上市公司半年报披露结束，作为子公司的公募基金的最新财务数据同步揭晓。整体来看，数据可统计的 43家基金公司上半年合计营业收入达405.93亿元，在头部公司营收最高已超过58亿元的同时，部分中小 公募营收则不足千万元。净利润方面，50家数据可统计的基金公司共盈利141.4亿元，5家跻身"10亿俱 乐部"，较2024年上半年增加1家。也有7家录得亏损。与2024年同期相比，行业经营业绩喜忧参半，近 六成公募净利润同比提升，不过也有部分公司面临由盈转亏的挑战。有业内人士表示，展望全年，预计 公募行业整体经营业绩仍将保持稳健增长，但分化可能进一步加剧。不同体量的公募需通过差异化竞 争，找到自身的优势业务来提升盈利能力。 营业收入最高超58亿元 同期，还有浙商基金、东兴基金、东海基金、红塔红土基金等8家公募营业收入不足1亿元。其中，瑞达 基金以281.5万元暂时垫底，九泰基金、华西基金相关数据也未能超过千万元，分别为691.53万元、 486.06万元。 对比2024年同期，数据可取得的42家公募中，24家实现营业收入的同比增长，占比57.14%。华西基金 同比增幅最大，达70.82%。此外，永赢基金同比增长42.16 ...

固定收益 | 固定收益定期 机构行为月报 证券研究报告 股债碰撞，机构"众生相" 8 月，债市剧烈波动下的机构"众生相" 债市行情与机构行为整体回顾：从"看股做债"，到"股债脱敏" 8 月上旬，债市从 7 月末"跌宕起伏"的行情中迎来喘息之机，各类机构 现券买卖行为均较为平淡，谨慎等待含税新券的落地。税收新政面前，非 金信用债的优势提升，基金对信用债的买盘力量回升至 6 月的水平附近。 8 月中旬，权益市场加速上涨并带动"看股做债"行情演绎，债基赎回担 忧升温。交易盘持续抛售且不乏单日大额净卖出的情况出现，配置盘入场 承接但力度有限。 8 月下旬，股市对债市的影响程度逐渐减弱，交易盘做多情绪先升温，月 末又再度转为净卖出。 机构行为如何驱动行情演绎：配置盘缺位，基金主导行情 今年以来配置盘的债券仓位整体有限。而 8-9 月又是超长债的密集发行期， 配置盘可能需要腾挪部分债券仓位，以在一级市场进行承接，相应会减少 在二级市场的参与力度。 基金的投资行为经历了从一致到分化、从紧急防御到情绪改善再到预期修 正的过程，并由此形成了从"股债联动"到"股债脱敏"的行情叙事。具 体而言，基金对行情的驱动逻辑分为如下阶段： ...

Core Insights - A total of 817 active equity funds are currently in a "submerged" state with net asset values below 1 yuan as of August 29, 2023, with 726 of these funds established between 2020 and 2022, accounting for over 88% [1][4] - The latest 2025 semi-annual report indicates a significant reduction in both the scale and number of investors in these high-positioned funds, with 648 equity funds experiencing a decline of over 1 trillion yuan in total scale and a drop in investor accounts from 51.12 million to 24.05 million, a decrease of over 50% [1][4] Fund Performance - Among the 94 ordinary stock funds with net asset values below 1 yuan, 78 were established during the market peak from 2020 to 2022, representing 82.98% [2] - Notable funds include "Open Vision," which was launched in July 2020 with a fundraising scale of nearly 17 billion yuan, currently showing a cumulative loss of 22.48% since inception despite a 20.11% return this year [2] - The "Growth Pioneer" fund, established in June 2020 with over 32 billion yuan, has a cumulative loss of 16.31% since inception, despite a 28% return this year [3] Scale and Investor Reduction - The total scale of the 78 stock funds with net values below 1 yuan has decreased from 202.72 billion yuan to 59.23 billion yuan, a reduction of over 70% [4] - The 648 high-positioned equity funds have seen their total scale shrink from 1,620.99 billion yuan to 540.94 billion yuan, a decline of over 1 trillion yuan, or more than 66% [4] - The number of investors in these funds has also significantly decreased, with the 78 stock funds reporting a drop from 5.20 million to 2.56 million accounts, a reduction of over 50% [4][5] Investor Confidence - Despite a new market rally in 2025, investor confidence in actively managed equity funds remains low, with many funds still below the 1 yuan threshold [7] - The industry is undergoing a transformation, moving away from extreme thematic investments and focusing on improving research mechanisms and investor experiences [7]

