主动权益基金业绩跑赢ETF，规模却不及ETF增长。 今年以来，人形机器人、创新药等板块演绎极致上涨行情，而公募基金市场却呈现出"主动权益基金赚 业绩，ETF赚规模"的割裂现象：主动权益基金凭借个股挖掘能力阶段性跑赢ETF，但ETF却凭借多重优 势实现规模碾压。 主动权益基金赚吆喝，ETF成赢家 近期，创新药板块行情持续演绎，推升基金产品业绩向好。业绩翻倍基金产品批量涌现，在7月29日， 创新药行情达到巅峰，年内基金业绩翻倍的产品总数一度达到了17只，均为创新药主题基金，其中10只 产品为主动权益基金，7只产品为创新药主题ETF。 汇添富香港优势精选、长城医药产业精选、中银港股通医药、永赢医药创新智选、华安医药生物5只创 新药主题基金占据年度业绩榜前列，汇添富国证港股通创新药ETF、万家中证港股通创新药ETF、广发 中证香港创新药ETF、华泰柏瑞恒生创新药ETF、银华国证港股通创新药ETF等ETF产品业绩紧随其 后。 今年以来，人形机器人、创新药板块迎来爆发性行情，率先布局的主动权益基金业绩一骑绝尘，长期占 据年内业绩榜前列，主动权益基金经理凭借精准选股和集中持仓，收获的业绩大幅领先相关指数基金产 品。 不过， ...

Group 1 - The article discusses the impact of Trump's tariff adjustments on global trade, with Canada facing a 35% tariff, Brazil 50%, India 25%, and Switzerland 39%, leading to protests and increased costs for U.S. companies like Ford and Hasbro [2] - Berkshire Hathaway reported a 59% drop in net profit for Q2, with a $3.8 billion impairment charge on Kraft Heinz, and warned that tariffs could negatively affect future performance [2] - OPEC+ has agreed to increase oil production by 548,000 barrels per day starting in September, which may lead to an oversupply in the market by the end of the year [2] Group 2 - European bank stocks have reached their highest levels since the 2008 financial crisis, with the Stoxx 600 Banks index up 34% this year, driven by high interest rates and improved profitability [3] - The Chinese government announced the reinstatement of VAT on interest income from newly issued government bonds starting August 8, which is expected to have a neutral long-term impact on the bond market [3] - Chip company Chipone Technology plans a significant asset restructuring, acquiring 100% of Jishun Technology and 17.15% of Shunlei Technology for a total of 403 million yuan [3] Group 3 - The price of Moutai's zodiac wine has dropped below 2000 yuan per bottle for the first time, down 47.5% from its peak earlier this year, with other zodiac wines also experiencing significant declines [4] - The implementation of the Stablecoin Regulation in Hong Kong has led to a decline in stablecoin-related stocks due to stricter regulatory standards and delayed licensing [5] - Several regions in China have raised the age limit for housing provident fund loans to 68 for men and 63 for women, aligning with the national retirement policy to ease repayment pressure for homebuyers [5]

今年以来，人形机器人、创新药等板块演绎了极致上涨行情。 在此影响下，公募基金市场呈现"主动权益基金赢得业绩、主题ETF赚足规模"的现象——主动权益基金 凭借个股挖掘能力实现了更大超额收益，主题ETF则凭借多重优势实现了在规模上对前者的碾压。 创新药ETF规模大增 近期，创新药板块行情持续强势演绎，推升相关基金产品业绩向好，"翻倍基"批量涌现。 7月29日，年内的"翻倍基"总数达到了17只，均为创新药主题基金，其中10只产品为主动权益基金，7只 产品为创新药主题ETF。具体来看，汇添富香港优势精选、长城医药产业精选、中银港股通医药、永赢 医药创新智选、华安医药生物等5只创新药主题基金占据了业绩榜前列，汇添富国证港股通创新药 ETF、万家中证港股通创新药ETF、广发中证香港创新药ETF、华泰柏瑞恒生创新药ETF、银华国证港 股通创新药ETF等ETF产品则紧随其后。 今年以来，人形机器人、创新药板块迎来了爆发性行情，率先布局其中的主动权益基金也实现了业绩一 骑绝尘——基金经理凭借精准选股和集中持仓，取得的业绩表现明显大幅领先于相关指数基金。 不过，主动权益基金虽赢得了业绩，但在规模扩张方面仍逊于相关ETF产品。从市 ...

