新浪财经12月24日讯（赵般娇）华创证券首席经济学家一职完成新老交替。据悉，公司研究所副所长张 瑜已正式出任首席经济学家，成为这家近年来卖方研究领域"黑马"券商宏观研究的新领军人物。 此次任命是华创证券近期一系列人才提拔中的关键一环。原首席经济学家牛播坤转任公司总裁助理兼研 究所联席所长。张瑜的接棒，标志着华创宏观研究的指挥棒传递至新一代核心研究员手中。 聚焦张瑜：从宏观首席到受邀建言 张瑜的晋升堪称"研而优则仕"的典型路径。她于2018年加入华创证券研究所，长期深耕国内外宏观经 济、人民币汇率及财政政策等领域，逐步成长为首席宏观分析师及研究所副所长。 职责与期待 其专业影响力已超越卖方研究范畴。2025年10月，张瑜曾受邀参加国务院总理主持的经济形势专家和企 业家座谈会，并就宏观政策实施等重大议题提出建议。这一经历，凸显了其研究工作的实践价值与政策 视野，也为她执掌首席经济学家一职提供了重要背书。 张瑜的晋升堪称"研而优则仕"的典型路径。她于2018年加入华创证券研究所，长期深耕国内外宏观经 济、人民币汇率及财政政策等领域，逐步成长为首席宏观分析师及研究所副所长。 其专业影响力已超越卖方研究范畴。2025年 ...

数据来源：基金业协会 截止日期：2025年10月 登录新浪财经APP 搜索【信披】查看更多考评等级 专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 岁末将至，回顾全年。2025年，公募基金行业在改革深化与生态重塑中走过关键一年。政策引导、人事 更迭、市场维稳等多重主线交织，深刻影响着行业的发展轨迹。当行业规模昂首迈向37万亿元新高度， 本文梳理年度十大重要新闻，力图勾勒2025年行业发展全景。 三、销售费率新规明确！公募基金费率改革三部曲迎终篇，第三阶段每年让利300亿 一、证监会印发《推动公募基金高质量发展行动方案》25条举措汇成行业高质量发展"牵引力" 5月7日，《推动公募基金高质量发展行动方案》（以下简称《方案》）正式发布。这是为落实2024年9 月26日中央政治局会议"稳步推进公募基金改革"的决策部署。《方案》以25条举措直击行业痛点，通过 优化主动管理权益类基金收费模式、强化基金公司与投资者的利益绑定、提升行业服务投资者的能力、 提高公募基金权益投资的规模和稳定性等重点内容，着力督促基金公司、基金销售机构等行业机构 从"重规模"向"重回报"转变，形成行 ...

Core Viewpoint - The Chinese public fund issuance market is experiencing a significant recovery and structural characteristics in 2025, driven by policy guidance and market demand, with a notable increase in the number of new non-money market funds and a shift towards equity funds as the main focus of new issuances [1][3]. Group 1: Market Performance - As of December 4, 2025, the total number of new non-money market funds reached 1,476, a substantial increase from 1,134 in 2024, marking a three-year high [1]. - Among the new issuances, equity funds (including stock funds and mixed funds with at least 70% equity allocation) accounted for 1,066 new products, up 47.9% from 721 in 2024 [1]. - The issuance of bond funds (including bond funds and mixed funds with at least 50% bond allocation) remained stable at 360, compared to 366 in 2024 [1]. Group 2: Differentiation in New Issuance - There is a clear differentiation in new issuance performance between leading and smaller fund companies, with top firms capturing nearly half of the total new issuance volume and initial scale [5][6]. - Leading fund companies, such as Huaxia Fund, Fuguo Fund, and Yifangda Fund, dominate the market with 71, 60, and 54 new products respectively, significantly exceeding the industry average of 11 new products [7][9]. - Smaller fund companies typically adopt a focused strategy, averaging around 4 new products, concentrating on specific asset types or niche areas to differentiate themselves [9]. Group 3: Active vs. Passive Fund Dynamics - In 2025, passive products, particularly ETFs, became a focal point in the public fund industry, with 601 of the 1,066 new equity funds being passive, including 282 ETFs and 197 ETF-linked funds [10][14]. - Active fund issuance remains dominated by leading companies, with Huaxia Fund leading with 33 new active products, while smaller firms struggle to match the scale of larger competitors [14]. - The issuance of "fixed income plus" products in the active bond category saw a significant increase, with the number rising from 97 in 2024 to 154 in 2025, indicating a growing trend in this segment [14]. Group 4: Pricing of New Products - The pricing of new products reflects the fee reform initiated by the China Securities Regulatory Commission, with management and custody fees generally lower across the board [17][19]. - Active equity funds typically have management fees around 1.20% for non-index enhanced products and 0.80% for index-enhanced products, while passive funds have significantly lower fees [19][20]. - The average management fee for newly issued passive equity funds is around 0.37%, while bond passive products average 0.16%, indicating a trend towards lower costs in the industry [20]. Group 5: Strategic Differentiation - The public fund market in 2025 showcases strategic differentiation based on resource endowments, with leading firms expanding through a platform-based approach while smaller firms focus on specialization [21]. - Investors are encouraged to consider the investment objectives and strategies of new funds rather than solely chasing brand names or market trends, highlighting the importance of rational asset allocation [21].

