虽然西部利得基金的管理规模实现了大幅度跃进，但是从目前的产品结构来看，债券基金和货币基金占 了大部分，管理规模分别为788.98亿元、236.13亿元，而股票型基金和混合型基金的规模则分别只有 70.15亿元和66.40亿元，合计为136.55亿元。 在贺燕萍加入西部利得基金的十年间，该公司的基金管理规模从2015年年底的93亿元上涨至2025年9月 底的1166亿元，十年间增长了超1000亿元。 2025年10月10日，西部利得基金发布公告称，原总经理贺燕萍到龄退休，董事长何方代任总经理职务。 在此次离任总经理职务之前的8月27日，贺燕萍已离任首席信息官职位。 贺燕萍自2015年11月加入西部利得基金，并担任基金总经理职务。在此之前，贺燕萍曾任北京市永安宾 馆业务主管，后进入证券基金行业，并在华夏证券、中信建投证券、光大证券、国泰基金工作，并一度 担任国泰基金副总经理。 总体而言，西部利得基金在主动权益类基金方面的规模还相对较小。在西部利得主动权益类基金中，规 模最大的一只是西部利得中证500指数增强，但规模也只有17.9亿元。这只基金由西部利得知名基金经 理盛丰衍管理，目前盛丰衍一人就管理着11只基金，其 ...

Group 1 - Multiple actively managed equity funds announced purchase limits on September 6, with adjustments effective from September 8, including limits of 500,000, 100,000, and 50,000 yuan for various funds [1][2] - As of September 5, 98.24% of 7,792 actively managed equity funds reported positive returns year-to-date, with the A-share indices rising by 13.75%, 20.89%, and 38.13% respectively [3] - The recent surge in the market has led to concentrated purchase limits, with fund managers aiming to maintain investment styles and protect existing investors' interests [2][3] Group 2 - The "champion fund" of the year, Yongying Technology Select Mixed Fund, reduced its large purchase limit to 10,000 yuan on September 5, after previously adjusting it to 1 million yuan on August 27 [3] - Fund managers are implementing purchase limits to prevent rapid growth in fund size and encourage rational investment behavior among investors [3]

Group 1 - The total profit of public funds reached 636.17 billion yuan in the first half of 2025, indicating a significant increase in fund performance compared to the previous year [1][2] - The number of public fund managers reporting profits is high, with 155 out of 162 showing positive results, led by E Fund with a profit of 58.40 billion yuan [2] - The total management scale of public funds reached 34.39 trillion yuan by the end of June 2025, surpassing 35 trillion yuan by the end of July, reflecting a growing market [3] Group 2 - The top three sectors by market value held by public funds are Electronics (16.41%), Pharmaceuticals (9.79%), and Power Equipment (8.23%) [3] - The issuance of active equity funds has increased significantly, with a total issuance of 85.96 billion yuan in 2025, up nearly 60% from the previous year [3] - The trend of "daylight funds" has emerged, indicating strong demand and market activity, as seen with the rapid fundraising of the招商均衡优选混合 fund [3][4]

Summary of Key Points Core Viewpoint - The latest FOF (Fund of Funds) report reveals a strong preference for bond funds, with significant interest in various ETF, actively managed equity funds, and QDII funds as the capital market shows signs of recovery [1][3]. Group 1: FOF Holdings and Performance - In Q2, bond funds remained the primary focus for FOF, with the highest market value held in Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top 30 actively managed equity funds held by FOF saw 21 funds yielding over 20% returns, while two QDII funds exceeded 100% returns [1][19]. - The top three funds with the most significant increase in holdings were all bond funds, with Bo Shi Credit Preferred E seeing an increase of over 800 million shares [6][7]. Group 2: ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the previous year [10]. - The top five ETFs by market value held by FOF include Hai Fu Tong Zhong Zheng Short Bond ETF and Bo Shi Zhong Dai 0-3 Year National Development Bank ETF [10][12]. - The best-performing ETFs focused on the technology sector, with returns ranging from 35.98% to 49.30% [11]. Group 3: QDII Fund Insights - The highest market value QDII fund held by FOF was Hua Xia Hang Seng ETF, with over 800 million yuan in holdings [19][20]. - Two QDII funds, Hui Tian Fu Hong Kong Advantage Selected A and Guang Fa Zhong Zheng Hong Kong Innovative Medicine ETF, reported returns exceeding 100% [19][20]. Group 4: Market Outlook - FOF managers express optimism for the market's continuation, emphasizing the need for cautious investment strategies amid rapid industry rotations [23]. - The anticipated economic stabilization and potential overseas capital inflows are expected to benefit the Chinese capital market [23].

