Group 1 - The core viewpoint is that incremental funds are rapidly entering the market through ETFs, with significant growth in the Shanghai Stock Exchange ETF market [1] - As of the end of August, the total scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with over 70% of this from domestic sources [1] - The net inflow of funds this year has surpassed 350 billion yuan, with major broad-based ETFs like CSI 300, CSI A500, and SSE 180 becoming key long-term investment tools for institutional investors [1] Group 2 - The number of newly listed ETFs in the first half of the year reached 96, raising a total of 78.8 billion yuan, which has already exceeded the total for the entire year of 2024 [1] - The introduction of various ETFs, including 50 broad-based ETFs and 16 Sci-Tech Innovation Board index ETFs, has diversified investment options for investors [1] - The Sci-Tech Innovation Board has become the sector with the highest proportion of index investment in A-shares, indicating a shift towards "hard technology" investments [1][2] Group 3 - A total of 7 new indices have been launched on the Sci-Tech Innovation Board this year, bringing the total to 32 indices as of the end of August [2] - The total scale of ETFs listed on the Sci-Tech Innovation Board reached 287.6 billion yuan, with the Sci-Tech 50 index products accounting for nearly 200 billion yuan, reflecting an over 8% growth since the beginning of the year [2] - The increasing allocation of medium to long-term investors towards Sci-Tech Board ETFs has exceeded 40 billion yuan as of the end of June [2]

来源：市场资讯 来源：中国基金报 【导读】中外资机构：中国资本市场迎来"慢牛"行情 ，加大非美元资产配置成共识 【编者按】中国基金报每月会邀请中外资金融机构的代表，分享他们对全球经济及重大事件的分析与评 判。希望他们观点的碰撞，能对大家有所启发。 本期受邀嘉宾是： 工银国际首席经济学家 程实 莲华资管管理合伙人、CIO 洪灏 渣打中国财富管理部首席投资策略师 王昕杰 中国基金报记者 郭玟君 A股则将走出"慢牛"行情。在A/H溢价层面，A股有足够的空间迎头赶上。 随着"美国例外论"逐渐收敛，此前受美元"虹吸"效应影响的资产将获得价值重估。中美关税问题的影响 可能已经过去。 博时基金（国际）有限公司固定收益部副主管 卢里 "9·24"行情已近一年，投资者中长期投资预期持续改善。进入9月，美联储降息预期强化，市场将如何 发展，哪些方向值得关注？ 中国基金报邀请工银国际首席经济学家程实，莲华资管管理合伙人、CIO洪灏，渣打中国财富管理部首 席投资策略师王昕杰，博时基金（国际）有限公司固定收益部副主管卢里等中外资机构人士，共同分析 市场中长期走势。 市场迎来"慢牛" 中国基金报：你对A股与港股中长期走势作何预判？国际及 ...

Core Insights - The rapid expansion of ETFs has surpassed 5 trillion yuan, leading to increased interest in ETF-FOF products as a significant direction for future asset allocation [1][3][7] Group 1: ETF-FOF Development - Multiple fund companies are actively launching ETF-FOF products, with five initial pilot products launched by major firms such as China Universal and Huaxia [2][3] - The ETF market has seen significant growth, with over 1,200 products and a total scale exceeding 5 trillion yuan, providing a diverse range of underlying assets [3][7] Group 2: Advantages of ETF-FOF - ETF-FOF products offer lower costs, higher efficiency, and greater transparency compared to traditional active funds, enhancing the manageability of FOF products [3][4] - The fee structure of ETFs, with management fees around 0.15%, presents a significant advantage over active funds, which typically charge around 1.2% [3][4] Group 3: Asset Allocation as Core Competitiveness - The ability to effectively allocate assets is identified as the core competitiveness of ETF-FOF, requiring fund managers to possess strong macroeconomic analysis skills and market insight [4][5] - Fund managers must also demonstrate robust rebalancing capabilities and risk control to navigate market volatility [4][5] Group 4: Challenges in ETF-FOF - Challenges include the need for enhanced tracking and research frameworks for non-traditional domestic assets, as well as liquidity issues with certain ETFs [5] Group 5: Positive Implications for FOF Market - The rise of ETF-FOF is expected to optimize the FOF market structure, enhance product transparency, and lower investment thresholds, thereby increasing accessibility [7] - ETF-FOF products are anticipated to inject low-cost, high-transparency options into the FOF market, improving capital efficiency and rebalancing convenience [7]

