见习记者丨刘夏菲 编辑丨叶映橙 随着市场行情回暖、资金活跃度提升，权益类基金的赚钱效应正在凸显。Wind数据显示，截至9月18 日，超97%的权益类基金今年实现正收益，其中81只基金实现业绩翻番。偏股基金指数、股票基金指数 均创近三年新高，年内涨幅超过26%，近一年来涨幅超过55%。 不过，全市场权益类基金众多，不妨看看机构、基金管理公司和公司内部员工的"作业"怎么做。 21财经·南财快讯记者梳理上半年公募基金持有人结构发现，以上三类主体基金各有不同布局偏好。具 体来看，机构资金重金"押注"沪深300ETF，同时大量加仓港股通科技主题ETF；基金公司真金白银加仓 旗下养老FOF，以自有资金自购传递对长期布局的信心；基金公司员工持仓则兼顾价值与成长风格，对 行业ETF联接产品关注升温。 2025年上半年 机构投资者持有权益基金情况 看机构投资者持有金额： 机构重金"押注"沪深300ETF 2025年上半年，宽基ETF成为机构们重金持有的主流。截至上半年末，机构投资者持有金额最高的20只 权益类基金均为ETF产品，且宽基ETF占据绝大多数。 2025年上半年机构投资者持有金额TOP20权益基金 | | 机构投资者 ...

见习记者丨 刘夏菲 编辑丨叶映橙 随着市场行情回暖、资金活跃度提升，权益类基金的赚钱效应正在凸显。Wind数据显示， 截 至9月18日，超97%的权益类基金今年实现正收益，其中81只基金实现业绩翻番 。偏股基金指 数、股票基金指数均创近三年新高，年内涨幅超过26%，近一年来涨幅超过55%。 不过，全市场权益类基金众多，不妨看看机构、基金管理公司和公司内部员工的"作业"怎么 做。 数据说明: 1. 权益基金在此包含:普通股票型、被动指数型、增强指数型、偏股混合型、灵活配置型 、平衡混合型、QDII股票型、QDII混合型、股票型FOF、混合型FOF基金; 2. 多份额类型基金合并计算规模数据,此处仅展示合并规模1亿元以上的基金,且优先展示 A类: 3. 今年以来收益率以复权单位净值增长率计算,数据截至9月18日。 21财经·南财快讯记者梳理上半年公募基金持有人结构发现，以上三类主体基金各有不同布局 偏好。具体来看，机构资金重金"押注"沪深300ETF，同时大量加仓港股通科技主题ETF；基 金公司真金白银加仓旗下养老FOF，以自有资金自购传递对长期布局的信心；基金公司员工持 仓则兼顾价值与成长风格，对行业ETF联接 ...

（原标题：超80只权益基金年内业绩翻番，机构、基金公司员工"持基"全揭秘） 随着市场行情回暖、资金活跃度提升，权益类基金的赚钱效应正在凸显。Wind数据显示，截至9月18日，超97%的权益类基金今年实现正收益， 其中81只基金实现业绩翻番。偏股基金指数、股票基金指数均创近三年新高，年内涨幅超过26%，近一年来涨幅超过55%。 不过，全市场权益类基金众多，不妨看看机构、基金管理公司和公司内部员工的"作业"怎么做。 21财经·南财快讯记者梳理上半年公募基金持有人结构发现，以上三类主体基金各有不同布局偏好。具体来看，机构资金重金"押注"沪深300ETF， 同时大量加仓港股通科技主题ETF；基金公司真金白银加仓旗下养老FOF，以自有资金自购传递对长期布局的信心；基金公司员工持仓则兼顾价 值与成长风格，对行业ETF联接产品关注升温。 2025年上半年机构投资者持有权益基金情况 看机构投资者持有金额： 机构重金"押注"沪深300ETF 2025年上半年，宽基ETF成为机构们重金持有的主流。截至上半年末，机构投资者持有金额最高的20只权益类基金均为ETF产品，且宽基ETF占据 绝大多数。 其中，机构持有金额排名前四的基金均 ...

