以下为 上一期晨星投资洞察分享会 上的核心数据解读，所有数据均来自晨星全球投资终端 Morningstar Direct。 01 全球公募基金趋势 2025上半年，全球主动管理型基金的产品数量更迭迅速，资金持续向固收类资产倾斜，在这一 背景下，海外基金对中国市场的配置又有哪些值得关注的新动态？ 全球开放式基金和ETF发行与关闭情况 2025上半年，主动开放式基金的发行与关闭数量均非常巨大，而ETF产品则呈现出强劲的净增 长态势。 数据显示，开放式基金新发行了3958只，但主动管理型开放式基金净增长仅为278只；而ETF 共发行1264只，净增长达1051只。 全球开放式基金和ETF资金流向 从大类资产的资金流向看，2025上半年，超过4100亿美元的资金净流入债券型基金，是流入 股票型基金资金的两倍。与此同时，配置型基金录得约200亿美元的资金净流出。 从股票型基金的细分类别来看，流入美国大盘平衡策略的资金仍居首位，而欧洲股票、印度股 票和中国股票的资金流入也位居前列。 被动投资持续扩张，规模占比升至43% 过去十年，被动投资产品的市场份额稳步提升。 截至6月30日，全球公募基金总规模增长超过130%，被动型 ...

本报讯 （记者昌校宇）在年内快速轮动的结构化行情中，主动管理型基金凭借灵活换手、优选绩优 股、均衡配置等特点表现突出。部分聚焦主动管理的中小特色基金公司充分发挥专业灵活性，取得了良 好回报。以恒越基金为例，旗下10只权益类基金均为主动管理型，截至8月13日，有6只产品近一年净值 增长率超50%，全部跻身同类排名前20%。其中，恒越优势精选以近一年92%的涨幅位列同类前5%。 据数据统计，截至8月13日，全市场有335只偏股混合型基金近一年涨幅超60%，其中恒越基金占据3 席；在79只涨幅超90%的基金中，恒越基金占1只。排名靠前的基金较多是专投北交所或创新药、AI等 细分赛道主题的产品，恒越基金入围产品则多为全市场选股的宽基。 恒越基金表示，公司自成立以来始终坚持深耕主动管理，通过投研团队的专业平台优势，形成了风格多 元的产品体系。旗下主动权益基金各具特色：恒越优势精选、恒越成长精选作为高弹性成长宽基，抓住 了AI算力、光模块等投资机遇；恒越蓝筹精选、恒越核心精选等稳健成长宽基，均衡配置国产替代自 主可控链及有色黄金等，严控回撤；恒越研究精选则聚焦化工、基建等传统价值方向。 ...

Group 1 - Public funds increased their holdings in the banking, telecommunications, and non-bank financial sectors by 1.6%, 1.6%, and 0.8% respectively in Q2 2025, while reducing their positions in food and beverage, automotive, and power equipment sectors by 2.1% and 0.9% [1] - The defense sector also saw increased interest from public funds due to heightened geopolitical uncertainties, ranking fourth in terms of increased holdings [1] - The holdings in the STAR Market by public funds rose by 0.4%, reaching a historical high of 14.8% [1] Group 2 - New fund issuance remained sluggish in Q2 2025, with a total of 59.9 billion units of actively managed equity and mixed funds issued, a year-on-year increase of 128%, but down 73% from the peak levels of 2020-2021 [4] - Active management funds have consistently outperformed the CSI 300 index since Q3, indicating potential for increased fund inflows as market performance improves [4] - Positive catalysts in high-holding sectors may lead to increased new fund issuance, providing additional liquidity and creating a positive feedback loop [4] Group 3 - Net inflows from southbound funds reached 273.9 billion RMB in Q2 2025, a year-on-year increase of 25%, with the financial sector seeing the largest inflow [5] - Public funds' holdings in Hong Kong stocks increased by 1.5%, reaching 18.8%, a rise of 6.6 percentage points from Q4 2024 [5] - The AH premium significantly decreased in the first half of 2025 due to liquidity differences between A-shares and H-shares, with expectations of maintaining mid-term low levels [5] Group 4 - The "national team" is estimated to have increased its holdings in A-share ETFs by over 200 billion RMB in Q2 2025, with 65% directed towards CSI 300 index ETFs [6] - The "national team's" actions reflect a commitment to stabilizing the capital market and providing downside protection for A-shares [6] - In extreme scenarios, the "national team" has the capacity to further increase holdings to stabilize the market [7]