富国基金管理有限公司富国均衡配置基金经理 孙彬：这是我的工位，有三台主机，对应五个屏幕，这 一台是交易机，是我们核心交易用的机器。这四块屏里，下面两块屏是看行情的机器，上面这两台连接 的是彭博系统。 （央视财经《正点财经》）公募基金在今年迎来了行业大变革，新型浮动费率基金正成为行业焦点。这 类产品将基金管理费与业绩表现直接挂钩，旨在将管理人与投资者的利益深度捆绑。在此背景下，资深 基金经理如何看待这一变革，又将如何调整策略，成为市场关注的核心。 清晨的上海浦东新区，陆家嘴的街道已经热闹起来，随处可见健步如飞的金融从业者，在一栋写字楼的 电梯口，记者见到了富国基金公司的资深权益基金经理孙彬，这是一位拥有8年投资管理经验的"老 将"，目前管理着超过53亿元的资产。他也是此次首批获得新型浮动费率基金管理资格的基金经理之 一。这以亿元为单位计算的资产，每日涉及百万元、千万元的交易决策又是如何做出的？ 富国基金管理有限公司富国均衡配置基金经理 孙彬：这样会大幅改变整个排名规则和市场发行风格， 在过去几轮周期里面，当某一个行业里面突然有一些行情，有一些基金走出来之后，这个行业的这些基 金的整个规模会大幅往上走，可能到几百 ...

Group 1: ETF Performance Overview - The Ark Innovation ETF (ARKK) has seen a recent surge, providing relief to investors after a significant decline during the 2022 bear market [1][2] - Despite a 70% increase from its April lows, the fund remains over 55% below its all-time high from early 2021, raising questions about its current valuation [2] Group 2: Key Holdings and Gains - The gains in Ark Innovation are largely attributed to its top 10 holdings, with the worst performer, Tesla, still gaining 48% over a 3.5-month period [4] - Notably, Robinhood Markets, Roblox, and Coinbase Global more than doubled in value during this timeframe [4] - Circle Internet Group was a significant contributor to the ETF's gains, with a pre-IPO investment leading to a surge from an IPO price of $31 to nearly $300 before a pullback [5] Group 3: Valuation Concerns - Circle Internet Group's valuation metrics appear high, with a price-to-sales (P/S) ratio of 41, which may deter risk-averse investors [7] - Palantir's P/E ratio exceeds 600, raising concerns about overvaluation, although its exposure in the ETF is lower compared to Tesla, which has a P/E ratio around 180 [8] - Seven of the top 10 holdings have a P/S ratio of less than 20, indicating that the ETF's rising stock price may not be overheated [11][12] Group 4: Future Outlook - The success of Tesla's robotaxi launch is a critical factor that could influence the ETF's performance, with potential for significant gains or losses [9][11] - If the growth trajectory of the majority of the ETF's holdings continues, it may stabilize or further increase the ETF's stock price [12]

本周公募基金迎来发行小高峰。据公募排排网数据显示，本周（2025年6月30日-7月6日）共有33只新基 金开启募集，较前一周的22只相比增长50.00%。从募集周期来看，新发基金平均募集天数为17.55天， 显示出较为紧凑的发行节奏。 本周启动募集基金策略较为集中，其中权益基金成绝对主力。本周共有28只权益基金开启募集，占到总 量的84.85%。 债券型基金发行维持平稳，本周有5只债券型基金启动募集，占到总量的15.15%。其中混合债券型一级 基金和混合债券型二级基金各2只，中长期纯债型基金1只。 被动指数型基金持续受追捧。本周开启募集的28只权益基金中，有24只股票型基金启动募集，占到权益 基金总量的85.71%，具体包括21只被动指数型基金、2只指数增强型基金和1只普通股票型基金。另 外，本周有4只混合型基金启动募集，而且均为偏股混合型基金，占到权益基金总量的14.29%。 融智投资FOF基金经理李春瑜认为，被动指数型基金近期持续受到市场青睐，随着居民财富配置逐步从 传统资产转向金融资产，指数基金凭借其长期投资价值，在资产配置中的重要性日益提升。此外，公募 机构不断丰富指数基金产品线，推出涵盖不同市场、行 ...

