【导读】本周8只新基金启动募集，全部为含"权"品种 中国基金报记者 天心 2025年最后一周，新基金发行只数缩量。 本周（12月29日—12月31日）三个交易日，新基金市场延续过去两周的清淡态势，发行数量降至个位数。震荡行情下，权益基金仍为主力，"固收+"品种 继续保持暖意。 2025年收官周8只新基金发行 本周只有三个交易日，12月29日是新基金发行的关键日，本周8只新发基金中4只集中在周一启动发行；周二、周三各有2只新基金启动募集。 从认购天数来看，本周新基金中，认购天数最长为前海开源兴和，募集期在三个月左右。在其之后，大成港股恒信、华宝上证科创板芯片ETF、中银证券 安怡的募集期在一个月左右，广发上证科创板芯片ETF认购天数为半个月左右。 本周新基金中，认购天数最短的是易方达中证细分有色金属产业主题指数、山证资管数字经济锐选，均计划发售1天。另有招商资管上证科创板人工智能 指数的募集期也不到一周。 制作：舰长 权益基金仍为发行主力 从基金类型看，本周8只新发基金悉数为含"权"类品种，除了2只二级债基，其余均为权益基金。 其中，指数型股票基金有4只，且都是跟踪行业细分指数的新基金。包括易方达中证细分有色金 ...

Group 1 - The overall performance of public funds in 2023 is positive, with over 90% achieving net value increases, and more than 60 actively managed equity funds doubling their returns [1] - As of December 22, 2023, the average return rates for various fund types are: equity funds at 28.25%, mixed funds at 26.56%, QDII funds at 22.17%, FOF funds at 13.28%, bond funds at 2.2%, and money market funds at 1.29% [1] - The average return for equity funds (including stock, mixed, and QDII equity funds) is 25.47%, with approximately 94.36% of these funds showing net value increases this year [1] Group 2 - The average return for actively managed equity funds exceeds 29%, with the top-performing fund, Yongying Technology Smart Selection Mixed Fund A, achieving a net value increase of 231.72%, marking the first occurrence of a "double base" in equity funds since 2008 [2] - Other notable funds include Zhonghang Opportunity Leading Mixed Fund A and Hongtu Innovation Emerging Industry Mixed Fund A, with returns of 172% and 153% respectively [2] - A total of 63 actively managed equity funds have recorded net value increases exceeding 100%, including funds from Huatai-PB Quality Selection Mixed Fund A and others [2]

【导读】7000亿元"银行系"基金公司迎新掌门人，刘信群出任中银基金董事长 又有基金公司迎来新的"掌门人"。 12月11日，中银基金发布公告，任命刘信群为公司董事长，总经理张家文不再代任董事长一职。刘信群来自中银基金大股东——中国银行，此前担任中国 银行深圳市分行行长、党委书记。 数据显示，截至今年三季度末，中银基金旗下非货币基金规模为3263.77亿元，排行业第19名，旗下公募基金管理总规模超过7000亿元。 旗下公募基金规模超7000亿元 努力补上权益短板 公开资料显示，中银基金的前身为中银国际基金管理有限公司，由中银国际和美林投资管理合资组建（2006年9月29日美林投资管理有限公司与贝莱德投 资管理有限公司合并，合并后新公司名称为"贝莱德投资管理有限公司"），2004年7月29日正式开业。2007年12月25日，经中国证监会批准，中国银行直 接控股中银基金。2008年1月16日，公司正式更名为中银基金管理有限公司。 刘信群出任中银基金董事长 12月11日，中银基金管理发布关于董事长（法定代表人）变更的公告，刘信群担任公司董事长。 | 新任职务 | 董事长、法定代表人 | | --- | --- | | ...

