公募二季报盘点！ETF仍是增长引擎，基金“大象”何以登上“红色火箭”？

Core Viewpoint - The article discusses the transformation of the public fund industry in China, emphasizing a shift from a sales-driven model to a client-centered approach, driven by regulatory guidance and investor demand [2][24]. Fund Industry Overview - As of the end of Q2, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, growing by 4.91% year-on-year, which is a slowdown compared to the previous year's growth of 5.47% [3]. - The top ten public fund institutions now account for 40.71% of the total management scale, indicating a further concentration of market share among leading firms [3]. Profitability and Performance - The total profit of fund products in Q2 exceeded 380 billion yuan, with a quarter-on-quarter growth of over 50% [6]. - In the first half of the year, the top three profit-generating firms were E Fund, Huaxia Fund, and Fortune Fund, with profits of 584.44 billion yuan, 573.20 billion yuan, and 359.32 billion yuan, respectively [6]. Equity Fund Performance - The average median return of equity fund products reached 15.92% over the past year, with Huaxia Fund leading at 17.12% [7][14]. - Huaxia Fund's North Exchange Innovation Small and Medium Enterprises Selected Fund achieved a three-year return rate of 175.64%, ranking first in its category [15][16]. ETF Growth and Market Dynamics - The non-monetary management scale of fund companies grew by nearly 1.29 trillion yuan in Q2, surpassing 20 trillion yuan for the first time, driven primarily by the growth of ETFs [8]. - Huaxia Fund and E Fund were the only two institutions to see non-monetary scale growth exceeding 100 billion yuan in Q2, with increases of 120.68 billion yuan and 102.51 billion yuan, respectively [8]. Huaxia Fund's Strategic Positioning - Huaxia Fund has established a comprehensive ETF product matrix, with 110 non-monetary ETFs, including 12 with scales exceeding 10 billion yuan [12]. - The firm has transformed ETFs from mere trading instruments into service platforms, enhancing user experience and lowering investment barriers [12][13]. Research and Development Capabilities - Huaxia Fund emphasizes a strong research and development system, focusing on equity investment and building a diverse and experienced research team [22]. - The company has optimized its research system to improve efficiency and effectiveness, aligning with the industry's shift from scale competition to quality competition [23]. Conclusion - The practices of Huaxia Fund reflect the broader trend in the public fund industry towards prioritizing investor interests and creating long-term value, marking a significant transition from "large" to "strong" [24].