Core Viewpoint - The public fund market is experiencing a surge in new fund issuances, particularly in passive index funds, reflecting a shift in wealth allocation from traditional assets to financial assets [1] Group 1: Fund Issuance Trends - A total of 33 new funds were launched this week (June 30 to July 6, 2025), representing a 50% increase from the previous week's 22 funds [1] - The average fundraising period for newly issued funds is 17.55 days, indicating a tight issuance schedule [1] Group 2: Market Preferences - Passive index funds are increasingly favored by the market, driven by a growing trend of residents reallocating their wealth towards financial assets [1] - Public fund institutions are expanding their range of index fund products, offering diverse options that cover various markets, industries, and strategies, which further promotes the popularity of these products [1]

每经记者｜肖芮冬 每经编辑｜叶峰 ｜2025年6月30日星期一｜ NO.1 公募基金管理规模再创新高 6月26日，中基协发布2025年5月公募基金市场数据。截至2025年5月底，我国境内公募基金管理机构共 164家，其中基金管理公司149家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净 值合计33.74万亿元，再创新高。 与此同时，公募基金产品数量迭创新高，截至5月底，公募基金产品数量为12772只，较4月底再增加67 只。 公开数据显示，这是我国公募基金总规模自2024年以来第八次创下历史新高。 NO.2 多家机构获批新一轮QDII额度 据悉，多家基金公司近期收到国家外汇局下发的QDII投资额度批复通知，包括基金公司、券商、券商 资管在内的60家合格境内机构投资者，合计获批21.2亿美元的QDII额度。 具体来看，易方达基金、广发基金、富国基金、天弘基金、中金公司、中信证券资管等22家机构，每家 各获得5000万美元的QDII额度。其次，华夏基金、南方基金、工银瑞信基金、中银基金等12家机构， 各获得4000万美元的QDII额度。另外，招商基金、银华基金、兴证全球基金等9家机构，各获得30 ...

Core Viewpoint - Since 2025, multiple fund companies have intensified their marketing efforts in the technology stock fund sector, employing various innovative strategies to attract investors [2] Group 1: Fund Characteristics - Technology stock funds are characterized by high volatility and risk due to significant fluctuations in performance and valuation [2] - Some fund companies misrepresent high beta as alpha, potentially misleading investors [2] Group 2: Fund Managers' Background - Notable fund managers with over 10 years of strong historical performance are rare in the technology stock fund sector [2] - Yang Ruiwen from Invesco Great Wall has managed 9 funds with a total scale of approximately 25 billion, achieving an average annualized return of over 12% since 2014 [2] - Du Meng from Morgan Asset Management has managed 4 funds totaling about 11 billion, with a similar average annualized return exceeding 12% since 2011 [3] - Liu Yuanhai from Dongwu Fund has managed 5 funds with a total scale of over 7 billion, achieving an average annualized return close to 14% since 2012, with all funds showing positive returns [3] Group 3: Investment Strategy - Investors should compare technology stock funds carefully, focusing on the research team's strength, the fund manager's professional background, and their ability to control drawdowns [3] - Investors need to be prepared for significant fluctuations in net value and trust experienced fund managers to navigate these changes for long-term growth [3] Group 4: Cautionary Advice - Investors should be wary of exaggerated marketing claims and avoid being misled by trendy activities and promotional content [4] - Caution is advised when considering fund managers with only a few years of performance history [4] - It is recommended to choose fund companies and managers with a clean historical record and no significant losses for investors [4][5]

