Core Insights - The article discusses the resurgence of small mutual funds in the second quarter of 2025, driven by structural market changes and thematic investments, leading to significant growth in fund sizes [1][2][3] - It highlights the trend of "mini funds" leveraging thematic and style-based investments to recover from previous struggles, with some funds experiencing dramatic increases in net asset values [2][3] - The article emphasizes the need for investors to carefully evaluate the risk-reward ratio when considering investments in these funds, despite their recent performance [1][4] Group 1 - Many small mutual funds have seen rapid growth in size and performance due to structural market conditions and thematic investments in the first half of 2025 [2][3] - The article cites the example of Tongtai Fund's "Industrial Upgrade Mixed A" fund, which achieved a 20.38% return in the first half of the year, with net asset value increasing from approximately 9,887.46 yuan to about 14.5 million yuan [2][3] - Fund companies are increasingly adopting a strategy of focusing on thematic and style-based investments to enhance performance and scale, with some using "shell resources" from mini funds to capture short-term market opportunities [3][5] Group 2 - Despite the strong performance of thematic and style-based funds, there has not been a significant increase in the number of investors jumping on the bandwagon, indicating a cautious approach [4][5] - Investors are expressing concerns about the volatility associated with thematic investments, noting that while they can rise quickly, they can also decline sharply [4][5] - Fund companies are wary of heavily promoting these thematic funds due to potential customer complaints, opting instead to focus on repositioning smaller funds [5]

近日，"'华尔街收购王'KKR拟收购大窑饮品股权"传闻的进展曝光，KKR收购远景国际有限公司85%股 权获批。据重庆市市场监督管理局发布的"无条件批准经营者集中案件列表"显示，KKR公司收购远景国 际股权案已办结，"KKR公司"连同其子公司通过新设特殊目的公司Dynamo亚洲控股私人有限公司间接 收购远景国际有限公司85%的股权。而相关资料显示，远景国际的董事名为"WANG QINGDONG"，和 大窑饮品实控人王庆东的拼音拼写相同。 据公示披露，远景国际于2024年在开曼群岛成立，通过其关联公司在中国境内主要从事饮料业务，最终 控制人为自然人，2024年，远景国际在中国境内碳酸饮料市场的占比达到5%至10%。 天眼查数据显示，大窑嘉宾饮品股份有限公司主要由上海蒙清企业管理有限公司、上海政岳企业管理中 心(有限合伙)等股东持股，实际控制人为王庆东。 据媒体此前报道，大窑方面回应，目前经营团队稳定，公司业务有序开展。未来一切决策都将围绕品牌 长远发展以及为消费者提供更好的产品与服务，全国化及年轻化战略不会有任何变化。 □本报记者张舒琳 "明显感觉到，消费投资又重新成为热点。"一家大型私募股权机构人士这样感叹，这 ...

□ 本报记者张舒琳 2025年的全球资本市场被贴上了"不确定性"的标签：美联储加息周期充满变数，地缘局势黑天鹅频现， 权益市场延续宽幅波动态势，债券市场受多重因素影响也呈现震荡走势。近日，中国证券报记者采访了 民生加银基金总经理助理兼资产配置部总监刘欣，他表示，当市场波动成为常态，单一资产风险抵御能 力下降，资产配置正逐渐成为投资者应对不确定性的主要选择。 在FOF产品方面，当前市场常见的观点有两种：一是在配置上更加集中，实现短期的超额收益；另一种 是实现长期透明回报，让投资者长期持有。刘欣认为，第二种方式更有利于产品发展，因为公募基金需 要扩大规模，服务更加广泛的人群，这就需要长期相对平稳的投资体验。同时，基金经理的经验和观念 也很重要，重视风控并真正具有长期为客户提供服务理念的基金经理，会更加深刻认识到资产配置和长 期策略的重要性。 谈及未来FOF产品布局，刘欣表示，将坚持绝对收益目标，以多元配置为核心，满足投资者稳健增值需 求。未来将探索更多创新品种，如结合量化策略的指数型FOF，提升产品透明度与效率。"我们希望打 造让投资者长期持有、长期受益的FOF产品。通过专业配置能力，让投资者相信资产配置的力量， ...

