我们具体看两只基金，永赢先进制造智选混合，近一年在同类产品中排名第3；鹏华碳中和主题混合，近一年同类排名第7。 要聊起投资，绕不开的就是股市。上证指数在过去一年里涨了超过38%，这种行情下，很多人都觉得储蓄不如投资，甚至笑称"存款搬家进股市"。 这话听起来有点道理，但要是真这么想，可能就看浅了。 根据数据显示，像兴业银行这样的全国性大行，2025年上半年零售存款不但没少，反而增加了1483亿，同比增长了18.20%。 股市的热度确实点燃了大家的热情，但这股热情更多地流向了专业的资产管理机构，特别是公募基金。 永赢基金和鹏华基金旗下的几只产品，就是这波浪潮中的佼佼者。它们的业绩非常亮眼，也顺势实现了客户规模的快速增长。 产品业绩，是吸引所有人目光的第一步，也是踏入赛场的入场券。 有了能打的业绩，就等于拿到了和第三方平台对话的资本。但光有资本还不够，和平台的关系有多"铁"，决定了产品能在这个平台上被放大多少倍。 怎么衡量这个关系？看是不是一起搞过营销活动、是不是共建了新功能，这些都算，但不够硬。 一个更直接的观察角度是：这家基金公司的产品，有没有被准许接入平台最核心的活钱管理工具，比如支付宝的余额宝或者微信的零钱 ...

Banking Wealth Management Products - A total of 1,241 new wealth management products were launched from August 23 to September 5, 2025, with an average performance benchmark of 2.50%[11] - The proportion of fixed-income products slightly decreased from 98.36% to 97.74%[11] - Wealth management companies issued 900 products, accounting for 72.52% of the total, with an average performance benchmark of 2.54%[11] Fund Products - 80 new public funds were established, with a total issuance scale of 557.78 billion units, a 67.71% increase from the previous period[24] - Stock funds accounted for 49.29% of the new issuance scale, with 52 new funds totaling 274.94 billion units[25] - Mixed funds saw a significant increase, with 16 new funds totaling 175.03 billion units, a 170.20% increase[25] Insurance Products - 317 new insurance products were launched, representing a 268.60% increase compared to the previous period[3] - Life insurance products accounted for 193 new issuances, up 232.76% from 58 in the previous period[3] - Annuity insurance saw 124 new products, a 342.86% increase from 24 in the previous period[3]

Core Insights - The public fund issuance market showed significant recovery in the first half of 2025, with a total of 680 new funds launched, representing a year-on-year increase of 7.94% and a quarter-on-quarter increase of 32.55% [1][2] Fund Type Analysis - Equity funds were the main contributors to the fundraising, with 390 equity funds launched, accounting for 57.35% of the total. Both year-on-year and quarter-on-quarter growth exceeded 60%, indicating a notable increase in equity fund issuance [1][2] - FOF (Fund of Funds) funds experienced a peak in issuance, with 31 funds launched, representing 4.56% of the total. The year-on-year and quarter-on-quarter growth rates were 82.35% and 93.75%, respectively [1][2] - Bond funds and mixed funds showed a recovery trend quarter-on-quarter, with 131 bond funds launched, making up 19.26% of the total, while mixed funds also exceeded 100 launches, accounting for 16.18% [1][2] Market Dynamics - The recovery in public fund issuance is attributed to two main factors: the restoration of market profitability, with over 80% of actively managed equity funds turning positive since April, and the release of policy benefits, such as the new "National Nine Articles" promoting long-term capital inflow into the market [3] - Looking ahead, the public fund issuance market is expected to continue a pattern of differentiation and innovation, with equity funds remaining dominant, comprising over 70% of upcoming funds. Index funds are becoming increasingly popular, with a focus on expanding ETF product lines into niche areas and accelerating coverage of emerging markets and US tech leaders [3] - "Fixed income plus" products and bond funds are anticipated to recover, with institutional interest in "fixed income plus" products due to their balanced return advantages. The potential of bond ETFs is expected to be released, supported by policies and funding [3]

Core Viewpoint - The significant loss in fund value from 100 yuan to 58 yuan can be attributed to various factors including market volatility, leverage products, and high fees incurred during the holding period [3][8]. Group 1: Reasons for Principal Loss - Market Volatility: A fund purchased at a net value of 1.0 can drop by 40% during the holding period, resulting in a selling price of 0.6, leading to a loss after fees [3]. - Leverage Products: Funds with enhanced features can yield high returns in a rising market but may incur 1.5 to 2 times the losses during market downturns [3]. Group 2: Fee Deductions - Subscription Fee: A-class funds charge a subscription fee of 0.15%, which amounts to 0.15 yuan on a 100 yuan investment [3]. - Redemption Fee: A minimum of 1.5% is charged if the fund is held for less than 7 days, equating to 1.5 yuan on a 100 yuan investment [3]. - Management and Custody Fees: With an annualized fee of 1.5%, approximately 0.37 yuan is deducted for a 90-day holding period [3]. - Sales Service Fee: C-class funds incur an annualized fee of 0.4%, resulting in about 0.1 yuan deducted over 90 days [3]. - Total Fees: The cumulative fees amount to 2.12 yuan, leading to a final value of 58 yuan after accounting for a 38% drop in net value [3]. Group 3: Risk Considerations - Fund Liquidation Risk: Funds with a continuous size below 50 million may face liquidation risks, potentially leading to a sharp decline in net value [5]. - Currency Fluctuation: Investors in overseas QDII funds must manage the risks associated with currency appreciation and the combined losses from overseas stock declines and currency depreciation [5]. Group 4: Fund Management Strategies - Fund Analysis: Investors should log into their purchasing platform to review transaction records, focusing on net value and fee details [5]. - Stock Position Review: By entering the fund code on brokerage platforms, investors can check the underlying stocks and assess any significant losses in major holdings [5]. - Investment Recommendations: For funds held over two years, investors may consider waiting for industry rotation. For problematic funds, transitioning to money market or bond funds is advisable [5][6].