关于一级报的后续的一些判断,因为不管年报还是一级报,其实利润端的波动都是非常大的,这里面我们就想看看实际的需求,比如说从订单角度来讲,看看哪些板块的订单是在恢复的。 然后哪些板块订单的恢复是具有这个持续性的,这是我觉得第一点。然后第二点就是一个这一周的热点话题,就是关于公募基金的这个新的改革方案,然后对这个市场的短期中期的一些风格,包括板块上的影响,主要是这两个部分。然后第一我们先看一下订单这个方面的这个讨论,我们看一些细节。 首先呢,刚才我们提到,就是说整个这个上市公司利润层面上的波动,其实是非常剧烈的啊,就净利润累计同比增速,呃,四季度的话是一个最近几年吧,应该说是除了疫情之外哈,就回到了大概一五一六年这样的水平了,大概只有百分之负的十三十四这样的这个这个增速。 但一季报又大幅度的回升时隔两年算是第一次又转正了所以这个利润端的波动是很大的在这种情况下其实说实话是不太好做线性外推的尤其是从这个单季的这个环比的情况来看比方说左边这个图是每年的四季度的这个利润的单季的环比右边的是一季度单季的环比我们看四季度单季环比的话历史上过去六年的数字其实还是比较稳定的大概就是在50%多 这两个四季度和一季度的单级环比,都可 ...

Core Insights - The report emphasizes that the capital market is stabilizing at the bottom, with multiple funding sources supporting bullish sentiment, suggesting a potential upward breakthrough in equities. The brokerage sector is expected to lead the market rally, recommending early positioning and waiting for breakout opportunities [1]. Industry Overview - The total market capitalization of the industry is 6,179.1 billion, with a circulating market value of 5,901.2 billion, representing 1.8% and 7.2% of the total market, respectively [2]. - The performance of the non-bank financial sector shows a 1-month, 6-month, and 12-month absolute performance of 9.0%, 16.0%, and 59.5%, respectively, with relative performance of 5.8%, 10.5%, and 42.0% [4]. Market Trends - The report indicates that the equity market has stabilized despite initial shocks from U.S. tariffs, with significant institutional investments leading to a recovery. The overall trend remains positive, with major indices showing an average increase of 1.1% as of June 30, 2025 [8]. - The bond market has experienced fluctuations, with the China Bond Index rising by 1.1% year-to-date as of June 30, 2025 [8]. Business Performance - In Q1 2025, listed brokerages reported total revenues of 1,259 billion, a year-on-year increase of 19%, and a net profit of 522 billion, up 78% year-on-year. The brokerage income was 327 billion, reflecting a 43% increase year-on-year [25]. - The report highlights a significant increase in the revenue of self-operated businesses, which reached 486 billion, marking a 46% year-on-year growth [30]. Strategic Directions - The report outlines a shift towards internal consolidation and external breakthroughs, with a focus on wealth management transformation and the integration of financial technology to enhance efficiency [6]. - The investment banking sector is expected to see a marginal recovery in equity financing, particularly benefiting from the expansion of the Sci-Tech Innovation Board and ongoing mergers and acquisitions [6]. Future Outlook - The report forecasts that the industry will achieve total revenue of 4,741 billion in 2025, representing a 5% year-on-year increase, and a net profit of 1,825 billion, up 9% year-on-year [6]. - The brokerage sector is anticipated to lead the market rally, with specific recommendations for stocks that are likely to benefit from policy catalysts and ongoing market trends [6].

在首批26只新型浮动费率基金大部分已经结募并成立之际，第二批产品马不停蹄已经上报。 7月4日，证监会官网显示，第二批新型浮动费率基金正式上报，易方达基金、华泰柏瑞基金、国泰基 金、汇添富基金、景顺长城基金、南方基金、东方红资管、中欧基金、平安基金、建信基金、中银基金 等11家机构递交了注册申请。其中既有已经上报过首批产品的公司，如易方达基金、景顺长城基金、南 方基金，也有新进参与者，如华泰柏瑞基金、国泰基金等。 第二批浮动费率基金上报 值得一提的是，不同于首批产品全部为全市场型基金，第二批浮动费率基金中出现了一些行业主题型产 品，如华泰柏瑞制造业主题混合、景顺长城高端装备股票、东方红医疗创新混合等。 此外，也有业内人士透露，个别产品的费率设计可能与首批产品有些不同，对超额收益的要求更高，费 率收取更为严格。 华泰柏瑞基金表示，浮动费率产品作为《推动公募基金高质量发展行动方案》的重要实践之一，实质是 将持有人收益率提升到核心位置，把基金管理费率与投资者实际获得的长期收益直接挂钩。期望通过在 产品收费模式上的创新和尝试，与持有人建立更科学、更紧密的"利益共享、风险共担"机制，在力争为 持有人创造可持续收益的基础上 ...