美国《GENIUS法案》 欧盟《MiCA法案》 中国香港《稳定币条例》 资本金要求 未设统一门槛，按规模分联邦和州两级监管 自有资金不低于12.5万欧元，并达到《支付 最 低实缴股本2500万港元 服务指令》（PSD2）自有资金要求 储备资产 1:1支持； 1:1支持； 1:1支持； 合规稳定币命名 支付稳定币（payment stablecoin） 电子货币代币（EMT） 指明稳定币 合规稳定币定义 一种被设计用于支付或结算手段的数字资产，其发行 一种加密资产，旨在通过参考一 种法定货币的价值 一种价值的数字表示形式，宣称通过参考一种或多 人有义务以固定金额的货币价值赎回该资产，并维护 来维持稳定的价值 种官方货币或其他香港金融管 理局指定的计算单位 和创设该数字资产与固定金额货币价值保持稳定的合 或经济价值来维持稳定的价值 理预期 发牌机构 联邦或州政府（市值小于100亿美元） 各成员国任命主管部门，并向欧洲银行管理局 香港金 融管理局 （EBA）与欧洲证券和市场管理局（ESMA）报告 发行人 受保存款机构子公司或联邦/州合规稳定币发行人 授权信贷机构或电子货币机构需要发行白皮书 在香港注册的公司或在香港 ...

据上证报报道，全球首个RWA 注册登记平台将于8月7日上线，由香港 Web3.0 标准化协会发起，将打通 RWA资产代币化的数据化、资产化和金融化全过程服务体系。 国投智能：布局数字货币安全和取证相关业务，主要涉及电子数据取证、相关安全防护技术及数字货币 所需的数字身份认证等。 恒生电子：公司是中国领先的金融科技解决方案提供商，业务是为证券、银行、基金、期货、保险等金 融机构提供全栈式IT系统和服务，覆盖交易、资产管理、风险管理、数据中台等领域。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 华泰证券表示，稳定币市场正处在一个关键的转折点，从一个主要服务于加密货币交易的利基工具，演 变为日益融入全球支付和金融体系的基础设施层。长期看，稳定币的规模或具备三阶段需求驱动:作为 不可或缺的"链上现金"，或受益加密资产规模增长；服务现实世界金融应用，作为新一代支付轨道，或 重塑跨境支付全球格局；从金融领域延伸到社交、游戏等去中心化应用全生态，捕获金融应用以外的价 值。 中信证券表示，随着全球范围内各地监管政策的落地，稳定币行业有望实现合规发展。未来应用层有望 在广度和深度上不断延伸 ...

Group 1: Core Insights - The core focus of policy design and regulatory practice in relevant fields should be on building a next-generation financial infrastructure based on blockchain to enhance the quality and efficiency of financial services for the real economy and international competitiveness [1][2] Group 2: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025 [3] - Bitcoin's market capitalization is 59.85%, with a closing price of $117,900 on July 19, 2023, up 42.89% from $82,500 at the end of Q1 2025 [3] Group 3: Stablecoin Market Growth - The total market capitalization of stablecoins reached $267.7 billion as of July 20, 2023, a 14% increase from the end of Q1 2025 [6] - USD stablecoins account for $263.4 billion, representing 98.4% of the market, while the market for RMB stablecoins is only $2.65 million [6] Group 4: Real World Assets (RWA) Market Growth - The RWA market reached a total market capitalization of $25.56 billion as of July 18, 2023, a 26.85% increase from $20.15 billion at the end of Q1 2025 [7] Group 5: Regulatory Framework Developments - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the "GENIUS Act" for stablecoin regulation and the "CLARITY Act" for other crypto assets [11] - The "GENIUS Act" has been signed into law, clarifying the regulatory framework for digital assets in the U.S. [11] Group 6: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., EU, and Hong Kong show similarities, focusing on full reserve backing and issuer qualifications [12] - The U.S. "GENIUS Act" aims to strengthen the dominance of the U.S. dollar, while the EU and Hong Kong regulations prioritize monetary sovereignty and systemic risk prevention [13] Group 7: Risk and Volatility Characteristics of Crypto Assets - Bitcoin exhibits significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60%, indicating its risk asset characteristics [22] - The relationship between Bitcoin and Ethereum shows low correlation with traditional commodities, suggesting unique volatility traits in the crypto market [24][28]

证券板块 7 月 30 日召开的政治局会议提到"巩固资本市场回稳向好势头"，对资本市场的重视程度仍然较高，预计后续资本市 场活跃度有望维持高位。券商板块上半年业绩呈现明确的同比改善趋势，截至目前已有 27 家上市券商发布业绩预增/ 业绩快报，25H1 归母净利同比增速均在 40%以上，主要由市场活跃度回升带动经纪、自营等核心业务回暖驱动。 " " 投资建议：建议关注三条主线：（1）券商板块上半年业绩同比改善趋势明确，高盈利与低估值的显著错配凸显配置性 价比，建议关注主动基金超低配的权重券商以及估值显著低于平均水平的头部优质券商；稳定币主题催化，建议关注 稳定币主题相关券商：已有牌照的国泰君安；券商并购预期增强，建议关注券商并购潜在标的机会。（2）业绩增速亮 眼的多元金融，建议关注有望迎来戴维斯双击的香港交易所：未来将继续受益于互联互通深化、A 股企业赴港上市带 来的市值扩容与交易活跃提升（25/06 ADT 为 2302 亿元，同比+107%；截至 25/06 末上市公司数量 2645 家，同比+28 家）；以及九方智投控股。（3）四川双马：科技赛道占优，创投业务有望受益。公司管理基金的已投项目：屹唐半导体 ...