Core Insights - The first batch of benchmark market-making credit bond ETFs has seen explosive growth, with three ETFs now exceeding 20 billion yuan in scale [1][3][8] - The total scale of the first eight benchmark market-making credit bond ETFs has surpassed 120 billion yuan, reflecting a growth of over 460% from the initial fundraising amount of 21.71 billion yuan [3][9] - The popularity of credit bond ETFs is attributed to their relatively lower credit risk and higher tracking efficiency, indicating significant future growth potential [2][9] Fund Performance - As of June 27, the scale of the E Fund Company Bond ETF reached 20.756 billion yuan, marking a historical high and a net inflow of approximately 1.6 billion yuan on June 26 alone [3][7] - The Southern Fund's Shanghai Stock Exchange Company Bond ETF also surpassed 20.507 billion yuan, achieving this milestone just one month after crossing the 10 billion yuan mark [4][7] - The Huaxia Fund's credit bond ETF reached 20.650 billion yuan as of June 27, having crossed the 10 billion yuan threshold less than two weeks prior [5][7] Market Trends - The current market now has three ETFs tracking the Shanghai benchmark market-making company bond index exceeding 20 billion yuan, with others like the Hai Futong Credit Bond ETF exceeding 13.569 billion yuan [6][9] - Credit bond ETFs have attracted over 130 billion yuan in net inflows this year, accounting for over 80% of the total net inflow into bond ETFs [9] - The total scale of credit bond ETFs has exceeded 215 billion yuan, representing an increase of over 160 billion yuan from the end of the previous year, and now constitutes over 57% of the total bond ETF market [9] Investor Participation - Various types of investors, including pension funds, bank wealth management, and insurance asset management, are actively participating in the investment of benchmark market-making company bond ETFs [10] - The introduction of credit bond ETFs as collateral for general repurchase transactions since June 6 has enhanced their appeal, allowing investors to leverage these products for more efficient capital use [10] - The growing variety of credit bond ETF products provides investors with more options for selection and duration, making bond ETFs a significant investment vehicle for both long-term allocation and short-term trading needs [9][10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Xingzheng Global Fund to establish a subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., with a registered capital of 10 million Singapore dollars, to be completed within 12 months [1][4]. Group 1: Company Establishment - Xingzheng Global Fund is required to complete the registration of its Singapore subsidiary within 12 months from the approval date [1]. - The proposed chairman of the Singapore subsidiary is Mr. Xie Zhiyu, who will focus on strategic planning while daily operations will be managed by the general manager and other operational staff [4]. Group 2: Management and Performance - As of the end of Q1 2023, Xingzheng Global Fund's public asset management scale was 651.945 billion yuan, ranking 16th in the industry, with non-monetary asset scale at 262.443 billion yuan, ranking 20th [5]. - Mr. Xie Zhiyu has been with Xingzheng Global Fund since July 2007, holding various positions and becoming the deputy general manager in January 2022 [5]. - Mr. Xie manages a total scale of 39.712 billion yuan across three public funds, with notable performance in the fund "Xingquan Helun," achieving a total return of 520.14% since taking over in January 2013 [7].

湖北日报讯（记者王艳华）6月26日，由证券时报社主办、长江证券协办的"2025金长江私募基金发展论坛"在武汉举行。活动揭晓第十届私募基金"金长 江"奖，并推出《2015-2025中国金长江私募基金发展白皮书》。 金长江私募基金"金长江"奖评选及"金长江私募基金发展论坛"创办于2015年，已连续举办九届。活动致力于寻找中国私募基金行业中的优秀管理人，挖掘年 度最具代表性的私募机构和基金经理。同时邀请知名机构、专家代表，为中国证券投资私募基金行业建言献策，支持私募基金行业高质量发展。 本届"金长江"奖活动成功报名机构达315家，其中百亿机构42家，50亿-99亿31家，20亿-49亿48家。来自全国各地的私募界人士共400多人出席当天论坛。 长江证券党委书记、董事长刘正斌在致辞中表示，近年来，中国私募行业加速从"量"的增长向"质"的提升转型。投资策略多元突破，量化与主观并驾齐驱， 数字经济、人工智能蓬勃发展，新质生产力成为布局重点，私募机构专业能力与服务水平持续提升。私募行业在促进资本形成、服务实体经济、满足居民财 富管理需求、提高市场定价效率等方面具有重要意义。 《白皮书》梳理了十年来中国私募基金高质量发展的进 ...

进一步来讲，以基金成立日为统计口径，5月共有20只新发债券型基金，合计募集362.11亿份，占公募基金总发行 份额的55.07%，单只平均规模达18.11亿份。其中，利率债、政策性金融债、中高等级信用债等低风险产品备受青 睐，占比超八成。 除了发行端资金踊跃外，5月份债券基金规模增量仍然来源于存量产品的资金"加购"，5月份权益市场震荡，债券 基金依然是机构类客户避险的首选。 【环球网财经综合报道】近日，中国证券投资基金业协会公布数据显示，截至2025年5月底，我国境内公募基金资 产净值合计达33.74万亿元，较4月末增长0.62万亿元。 货币基金方面，继4月份规模大涨后，5月份货基规模再度增超4000亿元。在利率下行的大背景下，降准降息政策 使得银行存款利率处于下行通道。相比之下，货币基金能够配置短期流动性较高的国债、同业存单、央行票据及 商业票据等，收益来源也更加多元，涵盖利息收入、回购交易收益和投资组合优化收益等。 除了混合基金规模稍有下降外，股票基金、债券基金、货币基金和QDII基金的规模均较4月底有不同程度的增 长。其中，货币基金和债券基金延续了4月的增长势头，担当规模增长的主力。5月，货币基金净值环 ...