- The June 2025 performance of stock-oriented investment advisory products outperformed the CSI 300 index, with absolute average returns of 3.47% for stock-oriented products, 1.90% for mixed stock-bond products, 0.79% for fixed-income plus products, and 0.28% for pure bond products [3][11][13] - Among stock-oriented investment advisory products, sector rotation strategies performed the best in June 2025, achieving an absolute return of 4.41%, followed by index-driven strategies at 3.50%, actively selected strategies at 3.41%, and macro-driven strategies at 2.71% [13][17][18] - For pure bond investment advisory products, June 2025 saw a shift from money market funds (-1.09%) and secondary mixed bond funds (-1.44%) to short-term pure bonds (+1.51%) and medium-to-long-term pure bonds (+1.63%) [27][28][30] - Fixed-income plus investment advisory products increased allocations to medium-to-long-term pure bonds (+3.15%) and primary mixed bond funds (+1.85%), while reducing allocations to flexible allocation funds (-5.60%) and money market funds (-0.99%) [27][28][30] - The duration of pure bond investment advisory products decreased by an average of 0.05 years in June 2025, while fixed-income plus products increased their duration by an average of 0.11 years [30][31] - Stock-bond mixed investment advisory products increased allocations to active equity funds (+2.06%) and flexible allocation funds (+1.19%), while reducing allocations to index funds (-2.75%) [33][35] - Stock-oriented investment advisory products reduced allocations to QDII funds (-1.49%) and increased allocations to flexible allocation funds (+1.54%) [33][35] - Sector allocation changes in June 2025 included increased exposure to non-ferrous metals (+1.29%) and pharmaceuticals (+1.16%), while reducing exposure to real estate (-1.22%) and electronics (-0.40%) [35][36][38] - Dividend-focused funds saw an increase in allocation, with the average proportion rising from 5.17% to 5.38% in June 2025, reflecting optimism about domestic economic recovery [37][39][40] - Micro-cap stock allocations slightly increased from 5.48% to 5.52%, while small-cap stock allocations decreased from 10.81% to 10.79% in June 2025 [41][42] - Hot sector allocations showed a decrease in the average proportion of ChiNext stocks from 6.75% to 6.69% and a slight decrease in STAR Market stocks from 6.94% to 6.92% in June 2025 [43][46][48] - Hong Kong stock allocations increased, with the average proportion rising from 8.39% to 9.37% in June 2025 [49][52] - QDII and macro-driven investment advisory products in June 2025 increased allocations to silver funds (+4.0%), global bonds (+2.8%), and oil and gas funds (+0.6%), while reducing allocations to Hong Kong stocks (-5.3%) and Vietnam funds (-4.4%) [49][50][54]

Group 1 - The core concept of fund advisory is to serve as an investment consultant for funds [1] - Fund advisory emerged to address the issue where "funds make money, but investors do not" [4] - Fund advisory has advantages in helping investors achieve better returns through its dual role of "advising" and "investing" [5] Group 2 - Various industries utilize consultants, especially those with high specialization [2] - The article suggests that just as one needs a doctor for medical issues or a lawyer for legal problems, fund advisory serves a similar purpose in investment [7]

Group 1 - The core viewpoint of the article highlights that Jianxin Fund has been awarded the "New Star Golden Bull Award" for fund advisory, being the only bank-affiliated fund company to receive this honor, along with the "University Student Investment Education Innovation Golden Bull Award" for its innovative practices in investor education [1][3] - The Golden Bull Award, organized by China Securities Journal, is recognized for its fairness and credibility, evaluating fund advisory institutions based on comprehensive criteria including advisory services, investor satisfaction, smart technology, and business innovation [3] - Jianxin Fund has developed a systematic investment methodology that integrates artificial intelligence and human intelligence, utilizing a combination of quantitative models and subjective judgment to enhance investment decision-making [6] Group 2 - Jianxin Fund has established a comprehensive daily service mechanism to maintain ongoing communication with investors through various platforms, including a public account and live broadcasts, aiming to improve investment awareness and foster good financial habits [7] - The company emphasizes the importance of personal pension financial development, offering a full lifecycle pension advisory service that addresses key questions regarding investment choices and strategies for retirement [8] - Jianxin Fund aims to enhance its research capabilities and service levels, continuously optimizing its strategy system and innovating service models to provide more professional and personalized wealth management services [9]

