Core Insights - The overall net subscription of funds in Q2 reached 1.25 trillion units, with money market and bond funds being the main contributors [2][3] - Despite a net redemption in equity funds, some actively managed equity products still attracted significant investment [4][7] Fund Subscription Summary - As of the end of Q2 2025, total fund units exceeded 30.22 trillion, marking an increase of 1.25 trillion units, a growth rate of 4.31% [3] - Money market funds saw a net subscription of 887.67 billion units, with a subscription ratio of 6.88%, totaling 13.79 trillion units by the end of Q2 [3] - Bond funds had a net subscription of 459.25 billion units, with a subscription ratio of 5.17%, bringing the total to 9.35 trillion units [3] - Commodity funds had a total of 72.29 billion units with a net subscription of 20.83 billion units, resulting in a high subscription ratio of 40.49% [3] - QDII funds had a net subscription ratio of 1.48%, with a total of 569.83 billion units by the end of Q2 [3] Equity Fund Performance - Equity funds experienced a net redemption of 140.27 billion units, with active stock funds leading the redemptions at 17.96 billion units, a 4.75% redemption ratio [4][5] - Mixed funds had a redemption ratio of 3.28%, while stock and index funds had redemption ratios of 0.73% and 0.23%, respectively [3] Notable Fund Performances - In Q2, 51 actively managed equity funds had net subscriptions exceeding 5 billion units, with mixed funds being the primary contributors [8] - Fourteen funds had net subscriptions over 10 billion units, with the top five being interbank deposit funds [9] - The "Solid Income+" product from Guotai Junan attracted 1.47 billion units, with a subscription ratio of 2698.57% [9] - The Huatai-PineBridge Innovation Medicine Mixed Fund achieved a net subscription of 1.46 billion units, with a growth rate of 21.65% [10] - The China Aerospace Security Mixed Fund saw a net subscription of 1.21 billion units, with a subscription ratio of 343.88% [10] Redemption Trends - A total of 56 actively managed equity funds had net redemptions exceeding 5 billion units, with 13 funds redeeming over 10 billion units [11] - The redemptions were primarily influenced by changes in fund management or poor performance, particularly affecting well-known fund managers [11]

Group 1 - The core viewpoint is that both active and passive fund sizes have rebounded in Q2 2025, with a notable increase in active fund positions and a decrease in stock concentration [1][2] - Active equity funds are focusing on technology, large finance, and military medicine sectors, with a preference for small-cap growth stocks [2][3] - The active fund's total heavy holdings in Hong Kong stocks reached 325.9 billion yuan, increasing its proportion in total heavy holdings from 19.13% in Q1 2025 to 19.92%, marking a new high since Q2 2015 [4] Group 2 - The recovery in the A-share market since Q2 2025 has led to an increase in investor risk appetite, benefiting active fund performance and size [2] - Passive funds have also seen significant net subscriptions since early April 2025, driven by state-owned enterprises entering the market to stabilize it [2][3] - The banking sector has been a focus for active funds, with significant increases in holdings due to high dividend yields and market activity [3]

Group 1 - Public funds' management scale and non-monetary fund management scale reached historical highs, exceeding 34 trillion yuan and 20 trillion yuan respectively by the end of Q2, with increases of 2.24 trillion yuan and 1.29 trillion yuan compared to Q1 [1] - All major fund types, including equity funds, bond funds, and money market funds, saw growth exceeding 100 billion yuan, with multiple gold ETFs reaching historical highs, indicating their importance in asset allocation for residents [1] - The "national team" increased holdings in broad-based ETFs by nearly 200 billion yuan, contributing to market confidence and supporting economic recovery and industrial upgrades [1] Group 2 - The industries with the highest increases in equity fund positions were telecommunications, banking, and defense, while the most reduced positions were in food and beverage, automotive, and power equipment [2] - Tencent Holdings remained the top holding in active equity funds, followed by companies such as CATL, Kweichow Moutai, Midea Group, Zijin Mining, Xiaomi, Luxshare Precision, Alibaba, Newray, and SMIC [2] - Companies with the largest increases in positions included Zhongji Xuchuang, Newray, and Shenghong Technology, all of which entered the top twenty holdings of active equity funds [3]

