2025.07. 08 本文字数：2678，阅读时长大约4分钟 作者 | 第一财经 曹璐 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 ...

Group 1 - The Bloomberg Hedge Fund Index showed a month-over-month increase of 1.7% and a year-over-year increase of 3.6% in June [1] - Equity funds led the performance with a month-over-month growth of 2.8% and a year-over-year growth of 6.1% [1] - Event-driven funds had the lowest month-over-month increase at 0.7%, while macro funds experienced a year-over-year decline of 0.2%, marking the poorest performance [1]

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ ▼点击阅读原 文，免费学习大额家庭资产配置课程 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 ...

Group 1 - The total net subscription amount for non-monetary public funds reached 5.318 billion yuan in the first half of the year, a year-on-year increase of 189.65% [1] - Equity funds performed well, with a net subscription amount of 2.373 billion yuan, accounting for 44.63% of the total net subscription amount for non-monetary funds, and a year-on-year growth of 76.04% [1] - Bond funds were the main contributors to net subscriptions, totaling 2.194 billion yuan, which accounted for 41.25% of the total net subscriptions for non-monetary funds [1] Group 2 - Among bond funds, medium- and long-term pure bond funds dominated with a net subscription amount of 966 million yuan, representing 44.03% of the total net subscriptions for bond funds [1] - Passive index bond funds also showed strong performance with a net subscription amount of 602 million yuan, accounting for 27.46% of the total [1] - In the equity fund category, stock funds contributed significantly with a net subscription amount of 1.328 billion yuan, making up 55.96% of the total net subscriptions for equity funds [1] Group 3 - Passive index funds emerged as the main force in stock funds, with a net subscription amount of 916 million yuan, representing 68.94% of the total net subscriptions for stock funds [1] - FOF funds had a net subscription amount of 514 million yuan, while QDII funds reached 70 million yuan [2] - A total of 66 public fund managers showed strong self-purchase enthusiasm, with 12 managers achieving net subscription amounts of no less than 1 billion yuan, accounting for 64.27% of the total net subscriptions [2]

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]

Group 1 - Chongqing Rural Commercial Bank has been approved by the China Securities Regulatory Commission (CSRC) to conduct securities investment fund custody business, making it the first commercial bank to receive this qualification in 2023 [1][2] - The CSRC emphasizes that Chongqing Rural Commercial Bank must strictly adhere to regulations and fulfill its responsibilities as a fund custodian, ensuring the integrity and independence of fund assets [2] - As of now, there are 37 banks with fund custody qualifications, including 6 state-owned banks, 12 joint-stock banks, 11 city commercial banks, 3 rural commercial banks, and 5 foreign banks [2] Group 2 - The total assets of public fund custody have exceeded 33 trillion yuan, with Industrial and Commercial Bank of China leading at 4.48 trillion yuan, accounting for 13.78% of the market [3] - Chongqing Rural Commercial Bank's total assets reached 1.51 trillion yuan by the end of 2024, reflecting a year-on-year growth of 5.13%, positioning it among the top listed rural commercial banks [3] - The bank's revenue turned positive in 2024, with operating income of 28.261 billion yuan, a year-on-year increase of 1.09%, and a net profit attributable to shareholders of 11.513 billion yuan, up 5.6% [3] Group 3 - The CSRC has released a draft for the revision of the "Regulations on the Management of Securities Investment Fund Custody Business," focusing on prominent industry issues [4] - The revision aims to address the concentration of the fund custody industry, where a few national commercial banks and securities companies hold 80%-90% of public and private fund assets [4] - The draft proposes to clarify business boundaries and enhance the responsibilities of custodians, addressing issues such as "custody without management" and the need for a market exit mechanism [4][5] Group 4 - Key measures in the revised regulations include improving entry thresholds, strengthening risk isolation, and solidifying custodian responsibilities [5][6] - The regulations require custodians to verify information provided by fund managers and to avoid "sick custody" situations, ensuring that custodians fully disclose risks [6] - The draft allows high-quality custodians to establish wholly-owned subsidiaries dedicated to custody business, subject to relevant financial regulatory requirements [6]