Core Insights - The China Securities Regulatory Commission (CSRC) has included Sci-Tech Innovation Board (STAR Market) ETFs in the fund advisory configuration scope, enhancing the flexibility of advisory strategies and reducing investment costs [1][5] - This policy change is seen as a significant breakthrough, allowing advisory institutions to construct more flexible and diverse strategy combinations based on ETFs, leading to improved tracking accuracy and trading efficiency [1][5] Group 1: Policy Impact - The inclusion of STAR Market ETFs is expected to attract more medium to long-term capital towards developing new productive forces [1] - The management fee for STAR Market ETFs is as low as 0.15%, and transactions are exempt from stamp duty and transfer fees, significantly improving cost efficiency [5] - The move is anticipated to enhance the liquidity of the STAR Market, as advisory funds typically have longer investment horizons and rational decision-making characteristics [6] Group 2: Implementation Challenges - Advisory institutions need to address compatibility, trading mechanisms, and risk control issues to effectively implement this policy [5] - There are significant differences between the management of onshore public funds and ETFs, necessitating adaptations in trading systems and account management [5][6] - The introduction of STAR Market ETFs into advisory strategies presents new challenges in cash management and portfolio adjustment due to the real-time price fluctuations of ETFs [5][6] Group 3: Future Opportunities - The inclusion of STAR Market ETFs is expected to enrich the product matrix available for investment and refine investment granularity [6] - If the pilot for STAR Market ETFs is successful, thematic ETFs related to artificial intelligence and biomedicine may also be included in the advisory configuration scope [7] - The anticipated influx of advisory funds could improve the liquidity structure of the STAR Market and reduce market volatility, providing more stable funding support for innovative enterprises [6]

Core Viewpoint - The recent policy by the China Securities Regulatory Commission (CSRC) to include Sci-Tech Innovation Board ETFs in the fund advisory configuration aims to attract more medium to long-term capital into the new productive forces sector, enhancing the inclusiveness and adaptability of the system [1][4]. Group 1: Fund Advisory Business Development - The fund advisory business has evolved significantly over the past five years, with the number of pilot institutions increasing to 60, covering various entities such as banks, brokerages, and third-party channels [2][11]. - The inclusion of Sci-Tech Innovation Board ETFs is expected to enhance the flexibility of asset allocation in fund advisory services, allowing for more personalized investment strategies [7][10]. - Fund advisory institutions can now construct richer advisory strategies based on ETFs, reducing transaction costs for investors and promoting the aggregation of medium to long-term capital [5][6]. Group 2: Impact of ETF Inclusion - The policy change allows fund advisory institutions to directly invest in ETFs, improving tracking accuracy and trading efficiency, which enhances overall investment efficiency for clients [6][8]. - The move is seen as a significant step towards transforming the fund advisory industry, potentially leading to a more mainstream "advisory + ETF" service model [7][14]. - The inclusion of ETFs is expected to broaden the scope of advisory strategies, allowing for innovative asset allocation approaches that can meet diverse client needs [12][13]. Group 3: Future Prospects and Challenges - There is a strong expectation that more ETF categories will be included in the advisory scope, which could further enrich the strategies and product offerings available to clients [13][15]. - The fund advisory sector faces challenges such as the need for improved investor education on ETFs, system support for trading, and addressing liquidity issues for niche ETFs [16][18]. - The transition to a more ETF-centric advisory model requires upgrades in research, risk control, and technical tools to meet the evolving demands of the market [17][18].

Group 1 - The core concept of fund advisory is to serve as an investment consultant for funds [1] - Fund advisory emerged to address the issue where "funds make money, but investors do not" [4] - Fund advisory has advantages in helping investors achieve better returns through its dual role of "advising" and "investing" [5] Group 2 - Various industries utilize consultants, particularly those that are highly specialized [2] - The article suggests that just as one needs a doctor for medical issues or a lawyer for legal problems, fund advisory serves a similar purpose in the investment realm [7]

Market Review - The A-share market saw a decline across major indices, with the small and medium board index, CSI 300, and Shanghai Composite Index recording returns of -0.43%, -0.45%, and -0.51% respectively, while the CSI 500, CSI 1000, and ChiNext Index lagged behind with returns of -1.75%, -1.74%, and -1.66% respectively [6][12] - The banking, comprehensive finance, and communication sectors performed well, with returns of 3.13%, 1.74%, and 1.43% respectively, while the pharmaceutical, textile and apparel, and retail sectors underperformed with returns of -4.16%, -4.10%, and -4.08% respectively [18][19] - The People's Bank of China conducted a net reverse repurchase operation of 102.1 billion yuan, with a total of 960.3 billion yuan injected into the market [20][22] Fund Issuance - A total of 50 new funds were established last week, with a total issuance scale of 450.23 billion yuan, marking an increase from the previous week [3][44] - Among the new funds, 14 were equity mixed funds and 13 were passive index funds, with issuance scales of 106.59 billion yuan and 62.16 billion yuan respectively [45] - There were 19 funds that entered the issuance phase for the first time last week, and 17 funds are set to begin issuance this week [3] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were -1.35%, -0.85%, and -0.89% respectively last week [33] - Alternative funds have shown the best performance this year, with a median return of 11.97%, while active equity, flexible allocation, and balanced mixed funds had median returns of 2.11%, 0.74%, and -0.32% respectively [36][39] - The median excess return for index-enhanced funds was 0.25%, while quantitative hedging funds had a median return of -0.09% [36] REITs and ETFs - The first two data center REITs were approved, filling a market gap in the data center sector and encouraging more social capital to participate in infrastructure construction [5][7] - Ten companies have applied for the first batch of science and technology innovation bond ETFs, providing investors with convenient tools to access the high-grade technology innovation bond market [8][9]

