券商资管最新公募规模出炉！东方红重回两千亿，来看各家市场研判

Core Viewpoint - The article highlights the significant recovery in the asset management scale of major brokerage firms' public funds, driven by a strong performance in the A-share market during the third quarter of 2023 [1][2]. Summary by Sections Asset Management Scale - As of September 30, 2025, four brokerage asset management firms have public fund management scales exceeding 100 billion yuan: Dongfanghong Asset Management (2039.15 billion yuan), Huatai Securities Asset Management (1723.18 billion yuan), Bank of China International Securities (1318.28 billion yuan), and Caitong Asset Management (1050.23 billion yuan) [1][2]. - Dongfanghong Asset Management's public fund management scale increased by over 24 billion yuan compared to the end of June 2023, surpassing 200 billion yuan [1]. Fund Performance - In the third quarter, several funds managed by Dongfanghong Asset Management saw net value growth exceeding 40%, with some funds achieving nearly 50% returns [3]. - Caitong Asset Management's advanced manufacturing fund, managed by Xu Jingze, recorded a net value increase of 46.59% in the third quarter [3]. - Zhongtai Asset Management's funds also performed well, with net value growth of 37.3% and 25.31% for specific funds managed by Gao Lanjun and Tian Yu, respectively [3]. Investment Insights - Fund manager Fu Yixiang from Dongfanghong Asset Management emphasized the long-term trend of artificial intelligence as a key driver for global economic growth, highlighting its potential to reduce costs and improve return on equity (ROE) [4]. - Fund manager Miao Yu noted the scarcity of high-quality manufacturing in the global market, suggesting that the market should assign reasonable valuations to these stocks [5]. - Jiang Cheng from Zhongtai Asset Management pointed out that the current market uptrend is supported by positive fundamentals rather than merely liquidity-driven factors [6]. Sector Focus - Xu Jingze from Caitong Asset Management identified the smart robotics industry as a core growth area for the next decade, indicating a shift towards companies with genuine competitive advantages [9]. - Bao Zaiwen, also from Caitong Asset Management, adjusted his fund's focus towards semiconductor and digital economy sectors, emphasizing the importance of safety margins and performance certainty in stock selection [10].