投顾周刊：主动权益类基金显现财富效应

Group 1 - The core viewpoint of the article highlights the strong rebound of actively managed equity funds in the A-share market, with over 1,126 products reaching new net asset value highs, and more than 90% of products showing net value growth this year [2] - The article discusses the role of "fund buyers" in identifying distinctive products in a multi-asset allocation era, emphasizing the importance of transparent strategies and stable styles in equity products to pursue certain returns in a structural market [2] - It notes that the first batch of 26 new floating-rate funds has begun to establish positions, with the highest yield nearing 8% [3] Group 2 - Morgan Stanley reports a significant acceleration of foreign capital inflow into the Chinese stock market in July, with net inflows reaching $2.7 billion, surpassing June's $1.2 billion [3] - Germany is preparing to launch a €100 billion investment fund aimed at securing strategic assets in defense, energy, and critical materials, with the project expected to start in September or October [4] - SoftBank Vision Fund sold assets worth nearly $2 billion in the first half of 2025 as part of its AI transformation strategy, acquiring shares in Nvidia, TSMC, and Oracle [4] Group 3 - Recent data shows that major global stock markets have generally risen, with the Shanghai Composite Index and Shenzhen Component Index increasing by 2.11% and 1.25% respectively from August 4 to August 8, 2025 [5] - The bond market has seen a decline in yields across various maturities, with 1-year, 5-year, and 10-year Chinese government bond yields dropping by 2.28, 2.32, and 1.68 basis points respectively [7] - The recent week also saw a collective rise in the Wind fund indices, with the total fund index increasing by 0.91% [9] Group 4 - In the week from August 4 to August 8, 2025, international gold prices strengthened, with COMEX gold rising by 2.44% and silver by 4.34%, while international oil prices fell [10][11] - The bank wealth management market is dominated by fixed-income plus funds, which accounted for 50% of new products and 60.94% of the total scale, with 340 new products launched [12][13] - Bank wealth management subsidiaries led the market with 524 new products, representing 77.06% of the total new product count [13] Group 5 - JPMorgan forecasts that the Federal Reserve will begin cutting interest rates in 2025, starting with three cuts of 25 basis points each from September [16] - Morgan Stanley has raised its economic growth forecasts for China for the next two years, indicating a focus on technology innovation and economic rebalancing [16] - Goldman Sachs reports a surge in investor interest in Chinese stocks, driven by diversification needs and the potential for RMB appreciation, raising its 12-month target for the MSCI China Index from 85 to 90 [17]