Core Viewpoint - The Chinese capital market is entering a "slow bull" phase, with an increasing consensus on allocating more non-USD assets due to improving long-term investment expectations from both domestic and international investors [12][19]. Group 1: Market Outlook - A-shares and H-shares have emerged from valuation lows, reflecting improved long-term investment expectations in the Chinese capital market [13]. - The current market rebound is not driven by short-term speculation but by sustainable changes in the economy, such as stabilization, structural optimization, and improved corporate profitability [13][15]. - The Hong Kong stock market is expected to attract more overseas investment due to its high dividend yield and growth potential in sectors like artificial intelligence and innovative pharmaceuticals [14]. Group 2: Economic Assessment - The Chinese economy is showing a "steady progress" trend, supported by internal consumption recovery, industrial upgrades, and resilient external trade [17]. - The macroeconomic policy is effectively improving both internal and external demand, providing a solid foundation for achieving annual growth targets [17]. Group 3: Policy Expectations - Key areas of focus for future policies include proactive fiscal measures, continued moderate monetary easing, and breaking down barriers to enhance domestic market potential [18]. - The government is expected to prioritize the implementation of the 2025 fiscal budget and maintain a flexible monetary policy to achieve around 5% growth [18]. Group 4: Asset Allocation Strategy - There is a growing consensus to increase allocations to non-USD assets, such as gold, silver, real estate, and cryptocurrencies, as the dominance of the dollar is expected to weaken [19][23]. - Investors are advised to diversify their portfolios and adjust positions based on policy and asset valuation fluctuations, especially in light of uncertainties surrounding U.S. tariff policies [21][22]. - The rebalancing of global assets is accelerating, with a shift from over-allocated USD assets to local markets in Europe and Asia, which may support local asset valuations [23].

【导读】ETF规模突破5万亿，多家基金布局 ETF-FOF ETF 发展热潮中，细分产品 ETF-FOF 受到关注。业内人士表示， ETF 快速扩容为 FOF 进 行大类资产配置提供了丰富的工具。未来，随着资产配置理念持续深化和 ETF 市场不断发 展， ETF-FOF 有望成为 FOF 布局的重要方向。 多家基金公司布局 ETF-FOF 作为 FOF 的细分品类， ETF-FOF 经过一段时间的试点、探索，逐渐成熟。 2021 年 8 月，为丰富场内基金类型， 为 FOF 投资者提供流动性及退出通道，上交所推动 上市 FOF 申报，富国、华夏、工银瑞信、汇添富、万家旗下 5 只 ETF-FOF 率先试点。 中国基金报记者 方丽 陆慧婧 随着 ETF 市场快速发展，基金公司加大了对 ETF-FOF 的布局力度。今年 6 月，中欧积极 多元配置 3 个月持有期混合、平安盈轩 90 天持有期债券两只 ETF-FOF 成立。此外，兴证 全球盈丰多元配置三个月持有混合（ ETF-FOF ）正在发行，鹏扬多元均衡三个月持有期混 合、浦银安盛盈鑫多元配置 90 天持有期混合、招商智享优选 3 个月持有期混合等 9 只产品 ...

今年前 8 个月，基金发行市场呈现 " 规模略降、结构调整 " 特征：新发份额超过 7200 亿 份，较去年同期略降；权益基金发行规模超越债券基金。 业内人士表示，基金公司正筹划加大对权益基金的布局力度，后续权益新基金发行有望持续 回暖。 【导读】前八月新基金募资超7200亿元，权益基金发行大幅升温 中国基金报记者 张燕北 曹雯璟 前八月新基金募资超 7200 亿元 权益和债券基金占比相当 Wind 数据显示，截至 8 月 29 日，年内新成立基金 947 只，总发行份额达 7280.58 亿 份。与去年同期相比，成立数量增长 20.64% ，募集规模下降 5.01% 。 从产品类型看，权益类基金（股票型 + 混合型）与债券基金成为主力。其中，新成立债券型 基金 175 只，合计募集 3284.92 亿份，占总规模的 45.12% 。权益类基金方面， 550 只 股票型基金募集 2707.94 亿份，占比 37.19% ；混合型基金成立 158 只，募集 768.92 亿 份，占比 10.56% ，两类合计占比达 47.75% 。 对比去年同期，今年新基金发行结构发生明显变化：去年前 8 月，债券基金是绝对主 ...

