■王宁 公募基金二季度奏响了规模扩张与结构优化的双重变奏曲。Wind资讯数据显示，公募基金资产净值从一季度末的31.6万亿 元增至二季度末的32.4万亿元，展现出较强发展韧性；同时，产品结构呈现出丰富的层次感，其中股票型基金规模的市场占比 有所提升。 三是基金行业产品创新活跃，股票型基金扩容。二季度公募基金市场供给扩张，股票型基金扩容提速，包括科创和宽基 ETF等新发产品数量增加，同时策略迭代升级，如增强型ETF、自由现金流ETF、跨境型ETF与REITs创新等，共同优化了产品 供给结构。数据显示，按照基金成立日计算，二季度全市场新成立基金375只，总募集份额达2803.7亿份，环比增长12.2%。其 中，股票型基金新发221只，募集份额高达949.2亿份，加上混合型基金的募集份额，合计占总发行规模的46.5%，为市场"补 血"约1300亿元。 四是股票型基金业绩提升，推动产品规模增长。二季度A股市场表现强劲，从而支撑了股票型基金净值增长。同时，二季 度基金经理优化产品板块配置，大多重仓科技及消费类资产，投资者风险偏好也明显回升。数据显示，二季度全市场业绩榜单 中，超350只股票型基金净值增长率保持在10%以 ...

Group 1 - The public FOF market experienced a surge in issuance in the first half of 2025, with 31 new FOF products launched, matching the total for the entire year of 2024, and raising a total of 30.553 billion units, significantly surpassing the previous years' totals of 12.367 billion units in 2024 and 21.862 billion units in 2023 [1] - Leading companies in the FOF market include Xingzheng Global Fund, which maintained the top position with a management scale of 15.1 billion yuan, followed by China Europe Fund and E Fund, both exceeding 13 billion yuan [1] - Huashan Fund saw a significant increase in its FOF scale, rising over 6.1 billion yuan, moving up five ranks, while other firms like Shanghai Dongfang Securities Asset Management and Fortune Fund also showed strong performance with increases exceeding 5 billion yuan [1] Group 2 - The average return rate for the FOF market as of June 30 was close to 3% for the year, with notable improvements in performance compared to the previous three years [2] - The top-performing FOF product was ICBC Credit Suisse Fund's ICBC Wisdom Progress One-Year A, which achieved a year-to-date return of 14.88%, followed closely by Bohai Huijin's Preferred Progress Six-Month A with a return exceeding 14% [2] - Among the top-performing fund companies, ICBC Credit Suisse Fund had six products in the top 20 for year-to-date performance, while both Harvest Fund and Huitianfu Fund had two products listed [2]

作 者丨黎雨辰 编 辑丨姜诗蔷 图 源丨AI 2025年行至半程，发起式基金的清盘现象再一次集中涌现。 2025年7月1日，东财品质生活优选发布了基金清算报告。公告显示，该基金自2022年6月7日 成立，并采用发起式方式运作。但成立满三年后的今年6月9日，基金的规模因未达2亿元走向 清盘。截至最后运作日期，基金的总规模仅为1037.08万元。 无独有偶，在6月30日接连发布清盘公告的两只基金——中银慧泽积极3个月持有和富荣医药 健康，也同为发起式基金。 据记者统计，6月以来，发布清盘公告或是清算报告的发起式基金 至少有16只 。 有受访人士向记者指出， 在A股市场整体缺乏赚钱效应的大环境下，迷你基金清盘趋于常态 化，也是中小型公募避免资源浪费的做法 。伴随市场环境恢复，发起式基金本身依然是性价 比非常高，且能充分体现基金管理人与投资者利益共担的形式。 6月1 6只发起式基金离场 不过2025年以来，在多只发起式基金难以跨越三年规模大考的同时，年内新的发起式基金仍 在持续涌现。 2025年以来，发起式基金清盘频现。 Wind数据显示，截至2025年7月1日，年内共有127只基金清盘（不同份额合并计算），其中 超 ...

