21世纪经济报道特约记者 庞华玮 其中，货币市场型基金、债券型基金的市场规模最大，分别为13.93万亿元、10.77万亿元，环比增长 7.32%、8.74%。 股票型基金的规模为4.74万亿元，环比增长6.06%；混合型基金为3.32万亿元，环比增长0.02%。 而商品基金及基金中基金（FOF）规模环比增长较高，分别为47.79%和10.28%，二季度末规模分别为 0.27亿元、0.17万亿元。 7月21日，公募二季报披露完毕。 数据显示，公募交出了一份不错的成绩单。截至二季度末，公募基金管理规模34万亿元，非货币基金管 理规模20万亿元，两者双双创出历史新高。 从投资倾向来看，公募二季度对大金融和科技板块配置加仓较多，而对消费板块减仓较多，大周期和医 药板块则变化不大。 而基民二季度用脚投票，选择净申购的品类为货币基金、债券基金、商品基金、QDII基金，而权益基 金、FOF基金则遭遇净赎回。 二季度末，公募基金管理规模34万亿元，非货币基金管理规模20万亿元，两者均创出历史新高。 天相投顾数据显示，2025年二季度末，公募基金规模为34.05万亿元（含估算，不含公募化集合产 品），环比2025年一季度31. ...

Core Insights - As of March 31, 2025, the total net asset value managed by domestic public fund management institutions reached 32.22 trillion yuan, with 163 institutions including 148 fund management companies and 15 asset management firms holding public qualifications [2] - The total public fund shares increased to 29.39 trillion shares in March, reflecting a 0.15% growth compared to February, indicating a stable overall change [2] Fund Type Analysis - Various fund types experienced net subscriptions in March, with QDII funds and equity funds showing significant enthusiasm, with shares increasing by 3.57% and 1.29% respectively; closed-end funds also saw a 1.41% increase [3] - The share of equity funds rose to 3.4 trillion shares by the end of March, marking a 1.29% increase, although the overall scale slightly decreased to 4.47 trillion yuan, down 0.41% due to corrections in growth sectors like the ChiNext and STAR Market [3] - Mixed funds showed a recovery in subscription strength, with shares growing by 0.75% to 3.05 trillion shares and scale increasing by 1.42% to 3.58 trillion yuan, marking the first consecutive month of growth since May of the previous year [3] - QDII funds were particularly favored in March, with shares increasing by 3.57% to 562.868 billion shares, driven by significant net subscriptions in products like the Hong Kong Stock Connect Internet ETF and Hang Seng Technology ETF [3] - Bond funds also performed well, with shares and scale growing by 1.1% and 1% respectively, reaching 5.56 trillion shares and 6.42 trillion yuan [3]

很多时候，我们都在是不断地给自己的交易系统在做加法，在失败中反思或总结出一个投资规律，就去执行，然后又是失败，就再总结，再往系统 里加。但实际上大道至简，往往规则太多，会让阻碍你的执行，因为很多信号或规则之间是相互矛盾的。 ——笔记哥《交易》 【笔记20241227— 每逢周五传降准（+工业企业利润数据偏弱+债基继续较大规模净申购+资金面均衡偏松=小下)】 今天看到：华尔街今年最火的交易不是AI和比特币，而是阿根廷。阿根廷MERV指数年初至今涨超175%，有望在2024年成为全球表现最好的股市。经汇 率差异调整后，以美元计仍上涨了100%以上。华尔街资金是在押注总统米莱能够彻底改变长期陷入困境的经济。不知我们的资金疯狂涌入A债是在押注 什么？大抵是愈发强大的主权信用吧。 -------------------------- 【今日盘面】 资金面均衡偏松，长债收益率小幅下行。 央行公开市场开展1078亿元7天期逆回购操作，今日有1016亿元逆回购到期。净投放62亿元。 资金面均衡偏松，跨年资金偏贵，DR007加权利率上行20BP至1.8%附近。 | | | | 银行间资金 | (2024. 12. 27) | ...