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政策引导、估值修复、行业转型——公募基金机构掀起自购热
Sou Hu Cai Jing·2025-08-22 22:22

Group 1 - The core viewpoint of the news is that the recent surge in public fund self-purchases reflects confidence in the market and the fund companies' research capabilities, driven by policy guidance, market valuation recovery, and industry transformation [1][2][3] - Over 130 public fund companies have initiated self-purchases this year, with a total amount exceeding 5 billion yuan, primarily in equity funds, particularly stock and mixed funds [1] - The China Securities Regulatory Commission's policy encourages self-purchases of equity funds, enhancing the scoring criteria for long-term performance and stability [1][2] Group 2 - Market confidence has significantly improved, with the A-share market showing a positive trend, as evidenced by the continuous rise of the Shanghai Composite Index [2] - The current valuation of China's stock market is attractive compared to major mature markets, with the CSI 300 and Hang Seng Index trading at price-to-earnings ratios of 13.73 and 11.46, respectively, which are lower than the S&P 500 and Nikkei 225 [2] - Equity funds are seen as having long-term allocation value, especially when market valuations are low, providing greater long-term return potential [2] Group 3 - The self-purchase trend is viewed as a necessary choice for industry transformation, enhancing the alignment of interests between investors and fund managers, and injecting long-term stability into the capital market [3] - Self-purchases can provide liquidity and boost market sentiment, acting as a stabilizer in the market, particularly in the context of improving economic recovery expectations [3] - The self-purchase trend encourages fund companies to focus on research capabilities and long-term trust with investors, moving from "valuation repair" to "value discovery" in the A-share market [3]