Core Viewpoint - The fund advisory share is emerging as a new direction for the public fund industry, with a consensus forming around its importance for fee reform and enhancing investor experience [1][4]. Group 1: Industry Developments - The public fund industry is actively discussing the establishment of advisory shares, with multiple fund companies preparing systems for application [1][4]. - The introduction of the "buy-side advisory" model in 2019 marked a significant shift in the domestic fund market, and the advisory business is now set to undergo further developments [3][4]. Group 2: Benefits of Advisory Shares - Advisory shares aim to lower investors' overall holding costs through optimized fee structures, aligning with the principle of "financial services for the public" [1][5]. - These shares are expected to enhance the interaction between quality products and professional services, improving investor experience and stabilizing the public fund's liability side [1][5]. Group 3: Implementation Challenges - The successful implementation of advisory shares requires a consensus among industry players and a collaborative effort to build a sustainable advisory ecosystem [9][10]. - Fund management companies must adapt to new fee structures that emphasize service value and transparency, drawing lessons from mature markets [9][10]. Group 4: Long-term Trends and Synergies - The development of advisory shares has significant potential for synergy with the proliferation of ETFs and pension investments, which can enhance the service cycle of advisory shares [10][11]. - The combination of low-cost underlying assets, professional asset allocation, and long-term capital can create a healthy ecosystem for the advisory business [11].

Core Viewpoint - Wang Yuanhong's resignation from managing 10 funds at Changsheng Fund raises concerns about the fund's performance and management practices, particularly given the significant losses incurred during his tenure while still collecting management fees [2][7]. Fund Manager Changes - On November 22, Changsheng Fund announced the resignation of Wang Yuanhong from 10 funds, effective November 21, citing personal reasons [2]. - Wang Yuanhong's four-year tenure resulted in a total loss of 45.48 million, while he collected management fees amounting to 53.88 million [6]. Fund Performance - Wang Yuanhong's managed funds experienced a sharp decline in performance, with four funds losing over 10% in the past month [3]. - Specific fund performance includes: - Changsheng High-end Equipment Mixed A: -10.26% - Changsheng New Emerging Growth Mixed: -10.27% - Changsheng Innovation Driven Mixed A: 33.08% since April 2023, with a loss of 5.19 million during the tenure [5][6]. Management Fees vs. Performance - Despite significant losses, management fees continued to be collected, raising questions about the fund's accountability [7][8]. - Other fund managers at Changsheng, such as Qian Wenli and Zhang Yiran, also reported substantial losses while collecting management fees, indicating a potential systemic issue within the fund management practices [7][8]. Regulatory Context - The China Securities Regulatory Commission has revised regulations to lower management fees for public funds, aiming to reduce investor costs, which highlights the ongoing scrutiny of fund management practices [8].

