近期债券市场出现回调，7月中下旬至8月中下旬先震荡后下行，十年期国债利率上破1.7%，市场担忧 会重现2022年理财大规模赎回引发的债市负反馈循环，进而导致债市从牛转熊。但此轮回调并非源于基 本面，更多受情绪面驱动，核心是"股债跷跷板"效应，股市情绪得到提振，对债市形成短期情绪压制与 有限的资金分流，并非债市自身逻辑生变。 从"股债跷跷板"效应影响来看，其对债市中长期冲击有限。当前利率存在超调，回调后债市配置价值凸 显。资金面看，股市对债市资金分流实际有限，银行自营作为债市核心配置力量，受股市虹吸影响极 小；理财规模仍处净买入状态，不会重蹈2022年负循环覆辙；交易型资金虽降久期，但配置型资金正积 极逢低加仓。 回顾近20年四轮债券熊市均具备两大核心特征：一是央行收紧货币政策，二是实体经济修复强劲、融资 需求旺盛。而当前债市不具备牛熊转换基础：基本面方面，7月社零、固投、工业增加值增速下滑，信 贷罕见负增长，经济修复力度偏弱，下半年增速预期偏低；政策面方面，央行二季度货币政策执行报告 延续"保持流动性充裕"表述，下半年流动性宽松基调不变；资金面方面，资产荒逻辑未来有望延续，保 险、银行等仍有刚性配置需求，债市 ...

基金半年报显示，中央汇金大举增持股票ETF 中国基金报记者 张燕北 今年上半年，中央汇金首次明确其类"平准基金"定位，大举增持ETF，极大地提振了市场信心。随着公募基金2025年 半年报披露完毕，中央汇金持仓的ETF明细全部出炉。 Wind统计显示，截至6月末，中央汇金投资有限责任公司（以下简称中央汇金投资）及其子公司中央汇金资产管理有 限责任公司（以下简称中央汇金资产）等"国家队"合计持有股票ETF市值1.28万亿元，较去年底增加近23%。 上半年中央汇金投资基本"按兵不动"，但中央汇金资产大举加仓股票ETF，6月末持有的股票ETF数量是去年底的1.58 倍，多只宽基ETF获得10亿份级别以上的增持。 中央汇金大举加仓股票ETF 持仓市值达1.28万亿元 公募基金2025年半年报披露完毕，备受关注的"国家队"中央汇金今年上半年投资动向也浮出水面。 整体而言，中央汇金上半年继续大举加仓股票ETF。中央汇金投资和中央汇金资产上半年持有的股票ETF数量合计达 到3756.34亿份，较去年底的3098.41亿份增加了657.93亿份，增幅为21.23%。从金额看，期末持仓市值合计达到 12800.93亿元，相比去年 ...

Core Viewpoint - The A-share market has shown signs of recovery this year, leading to improved performance for many actively managed equity funds, although some funds have lagged due to structural market conditions, prompting fund managers to express apologies in their semi-annual reports [1][2]. Fund Performance and Apologies - Fund types expressing apologies include underperforming pharmaceutical funds, dividend funds, and growth funds, indicating a need for fund managers to reassess their investment frameworks and for investors to discern between short-term market style mismatches and long-term managerial capabilities [2][5]. - A pharmaceutical fund manager acknowledged underperformance relative to industry indices and expressed regret for not achieving absolute returns, attributing the poor performance to premature shifts in investment strategy and missed opportunities in the "new drug + new consumption" sector [4][5]. - A dividend fund manager reported negative returns in the first half of 2025, citing both objective market conditions and subjective misjudgments as reasons for underperformance, particularly in avoiding high-recognition sectors while focusing on low-recognition ones [7][8]. Market Trends and Future Outlook - The pharmaceutical sector has seen significant activity, particularly in innovative drug companies, with some funds achieving substantial gains, while others have struggled due to conservative positioning [4][5]. - Fund managers are optimistic about future performance, highlighting potential in low-positioned sectors within the pharmaceutical industry, such as AI healthcare and medical devices, and committing to a more proactive investment approach [5][10]. - Some fund managers reflected on missed opportunities due to early profit-taking and emphasized the importance of maintaining a long-term investment perspective despite short-term challenges [10][11]. Performance Data - Data from Wind indicates that several funds that apologized for their performance have rebounded in the second half of the year, with some achieving net value growth rates of 20% to 30%, significantly outperforming their benchmarks [14][15]. - Specific fund performance metrics show that a dividend mixed fund had a net value growth rate of -3.31% in the first half but rebounded to 11.40% in the second half, while other funds also demonstrated similar recovery trends [14].