Core Insights - The article highlights the exceptional performance of the Southern Hong Kong Preferred Fund managed by Xiong Xiaoya, emphasizing her unique investment philosophy focused on real cash flow generation and the transformative impact of AI on the consumer sector, surpassing the changes brought by the internet era [1][6]. Investment Philosophy - Xiong Xiaoya combines deep fundamental analysis with long-term value exploration, focusing on cash flow generation as the core of investment decisions. As of July 20, 2025, the fund achieved a year-to-date return of 42.33% and a three-year return of 57.89% [2]. - The investment strategy emphasizes identifying companies' value creation capabilities, with a focus on the sustainability of profit growth and yield levels as key decision-making factors [2][3]. Cash Flow Focus - The weight of cash flow indicators should be dynamically adjusted based on the company's development stage, with emerging industries focusing on future cash flow potential, while mature businesses typically have more stable cash flow reserves [3]. - Xiong Xiaoya stresses that regardless of cash flow indicators, the key is a reasonable purchase price, with performance certainty being central to stock selection [3]. Investment Strategy - The investment approach adheres to a defined "circle of competence," avoiding blind pursuit of market trends. The fund's holdings span various emerging sectors, including trendy toys, beauty, internet, and new energy vehicles, while maintaining a strategic low allocation to the pharmaceutical sector (approximately 2%) [4]. - The Chinese innovative drug industry is undergoing significant changes, with the number of drugs in the pipeline increasing dramatically, yet the fund remains cautious in its pharmaceutical investments due to the high professional barriers in this field [4][5]. Future Investment Opportunities - Future investment opportunities are anticipated to arise primarily from the integration of consumer and artificial intelligence sectors. Despite economic pressures, the consumer industry continues to show structural opportunities, particularly in new consumption areas where traditional companies innovate across design, product forms, and digital operations [6][7]. - AI is viewed as a transformative force for the consumer sector, with expectations that its impact will exceed that of the internet. The development of AI technologies is expected to create numerous investment opportunities, such as enhancing customer service and optimizing advertising through data analysis [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：招商基金管理有限公司 基金托管人：中国民生银行股份有限公司 登记机构：招商基金管理有限公司 重要提示 1、招商沪深300增强策略交易型开放式指数证券投资基金发起式联接基金（以下简称"本基金"）的发售 已获中国证监会证监许可【2025】1201号文准予注册。 2、本基金类型为契约型开放式、ETF联接基金。 3、本基金的管理人为招商基金管理有限公司（以下简称"招商基金"或"本公司"），托管人为中国民生 银行股份有限公司，登记机构为招商基金管理有限公司。 4、本基金自2025年8月18日至2025年8月29日（具体办理业务时间见各销售机构的相关业务公告或拨打 客户服务电话咨询）通过销售机构公开发售。基金管理人根据认购的情况可适当调整募集时间，并及时 公告，但最长不超过法定募集期限。 5、募集规模上限 本基金首次募集规模上限为10亿元人民币（不含募集期利息，下同）。 基金募集过程中，募集规模接近、达到或超过10亿元时，基金可提前结束募集。 在募集期内任何一日（含首日），若当日募集截止时间后基金份额累计有效认购申请金额（不包括利 息，下同）合计超过10亿元， ...

Core Viewpoint - The insurance industry is increasingly concentrating its investments in high dividend yield assets, particularly in the banking and public utility sectors, reflecting a market-driven strategy aligned with the industry's risk-averse investment logic [1] Group 1: Current Trends in Insurance Investment - In 2023, insurance institutions have made 21 stake acquisitions, surpassing the total of 20 from the previous year [1] - The focus on high dividend yield stocks is consistent with the overall holding style of insurance funds in the stock market [1] Group 2: Challenges of Current Investment Strategy - The current trend of insurance funds clustering around high dividend assets is a passive choice under multiple pressures, including declining interest rates and the need to cover liability costs [2] - There are three main concerns with this strategy: high opportunity costs from missing growth in emerging sectors, the potential for high dividend yields to decrease over time, and the risk of concentrated investments leading to systemic risks [2] Group 3: Recommendations for Asset Allocation - Insurance funds should seek to identify and allocate more resources to high-growth sectors to achieve better long-term returns [3] - There is a need for strategic alignment between investments and core business areas, particularly in light of demographic trends such as aging populations, which can create synergies in sectors like healthcare and pensions [3] Group 4: Importance of Investment Capability - Enhancing investment capabilities is crucial for insurance companies, especially given the rapid decline in fixed-income asset yields and the pressure from long-duration liabilities [4] - Regulatory bodies have introduced policies to support insurance institutions in improving their investment capabilities, including increasing equity asset allocation limits [4] - The shift from a defensive to a proactive investment approach is essential for the insurance sector to contribute effectively to capital market health and support the real economy [4]