五巨头净利均超10亿 当前，资本市场持续深化改革，公募基金行业也进一步彰显了功能性定位，整体质量和服务水平不断提 升。 从已披露的上半年经营数据来看，实行多元化发展的头部基金公司取得了较为显著的业绩增长，易方达 基金、工银瑞信基金、南方基金、广发基金和华夏基金5家头部公司均实现了超10亿元的净利润。 数据来 源：基金半年报，吴琦/制表 随着半年报结束披露，一批上市公司控股参股的基金公司也揭开了半年度经营概貌。 数据显示，上半年，公募基金行业整体呈现稳健良好的发展态势。在权益市场回暖以及公募行业降本成 效显现的背景下，部分基金公司凭借较为丰富多元的产品线布局以及股东资源禀赋加持，经营业绩持续 上升，一些业务较为单一的基金公司则出现了经营上的下滑或亏损。 工商银行发布的2025年半年报显示，工银瑞信基金上半年实现净利润17.45亿元，同比增长29.64%。广 发证券发布的2025年半年报显示，旗下参股子公司易方达基金上半年实现净利润18.77亿元，同比增长 23.81%；控股子公司广发基金上半年实现净利润11.8亿元，同比增长43.54%。报告期末，易方达基金和 广发基金的非货规模分别排名行业第1、第3。华泰证券 ...

Core Viewpoint - The performance of fund companies has shown significant divergence, with some achieving substantial profit growth while others face considerable declines or losses [2][7]. Group 1: Fund Company Performance - In the first half of 2025, the public fund industry demonstrated a stable and positive development trend, influenced by a recovering equity market and cost reduction efforts [2]. - Leading fund companies such as E Fund, ICBC Credit Suisse, Southern Fund, GF Fund, and Huaxia Fund reported net profits exceeding 1 billion yuan, with E Fund and GF Fund achieving net profits of 18.77 billion yuan and 11.8 billion yuan, respectively, marking year-on-year growth of 23.81% and 43.54% [4][5]. - Some mid-sized fund companies, including Fuguo Fund and Tianhong Fund, reported net profits between 500 million yuan and 1 billion yuan, while others like Xingzheng Global Fund and Invesco Great Wall Fund showed growth rates of 17.84% and 12.78% [5][4]. Group 2: Performance Disparities - The performance of some leading fund companies has declined significantly, with Huitianfu Fund reporting a net profit of 4.8 billion yuan, down 30.45% year-on-year [6]. - Smaller fund companies are experiencing greater volatility in performance due to their relatively singular business models, with some facing substantial losses [8]. - Local bank-affiliated fund companies, such as Yongying Fund, have shown rapid growth, with Yongying Fund achieving a net profit of 1.82 billion yuan, up 80.2% year-on-year [8][9]. Group 3: Industry Growth and Challenges - As of mid-2025, there are 164 public fund management institutions in China, managing a total net asset value of 34.39 trillion yuan, reflecting a 4.75% increase from the previous year [17]. - The industry is witnessing a shift in resident wealth towards public fund products, with a promising outlook for index-based investments driven by policy incentives and product innovation [17]. - Fund companies are focusing on high-quality development, enhancing product lines, and improving investor experiences to navigate the opportunities and challenges in the market [17].

Core Viewpoint - The "national team" funds, represented by Central Huijin and China Chengtong, have actively entered the market through ETFs in the first half of 2025, playing a stabilizing role in the capital market [1][2] Group 1: National Team Funds - Central Huijin Asset Management increased its holdings in 12 ETF products, spending over 210 billion yuan, with a total ETF market value reaching a historical high of 1.28 trillion yuan by the end of Q2 [2][3] - The ETFs include major indices such as the SSE 50 ETF, CSI 300 ETF, and ChiNext ETF, indicating a broad investment strategy [2][3] Group 2: Insurance Funds - Insurance funds held over 270 billion yuan in ETFs by the end of Q2, with China Life Insurance significantly increasing its ETF holdings by over 12 billion shares, ranking first among insurance institutions [4][5] - The largest ETFs held by China Life include those focused on Hong Kong technology and internet sectors, indicating a strategic focus on growth areas [4] Group 3: Foreign Banks - Foreign banks, such as Barclays and UBS, expanded their ETF investments, increasing the number of ETFs held from 133 and 55 to 197 and 138, respectively, with a combined market value exceeding 27 billion yuan [6] - These banks favored ETFs related to Hong Kong consumption, oil and gas, and overseas markets, reflecting a diversified investment approach [6][7]

1．终结茅台9年霸权，寒武纪成新"股王" 8月28日，中国资本市场迎来历史性时刻--在AI算力狂潮的推动下，芯片龙头寒武纪以1587.91元 的收盘价强势超越贵州茅台（1446.1元），终结了后者长达9年的统治，成为A股收盘价最高 的"股王"。这场新旧龙头的更迭，不仅标志着科技产业对传统消费的价值重估，更折射出中国经 济结构转型的深层逻辑。 【解读】寒武纪最新披露的半年报显示，今年上半年，其营收同比激增4347.82%至28.81亿元，净 利润扭亏为盈达10.38亿元，业绩拐点成为股价飙升的催化剂。近日国务院印发的《关于深入实 施"人工智能+"行动的意见》，更是为AI产业发展提供了强大政策支持。A股"股王"更替折射出中 国资本市场定价体系的重构，一个由科技创新与自主可控引领的时代正加速到来。 二、权益市场 1.申万宏源：时间已是牛市朋友 申万宏源证券傅静涛指出，时间已经是牛市的朋友，核心是"26年中基本面周期性改善+增量资金 正循环可能启动"的牛市条件逐步具备。市场休整幅度有限，岁末年初行情展望的下限是"复制"过 去一段时间的市场特征：少数景气方向做动量+26年拐点方向高切低+轮涨补涨普遍轮动。维持 25Q4 ...

