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从货基“扛把子”到35万亿“百宝箱”,基民告别“盲买剧本”
Di Yi Cai Jing Zi Xun· 2025-08-25 00:05
2025.08.25 本文字数:3333,阅读时长大约5.5分钟 作者 |第一财经 曹璐 2015年,在同事的推荐下,投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜台买 入了人生第一只货币基金,"听说比存定期强,随用随取还能赚点菜钱"。这一年,全市场公募基金规模 刚突破8.4万亿元,全年增加85%。 十年后的2025年,公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品:最近 创新药的产品涨这么多,是不是该减仓了?还是该添点ETF?逐步开启定投的王姐则称,"我最近赚了 不少呢!"并头头是道地分析起了今年买了哪些产品。 这十年,公募基金的故事,远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时,投资者也在"进化",老钱们会查季报、算回撤,王姐们向年轻人请教行业与持仓,曾经 的"听推荐盲从"逐渐蜕变为"主动研究"。 货基独大到多元资产 2015年的公募基金市场,产品类型相对单一,像个"理财杂货铺":货币基金是"镇店之宝",规模占比达 54.42%;包括股票型和混合型在内的权益基金则是另一大品类,规模占比36.19%;而债券型、QDII基 金只是角落 ...
从货基“扛把子”到35万亿“百宝箱”,基民告别“盲买剧本”
第一财经· 2025-08-24 23:53
Wind数据显示,截至2015年底,公募市场共有2687只基金产品,合计总规模为8.41万亿元。在这 一年里,由于市场出现较大波动、风险偏好下降,资金加速向"安全垫"更厚的货币基金聚集,全年货 币基金规模暴增2.4万亿元,实现翻倍以上的增长。 2025.08. 25 本文字数:3333,阅读时长大约5.5分钟 作者 | 第一财经 曹璐 2015年,在同事的推荐下,投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜 台买入了人生第一只货币基金,"听说比存定期强,随用随取还能赚点菜钱"。这一年,全市场公募基 金规模刚突破8.4万亿元,全年增加85%。 十年后的2025年,公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品: 最近创新药的产品涨这么多,是不是该减仓了?还是该添点ETF?逐步开启定投的王姐则称,"我最 近赚了不少呢!"并头头是道地分析起了今年买了哪些产品。 这十年,公募基金的故事,远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时,投资者也在"进化",老钱们会查季报、算回撤,王姐们向年轻人请教行业与持仓,曾经 的"听推荐盲从"逐渐蜕变为"主 ...
公募十年:从货基“扛把子”到35万亿“百宝箱”,基民告别“盲买剧本”
Di Yi Cai Jing· 2025-08-24 11:42
35万亿背后的基民十年进化史 2015年,在同事的推荐下,投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜台买 入了人生第一只货币基金,"听说比存定期强,随用随取还能赚点菜钱"。这一年,全市场公募基金规模 刚突破8.4万亿元,全年增加85%。 十年后的2025年,公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品:最近 创新药的产品涨这么多,是不是该减仓了?还是该添点ETF?逐步开启定投的王姐则称,"我最近赚了 不少呢!"并头头是道地分析起了今年买了哪些产品。 这十年,公募基金的故事,远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时,投资者也在"进化",老钱们会查季报、算回撤,王姐们向年轻人请教行业与持仓,曾经 的"听推荐盲从"逐渐蜕变为"主动研究"。 货基独大到多元资产 2015年的公募基金市场,产品类型相对单一,像个"理财杂货铺":货币基金是"镇店之宝",规模占比达 54.42%;包括股票型和混合型在内的权益基金则是另一大品类,规模占比36.19%;而债券型、QDII基 金只是角落里的小众选项,占比分别为8.4%、0.96%。 Wind数据 ...
李嘉诚再抛房!大湾区400套入市,释放哪些信号?