Core Insights - The innovative drug Zeli Mei (Benvimod Cream) has been strongly recommended by the American Academy of Dermatology (AAD) for the treatment of atopic dermatitis, marking a significant recognition for a Chinese-developed medication [1] - Following this endorsement, the price of Zeli Mei was reduced from 980 yuan to 360 yuan, a decrease of 63%, leading to a surge in demand and stock shortages across major e-commerce platforms [1][2] Company Actions - Shanghai Zedeman Pharmaceutical Technology Co., Ltd. announced the price adjustment as part of its efforts to enhance drug accessibility, achieved through optimized production processes and increased capacity [2] - The company has committed to ensuring supply and accelerating the integration of the drug into various health insurance systems [2] Market Response - The market response to the price reduction has been overwhelmingly positive, with product inquiries increasing over 20 times on platforms like JD Health and Alibaba Health [1] - Experts highlight that the success of Zeli Mei reflects the organic combination of high quality and affordability in China's innovative drug sector, contributing positively to the health of the population [2]

Group 1 - The A-share market has seen a strong performance, with the Shanghai Composite Index reaching a new high for the year, driven by significant gains in infrastructure and construction-related sectors [1][2] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of 1.2 trillion yuan, is expected to boost GDP growth in Tibet and increase demand for construction materials [3] - The central government's urban work conference is anticipated to accelerate policies related to urban renewal and infrastructure upgrades, further stimulating demand for construction materials [3] Group 2 - Analysts predict that the equity asset base may rise due to the combination of large-scale infrastructure investments and anti-involution policies, potentially leading to a shift from deflationary expectations to a mild inflation environment [4] - The upcoming Politburo meeting is seen as a critical point for observing policy direction, which could significantly impact market sentiment and capital flow [4] - The construction and building materials sectors are expected to benefit from policy support and improved fundamentals, with a focus on sectors related to anti-involution and stable real estate [6] Group 3 - There is a consensus on the potential of sectors driven by strong industrial trends, such as AI and innovative pharmaceuticals, while defensive dividend sectors like banking may face valuation pressures [7] - The market is advised to focus on three main strategies: industries with strong industrial trends, sectors driven by performance and valuation alignment, and themes related to anti-involution and new energy [7]

【导读】沪指再创年内新高，基金公司解读市场 中国基金报记者 张燕北 A股三大指数7月21日集体上涨，沪指"4连阳"，再创年内新高。大基建板块井喷，超级水电 板块全线爆发，大基建、钢铁、建材等板块涨幅居前。 盘后记者采访了多家公募，分析当前市场表现，展望后市走势。受访公募普遍认为，市场表 现强势或源于国家级重大水电工程开工等多个利好消息带动，后续基建投资有望保持稳健增 长、建材行业有望迎来困境反转的修复空间。 多重利好刺激A股走强 A股周一强势表现背后，或是雅鲁藏布江下游超级水电项目开工、"反内卷"政策持续发力等诸 多利好因素的综合作用。 国泰基金表示，消息面上，7月19日，李强出席雅鲁藏布江下游水电工程开工仪式并宣布工程 开工。 华润元大基金认为，从上半年经济数据来看，全年实现5%的实际GDP增长目标具备较强可行 性。这一判断意味着，短期大规模逆周期政策加码的必要性有所降低，政策重心将更多向稳 定价格水平、优化经济结构倾斜。7月底召开的政治局会议将是观察增量政策导向的关键节 点，其表态对市场情绪和资金流向可能产生重要影响。 雅江"超级水电工程"的投资金额之巨、施工难度之高、耗时之久、影响之广，都将创下历史 纪 ...

【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 次新主动权益类基金积极建仓 一批自今年2月以来成立的主动权益基金首次披露季报，揭开了在今年上半年市场震荡之下的次新基金建仓情况。 2025年上半年，A股市场持续调整，人工智能、黄金、创新药等板块轮番演绎。与此同时，次新主动权益基金建仓积极。Wind数据显示，可统计的55只 （只统计初始份额）首次披露季报的主动权益基金（包括股票型、混合型）平均股票市值占基金资产净值比例为72.48%，属于中性偏上水平。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、电力设备、汽 车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国能日新、扬杰 ...