Core Insights - The article discusses the performance of various funds in the first quarter of 2025, highlighting significant profits and losses among them [1][2][3] Fund Performance Summary - E Fund Blue Chip Selection Mixed Fund (005827.OF) achieved the highest quarterly profit of 3.172 billion, making it the only equity fund to surpass the 3 billion mark [1][2] - The second tier of profitable funds includes Wanji Industry Selection (18.81 million), China Merchants Advantage Enterprises A (16.05 million), and others, indicating a clear performance hierarchy [1][2] - The article notes that the medical sector showed a strong recovery, with China Europe Medical Innovation A reversing a previous loss of 1.718 billion to achieve a quarterly return of 20.33% [2][6] Losses and Challenges - The top loss was recorded by Xingquan Trend Investment (163402.OF) with a quarterly loss of 935 million, reflecting a year-to-date return of -9.64% [3][4] - Other notable losses include Caizhong Value Momentum A (-648 million) and Caizhong Growth Selection A (-521 million), both managed by the same individual, indicating significant challenges in the TMT sector [6][7] - The article emphasizes the risks associated with large funds that may struggle to convert scale into effective returns, as seen with E Fund Blue Chip Selection [6][7] Market Dynamics - The article highlights the contrasting performance of funds, suggesting that investors should be cautious of both oversized funds that may underperform and smaller funds that may show high returns without substantial profit realization [7][8] - The ongoing market differentiation in the second quarter is expected to continue influencing fund performance, with a focus on those that can maintain scale flexibility while efficiently converting profits [7][8]

Group 1 - The core viewpoint of the articles highlights the strong performance of public funds in the first half of 2025, with over 80% of funds showing net value growth and several products exceeding an 80% growth rate [1][2] - The overall market scale of public funds remains historically high, surpassing 32 trillion yuan, with a notable increase in the proportion of equity funds [1][4] - New fund issuance showed a peak in March, followed by a decline, with bond funds continuing to dominate the issuance rhythm [5] Group 2 - QDII funds have emerged as a standout performer, with 72 products achieving over 50% net value growth, and the highest growth rate approaching 90% [2][5] - Equity mixed funds are the mainstay of public funds, with a significant presence in the top-performing categories, capturing market hotspots such as new energy and biotechnology [2][3] - Flexible allocation funds also performed well, with several products achieving net value growth rates exceeding 40%, showcasing their adaptability to market dynamics [3] Group 3 - The proportion of equity products has increased, with stock funds growing from 4 trillion yuan at the beginning of the year to 4.3 trillion yuan, reflecting improved investor confidence and a favorable economic environment [4] - The total net asset value of QDII funds rose from over 500 billion yuan to nearly 600 billion yuan, indicating a growing demand for global asset allocation among investors [5] - The issuance of stock funds peaked in March but saw a decline in subsequent months, while bond funds maintained a strong issuance presence [5]

【导读】公募基金5月份数据出炉，总规模达到33.74万亿元 中国基金报记者 吴君 6月26日，中国证券投资基金业协会（以下简称协会）发布了最新一期的公募基金市场数据。截至今年5月底，公募基金总规模达到33.74 万亿元，再创历史新高。 回顾过去一年情况，公募总规模在去年9月一度猛增至32万亿元上方，创出历史新高，但10月却明显回落；12月底重回32万亿元，达到 32.83万亿元。今年年初，随着市场调整，1月公募规模又再度回落，跌至31.93万亿元；2月、3月整体变化幅度较小；直到4月，在市场回 暖行情下，公募规模出现大幅上涨，一举突破33万亿元，创出新纪录；5月公募规模再创新高，达到33.74万亿元。 货基、债基贡献了主要增量 通过对不同类型基金变化数据的统计，记者发现，今年5月公募基金总规模的增长，主要来自货币、债券等基金的增量贡献。 具体来看，虽然收益率不高，但货币基金依旧是投资者资金的"避风港"，5月货基获得基民的热情申购，单月规模增长了4071.30亿元，达 到14.40万亿元。 5月增长约6255亿元 公募总规模达到33.74万亿元 协会网站数据显示，截至2025年5月底，我国境内公募基金管理机构共 ...

Group 1 - The total scale of private equity funds in China reached 20.27 trillion yuan by the end of May 2025, marking a month-on-month increase of 0.25% and achieving positive growth for six consecutive months [1] - Private equity investment funds accounted for 54.2% of the total scale, with a size of 10.98 trillion yuan, while private securities investment funds and venture capital funds represented 27.3% and 16.8%, with sizes of 5.54 trillion yuan and 3.41 trillion yuan respectively [1] Group 2 - In May, the number of newly registered private fund managers decreased significantly, with only 4 new registrations compared to 16 in April, while 63 managers were deregistered, resulting in a net decrease of 59 managers [3] - As of the end of May, there were 19,832 active private fund managers managing a total of 140,870 funds, with private securities investment fund managers numbering 7,802 and private equity and venture capital fund managers totaling 11,835 [3] Group 3 - The number of newly registered private funds in May was 1,219, with a new registration scale of 607.26 billion yuan, indicating stable growth [4] - Among the new registrations, private securities investment funds accounted for 880 funds with a scale of 438.91 billion yuan, while private equity investment funds and venture capital funds had 125 and 214 new registrations, with scales of 67.07 billion yuan and 101.28 billion yuan respectively [4] Group 4 - The distribution of registered private fund managers is concentrated in major regions, with Shanghai, Beijing, and Shenzhen being the top three, accounting for 72.20% of the total [4] - The total scale of funds managed by the top six regions reached 75.06%, an increase from 75.02% in April, with Shanghai leading at 50,892.65 billion yuan, followed by Beijing at 47,034.42 billion yuan and Shenzhen at 19,704.47 billion yuan [4]