【导读】7000亿元"银行系"基金公司迎新掌门人，刘信群出任中银基金董事长 中国基金报记者 若晖 Wind数据显示，截至今年三季度末，中银基金旗下非货币基金规模为3263.77亿元，排行业 第19名， 旗下公募基金管理总规模超过7000亿元。 刘信群出任中银基金董事长 12月11日，中银基金管理发布关于董事长（法定代表人）变更的公告，刘信群担任公司董事 长。 | 新任职务 | 董事长、法定代表人 | | --- | --- | | 姓名 | 刘信群 | | 任职日期 | 2025年12月10日 | | 过往从业经历 | 中南财经大学统计学专业博士研究生。2025年加入 | | | 中银基金管理有限公司,现任党委书记、董事。历 | | | 任中国银行司库助理总经理,中国银行深圳市分行 | | | 行长助理、党委委员,中国银行深圳市分行副行长、 | | | 党委委员,中国银行(香港)有限公司风险管理部 | | | 总经理,中国银行司库总经理,中国银行深圳市分 | | | 行行长、党委书记。兼任深圳市第七届人大代表、 | | | 深港金融合作委员会委员。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 ...

| 阶段涨幅 | 季度涨幅 年度涨幅 | | 2 下载天天基金手机版,随时查看阶段张幅 | | | | 截止至 2025-12-05 | 更多> | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | 近1年 | 近2年 | 近3年 | | 阶段张幅 | -1.56% | -3.82% | -15.60% | -9.50% | -21.08% | -29.00% | -42.38% | | | 同类平均0 | 0.91% | -0.57% : | 2.28% : | 23.53% | 30.33% | 28.81% | 34.89% | : 13.81% | | 中華300 | 1.28% | -0.92% | 2.78% | 18.23% | 16.51% | 16.91% | 35.07% | 16.16% | | 同类排名♡ | 4650 5057 | 4490 4996 | : 4811 4854 4635 | | 4477 4477 | 4444 4444 | : 3954 ...

Core Insights - This week, 21 new funds are set to launch, primarily focusing on equity funds, although their proportion has decreased compared to previous weeks [1][4]. Fund Issuance Overview - A total of 21 new funds will be publicly offered this week, with 15 of them launching on Monday, accounting for over 70% of the week's total [2]. - The longest subscription period among these funds is three months, with funds like Hengsheng Qianhai Growth Power and Morgan Stanley's Tianyi [2][3]. - The average subscription period for the new funds is 23.29 days, which is longer than in previous weeks, likely due to recent market adjustments [3]. Fund Types and Categories - Equity funds remain the dominant type, with 11 out of 21 new funds classified as equity, although their share has declined [4]. - Among the equity funds, there are five index funds and three enhanced index funds, with the former making up over 45% of the equity category [4]. - Three actively managed equity funds are also being launched, all of which are mixed funds [5]. Fixed Income and Other Funds - The bond market has seen a slowdown in fund issuance, with no pure bond funds launched this week; however, seven secondary bond funds are debuting [6]. - A total of eight "fixed income plus" funds are being introduced this week, making up nearly 40% of the new offerings [6]. Fund Details - Specific funds include the China Post North 50 Index Enhanced Fund with a minimum fundraising target of 1 billion units, and several other funds with targets ranging from 10 billion to 80 billion units [3][7]. - Notable funds launching include the Dachen CSI 800 Index Enhanced Fund and the Guotai Junan Stable Xin Yi Fund, among others [7].

Core Insights - The stock market has seen significant growth, with the Shanghai Composite Index rising over 38% in the past year, leading many to consider investing over saving [1] - Retail deposits at major banks like Industrial Bank increased by 148.3 billion, a year-on-year growth of 18.20%, indicating a shift in investor sentiment towards asset management, particularly public funds [3] Fund Performance - Notable funds such as Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutral Theme Mixed Fund have performed well, ranking 3rd and 7th respectively in their categories over the past year [5] - The success of these funds is attributed to their strong performance, which enhances their credibility and ability to engage with third-party platforms [5][6] Platform Integration - The ability of fund products to integrate with major financial management tools like Alipay's Yu'e Bao and WeChat's Wallet reflects the fund companies' overall strength and trust with these platforms [6] - Yongying's product is integrated with WeChat's Wallet, while Penghua's product is part of Alipay's "saving" module, indicating a deep collaboration [6] Popularity and Engagement - As of the first week of September 2025, Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutral Theme Mixed Fund ranked 4th and 7th in popularity on Alipay's fund discussion board, with over 40,000 searches each [8] - The established conversion path on these platforms facilitates the transition from search to purchase, enhancing the funds' visibility and accessibility [8] Market Dynamics - Historical data shows that during a promotional event in 2021, a public fund gained over a million followers, highlighting the importance of internet platform operations for fund companies [10] - The market's volatility poses a challenge, as clients attracted during market upswings may exit during downturns, emphasizing the need for robust risk management strategies [11] Risk Management and Product Diversification - The maximum drawdown for Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutral Theme Mixed Fund reached 29.60% and 30.96% respectively, while another fund, Guangfa Value Return Mixed Fund, maintained a maximum drawdown of about 3% with an 18.26% increase [11] - A mature fund company should not rely solely on high-risk, high-return products but must also offer low-risk, stable-return options to ensure long-term client retention [13] - Yongying Fund's "fixed income+" product line also saw a growth of 14.1 billion in the first quarter of 2025, ranking among the top in the industry, indicating a balanced approach to product offerings [13]

