美国投资公司协会（ICI）：美国货币市场基金资产规模降至7.07万亿美元。 ...

Core Viewpoint - The public fund industry is undergoing a significant reform that aims to reshape the underlying logic of the industry and directly impacts millions of investors [1][2] Group 1: Challenges Faced by Small and Medium-sized Fund Companies - Small and medium-sized fund companies are experiencing development challenges that stem from structural contradictions accumulated during the industry's extensive growth phase [1] - There is an over-reliance on core fund managers, leading to instability in performance and client trust when key personnel leave [1] - The lack of bargaining power on the liability side forces many small companies to cater to short-term assessment requirements, resulting in a mismatch between asset management logic and liability realities [2] Group 2: Significance of the Reform - The reform is seen as a key to resolving the challenges faced by the industry, aiming to establish a new industry framework centered on investor interests [2] - The core objective of the reform is to create a long-term interest binding mechanism that aligns the demands of fund company executives, fund managers, and investors [2] Group 3: Recommendations for Future Development - There is a consensus on increasing the proportion of equity investments, but the definition of "equity assets" needs further clarification [3] - Establishing a performance-based floating fee mechanism is crucial, designed to incentivize managers while ensuring risk-sharing with investors [3] - Strengthening performance benchmarks will provide clear guidance for fund companies' strategic focus, allowing them to avoid homogenized competition [3] Group 4: Cost Management and Governance - A balanced approach to reducing fund investment costs is necessary, focusing on both fee reduction and sustainability [4] - Optimizing governance mechanisms is essential for the long-term health of the industry, with a need to establish a performance assessment system centered on long-term investment returns [4] Group 5: Future Industry Landscape - The reform will lead to a new ecological structure in the industry, with a shift towards platform-based asset management and binding sales incentives to investor interests [5] - The differentiation between large platform companies and small fund companies will become more pronounced, with the latter focusing on specialization and differentiation [5] - The reform process requires a gradual approach to avoid unnecessary risks, emphasizing the importance of a steady transition [5] Group 6: Ultimate Goals of the Reform - The essence of public funds is to manage others' wealth responsibly, and high-quality development hinges on aligning fiduciary responsibilities with investment objectives [6] - The ultimate goal of the reform is to ensure that the industry can effectively support residents' wealth management and the development of the real economy [6]

自2023年7月改革进入实操阶段以来，行业已走过两年历程。第一财经基于Wind数据统计，相较于改革 前，两年间近4300只基金实施降费，占存量产品四成以上。同时，在近两年公募管理规模显著增长下， 行业四大核心费用指标却缩水244.67亿元，降幅达11.33%。 短期承压之外，费率改革更深远的影响在于推动行业生态转型，从"规模为王"到"业绩说话"。部分头部 机构正在加速探索变革，如浮动费率基金试点推进，在降费背景下不断开辟新的增长空间与竞争优势。 "看得见的实惠"不够，仍需看管理人"硬实力" 下半年行情刚启，公募基金降费动作再度密集落地。7月以来，易方达、工银瑞信、国泰等多家头部机 构接连宣布调降旗下产品费率，覆盖固收、权益、货币等多品类。公募基金降费浪潮持续蔓延。 在业内人士看来，降费最直接的影响是降低持有人投资成本，一定程度上提升投资者获得感。但是，从 根本上提升基民的投资体验和获得感，是渗透于基金公司投研、风控、产品、销售等全产业链条的任何 一个环节。 基金降费潮持续蔓延 下半年行情刚刚开启，公募基金降费举措再现密集落地。近日，多家基金公司发布公告，宣布调低旗下 多只产品的管理费及托管费率，覆盖债券型、混 ...