Sou Hu Cai Jing· 2025-08-22 15:00
最近刷新闻,李嘉诚又刷屏了——这次不是因为收购欧洲基建,也不是因为投资生物科技,而是他旗下的长实集团在大湾区一口气甩出400 套房子,价格直接"骨折"。惠州泷珀花园51平方米的小户型总价仅44万,单价8554元/㎡,直接砍到原价的6折;东莞海逸豪庭的别墅项目, 更是把1999年拿的低价地块重新包装上市,摆明了要"清仓大甩卖" 。这波操作背后,到底藏着哪些不为人知的信号? 一、低价囤地20年,这波"割肉"其实在"吃肉" 李嘉诚这次抛售的房产,大多是早年低价囤的"老盘"。比如东莞海逸豪庭的地块,1999年拿地成本不足千元/㎡,现在就算降价到1.5万/㎡, 利润率仍超35%。这种"囤地20年,一朝套现"的玩法,正是他最擅长的"时间差游戏"。当年他靠低价拿地、长期捂盘、高位抛售的模式,在 国内赚得盆满钵满,成都南城都汇项目囤地16年净赚38亿港元,堪称教科书级操作。 但现在情况变了。中央出台盘活存量土地政策,深圳试点闲置土地强制收回,直接掐断了他"囤地生金"的财路。更要命的是,大湾区非核心 城市房价跌得厉害,惠州海景房从1万+/㎡跌到五六千,东莞、中山库存去化周期超过40个月,再不卖就真砸手里了 。所以这次看似"割 ...
下半年全球资产配置主线,美国降息交易全攻略
Hu Xiu· 2025-08-13 23:31
Core Viewpoint - The potential impact of a U.S. interest rate cut on various asset classes such as A-shares, U.S. stocks, gold, and bonds is analyzed, with historical data from the past 25 years being referenced to understand the implications for future investments [1] Group 1 - A historical overview of asset performance following U.S. interest rate cuts over the past 25 years is provided, indicating trends and patterns that may inform current investment strategies [1] - The article discusses how a potential interest rate cut could influence investment decisions in A-shares and U.S. stocks, highlighting the correlation between interest rates and market performance [1] - The impact of interest rate changes on gold and bonds is also examined, suggesting that these assets may respond differently compared to equities [1] Group 2 - Key economic indicators that could influence future interest rate decisions are identified, emphasizing the importance of monitoring these metrics for investment planning [1] - The article raises questions about the timing and magnitude of potential rate cuts, suggesting that market participants should remain vigilant regarding economic developments [1] - The implications of interest rate cuts on investor sentiment and market volatility are discussed, indicating that these factors could significantly affect asset prices [1]
全球资产配置资金流向月报(2025年7月):政策不确定性下降,7月全球资金回流美股美债-20250812
证 券 研 究 报 告 政策不确定性下降,7月全球资金回流美股美债 www.swsresearch.com 证券研究报告 2 ◼ 7月全球资产价格回顾:7月受益于大而美法案的通过,政策不确定性落地提升全球资金风险偏好,多数权益类资产涨幅靠前,亚太类市场领涨全球。1)权益方面,7月一方面关税冲击 的影响逐步消退,市场开始逐步适应特朗普的执政风格,另一方面大而美法案的通过提升资金风险偏好,亚太股市,尤其是A股、越南股市和香港股市涨幅靠前;2)固收层面,7月美联 储不降息基本符合市场预期,10年美债收益率先升后降,整体来看7月变动幅度不大,美元指数则反弹3.40%;3)商品层面,本月原油价格有所反弹,受益于全球经济基本面的提升预期 以及沙特和俄罗斯减产计划,布伦特原油价格上涨9.4%;黄金下跌1.6%。 ◼ 7月美国大而美法案于7月3日获得众议院通过。大而美法案中囊括了国防、边境安全、能源政策、医疗补助、社会福利、教育等多项支出的增减;从金额来看,法案计划在未来10年内减 税4万亿美元、削减至少1.5万亿美元支出。该项综合性财政法案通过后,提升了全球资金的风险偏好,7月以来,中国、中国香港、美国和欧洲的主要股指均录 ...
排排网全球2025年对冲基金及家族办公室奖项评选已开启!评选全面升级!
