多位基金经理"晒实盘" 近期，多位基金经理纷纷在天天基金APP上"晒实盘"。 如鑫元基金基金经理刘俊文 在今年4月末，成立了名为"防守反击赢"的基金组合，100%配置了他管理的 基金—鑫元价值精选混合。6月6日，他在基金净值冲高回落时加仓30万元，截至7月4日，该组合市值达 112.69万元。 又见基金经理"晒实盘"！ 近期，多位公募基金经理在天天基金平台公布基金实盘操作，引发市场关注。鑫元基金刘俊文、上银基金 陈博、海富通基金纪君凯、永赢基金任桀等均参与其中。观察其公开账户可见，基金经理的自有资金投入 规模从数万元至百万元级不等，当前多数账户处于盈利状态。 对此，有行业人士表示，基金经理受限于持有期规定，其投资行为天然倾向于关注长期回报。公开个人实 操记录，一方面有助于引导投资者建立更理性的长期投资观，另一方面，在市场震荡期，这种透明化操作 可提供直观参考，减少投资者盲目跟风追涨杀跌的行为。 在公布实盘前，刘俊文就已陆续买入这只基金，今年一季度，他曾发文解释了陆续自购的原因——"有信 心赚钱"。"我买自己管理的产品知根知底，同时也能不断提醒自己：如果做砸了就只能喝西北风了。自购 让我和投资人的利益绑在一起， ...

Group 1 - The market is heating up, and fund companies are actively preparing for a strong start in the second half of the year, with 39 new funds expected to launch from July 7 to July 11 [1] - On July 11 alone, 31 funds are set to be issued, indicating a significant increase in market activity [1] - Among the new funds, equity funds dominate with 17 offerings, while 11 are ETFs and linked funds, showing a recovery in active equity issuance from companies like Dachen, Pengyang, and Morgan Asset Management [1] Group 2 - In the bond fund segment, 10 new Sci-Tech bond ETFs are attracting attention, with 7 of them sold in just one day, highlighting strong investor interest [1] - Additionally, Huaxia and Chuangjin Hezhong each have one REIT being issued today, further diversifying the market offerings [1]

Core Viewpoint - The Hai Fu Tong Digital Economy Mixed Securities Investment Fund has been terminated and is undergoing liquidation due to significant redemption and poor performance, with a drastic reduction in fund shares within a year of its establishment [2][5][10]. Fund Performance and Liquidation - The fund was established on June 13, 2024, and had its last operational day on May 27, 2025, with a total share count dropping from 28,620,140 to 378,000, a decrease of 99.87% [2][4]. - By the end of the reporting period, the Hai Fu Tong Digital Economy A and C classes had been redeemed significantly, leaving only 135,300 shares remaining [2][3]. - The fund's net asset value was only 363,600 yuan, with the A class showing a year-to-date return of -5.56%, underperforming its benchmark by 3.96% [3][4]. Market Context - Hai Fu Tong Fund Management Company has seen multiple funds liquidated in 2025, with a total of six funds announced for liquidation, including four newly established funds from 2024 [5][10]. - The overall fund asset scale of Hai Fu Tong has decreased from 172.16 billion yuan at the end of Q4 2024 to 171.90 billion yuan by July 5, 2025, despite launching seven new funds that raised 6.275 billion yuan [10][11]. Industry Trends - The trend of fund liquidations is increasing, with 130 funds reported to have been liquidated in 2025, marking a rise of over 10% compared to the previous year [11][12]. - The majority of liquidated funds are initiated funds, which face challenges in achieving sustainable growth in asset size, leading to a high liquidation rate [11][14].

新华财经北京7月7日电四大证券报内容精华摘要如下： 截至7月6日19时，A股共有54家上市公司对外披露2025年半年度业绩预告，略增11家，扭亏3家，续盈4 家，预增21家，已披露业绩预告的上市公司整体保持了较好的盈利性。近期，多家上市公司披露业绩预 告后，引发机构扎堆调研，部分上市公司近期股价出现明显波动。 ·北交所上半年IPO受理115单创新性与业绩可持续性成审核重点 2025年上半年北交所IPO受理量为115单，保持常态化受理节奏。其中6月单月受理97单，占比超八成， 主要受财报申报窗口期等影响。目前超九成受理企业已进入审核流程，审核重点聚焦企业创新性与业绩 可持续性。目前，北交所上市门槛、审核尺度未发生变化，总体原则是"成熟一家、推动一家"，在上市 审核中重点关注企业创新性，并防范拟上市企业财务造假。 上海证券报 ·结构性机会持续涌现多路资金快步入市 在国内市场结构性机会持续涌现的情况下，多路资金快步入市。私募排排网最新数据显示，7月私募信 心指数和加仓意愿指数环比均小幅提升。截至6月末，仓位在五成及以上的私募占比更是超过90%，环 比5月末有所提高。与此同时，今年以来已有10余家险企设立或增资私募证 ...

