机构"购物车"大公开 8月A股的赚钱效应正热，公募机构的"真金白银"也在悄悄加速入场。华泰证券资管3200万、南方基金 2.3亿、工银瑞信1000万……仅下半年至今，已有7家公募宣布自购权益基金，金额超3.29亿元。 与往年市场低迷期的"护盘式自购"不同，今年公募自购行为明显前置，且在市场向上突破阶段加速。 Wind数据显示，进入三季度后，机构单季净申购金额跃升至6.11亿元，较二季度环比增加三成。至此， 基金公司自购的权益类基金净申购金额已达26.49亿元，已经超过去年全年。 在业内人士看来，作为资本市场的重要参与力量，机构以固有资金参与自购，既能通过利益绑定机制增 强投资者信任，更向市场清晰传递出对资本市场的坚定信心。 不过，也有机构人士明确提醒，基金公司自购虽传递信心，但并非市场"买入信号"，也不能将这一举动 简单等同于"利好信号"，投资者需理性判断、谨慎决策。 自购动作加速 8月8日，工银瑞信基金宣布，公司及高级管理人员、拟任基金经理将共同出资不低于1000万元认购工银 臻选回报，并承诺至少持有1年。同月7日，泰康基金称已运用固有资金155万元申购泰康港股通中证香 港银行C。 进入8月，上证指数持续震 ...

近期，公募基金机构掀起自购热。万得数据显示，截至8月21日，今年已有超130家公募基金公司启 动自购，自购总额超50亿元。其中，权益类基金产品的自购金额占据较大比例，尤其是股票型基金和混 合型基金。公募基金自购热是政策引导、市场估值修复与行业转型的共振结果，不仅体现了基金公司对 自身投研能力和市场前景的信心，也通过利益绑定增强了投资者的信任。 经济日报记者 赵东宇 马春阳 公募机构自购热离不开政策的有力引导。中国证监会5月7日发布《推动公募基金高质量发展行动方 案》，鼓励自购旗下权益类基金规模，并明确提出，将3年以上中长期业绩、自购旗下权益类基金规 模、投资行为稳定性、权益投资增长规模等指标的加分幅度在现有基础上提升50%。 市场信心提升也是推动机构开展自购的重要动力。进入下半年，A股回暖向好势头愈发明显，上证 指数持续震荡上涨。多家基金机构表示，自购旗下权益类基金是基于对中国资本市场长期健康稳定发展 的信心。从估值角度看，我国股市当前的投资性价比优势依然较为突出。万得数据显示，截至8月21 日，沪深300指数、恒生指数市盈率分别为13.73倍、11.46倍，均低于标普500（28.15倍）、日经225 （1 ...

Group 1 - The core viewpoint of the article highlights the significant increase in public fund self-purchases in 2023, with over 130 fund companies announcing self-purchase plans totaling more than 5 billion yuan [1] - Nearly half of the self-purchased products are stock and equity-oriented funds, indicating a strong interest in these types of investments [1] - Notably, Southern Fund has announced a self-purchase plan of 230 million yuan, entirely allocated to stock ETFs, with several funds committing to hold their purchases for no less than one year [1] Group 2 - The trend of large-scale self-purchases in stock funds, coupled with a voluntary lock-in period of over one year, is unprecedented and warrants attention from investors [1]

Group 1 - Southern Fund announced an investment of no less than 230 million yuan in its products, including Southern CSI A500 ETF and Southern S&P China A-share Large Cap Dividend Low Volatility ETF, with a holding period of at least one year [1] - This marks the second public fund this year to conduct a single round of self-purchase exceeding 100 million yuan [1] - In April, Jianxin Fund also announced an investment of no less than 180 million yuan in its equity public fund products [3] Group 2 - Multiple public funds have joined the self-purchase of equity products in the second half of the year, with ICBC Credit Suisse Fund and Taikang Fund also announcing their respective investments [3] - As of August 12, the net subscription amount for public fund self-purchases in equity products has exceeded 2.7 billion yuan this year [3] - Leading funds in net subscription amounts include Tianhong Fund, ICBC Credit Suisse Fund, Huatai-PB Fund, and Guotai Fund [3] Group 3 - The top 10 public fund self-purchase amounts for equity products show significant investments from Tianhong Fund, with the highest being 1.39999 billion yuan in Tianhong Hang Seng Shanghai-Shenzhen Hong Kong Innovative Drug Selection 50 ETF [4] - Other notable funds include ICBC Modern Service Industry Fund and Tianhong Cultural Emerging Industry Fund, with net subscription amounts of 999.90 million yuan and 1 billion yuan respectively [4] - The collective self-purchase by public funds reflects confidence in their products and is influenced by supportive policies [5]

