Core Viewpoint - In the first half of 2023, the "national team" significantly increased its investment in ETFs, showcasing its influence and stability in the volatile A-share market, with a total investment of nearly 66 billion yuan [3][5]. Group 1: National Team's Investment Strategy - The national team, including Central Huijin and China Reform Holdings, has increased its holdings in 26 ETFs, with a total market value reaching 1.28 trillion yuan, reflecting a year-on-year increase of over 20% [3][8]. - Central Huijin maintained a stable overall holding, while its subsidiary, Central Huijin Asset Management, aggressively increased its positions in broad-based, small-cap, and sci-tech ETFs, raising its holdings by 58.5% [6][9]. - China Reform focused on central enterprise-themed ETFs, increasing its holdings in specific products, which contributed to a net increase of 1.48 million shares [8][9]. Group 2: ETF Market Growth - The total market size of ETFs 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 2023 alone [12][14]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and rising investment demand [13][14]. - The national team's actions during market downturns have played a crucial role in stabilizing the market, with significant trading volumes observed in A-share ETFs following their increased participation [12][13]. Group 3: Future Outlook - The ETF market is expected to continue its rapid growth, driven by policy initiatives, changing market demands, and increased participation from individual and institutional investors [14]. - The anticipated inflow of long-term funds, particularly from insurance capital, is projected to reach 1 trillion yuan in equity assets this year, further supporting the ETF market [12][14]. - Future growth in the ETF market may focus on Hong Kong stocks, industry themes, and bond ETFs, as the market adapts to evolving investor preferences [14].

同期，南方基金和天弘基金也跻身前五名，营业收入达37.97亿元、27.8亿元。此外，上半年营业收入超 过10亿元的还有富国基金、鹏华基金、中欧基金等。除了上述机构外，24家机构上半年营业收入在1亿 —10亿元。 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%。含上述公募在内，12家基金管理人同比 增长幅度超过10%。 值得关注的是，瑞达基金上半年营业收入已同比扭亏为盈。在半年报中，母公司瑞达期货（002961）表 示，瑞达基金是其布局财富管理的关键力量，未来公司及瑞达基金将采取如下措施推动业务发展：加强 对专业人才的培养和引进；紧跟市场风口布局产品，注重差异化竞争，通过发行发起式基金与常规基金 相结合的方式，保持新基金发行节奏，为投资者提供更多元化的基金产品选择；发挥股东业务优势 ...

Core Viewpoint - The public fund industry in China reported a total fee income exceeding 113 billion yuan in the first half of 2025, marking a year-on-year growth of 20.52% due to the recovery of the capital market and record-breaking management scales [1] Management Fees - The management fee income for the first half of 2025 reached 616.03 billion yuan, a 1.98% increase from 604.09 billion yuan in the same period of 2024 [2][3] - Mixed funds generated the highest management fees at 177.49 billion yuan, accounting for 28.81% of total income, although this represents an 8.26% decrease from 193.47 billion yuan in 2024 [3] - Money market and bond funds were the main contributors to management fee income, with 173.19 billion yuan and 144.56 billion yuan respectively, reflecting year-on-year growth of 9.36% and 4.26% [3] Growth in Specific Fund Types - QDII funds, other funds, and commodity funds saw significant increases in management fees, with respective incomes of 19.39 billion yuan, 5.51 billion yuan, and 3.10 billion yuan, showing year-on-year growth of 22.92%, 103.18%, and 169.41% [4] Major Fund Managers - In the first half of 2025, 21 out of 162 fund managers reported management fee incomes exceeding 10 billion yuan, up from 20 in 2024 [5] - E Fund led the industry with a management fee income of 39.27 billion yuan, a decrease of 3.91% from 40.87 billion yuan in 2024 [5] - The top 15 fund managers collectively earned 309.35 billion yuan in management fees, accounting for over half of the industry's total [5] Client Maintenance Fees - Fund companies paid a total of 182.84 billion yuan in client maintenance fees, a 12.79% increase year-on-year [8][10] - After deducting client maintenance fees, the net management fee income for fund companies was approximately 433.19 billion yuan, a decrease of 1.99% from 441.99 billion yuan in the previous year [10] Sales Service Fees - The total sales service fee income reached 152.16 billion yuan, up 13.44% from 134.12 billion yuan in 2024 [11] - Money market funds accounted for 76.34% of the sales service fees, totaling 116.16 billion yuan [11] Custody Fees - The total income from fund custody fees was 137.69 billion yuan, reflecting a 2.36% increase from 134.51 billion yuan in the previous year [13] - Four commercial banks reported custody fee incomes exceeding 10 billion yuan, with Industrial and Commercial Bank of China leading at 20.35 billion yuan [14]

