头部公募在6月份的新产品投放策略，已暗含了风格切换的行情走势。 6月下旬，广发基金、富国基金、汇添富基金、南方基金、平安基金等多家头部公募密集推出偏价值、偏 低估值的均衡主题基金产品。新基金的产品简称涉及的关键词，也解释了这些基金经理建仓谨慎的原因。 头部公募新产品建仓谨慎 尽管医药行业指数近期出现一波难得的调整，但多只基金合同正式生效的新基金产品并未忙于借机上车。 证券时报·券商中国记者注意到，平安基金旗下新产品平安价值优享混合基金在6月20日正式成立，虽然 该基金进入建仓期时恰逢医药赛道走跌，但基金净值数据显示，平安价值优享混合基金净值停留在1元， 该基金产品截至6月24日仍未建仓。 值得一提的是，考虑到平安价值优享混合基金经理何杰，同时也为平安估值优势混合基金的基金经 理，"估值优势"这一基金简称相当程度上暗含了新基金产品的选股偏好，也反映了平安基金在6月下旬推 出新产品的策略考量。与此同时，宏利基金旗下宏利睿智领航基金也在6月20日正式成立，而这只新基金 产品截至6月24日也采取了谨慎操作的建仓策略，尤其是这只新产品的基金经理孟杰也是宏利睿智稳健的 基金经理，同样以"低估值"作为其投资偏好。 另一个值 ...

Core Points - The company announced a cash dividend of 0.22 yuan per share (including tax) for the fiscal year 2024, approved at the annual shareholders' meeting on May 16, 2025 [1] - The total cash dividend distribution amounts to approximately 482.83 million yuan, based on a total share capital of 2,194,681,695 shares [1] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [1] - The distribution will be executed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have designated trading able to receive their cash dividends on the distribution date [1] Taxation Details - Individual shareholders and securities investment funds will not have personal income tax withheld at the time of dividend distribution; tax will be calculated based on the holding period when shares are sold [4] - The actual tax burden for individual shareholders varies based on the holding period: 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [4] - For Qualified Foreign Institutional Investors (QFII), a withholding tax of 10% will apply, with the option to apply for tax treaty benefits [5] Contact Information - For inquiries regarding the implementation of the equity distribution, shareholders can contact the Board Office at 0510-82830815 [6][7]

Core Viewpoint - A significant number of active equity funds are experiencing a performance turnaround, with over 180 funds reaching new historical net asset value highs as of June 25, driven by market uptrends and favorable external factors [1][2]. Group 1: Performance of Active Equity Funds - Over 180 active equity funds have achieved historical net asset value highs, with more than half of these funds established for over a year, and some for nearly 14 years [1][2]. - The fund with the highest increase is Jin Yuan Shun An Yuan Qi, which has risen over 450% since its inception in November 2017, primarily investing in small-cap stocks [2][3]. - Other notable funds include Guangfa Multi-Factor and Dacheng Jingheng, with increases of over 340% and nearly 300% respectively, focusing on quantitative investment strategies [2][3]. Group 2: Market Trends and Investment Strategies - Approximately 80% of active equity funds have seen positive performance this year, with around 1,100 funds increasing by over 10%, particularly those focused on Hong Kong stocks, pharmaceuticals, and technology [3][4]. - The highest-performing fund this year is Huatai-PB Hong Kong Advantage Selection, which has increased by over 90%, primarily investing in the Hong Kong pharmaceutical sector [4]. - Three main investment directions have gained consensus among institutions: innovative pharmaceuticals, technology, and dividend stocks, with a preference for a "barbell" strategy that balances aggressive and defensive investments [4][5]. Group 3: Future Outlook and Recommendations - Fund managers suggest focusing on high-potential international pharmaceutical companies and stable dividend assets, especially in a declining interest rate environment [5][6]. - The AI sector is highlighted as a key area for investment, with significant growth in AI applications and user engagement noted [6][7]. - Overall, there is optimism for the A-share market, with recommendations to prioritize stable dividend returns and sectors with strong industrial and policy catalysts [7].

