◎记者 朱妍 今年以来，多家公募基金管理人收到《关于指数基金纳入个人养老金产品名录相关工作的通知》，明确 了将指数基金纳入个人养老金产品名录的标准。根据通知，公募基金管理人可以在每季度结束后1个月 内，将符合标准的指数产品申请纳入名录。目前，在个人养老金基金名录中，指增基金的数量已增至24 只，涉及上证50、沪深300、中证500、中证800等多个指数。 指增基金丰富投资者选择 在赚钱效应下，指增基金的市场关注度不断提升。Choice数据显示，截至8月21日，24只纳入个人养老 金产品名录的指增基金，成立以来平均收益接近12%，且最早成立的产品成立时间为2024年12月。养老 基金Y份额投资者的风险偏好与指增基金较为匹配。 南方基金此前发布的《2024年中国个人养老金发展报告》显示，在一般基金投资者中，无法接受大幅收 益波动的投资者占比为46.6%。但在已购买养老基金Y份额的投资者中，此类投资者占比为23%，希望 赚取高收益并愿意承担有限甚至较大本金损失的投资者占比达到77%。 博道基金认为，此次个人养老金基金增加多只指增基金，有助于投资者结合自己的风险偏好和个人养老 规划等因素，进行养老资产的配置。指增基金 ...

Core Insights - The issuance of new funds has accelerated significantly, with 15 funds announcing the effectiveness of their contracts on July 24, indicating a robust market response [1] - Many funds have shortened their fundraising periods to 3 to 5 days, reflecting a strong demand for investment opportunities [1] - There is a rapid influx of incremental capital, with institutions showing a positive outlook on the market, enhancing the attractiveness of equity assets [1] - The positive cash flow is creating a virtuous cycle for the market, building momentum for future trends [1]

7月17日，睿远基金旗下由饶刚、侯振新管理的睿远稳进配置两年持有混合基金披露2025年二季报。报 告表示，依旧看好无风险利率低位的环境下性价比更占优的权益类资产，同时也积极看待债和股作为一 个有机整体相互配合对组合风险收益比的改善。 转债方面，在整体市场估值相对较高的背景下，赚"容易钱"的时候已经过去，二季度本基金进一步降低 了转债仓位，并收缩了持仓范围，现有持仓依旧以低估值的债性转债品种为主，当前阶段继续以自下而 上寻找低估结构性机会为主。 纯债方面，二季度主要的趋势性机会产生于季度初对等关税冲击下中长端收益率的快速下行，此后便延 续震荡至季末。本基金及时加仓了长端利率债，部分对冲了权益资产的波动，对于组合运行的平稳性做 出一定的正贡献。 展望后市，该报告表示，从经济视角来看，下半年挑战与机遇并存：来自于上半年抢出口和抢生产的效 应导致了需求的部分前置，上述动能回落后对于下半年需求侧形成一定压力，同时以旧换新政策对于消 费的拉动作用也将在下半年面临高基数的挑战；机遇则来自中美关税谈判进一步深入带来的税率下调可 能性，以及二季度就业数据逐步走弱后美国降息概率提升推动的全球流动性边际宽松。在以上国内外宏 观背景 ...

Group 1: Fund Market Dynamics - The public fund issuance market has seen a significant increase, with over 4.2 billion new fund shares issued this year, and equity funds accounting for over 46% of this total [1] - In May, the number of newly established public funds reached 115, marking the third consecutive month of exceeding 100 new funds, with an average subscription period of 20.97 days [1] - The private equity stock strategy products have achieved an average return of 7.46% in the first five months of the year, with quantitative long strategies performing particularly well [1][2] Group 2: Private Equity and Securities - The number of private securities products registered has surged by 45.03% year-on-year, with a total of 4,361 products registered in the first five months of the year [2] - Leading quantitative private equity firms have dominated the market, attracting significant capital inflows [2] Group 3: Bond Market Developments - The issuance of technology innovation bonds (科创债) has surpassed 200 billion yuan, with 202 bonds issued and a total issuance scale exceeding 388.3 billion yuan [2] - Banks have been the primary issuers of these bonds, accounting for over half of the total issuance [2] Group 4: Hong Kong Market Trends - The Hong Kong stock market is experiencing a revival, with a surge in IPOs from Chinese companies, indicating a shift in the valuation dynamics between A-shares and H-shares [3] - The trend of A-share companies listing in Hong Kong is expected to inject new vitality into the Hong Kong market, enhancing its long-term investment appeal [3] Group 5: Industry-Specific Insights - The price of the third-generation refrigerant R32 has increased by 42% year-on-year, with the current average price exceeding 50,000 yuan per ton [4] - Analysts are optimistic about the profitability of leading companies in the refrigerant industry due to favorable supply-demand dynamics [4]

Group 1 - The core viewpoint is that the bank wealth management market continues to grow steadily, with a total scale exceeding 30 trillion yuan as of May 26 [1] - In the context of declining deposit rates, banks are adjusting their deposit rates below 2%, which has led to increased investor interest in wealth management products [1] - In the first quarter of this year, bank wealth management products generated a total return of 206 billion yuan for investors, with wealth management companies contributing significantly to this return [1] Group 2 - The bank wealth management market is primarily focused on fixed-income products, but there is a growing diversity in product offerings, including mixed, equity, commodity, and financial derivatives [2] - Many small and medium-sized banks are enhancing their wealth management offerings and optimizing their distribution channels to attract investors [2] - In the first quarter, the asset allocation of bank wealth management products was dominated by fixed-income assets, with bonds, cash, and bank deposits accounting for 43.9%, 23.3%, and 13.5% of total investment assets, respectively [2] Group 3 - In the low deposit interest rate environment, the value of equity assets is becoming more prominent, and investors are advised to consider their risk tolerance when allocating equity assets [3] - A diversified asset allocation strategy is recommended, combining defensive assets like cash and bonds with growth-oriented equity assets [3] - Long-term investment perspectives are encouraged to smooth out short-term volatility and achieve sustainable capital appreciation [3]

