专题：2025基金半年报：隐形重仓股浮现 锚定基本面成投资共识 8月29日晚间，华泰证券半年报披露其参股公司南方基金2025年上半年经营业绩。 | | | 公园39 | | | | | | | 单位,万元 示时,人民币 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 色醇 전 | 股比例 *** | | 设立时间 | 锌朗密本 | 总值产 | 降息产 | 實必數人 | 雪业利润 | 海和24 | | | 申国家提高前签:家建合作区南山租 | | | | | | | | | | 空器建会证器 于公司 | 100% 温特澳石路 128 号前趣观路基金小 | | 1907-9-5. | 99,748,00 | 635,096.19 | 462,223,10 | 78,904.25 | 18,261,57 | 12,310.13 | | 有限责任公司 | 18 B7 6 401 | | | | | | | | | | | 王章立香，正方承的与阿拉沙（伯德、菲念哈伦达德斯维尔二月、金敏德森本映业资格尔····诺芬艾尼斯、尼克按摩怎么两天 ...

Core Viewpoint - The semi-annual reports of Guangfa Securities and its subsidiaries, including Guangfa Fund and E Fund, reveal positive growth in revenue and net profit, highlighting differences in growth structure and profitability efficiency between the two leading public funds [1][5]. Group 1: Financial Performance - E Fund achieved operating revenue of 5.896 billion yuan, a year-on-year increase of 9.71%, and net profit of 1.878 billion yuan, up 23.84% year-on-year [3][7]. - Guangfa Fund reported total operating revenue of 3.899 billion yuan, with a significant year-on-year growth of 22.17%, and net profit of 1.179 billion yuan, reflecting a substantial increase of 43.54% year-on-year [5][6]. Group 2: Comparative Analysis - E Fund maintains a leading position in the industry with a net profit of 1.878 billion yuan, approximately 1.6 times that of Guangfa Fund's 1.179 billion yuan, indicating a significant advantage in absolute profitability [6][7]. - Despite E Fund's larger revenue base, Guangfa Fund demonstrates stronger growth rates in both revenue and net profit, with Guangfa's net profit growth outpacing E Fund's [7]. Group 3: Asset Management Scale - As of June 30, 2025, E Fund managed a total public fund scale of 2.164 trillion yuan, marking a 5.40% increase from the end of 2024, achieving a historical high [7]. - E Fund's product structure is diverse, managing 449 funds, including 188 equity funds with a scale of 644.18 billion yuan, and 70 bond funds totaling 427.85 billion yuan [9]. Group 4: Long-term Performance - E Fund's products have shown strong long-term returns, with a year-to-date return of 15.59%, a one-year return of 30.78%, and a total return of 793.67% over the long term [11][15]. - The average tenure of E Fund's 103 fund managers is 5.45 years, exceeding the industry average, with a significant average asset management scale per manager [13]. Group 5: Industry Outlook - The public fund industry is expected to encounter new development opportunities as capital market systems improve and long-term funds enter the market [15]. - E Fund is well-positioned to expand its leading advantage in the high-quality development of the industry due to its strong research capabilities, comprehensive product lines, and excellent brand influence [15].

专题：2025基金半年报：隐形重仓股浮现 锚定基本面成投资共识 今年上半年，随着资本市场改革持续深化，公募基金行业不断强化其市场功能定位，整体服务质量与管 理水平稳步提升。从已披露的2025年半年报来看，业务布局全面、产品多元的头部基金公司业绩增长尤 为强劲，行业分化态势进一步凸显。 具体来看，据工商银行发布的2025年半年报显示，工银瑞信基金2025年上半年实现净利润17.45亿元， 同比增长29.64%。 | 数据来源：公司公告 | | --- | 对比历史数据，工银瑞信2024年中报显示净利润为13.46亿元，2024年年报净利润达到21.10亿元，同比 增长8.65%。从半年度数据看，公司2025年上半年17.45亿元的净利润已显著超过去年同期的13.46亿 元，增幅明显。回顾更早时期，2023年中报公司净利润为12.84亿元，2023年年报为19.42亿元。 | 数据来源：Wind 截止 | | --- | 至20250831 从产品布局来看，公司旗下共管理268只基金，规模合计超过7850亿元。产品线覆盖股票型、混合型、 债券型、货币市场型、QDII、FOF及公募REITs等多种类型，其中固定收益 ...

