investors [14]

进入晨星小程序，轻松掌握更多基金信息！ | 基金代码： | 005612 | | --- | --- | | 基金类型： | 沪港深股票 | | 基准指数： | 中证沪港深互联互通 | | | 综合指数 | | 成立日期： | 2018-02-01 | | --- | --- | | 基金规模（亿元）： | 7.23 | | 基金规模日期： | 2025-03-31 | | 晨星三年评级： | | | 晨星五年评级： | | | 基金经理： | 胡宇飞 | | 股票投资风格箱： | | 嘉实核心优势股票基金（ 005612 ）由具备 A 股、港股两地市场丰富投研经验的基金经理胡宇飞先生掌舵，在管理这只基金期间，基金经理在必选消费、信息 技术、医药和原材料等行业的股票上展示了出色的选股能力。嘉实基金公司的股票投研体系给予了基金经理充分的支持。基金经理的策略是持有商业模式 优秀的盈利稳定类股票，策略运作稳定。 2024 年基金经理对投资策略进行了优化，整体而言基金经理拓展步伐稳健且效果良好。在投资和研究的共同努力 下，该基金取得了良好的长期回报，截至 2025 年 5 月末，该基金管理期以及最近三年、五年的年化回 ...

Core Viewpoint - The emergence of Free Cash Flow ETFs has disrupted traditional investment strategies, attracting significant capital and reshaping market dynamics since their launch in February 2025 [1][2]. Group 1: Core Advantages of Free Cash Flow ETFs - Free Cash Flow serves as a critical indicator of a company's operational quality, revealing its ability to generate cash after covering operating costs and capital expenditures [2]. - Unlike traditional dividend or low-valuation strategies, Free Cash Flow ETFs focus on companies that can produce substantial cash flow after necessary expenses, thus avoiding high-leverage financial risks [2][3]. - The dynamic mechanism of excluding unstable cash flow companies enhances the resilience of holdings during economic cycles, providing a safety margin based on real cash flow [3][4]. Group 2: Phenomenal Growth in Four Months - The initial trading day saw over 1 billion CNY in transaction volume for Free Cash Flow ETFs, with significant growth from 694 million CNY to 3.7 billion CNY in assets under management [6][7]. - As of now, there are 23 Free Cash Flow ETF products tracking five indices, with the CSI All Share Free Cash Flow Index being the most popular among fund companies [6]. - The 10-year government bond yield falling below 2% has created a significant yield advantage for Free Cash Flow indices, appealing to institutional investors seeking stable returns [7][8]. Group 3: Multi-Dimensional Drivers of Capital Influx - Competitive pricing strategies have emerged, with some fund management fees reduced to 0.15%, significantly enhancing investor returns over the long term [11][12]. - Policy support, such as the new "National Nine Articles," emphasizes dividend distribution and market capitalization management, favoring companies with strong cash flow [14]. - The shift in investor sentiment towards risk-adjusted returns positions Free Cash Flow ETFs as a balanced investment option amid economic uncertainty [9][10]. Group 4: Future Outlook and Challenges - The market for Free Cash Flow ETFs presents both opportunities and challenges, with individual investors likely to become a new source of capital as they shift from reliance on guaranteed returns to risk-adjusted strategies [15]. - The ability to maintain liquidity and manage large-scale inflows will be crucial for fund managers, requiring effective stock selection and dynamic cash flow management [15][16]. - The sustainability of cash flow generation, disciplined execution of fund strategies, and the market's appeal to long-term capital will determine the success of Free Cash Flow ETFs in navigating economic cycles [16].

5月，国内宏观经济走势有所改善，但依旧承压。反映国内经济先行指标的制造业PMI录得 49.5%，在4月份49.0%的基础上回升0.5%，连续两个月位于收缩区间。制造业景气水平的上升 主要是受到生产指数、新订单指数、原料库存指数和从业人员指数环比上行所带来的影响。4 月份CPI同比下降0.1%，PPI同比下降2.7%。相比于3月份CPI和PPI同比分别下降0.1%和下降 2.5%而言，CPI同比涨幅持平主要是受到食品价格降幅收窄和服务价格上涨的影响；生产资料 价格和生活资料价格的降幅扩大，带动PPI同比降幅上升。 5月，中美关税冲突有所缓和，叠加央行降准降息政策的落地推动A股在上旬回暖。随着市场 对关税利好的消化，下旬，受到特朗普贸易政策不确定性的延续及4月经济数据边际偏弱的影 响，股市出现小幅回落。主要股指在5月迎来普涨，其中上证指数和深证成指分别上涨2.09% 和1.42%。代表大盘股、中盘股和小盘股的沪深300指数、中证500指数和中证1000指数分别上 涨1.85%、0.70%和1.28%。31个申万行业多数收涨，其中25个行业上涨，6个行业下跌。环 保、医药生物、国防军工、银行和纺织服饰板块的涨幅均超 ...