Core Viewpoint - The article provides an in-depth analysis of the semi-annual report on bank wealth management, highlighting hidden asset clues and industry trends [2][13]. Group 1: Market Scale and Growth - The total scale of wealth management products in the market reached 30.67 trillion, with a year-on-year growth of 7.53% [18]. - The scale of bank wealth management products decreased by 24.04%, while wealth management companies saw a growth of 12.98%, reaching 27.48 trillion [18]. - The increase in wealth management scale is attributed to the downward adjustment of deposit rates and the ongoing trend of funds shifting from banks to non-bank financial institutions [18]. Group 2: Product Duration and Structure - Products with a duration of over one year now account for 72.86% of the total, an increase of 5.71% since the beginning of the year [21]. - The scale of cash management products has decreased by 4.38%, indicating pressure on money market funds [21]. Group 3: Product Types and Investment Focus - Fixed-income products dominate the wealth management market, comprising 97.20% of the total products [24]. - The proportion of equity investments in wealth management products has decreased from 2.6% to 2.4% over the last quarter [27]. Group 4: Investment Returns - The average annualized return of wealth management products in the first half of 2025 was 2.12%, a decrease of over 50 basis points compared to the previous year [31]. - Wealth management products generated a total return of 3.896 billion for investors in the first half of 2025 [31]. Group 5: Distribution Channels - Approximately two-thirds of wealth management product sales are through the parent bank, while one-third comes from external channels [35]. - Some wealth management subsidiaries have seen their external sales exceed 40%, indicating a shift in distribution strategy [35]. Group 6: Personal Pension Business - The balance of wealth management products related to personal pensions reached 15.1 billion, with a growth rate of 64% [39].

Market Overview - In July, the A-share market showed signs of short-term pressure after breaking through resistance levels, leading some funds to take profits, resulting in a net outflow of approximately 28 billion yuan from stock ETFs and cross-border ETFs [1][2][4] - The three major indices experienced a general upward trend, with the ChiNext Index rising over 8% in July, while the Shanghai Composite Index faced resistance around the 3600-point mark [2][4] ETF Fund Flows - The total net outflow from stock ETFs and cross-border ETFs in July was about 28 billion yuan, with significant outflows from the CSI 300 ETF (12.35 billion yuan) and the ChiNext ETF (6.25 billion yuan) [4][6] - Seven industry-themed ETFs saw net inflows exceeding 2 billion yuan, particularly in sectors like semiconductor technology, financial technology, and coal, which attracted substantial investments [6][10] Sector Performance - The semiconductor ETF saw a net inflow of 3.014 billion yuan, while the financial technology ETF attracted 2.736 billion yuan, indicating strong investor interest in these sectors [6][10] - Conversely, the pharmaceutical sector faced significant outflows, with the pharmaceutical ETF experiencing a reduction of 7.858 billion units and a net outflow of 3.177 billion yuan [8][10] Cross-Border ETF Activity - In the cross-border ETF segment, the Hong Kong Securities ETF recorded a net inflow of 11.2 billion yuan, indicating strong interest in Hong Kong markets [15][16] - Other notable inflows included the Hong Kong Stock Connect Internet ETF and the Hong Kong Stock Connect Non-Bank ETF, which also saw significant increases in fund flows [15][16] Future Outlook - The market outlook remains cautiously optimistic, with expectations of continued capital inflows driven by policy support and macroeconomic stability, particularly in the financial sector [10][18] - Upcoming ETF listings are anticipated to attract investor attention, focusing on sectors such as cloud computing and general aviation, which may present new investment opportunities [19][20]

读书，是使你拥有打破人生边界的底气，积累不断超越自己的资本。中国商报特别栏目 "阅"见商道来了，每期挑选一部书籍伴您同行。 关于投资，你最近关注哪个领域？ 香港《稳定币条例》已于8月1日正式生效。 稳定币（Stablecoin）是一种基于区块链技术的加密数字货币，通过锚定法定货币、大宗商品、主流加密资产，或依赖算法机制调节供应量，实现价格的 相对稳定。 根据ARK Invest报告， 2024年稳定币全年交易额达15.6万亿美元，分别相当于Visa和Mastercard的119%和200%，显示其在全球支付系统中的重要性日益上 升。OKG Research预计， 到2030年全球稳定币总供应量将达到3万亿美元，年度交易额有望突破100万亿美元。 7月31日早盘，稳定币指数上涨2.01%，机构资金净流入3.78亿元，大户资金净流入1.24亿元。成分股中数字认证涨停。 从现货比特币ETF上市到稳定币崛起，全球货币未来走向何方？ 今天咱们一起看看《加密货币与金融大变局》↓ 艾利艾咨询 成立于2008年，总部设在北京，在雄安、中国香港、新加坡等地设有子分公司。多年来，艾利艾咨询专注于战略研究、网络舆情及风险管理、战略 ...