登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、国泰瑞乐6个月持有期混合型发起式基金中基金（FOF）（以下简称"本基金"）已获中国证监会证监 许可【2025】3048号文准予注册募集。中国证监会对本基金募集的注册，并不表明其对本基金的投资价 值、市场前景和收益做出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金为混合型基金中基金（FOF）。基金运作方式为契约型开放式。 本基金对每份基金份额设置6个月的最短持有期限，在最短持有期限内该份基金份额不可赎回或转换转 出。 对于每份基金份额，最短持有期限指自基金合同生效日（对认购份额而言）、基金份额申购确认日（对 申购份额而言）或基金份额转换转入确认日（对转换转入份额而言）起至6个月后的月度对日的前一日 （含该日）的期间。最短持有期限内基金份额持有人不可办理赎回或转换转出业务，最短持有期限届满 后的下一个工作日起（含该日）可以办理赎回或转换转出业务。 3、本基金的基金管理人和登记机构为国泰基金管理有限公司（以下简称"本公司"），基金托管人为兴 业银行股份有限公司。 4、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机 ...

2025年的日历刚刚翻过，回顾这一年，A股市场呈现出较为鲜明的结构性牛市特征，上证综指、深证成 指、创业板指、科创50指数全年分别上涨18.41%、29.87%、49.57%、35.92%。 那些管理人投入自有资金"押注"未来的发起式基金，被视为基金中的"种子产品"——其既是管理人信心 的体现，也是市场趋势的预演。回看2025年，它们是否把握住了这一波投资机会？ 相比之下，同样优秀的华宝创业板人工智能ETF联接A虽然也斩获了75.45%的不俗战绩，但仍被主动选 股的Alpha（超额收益）拉开了近30个百分点的差距。 除了人工智能（AI）的狂飙突进，资源重估亦成为2025年股市的一条"暗线"。中欧资源精选、上银资源 精选在2025年分别取得80.46%和71.69%的回报。这表明，在科技成长的喧嚣之外，掌握上游核心资产 也是极具性价比的获利策略。 所谓发起式基金，是指基金管理人、高管或基金经理作为基金发起人认购不少于1000万元金额且持有期 限不少于三年的基金产品。 与普通开放式基金相比，发起式基金既没有有效认购户数的要求，也没有募集金额的要求，成立门槛较 低。 发起式基金自诞生之初，就伴随着"宽进严出"的制度 ...

Core Points - The fund being launched is the Peng'an Core Preferred Mixed Initiated Securities Investment Fund, which has been registered with the China Securities Regulatory Commission (CSRC) [1][15] - The maximum fundraising scale during the subscription period is set at 1 billion RMB, and any excess subscription requests will be subject to a proportionate confirmation method [2][3] - The fund will be open for subscription from November 28, 2025, to December 8, 2025, with the possibility of extending or shortening the fundraising period based on subscription conditions [5][21] Fund Structure - The fund is classified as a mixed securities investment fund and operates as a contractual open-end fund [16][17] - The fund's initial share price is set at 1.00 RMB per share [18][24] - The fund is managed by Peng'an Fund Management Co., Ltd., with Suzhou Bank Co., Ltd. serving as the custodian [1][42] Subscription Process - Investors must open a fund account to subscribe, and the subscription must be fully paid according to the sales institution's regulations [4][30] - The minimum initial subscription amount varies: 0.01 RMB for other sales institutions and 10 RMB for direct sales institutions [5][28] - Investors can make multiple subscriptions during the fundraising period, but once accepted, subscription requests cannot be withdrawn [4][22] Fees and Charges - The fund has different fee structures for A and C class shares, with A class shares incurring subscription fees while C class shares do not [25][27] - Subscription fees are used for marketing, sales, and other expenses incurred during the fundraising period [25] Fund Management and Operations - The fund is initiated with a minimum subscription amount of 10 million RMB from the founding investors, who must hold their shares for at least three years [12] - The fund's management fee is based on a floating rate, which may vary depending on the fund's performance [14][40] - The fund's assets may be invested in various financial instruments, including stocks, bonds, and derivatives, subject to market conditions [10][11]

Group 1 - The core viewpoint of the article highlights the significant growth of mini-funds, which have transformed from under 10 million yuan to over 10 billion yuan in scale due to strategic positioning in the market [1][23][24] - Many mini-funds have successfully capitalized on market trends, leading to rapid growth in assets under management, with examples like the Yongying Technology Selected Mixed Fund reaching 11.52 billion yuan within a year of its establishment [24][25] - The article discusses the concentrated investment strategy of these funds, which has attracted substantial capital inflows, but also emphasizes the need for risk management as net value fluctuations can be significant [25][29] Group 2 - The investment banking sector is undergoing a transformation towards internationalization and digitalization, with firms like CITIC Securities and Huatai Securities focusing on enhancing their global presence and digital capabilities [2][4][6] - Several securities firms are responding to increased competition and changing market conditions by diversifying their business models and enhancing their service offerings [3][4][5] - The trend of launching new funds, particularly those with a thematic focus, is on the rise, with a notable number of funds being established in a short time frame, indicating a shift towards supporting emerging fund managers [26][27][28] Group 3 - The consumer sector is experiencing a collective rebound, with significant performance in food and beverage, tourism, and retail, as evidenced by the rise in stock prices and trading volumes [8][9] - The chemical sector continues to show strength, with companies reporting high operational rates and a positive outlook for price recovery, indicating a potential for growth in this industry [10][21] - The article notes that the A-share market is entering a critical phase, with expectations of continued upward momentum driven by improved economic fundamentals and sector performance [21][22]