Core Insights - The new fund issuance market has seen significant activity, with over 100 billion yuan in new fund issuance since June, marking a monthly record for the year [1] - Bond funds have been particularly successful, with several reaching issuance scales of 6 billion yuan [1] - Equity funds are also experiencing a resurgence, with 89 new equity funds launched in June, totaling 41.847 billion yuan [2] Fund Issuance Overview - In June, 132 new funds were established, with a total issuance of 103.873 billion yuan, the highest monthly figure this year [1] - The bond fund segment saw 30 new funds launched, accumulating 51.344 billion yuan, including several standout funds each reaching 6 billion yuan [1] - The issuance of interbank certificate funds has also been robust, with notable funds reaching 5 billion yuan and 3.91 billion yuan respectively [1] Equity Fund Trends - The equity fund segment has seen a total of 89 new funds in June, with a combined issuance of 41.847 billion yuan [2] - The new floating management fee model has gained attention, with 19 funds launched, raising 18.812 billion yuan and attracting 218,000 effective subscriptions [2] - Notable funds in this category include the Dongfanghong Core Value Mixed Fund at 1.991 billion yuan and the Yifangda Growth Progress Mixed Fund at 1.704 billion yuan [2] Technology-Focused Funds - There is a growing focus on technology-themed funds, with 49 new funds currently in issuance, over 70% of which are equity funds [3] - Key offerings include actively managed equity funds and various technology index funds targeting sectors like AI and digital economy [3] Market Sentiment and Future Outlook - The recent surge in equity fund issuance reflects a relatively optimistic outlook from fund companies regarding market conditions [4] - Factors contributing to this sentiment include breakthroughs in AI and innovative pharmaceuticals, which have bolstered investor confidence [4] - The market is expected to remain volatile, with a focus on "technology + dividend" strategies and sectors showing performance improvement [4] Economic Context - The domestic economic fundamentals are showing resilience, although there are uncertainties regarding the sustainability of high consumer growth [5] - The anticipated easing of interest rate differentials may benefit RMB assets, with a focus on technology growth, supply-demand improvements, and dividend asset values [5]

分红险上演"王者归来"。 近日，证券时报记者对已公布红利实现率的首批200余款分红险产品进行梳理。结果显示，大多数产品 的红利实现率较去年上升，不少在售产品的红利实现率甚至超过了100%。 红利实现率整体上升 分红险正成为保险市场的主力产品。多家保险公司相关负责人告诉证券时报记者，今年以来，分红险在 期交新单保费中的占比已达50%，未来这一比例将持续提升。 分红险是指保险公司将实际经营成果产生的盈余，按一定比例向保单持有人进行分配的人身保险产品。 在利率长期下行背景下，保险公司纷纷加大分红险销售，分红险分红水平也因此成为了行业竞争的新焦 点。 证券时报记者统计的数据显示，最新公布的分红险红利实现率较去年同期普遍上升，不少于去年10月后 销售的新产品红利实现率达到或超过了100%。 比如，新华保险公布的71款分红保险，2024年度红利实现率较上一年普遍上升。以现金分红型分红险为 例，其中7款产品红利实现率超100%；11款有历史分红业绩的产品，红利实现率平均值为57%，较2023 年的19%显著提升。 近日，平安人寿公布了136款分红险的红利实现率，红利分配期间为2025年6月1日至2026年5月31日。这 也 ...

Group 1 - The total scale of public funds in China reached a new high of 33.74 trillion yuan by the end of May 2025, reflecting the robust development of the asset management industry and investors' continued preference for professional investment services [1] - As of May 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 33.74 trillion yuan, an increase of 0.62 trillion yuan or 1.87% from the end of April [1] - The total scale of public funds has set a historical record for the eighth time since 2024, showcasing the strong growth momentum of China's asset management industry [1] Group 2 - By the end of May, the net asset value of open-end funds totaled 29.98 trillion yuan, while closed-end funds accounted for 3.76 trillion yuan, with open-end funds continuing to expand in scale, shares, and quantity [1] - Open-end funds include five major categories: stock funds (4.58 trillion yuan), mixed funds (3.57 trillion yuan), bond funds (6.78 trillion yuan), money market funds (14.40 trillion yuan), and QDII funds (0.65 trillion yuan), with most categories experiencing growth [2] - Money market and bond funds significantly contributed to the overall growth of public fund scale, with increases of 407.13 billion yuan and 221.88 billion yuan, respectively [2] Group 3 - The number of equity funds is a key focus for public institutions, with 60 new stock funds added by the end of May, indicating a long-term positive outlook for the equity market [2] - In the context of global uncertainty and moderate domestic economic recovery, the industry suggests maintaining a balanced allocation towards high-growth technology assets and high-dividend cyclical assets [3]

港股银行板块战略配置机遇 20260626 摘要 南向资金持续流入港股，2025 年前六个月累计净流入超 7,000 亿港元， 创历史新高，增强了港股市场的流动性和稳定性，尤其是在贸易摩擦和 地缘政治风险背景下，对港股银行板块形成支撑。 2025 年 5 月降准降息，虽短期内可能压缩银行息差，但长期来看，通 过刺激信贷需求、降低企业财务成本和优化资产质量，整体利好银行板 块，叠加房地产支持政策，有助于缓释资产风险。 2025 年一季度银行营收和净利润同比下降，主要受利率上行导致非息 收入大幅负增长拖累，但核心净利息收入降幅收窄，中收回暖，上市银 行核心营收呈现边际改善。 港股银行板块投资逻辑延续资金面和交易面共振主导的估值修复，预计 2025 年基本面保持稳定，险资对低波稳定权益资产的配置需求及 ETF 扩容构成利好，逢低配置是较好的投资策略。 港股银行板块优于 A 股，体现在其在恒生指数中占比高，是配置港股的 必选行业；顺周期属性更强，在经济预期复苏背景下获得溢价；香港本 地银行贡献超额收益；且估值更低，性价比更高。 Q&A 截至 2025 年 6 月 17 日，港股市场表现如何，其上涨的主要驱动因素是什么 ...

