Core Insights - The report emphasizes that the capital market is stabilizing at the bottom, with multiple funding sources supporting bullish sentiment, suggesting a potential upward breakthrough in equities. The brokerage sector is expected to lead the market rally, recommending early positioning and waiting for breakout opportunities [1]. Industry Overview - The total market capitalization of the industry is 6,179.1 billion, with a circulating market value of 5,901.2 billion, representing 1.8% and 7.2% of the total market, respectively [2]. - The performance of the non-bank financial sector shows a 1-month, 6-month, and 12-month absolute performance of 9.0%, 16.0%, and 59.5%, respectively, with relative performance of 5.8%, 10.5%, and 42.0% [4]. Market Trends - The report indicates that the equity market has stabilized despite initial shocks from U.S. tariffs, with significant institutional investments leading to a recovery. The overall trend remains positive, with major indices showing an average increase of 1.1% as of June 30, 2025 [8]. - The bond market has experienced fluctuations, with the China Bond Index rising by 1.1% year-to-date as of June 30, 2025 [8]. Business Performance - In Q1 2025, listed brokerages reported total revenues of 1,259 billion, a year-on-year increase of 19%, and a net profit of 522 billion, up 78% year-on-year. The brokerage income was 327 billion, reflecting a 43% increase year-on-year [25]. - The report highlights a significant increase in the revenue of self-operated businesses, which reached 486 billion, marking a 46% year-on-year growth [30]. Strategic Directions - The report outlines a shift towards internal consolidation and external breakthroughs, with a focus on wealth management transformation and the integration of financial technology to enhance efficiency [6]. - The investment banking sector is expected to see a marginal recovery in equity financing, particularly benefiting from the expansion of the Sci-Tech Innovation Board and ongoing mergers and acquisitions [6]. Future Outlook - The report forecasts that the industry will achieve total revenue of 4,741 billion in 2025, representing a 5% year-on-year increase, and a net profit of 1,825 billion, up 9% year-on-year [6]. - The brokerage sector is anticipated to lead the market rally, with specific recommendations for stocks that are likely to benefit from policy catalysts and ongoing market trends [6].

在首批26只新型浮动费率基金大部分已经结募并成立之际，第二批产品马不停蹄已经上报。 7月4日，证监会官网显示，第二批新型浮动费率基金正式上报，易方达基金、华泰柏瑞基金、国泰基 金、汇添富基金、景顺长城基金、南方基金、东方红资管、中欧基金、平安基金、建信基金、中银基金 等11家机构递交了注册申请。其中既有已经上报过首批产品的公司，如易方达基金、景顺长城基金、南 方基金，也有新进参与者，如华泰柏瑞基金、国泰基金等。 第二批浮动费率基金上报 值得一提的是，不同于首批产品全部为全市场型基金，第二批浮动费率基金中出现了一些行业主题型产 品，如华泰柏瑞制造业主题混合、景顺长城高端装备股票、东方红医疗创新混合等。 此外，也有业内人士透露，个别产品的费率设计可能与首批产品有些不同，对超额收益的要求更高，费 率收取更为严格。 华泰柏瑞基金表示，浮动费率产品作为《推动公募基金高质量发展行动方案》的重要实践之一，实质是 将持有人收益率提升到核心位置，把基金管理费率与投资者实际获得的长期收益直接挂钩。期望通过在 产品收费模式上的创新和尝试，与持有人建立更科学、更紧密的"利益共享、风险共担"机制，在力争为 持有人创造可持续收益的基础上 ...

《行动方案》从优化基金运营模式、完善考核评价制度、大力发展权益类基金、守牢风险底线、强化监 管执法、促进高质量发展等六方面提出了25条改革措施，着力引导行业机构努力实现从"重规模"向"重 投资者回报"转型，形成行业高质量发展的"拐点"，加快建设一流投资机构。 具体来看，《行动方案》全面建立以基金投资收益为核心的行业考核评价体系，将业绩比较基准对比、 基金利润率等直接关乎投资者利益的指标引入考核体系。 《行动方案》既涉及公募基金行业机构内部产品设计、投资运作、市场推广等方面制度机制的改革调 整，也涉及行政监管、行业自律等方面制度机制的优化完善。记者了解到，文件中涉及的改革举措，需 要20余件配套规则细化落地，中国证监会已逐一制定各项政策举措的落实时间表，后续将把握好改革推 进节奏，成熟一项推出一项。 强化业绩比较基准约束作用 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》，通过全面深化改革，强化公募基金行 业与投资者的利益绑定，增强公募基金投资行为的稳定性，提升公募基金服务投资者的能力，发展壮大 权益类公募基金，进而更好发挥行业功能。 建立浮动管理费收取机制 "对主动管理权益类基金，推行与基金业绩表 ...

