总体来看，今年上半年市场的鲜明特征之一是避险思维让位于机会思维，与前两年存在明显不同。市场 交投情绪明显好于去年，上半年A股日均成交额维持在1.3万亿元以上，超过去年下半年的1.2万亿元， 更远高于去年上半年的8600亿元水平，市场活跃度的提升意味着赚钱效应的显现。另外，机会广度较以 往也明显扩大。过去备受追捧、被视为"避险港湾"的红利类资产出现缩圈，而成长类资产则呈现扩散态 势，从科技、新能源汽车，再到消费、医药，不同行业均有所表现，这表明市场不再仅仅抱团避险，而 是积极寻找各个领域具有增长潜力的机会。经济总量虽有压力，但企业分化在加大，具有稀缺性成长的 资产受到市场追逐，估值对于盈利的敏感性大幅提升。 本季度市场的一个投资热点是新消费。背后体现的是过去几年，一些新消费企业凭借敏锐的消费洞察和 优质的产品供给，适应了个性化、多元化消费新趋势的兴起，其商业模式、行业空间、高盈利增长等特 征与市场对成长景气的偏好高度契合。我们对这一赛道持续有所跟踪。 展望下半年，在资金仍在场内积极寻找机会的情形下，新兴成长类资产仍然有望成为市场关注重点。部 分高景气赛道通过技术迭代、品牌升级或全球化突破等途径实现企业的快速增长 ...

Group 1 - The total scale of public funds in China reached a new high of 33.74 trillion yuan by the end of May 2025, reflecting the robust development of the asset management industry and investors' continued preference for professional investment services [1] - As of May 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 33.74 trillion yuan, an increase of 0.62 trillion yuan or 1.87% from the end of April [1] - The total scale of public funds has set a historical record for the eighth time since 2024, showcasing the strong growth momentum of China's asset management industry [1] Group 2 - By the end of May, the net asset value of open-end funds totaled 29.98 trillion yuan, while closed-end funds accounted for 3.76 trillion yuan, with open-end funds continuing to expand in scale, shares, and quantity [1] - Open-end funds include five major categories: stock funds (4.58 trillion yuan), mixed funds (3.57 trillion yuan), bond funds (6.78 trillion yuan), money market funds (14.40 trillion yuan), and QDII funds (0.65 trillion yuan), with most categories experiencing growth [2] - Money market and bond funds significantly contributed to the overall growth of public fund scale, with increases of 407.13 billion yuan and 221.88 billion yuan, respectively [2] Group 3 - The number of equity funds is a key focus for public institutions, with 60 new stock funds added by the end of May, indicating a long-term positive outlook for the equity market [2] - In the context of global uncertainty and moderate domestic economic recovery, the industry suggests maintaining a balanced allocation towards high-growth technology assets and high-dividend cyclical assets [3]

兴证全球基金经理童兰认为，不管是红利资产还是成长类资产，本质上都是资产。"作为投资人，我关 注的是它的核心本质，也就是其在全生命周期当中创造现金流，折算到当前价值的合理水平。"童兰 说。 具体到红利资产的细分配置方向，睿郡资产执行董事杜昌勇认为，共识过于一致的资产市场表现已经很 充分，更应关注部分共识度较低、基本面又比较好的资产。"有些行业，比如说运营商行业是非常稳定 的小幅成长行业，过去市场表现很充分，市场的共识也很一致。这两年我们关注到的另一些公用事业行 业，比如电力行业，目前市场上分歧还是挺大的。未来这个板块的稳定性会显示出来，可以慢慢地看到 业绩的稳定性和成长性，又有很高的分红比例承诺。从这个角度来看，兼具分红和成长的属性。" 进入5月，一季度小有收获的公募基金开始为下半年行情做准备。在此背景下，机构对红利资产的关注 度显著提升。在机构人士看来，低估值、基本面稳健的红利资产依然是组合的压舱石，但在哪些红利资 产更具配置价值方面，则存在一定的分歧。 今年以来，公募主动权益类基金的业绩有所修复。Choice统计数据显示，截至4月30日，今年以来全市 场普通股票型基金和偏股混合型基金的平均回报皆为正，分别为 ...