证券研究报告 | 2025年06月22日 基金周报 第三届基金投顾金牛奖榜单揭晓，首批 10 只科创债 ETF 申报 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线下跌，中小板指、沪深 300、上证综指指数收益靠前，收益分别为-0.43%、-0.45%、-0.51%， 中证 500、中证 1000、创业板指指数收益靠后，收益分别为-1.75%、 -1.74%、-1.66%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 银行、综合金融、通信收益靠前，收益分别为 3.13%、1.74%、1.43%， 医药、纺织服装、商贸零售收益靠后，收益分别为-4.16%、-4.1%、-4.08%。 截至上周五，央行逆回购净投放资金 1021 亿元，逆回购到期 8582 亿元， 净公开市场投放 9603 亿元。不同期限的国债利率均有所下行，利差扩 大 4.06BP。 上周共上报 41 只基金，较上上周申报数量有所增加。申报的产品包括 6 只FOF，中证AAA科技创新公司债ETF、上证AAA科技创新公司债ETF、 华安国证港股通消费主题ETF、嘉实恒生港股通科技主题ETF等。 6 月 16 ...

编者按：在稳步推进公募基金改革背景下，越来越多的财富管理机构正在从"产品销售导向"模式向"以 客户为中心"的财富规划服务模式转变。新华财经推出"买方投顾说"栏目，对话基金投顾机构，共同迎 接买方投顾时代，拥抱财富管理转型。 新华财经北京6月20日电（闫鹏陈周阳）中国证监会18日发布《关于在科创板设置科创成长层增强制度 包容性适应性的意见》，其中提出丰富科创板指数及ETF品类，将科创板ETF纳入基金投顾配置范围， 促进更多中长期资金向发展新质生产力集聚。 国信证券财富与机构事业部投资顾问中心、基金投顾中心总经理李斌接受新华财经采访时表示，将科创 ETF纳入基金投顾配置范围既有利于科创板发展，又有利于ETF的平稳运行，还对投资者回报和投顾机 构配置有积极作用。希望能够更进一步将符合条件的场内品种和私募产品纳入，尽快将养老投顾业务也 纳入基金投顾的范畴。 在李斌看来，将科创板ETF纳入基金投顾配置范围意味着：一是给中长期资金向新质生产力方向聚集提 供常态化渠道，优化其负债端资金结构；二是降低ETF波动率，尤其是减少溢价交易对投资者的伤害； 三是有利于个人投资者分享科创企业的长期回报，降低追涨杀跌带来的交易损耗；四是 ...

Core Viewpoint - The China Securities Regulatory Commission has proposed to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board by introducing a growth tier and expanding the range of indices and ETFs, which will facilitate the inclusion of Sci-Tech Innovation Board ETFs in fund advisory configurations, thereby attracting more long-term capital to innovative enterprises [1][2]. Group 1 - The inclusion of Sci-Tech Innovation Board ETFs expands the investment scope for fund advisory services and indicates that more on-market ETFs will be included in the future [1]. - ETFs are currently the fastest-growing investment tools, characterized by a wide variety, low fees, and investment transparency, which, combined with the professional portfolio configuration and advisory capabilities of fund advisors, can help investors achieve better asset allocation [1][2]. - Fund advisory services, focusing on long-term investments, can attract more long-term capital to Sci-Tech Innovation Board enterprises, reducing market volatility and creating a win-win situation for investors and related companies [2]. Group 2 - Fund advisory businesses currently only support off-market ETFs, and the inclusion of on-market ETFs requires addressing fair pricing issues and developing corresponding settlement rules and systems [2]. - There is a lack of diverse QDII tools, commodity index funds, and off-market REITs index products in the domestic public fund sector, making it challenging for investors to achieve comprehensive asset allocation through fund advisory services [2]. - The rich configuration range and low trading fees of index funds can provide clients with a better investment experience [2].