8月份，公募基金积极分红态势延续。公募排排网数据显示，8月份全市场公募基金(统计各类份额)累计 分红402次，分红总额达120.14亿元，同比增长24.39%。其中，债券型基金是分红主力，合计分红金额 占比超50%，权益类基金、QDII(合格境内机构投资者)基金等分红金额同比增加。 陕西巨丰投资资讯有限责任公司高级投资顾问陈宇恒对《证券日报》记者表示，债券型基金分红较多， 这与当前低利率环境下投资者对稳定现金流的需求高度契合。部分债券基金通过大比例分红控制规模， 既维持了产品流动性，又优化了投资组合久期。 具体来看，债券型基金8月份累计分红237次，分红总额达65.81亿元，占公募基金分红总额的54.78%。 QDII基金8月份以8.71亿元的分红总额实现了2539.39%的同比增幅，成为增长最迅猛的细分品类。此 外，8月份权益类基金(股票型+混合型)整体分红37.88亿元，同比增长68.73%。其中，股票型基金分红 35.10亿元，混合型基金分红2.78亿元。 数据显示，8月份累计分红超1亿元的基金达20只，其中，易方达沪深300ETF分红金额居首，达27.60亿 元。此外，15只债券型基金分红金额均超1亿 ...

上市公司半年报披露结束，作为子公司的公募基金的最新财务数据同步揭晓。整体来看，数据可统计的43家基金公司上半年合计营业收入达 405.93亿元，在头部公司营收最高已超过58亿元的同时，部分中小公募营收则不足千万元。净利润方面，50家数据可统计的基金公司共盈利 141.4亿元，5家跻身"10亿俱乐部"，也有7家录得亏损。与2024年同期相比，行业经营业绩喜忧参半，近六成公募净利润同比提升，不过也 有部分公司面临由盈转亏的挑战。有业内人士表示，展望全年，预计公募行业整体经营业绩仍将保持稳健增长，但分化可能进一步加剧。不 同体量的公募需通过差异化竞争，找到自身的优势业务来提升盈利能力。 营业收入最高超58亿元 公募半年度财务数据出炉。东方财富Choice显示，数据可统计的43家基金公司上半年营业收入达405.93亿元。整体来看，共计11家公募营业 收入超过10亿元。其中，易方达基金营业收入高达58.96亿元，同比增长9.71%。华夏基金、广发基金紧随其后，分别实现42.58亿元、38.98 亿元的营业收入。 | 公司名称 | 2025年营业收入 | 2024年营业收入 | 营业收入同比 | | --- | --- ...

Core Viewpoint - The "national team" funds have significantly increased their holdings in ETFs, with a total purchase of nearly 66 billion units in the first half of the year, reflecting their strong influence and stability in the A-share market amidst volatility [1][5]. Group 1: National Team's Investment Strategy - As of June 30, the "national team" institutions, including Central Huijin and China Reform Holdings, held a total of 26 ETFs with a combined market value of 1.28 trillion yuan, marking an increase of over 20% year-to-date [1][5]. - Central Huijin maintained a stable overall holding, while its subsidiary, Central Huijin Asset Management, aggressively increased its positions in broad-based, small-cap, and technology innovation ETFs [2][5]. - The top ETFs in the "national team's" portfolio include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF, which are the main components of their holdings [5][6]. Group 2: Market Trends and ETF Growth - The total market size of ETFs has surpassed 5 trillion yuan, achieving a growth of 37.25% compared to the end of the previous year, with an increase of 1.39 trillion yuan in the first eight months of this year alone [8][9]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and rising investment demand [9][10]. - The "national team's" actions during market downturns have played a crucial role in stabilizing the market, with significant inflows from long-term funds such as insurance capital [8][10]. Group 3: Sector-Specific Investments - The "national team" has extended its asset allocation to various sectors, including pharmaceuticals, chips, and liquor, through asset management plans [5][6]. - Central Huijin Asset Management has notably increased its holdings in industry-specific ETFs, particularly in the healthcare and technology sectors [6][10]. - The investment strategy indicates a focus on both broad market exposure and targeted sector investments, reflecting a comprehensive approach to capital allocation [5][6].