Report Industry Investment Rating - The report is optimistic about the investment value of the non - banking financial sector, believing it can enjoy both Beta and Alpha [4]. Core Viewpoints of the Report - Policy interpretation: Since 2022, reform measures for public funds have been gradually implemented, focusing on fees, assessment, and compensation. Future reforms are expected to be fully rolled out in the next three years. Floating fees will expand coverage, and fee reform phases are about to be implemented. Benchmark constraints and assessment will influence industry allocation and investment focus [4]. - Impact on public funds: The industry pattern will be optimized, with benchmark constraints potentially forcing active equity funds to become "quasi - passive". Investment research will first follow the benchmark and then pursue excess returns. Passive products will continue to develop, and channels, talent, and back - end operations will face corresponding adjustments [4]. - Impact on securities companies: The profit contribution of publicly - held funds by securities companies will show greater differentiation, and the advantage of securities companies in selling equity index funds will expand [4]. - Investment analysis opinion: The non - banking financial sector is a sector that can enjoy both Beta and Alpha, and its investment value is promising [4]. Summary by Relevant Catalogs 1. Policy Interpretation: Promote the High - quality Development of the Public Fund Industry in Multiple Dimensions - Regulatory roadmap: Since 2022, the roadmap and schedule for the high - quality development of public funds have become clearer. Reforms started with fee reduction and are now being comprehensively rolled out. The "Action Plan" covers aspects not implemented in the 2022 "Opinions" [8][10][12]. - Comparison of 2022 and 2025 reform requirements: The 2025 requirements are more detailed and quantitative, covering aspects such as overall requirements, differentiated development, long - term incentive constraints, and product innovation [13]. - Key points of the "Action Plan": It includes establishing a floating management fee mechanism, reducing investor costs, increasing the scale and proportion of equity investment, establishing a performance - based assessment system, strengthening regulatory classification evaluation, and enhancing compensation management [14][15][16][18][19][20]. - Reasons for the "Three - Year Goal": Investor risk preferences have declined, leading to a slowdown in the growth of public funds, especially new equity funds. The "Long - term Capital Market Entry" has set a 10% quantitative requirement for public fund capital entry [27][25]. - Fee reform: It aims to establish a floating fee mechanism linked to performance and reduce investment costs. It also expands the scope of fee reduction and promotes the development of floating - rate funds [31][32][36]. - Differentiated competition: Fee reduction and classification supervision will optimize the industry pattern, benefiting public funds strong in equity and index products [44][48]. - Benchmark constraints and long - term assessment: In the short term, industry allocation will be adjusted; in the long term, the focus will return to fundamental research, and turnover will decrease [49][50]. - Product innovation: The development of equity and fixed - income + products will be promoted to meet market demand [53][57]. - Research and investment capabilities: The co - management model may become the future development trend of the industry [58]. 2. Impact on Public Funds: Analysis from Research and Investment, Products, Channels, Talent, and Back - end Operations - Research and investment: Benchmark constraints may force active equity funds to become "quasi - passive". The co - management model may be adopted to improve research and investment capabilities [63][58]. - Products: The passive trend will continue, and equity index products and fixed - income + products will have development opportunities [69][74]. - Channels: Public funds should strengthen self - sales and investment advisory channels to reduce dependence on代销 channels. The combination of fund investment advisory and direct sales platforms may bring opportunities for large public funds to enter the wealth management market [78][84]. - Talent: For researchers, the "department wall" between research and investment should be broken; for fund managers, hierarchical management should be implemented [90][93]. - Back - end operations: Fee reduction will raise the break - even point, and financial technology may be an effective means to cope with fee reduction in the short term [94][95]. 3. Impact on Securities Companies: Analysis from Public Fund Business, Sales, and Allocation - Public fund business: The "Action Plan" will directly impact the income of publicly - held funds by securities companies, potentially compressing their profit contribution in the short term [102]. - Sales: The similar classification evaluation mechanism will benefit securities companies' sales, and they will maintain their advantage in selling equity index funds [106]. - Allocation: Securities companies should strengthen research on high - weight benchmark targets and explore non - public fund customers [4]. 4. Investment Analysis Opinion - The non - banking financial sector can enjoy both Beta and Alpha, and its investment value is promising. The Beta logic lies in the promotion of the transformation of household savings into investments and the entry of long - term funds into the market. The Alpha logic is that the non - banking financial sector is under - allocated and has low valuations [4].