文 | 唐学菲 "基金+基地"，合肥庐江重仓押注机器人产业收获颇丰。 7月9日，连续六年位居全球仓储移动机器人市场占有率首位的公司极智嘉（股票代码：2590.HK）在香 港交易所主板挂牌上市，成为全球AMR仓储机器人第一股。 上市当天，市场热度较大。收盘价每股17.7港元，市值超230亿港元，成为年内港股最大规模的机器人 企业IPO。更是创下港股科技板块最高国际配售倍数纪录，香港公开发售超额认购133.62倍，国际配售 获30.17倍认购，是今年港股最高倍数的国际配售Top3。 片来源：微聚庐江官微 值得注意的是，极智嘉发展壮大背后，与安徽的渊源颇深。 全球唯一生产基地落子合肥庐江县 "基金+基地" 合肥重仓押注机器人 根据极智嘉官网信息显示，极智嘉2015年成立于北京，主要做一站式仓储机器人，项目覆盖零售、鞋 服、医药、3PL、汽车、锂电、光伏、电子等行业，沃尔玛、丰田、西门子、宝马等众多国内外知名品 牌都是公司的合作伙伴。 公开数据显示，按收入计，极智嘉是全球最大的仓储履约AMR解决方案提供商，已连续6年蝉联第一。 截至2024年底，极智嘉已向全球40多个国家和地区交付了约56000台AMR，累计部署超1 ...

Group 1 - The core viewpoint of the article emphasizes the establishment of a mother fund in Suqian City to promote high-quality regional economic development by optimizing industrial structure and leveraging capital for the real economy [1] - The mother fund has a total scale of 2 billion yuan, focusing on strategic emerging industries such as laser optoelectronics, new energy, new materials, digital economy, next-generation information technology, and microelectronics [1] - The announcement specifies a return investment target, requiring that the investment amount directed towards projects in Suqian City during the investment period of the sub-fund must be no less than the amount contributed by the mother fund to the sub-fund [1]

报告导读： 本报告旨在 根据市场环境捕捉全球多资产的投资机会，并根据常见的投资情 景，设计相应的投资方案。具体包括股债目标配置中枢组合、低波动固收加组合以及全球 大类资产配置组合。 其中，全球大类资产配置策略 II ， 2025 年 6 月底增持美股、日 股、 A 股、印股、黄金，减持长债。本报告认为：当前经济温和修复叠加外部扰动仍存， A 股或维持区间震荡， 7 月关注政策预期带来结构性机会；固收继续关注短端确定性；黄 金短期或维持震荡。 本报告旨在根据市场环境捕捉全球多资产的投资机会（覆盖 A 股、债券、黄金等国内资产，以及海外美 股、日股、印股等权益资产），并根据常见的投资情景，设计相应的投资方案。 股债目标中枢风险预算策略： 采用融合股债目标中枢的风险预算设计方法，构建股债投资组合，可以将股 债配置中枢达到预期的水平，同时相比于固定中枢的股债组合，其长期收益风险比相对更优。 低波动"固收 + "策略： 基于国内股票、债券、黄金资产，构建配置中枢为股 : 黄 : 债 =1:1:4 的"组合保 险（ CPPI ） + 风险预算（ RB ）"投资组合。回测区间内（ 2015/01/01 – 2025/6/3 ...

债券也有 ETF基金? 当然有,就是跟踪债券类指 数的ETF基金, 在场内交易。 债券ETF的本质还是ETF基金,所以具备ETF的基 本特征,主要包括: 1) 跟踪 债券类指数(如中债综合、上证国债指数等), 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 扫码进入基本功专栏 持有人首次认证有礼啦！只要在6月27日前持有中泰资管产品并持有至今且的新朋友，长按识别下方 二维码前往认证，即可获得 影音会员月卡 一份。 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