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a frontier for China's opening up to the world, with increasing numbers of enterprises from the region moving towards international markets, supported by Hong Kong's advantages as an international and market-oriented platform [1][2] Group 1: Financial Development and Cross-Border Cooperation - The Hong Kong Monetary Authority (HKMA) has made significant progress in cross-border credit cooperation in the Greater Bay Area over the past two years, enabling banks in Shenzhen and Hong Kong to establish credit information for cross-border enterprises, thus providing a more reliable basis for cross-border financing [1] - The HKMA encourages mainland enterprises to establish overseas business headquarters and treasury centers in Hong Kong to effectively manage overseas funds [1] Group 2: Payment Systems and Technological Advancements - Current global payment systems face challenges such as multiple intermediaries and high costs, but these issues are expected to be gradually resolved with technological advancements [1] Group 3: Investment Connectivity and Market Response - The HKMA and mainland regulatory bodies are enhancing the "Southbound Pass" initiative, expanding the range of investors from banks to include major securities firms, funds, insurance, and wealth management institutions, injecting new momentum into the program [2] - As of June this year, over 160,000 individual investors participated in the "Cross-Border Wealth Management Connect," more than double the number during the previous version [2] - The market value of holdings under the Southbound Pass has exceeded 16 billion RMB, doubling compared to the previous version of the program [2]

【导读】表现不及预期，跑输业绩比较基准，多位基金经理诚挚道歉 中国基金报记者 青山 今年以来A股市场回暖，带动一大批主动权益基金业绩回升，但结构性行情下，也有部分基金 没有踏准板块节奏，业绩表现暂时落后，部分基金经理在基金半年报中表达歉意。 从致歉的基金类型来看，既有业绩阶段性跑输的医药基金，也有红利基金、成长型基金等。 在业内人士看来，"道歉"这一举动对基金经理而言，是展示职业操守、重新审视投资框架的 机会。对投资者而言，需要关注基金业绩阶段性不佳是短期不适应市场风格还是基金经理长 期投资能力较弱。 红利基金阶段性跑输业绩基准 除了医药基金之外，红利基金中也有基金经理因阶段性跑输业绩基准，向持有人表达歉意。 归根结底，基金经理道歉需要落实到实际行动，凭借长期业绩赢得持有人信任。 医疗基金经理因表现不及预期道歉 今年以来，创新药企巨额BD交易大单捷报频传，带领创新药板块强势爆发，成为资本市场中 的"领头羊"，多只主投创新药的基金登上"翻倍基"榜单，但也有部分医药基金年内业绩表现 欠佳，基金经理在基金中报中致歉。 一位管理某医疗健康股票基金的基金经理在中报中表示，本基金在今年上半年相对表现不 佳，大幅跑输了A股 ...

Group 1: Financial Development in the Greater Bay Area - The seventh Greater Bay Area Financial Development Forum was held in Guangzhou, focusing on comprehensive financial cooperation and development towards the world [1] - The forum gathered government departments and financial industry representatives from Guangdong, Hong Kong, and Macau for multi-dimensional discussions [1] Group 2: Technology Innovation and Economic Development - Zhang Junkuo emphasized the need for China to shift from "following" to "leading" in technology innovation, addressing consumer confidence, real estate market recovery, and enhancing technological self-reliance [2][3] Group 3: Cross-Border Financial Development - Li Dongrong outlined five key areas to accelerate cross-border financial development in the Greater Bay Area, including regulatory cooperation, standard alignment, data flow, fintech application, and creating service models [4][5] - Huang Hong highlighted that deepening financial openness is crucial for high-quality financial development in the Greater Bay Area, advocating for a unified financial market and breaking down administrative barriers [6] Group 4: Technology and Financial Systems - Wang Yiming called for the establishment of a technology finance system that aligns with technological innovation, noting that R&D expenditure in the Greater Bay Area has surpassed 4% [7][9] Group 5: Global Economic Restructuring - Ding Zhijie stated that the Greater Bay Area should actively engage in high-level financial openness amid global economic restructuring, focusing on collaborative development among cities and establishing an international financial center [10][11] Group 6: Financial Cooperation and Regulation - Jiang Bo reported on the progress of financial cooperation between mainland China and Hong Kong/Macau, including regulatory alignment and the facilitation of banking operations [12][13] Group 7: Fund Management and Capital Markets - Huang Shanwen discussed efforts to attract domestic and international funds to Macau, enhancing long-term capital management and cross-border asset allocation capabilities [14][15] - Chen Weimin encouraged mainland enterprises to establish overseas business headquarters in Hong Kong, enhancing the management of overseas funds [16][18] Group 8: Stock Market and Financial Technology - Chen Yiting noted that new economy companies are driving Hong Kong's IPO market, with significant financing from sectors like healthcare and technology [19][20]

Core Insights - The latest ESG public fund weekly ranking shows that all listed funds experienced gains, with an increase in the average returns compared to the previous week [1] - The average return for actively managed ESG theme funds was 12.22%, while index funds averaged 6.64%. Pure ESG theme funds had an average return of 5.35% for actively managed and 2.84% for index funds [1] Fund Performance Summary - The top-performing ESG theme actively managed funds include: - China Canada Low Carbon Economy Fund with a weekly return of 19.42% and a three-month return of 76.17% [2] - Caitong Sustainable Development Theme Fund with a weekly return of 13.21% and a three-month return of 79.01% [2] - The top-performing ESG theme index funds include: - Zhongjin CSI 500 ESG Enhanced Index Fund with a weekly return of 3.78% and a three-month return of 26.24% [7] - Yingda CSI ESG 120 Strategy A Fund with a weekly return of 3.28% and a three-month return of 16.87% [7] Fund Classification - ESG funds are categorized into two main types: ESG theme funds and broad ESG theme funds, further divided into actively managed and index funds [10] - The weekly ranking includes four categories: ESG theme actively managed funds, ESG theme index funds, broad ESG theme actively managed funds, and broad ESG theme index funds [10]