Core Viewpoint - The public fund industry in China experienced significant growth in management fees, trading commissions, custody fees, and sales service fees, totaling over 1130 billion yuan in the first half of 2025, marking a year-on-year increase of 20.52% [2]. Management Fees - The total management fee income for the first half of 2025 reached 616.03 billion yuan, a 1.98% increase from 604.09 billion yuan in the same period of 2024 [3][4]. - The public fund management scale hit a record high of 34.39 trillion yuan by the end of June 2025, with an increase of 1.56 trillion yuan in the first half [4]. - Mixed funds generated the highest management fees at 177.49 billion yuan, accounting for 28.81% of total income, although this represents an 8.26% decrease from 193.47 billion yuan in 2024 [4]. - Money market and bond funds were the main contributors to management fee income, generating 173.19 billion yuan and 144.56 billion yuan respectively, with year-on-year growth of 9.36% and 4.26% [4]. Performance of Different Fund Types - QDII funds, other funds, and commodity funds saw substantial increases in management fees, with growth rates of 22.92%, 103.18%, and 169.41% respectively [5]. - Among 162 public fund managers, 21 had management fee incomes exceeding 10 billion yuan, up from 20 in 2024 [7]. - Leading fund companies included E Fund with 39.27 billion yuan, followed by Huaxia Fund and GF Fund with 32.67 billion yuan and 29.15 billion yuan respectively [7]. Client Maintenance Fees - Client maintenance fees amounted to 182.84 billion yuan, reflecting a year-on-year increase of 12.79% [10][12]. - After deducting client maintenance fees, the net management fee income for fund companies was approximately 433.19 billion yuan, a decrease of 1.99% from 441.99 billion yuan in the previous year [12]. Sales Service Fees - Sales service fees totaled 152.16 billion yuan, up 13.44% from 134.12 billion yuan in 2024 [14]. - Money market funds accounted for 76.34% of total sales service fees, with 116.16 billion yuan collected [14][15]. - The highest sales service fee income was recorded by Tianhong Fund at 11.88 billion yuan, with several other companies exceeding 5 billion yuan [15]. Custody Fees - Custody fee income reached 137.69 billion yuan, a 2.36% increase from 134.51 billion yuan in 2024 [16]. - Four commercial banks generated over 10 billion yuan in custody fees, with ICBC leading at 20.35 billion yuan [17]. - Securities firms' custody business remains low, with a total of only 3.08 billion yuan from 24 companies [18].

Core Insights - The popularity of quantitative strategies has surged this year, leading to significant performance and scale growth in related products, with an average return of 48.7% for quantitative funds over the past year, and several products doubling in net value [1][2] - The number of "fixed income +" products has exceeded 3,600, highlighting a growing issue of design homogeneity, which quantitative strategies may help to differentiate [1][3] Group 1: Performance and Growth - Quantitative funds have seen substantial growth, with multiple products increasing their scale by over 1 billion yuan compared to the end of last year [2] - The average drawdown for secondary bond funds over the past year is 2.74%, while some "fixed income + quantitative" funds have significantly lower drawdowns, such as 0.42% for West China Li De Yu Feng Return Bond [2] Group 2: Market Trends and Strategies - The "fixed income + quantitative" investment model is viewed as a new blue ocean for fund companies, as few have adopted this approach, which aligns well with the core needs of "fixed income +" products [3] - The integration of quantitative strategies into "fixed income +" products is accelerating, with several new products launched this year, including Taiping Jiayu Bond and West China Li De Yu Feng Return Bond [2]

西部利得基金陈保国： 在基金交易上，陈保国表示，主要在每一个阶段找到市场分歧点或一致预期以外的信息，寻找认知差 异，然后果断进行左侧投资。"与此同时，不与趋势作对，不盲从市场，关注市场变化，寻找未来一致 预期高的领域。" 陈保国自称"果园里的农夫"，力争通过扎实的研究获取长期、稳健的投资收益。"投资聚焦制造业，投 资策略偏稳健型，以绝对收益策略为主。"陈保国说。 这与他的从业经验有关。过去，陈保国在一级市场做投资，相对强调绝对收益策略；如今，陈保国做二 级市场投资，也是以绝对收益策略为主导。 在投资上，陈保国说，他会根据大类资产配置框架及宏观研究体系，进行阶段性资产配置；在结构性行 情中，则开展择时投资。同时，以价值成长均衡为主要投资策略，布局好行业、好公司，再以合理的价 格买入好公司。 陈保国介绍，他的投资风格偏中小盘成长，围绕新兴产业，布局机器人、自动驾驶等前沿领域，主要投 资泛制造业和TMT；通过公司质地、治理结构、财务状况等特征选择公司，努力赚取EPS（每股收益） 增长的收益。 在组合管理上，自陈保国管理基金产品以来，经历了"从分散到集中再到分散"的持仓过程。目前，以左 侧交易为主，采取少量轮动及止盈 ...