Group 1 - The article discusses the cautious sentiment in the A-share market, particularly after the index reached 3500 points and then retreated [1] - New tariffs are set to be implemented on August 1, with rates potentially reaching 70%, which may indirectly target China through trade agreements with other countries like Vietnam [1] - The upcoming deadline for tariff exemptions on July 9 is seen as a critical negotiation window, with implications for market sentiment and potential risk aversion [1] Group 2 - A 20% personal income tax on investments in Hong Kong and U.S. stocks is being enforced, which could increase the tax burden on mainland investors and suppress short-term speculative activities [1] - The introduction of new quantitative regulations starting next week may lead to adjustments in market dynamics, particularly after recent sell-offs triggered by quantitative fund strategies [1] - The article suggests that the market may experience a recovery in the second half of the week, depending on the stabilization of securities and the overall market sentiment [1]

Core Viewpoint - The recent wave of fund liquidations is seen as a necessary process of market self-purification, reflecting a survival of the fittest mechanism in the investment landscape [1][2]. Group 1: Fund Liquidation Trends - In 2024, over 300 funds have been liquidated, marking a record high, with 129 funds announcing liquidation in the first half of the year, an increase compared to the same period last year [1]. - Many of the liquidated funds failed to meet the minimum scale requirement, indicating rational choices made by investors as they shift funds towards products that can generate long-term returns [1]. - The average scale of the bottom 20% of actively managed equity funds has significantly shrunk, while the top 20% of products have seen substantial growth in their share [1]. Group 2: Market Mechanism and Fund Structure - The liquidation process serves as a necessary pain for market self-correction, with the total number of public funds nearing 13,000, including over 1,600 "mini funds" with scales below 50 million [1]. - The excess of products has led to resource allocation imbalances, and liquidation is a form of automatic correction for ineffective supply [1]. - Regulatory bodies have been optimizing the fund exit mechanism, encouraging the liquidation of "zombie products," which has prompted fund companies to abandon the "shell protection" strategy [1]. Group 3: Implications for Investors - Investors are encouraged to focus on the underlying logic of products, such as the stability of fund managers, the adaptability of strategies, and the company's resource investment, to avoid "high-risk liquidation" products [2]. - When encountering liquidated funds, investors should seize the opportunity to adjust their portfolios and utilize conversion functions to seamlessly transition to quality funds, preventing cash from being idle [2]. - The process of fund liquidation is compared to the elimination of outdated capacities in the solar industry, suggesting that it is a transformative change that expands effective supply and is a necessary step towards market maturity [2].

随着权益市场的回暖，主动权益类基金年内收益较去年同期整体提升，但业绩"两极分化"仍颇为显著，基民持有体验"冰火两重天"。 对于大部分基金持有人而言，"涨得多"不如"拿得住"。从持有人体验出发，好的基金产品应当注重长期稳健的回报。 据公开数据统计，近十年来（2015年至2024年）， 市场上有且仅有一只连续十年跑赢沪深300指数的主动权益基金。 沪深300指数涵盖了两市规模大、流动性好的 较具代表性的300只证券，代表了A股市场"核心资产"的整体走势。而能在10年的时间维度中，持续跑赢沪深300指数，含金量不言而喻。 这只基金是以主动权益投资能力著称的大成基金旗下产品——大成精选增值。基金经理李博，现任大成基金股票投资部副总监，他的投资风格是"稳健成长"，持仓 股多为大盘价值股。数据显示，自李博任该基金基金经理后的任意一天，买入该基金并持有6个月/1年/2年/3年，所能获得平均收益均大幅超过沪深300。 据了解，李博近期入选了招行"启明星计划"，新发产品 大成洞察优势混合（代码：024406） 将由招行托管。招行"启明星计划"向来以筛选标准严苛著称，侧重考察 基金经理的绝对收益能力、回撤控制及策略可持续性。招行 ...