Fund Overview - The fund is named "Guotou Ruijin North Exchange 50 Component Index Fund" and is classified as an equity fund [17] - The fund operates as a contractual open-end fund [17] - The initial value of each fund share is set at 1.00 RMB [19] Fund Management and Custody - The fund is managed by Guotou Ruijin Fund Management Co., Ltd. and the custodian is Huatai Securities Co., Ltd. [1][49] Fund Subscription Details - The fund has two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees [2][30] - The subscription codes for Class A and Class C shares are 025455 and 025456, respectively [3][18] - The minimum subscription amount for individual investors is 1 RMB [5][33] Fund Raising and Limits - The maximum fundraising limit for the initial offering is set at 500 million RMB, excluding interest accrued during the fundraising period [21] - If the total subscription amount exceeds 500 million RMB on any given day, the fundraising will close, and the excess will be returned to investors [22] Subscription Period - The fund will be publicly offered from November 10 to November 14, 2025 [25] - The fund management may adjust the fundraising period based on sales conditions [26] Investor Eligibility - The fund is open to various types of investors, including individual investors, institutional investors, and qualified foreign investors [20] Subscription Process - Investors must open an account with the fund management company to subscribe [9] - Multiple subscriptions are allowed during the fundraising period, but confirmed applications cannot be revoked [10][12] Fund Investment Strategy - The fund primarily invests in stocks, with at least 90% of its assets allocated to equity securities [8] - The fund's investment scope includes various financial instruments, such as stocks, bonds, and derivatives [11] Fund Performance and Risk - The fund is expected to have higher risks and returns compared to mixed, bond, and money market funds [15] - The fund's performance is linked to the North Exchange 50 Index, which may involve specific market risks [10][12]

Market Performance - The A-share market has shown a strong rebound since the second quarter of this year, with the Shanghai Composite Index rising over 1% to 3825.76 points, marking its first time above 3800 points in nearly a decade [2] - The total trading volume across Shanghai, Shenzhen, and Beijing reached 2.58 trillion yuan on August 22, 2025, with the Shanghai Composite Index increasing nearly 14% since its low on April 7 [2] Fund Performance - Active equity funds have demonstrated significant profitability this year, with the Wind index showing that the ordinary stock fund index and the mixed equity fund index have increased by 24.96% and 24.72% respectively since the beginning of the year [2] - A total of 22 active equity funds have doubled their net value year-to-date, with the leading fund, Changcheng Medical Industry Select A, achieving a net value growth rate of 130.76% [3] Fund Management Insights - Among the 40 active equity funds that have seen a cumulative net value decline of over 50% since inception, they are managed by 24 different fund management companies, including prominent names like GF Fund and Dongfang Alpha Fund [4] - GF Fund has the highest number of funds with over 50% net value decline, with six funds including GF Chengxiang A/C and GF Youxian Growth A/C [5][11] Fund Manager Performance - The performance of certain fund managers has been notably poor, with multiple funds under their management reporting significant losses. For instance, the Taiping Flexible Allocation Fund has reported negative returns in six out of nine years from 2016 to 2024 [6][8] - The current fund manager of Morgan Integration Driven A has also faced challenges, with a cumulative net value return of -54.04% since its inception [9][10] Fund Launch Trends - The year 2021 saw a peak in new fund launches, with GF Fund issuing 67 new funds, raising nearly 210 billion yuan. However, the number of new fund launches has significantly decreased in subsequent years [13][14] - The trend of launching funds during market peaks has led to a high number of funds experiencing substantial losses, with over half of the funds that have seen a net value decline of over 50% being established during the last bull market in 2021 [11]

Core Insights - Despite a strong performance in the A-share market this year, many public equity funds are facing liquidation due to shrinking scales, with 50 active equity funds already liquidated in 2023 [1] - The automatic liquidation of funds is often triggered when their net asset value falls below 200 million yuan after three years of operation [2] Group 1: Fund Liquidation - A total of 6 active equity funds entered liquidation in July 2023, with reasons varying, including automatic termination of fund contracts without the need for a shareholder meeting [1] - The Bank of China Securities Huize Jinque 3-Month Holding Fund, established on July 7, 2022, was liquidated due to insufficient net asset value, with a scale of only 0.28 million yuan [1][2] - Several initiated funds, such as Shenwan Hongyuan's specialized theme fund, are also facing liquidation due to their net asset values falling below the required threshold [1][2] Group 2: Initiated Funds Characteristics - Initiated funds are defined as those established by fund managers or executives who invest at least 10 million yuan and hold it for a minimum of three years [2] - If the fund's scale is below 200 million yuan after three years, it will automatically liquidate [2] - Some initiated funds have issued liquidation warnings, indicating potential issues in popular sectors like artificial intelligence and healthcare [2] Group 3: Performance Analysis - Poor performance is a significant reason for the shrinking scale of funds, with some funds experiencing substantial declines in net value [2][3] - For instance, the Shangyin New Energy Industry Selected Fund A, launched in April 2022, saw a cumulative return of -53.43% over three years [2] - Conversely, some initiated funds, such as Yinhua Digital Economy and Dongfanghong Medical Upgrade, have successfully surpassed 1 billion yuan in scale, indicating strong performance [2][3]