【导读】5月末私募基金总规模达20.27万亿元，连续六个月实现正增长 见习记者 庄佳 6月26日，中国证券投资基金业协会发布的数据显示，截至2025年5月末，私募基金行业管理 总规模达20.27万亿元，较4月末的20.22万亿元增加0.05万亿元，环比增长0.25%， 连续六 个月实现正增长 。 从结构看，私募股权投资基金以10.98万亿元规模占据半壁江山，占比 为 54.2%；私募证券 投资基金规模为5.54万亿元，占比 为 27.3%；创业投资基金规模为3.41万亿元，占比 为 16.8%。 审核：陈墨 5月，私募基金管理人登记与注销呈现"少增多减"态势。当月新登记机构仅4家，较4月的16 家大幅减少12家 。 与此同时，注销私募基金管理人63家，净减少59家管理人，反映出监管 持续优化行业生态。 截至5月末，存续私募基金管理人共19832家，管理基金数量 为 140870只。分类看，私募 证券投资基金管理人为7802家，私募股权、创业投资基金管理人为11835家，私募资产配置 （来源：中国证券投资基金业协会官网） 类基金管理人为6家，其他私募投资基金管理人为189家。 从新增备案来看，5月私募基金备案保 ...

Core Insights - The recent wave of fund liquidations, particularly among initiator funds, has drawn significant market attention, with 41 out of 131 funds liquidated this year being initiator funds, many of which focus on sectors like new energy and pharmaceuticals [1] Group 1: Challenges Faced by Initiator Funds - The low establishment threshold for initiator funds, requiring only 50 million yuan for initial capital compared to 200 million yuan for regular public funds, leads to a proliferation of small funds that struggle to survive [3] - The requirement for initiator funds to reach a scale of 200 million yuan within three years poses a significant challenge, as many funds fail to meet this threshold, resulting in automatic termination of their contracts [3] - The withdrawal of initial "hot money" that supports new fund launches contributes to the difficulties faced by initiator funds, as these funds often see a decline in capital after initial establishment [4] Group 2: Market Conditions and Management Issues - Poor performance in the A-share market has created a lack of profit opportunities, making it difficult for initiator funds to attract new investors, with many funds' net asset values falling below 1 yuan [4] - The majority of fund managers for initiator funds lack star status and market appeal, which limits their ability to attract new investors and often relegates these positions to training grounds for less experienced managers [5] - The rapid issuance of new funds leads to the marginalization of existing initiator funds, as investors are encouraged to abandon older funds in favor of newer offerings, further complicating the growth prospects for established initiator funds [5]

年以来次高、最高。 资金市场：资金交易升温、杠杆率续升。 过去一周资金市场整体升温。主要融入方净融入金额上升，主要 融出方净融入金额上升。银行间总融入融出回购余额上升，银行间债市杠杆率上升。分机构看，商业银行/ 政策性银行杠杆率下降，证券公司、非法人产品、保险公司杠杆率上升。隔夜回购占比上升。 一级市场："博边际"情绪明显。 过去一周有1只10Y国债、2只10Y国开债和1只10Y农发债发行。国债一级 市场全场倍数上升，政金债全场倍数均下降。国债国开债一二级价差收窄，农发债一二级价差略走阔。一 致性预期层面，国债国开债边际倍数均明显上升。 报告导读： 上周基金集中发力7-10Y长债和10Y以上超长债，单周净买入力度分别创今 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 交易盘做多情绪已浓 报告日期：2025.06.18 报告作者： 唐元懋 （分析师），登记编号： S0880524040002 藏多 （分析师），登记编号： S0880525040116 二级市场：二级市场热度整体向好，超长债热度抬升。 30年国债换手率上升，中长期纯债型基金久期平均 数上升。债券借贷总借入量下降，活跃券占 ...