Core Insights - The "14th Five-Year Plan" period has seen steady growth and qualitative improvements in the capital market of Beijing, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] Group 1: Capital Market Development - The Beijing Stock Exchange (BSE) has operated smoothly, with significant improvements in quality and expansion, including the launch of the North Securities 50 Index and various financing products [2] - As of September 2023, the total number of listed companies on the BSE reached 277, with a total market capitalization of 91.746 billion yuan [2] - Direct financing by enterprises in the region exceeded 5.6 trillion yuan during the "14th Five-Year Plan," ranking first in the country [3] Group 2: Corporate Financing and Mergers - The region has over 2,900 outstanding exchange-traded corporate bonds and asset-backed securities (ABS), with a total balance of approximately 2.82 trillion yuan, also ranking first among jurisdictions [3] - Over 1,100 mergers and acquisitions were executed in the region during this period, totaling 1.35 trillion yuan [3] Group 3: Company Quality and Investor Returns - Nearly 60% of listed companies in Beijing have disclosed their 2024 ESG reports, with 132 companies initiating buybacks totaling 26.4 billion yuan since the beginning of 2024 [4] - Cumulatively, listed companies in Beijing distributed cash dividends amounting to 4.38 trillion yuan during the "14th Five-Year Plan" period [4] Group 4: Investment Institutions and Foreign Capital - Six new securities, fund, and futures institutions were established, with total assets in the industry growing over 60% [5] - The establishment of foreign-funded securities firms, such as Standard Chartered Securities and Morgan Stanley Futures, has enhanced the capital market's development [6] Group 5: Fund Management and Cost Savings - The public fund fee reform is expected to save investors approximately 10 billion yuan annually, with a 26% increase in funds directed towards stocks compared to the previous year [7] - The total scale of equity funds managed by public fund managers in Beijing reached 1.94 trillion yuan, with a 19% year-on-year increase in the number of equity products [8] Group 6: Long-term Investment Trends - The positive cycle of "long money, long investment" has improved, with various long-term funds establishing longer assessment periods [9] - Public funds in Beijing have largely established a three-year long-cycle assessment system, promoting long-term investment strategies [9]

Core Viewpoint - The "stock-bond seesaw" phenomenon is expected to continue in the near term, with no signs of improvement in the bond market as it remains under pressure from liquidity challenges and investor sentiment [1][4][5]. Group 1: Market Dynamics - The bond market has faced significant liquidity tests, with net redemptions of over 5.5 billion units in bond funds during the third quarter, indicating a severe outflow from this asset class [1][2]. - The A-share market has been strong, with the Shanghai Composite Index fluctuating around the 4000-point mark, contrasting sharply with the bond market, where bearish sentiment prevails [2][3]. - Nearly 60% of the 7300 bond fund products experienced net redemptions, with pure bond funds, especially medium to long-term ones, suffering the most [2][3]. Group 2: Redemption Trends - The trend of redemptions has continued into the fourth quarter, with at least 35 bond funds reporting significant outflows since October [3]. - Major bond funds have seen substantial reductions in scale, with some funds losing nearly half of their assets due to redemptions and poor performance [2][3]. - Specific examples include the Huaxia Dingmao fund, which was redeemed by nearly 13.1 billion units in a single quarter, and other funds like Xingye Tianli and Xingye Tianying also facing significant outflows [2][3]. Group 3: Future Outlook - The bond market is currently waiting for clear signals from fiscal and monetary policies, which are expected to dictate future trends [5][7]. - The potential impact of public fund fee reforms is being closely monitored, as changes could affect liquidity management and institutional investment preferences [6][7]. - Long-term interest rates may have more room to rise, supported by expected fiscal stimulus and improving inflation expectations, despite ongoing geopolitical uncertainties [7].

Core Insights - The fund issuance market is experiencing a resurgence, with multiple funds completing their fundraising on the same day they are launched, indicating a return of the "daylight fund" phenomenon [1][3][6] Group 1: Fund Issuance Trends - The recent trend of "daylight funds" is attributed to improved liquidity, restored investor confidence, and the benefits of regulatory reforms [1][6] - Several active equity funds, including those from E Fund and Fortune Fund, have ended their fundraising early due to high demand, reflecting a significant increase in investor interest [1][3] - Notable examples include the Penghua Qihang Quantitative Stock Selection Plan, which raised 3.1 billion yuan in one day, and the Fortune Xinghe fund, which attracted 3.6 billion yuan on its launch day [3][4] Group 2: Market Conditions and Investor Sentiment - The re-emergence of "daylight funds" serves as an important indicator of recovering market sentiment, driven by a stabilization of A-share valuations and improved economic data [6][7] - The Shanghai Composite Index's rise above 4,000 points has bolstered investor confidence in the equity market, leading to a surge in new fund issuances [6][7] - Investors are increasingly recognizing the value of active management over passive strategies, particularly as funds from reputable companies and managers gain traction [6][7] Group 3: Fee Structure Reforms - Recent reforms in public fund fee structures have created new opportunities for fund issuance, with many companies lowering management and custody fees, thus reducing the cost for investors [6][7] - The new regulations encourage fund companies to build brand credibility through long-term performance and investor returns, enhancing product line management and research transparency [6][7]

