从新发基金类型来看，涉及主动权益、ETF以及联接基金、量化基金、债券ETF、纯债基金以及REITs 等。 引人注意的是，首批10只科创债ETF的发行备受关注，其中易方达、博时、广发、富国、招商、鹏华、 华夏旗下7只仅售一天。半日已有产品售罄，火爆程度可见一斑。 权益基金依然是新发基金主角 本周，全市场再迎来39只基金面市，仅本周一就有31只基金迎来发行。 ETF市场竞争持续白热化 进入2025下半年。7月7日，华夏基金、易方达基金、嘉实基金、南方基金等10家头部公募，将在科创债 ETF发行中同台竞技。其中，有7家公司将募集期压缩至1天、规模上限设为30亿元。 引人注意的是，从6月18日产品上报材料到如今正式发行仅用了半个月。 2025年公募基金发行市场明显回暖。随着2025年上半年正式收官，公募基金规模变化、产品发行情况 等"中考"成绩成为了市场关注焦点。数据统计显示，今年上半年，公募基金整体规模稳居32万亿元上 方，处于历史高位，权益类基金规模稳中有进。新发产品虽然同比减少，但备受市场关注的股票型基金 的新发规模则创下近四年同期新高。 细分类型中，上半年新成立的股票型基金有387只，发行总份额1880.59 ...

Group 1 - Da Cheng Fund announced that the company and its executives will jointly invest no less than 10 million yuan to subscribe to "Da Cheng Insight Advantage Mixed Fund" and commit to holding it for at least one year [1][2] - Since 2025, 119 public fund companies have announced subscription activities, with money market funds receiving the highest net subscriptions [2][4] - The increase in self-purchase behavior among fund companies may indicate optimism about the mid-term market, as self-purchases often occur at significant market turning points [2][3] Group 2 - Wind statistics show that since 2025, over 100 public fund companies have engaged in self-purchase activities, with some companies having nearly 200 self-purchase instances this year [4] - Money market funds have become the main product for self-purchases, with many companies seeing over 80% of their net subscription scale coming from these funds [4] - The structural adjustment in asset allocation strategies, along with declining bond market yields, has made money market funds more attractive for stable returns [4]

增聘潮涌：究竟是"离职前兆"还是"团队优化"？ 从"造星"到"造团队"，公募行业的转型已进入深水区。 今年以来，公募基金产品增聘基金经理动作密集。第一财经根据Wind数据统计，截至7月7日，年内至 少有逾710只公募产品增聘基金经理，涉及包括葛兰、冯波、刘格菘等多位知名基金经理管理的产品， 引发市场广泛关注。 市场一度将增聘视为"原经理离职前兆"，但业内人士指出，这一现象本质是基金团队动态优化的常规操 作，而非风险信号。基金经理"以老带新"、原基金经理的工作"减负"、基金经理之间优势互补等，也都 是增聘基金经理的重要因素。 随着单一经理的"明星效应"逐渐弱化，"双管一""多管一"的基金经理共管模式渐成常态，公募行业正加 速向"团队平台化"转型。目前，超四分之一基金已采用"共管"模式。值得关注的是，在团队化转型中， 新生代基金经理的数量与影响力显著提升。 尤其是在近年来的震荡行情下，业绩表现印证了行业新生力量在崛起，例如在年内排名前10位的主动权 益类基金中，有半数产品的基金经理"上岗时间"不足3年。不过有业内人士提醒道，新生代经理普遍存 在持仓行业集中度较高、历史业绩周期验证不足等问题，业绩可持续性亦需更长时 ...