Macro Economy - Foreign investment projects in China are progressing steadily, with the National Development and Reform Commission planning to introduce a new batch of major foreign investment projects and a revised "Encouraging Foreign Investment Industry Catalog" to attract more foreign capital [3] - As of the end of July, the total number of registered local companies in Hong Kong exceeded 1.5 million, and over 15,000 non-Hong Kong companies were registered, both reaching historical highs [3] - Investment in Xiong'an New Area increased by 13.5% year-on-year in the first half of the year, with over 300 central enterprise branches established [3] - The total box office for the summer movie season in 2025 has surpassed 8.5 billion yuan as of August 10 [3] Investment News - Hong Kong Investment Management Company has invested in over 100 projects, with more than 10 companies preparing to apply for listing in Hong Kong [4] - Southbound capital inflow has reached 900.8 billion HKD this year, marking a significant milestone and highlighting the importance of mainland funds in the Hong Kong stock market [4] - Public funds are experiencing a resurgence in self-purchase activities, with several institutions announcing plans to buy their own equity funds [5] - The issuance of new technology innovation bonds has reached 880.66 billion yuan in three months, with financial institutions accounting for 36% of the issuance [5] - A total of 40 restricted shares will be unlocked this week, with a total market value of 232.775 billion yuan [5] Company Movements - Changan Automobile's chairman visited Huawei's CEO to discuss industry competition and received targeted advice on supporting Changan and its Avita brand [6] - Huawei is set to release breakthrough technology in AI reasoning on August 12, which may reduce reliance on high-bandwidth memory technology [6] - Industrial Fulian reported a revenue of 360.76 billion yuan in the first half of the year, a year-on-year increase of 35.58%, with a net profit of 12.11 billion yuan, up 38.61% [6] - Yanjing Beer achieved a revenue of 8.558 billion yuan in the first half of the year, with a net profit of 1.103 billion yuan, reflecting a year-on-year growth of 6.37% and 45.45% respectively [7] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, injecting quality chip design business assets [8]

Group 1 - Public funds are actively repurchasing shares, with an additional investment of 5 billion yuan [1] - The trend indicates a strong confidence in long-term investments and a commitment to aligning interests with investors [3] - There is an expectation for continued follow-up actions to achieve mutual benefits in the investment landscape [3]

Core Viewpoint - The public fund industry is actively responding to the "Action Plan for Promoting High-Quality Development of Capital Market Index Investment," with significant self-purchase activities indicating confidence in investment management capabilities and product value [1][2]. Group 1: Self-Purchase Activities - As of July 30, 126 public fund institutions have collectively net purchased their products amounting to 4.966 billion yuan this year, with equity funds accounting for 2.298 billion yuan, representing 46.28% of the total [1]. - Passive index funds have seen a self-purchase scale of 1.026 billion yuan, making them the most favored type among equity funds, with a share of 20.65% in total self-purchases [1][2]. - Fangzheng Fubon Fund announced a self-purchase plan starting July 24, committing to invest at least 25 million yuan in its equity public funds, with a holding period of no less than one year [1]. Group 2: Market Confidence and Stability - Fund companies' self-purchases of equity funds signal confidence in their investment management capabilities, helping to stabilize investor expectations and enhance holding confidence [2]. - The "Action Plan" emphasizes strengthening the asset allocation function of index funds to improve long-term returns for investors and facilitate the entry of long-term capital into the market [2]. Group 3: Advantages of Index Products - Index products are characterized by low costs, low risks, high transparency, and policy benefits, making them suitable for public institutions seeking stable growth with their own funds [3]. - The trend towards passive investment is expected to continue, with innovations such as ESG and cross-border indices likely to expand the self-purchase scale of index products in the future [3].

