基金2025年半年度报告：应“质”而谋，向“新”而行

Group 1 - The fund industry in the first half of 2025 saw a decline in total issuance compared to the same period last year, with a focus on passive equity funds and active bond funds [2][42][47] - Active equity funds performed well, particularly small-cap and growth-style funds, with the small-cap style index rising by 19.60% [17][18] - The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development in public funds, emphasizing the encouragement of passive equity products and reforms in fund company assessment and incentive schemes [2][53] Group 2 - The report highlights that active funds in China have room for growth, especially in small-cap growth styles, which are currently dominated by passive products [3] - The performance of various fund types showed that convertible bonds performed well, with a return of 4.47% in the first half of the year [22][25] - QDII funds also showed strong performance, with mixed QDII funds achieving a return of 15.09% [35][36] Group 3 - The report indicates that the market for floating management fee products is evolving, with new models designed to align the interests of fund managers and investors [4] - The report identifies 27 active equity funds that have consistently outperformed their benchmarks, with a focus on long-term excess returns and low deviation from performance benchmarks [4] - The report emphasizes the importance of performance benchmarks in the context of both domestic and international fund management practices [4][3] Group 4 - The report notes that the ETF market has seen significant net inflows, particularly in the CSI 300 and technology sector ETFs [39][41] - The performance of various thematic funds varied, with Hong Kong stock-themed funds leading in returns, while financial real estate funds showed the largest declines [21][20] - The report highlights that REITs have experienced price increases in the secondary market, with many products trading at a premium [38]