Core Viewpoint - The article highlights the investment preferences of Fund of Funds (FOF) in the second quarter of 2023, indicating a strong preference for bond funds, while also noting significant interest in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2]. Summary by Sections FOF Investment Preferences - In the second quarter, bond funds remained the primary focus for FOFs, with the highest market value held in the Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top three bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, with a year-to-date increase of 1.03% - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, with a year-to-date increase of 0.47% - Bo Shi Credit Preferred E: 1.016 billion yuan, with a year-to-date increase of 1.07% [4][5]. Active Equity Funds - The article notes that among the top 30 actively managed equity funds held by FOFs, 21 funds achieved returns exceeding 20% in the year-to-date period [1][15]. - The highest market value for an actively managed equity fund held by FOFs is the Yi Fang Da Ke Rong, valued at 384 million yuan, despite a reduction of over 380,000 shares [15][17]. QDII Funds - QDII funds have also gained traction, with the highest market value held in the Hua Xia Hang Seng ETF, totaling over 800 million yuan [20][21]. - Notably, two QDII funds, the Hui Tian Fu Hong Kong Advantage Selected A and the Guang Fa Zhong Zheng Hong Kong Innovation Drug ETF, reported returns exceeding 100% [20][21]. ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of the previous year [10]. - The top five ETFs held by FOFs in terms of market value include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan - Hua An Gold ETF: 1.004 billion yuan, with a year-to-date increase of 26.60% - Hua Xia Hang Seng ETF: 835 million yuan, with a year-to-date increase of 23.56% [10][12]. Market Outlook - FOF managers express optimism about the market's future, emphasizing the need for cautious investment strategies amid rapid industry rotations [24]. - The article suggests that the market's liquidity is relatively abundant, which may lead to faster value discovery compared to previous years [24].

Core Viewpoint - The latest FOF (Fund of Funds) report reveals a strong preference for bond funds among FOF managers, with significant interest also in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2][8]. Summary by Category FOF Holdings Overview - In Q2, bond funds remained the primary focus for FOFs, with the highest market value held in Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [2][3]. - The top 30 actively managed equity funds held by FOFs saw 21 funds yielding over 20% returns, while two QDII funds achieved returns exceeding 100% [1][12]. Top Bond Funds Held by FOFs - The top bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, 1.03% YTD return [3][9]. - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, 0.47% YTD return [3][9]. - Bo Shi Credit Preferred E: 1.016 billion yuan, 1.07% YTD return [3][5]. Changes in Holdings - The most increased holdings in Q2 were primarily in bond funds, with Bo Shi Credit Preferred E seeing an increase of over 800 million shares [4][5]. - Other notable increases included South Fund Income Treasure B and Bo Shi Fu Rui Pure Bond A, both exceeding 400 million shares [4][5]. Performance of ETFs - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of last year [8]. - The top five ETFs by market value held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF and Bo Shi Zhong Dai 0-3 Year National Development Bank ETF, with significant interest in tech-focused ETFs showing strong performance [8][9]. Active Equity Funds - The highest valued actively managed equity fund held by FOFs was Yi Fang Da Ke Rong, with a market value of 384 million yuan, despite a reduction of over 380,000 shares [11][12]. - The top 30 actively managed equity funds had a positive performance, with two funds exceeding 80% returns [12][13]. QDII Funds Performance - The highest valued QDII fund held by FOFs was Hua Xia Hang Seng ETF, with a market value exceeding 800 million yuan [16]. - Two QDII funds, Huatai Fuhua Hong Kong Advantage Selection A and Guangfa Zhong Zheng Hong Kong Innovative Medicine ETF, achieved returns over 100% [16]. Market Outlook - FOF managers express optimism for future market performance, emphasizing the need for cautious investment strategies amid rapid industry rotations [17][18]. - The anticipated economic stabilization and potential dual easing of fiscal and monetary policies in developed economies could favor the Chinese capital market [17].