以下文章来源于市值观察 ，作者市值观察 市值观察 . 聚焦上市公司市值与价值 将投中网设为"星标⭐"，第一时间收获最新推送 大洗牌开始了。 作者丨 徐风 来源丨 市值观察 近期，基金 行业巨震 ，《推动公募基金高质量发展行动方案》直指权益基金浮动费率和薪酬绩效改 革 。 新规近乎颠覆了公募 主动权益产品的 投资打法 ， 品类的 大洗牌 开始了。 躺赚时代结束 近年来，围绕 公募基金的改革 一直在紧锣密鼓地推进 ，此前主要集中在 降低产品 费率和 证券交 易 佣金上 ， 本次 "行动方案"则剑指 权益 基金 的考评体系 ，可谓 "大招不断"。 首先，费率改革犹如一颗重磅炸弹，要求主动权益基金实行与比较基准相挂钩的浮动费率模式，直接 改写了以往规模至上的逻辑叙事，靠收管理费的躺赚模式已成为过去时。 "行动方案"出台后，5月下旬26只浮动管理费率基金正式获批，发行方主要集中在富国基金、博时 基金等头部公募。新规提到在未来一年内将引导头部机构发行浮动费率的基金数量不低于主动权益类 发行数量的60%，试行一年后再及时评估，并逐步全面推开。 从相关费率细则来看，新规要求大幅降低净值低于比较基准的管理费率，其中对投资者持有 ...

近期，基金行业巨震，《推动公募基金高质量发展行动方案》直指权益基金浮动费率和薪酬绩效改革。 新规近乎颠覆了公募主动权益产品的投资打法，品类的大洗牌开始了。 躺赚时代结束 近年来，围绕公募基金的改革一直在紧锣密鼓地推进，此前主要集中在降低产品费率和证券交易佣金上，本次"行动方案"则剑指权益基金的考评体系，可 谓"大招不断"。 首先，费率改革犹如一颗重磅炸弹，要求主动权益基金实行与比较基准相挂钩的浮动费率模式，直接改写了以往规模至上的逻辑叙事，靠收管理费的躺赚 模式已成为过去时。 "行动方案"出台后，5月下旬26只浮动管理费率基金正式获批，发行方主要集中在富国基金、博时基金等头部公募。新规提到在未来一年内将引导头部机 构发行浮动费率的基金数量不低于主动权益类发行数量的60%，试行一年后再及时评估，并逐步全面推开。 从相关费率细则来看，新规要求大幅降低净值低于比较基准的管理费率，其中对投资者持有满1年且净值与比较基准接近的适用1.2%管理费率，但若跑输 基准3%以上要降档至0.6%，也就是说绩差基金费率直接砍半。 与此同时，对于净值明显跑赢基准的公募基金还有费率升档至1.5%的激励，要求跑赢基准6%且是正收益。 | ...

编辑 | 冯羽 出品 | 创业最前线 作者 | 段楠楠 美编 | 邢静 审核 | 颂文 在兴业证券公布2024年年报后，昔日拥有董承非等明星基金经理的兴证全球基金业绩浮出水面。 依靠货币型基金规模的增长，兴证全球整体管理规模缓慢上升。但剔除管理费较低的货币型基金，其管理费更高的股票型及混合型基金管理规模大幅下 滑。在此影响下，兴证全球基金营收及净利润下滑。 公司股票型及混合型基金管理规模下滑，折射出的是兴证全球基金继董承非离职后人才凋零的困境。在公募基金改革日益强调与投资者绑定的今日，利润 逐年下滑的兴证全球基金又该如何重拾往日辉煌？ 在资本市场表现不佳及权益类基金降费的背景下，近几年大部分公募基金业绩均出现下滑，兴证全球基金也不例外。 2024年，兴证全球基金实现营业收入32.79亿元，实现净利润14.13亿元。2021年，兴证全球基金营业收入高达65.68亿元，净利润为22.35亿元。三年时间， 兴证全球基金营业收入下滑超50%，净利润下滑近37%。 作为对比，同期易方达基金营业收入仅下滑16%左右，净利润仅下滑14%左右，远低于兴证全球基金营收及利润下滑幅度。 兴证全球基金业绩大幅下滑一方面与权益类基金 ...

