稳中有进！博时基金上半年营收23.56亿元同比增6.37%，净利润7.63亿元同比增0.13%

Core Viewpoint - The report highlights the performance of investment firms, particularly focusing on the half-year results of 2025 Fund, revealing a trend towards identifying hidden core stocks and emphasizing fundamental analysis as a common investment consensus [1]. Group 1: Company Performance - In the first half of 2025, China Merchants Securities reported revenue of 10.52 billion yuan, a year-on-year increase of 9.64%, and a net profit of 5.186 billion yuan, up 9.23% [1]. - Bosera Fund achieved a revenue of 2.356 billion yuan, reflecting a year-on-year growth of 6.37%, while its net profit slightly increased by 0.13% to 763 million yuan [3]. - China Merchants Fund reported a revenue of 2.561 billion yuan, a modest growth of 1.15%, but its net profit decreased by 6.85% to 789 million yuan [3]. Group 2: Asset Management and Product Structure - As of the report date, Bosera Fund's total asset management scale reached 1.7105 trillion yuan, with a public fund management scale of 1.0796 trillion yuan [4]. - The product layout of Bosera Fund is centered around fixed-income products, with bond funds totaling 421.726 billion yuan, and money market funds at 459.027 billion yuan [6]. - The fund has a diverse product structure, including 107 equity funds with a total of 62.102 billion yuan and 120 mixed funds totaling 64.337 billion yuan [7]. Group 3: Investment Management Team - Bosera Fund boasts a team of 105 fund managers, significantly exceeding the industry average of 24.3, with an average tenure of 5.80 years [8]. - The fund's management efficiency is highlighted by an average asset management of 10.394 billion yuan per manager, which is notably higher than the industry average of 4.889 billion yuan [8]. - The total return rate of Bosera Fund's products reached 1223.99%, with an annualized return of 9.98%, showcasing strong performance across various time frames [9]. Group 4: Future Outlook - Bosera Fund is expected to leverage its robust operational strategy, strong fixed-income business, and exceptional investment management capabilities to maintain a leading position in the industry amid complex market conditions [12].