Summary of Conference Call Records Industry and Company Involved - The conference call discusses the investment landscape for 2025, focusing on the non-banking financial sector and emerging investment themes such as new consumption, robotics, artificial intelligence (AI), and innovative pharmaceuticals. Core Points and Arguments 1. **Market Drivers**: The primary drivers of the current market are improved liquidity and risk appetite, supported by a historically weak dollar, unprecedented policy support, and a favorable overall liquidity environment. Geopolitical risk reduction and global stock market gains also contribute positively to market sentiment [2][3][12]. 2. **Investment Focus**: The investment strategy for the second half of 2025 emphasizes "track investment," similar to the peaks seen in 2020-2021. Key sectors include new consumption, robotics, AI, and innovative pharmaceuticals, with a focus on structural growth areas supported by policy and technological breakthroughs [1][5][16]. 3. **Active vs. Passive Investment**: Unlike previous peaks, passive investments (like ETFs) hold more influence in 2025. However, active equity investments are expected to outperform in new tracks due to rapid technological iterations and complex business models, allowing for the identification of hidden champions and flexible portfolio adjustments [6][7][8]. 4. **Impact of Fund Flows**: Significant fund inflows can create positive feedback for new track investments. For instance, a fund that saw net subscriptions exceeding 7 billion yuan in Q1 2025 could drive stock price increases and generate excess returns [9]. 5. **Sector Performance**: Recent pullbacks in new consumption and innovative pharmaceutical sectors are attributed to a shift in high-risk capital and weak performance of related Hong Kong stock indices. The potential tightening of liquidity due to the Hong Kong dollar's weak side guarantee is a concern [12][14]. 6. **Short-term Market Disturbances**: The Hong Kong market has faced disturbances from geopolitical tensions and reduced capital inflows, although these factors are expected to be temporary [13]. 7. **Recommended Sectors**: The recommended sectors for investment include AI, semiconductors, and the science and technology innovation board. The AI sector is experiencing upward trends, with significant breakthroughs in chip technology and supportive policies enhancing the sector's attractiveness [15][16]. 8. **Future Investment Strategy**: The mid-term strategy suggests maintaining dividends as a base while actively engaging in emerging tracks and thematic hotspots. Key areas of focus include AI technology, semiconductors, humanoid robotics, and related themes like stablecoins and solid-state batteries [10][11][17]. Other Important but Possibly Overlooked Content - The conference highlights the importance of monitoring the Hong Kong dollar's weak side guarantee, as it may impact liquidity and market performance in the medium term, particularly affecting new consumption and innovative pharmaceutical sectors [14]. - The call emphasizes the need for active management in sectors with high complexity and rapid technological change, suggesting that investors should be prepared to adapt their strategies in response to market dynamics [8][9].

文 | 银行螺丝钉 （转载请注明出处） ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

以下文章来源于范范爱养基 ，作者范范 范范爱养基 . 他这么一说 ， 我才反应过来~好像还真是这样的 ！ 专注基金投资分享，说人话，不拽词！不保证说的都对，但都是当下我最最真实的想法。（雪球号同名） 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 范范爱养基 来源：雪球 最近不是在看 " 指数增强 " 基金嘛，招商中证2000增强策略ETF现任基金经理 邓童 的一段讲话 。 邓童说 ： 红利指数的增强比宽基指数更难 。 在测试时发现 ， 中证2000指数的超额收益可以高达30%以 上 ， 但是红利指数的超额收益能有大几个点就很不错了 。 红利指数基金火了这么多年了 ， 确实没有看到 " 红利增强策略基金 " 脱颖而出 ， 更没有火出圈的 ！ 邓童给到的解释是 ： " 红利 " 本身就是一个历史表现很好的 " 因子 " ， 这时再去叠加常用的 " ROE或者 低PB " 等因子 ， 基本不起作用 。 （ 除非 ， 找到独特的因子 ） 想想也是~ " 红利低波 " 指数 ， 自带估值筛选规则 ； " 红利质量 " 指数 ， 又自带盈利能力的筛选 ； 这些红利指数本身就 ...