证券研究报告 | 2025年07月24日 短期纯债基金二季报分析 业绩回暖驱动，数量规模双升 债基规模：截至 2025 年二季度末，已披露半年报的短期纯债基金总资产和 净资产分别为 12,345 亿元和 10,770 亿元，较上季度末分别增加了 2,002 亿 元和 1,536 亿元。平均规模来看，截止 2025 年二季度末，平均总资产和净 资产分别为 37 亿元和 32 亿元，较上季度末分别回升了 6.2 亿元和 4.7 亿元。 杠杆率：2025 年二季度末，整体法口径下短期纯债基金平均杠杆率为 1.15，较上季度末上升了 0.04。平均法口径下短期纯债基金平均杠杆率 为 1.15，较上季度末上升了 0.03。 基金净值增长率：基金业绩方面，2025 年二季度短期纯债单季平均净值增长 率为 0.66%，增长率较上季度回升。 大类资产配置：二季度债券资产占据最高的比重 97.9%，占比较上季度回 升 0.5%；买入返售资产占 0.9%，占比较上季度回落 0.4%；银行存款和 其他资产分别占总资产的 0.7%和 0.5%，占比分别较上季度变化 0.0%和 -0.1%。 券种配置：截至 2025 年二季度末，短期 ...

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]

Group 1: Cash Management Tool - The company launched a cash management tool called "排排现金宝" which allows seamless interaction between fund purchases and redemptions, facilitating asset management for investors [3][4]. - The cash management tool offers a 7-day annualized yield of 1.8550%, which is significantly higher than traditional savings accounts [4]. Group 2: AI Services - The company introduced "排排网AI," an intelligent service designed to efficiently provide private equity information, market trends, and address investor inquiries [8][11]. Group 3: Self-Built Net Value Database - A self-built net value database was created to allow users to import net value data for intuitive analysis and comparison of private equity fund performance, addressing the challenges of limited net value disclosure [13][14]. - The process to access this feature includes verifying as a qualified investor, binding an email for automatic updates, and applying for private equity net value data [14][16]. Group 4: Private Equity Research Reports - The company offers in-depth market analysis through private equity research reports, covering both subjective and quantitative strategies, along with performance and holding data [17][19]. Group 5: Investment Education - "排排学堂" provides investment education courses aimed at guiding users from beginner to advanced levels, covering topics such as fund classification, selection strategies, and portfolio management [19][20].