Core Insights - As of August 29, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 108.7 billion yuan, an increase of 0.96 billion yuan from the previous trading day [1] - The financing balance for ETFs was 101.25 billion yuan, up by 0.66 billion yuan, while the securities lending balance was 7.45 billion yuan, increasing by 0.30 billion yuan [1] ETF Performance - On August 29, a total of 216 ETFs experienced net financing inflows, with the E Fund ChiNext ETF leading the way with a net inflow of 137 million yuan [1] - Other ETFs with significant net financing inflows included the FTSE China Government Bond 7-10 Year Policy Financial Bond ETF, Huaxia SSE Sci-Tech Innovation Board 50 ETF, GF CSI Hong Kong Innovative Drug ETF, GF National Index New Energy Vehicle Battery ETF, Guotai CSI All-Share Communication Equipment ETF, and Huaan ChiNext 50 ETF [1]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 该基金的业绩比较基准为：恒生生物科技指数收益率（经汇率调整）。（数据宝） 华安恒生生物科技ETF（159102）将于2025年9月1日至2025年9月5日进行发售，首次募集规模上限为20 亿元，该基金的场内简称为港股通生物科技ETF，基金管理人为华安基金，由倪斌担任该基金的基金经 理。 ...

Group 1 - The Chinese ETF market has officially entered the 5 trillion yuan era, with a total scale reaching 5.07 trillion yuan as of August 25, 2025, indicating significant acceleration in growth and a new stage in index-based development [1] - The Bank of China Fund has launched the Bank of China CSI All Share Free Cash Flow ETF Linked Fund, providing convenient tools for investors to position themselves [1] - The focus on free cash flow strategies is increasing, driven by policy guidance and regulatory promotion, leading to enhanced dividend willingness and capability among listed companies [1][3] Group 2 - The Bank of China CSI All Share Free Cash Flow ETF Linked Fund closely tracks the CSI All Share Free Cash Flow Index, which selects 100 listed companies with high free cash flow rates as index samples [2] - The index excludes financial and real estate sectors due to their distinct cash flow characteristics, ensuring a focus on companies with stable cash flows and similar characteristics [2] - The CSI All Share Free Cash Flow Index has shown strong long-term performance, with a cumulative increase of 380.81% and an annualized growth rate of 14.86% since its base date on December 31, 2013 [2] Group 3 - The Bank of China Fund has been continuously improving its index product line, offering a variety of tools to meet diverse asset allocation needs of investors [3] - The recent launch of the Bank of China CSI All Share Free Cash Flow ETF Linked Fund provides a convenient investment channel for off-market investors, further enhancing the product line [3] - The ongoing deepening of capital market reforms is expected to sustain the improvement in dividend willingness and capability among listed companies, benefiting free cash flow strategies [3]

随着各路资金密集入市，A股持续升温。作为A股市场新一代宽基旗舰，中证A500指数成为资金关注重 点。在此背景下，银华中证A500指数增强（A类：023932，C类：023933）今起发行，为投资者一键打 包A股核心资产提供了高效工具。 作为新一代宽基旗舰，中证A500指数从各行业选取市值较大、流动性较好的500只证券作为指数样本。 相比同类宽基，中证A500指数具有五大显著特征：一是汇聚A股核心资产，前十大权重股均为各行业龙 头企业；二是市值覆盖度广，较好兼顾实力与成长性；三是行业分布均衡，成份股覆盖全部中证一、二 级行业、91个中证三级行业；四是"新质生产力"含量高，兼具成长、创新和价值属性，有望紧密贴合我 国经济发展的长期趋势；五是筛选条件与国际接轨，或便利境外中长期资金进行配置。（数据来源： Wind，2025.8.28） 随着市场情绪持续升温，投资者可以关注此次发行的银华中证A500指数增强（A类：023932，C类： 023933），一键配置A股核心资产，把握权益资产投资良机。 MACD金叉信号形成，这些股涨势不错！ 除了中证A500指数本身的价值，银华中证A500指数增强还将指数化投资和主动投资方 ...

伴随着基金中期报告公布，绩优基金经理后市观点再次成为市场焦点。华夏基金顾鑫峰在管的三只基金 华夏北交所创新中小企业精选两年定开混合、华夏成长精选6个月定开、华夏核心制造上半年均取得了 亮眼业绩，基金净值增长率均位居同类型基金前列。更加值得一提的是，华夏北交所创新中小企业精选 两年定开混合近2年净值增长率位居同类1/10，近3年净值增长率排名同类1/3023。展望后市，顾鑫峰在 基金中期报告中明确提出，资本市场正迎来三大历史性拐点，即流动性拐点，产业周期拐点和信心拐 点，这三大拐点共同构筑了市场持续向好的基石。 顾鑫峰表示，流动性方面，当前联邦基金利率区间为4.25%-4.50%；这意味着对于全球很多资金而言， 无风险收益率就超过了4%。这是硬币的一体两面，一面是如此高的无风险收益率，一面便是权益资产 的估值水位。当前，美联储即将进入降息周期，摩根士丹利预计，美联储将在2026年进行七次降息，水 龙头正慢慢拧开，这是全球权益资产的系统性利好，尤其是目前尚处于低水位的中国资本市场。再看国 内利率环境，当前十年期国债收益率仍处于一个很低的绝对水平，这意味着债券的吸引力其实是偏弱 的。一旦美联储正式进入降息周期，全世 ...

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].