Core Insights - The public fund market is active with 19 new products launched this week, with an average subscription period of 19.95 days, primarily driven by equity and passive index funds, which together account for over 70% of the total [1][2] Group 1: Market Trends - Three major trends are observed in the public fund issuance market: recovery of market risk appetite, high proportion of equity funds, and accelerated expansion of passive index products [2] - Equity funds dominate the issuance market with 15 new funds launched, representing 73.68% of the total, including 11 passive index equity funds and 3 enhanced index equity funds [3] - Bond funds issued 3 new products, accounting for 15.79%, with 2 passive index bond funds and 1 medium to long-term pure bond fund [3] Group 2: Fund Characteristics - The issuance of passive index funds (both equity and bond) is a core focus for fund companies, with 13 new passive index funds launched this week, making up over 68% of total issuances [3] - The characteristics of the new funds include a significant focus on equity assets through passive index tools, with nearly 60% of the new equity funds being passive index equity funds [3] Group 3: Institutional Activity - A total of 17 public fund institutions participated in the new fund issuance, with Tianhong Fund and E Fund each launching 2 products, leading the institutional activity [5][6] - E Fund's new products include a passive index equity fund and an enhanced index equity fund, with a significant fundraising cap of 80 billion for the core asset-focused fund [6] - Tianhong Fund launched both a passive index bond fund and a passive index equity fund, indicating a dual focus on equity and fixed income [6] Group 4: Subscription Periods - The longest subscription periods are observed for the Invesco CSI Science and Technology Innovation Board 200 Index A and E Fund's CSI A50 Enhanced Strategy ETF, both set at 92 days [8] - Subscription periods vary significantly, with some funds like the Huatai Baichuan Hong Kong Stock Connect Medical Selection A having only a 1-day subscription period due to its nature as a launch fund [9]

Group 1 - The public fund issuance market is experiencing a "small peak," with 89 funds launched in June, and some companies launching more than five funds [1] - Equity funds (mixed and stock types) continue to show strong issuance momentum, with 63 products launched in June, accounting for 70% of new products [1] - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the evaluation of fund companies based on investor returns, performance benchmarks, equity fund ratios, and research capabilities [1] - Nearly 60% of equity funds reported positive returns in the first half of the year, with over 30 products yielding returns exceeding 50% [1] Group 2 - The technology sector is a key focus for fund companies, with numerous technology-themed funds launched in June, including the Yongying Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index and others [1] - The proposed fund manager for the Yongying fund believes that the technology sector is experiencing a comprehensive explosion, presenting significant investment opportunities in new-generation information technology, biotechnology, and high-end equipment manufacturing [2]

Group 1 - The core viewpoint of the articles highlights the resurgence of the A-share market and the significant role of fund companies' self-purchases in boosting investor confidence and market stability [1][2][6] - In 2023, new fund issuance has exceeded 400 billion yuan, with a notable increase in equity fund offerings, reflecting a recovery in the market [1][2] - The "national team," represented by China Chengtong Holdings, has invested 600 million yuan in three newly launched ETFs, signaling strong confidence in the long-term value of state-owned enterprises [1][3] Group 2 - The first five months of 2023 saw 517 new funds established, with a total issuance scale of 408.22 billion yuan, of which over 40% were equity funds [2] - The three ETFs launched on May 30 collectively raised 2.091 billion yuan, with the highest being 982 million yuan for the Industrial Bank ETF [2][3] - Institutional investors accounted for 77.51% of the holdings in the 嘉实中证诚通国企数字经济 ETF, indicating strong institutional interest [3] Group 3 - The trend of self-purchases by fund companies has continued, with over 2 billion yuan net subscription in equity products in the first five months of 2023 [1][4] - Several fund companies, including 嘉实基金 and 东方红资管, have announced self-purchases to enhance market confidence, particularly during market downturns [5][6] - Regulatory support has been evident, with the China Securities Regulatory Commission promoting the development of equity funds and increasing the investment ratio in A-shares [6]

Group 1 - The issuance of equity funds is experiencing a surge, with nearly 80 equity funds currently or soon to be launched, indicating a potential influx of new capital into the market [1] - Among the newly issued equity funds, 52 are currently in the issuance process, while 27 are set to be launched soon, showcasing a diverse range of investment options including broad-based and thematic index funds [1] - The new floating management fee funds have gained significant attention, with 26 funds approved and 16 set to launch on May 27, marking a shift in the industry focus from "scale" to "returns" [1][2] Group 2 - Several high-performing fund managers are leading the new floating management fee funds, with a mix of growth and value investment styles, aligning performance benchmarks with their investment strategies [2] - Many of the new floating management fee funds have set fundraising caps between 2 billion to 8 billion, suggesting a competitive issuance environment [2] - Fund companies are emphasizing the importance of fund retention rates and sustainable management post-issuance, indicating a strategic focus on long-term investment ecosystems [3] Group 3 - Fund managers are optimistic about equity assets, identifying numerous structural opportunities, particularly in the context of AI-driven technological innovation and evolving consumer demands [4] - The current economic resilience and ongoing policy support contribute to a positive long-term market outlook, as expressed by fund managers [5]