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].

Core Insights - The total number of public fund distributions reached 4,120 times this year, with a total distribution amount of 144.25 billion yuan, representing a year-on-year increase of 39.23% compared to the same period in 2024 [1][2][3] Fund Type Analysis - Equity funds (including stock and mixed equity funds) distributed 580 times this year, with a total distribution amount of 31.92 billion yuan, accounting for 22.13% of the total fund distribution, and showing a significant year-on-year increase of 325.17% [1][3] - Bond funds were the main contributors to distributions, with a total of 3,230 distributions and an amount of 1,034.99 billion yuan, making up 71.75% of the total fund distributions, with a year-on-year increase of 15.69% [2][4] - REITs (Real Estate Investment Trusts) and mixed funds had similar distribution amounts, with REITs distributing 80 times for a total of 5.265 billion yuan, and mixed funds distributing 259 times for 4.975 billion yuan, accounting for 3.65% and 3.45% of the total respectively [3][4] Subtype Breakdown - Within bond funds, the medium to long-term pure bond funds had the highest distributions, totaling 1,995 times and 771.65 billion yuan, representing 74.56% of the bond fund total [4] - Among equity funds, passive index funds had 428 distributions totaling 285.68 billion yuan, which accounted for 96.32% of the equity fund total, with a year-on-year increase of 351.08% [4] - In mixed funds, the dominant types were the equity-mixed and flexible allocation funds, with distribution amounts of 22.62 billion yuan and 21.77 billion yuan respectively, together accounting for nearly 90% of the total mixed fund distributions [4] Market Dynamics - The significant increase in equity fund distributions is attributed to multiple factors, including the sustained recovery of the A-share market, which has improved fund net values and created a solid foundation for distributions [4][5] - Policy initiatives, such as the implementation of the "New National Nine Articles," have encouraged high dividend distributions, promoting a shift in the asset management industry towards investor return orientation [4][5] - Structural changes in product types, particularly the rapid expansion of index funds and ETFs, have enhanced profitability and provided ongoing support for distributions [5]

Market Performance - The A-share market has shown strong performance recently, with the Shanghai Composite Index returning to a relative high of 3600 points [1][2] - As of May 27, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed at 3608.85, 14897.19, and 3226.11 points, with daily increases of 0.43%, 0.7%, and 0.92% respectively [2] Fund Performance - Equity fund returns have significantly rebounded, with some star fund managers seeing their products' year-to-date returns turn positive and continue to rise [1][2] - Notable fund performances include E Fund's Blue Chip Select Mixed Fund with a year-to-date return of 8.43%, Invesco Great Wall Dingyi Mixed Fund at 8.48%, and China Europe Medical Health Mixed A Fund at 16.68% [2] Investor Sentiment - Many investors have expressed relief at recovering their investments, with some stating they have "broken even" after previous losses [4] - However, a portion of investors remains in a loss position, particularly those who entered the market during high net asset values before the recent downturn [4] Market Recovery Factors - The recent market recovery is attributed to a temporary easing of liquidity and a reduction in commodity price pressures [3] - As of May 26, the number of equity funds with negative year-to-date returns decreased to 1170, representing less than 20% of the total, indicating a significant recovery in fund performance [3] Future Outlook - Industry experts maintain an optimistic outlook for the market, suggesting that high-quality blue-chip stocks will continue to attract investment [5] - There is a consensus that while market sentiment may fluctuate, structural opportunities for growth remain, particularly as systemic risks have decreased [5]