● 本报记者 张韵 日前，景顺长城基金公司发布公告称，叶才8月4日起任公司董事长。叶才曾在景顺长城基金中资股东中 国华能集团工作多年。 值得注意的是，今年以来，发生高管变更的公募机构并不在少数。Wind数据显示，截至8月6日，今年 已有29家公募机构（含券商资管）董事长和26家总经理职务发生变更。业内人士认为，"换帅"后的公募 机构战略新动向往往是市场较为关注的话题。 景顺长城基金换帅 据了解，此次景顺长城基金董事长变更是完成履职资格手续流程后的正式换届。早在今年5月底，景顺 长城基金曾公告称，原董事长李进因任期届满离任，总经理康乐代任董事长。彼时，新董事长正在走履 职资格手续流程。 相关公告显示，叶才曾在中国华能集团财务部体系任职多年，历任财务部干部、基建财务处助理会计 师、资金处助理会计师、财务部副处长、财务部资金处副处长、财务部财会二处处长、财务部财会一处 处长、财务部副经理、财务部主任、审计部主任。 此外，今年以来还有60余家公募机构发生副总经理级别的高管变更。其中，既有部分基金经理卸任副总 经理、回归聚焦投研业务；也有部分基金经理升任为副总经理。两种路径并行曾一度引发市场热议。 有公募行业人士表示， ...

Group 1 - A-share market sentiment is rising, with major indices collectively increasing, and the Shanghai Composite Index recovering above 3400 points [1] - The financial sector, particularly banking, insurance, and securities, has shown significant performance, with the insurance industry index rising over 5% and China Pacific Insurance hitting the daily limit [1] - The brokerage industry index surged nearly 4%, with all related stocks seeing gains of over 2%, including Red Tower Securities and Jinlong Co., which also reached the daily limit [1] Group 2 - The decline in military and photovoltaic sectors is noted, with companies like Blue Shield Optoelectronics and Tianjian Technology experiencing significant drops [2] - Analysts suggest that the rise in the financial sector may be linked to new public fund regulations, indicating a long-term trend towards adjusting public fund structures to invest in underrepresented sectors like banking and non-bank financials [2] - Dongguan Securities anticipates that recent policy implementations and economic stability measures will support the overall market trend, suggesting a continued recovery [2] Group 3 - UBS analysts predict a gradual recovery in A-share earnings this year, driven by low base effects and supportive policies [3] - The expectation of clearer fiscal policy support and structural reforms aimed at boosting the private economy may help reduce equity risk premiums [3] - Investors are advised to tactically increase exposure to growth stocks, particularly small-cap stocks, which may outperform large-cap stocks in a rebounding market [3]

Core Insights - The willingness of incremental capital to flow into the market has shown signs of recovery, with trading funds experiencing a net inflow for the first time in six weeks, indicating a shift in sentiment towards growth sectors [1][4] - Foreign capital has also turned to net inflow, supported by easing trade tensions, with emerging market allocation remaining below 40% since 2018 [1][5] - Recent financial policies are expected to enhance the resilience of the capital market and guide funds towards benchmark allocations, particularly in sectors like banking, utilities, and oil and petrochemicals [1][6] Group 1: Trading Capital Recovery - Trading capital sentiment has improved, with net inflows of financing capital amounting to 167 billion, marking a recovery in trading activity [4][20] - The allocation of funds has increased towards growth sectors such as electronics, computers, machinery, and pharmaceuticals [4][53] - Retail investors saw a net outflow of 41 billion, but the outflow has narrowed compared to previous weeks [7][12] Group 2: Foreign Capital Inflows - For the period from April 30 to May 7, foreign capital saw a net inflow of 15.8 billion, primarily driven by passive allocation funds [5][60] - Despite the recent inflow, foreign capital allocation in A-shares remains low, with emerging market funds holding less than 40% of A-shares [5][66] - The average daily trading volume of northbound funds has slightly increased to 160.4 billion [60][61] Group 3: Fund Allocation Trends - The recent regulatory framework aims to guide funds towards benchmark allocations, particularly benefiting underweighted sectors like state-owned banks and financial services [6][32] - The issuance of new equity funds has decreased, with only 61 billion shares launched last week [32][43] - The average equity allocation of long-term insurance funds has slightly decreased, indicating a cautious approach to market exposure [56][57] Group 4: ETF and Private Fund Activity - Last week, stock ETFs experienced a net outflow of 32.4 billion, with significant redemptions in broad-based ETFs [43][52] - Private funds have shown increased interest in sectors like pharmaceuticals and electronics, with a notable rise in research activity [53][54] - The overall sentiment in the ETF market reflects a preference for sectors such as technology and public services, which have seen net inflows [43][49]