股市涨得热火朝天，有新基金却 " 颗粒无收 " 。 该基金目前还处于建仓期，且一直有投资者质疑基金的建仓操作。一时间，关于徐彦"新基金牛市零建仓"的舆论在市场蔓延。 近日，众多投资者对大成基金经理徐彦管理的新基金——大成兴远启航的业绩感到不满。Wind数据显示，截至8月22日，该基金自3月11日成立以来 净值亏损0.06%，而同期沪指涨幅超过13%，且仍在继续创新高，有不少基金同期净值大涨超50%。 当前，徐彦面临两大难题：一是新基金需要在规定时间内完成建仓，而此时股市已经历一波上涨；二是新基金规模已有下滑，如何挽回投资者的信 任。 截至发稿，大成基金官方暂未就此事件向《国际金融报》记者回应。 图片来源：Wind 眼看着市场行情回暖，众多基金净值反弹，投资者对该基金"牛市零建仓"的质疑声从5月至今从未间断。 该基金在二季报中披露了建仓进度："处于建仓期，目前未开始大规模建仓"。基金经理徐彦对此解释，其他基金自成立以来已有一定浮盈，且净值基 本在历史新高附近，而本基金则是从零开始。徐彦还称，几年前股市里有较多企业价值被低估的股票，现在环境发生巨大变化，对新基金建仓来说是巨大 挑战，其将在规定时间内完成建仓。 新 ...

（原标题：21只ETF公告上市，最高仓位54.18%） 易方达国证成长100ETF今日发布上市公告书，基金将于2025年8月28日上市，上市交易份额为17.72亿份，该基金成立日为2025年8月20日，截至 2025年8月21日，基金投资组合中，银行存款和结算备付金合计占基金总资产的比例为89.34%，股票投资占基金总资产的比例为10.65%，目前基 金仍处于建仓期。 证券时报•数据宝统计，8月以来共有21只股票型ETF公告上市，平均仓位仅为25.38%，仓位最高的是嘉实恒生港股通科技主题ETF，仓位为 54.18%，仓位居前的还有科创200ETF工银、博时创业板综合ETF、鹏华国证机器人产业ETF，仓位分别为52.40%、49.31%、45.43%，仓位较低的 为兴业科创价格ETF、科创50ETF东财、兴业中证全指自由现金流ETF，仓位分别为0.00%、0.00%、9.45%。 一般来说，ETF上市都要满足基金合同规定的仓位要求，发布上市公告书，距离正式上市时间会差几个交易日，其间如果仓位较低，会在上市前 完成建仓。 8月以来公告上市的ETF中，按上市交易份额统计，平均募集5.23亿份，规模居前的有易方达国 ...

Group 1 - The core point of the news is the launch of the Huaan Hang Seng Hong Kong Stock Connect Technology Theme ETF, which will be listed on August 25, 2025, with a total of 1.453 billion shares [1] - As of August 18, 2025, the fund's asset allocation shows that bank deposits and settlement reserves account for 84.72% of total assets, while stock investments account for 15.26% [1] - The fund is currently in the accumulation phase, with a low average position of 24.50% among 18 newly announced stock ETFs in August [1][2] Group 2 - The Huaan Hang Seng Hong Kong Stock Connect Technology Theme ETF has the largest trading share among newly listed ETFs at 1.453 billion shares, followed by the Jiashi Zhongzheng Hong Kong Stock Connect Innovative Drug ETF with 890 million shares [2] - Institutional investors hold an average of 19.31% of the shares in the newly announced ETFs, with the highest proportions in the Huaxia Zhongzheng Hong Kong Stock Connect Medical Theme ETF at 95.41% and the Jiashi Hang Seng Hong Kong Stock Connect Technology Theme ETF at 83.60% [2] - The fund's stock position is expected to increase before the official listing date, as ETFs typically need to meet position requirements outlined in their fund contracts [1]

