平安证券晨会纪要-20250627

Core Insights - The report highlights significant changes expected in the fund industry in the first half of 2025, focusing on the development of active funds, floating management fee reforms, and characteristics of high-quality funds [2][5][6] - Active funds in China have potential for growth in areas such as small-cap growth styles and QDII cross-market allocations, drawing lessons from the U.S. experience [2][6] - The floating management fee mechanism is being optimized, with new products incorporating holding periods and performance metrics to reshape interest alignment and reduce fees [2][7] - Funds that consistently outperform benchmarks tend to have stable long-term excess returns, with stock selection being a key driver of performance [2][8] Fund Industry Overview - The report notes a divergence in domestic equity assets, with small-cap stocks performing notably well and Hong Kong stocks seeing an increase [5] - Active equity funds have shown better performance, particularly in small-cap and growth style funds, while passive equity funds focused on Hong Kong themes have also yielded high returns [5] - The total issuance of funds has decreased compared to the same period last year, with a focus on passive equity and active bond funds [5] Active Fund Development - The report draws comparisons with the U.S. fund market, where active management dominates in multi-asset, global allocations, and complex markets, suggesting similar strategies could be beneficial in China [6] - Active funds in the U.S. have shown superior performance in small-cap growth and mid-cap growth strategies, indicating a potential pathway for Chinese active funds [6] Floating Management Fee Mechanism - The design and development trends of floating management fees are discussed, emphasizing the importance of a well-structured fee mechanism that aligns interests and simplifies calculations [7] - The report outlines the introduction of "safety nets" and "anti-dilution" mechanisms in the new floating fee products, aiming to enhance investor confidence [7] Performance of Funds - A selection of 27 funds that consistently outperform benchmarks was identified, with criteria including stable long-term excess returns and low deviation from performance benchmarks [8] - The report emphasizes the importance of stock selection and industry allocation in generating excess returns, with a focus on value investment strategies [8]