【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中 性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 由周雪军管理的海富通远见回报于今年3月初成立。截至今年二季度末，该基金股票仓位为93.20%，其前五大重仓股分别是新易盛、紫金 矿业、宁德时代、天孚通信、美的集团。周雪军在二季度中表示，4、5月份，总体在经济对冲、产业对抗等相关行业配置占比较高；5月下 半月开始逐步加大弹性，在坚持"哑铃型"策略的基础上，着重加配海外算力和银行，同时适度在军工、有色、新消费等方向优选个股。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、 电力设备、汽车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国 能日新、扬杰科技、超声电子。 由李浩玄 ...

Core Viewpoint - The public fund management scale reached a historical high of 34.05 trillion yuan by the end of Q2 2025, marking an increase of 2.24 trillion yuan from the previous quarter, driven by strong inflows from residents and a broad-based growth across various fund types [2][5]. Fund Management Scale - By the end of Q2 2025, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, an increase of 2.24 trillion yuan from 31.81 trillion yuan at the end of Q1 2025 [5]. - The growth in fund scales was broad-based, with stock funds increasing by over 270 billion yuan, bond funds growing by 865.3 billion yuan, and money market funds increasing by 950.5 billion yuan [2][7]. Fund Types Performance - Despite lower yields in the bond and money market funds compared to the previous year, there was a significant inflow into stable-performing bond and money market funds, indicating a continued demand for stable assets [6]. - The growth in bond and money market funds was substantial, with bond funds increasing by 865.3 billion yuan and money market funds by 950.5 billion yuan in Q2 2025 [7]. ETF Growth - ETFs remained a key growth engine for fund companies, with significant inflows into various ETFs, particularly in the context of AI, humanoid robots, and innovative pharmaceuticals [11]. - The non-money management scale of fund companies grew by nearly 1.29 trillion yuan in Q2 2025, surpassing 20 trillion yuan for the first time [12]. - Major fund companies like Huaxia Fund and E Fund saw their non-money management scales increase by over 100 billion yuan, with specific ETFs experiencing substantial growth [12][14]. Competitive Landscape - The public fund industry continues to exhibit a "Matthew Effect," where leading fund companies maintain strong competitive advantages, while smaller firms face intense competition and challenges in growth [18]. - Smaller fund companies like Yongying Fund and Haifutong Fund have been actively expanding their product offerings and achieving growth, while others have seen declines in their management scales [19][21].

证券研究报告 | 策略专题报告 2025 年 07 月 21 日 港股占比创历史新高，重点增配科技及金融 ——主动及被动基金持仓分析 2025Q2 2025Q2 主被动基金规模均有回升，各类型主动基金仓位普遍回升，同时持股 集中度进一步下降，港股持有比例再创历史新高，加仓方向上主要围绕科技、 大金融、军工医药展开，成长及小市值因子偏好继续回升。被动基金风格则更 加偏好金融、大盘价值。 ❑ 2025Q2 主被动基金规模均有回升。2025 年二季度以来 A 股探底修复，投资 者风险偏好提升，成长风格整体占优叠加 AI、创新药各类产业趋势提速，主 动基金业绩规模继续双增。与此同时，被动基金规模在 4 月初国家队入市维 稳推动下同样迎来大幅净申购。主动基金净流出规模收窄，被动基金净流入。 各类型主动基金仓位普遍回升，同时持股集中度进一步下降。 ❑ 2025Q2 主动偏股基金加仓思路主要围绕科技、大金融、军工医药展开，持 仓风格偏小盘成长风格。一是聚焦 AI 算力为代表的科技主线，重点加仓通信。 二季度以来 AI 板块持续高景气，各大厂商纷纷加大 AI 相关的资本性开支， 进一步带动 AI 服务器、AI 芯片、光模块等 ...