Core Viewpoint - The recent surge in the fund issuance market indicates a strong appetite for new products, with several funds achieving significant fundraising success on their first day of issuance, reflecting improved market conditions and investor confidence [1][3][5]. Fund Issuance Highlights - On September 2, 2023, the newly launched招商均衡优选混合 fund sold out on its first day, exceeding its fundraising cap of 5 billion yuan [3][4]. - In August, the 摩根盈元稳健三个月持有期混合型FOF also sold out in one day, showcasing a trend of rapid fundraising in the market [4][5]. - Year-to-date, the total issuance scale of active equity funds has reached 859.59 billion yuan, marking a year-on-year increase of 59.18% [5][6]. Market Conditions - The A-share market has shown significant recovery, with major indices rising by 13.78% to 35.38% since the beginning of the year [5]. - The current market environment is characterized by a moderate economic recovery and ongoing supportive policies, making A-shares attractive for new fund issuances [6]. Future Outlook - Analysts suggest that if the market conditions continue to improve, the number of "one-day sold-out" funds may increase further [6]. - The success of new fund issuances may depend on specific conditions such as heightened market sentiment, strong channel promotion, or the influence of star fund managers [6].

Group 1 - The recent recovery in the stock market has attracted significant capital subscriptions for actively managed equity funds, with the newly launched fund by China Merchants Fund, "China Merchants Balanced Preferred," expected to end its fundraising early due to high demand [1] - On the first day of fundraising, the fund set a fundraising cap of 5 billion yuan, and reports indicate that subscriptions exceeded 7 billion yuan on that day [1] - In 2023, bond funds have been more popular than equity and mixed funds, with equity and mixed funds accounting for about 48% of total issuance, while bond funds made up nearly 45% [1] Group 2 - China Merchants Fund has implemented a 5 billion yuan fundraising cap for the new fund to prioritize investor interests and enhance the investment experience, reflecting a commitment to high-quality development [2] - The fund was publicly launched on September 2, with Wu Xiao as the proposed fund manager, who has 8 years of experience in managing public funds and currently oversees 4 funds with a total scale of 9.232 billion yuan [2] - Wu Xiao's investment style is described as balanced, with a focus on diversified asset allocation [2]

Group 1 - The stock positions of actively managed equity funds have been rising for several consecutive weeks, reaching a high level for the year [2] - Newly established funds are quickly building positions to seize market rebound opportunities [2] Group 2 - Since July, over 70% of newly established equity funds have been launched [2] - More than 50 equity funds have ended their fundraising early to quickly establish and enter the market [2] Group 3 - The total scale of ETFs in the market has reached 4.8 trillion yuan [2] - The scales of stock ETFs, cross-border ETFs, commodity ETFs, and bond ETFs have all seen significant growth this year [2]

Core Viewpoint - The recent recovery in the equity market has led to a significant rebound in the net value of actively managed equity funds, with nearly 90% of these funds showing positive returns over the past year, providing hope for investors who had previously suffered losses [3][5]. Group 1: Fund Performance - As of August 6, 2023, 4304 out of 4349 actively managed equity funds reported positive returns over the past year, representing 99% of the total [5]. - Among these, 40 funds achieved a doubling of their performance, with the top performer, CITIC Construction Investment North Exchange Select Two-Year Open A, showing a return of 212.25% [5]. - Over 70% of funds with over 10 billion in assets achieved returns exceeding 10%, with some funds like China Merchants Advantage Enterprises A and Galaxy Innovation Growth A exceeding 60% [6]. Group 2: Investor Behavior - Investor behavior has shown significant divergence, with three main strategies emerging: some investors choose to redeem their funds upon recovery, others redeem after a significant reduction in losses, and a third group waits until they fully recover their investments [9][10]. - Despite the recovery, there is a notable redemption pressure as many investors opt to cash out when the net asset value approaches their initial investment [10]. - In the second quarter, actively managed equity funds experienced a net redemption of 1,076.04 million units, a 56.43% increase from the previous quarter, indicating a trend of investors withdrawing funds despite improved performance [10][11]. Group 3: Market Sentiment and Trust - The recovery in fund performance has not yet translated into increased investor trust, as many investors remain cautious due to past losses from 2022 to 2024, leading to a prevalent "redeem upon recovery" behavior [11]. - Analysts suggest that the current situation represents a critical period for "cognitive repair" in the market, where fund managers need to enhance their professional capabilities and improve the industry ecosystem to regain investor confidence [11].