私募排排网· 2025-08-12 03:51
在全球经济深度融合、市场波动加剧的背景下,全球资产配置已成为高净值及超高净值投资者 分散风险、寻求持续可靠回报的核心策略。地缘政治紧张局势、通胀高企与经济衰退等风险或 将持续推高投资者对多资产、多市场的配置需求。与此同时,瑞银发布《2025年全球财富报 告》显示,预计在二十年内,将有74万亿美元的财富在跨代之间转移,跨境资产配置与财富传 承需求迎来爆发式增长。 对冲基金 凭借其策略灵活性、收益来源多元化及严格的风控体系,在复杂市场中展现出独特价 值; 家族办公室 则依托专业团队、对家族需求的深度洞察,全方位的财富管理方案,助力家族 财富实现长期可持续增长与有序传承。二者在全球资产配置生态中扮演着日益重要的角色。 为表彰在对冲基金与家族办公室领域的卓越机构与新兴力量,推动行业高质量发展, 由排排网 集团旗下香港子公司排排网全球主办的 "首届对冲基金颁奖典礼暨家族办公室颁奖典礼" ,将于 2025年8月22日在香港隆重举行。 * 本次颁奖典礼为定向邀约制会议,仅限受邀嘉宾,专席以待。敬请持专属邀请函核验入席,共襄盛典。 奖项设置彰显专业维度 作为行业深耕者, 排排网全球特别设立"卓越奖"与"新锐奖"两大奖项 ,旨 ...
上周A股过热情绪有所缓解
HTSC· 2025-08-10 10:40
Quantitative Models and Construction Methods Genetic Programming Industry Rotation Model - **Model Name**: Genetic Programming Industry Rotation Model - **Model Construction Idea**: Directly extract factors from industry index data such as volume, price, and valuation, and update the factor library at the end of each quarter[30] - **Model Construction Process**: The model adopts weekly frequency rebalancing, selecting the top five industries with the highest composite multi-factor scores for equal-weight allocation every weekend[30] - **Model Evaluation**: The model has achieved an absolute return of 28.79% this year, outperforming the industry equal-weight benchmark by 17.68 percentage points[30] - **Model Testing Results**: - Annualized Return: 31.39% - Annualized Volatility: 18.12% - Sharpe Ratio: 1.73 - Maximum Drawdown: -19.63% - Calmar Ratio: 1.60 - Last Week Performance: 3.15% - Year-to-Date (YTD): 28.79%[32] Absolute Return ETF Simulation Portfolio - **Model Name**: Absolute Return ETF Simulation Portfolio - **Model Construction Idea**: The asset allocation weights are mainly calculated based on the recent trends of various assets, with stronger trend assets assigned higher weights. The internal equity asset allocation weights directly adopt the monthly views of the monthly frequency industry rotation model[34] - **Model Construction Process**: The model's latest holdings include dividend style ETFs and ETFs related to pharmaceuticals, non-ferrous metals, media, steel, and energy chemicals[36] - **Model Evaluation**: The model has risen by 0.34% last week and has accumulated a 5.69% return this year[34] - **Model Testing Results**: - Annualized Return: 6.52% - Annualized Volatility: 3.81% - Maximum Drawdown: 4.65% - Sharpe Ratio: 1.71 - Calmar Ratio: 1.40 - Year-to-Date (YTD): 5.69% - Last Week Performance: 0.34%[39] Global Asset Allocation Simulation Portfolio - **Model Name**: Global Asset Allocation Simulation Portfolio - **Model Construction Idea**: Predict future returns of global major assets using a cycle three-factor pricing model, and construct the portfolio using a "momentum selects assets, cycle adjusts weights" risk budgeting framework[40] - **Model Construction Process**: The strategy currently overweights bonds and foreign exchange, with higher risk budgets assigned to assets such as Chinese bonds and US bonds[40] - **Model Evaluation**: The strategy has achieved an annualized return of 7.22% in the backtest period, with a Sharpe ratio of 1.50[40] - **Model Testing Results**: - Annualized Return: 7.22% - Annualized Volatility: 4.82% - Maximum Drawdown: -6.44% - Sharpe Ratio: 1.50 - Calmar Ratio: 1.12 - Year-to-Date (YTD): -3.04% - Last Week Performance: 0.61%[41] Quantitative Factors and Construction Methods Sentiment Indicators - **Factor Name**: Sentiment Indicators - **Factor Construction Idea**: Construct sentiment indicators from the perspectives of the put-call ratio, implied volatility, and basis in the options and futures markets[2] - **Factor