Core Viewpoint - The resurgence of "daylight funds" in the active equity fund issuance market indicates a recovery in market sentiment, driven by improved liquidity, restored investor confidence, and the benefits of regulatory reforms [2][5]. Fund Issuance Trends - The issuance of active equity funds has seen a significant increase, with several funds, including the China Europe Xin Yue Return Fund, completing their fundraising on the first day of offering, marking a return of the "daylight fund" phenomenon [2][3]. - Notable funds such as Penghua Qihang Quantitative Stock Selection Plan and Fuguo Xinghe also experienced rapid fundraising, with the former raising 31 billion yuan in one day, exceeding its target of 30 billion yuan [3][4]. Market Conditions - The frequency of "daylight funds" has notably increased since October, reflecting a more favorable funding environment and a gradual recovery in investor risk appetite [3][5]. - The A-share market has stabilized around the 4000-point mark, contributing to a renewed focus on the value of active management and creating structural investment opportunities [2][5]. Investor Behavior - Investors are reassessing the value of active management versus passive strategies, leading to increased interest in actively managed funds, particularly those led by reputable fund managers [5][6]. - The recent fee reforms in public funds have lowered the cost of investing, encouraging more investors to subscribe to new funds, thus facilitating the emergence of "daylight funds" [5][6]. Regulatory Impact - The public fund fee reform initiated in September has played a crucial role in enhancing the attractiveness of new fund offerings by reducing management and custody fees, thereby lowering the overall cost for investors [5][6].

Group 1 - Dongwu Securities reported a revenue of 7.274 billion and a net profit of 2.935 billion for the first three quarters, marking a year-on-year increase of 35.45% and 60.23% respectively, achieving a historical high for the same period [1] - The company plans to purchase Directors and Officers Liability Insurance (D&O Insurance) for all directors and senior management, reflecting a focus on governance risk amid stricter regulations [1][2] - The move to insure executives is intended to encourage them to perform their duties more actively and professionally, as it mitigates the financial risks associated with potential regulatory violations [1][2] Group 2 - Guotai Junan and Haitong Securities have established a 1.5 billion technology equity investment fund, indicating a strategic collaboration between leading brokerages and technology firms to invest in emerging industries [3] - The fund aims to enhance Guotai Junan's investment footprint in the technology sector, potentially driving long-term growth for its stock price and facilitating resource integration in hard technology fields [3][2] - This initiative reflects the capital market's ongoing commitment to technology innovation, likely guiding funds towards high-growth sectors and optimizing the structural dynamics of the A-share market [3][2] Group 3 - The second batch of long-term investment trials for insurance capital has progressed, with 9 private equity funds entering the operational phase, indicating a new stage for insurance capital equity allocation [4] - This initiative is supported by relevant policies that help reduce profit volatility under new accounting standards, thereby enhancing the willingness of insurance funds to allocate to equity assets [4] - The long-term investment strategy adopted in this trial is expected to stabilize the capital market and promote healthy interactions between capital markets and insurance funds [4][2] Group 4 - The public fund fee reform in Shanghai has resulted in approximately 18.7 billion being returned to investors, showcasing the regulatory commitment to enhancing the quality of the public fund industry [5] - Over 2,000 actively managed equity funds and index funds have reduced management and custody fees, while more than 4,400 products have lowered trading commission rates, collectively benefiting investors significantly [5][6] - This reform is anticipated to improve investor returns, boost market confidence, and potentially lead to a concentration of funds in low-fee quality products, while also pressuring fund companies to enhance their research capabilities [5][6]