完善制度设计，才能让消费者不被"拿捏"。今年1月，国家医保局发布通知，提出推进医保与定点医药 机构即时结算，向定点医药机构运行持续注入流动资金。这一举措有望从"疏"的角度堵上漏洞。此外， 医保部门还应强化定点零售药店的日常管理，在审核结算数据时，可采用技术手段识别药价虚高的情 形，同时对违规的药店加大处罚力度。 无论是严格执法、还是优化结算效率，抑或是提升公众监督意识，药店"一药两价"的现象不能再继续下 去了。对于医保定点药店要再说一句，如今，受网络售药、同行竞争等冲击，越来越多的消费者因为价 格等原因，正在远离线下药店。如果这些药店总是把精力放在"算计"消费者身上，距离被市场淘汰，还 会远吗？ 近日，有媒体报道一位消费者在药店用医保卡购买药品，价格却比线上平台贵出不少。如此尴尬现象， 引来不少网友关注。 对于消费者而言，很难理解这种差价现象。毕竟，医保卡里的钱"也不是大风刮来的"。按照一些人的解 释，这个"锅"得甩给医保支付：由于结算周期更长，即消费者支付后，会先进入医保经办系统，再由医 保部门和药店进行结算。药店不能做亏本买卖吧？消费者只能默默承担了所有。 人人都有麦克风的时代，这口气不能轻易咽下去。即便 ...

作者：阿飞 随着2025上半年的结束，今年公募基金行业交出了一份可圈可点的战绩。 根据公募排排网数据显示，截至2025年6月30日，今年上半年公募基金累计分红3533次，分红总额达1275.11亿元，同比增长37.53%。其中，债券型基金以超 85%的分红总额占比稳居主力，QDII（合格境内机构投资者）基金分红金额同比激增1163.94%，权益类基金分红金额亦实现翻倍增长。 | 投资类型 | 分红次数(次) | 分红金额(亿元) | 金额同比 | | --- | --- | --- | --- | | 债券型基金 | 2856 | 949.76 | 19.79% | | 股票型基金 | 362 | 225.32 | 229.62% | | REITs | 69 | 45.48 | 19.17% | | 混合型基金 | 208 | 46.01 | 76.94% | | 另类投资基金 | 1 | 0.47 | -33.87% | | 国际 (QDII) 基金 | 27 | 7.94 | 1163.94% | | FOF 基金 | 8 | 0.10 | -75.80% | | 货币市场型基金 | 2 | 0.02 ...

Core Insights - The report emphasizes that the capital market is stabilizing at the bottom, with multiple funding sources supporting bullish sentiment, suggesting a potential upward breakthrough in equities. The brokerage sector is expected to lead the market rally, recommending early positioning and waiting for breakout opportunities [1]. Industry Overview - The total market capitalization of the industry is 6,179.1 billion, with a circulating market value of 5,901.2 billion, representing 1.8% and 7.2% of the total market, respectively [2]. - The performance of the non-bank financial sector shows a 1-month, 6-month, and 12-month absolute performance of 9.0%, 16.0%, and 59.5%, respectively, with relative performance of 5.8%, 10.5%, and 42.0% [4]. Market Trends - The report indicates that the equity market has stabilized despite initial shocks from U.S. tariffs, with significant institutional investments leading to a recovery. The overall trend remains positive, with major indices showing an average increase of 1.1% as of June 30, 2025 [8]. - The bond market has experienced fluctuations, with the China Bond Index rising by 1.1% year-to-date as of June 30, 2025 [8]. Business Performance - In Q1 2025, listed brokerages reported total revenues of 1,259 billion, a year-on-year increase of 19%, and a net profit of 522 billion, up 78% year-on-year. The brokerage income was 327 billion, reflecting a 43% increase year-on-year [25]. - The report highlights a significant increase in the revenue of self-operated businesses, which reached 486 billion, marking a 46% year-on-year growth [30]. Strategic Directions - The report outlines a shift towards internal consolidation and external breakthroughs, with a focus on wealth management transformation and the integration of financial technology to enhance efficiency [6]. - The investment banking sector is expected to see a marginal recovery in equity financing, particularly benefiting from the expansion of the Sci-Tech Innovation Board and ongoing mergers and acquisitions [6]. Future Outlook - The report forecasts that the industry will achieve total revenue of 4,741 billion in 2025, representing a 5% year-on-year increase, and a net profit of 1,825 billion, up 9% year-on-year [6]. - The brokerage sector is anticipated to lead the market rally, with specific recommendations for stocks that are likely to benefit from policy catalysts and ongoing market trends [6].