公募真金白银大手笔自购！ 公募排排网数据显示，截至今年6月30日，上半年非货公募基金合计净申购金额达53.18亿元，较去 年同期的18.36亿元相比，这一数据实现了189.65%的同比大幅增长。细分来看，权益基金在上半年表现 亮眼，上半年净申购金额达23.73亿元，占非货公募基金总净申购金额的44.63%，较去年同期的13.48亿 元增长76.04%。 在各基金品类中，债券型基金成上半年自购主力军。上半年债券型基金合计净申购金额达21.94亿 元，占非货公募基金净申购总额的41.25%。其中，中长期纯债型基金占主导地位，上半年净申购金额 达9.66亿元，占债券型基金净申购总额的44.03%。另外，被动指数型债券基金净申购金额达6.02亿元， 占比为27.46%。 权益基金方面，股票型基金贡献显著，上半年净申购金额达13.28亿元，占权益基金净申购总额的 55.96%。偏股混合型基金也表现不俗，上半年净申购金额达10.45亿元，占权益基金净申购总额的 44.04%。 进一步聚焦股票型基金发现，被动指数型基金成为主力，上半年净申购金额达9.16亿元，占股票型 基金净申购总额的68.94%。 2025 年上半年，公 ...

Core Viewpoint - The article discusses the phenomenon of "dual pricing" in pharmacies, where the price of a medication differs significantly depending on whether a consumer pays with cash or through their medical insurance card, raising concerns about fairness and transparency in pricing practices [1][2][3] Group 1: Pricing Discrepancies - A specific case is highlighted where a medication priced at 18 yuan costs 26 yuan when paid for with a medical insurance card, representing a nearly 50% increase [1] - This pricing discrepancy is not isolated, as similar experiences have been reported by other consumers in different regions, indicating a potential widespread issue [1][3] Group 2: Cost Transfer and Justifications - One explanation for the price difference is the longer settlement period for medical insurance payments, which incurs a 2% to 3% fee that pharmacies may pass on to consumers [2] - However, this rationale is questioned, as the extent of the price increase cannot be solely attributed to these fees, suggesting that pharmacies may be exploiting the situation for additional profit [2] Group 3: Consumer Impact and Perception - Consumers express frustration over the higher costs associated with using their medical insurance cards, feeling that they are unfairly penalized despite the funds being their own [3] - The article warns that if such pricing practices are normalized, it could lead to broader skepticism about the medical insurance system and diminish consumer confidence in participating in insurance programs [3] Group 4: Regulatory Concerns - The article calls for regulatory scrutiny of these pricing practices, emphasizing that consumers should not be subjected to discriminatory pricing and that medical insurance funds should not be exploited [3]

【导读】重庆农商行是年内首家获批证券投资基金托管资格的商业银行 近日，证监会核准重庆农商行的证券投资基金托管资格，重庆农商行是年内首家获批证券投资基金托管 资格的商业银行。 重庆农商行获批基金托管资格 证监会表示，核准重庆农商行开展证券投资基金托管业务，应当严格遵守有关规定，认真履行基金托管 人的职责，采取有效措施，确保基金资产的完整性和独立性，切实维护基金份额持有人的合法权益。 基金托管是指由依法设立并取得基金托管资格的商业银行或者其他金融机构担任托管人，按照法律法规 的规定及基金合同的约定，对基金履行安全保管基金财产、办理清算交割、复核审查净值信息、开展投 资监督、召集基金份额持有人大会等职责的行为。 银行是基金托管市场的主力军，截至目前，已有37家银行获基金托管资格，分别是6家国有大行、12家 股份行、11家城商行、3家农商行和5家外资行。 托管业务是商业银行中间收入的重要来源，因具有轻资本特征，是银行业务创收的重要发力点。近年 来，区域性银行纷纷抢滩基金托管市场。还有多家银行正处于申请基金托管资格排队序列的机构中，有 成都农商银行、蒙商银行等银行。 截至最新，公募基金托管总资产超33万亿元。工商银行以 ...