Group 1 - The core point of the news is that Shouchao Securities has received approval from the Beijing State-owned Assets Supervision and Administration Commission for its H-share issuance, marking a significant step in its internationalization strategy [1] - The approval will enhance the company's capital strength, expand international financing channels, and increase brand influence [1] - The acceleration of internationalization among leading brokers may prompt smaller brokers to explore overseas markets, benefiting the overall competitiveness of Chinese financial institutions in the global capital market [1] Group 2 - Over 400 public funds have announced suspension of subscriptions or large subscriptions since August, indicating a trend of "subscription limits" among top-performing funds [2] - This phenomenon reflects fund companies' cautious attitude towards scale control, potentially redirecting capital flows to other investment targets [2] - Investors are advised to maintain rationality and differentiate between beta and alpha returns while constructing a reasonable asset allocation framework [2] Group 3 - The issuance of public funds has reached a new high in August, with 158 funds planned for issuance, a 6.04% increase from July [3] - This surge in fund issuance indicates an increased willingness of market participants to invest, which could bring incremental capital to the A-share market and enhance market liquidity [3] - The active issuance of funds also suggests a gradual recovery of investor confidence, positively influencing overall market sentiment [3] Group 4 - A total of 23 public funds have announced self-purchases this year, with a total amount exceeding 800 million yuan, reflecting confidence in the long-term value of the Chinese capital market [4] - The net subscription of equity funds has surpassed last year's total, indicating institutional recognition of the investment value in A-shares [4] - Such self-investment actions are expected to boost market sentiment and strengthen investor confidence, providing robust support for the healthy development of the capital market [5]

Core Viewpoint - Huatai Securities Asset Management Co., Ltd. plans to invest up to 32 million yuan of its own funds into its equity public funds, with a holding period of no less than one year, reflecting confidence in the long-term stability of the Chinese capital market and the company's active investment management capabilities [2][2][2] Company Summary - Huatai Securities Asset Management, a subsidiary of Huatai Securities, obtained its public fund license in 2016 and has a public fund management scale of 138.669 billion yuan as of the end of 2024 [2][2][2] Industry Summary - In August, multiple public funds, including Southern Fund, ICBC Credit Suisse Fund, and Taikang Fund, have announced their self-purchase plans, indicating a trend among public funds to invest in their own products [2][2][2]

Group 1 - Huatai Securities Asset Management Co., Ltd. plans to invest up to 32 million yuan of its own funds in its equity public funds, with a holding period of no less than one year [1] - The investment decision is based on confidence in the long-term healthy and stable development of the Chinese capital market and the company's active investment management capabilities [1] - The aim of using its own funds for investment is to adhere to the long-term investment philosophy, sharing risks and returns with investors and fund holders [1] Group 2 - Huatai Securities Asset Management is a subsidiary of Huatai Securities and obtained a public fund license in 2016, with a public fund management scale of 138.669 billion yuan as of the end of 2024 [1] - In August, multiple public funds, including Southern Fund, ICBC Credit Suisse Fund, and Taikang Fund, have announced their own purchase plans [1]