Group 1 - The total net subscription amount for non-monetary public funds reached 5.318 billion yuan in the first half of the year, a year-on-year increase of 189.65% [1] - Equity funds performed well, with a net subscription amount of 2.373 billion yuan, accounting for 44.63% of the total net subscription amount for non-monetary funds, and a year-on-year growth of 76.04% [1] - Bond funds were the main contributors to net subscriptions, totaling 2.194 billion yuan, which accounted for 41.25% of the total net subscriptions for non-monetary funds [1] Group 2 - Among bond funds, medium- and long-term pure bond funds dominated with a net subscription amount of 966 million yuan, representing 44.03% of the total net subscriptions for bond funds [1] - Passive index bond funds also showed strong performance with a net subscription amount of 602 million yuan, accounting for 27.46% of the total [1] - In the equity fund category, stock funds contributed significantly with a net subscription amount of 1.328 billion yuan, making up 55.96% of the total net subscriptions for equity funds [1] Group 3 - Passive index funds emerged as the main force in stock funds, with a net subscription amount of 916 million yuan, representing 68.94% of the total net subscriptions for stock funds [1] - FOF funds had a net subscription amount of 514 million yuan, while QDII funds reached 70 million yuan [2] - A total of 66 public fund managers showed strong self-purchase enthusiasm, with 12 managers achieving net subscription amounts of no less than 1 billion yuan, accounting for 64.27% of the total net subscriptions [2]

Core Viewpoint - The public fund industry is witnessing a significant increase in self-purchases of equity funds, with a total of 2.619 billion yuan in self-purchases this year, more than three times the amount from the same period last year, indicating a strong commitment to aligning interests with investors [1][2][3] Group 1: Self-Purchase Trends - In July, two fund managers announced self-purchases: Huashang Fund invested 20 million yuan in its Huashang Zhiyuan Return Mixed Fund, and Dacheng Fund committed at least 10 million yuan to its Dacheng Insight Advantage Mixed Fund [1] - Over 20 fund managers, including Xinghua Fund and Jiao Yin Schroder Fund, have announced self-purchases of equity funds this year [1] - The self-purchase trend is characterized by decisive actions during market fluctuations, with multiple fund companies announcing self-purchases on April 8, totaling 115 million yuan [1][2] Group 2: New Fund Launches and Manager Participation - Fund managers are actively self-purchasing during new fund launches, with several firms participating in the first batch of floating management fee funds [2] - There is a growing trend of fund managers regularly self-purchasing, with notable examples including a fund manager who continued to invest in a mixed fund for 31 months [2] Group 3: Regulatory Support - Regulatory bodies are encouraging fund managers to self-purchase equity funds, with the China Securities Regulatory Commission advocating for a certain percentage of annual profits to be invested in their own equity funds [2] - The recent action plan for promoting high-quality development in public funds includes metrics for evaluating fund companies, emphasizing self-purchase amounts and long-term performance [2] Group 4: Future Outlook - Industry insiders believe that as the public fund industry continues to develop, more fund managers will join the self-purchase trend, leading to a steady increase in self-purchase amounts [3]

Group 1 - Recent announcements from public fund managers indicate a trend of self-purchase, with Dachen Fund committing at least 10 million yuan to subscribe to its mixed securities investment fund, demonstrating confidence in its products and market outlook [1][2] - Other fund managers, including Jiao Yin Schroder Fund and Xing Zheng Global Fund, have also announced self-purchases of 20 million yuan each for their respective mixed securities investment funds, reflecting a broader industry trend [2] - The self-purchase actions are seen as a signal of optimism regarding the market and are expected to boost investor sentiment, as fund managers express willingness to share risks and rewards with investors [2][3] Group 2 - The self-purchase behavior is viewed as a commitment that enhances the brand image and market reputation of public fund managers, potentially attracting more investor interest and capital inflow [3] - Fund managers' self-purchases are particularly focused on equity funds, indicating a belief in the long-term value of equity assets and expectations of market valuation recovery and economic improvement [2] - Regulatory encouragement for fund managers to increase self-purchases of equity funds has led to a net subscription amount of 1.317 billion yuan for stock funds as of July 6 this year [2]