Group 1 - The core viewpoint of the articles highlights the significant increase in insurance companies' investment in bonds and equities, with a focus on long-term investment strategies to stabilize returns [1][2][3] - As of the first quarter of 2025, the total investment balance of insurance companies reached 34.93 trillion yuan, marking a year-on-year growth of 16.7% [1] - The bond allocation for life insurance companies exceeded 51% for the first time, reaching 16.1 trillion yuan, while property insurance companies' bond allocation reached 909.3 billion yuan, surpassing 40% [2] Group 2 - Equity assets have become crucial for insurance companies to enhance their returns, with stock allocation ratios reaching 8.4% for life insurance and 7.6% for property insurance, both at historical highs [3] - The long-term stock investment pilot program has expanded significantly, with an approved scale of 242 billion yuan as of May 2025, indicating a stable influx of medium to long-term capital into the capital market [3] - The investment focus of long-term stock investment pilot funds is on high-quality listed companies in the domestic and Hong Kong markets, emphasizing companies with good governance, stable operations, and reliable dividends [3]

｜2025年5月23日 星期五｜ NO.1 获批！卡塔尔控股拿下华夏基金10%股权，成为第三大股东 点评：年内139只基金提前结募，权益类基金占比超50%，反映出市场对权益类资产的青睐。这一现象 或表明投资者风险偏好有所提升，对相关行业板块形成利好。同时，基金公司对未来市场持乐观态度， 提前结募或锁定更多资金，有助于股市整体资金面的稳定。 NO.4 国泰海通：赵慧文担任合规总监获证监会相关派出机构认可 国泰海通（601211/02611）发布公告，2025年5月22日，赵慧文担任公司合规总监的事宜已获中国证监 会相关派出机构认可，正式任职。这一任命是基于公司第七届董事会第一次会议审议通过的《关于提请 聘任公司高级管理人员的议案》，并在2025年4月3日获得通过。根据公告，赵慧文的任职将为公司合规 管理带来新的推动力，具体的任职信息已在2025年4月4日的相关公告中进行详细说明。 点评：国泰海通合规总监赵慧文任职获证监会认可，显示公司治理结构进一步完善。新任合规总监将强 化公司合规管理，提升市场信心。对券商板块而言，合规性提升有助于行业整体健康发展。短期内，市 场对国泰海通的治理能力将有所期待，可能带来积极的市 ...

【 机构观点综评 】 招商基金称，中国资产迎来顺风期，来自全球和国内的两股配置力量均迎来拐点。 银华基金于蕾表示，借鉴海外经验，低利率进入中后期债券波动率下降，金融类资产配置或将由固收类 向权益类 转移。 一、权益市场 1 . 招商基金：中国资产迎来顺风期 招商基金3月投资策略报告称，中国资产迎来顺风期，来自全球和国内的两股配置 力量均迎来拐点。科技方面主题热度可能会受到短期交易资金的影响引发波动，但 随着产业主线的逐步清晰，长线资金将聚焦于真正产业逻辑的龙头标的，在市场波 动中仍可逢低配置。外资重新回流或将重新关注核心资产白马的低估机会，市场整 体回暖后，低估值白马的价值发现或是刚刚开始。 2. 银华基金：低利率后半程增配权益 银华基金于蕾表示，借鉴海外经验，在低利率环境下，债券资产整体表现较好，进 入中后期债券波动率下降，而股票资产波动依然显著，且通常股债表现为负相关。 当无风险利率下降至较低水平时，伴随着经济基本面的企稳回升，金融类资产配置 或将由固收类向权益类转移，在利率低位环境下考虑增加权益类资产配置，企业盈 利最差阶段或已过去。 3. 博时基金：港股依然比A股具有性价比 博时基金赵宪成指出，与A股 ...

近期，私募大佬杨东在港股频频出手！ 港交所披露易最新信息显示，2月14日，上海宁泉资产管理有限公司（简称" 宁泉资产 "）增持90万股碧桂园服务，涉及资金约461.7万港元，最新持股数量达 到1.68亿股，持股比例突破5%，首次举牌碧桂园服务。 不仅如此， 私募大佬 杨东还在2月增持了信义能源、大唐新能源、中国通号、中粮家佳康、新特能源、万科企业等多只股票，可谓坚定看好港股。 截至2月28日，宁泉资产在港股举牌的公司数量达到10家，分别是中原证券、东方证券、大唐新能源、中国通号、中粮家佳康、信义能源、新特能源、新天绿 色能源、万科企业、碧桂园服务。 展望今年，宁泉资产在最新的月报中表示，在各种投资资产选择中，权益类资产对于国内资金来说是相当好的选择，更看好今年市场的结构性机会。"市场只 有在不断地涨涨跌跌之中，慢牛的轮廓才会隐身其中。" 作为物业一哥，碧桂园服务2024年上半年实现营业收入210.5亿元，同比增长1.5%；实现股东应占核心净利润约18.40亿元，同比减少约31.7%。整体来看，收 入稳定，利润、经营现金流承压。 去年下半年，碧桂园服务清空珠海万达股权，获得37.91亿元交易款，实现4.61亿元 ...