从规模竞速到价值深耕：公募基金步入长跑时代

Core Viewpoint - A new era of public funds characterized by rationality, sustainability, and trustworthiness is emerging in the market [1] Market Overview - As of August 18, 2025, the A-share market has seen a historic total market value exceeding 100 trillion yuan, with the Shanghai Composite Index reaching a 10-year high, driven by themes such as AI innovation, robotics industrialization, and innovative pharmaceuticals [2] - Over 96% of equity funds have achieved positive returns in 2025, with more than a thousand products yielding over 30% [2][4] - Leading institutions like E Fund, Huatai-PineBridge, and GF Fund have shown remarkable performance [2] Investment Strategy Shift - The industry is transitioning from a focus on "star" fund managers to a systematic research approach, emphasizing long-termism over short-term fluctuations [3][8] - Trust is becoming the most valuable asset in the industry, replacing mere scale [3] Performance Drivers - Technology growth has emerged as a key performance driver, with AI and innovative pharmaceuticals leading the charge [4] - The proportion of active equity funds allocated to technology growth sectors reached 42.68% in Q2 2025 [4] Institutional Movements - E Fund has significantly increased its holdings in the TMT sector from 11.4% in 2019 to 21.4% in 2024, and in the industrial sector from 8.6% to 17.3% [5] - The asset allocation to the Sci-Tech Innovation Board and the Growth Enterprise Market has surged by 230% from 113.5 billion yuan to 374.8 billion yuan [5] Platformization in Fund Management - The traditional reliance on star fund managers is being replaced by a platform-based approach that integrates research resources and enhances team collaboration [7][8] - The industry is moving towards creating sustainable, replicable, and inheritable research systems [8] Long-term Commitment - The public fund industry is exhibiting restraint amid market excitement, with many high-performing funds implementing purchase limits [10] - As of August 18, 2025, 31 funds with over 50% returns have suspended subscriptions, reflecting a commitment to sustainable returns for investors [10][11] - Self-purchase by public funds has reached over 5 billion yuan, indicating a strong alignment of interests between fund managers and investors [11] Conclusion - The current practices in the public fund industry reflect a strategic commitment to long-term value creation, focusing on investment capabilities, risk management, and the interests of investors [12]