牛市第二浪

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牛市第二浪品种!两只低估高弹性指数基金降费至最低档
Sou Hu Cai Jing· 2025-08-14 23:57
Core Viewpoint - The public fund industry is actively pursuing high-quality development by reducing investor costs and enhancing financial service offerings [1][2][3]. Group 1: Fee Reduction Initiatives - The majority of index funds in the market have a management fee rate of 0.5% and a custody fee rate of 0.1%, while Tianhong's ChiNext ETF has reduced its comprehensive annual fee rate to 0.2%, the lowest in the market [1]. - Tianhong Fund has lowered the fee rates of multiple products this year, including a reduction of 0.4% and 0.35% for Tianhong Global New Energy and Tianhong Global High-end Manufacturing, respectively [3]. Group 2: Fund Performance and Market Position - As of August 13, 2025, Tianhong's ChiNext ETF has a scale of 8.77 billion yuan, ranking third among similar products, with over 960,000 holders, the highest in the ChiNext index fund category [3][4]. - Tianhong Fund's equity index fund scale reached 115.1 billion yuan, ranking ninth in the industry, with 6.81 billion yuan in off-market index funds, ranking third [4]. Group 3: Market Trends and Valuation - The A-share market has shown strong performance, with the ChiNext index rising over 22% since June 23, 2024, benefiting from sectors like new energy, pharmaceuticals, and electronics [6]. - As of August 13, 2025, the ChiNext index's TTM price-to-earnings ratio is 35.73, in the 27.58% percentile over the past decade, indicating a valuation at the lower end compared to major broad-based indices [6][7]. Group 4: Future Outlook - The fund manager of Tianhong's ChiNext ETF anticipates significant potential upside, referencing historical bull markets where the ChiNext index increased over 100% [8]. - The current market position of the ChiNext index is favorable for long-term investment strategies, with a recommendation for investors to gradually build positions [8].
牛市第二浪品种!两只低估高弹性指数基金降费至最低档
中国基金报· 2025-08-14 23:47
今年以来,天弘基金已经多次调降旗下产品费率。 Wind 数据显示,截至 2025 年 8 月 13 日,除天弘创业 板 ETF 及其联接基金以外,天弘基金旗下年内已有 7 只产品不同程度地参与了费率下调,涉及产品类型覆 盖 QDII 、指数基金,其中天弘全球新能源汽车、天弘全球高端制造综合年费率下调幅度分别为 0.4% 、 0.35% 。 公募基金践行高质量发展在路上。 继年初下调部分 QDII 基金费率、落地浮动费率产品后,天弘基金 15 日发布公告称,为更好地满足投资者 理财需求,自 8 月 15 日起将天弘创业板 ETF ( 159977 )及其联接基金( A 类: 001592 ; C 类: 001593 )的管理费年费率均由 0.5% 调低至 0.15% ,托管费年费率均由 0.1% 调低至 0.05% 。 Wind 数据显示,截至 2025 年上半年,天弘基金权益指数基金规模达 1151 亿元,位居行业第九;其中, 场外指数基金规模 681 亿元,排名第三;权益 ETF 及联接基金规模 680 亿元,位列第十。 值得一提的是,截至 2024 年末,天弘基金旗下指数基金持有人超 1200 万户,居行 ...
创业板继续冲,牛市第二浪如何把握?
Xin Lang Cai Jing· 2025-07-23 05:08
Core Viewpoint - The ChiNext board is becoming the leading flagbearer of the current bull market's second wave, with historical patterns indicating that the "mid-air refueling station" phase in a bull market often brings excess returns [1] Market Performance - As of today, the ChiNext index has experienced five consecutive days of gains, reaching a new high for the year, continuing its strong performance since mid-July [3] - The ChiNext ETF's latest circulating scale has grown to 8.692 billion yuan as of July 22, indicating accelerated capital allocation towards the ChiNext [3] Core Drivers - Improvement in the overseas environment, with the Fed's recent dovish signals and a decline in the dollar index below 97, stabilizing the RMB around 7.05 [3] - Domestic policy measures have intensified, with the State Council approving substantial initiatives to promote the development of the private economy, alongside a net liquidity injection of 150 billion yuan through MLF operations [4] - The acceleration of industrial upgrades is evident, with leading companies in the ChiNext, such as Zhongji Xuchuang and Xinyi Sheng, reporting significant performance exceeding expectations [4] Market Characteristics and Future Outlook - Market trading volume has significantly increased, with total A-share turnover rising from approximately 1.5 trillion yuan to nearly 2 trillion yuan [5] - Valuation advantages remain, as the ChiNext index's valuation percentile is still below 40%, significantly lower than other indices like CSI 300 and SSE Composite [5] - Signs of market rotation are emerging, with funds shifting from value sectors like banks to technology growth stocks, which is beneficial for market stability [5] Investment Strategy - Historical bull market trends suggest that the ChiNext index has the potential for further upward movement, having rebounded approximately 50% since September 24 [6] - The upcoming Fourth Plenary Session is expected to raise policy expectations, with August typically being a favorable month for growth stocks [6] - Recommended focus areas include AI computing (Zhongji Xuchuang, Xinyi Sheng), innovative pharmaceuticals (Kanglong Chemical, Taige Pharmaceutical), and new energy (Ningde Times, Yiwei Lithium Energy) [6]