出品 | 妙投APP 作者 | 段明珠 头图 | 视觉中国 一代人有一代人的茅台，年轻人的"茅台"俨然变成了泡泡玛特的Labubu玩偶们。当泡泡玛特在港股上演"十倍神话"，不少曾经重仓贵州茅台的"茅粉"基金经 理，相继"转战"泡泡玛特，其中就包括汇添富的胡昕炜。 胡昕炜自2016年执掌汇添富消费行业混合基金以来，凭借对白酒板块的精准把握迅速崛起。2019年，他管理的基金以240.09%的五年收益率登顶行业榜首， 2021年巅峰时期管理规模高达768亿元，与张坤、萧楠、刘彦春并称"消费四大天王"。 后来的故事大家都很熟悉，茅台们跌跌不休，消费基金业绩大幅回撤、管理规模腰斩、争议不断。以胡昕炜的代表产品汇添富消费行业混合来说，截至2025 年6月，该基金净值从最高点的9.977元跌至4.591元， 如果再看其所在的汇添富基金，也会发现在排名相对稳定的基金界，近几年行业地位从曾经的前二剧烈下滑，几乎快跌出前十。2024年汇添富全年营收为 48.28亿元，同比下滑10.12%；净利为15.48亿元，同比增长9.33%，业内排名第9，主要靠降本增效。从非货币公募基金规模排名来看，汇添富2024年排名第 十，这是在其"降 ...

21世纪经济报道特约记者庞华玮 广州报道2025年公募基金分红热情继续高涨。 Wind数据显示，2025年前5个月，公募基金累计分红金额935.50亿元，较去年同期增长约四成，创近三 年同期新高。 其中，债券基金和股票指数基金分红最多，分别为713.99亿元和129.09亿元，占比76.32%和13.80%。 值得一提的是，三类基金出现了分红占比明显提升，分别是：被动指数型基金、偏股混合型基金和混合 债券型二级基金分红。 接受21世纪经济报道记者采访的多位业内人士的共识是，今年公募基金分红量较大，债券基金仍是基金 分红主力，而股票型基金分红呈增长趋势。展望未来，在公募基金改革助力下，基金将加强分红的频率 和力度，增强投资者获得感。 基金分红创三年新高 21世纪经济报道记者根据Wind数据统计，以"红利发放日"计算，2025年前5个月有2635只公募基金（不 同份额基金分开计算，下同）实施分红，合计分红次数3823次，合计分红金额935.50亿元。 来自格上基金的数据同样显示了这一趋势。 "截至5月末，公募基金今年以来累计分红金额超过900亿元，分红次数总计超过2500次，其中区间累计 分红金额是去年同期的1. ...

◎记者 朱妍 公募基金的分红热情持续高涨。数据显示，今年以来基金分红总额已接近900亿元。其中，权益类基金 的分红积极性较高，分红额是去年同期的近7倍。业内人士认为，随着市场有效性提升、经济复苏预期 强化，以及公募改革引导行业向重投资者回报转型，更多基金公司有望采用"定期分红+超额收益分 配"相结合的分红模式，优化投资者持有体验。 Choice数据显示，基金今年以来累计分红金额达889亿元，是去年同期的1.4倍，创出近三年的同期新 高，且分红次数超过2500次。 今年以来，加大分红力度已经成为众多基金公司的共识。公募基金改革强调从重规模向重投资者回报转 型，在政策引导下，基金管理人有望继续积极分红，以增强投资者的体验与黏性。 排排网财富公募产品运营曾方芳认为，随着市场有效性提升和经济复苏预期强化，权益类基金的业绩弹 性或进一步显现，推动更多基金公司采用"定期分红+超额收益分配"相结合的分红模式。 其中，权益类基金（股票型、混合型基金）的分红不断加码，ETF更是基金分红榜的"常客"。数据显 示，华夏沪深300ETF以26.83亿元成为今年以来分红"最大方"基金，嘉实沪深300ETF以24.35亿元的分红 金额名 ...