Group 1 - The issuance of equity funds is accelerating, with an average of less than half a month for a product to complete the fundraising to establishment process [1] - As of May 19, 2023, at least 23 new products are expected to be launched this week, with 16 being equity products, accounting for approximately 70% of the total [1] - The average subscription period for these equity products is 12.56 days, indicating strong market interest [1] Group 2 - The recent issuance includes 14 stock-type funds, all of which are index or enhanced index funds, reflecting a strong demand for low-cost, high-transparency passive investment tools [2] - The China Securities Regulatory Commission has introduced a plan to enhance the scale and proportion of equity investments in public funds, optimizing the registration process for equity funds [2] - As of May 19, 2023, 345 equity funds have been established this year, representing a year-on-year increase of 30.19% [2] Group 3 - The structural characteristics of the market reflect a recovery in market confidence and the penetration of passive investment concepts in asset allocation [3] - Current policies, upgraded demand, and product innovation are creating a favorable ecosystem for the development of equity funds, particularly index-based tools [3]

5月7日，中国证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），以25条具体举措直 击行业痛点，从收费模式改革、利益绑定机制、投资者服务能力到权益投资规模等多维度发力，旨在构建规范、 透明、开放、有活力的资本市场生态。 证监会主席吴清在国新办新闻发布会上指出，此次改革的核心是 "以投资者为本"，通过优化基金运营模式、完善 考核评价体系、提升权益投资能力等措施，推动行业回归 "受人之托、代人理财" 的本源。 值得关注的是，改革直指行业考核 "指挥棒"，要求提高基金公司高管、基金经理跟投本公司管理产品的比例和锁 定期要求。具体来看，基金公司股东和董事会对公司高管的考核，基金投资收益指标权重不低于50%；对基金经 理的考核，基金产品业绩指标权重不低于80%。对基金投资收益全面实施长周期考核机制，其中三年以上中长期 收益考核权重不低于80%。 此外，《行动方案》督促基金公司建立健全与基金投资收益挂钩的薪酬管理制度，对三年以上产品业绩低于业绩 比较基准超过10个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比较基 准的基金经理，可以合理适度提高其绩效薪酬。 《行动方案》 ...

Group 1 - The core viewpoint of the article is that the China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, emphasizing the enhancement of the weight of equity fund-related indicators in the regulatory classification evaluation of fund companies [1] - The action plan aims to strengthen regulatory guidance and institutional supply, highlighting the development orientation of equity funds [1] - The CSRC will also establish guidelines for public funds participating in financial derivatives investments to better meet the needs for risk management, stabilize investment behavior, and diversify investment strategies [1]

Group 1 - The average stock concentration of equity funds is 43.98% as of the first quarter, a decrease from 44.19% at the end of last year [1] - Approximately 2,900 equity funds have seen a decline in stock concentration, representing about 48% of the total equity funds [1] - This indicates that nearly half of the equity funds have further diversified their stock holdings [1]

Group 1 - The public fund issuance market is experiencing a significant increase, with March seeing a peak in the number of newly established funds, particularly in equity funds, which reached a historical monthly high [1] - In March, 137 new funds were established, with a total issuance exceeding 100 billion shares, specifically 1009.26 million shares, indicating a notable recovery compared to January and February [1] - The number of newly established equity funds in March was 74, marking the highest monthly figure since July 2015, second only to June 2015 [1] Group 2 - The rise in equity fund issuance is attributed to multiple factors, including strong performance in the A-share market and a significant pullback in the bond market, enhancing the attractiveness of equity funds [2] - Regulatory support for the development of equity funds, as highlighted in the new "National Nine Articles," emphasizes the promotion of public equity funds and the establishment of a fast-track approval process for exchange-traded funds (ETFs) [2] - Among the 74 newly established equity funds in March, 54 were passive index funds, accounting for 72.97% of the total, indicating a strong preference for passive investment strategies among investors [2] Group 3 - The current macroeconomic environment suggests that the market may experience a stable "slow bull" trend, with ongoing investment opportunities likely to emerge in new productive sectors [3]

导语 晨星基金研究秉持独立性与投资者利益优先的原则，通过对基金投研团队、投资流程等 的分析来确定对基金的信心。我们的研究方法注重可持续性并以长期投资为导向，助力 投资者在基金选择中做出更加明智的投资决策。本篇文章介绍晨星基金研究团队在权益 资产类别中值得关注的四只基金产品，期望能为投资者在决策中提供参考。 ►► 易方达逆向投资混合 产品速览 该基金是一只沪港深积极配置型基金，除了主要投资于A股外，契约中规定50%以内的股票资产可以投资 于港股,基金经理通过对比A股和港股的性价比从而决定港股在组合里面的配置比重。基金经理采用GARP 策略，旨在以合理的价格买入具有持续稳定增长潜力的股票。 产品潜力 基金经理杨嘉文先生属于投资能力较强的中生代基金经理，他具备13年证券从业经历和7年公 募基金管理经验。虽然他2021年4月才开始管理该基金，但是他采用相同的策略从2017年12月 开始管理纯A股基金—易方达科瑞混合基金至今，目前已经管理超过7年的时间，管理期良好 业绩表现也证明了基金经理较强的投资A股的能力。 基金经理的投资思路偏逆向，倾向于回避市场关注度相对较高的行业和个股，而把研究和投资 资源投放到市场关注度相对 ...