Core Viewpoint - The article highlights the significant underperformance of the "Shenwan Lingxin Industry Selection" fund, which lagged its benchmark by 13.5 percentage points within two months of its launch, raising concerns within the industry [4][6]. Fund Performance - The "Shenwan Lingxin Industry Selection" fund, launched on June 3, saw its net value decline by 8.23% by August 8, while its benchmark rose by 5.27%, resulting in a 13.5 percentage point underperformance [6]. - The fund's rapid investment strategy led to high exposure in the new consumption sector, which was already at elevated valuations, causing a swift decline in net value [6]. Fund Manager's Strategy - Fund manager Jia Chengdong shifted strategies after initial losses, moving from a planned investment approach to chasing rising bank stocks, which subsequently faced a market correction, leading to further losses [6]. - Despite a 2% increase in the banking sector, the fund's net value fell by 1%, prompting speculation about the manager's strategy of chasing market trends [6]. Internal Operations - Jia Chengdong's internal presentation lasted only 16 minutes, where he discussed the fund's operations, notably the high purchase of Zhongchong shares based on hearsay rather than thorough research [7]. - Prior to joining Shenwan Lingxin, Jia managed approximately 8 billion yuan at China Merchants Fund, where he had better support and resources for investment decisions [8][9]. Company Strategy and Goals - Shenwan Lingxin Fund aimed to rapidly increase its equity asset scale, with Jia Chengdong likely pursuing market opportunities to attract capital inflows and meet company commitments [10].

Group 1 - The core viewpoint of the article highlights that multiple newly established equity funds have experienced changes in their unit net values, indicating that fund managers are actively building positions in the market [1] - As of June 19, 47 new equity funds have been established since the beginning of June, with several funds having entered the building phase within less than two weeks of their establishment [1] - Industry insiders believe that strong policy support is driving the gradual recovery of market valuations, leading to abundant structural investment opportunities in the A-share market [1] Group 2 - Fund managers are accelerating their building pace due to two main reasons: ongoing positive signals from the policy level and the strong development potential of emerging industries under policy support [1] - According to regulations, fund managers must align the investment portfolio with the fund contract agreements within six months from the effective date of the fund contract [1] - The article emphasizes that the current market environment is conducive for fund managers to seize investment opportunities in the A-share market [1]

Core Insights - A total of 12 stock ETFs have announced their listing since June, with the highest allocation being 40.89% for the Great Wall CSI Dividend Low Volatility 100 ETF [1][2] - The average allocation for these newly announced ETFs is only 19.43%, indicating a generally conservative approach to investment during the current period [1][2] Group 1: ETF Listings and Allocations - The Great Wall CSI Dividend Low Volatility 100 ETF will be listed on June 18, 2025, with a total of 320 million shares [1] - The fund's asset allocation as of June 11, 2025, shows 59.08% in bank deposits and settlement reserves, while stock investments account for 40.89% [1] - Other ETFs with significant allocations include the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95%, the Huatai-PB SSE STAR Market New Materials ETF at 32.39%, and the Harvest SSE STAR Market Comprehensive Enhanced Strategy ETF at 26.95% [1] Group 2: Fund Sizes and Investor Composition - The average number of shares raised for the newly listed ETFs is 394 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 19.12% of the shares in these ETFs, with the highest proportions in the Xingyin SSE STAR Market Comprehensive Price ETF at 59.97%, the Bank of China CSI All Share Free Cash Flow ETF at 51.12%, and the Tianhong CSI A500 Enhanced Strategy ETF at 31.23% [2] - ETFs with lower institutional ownership include the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 4.09%, the Guotai Chuangye Board New Energy ETF at 5.68%, and the Chuangye Board ETF Dongcai at 5.93% [2]

Core Insights - Two stock ETFs have recently announced their listing, with the Huafu CSI All-Share Free Cash Flow ETF having a stock position of 0.00% and the Southern Growth Enterprise Board Artificial Intelligence ETF at 11.96% [1] - In the past month, 27 stock ETFs have announced their listings, with an average position of only 11.26%. The highest position is held by the Bosera National Value ETF at 50.02% [1][2] - Generally, ETFs must meet the position requirements specified in the fund contract before listing, and if the position is low, they will complete their build-up before the official listing [1] Fund Statistics - The average fundraising for the newly announced ETFs in the past month is 513 million shares, with the Southern CSI Free Cash Flow ETF leading at 1.909 billion shares [1] - The institutional investor's average shareholding ratio is 20.62%, with the highest ratios in the Penghua Sci-Tech 50 ETF (79.02%), CICC CSI 300 ETF (66.13%), and Guotai Junan Growth Enterprise Board Medical and Health ETF (54.48%) [2] - The lowest institutional holding ratios are found in the Penghua CSI 800 Free Cash Flow ETF (2.36%), Bosera National Value ETF (3.75%), and Huatai-PineBridge CSI Robot ETF (3.89%) [2]