五巨头净利均超10亿 当前，资本市场持续深化改革，公募基金行业也进一步彰显了功能性定位，整体质量和服务水平不断提 升。 从已披露的上半年经营数据来看，实行多元化发展的头部基金公司取得了较为显著的业绩增长，易方达 基金、工银瑞信基金、南方基金、广发基金和华夏基金5家头部公司均实现了超10亿元的净利润。 数据来 源：基金半年报，吴琦/制表 随着半年报结束披露，一批上市公司控股参股的基金公司也揭开了半年度经营概貌。 数据显示，上半年，公募基金行业整体呈现稳健良好的发展态势。在权益市场回暖以及公募行业降本成 效显现的背景下，部分基金公司凭借较为丰富多元的产品线布局以及股东资源禀赋加持，经营业绩持续 上升，一些业务较为单一的基金公司则出现了经营上的下滑或亏损。 工商银行发布的2025年半年报显示，工银瑞信基金上半年实现净利润17.45亿元，同比增长29.64%。广 发证券发布的2025年半年报显示，旗下参股子公司易方达基金上半年实现净利润18.77亿元，同比增长 23.81%；控股子公司广发基金上半年实现净利润11.8亿元，同比增长43.54%。报告期末，易方达基金和 广发基金的非货规模分别排名行业第1、第3。华泰证券 ...

基金公司经营业绩分化显著。 2025年上市公司半年报披露完毕，一批上市公司控股参股的基金公司经营情况随之揭晓。 2025年上半年，公募基金行业整体呈现稳健良好发展态势，在权益市场回暖以及公募行业降本成效显现影响下，部分基 金公司凭借较为丰富多元产品线布局以及股东资源禀赋加持，经营业绩保持上升态势，反观一些业务较为单一的基金公 司经营业绩出现较大幅度下滑或亏损。 5家头部公募净利润超10亿元 今年上半年，资本市场改革持续深化，公募基金行业进一步彰显功能性定位，提升整体质量和服务水平。 从已披露的基金公司2025年上半年经营情况来看，全面多元发展的头部基金公司业绩增幅显著，易方达基金、工银瑞信 基金、南方基金、广发基金、华夏基金和富国基金今年上半年净利润相比去年同期均实现增长。其中，易方达基金、工 银瑞信基金、南方基金、广发基金和华夏基金实现超10亿元净利润。 工商银行发布的2025年半年报显示，工银瑞信基金2025年上半年实现净利润17.45亿元，同比增长29.64%。广发证券发布 的2025年半年报显示，旗下参股子公司易方达基金今年上半年实现净利润18.77亿元，同比增长 23.81%；控股子公司广发 基金今 ...

Core Viewpoint - Nord Fund announced a leadership change with the retirement of Chairman Pan Fuxiang due to reaching the legal retirement age, and Zheng Chengwu has been appointed as the new chairman effective immediately [1][4][15]. Group 1: Leadership Change - Pan Fuxiang has served as a key leader since the establishment of Nord Fund in 2006, holding various positions including Vice General Manager and General Manager, and has been Chairman since 2015, completing over 19 years of service [4][6]. - Zheng Chengwu, the new chairman, has extensive management experience and a strong industry background, having held significant positions in Tsinghua-related enterprises since 1995 [9][15]. Group 2: Company Growth and Performance - Under Pan Fuxiang's leadership, Nord Fund's asset management scale grew significantly from 1.72 billion yuan at the end of 2015 to 34.606 billion yuan by the second quarter of 2025, with the number of public funds increasing from 9 to 44 [6][15]. - The current product structure includes 44 public funds across various types, with bond funds dominating at 22.231 billion yuan, followed by money market funds at 6.9 billion yuan and mixed funds at 4.883 billion yuan [9][15]. Group 3: Investment Performance - Nord Fund has demonstrated stable long-term investment capabilities, achieving a total return rate of 110.80% and an annualized return of 4.14%, outperforming the performance benchmark [10][15]. - The fund's performance over the past year is 11.62%, and over the past two years, it is 5.45%, indicating resilience in a complex market environment [10]. Group 4: Management Team - The fund currently has 18 fund managers with an average tenure of 7.63 years, significantly exceeding the industry average of 4.94 years, which contributes to refined investment decision-making [12][15].

对于此次总经理变更是否会对公司经营和团队稳定性带来影响的问题，招商基金表示，公司将在战略目 标和经营管理上保持一以贯之的稳定性。一是股东的稳定性和对招商基金的全力支持一如既往，二是公 司管理层将保持战略定力、锚定长期战略规划，三是钟文岳在金融和投资管理领域拥有丰富的从业经 验，对行业和公司的发展有着深刻的理解和洞察。 年内已有多位基金公司总经理离任 公开信息显示，徐勇于2022年7月30日正式任职招商基金总经理。关于此次徐勇离任的具体原因，招商 基金表示，徐勇三年任期已满，因个人原因向股东提出离任申请，不再担任公司总经理职务。 钟文岳接任招商基金总经理职务 5月19日晚间，招商基金发布高级管理人员变更公告，徐勇因个人原因离任，钟文岳任招商基金总经 理。 前不久，业内就有"招商基金现任总经理将于近期卸任，内部人事安排也在同步推进……"的相关市场消 息。从此次公告的内容来看，钟文岳是接任徐勇的人选。 对于此次徐勇离任的具体原因，招商基金表示，徐勇三年任期已满，因个人原因向股东提出离任申请， 不再担任公司总经理职务。 招商基金表示，徐勇任职期间，招商基金高质量发展再上新台阶，公司董事会对于徐勇在担任总经理期 间为公 ...