权益基金势起 助力耐心资本乘势而上

Core Viewpoint - The recent meeting of the Central Political Bureau emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, which is crucial for consolidating the positive momentum of the capital market [1] Group 1: Public Fund Industry Growth - The total scale of public funds reached 34.48 trillion yuan by the end of July, indicating robust vitality in the asset management industry and a strong signal of asset allocation changes [1] - The public fund industry is optimizing its internal structure, with a strong emphasis on increasing the scale and proportion of equity investments [1][2] - As of July 31, 2023, 835 new fund products were established, with a total issuance scale of 645.716 billion yuan, leading to a total public fund scale of 34.48 trillion yuan [2] Group 2: Policy Support and Market Environment - Recent policies have focused on encouraging long-term capital to enter the market and enhancing the scale and stability of equity investments [2][3] - The improvement in market conditions, such as declining interest rates, has accelerated the transfer of household wealth to financial markets, making equity funds a core option for asset allocation [3] - The second quarter of 2025 saw equity-type funds maintaining high stock positions, with equity funds holding approximately 90.1% of their portfolios [3] Group 3: Fund Management Strategies - The public fund industry is shifting from a focus on initial scale to emphasizing sustainable marketing effects, reflecting a transition from scale-driven to quality-driven strategies [7] - The introduction of differentiated strategies in fund management is becoming essential, with a focus on long-term performance and stability [8][10] - Fund managers are increasingly adopting a "hold and nurture" strategy to enhance product scale and influence, supported by investor education and tailored services [8][9] Group 4: Challenges and Opportunities - The development of equity funds is crucial for providing stable long-term funding to the real economy and optimizing the investor structure in the capital market [9] - The industry faces challenges such as market volatility affecting investor acceptance of new equity products and the increasing dominance of larger fund companies [9][10] - Fund managers are actively addressing these challenges by focusing on differentiated competition and enhancing research and investment capabilities [10]