可交换债券一般会约定触发交换的条件。若标的股价大涨，则债券持有人所获转股的收益远超债券收 益。以阿里巴巴发行的零息可交换债券为例，债券持有人拥有灵活交易权，可在特定时间内将债券交换 为阿里健康股份、现金或二者组合。债券的初始交换比率为每100万港元本金额的债券可交换约16万股 阿里健康股份，初始交换价格为每股6.23港元，较对冲配售的阿里健康每股4.21港元溢价48%。 其次，港股市场流动性显著改善，部分港股公司股价表现大幅提升，为转股创造有利条件。 今年以来，港股公司可交换债券发行活跃，零息可交换债券更是频频涌现。7月9日，阿里巴巴完成 120.23亿港元的零息可交换债券发行。据不完全统计，截至7月20日，年内港股可交换债发行规模已超 472亿港元。这些大额债券成功发行，离不开包括国际头部长线机构在内的资本踊跃认购。 可交换债券是上市公司股东发行的、可以交换成该股东所持有的上市公司股份的债券品种。可交换的标 的一般是发行人的子公司、母公司或者关联企业。 资本为何追捧港股可交换债券？在笔者看来，这主要缘于全球资金愈发青睐香港市场。在港股IPO认购 配额竞争激烈的情况下，可交换债券作为挂钩优质股票资产的工具，逐 ...

国家统计局7月15日发布最新数据显示，初步核算，2025年上半年国内生产总值(GDP)660536亿元，按 不变价格计算，同比增长5.3%。基于上半年我国经济运行延续稳中向好发展态势，展现出强大韧性和 活力，多家外资机构纷纷表达对中国经济前景的看好，也使得包括A股在内的中国资产吸引力持续增 强。 外资机构为中国经济点赞 景顺亚太区全球市场策略师赵耀庭解读中国经济数据时表示，上半年中国GDP表现略高于预期，这一增 长动能主要由强劲的出口活动推动。自2018年以来，中国一直在积极推动出口市场多元化，这有助于在 全球贸易不确定性持续的情况下，保持出口韧性。 对于下半年中国经济增长的关键驱动力，赵耀庭认为，稳定的全球贸易环境仍非常重要，中国深植于全 球价值链之中，约占全球价值链活动的41%。下半年达成的任何贸易协议，都将有助于增强市场的确定 性，并助力制造商和出口商更有效地制定计划。此外，下半年可能需要更多的政策支持，特别是在刺激 家庭消费和稳定房地产市场方面。 中国资产吸引力持续增强 鉴于对中国经济抱有乐观预期，多家外资机构表态看好中国资产。 资产管理规模逾1.2万亿美元的威灵顿投资管理7月16日发表市场评论表示， ...

这一规则与2024年中证协修订发布的《证券公司私募投资基金子公司管理规范(2024年修订)》形成呼 应，旨在更好地推动券商在服务实体经济、国家战略、居民财富管理等方面发挥作用，助力行业高质量 发展。 针对监管与合规的重要性，郑磊进一步补充道："券商必须在经纪业务和私募子公司之间建立防火墙， 杜绝利益输送和利益冲突，将第三方投资分析和投顾与私募子公司严格隔离。" 从行业趋势来看，当前券商业务模式逐渐向"投资+投行"以及"保荐+跟投"等多元化方向转型，这使得券 商利用自有资金开展股权投资的优势日益凸显。一方面，这能够有效满足企业的融资需求，为实体经济 的发展提供资金支持，推动产业升级与创新；另一方面，也能够促进券商内部各业务板块间的协同联 动，进一步提升综合服务能力。 股权投资作为服务实体经济的重要金融工具，在支持中小型科技创新企业发展方面发挥关键作用，近年 来已成为券商重点布局的领域之一。7月18日，中国证监会正式核准申港证券通过设立子公司从事私募 投资基金业务，这意味着券商私募投资基金子公司(以下简称"私募子公司")队伍即将迎来第80位新成 员。 申港证券作为首家依据CEPA(内地与香港关于建立更紧密经贸关系 ...

今年以来，个人养老金基金名录持续更新，产品阵容进一步扩大。7月18日晚，中国证监会公布的最新 个人养老金基金名录和个人养老金基金销售机构名录显示，截至2025年6月30日，纳入名录的个人养老 金基金增至297只，销售机构维持52家不变。与今年一季度末相比，新增9只个人养老金基金产品。 中国证监会2022年11月4日发布的《个人养老金投资公开募集证券投资基金业务管理暂行规定》，对参 与个人养老金投资公募基金业务的各类市场机构及其展业行为予以明确规范。同年11月18日，首批个人 养老金基金名录和个人养老金基金销售机构名录公布，包括129只养老目标基金及37家销售机构。按照 规定，后续两份名录将持续定期发布并动态调整。 个人养老金基金产品持续上新，最新一批入围产品进一步丰富了投资者的选择空间。此次新增的9只基 金产品来自8家公募基金管理人，产品类型均为养老FOF(基金中基金)，其中包含3只养老目标日期FOF 和6只养老目标风险FOF，为处于不同生命周期和具有不同风险收益偏好的投资者提供差异化的配置方 案。 从产品策略来看，养老目标日期FOF的主要特点是将基金的资产配置与投资者的生命周期结合，随着投 资者目标日期(退 ...