鹏扬基金管理股份有限公司（以下简称"基金管理人"或"本公司"）已于2025年7月4日在指定媒介发布了 《鹏扬基金管理有限公司关于以通讯方式召开鹏扬景创混合型证券投资基金基金份额持有人大会的公 告》。为了使本次基金份额持有人大会顺利召开，现发布鹏扬基金管理有限公司关于以通讯方式召开鹏 扬景创混合型证券投资基金基金份额持有人大会的第一次提示性公告。 一、召开会议基本情况 根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》和《鹏扬景创混合型 证券投资基金基金合同》（以下简称"《基金合同》"）的有关规定，并经与基金托管人中信银行股份有 限公司（以下简称"本基金托管人"或"基金托管人"）协商一致，鹏扬景创混合型证券投资基金（以下简 称"本基金"）的基金管理人鹏扬基金管理有限公司（以下简称"本基金管理人"或"基金管理人"）决定以 通讯方式召开本基金的基金份额持有人大会，会议的具体安排如下： 1、会议召开方式：通讯方式。 2、会议投票表决起止时间：自2025年7月10日至2025年8月4日17:00止（纸质表决票通过专人送交、邮 寄送达本公告规定的收件人的，投票表决时间以表决票收件人收到表决票时间为准 ...

Core Insights - The performance results of public fund products for the first half of 2025 show that 79 funds achieved returns exceeding 50%, with many top-performing funds focusing on innovative pharmaceuticals and new consumption sectors [1][2] - A notable trend is the rise of younger fund managers, who have significantly shorter investment tenures compared to the market average, indicating a shift towards a "younger generation" in fund management [1][4] Group 1: Performance Highlights - In the first half of 2025, nearly 300 fund products recorded returns between 30% and 50%, with thematic and sector-focused funds performing particularly well [2] - The resurgence of the innovative pharmaceutical sector has led to outstanding performance from medical-themed funds, especially those investing in Hong Kong stocks [2][3] - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection A/C, achieved a return of 85.28% under manager Zhang Wei, who has 4.28 years of experience [3] Group 2: Characteristics of Young Fund Managers - Young fund managers are characterized by their belief in long-term investment logic and their willingness to invest in emerging markets such as innovative pharmaceuticals and artificial intelligence [1][6] - They tend to be more flexible and responsive to market changes, often sharing personal experiences related to their investment decisions [1][7] - The trend of younger fund managers is evident, with 8 out of the top 10 fund managers having less than 5 years of experience [4][5] Group 3: Industry Perspectives - The emergence of young fund managers is seen as a positive development for the public fund industry, bringing fresh perspectives and approaches to investment [6][10] - However, there are concerns regarding their lack of experience in navigating market cycles and the potential over-reliance on company resources [9][10] - Some industry veterans express skepticism about the sustainability of the young managers' success, suggesting that their performance may be influenced by favorable market conditions rather than inherent skill [8][9]

Core Viewpoint - Yingmi Fund has won the "Fund Advisory Institution Golden Bull Award" and the "Fund Advisory Excellent Return Golden Bull Award" at the "Third Fund Advisory Golden Bull Award" selection, emphasizing the importance of aligning with client interests and providing long-term support to navigate market cycles [1] Group 1: Investment Advisory Evolution - The buy-side advisory is transitioning from a fund portfolio-following 1.0 model to a client account management 2.0 model, focusing on personalized solutions based on clients' investment goals and risk tolerance [4] - Yingmi Fund's digital service system has significantly improved client investment experiences, with advisory clients showing a much longer average holding period compared to self-directed clients [4] Group 2: Client Education and Behavior Change - The complexity of financial products and market volatility creates a gap in understanding for the general public, which buy-side advisory aims to bridge by providing tailored solutions and enhancing client investment knowledge [2][3] - The goal of client education is to foster healthier investment habits and reduce emotional trading behaviors, ultimately leading to better investment outcomes [2] Group 3: Industry Trends and Future Outlook - The public fund industry is shifting from a focus on scale to prioritizing investor returns, aligning with the core philosophy of fund advisory services [4] - Yingmi Fund reports that over 89% of advisory clients on its platform were profitable as of June 30, 2025, with an average holding period of 690 days, indicating a successful adaptation to long-term investment strategies [4] - The future of fund advisory is expected to see more diverse institutions emerging, exploring various business models and enhancing the advisory ecosystem [5]