量化赋能 以资产配置应对市场变化 量化的另一大优势是分散个股风险。韩聪介绍，其股票组合常覆盖200至300只个股，虽无法规避系统性 风险，但可利用技术手段规避个股风险。无论对标中证500、沪深300还是中证1000指数，收益曲线均与 大盘同涨同跌，不会偏离市场整体趋势。 这恰好弥补了传统"固收+"产品的短板。韩聪表示，在传统模式下，权益部分收益受重仓个股或行业的 影响较大，行情好时涨得多，行情不佳时波动大，持有体验不好。但量化策略能大幅降低收益方差，市 场活跃时客户就能赚钱，若能做出超额收益，弱市中也可能盈利。这更贴合"固收+"基金低回撤、低波 动的定位。 瞄准中证A500指增策略 ——专访太平基金韩聪、张子权 ◎记者 朱妍 随着权益市场稳步走强，居民财富管理的需求也从传统理财逐渐转向"固收+"基金。如何在把控风险的 同时，获得稳定的收益，这既是行业难题也是机遇。太平基金基金经理韩聪和张子权认为，以量化赋 能"固收+"投资有利于实现产品的破局，顺应投资者的需求变化。据悉，拟由他们共同管理的太平嘉裕 债券基金正在发售中。 量化赋能"固收+"投资 "'固收+量化'的投资模式，是'固收+'基金的新蓝海。"韩聪认为， ...

Core Insights - Yongying Fund has successfully adopted a differentiated strategy to break through in the competitive index business, achieving rapid growth in its ETF scale from 3 billion to over 12 billion yuan within a year [1] Group 1: Differentiated Strategy - The company focuses on niche markets and seeks medium to long-term opportunities, particularly in areas where there is a lack of existing products [1] - In 2020, Yongying Fund identified a gap in the market for ETFs focused on medical devices and launched a medical device ETF, which has since grown to nearly 5 billion yuan, making it the largest in its category [1] Group 2: Product Development and Market Positioning - Yongying Fund's product strategy is characterized by left-side positioning, launching products before market hotspots emerge, such as the first gold stock ETF and a general aviation ETF [2] - The company has established a dual-track layout of "broad-based foundation + innovative breakthrough," with 15 passive index funds and 3 enhanced index funds launched this year [3] Group 3: Future Outlook - The company plans to continue expanding its index product line, focusing on mainstream sectors like consumption, technology, and finance, while also exploring new index product models such as Smart Beta [3] - Yongying Fund aims to enhance its product offerings and improve its decision-making and communication structures to leverage its late-mover advantage in the index market [3][4]

Core Viewpoint - Zhang Teng, a fund manager at Yinhua Fund, identifies as a non-traditional "value investor" who seeks "elastic" opportunities in a volatile market environment, achieving significant performance without relying on hot sectors [1][2]. Investment Philosophy - Zhang Teng differentiates between high-dividend and elastic value stocks, arguing that traditional views of value investing are limited and do not fully capture market opportunities [2]. - His investment approach is based on a top-down analysis of macro variables and industry logic, aiming to find the most cost-effective stocks within a portfolio [2]. Career Evolution - Zhang Teng's investment skills have evolved over 14 years, transitioning from a focus on specific sectors to a more balanced and risk-aware investment strategy [3]. - His educational background in energy and minerals laid the foundation for his focus on cyclical sectors, and he adapted his strategies in response to market shifts [3]. Risk Management - To avoid over-concentration, Zhang Teng adheres to an industry diversification principle, adjusting position limits based on the richness of sub-sectors [4]. - The concepts of "slow variables" and "anti-fragility" enhance his investment insights and decision-making stability [4]. Market Outlook - Zhang Teng anticipates that industrial metals may perform well in the latter half of the Federal Reserve's interest rate cut cycle, suggesting a focus on sectors with significant price elasticity, such as rare earths and strategic metals [4].

Group 1 - The performance of public funds is recovering, with passive index funds showing an average net value growth of over 50% in the past year, particularly in financial technology themes which saw increases of up to 180% [2] - Active equity funds also demonstrated strong performance, with average returns of 47.56% for active stock funds and 46.64% for mixed equity funds over the past year, indicating a positive turnaround in their three-year performance [2] - Public Fund of Funds (FOF) products achieved an average return of 21.43% in the past year, with nearly 20 products experiencing net value growth exceeding 50% [2] Group 2 - The new fund issuance market is gradually warming up, with monthly increases in new fund issuance observed throughout the year, peaking at 1,234 million units in June and 960 million units in August [3] - The proportion of active stock and mixed funds in total new fund issuance rose from 34% in January to 59% in August, reflecting a recovery trend in the market [3] Group 3 - Tianfeng Securities reports that funds face redemption pressure after returning to breakeven, leading to a "smile curve" effect, where significant net subscriptions may occur if funds experience a pullback of over 5% followed by a recovery within a month [4]