公募基金周报：二季度末资管产品总规模达75.38万亿元-20250908

Report Industry Investment Rating No information provided. Core Viewpoints - The total scale of asset management products at the end of the second quarter reached 75.38 trillion yuan. The public offering fee reform has achieved results, with the average management fee per fund decreasing by 170,000 yuan in two years. The A-share market's major broad-based indices showed a downward trend last week, while most overseas indices rose. Most active equity funds had negative returns last week, with the median interval return rate being -0.54%. Pharmaceutical and cyclical theme funds performed well. The top three ETF categories in terms of performance last week were pharmaceutical, commodity futures, and manufacturing theme ETFs. There were 434 ETFs with net capital inflows and 609 with net outflows. A total of 73 public funds had new fund managers last week, 38 new public funds were established, 44 entered the issuance stage, and 54 are pending issuance. The issuance scale of equity funds last week increased by 3649 million yuan compared with the previous week, and new funds are expected to bring incremental funds to the electronics, computer, and machinery industries [4]. Summary by Directory 1 Important Information 1.1 Market Dynamics - After two years of the public offering fee reform, the average management fee per fund has decreased by 170,000 yuan. The scale of public offering management fees has decreased by 12.6% overall, and the average management fee per fund has decreased by 170,000 yuan [9]. - The CSRC is soliciting public opinions on revising the regulations on the sales fees of publicly - offered securities investment funds to further reduce the cost for fund investors [9][10]. - At the end of the second quarter of 2025, the total scale of asset management products reached 75.38 trillion yuan, an increase of 3.06 trillion yuan from the end of the first quarter [10]. 1.2 Product Highlights - The number of new types of FOF, ETF - FOF, is expanding. As of September 5, 17 ETF - FOFs from 12 institutions have been declared, 16 of which were declared in 2025 [12][13]. - In August, the issuance of new funds exceeded 100 billion yuan. A total of 140 new funds were established, with a total issuance share of 102.022 billion, a month - on - month increase of 6.62% [13]. - The number of open - end funds in China has exceeded 13,000, accounting for 99.4% of all public fund products, and the latest net asset value accounts for 99.42% of the industry's total scale [14]. 1.3 Overseas Market - At the end of the second quarter, QFII newly held more than 800 heavy - position stocks, with bank stocks still being the main targets. QFII adjusted their positions in sectors such as machinery, hardware equipment, and chemicals [15][16]. - Foreign capital is betting on new tracks through ETFs, with institutions like Barclays Bank and UBS achieving good returns in multiple hot sectors [16][17]. - Public funds are introducing overseas long - term funds. Domestic fund companies have issued nearly 20 interconnected ETFs in multiple regions, attracting continuous investment from overseas funds [18]. 2 Market Review - Last week (20250901 - 20250905), most of the A - share market's major broad - based indices declined. The Shanghai Composite Index fell 1.18%, the CSI 300 Index fell 0.81%, etc., while the ChiNext Index rose 2.35%. Most overseas indices rose, such as the China Internet 30 Index rising 3.42% [4][19]. - The power equipment and new energy and non - ferrous metal industries led the gains last week. The top five industries in terms of the rise and fall of the CITIC first - level industry index were power equipment and new energy (5.91%), non - ferrous metals (2.26%), etc., and the bottom five were national defense and military industry (-11.61%), computer (-6.76%), etc. [21]. 3 Fund Market Review 3.1 Active Equity Fund Performance - In the past week, pharmaceutical and cyclical theme funds performed well, with average interval return rates of 3.44% and 1.50% respectively. In the past three months, technology and pharmaceutical theme funds led, with average interval return rates of 35.20% and 24.13% respectively. In the past year, technology and pharmaceutical theme funds were outstanding, with average interval return rates of 80.21% and 61.09% respectively [24][25]. - Most active equity funds had negative returns last week, with the median interval return rate being -0.54%. Pharmaceutical and cyclical theme funds had median interval return rates of 3.62% and 1.49% respectively [4][25]. 3.2 Top - Performing Fund Performance Statistics - The Yuanxin永丰 High - end Manufacturing A, an industry - balanced theme fund, had the best performance last week, with an interval return rate of 16.63% [28]. - The report also listed the top five industry - themed funds in terms of interval return rates last week [29]. 4 ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return rate last week, the top three ETF categories were pharmaceutical, commodity futures, and manufacturing theme ETFs, with returns of 3.88%, 3.12%, and 2.39% respectively. In the past month, the top three were manufacturing, technology, and A - share broad - based theme ETFs, with returns of 15.42%, 15.13%, and 13.25% respectively [30]. 4.2 ETF Fund Capital Flow Statistics - Last week, the ETF categories with the largest net capital inflows were manufacturing (126.74 billion yuan), bonds (115.46 billion yuan), and financial real estate (102.89 billion yuan), while the A - share broad - based category had the largest net outflows (239.32 billion yuan). In the past month, the categories with the largest net inflows were bonds, technology, and financial real estate [33][34]. - Last week, 434 ETFs had net capital inflows and 609 had net outflows. The top three ETFs with net inflows were Haifutong CSI Short - Term Financing ETF, Guotai CSI All - Index Securities Company ETF, etc., and the top three with net outflows were E Fund ChiNext ETF, Huaxia SSE STAR Market 50 ETF, etc. [35]. 4.3 ETF Fund Premium and Discount Statistics - As of September 5, 2025, the top three ETFs in terms of premium rate were Dongcai CSI New Energy Vehicle ETF, Penghua CSI 1000 Enhanced Strategy ETF, etc., with premium rates of 2.21%, 1.75%, etc. The top three in terms of discount rate were Penghua China - Hong Kong Stock Connect Innovative Drug ETF, Xingyin CSI Science and Technology Innovation and Entrepreneurship 50 ETF, etc., with discount rates of 1.22%, 1.12%, etc. [37]. 5 Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 73 public funds had new fund managers, involving 61 fund managers from 34 fund management companies. The top three fund management companies in terms of the number of funds with new managers were Guolian Fund, Jianxin Fund, and Zhongou Fund [39]. - The top three public funds in terms of total scale among those with new fund managers were Guolian Hengtong Pure Bond A, Zhongyou Stable Income A, and Zhongjia Xiangli Three - Year Fixed - Open [39]. - Last week, 49 public funds had fund manager departures, involving 35 fund managers from 26 fund management companies. The top three fund management companies in terms of the number of funds with departing managers were BOC Securities, Western Lide Fund, and Rongtong Fund [43]. 5.2 Newly Established Funds Last Week - A total of 38 new public funds were established last week, with a total issuance share of 27.573 billion [4]. 5.3 First - Issued Funds Last Week - A total of 44 public funds entered the issuance stage last week, with the largest number being passive index funds (18) [4]. 5.4 Pending - Issued Funds - As of September 7, 2025, there were 54 public funds pending issuance [4]. 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds last week reached 24.318 billion yuan, an increase of 3649 million yuan compared with the previous week. There are still 287 newly issued funds in the position - building period, with an estimated 31.71% having a position - building ratio of less than 5%, and an estimated 84.798 billion yuan of funds yet to be invested [4].