就在6月初，大成基金宣布， 拟运用固有资金2000万元 ，认购旗下浮动费率基金产品 大成至臻回报混合型基金 。 大成基金宣布自购旗下基金 7月4日，大成基金发布《关于公司固有资金、高级管理人员及拟任基金经理共同认购大成洞察优势混合型证券投资基金的公告》。公告显 示，基于对中国资本市场高质量发展和公司投资管理能力的信心，大成基金及其高级管理人员、拟任基金经理将共同出资不低于1000万 元，认购 大成洞察优势混合 型证券投资基金，并承诺至少持有1年，最终认购申请确认金额以基金注册登记机构计算并确认的结果为准。 公开信息显示， 大成洞察优势混合基金即将于7月7日开售，拟任基金经理为大成基金股票投资部副总监李博。 Wind数据显示，他的代表 作大成精选增值连续10年跑赢沪深300 指数。 截至7月3日，近三年单位净值增长17.77%，位列同类产品前5%。 这是大成基金年内第二次官宣自购。6月7日，大成基金发布公告称，拟运用固有资金2000万元认购大成至臻回报混合型基金。 【导读】大成基金及其高级管理人员、拟任基金经理将共同出资不低于1000万元自购旗下基金 中国基金报记者 曹雯璟 又一家基金公司宣布自购。 7月4日， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on deepening reforms, enhancing the stability of investment behaviors, and improving services for investors [1] Group 1: Reform Measures - The action plan includes 25 reform measures across six areas, emphasizing a shift from "scale" to "investor returns" to achieve high-quality development in the industry [2] - A performance evaluation system centered on fund investment returns will be established, incorporating benchmarks and profit margins that directly affect investor interests [2][3] - The plan aims to strengthen the constraints of performance benchmarks, addressing issues such as style drift and excessive pursuit of market trends in actively managed equity funds [3] Group 2: Implementation Details - The CSRC will issue regulatory guidelines for performance benchmarks and establish a benchmark library, detailing the setting, modification, disclosure, and evaluation mechanisms [4] - A floating management fee model linked to fund performance will be introduced for actively managed equity funds, allowing for differentiated fees based on performance relative to benchmarks [5] - Fund companies will be required to adjust their existing products gradually, with a focus on ensuring that new registrations meet the floating fee structure [5][6] Group 3: Compensation and Governance - The action plan emphasizes aligning the interests of fund companies, executives, and fund managers with those of investors, with a significant weight on investment returns in performance evaluations [6][7] - Fund managers with underperformance relative to benchmarks will see a decrease in performance-based compensation, while those exceeding benchmarks may receive increases [7] - The plan encourages a higher proportion of personal investment by fund executives in their managed products to strengthen alignment with investor interests [7] Group 4: Support for Smaller Firms - The action plan includes measures to support the development of small and medium-sized fund companies, promoting their unique operations and enhancing their competitiveness [8] - It proposes to broaden the investment scope of risk reserves and reduce operational costs for smaller firms, facilitating their growth and efficiency [8] - The CSRC will provide a timeline for the implementation of these reforms, ensuring that the industry has adequate time to adapt [8]

Core Viewpoint - The first batch of innovative floating rate funds has been approved and will start issuing on May 27, marking a significant shift in the fund management fee structure aimed at better aligning with investor interests [1][2]. Fund Structure and Fee Details - The innovative floating rate funds will operate on an open-ended basis, with management fees determined by the holding period and annualized return during that period [2]. - For holdings of less than one year, a management fee of 1.20% will be charged; for one year or more, fees will vary based on performance, with a maximum of 1.50% for returns exceeding 6% and a minimum of 0.60% for returns below -3% [2]. - The fee structure emphasizes asymmetric design, with a greater potential reduction in fees for poor performance compared to increases for good performance, prioritizing investor protection [2]. Industry Response and Manager Selection - Multiple fund companies have expressed that the floating management fee reform is a strong approach to optimize active equity funds and shift the industry’s operational model [1][3]. - A range of experienced and high-performing fund managers have been appointed to lead these new products, indicating a commitment to quality management [3][4]. Fundraising Goals and Strategies - Fundraising targets vary, with the highest set at 8 billion for one fund and many aiming for 3 billion to 5 billion, reflecting a cautious approach to initial fundraising [6]. - Companies are focusing on long-term investor experience rather than immediate fundraising success, with some planning to bind their interests with investors through self-purchase or initiator funds [6][7]. Future Outlook - The floating rate product is seen as a significant practice in public fund reform, with expectations for more products to be filed and potentially normalized in issuance [6]. - Companies are enhancing their core investment research capabilities and focusing on actual investor returns to foster long-term value creation [7].