Core Viewpoint - The Hai Fu Tong Digital Economy Mixed Securities Investment Fund has been terminated and is undergoing liquidation due to significant redemption and poor performance, with a drastic reduction in fund shares within a year of its establishment [2][5][10]. Fund Performance and Liquidation - The fund was established on June 13, 2024, and had its last operational day on May 27, 2025, with a total share count dropping from 28,620,140 to 378,000, a decrease of 99.87% [2][4]. - By the end of the reporting period, the Hai Fu Tong Digital Economy A and C classes had been redeemed significantly, leaving only 135,300 shares remaining [2][3]. - The fund's net asset value was only 363,600 yuan, with the A class showing a year-to-date return of -5.56%, underperforming its benchmark by 3.96% [3][4]. Market Context - Hai Fu Tong Fund Management Company has seen multiple funds liquidated in 2025, with a total of six funds announced for liquidation, including four newly established funds from 2024 [5][10]. - The overall fund asset scale of Hai Fu Tong has decreased from 172.16 billion yuan at the end of Q4 2024 to 171.90 billion yuan by July 5, 2025, despite launching seven new funds that raised 6.275 billion yuan [10][11]. Industry Trends - The trend of fund liquidations is increasing, with 130 funds reported to have been liquidated in 2025, marking a rise of over 10% compared to the previous year [11][12]. - The majority of liquidated funds are initiated funds, which face challenges in achieving sustainable growth in asset size, leading to a high liquidation rate [11][14].

Core Viewpoint - Xin Yuan Fund is launching two new funds, "Xin Yuan Consumer Selection" and "Xin Yuan Emerging Industry Selection," aimed at investing in consumer and emerging industry stocks, respectively, with a focus on internal talent development and optimizing product structure [1][2][3]. Fund Launch Details - "Xin Yuan Consumer Selection" will be publicly offered from July 9 to July 10, 2025, while "Xin Yuan Emerging Industry Selection" will be available from July 7 to July 8, 2025 [1]. - Both funds are initiated as mixed-type, founder-style securities investment funds, with a minimum subscription of 10 million yuan by Xin Yuan Fund to ensure establishment [1]. Manager Background - The fund managers for the new offerings are Yao Qifan and Zhang Zhengqing, both of whom have limited prior experience managing public funds [2]. - Yao Qifan has a background in food and beverage analysis and joined Xin Yuan Fund in July 2022, while Zhang Zhengqing has experience in securities analysis and joined in November 2021 [2]. Product Structure and Strategy - As of March 31, 2025, Xin Yuan Fund's total net asset size was 188.602 billion yuan, with over 50% in bond products (137.062 billion yuan) and only 3.85 million yuan in stock funds, indicating a significant imbalance in product structure [3]. - The company aims to enhance its equity fund market share by cultivating new fund managers, with a total of 20 fund managers, including 5 newly appointed in the past year [3][4]. Talent Development Focus - Recent appointments show a trend towards hiring equity product researchers, with 4 out of 6 new managers coming from this background, indicating a strategic focus on strengthening equity investment research capabilities [4]. - Despite the emphasis on developing equity fund managers, the senior management team predominantly has a fixed-income background, which may impact the effectiveness of this strategy [6].

Fund Overview - The fund is named "Guotai Juxin Quantitative Stock Selection Mixed Initiation Securities Investment Fund" with two classes: A and C [19] - The fund type is a mixed securities investment fund, operating as a contractual open-end fund [19] - The minimum total subscription amount is 10 million units, with a minimum subscription amount of no less than 10 million RMB from the initiator [19] Fund Subscription Details - The subscription period is from July 4, 2025, to September 24, 2025, with a maximum duration of 3 months [25] - The fund shares are offered at a face value of 1.00 RMB [21] - Investors can subscribe multiple times during the subscription period, with A class shares incurring a subscription fee [33][26] Subscription Process - Investors must fully pay the subscription amount as per the sales institution's regulations; partial payments will result in invalid subscriptions [33] - For first-time subscribers, opening a fund account with Guotai Fund Management Co., Ltd. is required [35] - The minimum subscription amount for individual investors is 1.00 RMB, while for institutional investors, it is also set at 10.00 RMB [35] Fund Management and Custody - The fund manager is Guotai Fund Management Co., Ltd., and the custodian is Guotai Haitong Securities Co., Ltd. [49][50] - The fund management company was established on March 5, 1998, with a registered capital of 110 million RMB [50] Investor Information - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [22] - Investors are encouraged to read the fund's contract and prospectus to understand the risk-return characteristics [54]