【导读】重庆农商行是年内首家获批证券投资基金托管资格的商业银行 见习记者 储是 近日，证监会核准重庆农商行的证券投资基金托管资格，重庆农商行是年内首家获批证券投 资基金托管资格的商业银行。 重庆农商行获批基金托管资格 证监会表示，核准重庆农商行开展证券投资基金托管业务，应当严格遵守有关规定，认真履 行基金托管人的职责，采取有效措施，确保基金资产的完整性和独立性，切实维护基金份额 持有人的合法权益。 二是部分机构在"证券投资基金"托管牌照下大量开展其他业务，背离了业务本源，有必要厘 清业务边界、督促持牌机构立足主责主业。 三是部分托管机构"托而不管"或者"托而管不了"。四是市场化退出机制有待完善。现行法规 缺乏对"未开展业务"的界定标准，导致"围牌"现象和违规超范围执业风险。五是与行业创新 发展的需要不完全适应，有必要明确托管专业子公司具体政策。 基金托管是指由依法设立并取得基金托管资格的商业银行或者其他金融机构担任托管人，按 照法律法规的规定及基金合同的约定，对基金履行安全保管基金财产、办理清算交割、复核 审查净值信息、开展投资监督、召集基金份额持有人大会等职责的行为。 银行是基金托管市场的主力军，截至目前， ...

Core Viewpoint - The recent fund share split of the Huabao CSI Bank ETF is part of a broader trend among public funds to lower investment thresholds and enhance liquidity in the market [1][3][6]. Group 1: Fund Share Split Details - On July 7, Huabao Fund announced a 1:2 share split for its Huabao CSI Bank ETF, increasing the total shares from 69.55 billion to 139.11 billion and reducing the net value per share from 1.7779 yuan to 0.8889 yuan [3]. - The minimum subscription and redemption units were adjusted from 300,000 shares to 600,000 shares, requiring investors to transact in whole multiples of the new minimum [3]. - The Huabao CSI Bank ETF is currently the largest bank ETF in the A-share market, with a scale of 123.65 billion yuan as of July 6, compared to the second-largest bank ETF at 55.47 billion yuan [3][4]. Group 2: Market Trends and Implications - Multiple ETFs have undergone similar share splits this year, including the Huabao National Defense Industry ETF, which completed a 1:2 split on June 23, increasing its total shares from 5.12 billion to 10.24 billion [4]. - The trend of share splits is expected to attract more retail and institutional investors, thereby enhancing market liquidity and efficiency [6]. - The share split is seen as a strategy to lower the trading threshold, making it easier for investors to participate in the market, as evidenced by the reduction in trading costs from approximately 177 yuan to about 88 yuan per hand [3][6]. Group 3: Performance and Investor Sentiment - Data shows that ETFs that have undergone share splits this year have performed well, with five products achieving over 5% returns, and several exceeding the benchmark growth rate [7]. - The Huabao CSI Bank ETF, along with others like the GF Hang Seng Technology ETF, has recorded returns exceeding 10% since the beginning of the year, with specific figures of 19.76% and 14.41% respectively [7]. - The share split is primarily a numerical change that does not affect the actual benefits of fund shareholders, but it is expected to lower psychological barriers for investors and increase trading activity [7].

浮动费率基金产品阵容迎来新成员。 7月4日，证监会官网显示，包括易方达、景顺长城、汇添富、华泰柏瑞、中欧、国泰、东方红资管等在内的11家基金公 司，集中上报了第二批新模式浮动费率基金。 | | 比11只浮动费率息会 | | | --- | --- | --- | | 序号 | 基金名称 | 高端 - 14 | | 15.0 | 汇添富成长优选混合型基金 | 混合型 | | 2 | 中银品质新兴混合型基金 | 混合型 | | SI | 平安研究驱动混合型基金 | 混合型 | | 4 | 国泰优质核心混合型基金 | 混合型 | | 5 /2 | 易方达价值回报混合型基金 | 混合型 | | C 6 | 建信医药创新股票型基金 | 股票型 | | 71 | 景顺长城高端装备股票型发起武装会 | 股票型 | | B | 南方瑞景混合型基金 | 混合型 | | 9 | 中欧核心智选混合型基金 | 混合型 | | 10 | 东方红医疗创新混合型基金(QDII) | 混合型 | | 111 | 华泰柏瑞制造业主题混合型基金 | 混合型 | | | 合副界基金高质量发展研究院整理 数据来源: Wind | | 与首批产品相比 ...

华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 | ** ...