Report Industry Investment Rating - The report is optimistic about the investment value of the non - banking financial sector, believing it can enjoy both Beta and Alpha [4]. Core Viewpoints of the Report - Policy interpretation: Since 2022, reform measures for public funds have been gradually implemented, focusing on fees, assessment, and compensation. Future reforms are expected to be fully rolled out in the next three years. Floating fees will expand coverage, and fee reform phases are about to be implemented. Benchmark constraints and assessment will influence industry allocation and investment focus [4]. - Impact on public funds: The industry pattern will be optimized, with benchmark constraints potentially forcing active equity funds to become "quasi - passive". Investment research will first follow the benchmark and then pursue excess returns. Passive products will continue to develop, and channels, talent, and back - end operations will face corresponding adjustments [4]. - Impact on securities companies: The profit contribution of publicly - held funds by securities companies will show greater differentiation, and the advantage of securities companies in selling equity index funds will expand [4]. - Investment analysis opinion: The non - banking financial sector is a sector that can enjoy both Beta and Alpha, and its investment value is promising [4]. Summary by Relevant Catalogs 1. Policy Interpretation: Promote the High - quality Development of the Public Fund Industry in Multiple Dimensions - Regulatory roadmap: Since 2022, the roadmap and schedule for the high - quality development of public funds have become clearer. Reforms started with fee reduction and are now being comprehensively rolled out. The "Action Plan" covers aspects not implemented in the 2022 "Opinions" [8][10][12]. - Comparison of 2022 and 2025 reform requirements: The 2025 requirements are more detailed and quantitative, covering aspects such as overall requirements, differentiated development, long - term incentive constraints, and product innovation [13]. - Key points of the "Action Plan": It includes establishing a floating management fee mechanism, reducing investor costs, increasing the scale and proportion of equity investment, establishing a performance - based assessment system, strengthening regulatory classification evaluation, and enhancing compensation management [14][15][16][18][19][20]. - Reasons for the "Three - Year Goal": Investor risk preferences have declined, leading to a slowdown in the growth of public funds, especially new equity funds. The "Long - term Capital Market Entry" has set a 10% quantitative requirement for public fund capital entry [27][25]. - Fee reform: It aims to establish a floating fee mechanism linked to performance and reduce investment costs. It also expands the scope of fee reduction and promotes the development of floating - rate funds [31][32][36]. - Differentiated competition: Fee reduction and classification supervision will optimize the industry pattern, benefiting public funds strong in equity and index products [44][48]. - Benchmark constraints and long - term assessment: In the short term, industry allocation will be adjusted; in the long term, the focus will return to fundamental research, and turnover will decrease [49][50]. - Product innovation: The development of equity and fixed - income + products will be promoted to meet market demand [53][57]. - Research and investment capabilities: The co - management model may become the future development trend of the industry [58]. 2. Impact on Public Funds: Analysis from Research and Investment, Products, Channels, Talent, and Back - end Operations - Research and investment: Benchmark constraints may force active equity funds to become "quasi - passive". The co - management model may be adopted to improve research and investment capabilities [63][58]. - Products: The passive trend will continue, and equity index products and fixed - income + products will have development opportunities [69][74]. - Channels: Public funds should strengthen self - sales and investment advisory channels to reduce dependence on代销 channels. The combination of fund investment advisory and direct sales platforms may bring opportunities for large public funds to enter the wealth management market [78][84]. - Talent: For researchers, the "department wall" between research and investment should be broken; for fund managers, hierarchical management should be implemented [90][93]. - Back - end operations: Fee reduction will raise the break - even point, and financial technology may be an effective means to cope with fee reduction in the short term [94][95]. 3. Impact on Securities Companies: Analysis from Public Fund Business, Sales, and Allocation - Public fund business: The "Action Plan" will directly impact the income of publicly - held funds by securities companies, potentially compressing their profit contribution in the short term [102]. - Sales: The similar classification evaluation mechanism will benefit securities companies' sales, and they will maintain their advantage in selling equity index funds [106]. - Allocation: Securities companies should strengthen research on high - weight benchmark targets and explore non - public fund customers [4]. 4. Investment Analysis Opinion - The non - banking financial sector can enjoy both Beta and Alpha, and its investment value is promising. The Beta logic lies in the promotion of the transformation of household savings into investments and the entry of long - term funds into the market. The Alpha logic is that the non - banking financial sector is under - allocated and has low valuations [4].