Core Viewpoint - Central Huijin has significantly increased its holdings in stock ETFs, enhancing market confidence and positioning itself as a stabilizing force in the A-share market [1][10]. Group 1: Central Huijin's Investment Actions - As of the end of June, Central Huijin and its subsidiary held stock ETFs worth 1.28 trillion yuan, an increase of nearly 23% from the end of last year [1][3]. - Central Huijin's total holdings in stock ETFs reached 3,756.34 billion units, up 21.23% from 3,098.41 billion units at the end of last year [3][8]. - The market value of Central Huijin's stock ETF holdings increased by 2,362.12 billion yuan, representing a growth of 22.73% [3][8]. Group 2: Major ETF Holdings - The top five ETFs held by Central Huijin include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and others, with the market value of the Huatai-PB CSI 300 ETF exceeding 1,420 billion yuan [4][5]. - Central Huijin's holdings in the top five ETFs account for significant portions of their total investments, with the Huatai-PB CSI 300 ETF representing 37.91% of its holdings [4][6]. Group 3: Differentiated Strategies - Central Huijin Investment maintained a relatively stable position, with only one ETF seeing a reduction in holdings, while Central Huijin Asset actively increased its ETF positions [8][10]. - Central Huijin Asset increased its stock ETF holdings by 658.86 billion units, with significant increases in several key ETFs, including over 100 billion units in the Huatai-PB CSI 300 ETF [8][9]. Group 4: Market Impact - The actions of Central Huijin have not only boosted investor confidence but also provided essential support for the stable operation of the market [10]. - The continued investment by Central Huijin is expected to attract long-term capital into the market, promoting a steady progression towards high-quality development in the A-share market [10].

Macro Dynamics - By 2035, the proportion of electricity consumption in China's total energy consumption is expected to exceed 40%, up from the current 30% [1] - The total energy consumption in China is projected to surpass 7.2 billion tons of standard coal by 2035, entering a slow growth "saturation phase" thereafter [1] - Non-fossil energy is anticipated to become the main energy source before 2045, with a consumption share exceeding 80% by 2060 [1] Financial Institutions - The chairman of Xingyin Fund has been confirmed as Huang Deliang, who is also the chairman and president of Huafu Securities, indicating a shift in governance and strategic alignment within the company [5] - Ningxia Huanghe Rural Commercial Bank has been approved to increase its stake in Ningxia Tongxin Rural Commercial Bank from 21.62% to 46.78% by acquiring 24.9 million shares [6][7] Market Data - The three major U.S. stock indices closed lower, with the Nasdaq down 1.15%, S&P 500 down 0.64%, and Dow Jones down 0.2%, while large tech stocks mostly declined [8] - The Nasdaq China Golden Dragon Index rose by 1.55%, with Alibaba experiencing a nearly 13% increase, marking its best single-day performance since March 2023 [9] - COMEX gold futures rose by 1.2% to $3,516.1 per ounce, with an overall increase of over 5% in August [10] Company Dynamics - Li Xian has been nominated as the deputy chairman and general manager of China Film Group Corporation, indicating a significant leadership change [11] - Midea Group has appointed Wang Jianguo as the executive president, effective after shareholder approval of the company's articles of association amendment [12]

★ 宏观动态 ★ 2035年我国电能消费比重将达40%以上 合肥市低空政务"一网统飞"平台正式上线 8月29日，《新型能源体系发展研究蓝皮书》《能源科技创新蓝皮书》《中国能源发展报告2025》等6本智库报告在京发 布。报告显示，目前我国电能占终端能源消费比重已达30%，显著高于世界平均水平。预计到2035年，这一比例将提升 至40%以上。《新型能源体系发展研究蓝皮书》指出，我国正推动形成绿色弹性的能源消费体系，以加快建设新型能源 体系。预计2035年全国能源消费总量将超过72亿吨标准煤，此后进入缓慢增长的"饱和阶段"， 电能占终端用能比例达到 40%以上，氢能在终端实现规模化利用。报告预测，我国非化石能源在2045年之前成为主体能源，2060年非化石能源消 费比重达到80%以上。 广州暂停实施汽车"置换更新"补贴政策 广州市商务局8月29日公告，经研究，决定调整2025年广州市汽车"置换更新"政策，公告如下：一、汽车"置换更新"补贴 政策自2025年8月30日零时起暂停实施。二、2025年8月29日（含）前已取得新车《机动车销售统一发票》以及旧车《二 手车销售统一发票》的消费者，可在"穗车购"微信小程序完成系 ...