Construction Process**: - **Put-Call Ratio**: Observe the ratio of the trading volume of call options to put options in the 50ETF and 500ETF options markets[17] - **Implied Volatility**: Construct the implied volatility ratio series of call and put options[20] - **Basis**: Construct the annualized basis rate weighted by the open interest for the four major stock index futures products[26] - **Factor Evaluation**: The sentiment indicators show that the previous overheating sentiment in the A-share market has continued to ease[2] Factor Backtesting Results Sentiment Indicators - **Put-Call Ratio**: The ratio has significantly fallen from the high levels observed on July 23, indicating a more rational market sentiment[17] - **Implied Volatility Ratio**: Despite the stock market rebound last week, the implied volatility ratio of call options to put options has been trending downward, further reflecting rational investor sentiment[20] - **Annualized Basis Rate**: The basis rate has been fluctuating downward, indicating rational sentiment in the futures market[26]
年内首只“日光基”诞生 透视外资FOF逆袭背后的招行“定制局”
经济观察报· 2025-08-07 06:01
Core Viewpoint - Morgan Fund's new product, Morgan Yingyuan Stable Three-Month Holding Mixed FOF, achieved significant fundraising success, raising nearly 2.8 billion yuan in a single day, despite the company's intention to limit its initial offering size and avoid creating a "hot product" [2][3][9]. Fundraising and Product Details - The fundraising for Morgan Yingyuan Stable Three-Month Holding Mixed FOF began on August 4, 2025, and was closed on the same day due to overwhelming demand, with a total size of 2.752 billion yuan [6][7]. - The fund employs a "fixed income plus" strategy, with equity assets not exceeding 30%, and allows for a 20% allocation to overseas assets through QDII and Hong Kong mutual recognition funds, which is seen as a unique selling point [7][16]. Sales and Distribution Channels - The success of the fund is attributed to the strong sales capabilities of the main distribution channel, China Merchants Bank, which is referred to as the "king of retail" [4][16]. - The fund's target clientele includes high-net-worth individuals who are sensitive to net value drawdowns and seek to mitigate single market risks while benefiting from equity market recoveries [16]. Performance Metrics - Morgan Fund currently manages six FOF products with a total scale of 517 million yuan, with the largest being Morgan Borui Balanced One-Year Holding FOF at 252 million yuan [8]. - The new fund's single-day fundraising amount exceeds five times the total scale of Morgan Fund's existing FOF products, highlighting the effectiveness of its distribution strategy [9]. Managerial Insights - The fund is co-managed by two experienced fund managers, En Xuehai and Wu Chunjie, who have a background in asset allocation and macroeconomic strategy [10][13]. - The fund's performance will be closely monitored, as long-term results must meet the expectations of "diversified stability" to maintain investor confidence [17].
全球资产配置转向初现 海外家办转向黄金、另类资产
文章来源:21世纪经济报道 近期,全球风险资产在"关税+降息"双重叙事下分化明显。 从资本市场来看,"美国例外论"的神话逐渐黯然失色,新兴市场表现整体优于发达市场。Wind数据显 示,截至8月6日,韩国综合指数以33.28%的涨幅领跑,恒生指数和德国DAX以24.14%和19.77%的涨幅 紧随其后;美股纳斯达克指数和标普500分别上涨8.32%和7.10%,而日经225和法国CAC40分别上涨 1.64%和3.26%,表现相对滞后。A股中,上证指数和深证成指分别上涨7.93%和6.65%,港股医疗保健 板块涨幅突出,为83.25%。 而在债市,中国国债收益率年初至今整体呈现震荡走势,10年期国债收益率从年初的1.66%左右波动至 1.71%,最高曾达到1.75%,波动较为温和;而美国10年期国债收益率从4月初的4.37%回落至8月5日的 4.22%,反映降息预期升温。 从外汇市场来看,今年以来美元开始掉头向下。美元指数从3月19日的103.46震荡下行至8月5日的 98.76,跌幅显著。目前,美元兑人民币汇率稳定在7.18附近,美元兑日元贬值至147.18,美元兑欧元升 值至0.86。 另类资产中,黄金表现 ...