截至8月29日，全市场共有817只主动权益基金（以普通股票基金和偏股混合基金为统计口径，不同份额合并统计，下 同）累计净值在1元以下，其中有726只基金成立于2020年至2022年期间，占比超过88%。 那三年里，权益市场出现过消费白酒、医药、新能源等极致赛道行情，高位发行的多只大规模"爆款"基金在随后的下跌 中受到重创，至今仍未恢复。 最新发布的2025年基金中报数据显示，和成立时相比，这些基金的整体规模和持有人均出现明显减少。其中，648只偏股 权益基金的规模缩水逾万亿元，持有人户数从5111.53万下降到2405.36万户，降幅超过50%。 业内人士表示，今年以来，创新药等主题基金迎来新一轮上涨。对于当下热门的赛道类基金，投资者切不可一味追涨， 防止被套。 年内涨幅显著，成立以来依然浮亏 根据Wind统计，截至8月29日，全市场有94只普通股票型基金的最新累计净值在1元以下。这94只基金中，有78只成立于 2020年至2022年三年间，占比达到82.98%。 具体看，有三只募集规模在160亿元以上，出自华南和上海的三家头部公募。其中一只名为开放视野的基金在2020年7月 成立时，募集规模接近170亿元。 ...

Core Insights - As of the end of August, the scale of ETFs in the Shanghai Stock Exchange exceeds 3.7 trillion yuan, with domestic products accounting for over 70% [1] - The net inflow of funds this year has surpassed 350 billion yuan, indicating strong interest from institutional investors in major broad-based ETFs like CSI 300, CSI A500, and SSE 180 ETFs [1] ETF Scale and Composition - The stock ETF scale is approximately 2.6 trillion yuan, while the bond ETF scale is around 450 billion yuan [1] - Five ETF products have surpassed 100 billion yuan in scale, highlighting significant investment interest [1] Market Activity and New Listings - In the first half of the year, 96 new ETFs were listed, raising a total of 78.8 billion yuan, which has already exceeded the total for the entire year of 2024 [1] - Among the new listings, 50 are broad-based ETFs, including 16 science and technology innovation index ETFs, with a total scale of nearly 20 billion yuan [1] - Eight SSE 180 ETFs were listed, with a total scale exceeding 22 billion yuan, indicating a diverse range of investment options for investors [1]

Core Viewpoint - The "national team" has significantly increased its holdings in ETFs, demonstrating strong market influence and stability amid A-share market volatility, with a total investment of approximately 660 billion yuan in the first half of the year [1][2]. Group 1: National Team Holdings - As of June 30, the "national team" holds a total of 26 ETFs with a combined market value of 1.28 trillion yuan, reflecting an increase of over 20% year-to-date [1][8]. - Central Huijin maintains a stable overall holding with 21 ETFs, while Central Huijin Asset Management has aggressively increased its holdings by 658.86 million shares, a 58.5% increase from the end of last year [3][9]. - The top five ETFs by market value held by the "national team" include Huatai-PB CSI 300 ETF (292.9 billion yuan), E Fund CSI 300 ETF (217.7 billion yuan), and others, which together account for over 75% of the total market value [9]. Group 2: Investment Strategies - Central Huijin Asset Management has focused on increasing its positions in broad-based, small-cap, and technology innovation ETFs, while China National New focuses on central enterprise-themed products [1][4][8]. - The "national team" has also extended its asset allocation into sectors such as pharmaceuticals, chips, and liquor through asset management plans [9][12]. Group 3: ETF Market Growth - The total market size of ETFs has surpassed 5 trillion yuan, marking a 37.25% increase from the end of last year, with a record increase of 1.39 trillion yuan in the first eight months of this year [10][11]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and increased investment demand [12][13]. - The "national team" has played a crucial role in stabilizing the market during downturns, with significant inflows from long-term funds such as insurance capital [10][12].

智通财经记者 | 韩理 A股上市公司半年报披露正式收官。 权益资产大爆发的背景下，64家公募基金公司上半年的经营和净利润情况出现分化。 行业费率改革还在持续，而伴随着市场回暖，已经有不少中大型基金公司的营收和净利润开始"回血"， 有25家实现了营收和净利润双双增长。但不少中小基金公司还在经历业绩下滑的困境。 | 公司名称 | 营业收入(亿元) | 同比变化(%) | 净利润(亿元) | 同比变化(%) | | --- | --- | --- | --- | --- | | 易方达 | 58. 96 | 9.71% | 18. 77 | 23. 84% | | 工银瑞信 | | | 17.45 | 29. 64% | | 南方基金 | 37.97 | 11.64% | 11.94 | 15.25% | | 广发基金 | 38. 98 | 22. 16% | 11.80 | 43. 54% | | 東京電手 | 42. 58 | 16. 05% | 11.23 | 5. 74% | | ■国录等 | 33. 30 | 14. 09% | 9.24 | 19. 46% | | 天弘基金 | 27.80 | 4. 0 ...