Core Viewpoint - The public fund industry is undergoing a transformation from a focus on scale to performance, with a shift from reliance on star fund managers to a platform-based, team-oriented investment research approach [1][10][14]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 3700 points, leading to a surge in investor enthusiasm for fund subscriptions, yet many high-performing funds are implementing purchase limits [2][14]. - As of August 15, 2023, approximately 190 actively managed equity funds have seen a net asset value growth rate exceeding 50%, with 31 of these funds suspending or limiting large purchases [2][3]. - Fund companies are increasingly adopting purchase limits to balance short-term profit protection and long-term strategy sustainability, reflecting a responsible approach to investor interests [3][4]. Group 2: Fund Company Strategies - Over 100 fund companies have engaged in self-purchase of their equity funds this year, with total self-purchase amounts nearing 5 billion yuan, indicating a strong market confidence [5][6]. - Self-purchase behavior is now primarily focused on equity funds, with over half of the net purchases being in this category, showcasing a shift in strategy compared to previous years [5][6]. - Fund companies are prioritizing long-term brand value over short-term management fee income, recognizing that maintaining investor trust is crucial for sustainable growth [4][6]. Group 3: Shift in Investment Philosophy - The reliance on star fund managers is diminishing, with a growing emphasis on the overall strength and stability of the fund company's investment research team [10][11][14]. - Investors are increasingly aware that sustainable returns depend more on the collective capabilities of the investment team rather than individual fund managers [14][15]. - The trend of limiting purchases and self-purchases is reshaping investor decision-making, leading them to focus on the comprehensive strength of fund companies rather than individual performance [14][15]. Group 4: Future Outlook - The platform-based operational model is expected to provide a robust framework for navigating complex market conditions, enhancing the adaptability of fund companies [16][19]. - As the market evolves, competition within the fund industry is anticipated to center more on research capabilities, product innovation, and investor services, promoting a shift towards long-term value investment [19][20].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a new emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][19][21]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 3700 points, leading to a surge in investor enthusiasm for fund subscriptions, yet many high-performing funds are implementing purchase limits [4][19]. - Over 100 fund companies have engaged in self-purchase of their equity funds this year, with self-purchase amounts doubling year-on-year, reflecting a significant shift in industry behavior [2][8]. - The trend of limiting subscriptions is a response to the influx of capital, aimed at maintaining fund performance and protecting existing investors from dilution [5][6][21]. Group 2: Fund Management Strategies - Fund companies are prioritizing long-term brand value over short-term management fee income by implementing subscription limits, which may impact immediate revenue but are seen as a strategic investment in trust and sustainability [6][9]. - The self-purchase of funds is increasingly focused on equity funds, with over 137 fund companies participating and total self-purchase amounts nearing 5 billion yuan, indicating a strong market confidence [8][10]. - The shift towards team-based investment strategies is seen as a response to the diminishing influence of star fund managers, with firms emphasizing collaborative research and a robust investment framework [14][16][21]. Group 3: Investor Behavior - Investors are shifting their focus from individual star fund managers to the overall strength and sustainability of fund companies, reflecting a maturation in investment decision-making [21][22]. - Subscription limits and self-purchase actions are now viewed as indicators of fund quality, enhancing investor trust and encouraging a long-term investment perspective [21][22]. - The industry is moving towards a more rational investment approach, where the emphasis is placed on the comprehensive capabilities of fund companies rather than the performance of individual managers [19][21]. Group 4: Future Outlook - As the market evolves, fund companies are expected to adapt their strategies dynamically, particularly in response to market fluctuations, with platform-based models providing a robust framework for navigating complex market conditions [24][26]. - The ongoing competition in the fund industry is anticipated to increasingly focus on research capabilities, product innovation, and investor service, leading to a more mature investment landscape [27][28].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a growing emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][3][21]. Group 1: Performance Over Scale - In the current bull market, many high-performing funds are implementing purchase limits to manage inflows and protect existing investors' interests, contrasting with the previous bull market where scale was prioritized [5][6][7]. - As of August 15, 2023, approximately 31 out of 190 actively managed equity funds with over 50% net asset growth have suspended or limited large purchases, indicating a strategic shift towards sustainable performance [6][7]. - Fund companies are recognizing the need to balance short-term returns with long-term strategy sustainability, leading to a more cautious approach to fund inflows [6][7][8]. Group 2: Fund Company Self-Purchases - A notable trend in 2023 is the increase in self-purchases by public fund companies, with 137 firms participating and a total self-purchase amount exceeding 5 billion yuan, nearing 80% of last year's total [10][11]. - Self-purchases are primarily focused on equity funds, with over half of the net purchases in this category, reflecting a commitment to aligning the interests of fund companies with those of investors [10][11]. - The timing of self-purchases this year, occurring during market uptrends rather than downturns, signals a strong confidence in market valuations and overall economic conditions [12][13]. Group 3: Diminishing Star Manager Influence - The reliance on star fund managers is decreasing, with a shift towards a more collaborative and systematic investment research approach within fund companies [15][16][21]. - Fund companies are increasingly focusing on building robust, team-based investment research platforms rather than depending on individual managers, which enhances the sustainability of investment performance [17][18]. - This transition is driven by regulatory guidance and market changes, emphasizing long-term performance and team collaboration over individual accolades [18][19]. Group 4: Changing Investor Decision Logic - The combination of purchase limits, self-purchases, and the move away from star managers is reshaping investor decision-making, leading to a focus on the overall strength and sustainability of fund companies rather than individual fund managers [21][23]. - Investors are becoming more discerning, recognizing that sustainable returns are more likely to come from a company's comprehensive investment capabilities rather than from individual star performances [24][28]. - This evolution in investor behavior reflects a maturation of the industry and a shift towards long-term value investing principles [28].

Group 1 - The core viewpoint of the article highlights the increasing trend of public fund companies engaging in self-purchase of their own funds, particularly in the context of a recovering stock market and regulatory encouragement [1][2][3][4] - Fund companies have significantly increased their self-purchase activities in 2023, with over 130 companies announcing self-purchase plans totaling more than 5 billion yuan, with nearly half of these being equity and equity-oriented products [2][3] - Regulatory bodies have been urging public funds to utilize their own capital for purchasing equity funds, aiming to align fund performance with investor interests, which has led to a cultural shift similar to that of listed companies repurchasing their shares [2][3] Group 2 - The positive stock market outlook has motivated fund companies to self-purchase equity funds, which serves both as a market sentiment indicator and a strategy to enhance their profitability amid declining management fees [3] - Despite the favorable market conditions, the sales performance of public funds has not been satisfactory, prompting companies to adopt aggressive self-purchase strategies as a means to boost sales of well-performing products [3] - The evolution of self-purchase behavior from minimal amounts to substantial investments reflects a change in public funds' market perception and their strategic responses [3][4]