Core Viewpoint - The launch of the first batch of 26 new floating-rate funds has not met market expectations, with only 15 funds successfully established and a total fundraising of 156.07 billion yuan, indicating a lukewarm reception for this innovative product [1][9]. Fund Launch and Performance - Among the 15 established funds, only 5 achieved a fundraising scale exceeding 10 billion yuan, with the highest being 19.91 billion yuan for the "Oriental Red Core Value" fund [1][4]. - The "Oriental Red Core Value" fund was the most successful, completing its fundraising in just 6 trading days and achieving a final scale of 19.91 billion yuan [4][6]. - Other funds such as "E Fund Growth Progress" and "Tianhong Quality Value" also launched successfully, with fundraising scales of 17.04 billion yuan and 9.84 billion yuan respectively [6][7]. Investor Engagement and Market Dynamics - The number of effective subscriptions varied, with "E Fund Growth Progress" attracting the most investors at 47,300, followed by "Southern Wealth Enjoyment" with 24,700 [8]. - The overall investor enthusiasm for these new floating-rate funds has been low, attributed to cautious sentiment in the equity market and a lack of confidence in actively managed equity funds [9]. Challenges in Sales and Understanding - The complexity of the new fee structure, which includes multiple variables such as holding periods and performance benchmarks, has made it difficult for ordinary investors to understand, leading to reduced attractiveness [9]. - Sales channels are reportedly less motivated to promote these funds due to the uncertainty in management fees based on performance, contrasting with the fixed fees of traditional funds [9]. Company and Manager Participation - Despite the low investor enthusiasm, some fund companies and managers have shown commitment by investing their own funds, totaling over 1.1 billion yuan across six companies [10][11]. - Notable self-investments include 2 million yuan from "Jiaoyin Schroder Fund" and "Dacheng Fund," and several fund managers also invested significant amounts in their respective funds [12][13].

以下文章来源于市值观察 ，作者市值观察 市值观察 . 聚焦上市公司市值与价值 将投中网设为"星标⭐"，第一时间收获最新推送 大洗牌开始了。 作者丨 徐风 来源丨 市值观察 近期，基金 行业巨震 ，《推动公募基金高质量发展行动方案》直指权益基金浮动费率和薪酬绩效改 革 。 新规近乎颠覆了公募 主动权益产品的 投资打法 ， 品类的 大洗牌 开始了。 躺赚时代结束 近年来，围绕 公募基金的改革 一直在紧锣密鼓地推进 ，此前主要集中在 降低产品 费率和 证券交 易 佣金上 ， 本次 "行动方案"则剑指 权益 基金 的考评体系 ，可谓 "大招不断"。 首先，费率改革犹如一颗重磅炸弹，要求主动权益基金实行与比较基准相挂钩的浮动费率模式，直接 改写了以往规模至上的逻辑叙事，靠收管理费的躺赚模式已成为过去时。 "行动方案"出台后，5月下旬26只浮动管理费率基金正式获批，发行方主要集中在富国基金、博时 基金等头部公募。新规提到在未来一年内将引导头部机构发行浮动费率的基金数量不低于主动权益类 发行数量的60%，试行一年后再及时评估，并逐步全面推开。 从相关费率细则来看，新规要求大幅降低净值低于比较基准的管理费率，其中对投资者持有 ...

Core Viewpoint - The recent regulatory changes in the public fund industry aim to enhance the quality of equity funds through floating fee rates and performance-based compensation reforms, leading to a significant reshaping of the market dynamics [1][2]. Fee Rate Reform - The new regulations mandate that actively managed equity funds adopt a floating fee rate model linked to performance benchmarks, effectively ending the previous model that prioritized scale and management fees [2][4]. - Funds that underperform by more than 3% relative to their benchmarks will see their management fees reduced from 1.2% to 0.6%, while those that outperform by 6% or more can increase fees to 1.5% [3][4]. - The average return of equity mixed funds was reported at 12.32%, with only 26.9% of funds outperforming their benchmarks by 6%, indicating increased pressure on fund managers to focus on performance [4][5]. Performance Evaluation and Growth Targets - The new rules also require public funds to increase their holdings in A-shares by at least 10% annually over the next three years, with a focus on boosting the proportion of equity funds, which currently lags behind global averages [5][6]. - The performance evaluation system will now place greater emphasis on long-term returns, with at least 80% of the assessment based on three-year performance [7][8]. Manager Compensation Changes - Fund managers' compensation will be closely tied to fund performance, with significant reductions in pay for those whose funds underperform their benchmarks by over 10% over three years [8][9]. - The new regulations aim to correct past issues of inadequate risk control and style drift by emphasizing the importance of performance benchmarks [9]. Industry Restructuring - The reforms are expected to lead to a major reshuffling in the fund industry, favoring top-performing firms and potentially disadvantaging smaller players who may struggle to adapt [12][14]. - The introduction of a fast-track registration mechanism for ETFs is anticipated to enhance the appeal of index funds, which may see increased demand as a result of the new performance-focused evaluation [12]. Investment Strategy Shifts - Fund managers may increasingly allocate to sectors that are underrepresented in their benchmarks to avoid underperformance, particularly in dividend-paying sectors [10][11]. - The focus on diversified asset allocation and risk management will become more critical, moving away from reliance on past performance of individual funds [9][12].