Core Viewpoint - The article emphasizes the importance of adhering to the principle of "people first" in the public fund industry, as outlined in the 20th National Congress of the Communist Party of China, and highlights the need for financial services to contribute to the common prosperity of all people [1][3]. Group 1: People's Principle in Public Funds - The essence of financial work is to enhance people's well-being and promote common prosperity, with the core goal being to improve investors' sense of gain [1][2]. - The public fund industry is undergoing a significant transformation from focusing on scale to prioritizing investor returns, as indicated by the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2]. Group 2: Regulatory Reforms and Investor Benefits - The China Securities Regulatory Commission (CSRC) has introduced new regulations aimed at reducing sales fees for public funds, potentially saving investors approximately 30 billion yuan annually [2]. - The new performance assessment guidelines for fund management companies emphasize a performance evaluation system centered on fund investment returns, aligning the interests of fund managers with actual investor returns [2]. Group 3: Supporting National Strategies and Social Welfare - Public funds are actively engaging in nurturing new productive forces by directing investments towards key sectors such as green energy and technology innovation, thereby supporting the upgrade of the real economy [3]. - The public fund industry is also involved in the construction of a pension finance system, addressing significant social concerns and contributing to the goal of common prosperity [3]. Group 4: Institutional Innovation for Strengthening People's Principle - The public fund industry, having started relatively late, has learned from international experiences but still faces challenges such as inadequate investor satisfaction and uneven development [4]. - To strengthen the foundation of the people's principle, the industry must pursue institutional innovations that align with China's financial practices, focusing on product design, sales models, and risk management [4][5]. - The ongoing reforms in the public fund sector represent a systemic restructuring aimed at embodying the "people-centered" philosophy, requiring fund managers to translate regulatory policies into company practices and employee conduct [4][5]. Group 5: Commitment to High-Quality Development - The public fund industry is committed to transforming the "people first" concept into tangible practices that enhance investor satisfaction and support technological innovation [5]. - The vision for modernization outlined in the 20th National Congress provides a broad platform for the development of the public fund industry, with a focus on contributing to the construction of a financially strong nation [5].

今年以来，债券基金发行占比明显回落，股票型基金强势登上"C位"。 数据显示，今年以来，公募基金新发数量创近四年新高。其中，股票型基金新发规模超过4000亿份，超越2021年创下的历史纪录。 公募基金新发数量创近四年新高 数据显示，截至12月22日，今年以来已有1469只新基金成立（仅统计初始份额），发行数量创近四年新高，合计发行份额达11358.88亿份。 | | | | 新成立基金 | | | --- | --- | --- | --- | --- | | 截止日期 | 总数 | 发行份额(亿份) | 平均发行份额(亿份) | 截止日份额(亿份) | | 2025年 | 1,469 | 11,358.88 | 7.73 | 8,500.29 | | 2024年 | 1,135 | 11,838.33 | 10.46 | 10,045.15 | | 2023年 | 1,272 | 11,495.60 | 9.08 | 11.349.62 | | 2022年 | 1,457 | 14,927.91 | 10.32 | 13,841.50 | | 2021年 | 1,907 | 29,468.69 | 15.59 ...

Core Insights - The 14th Annual Financial Industry Evaluation event was successfully held in Guangzhou, focusing on the theme "Innovative Services Benefit the Public, Financial Empowerment Starts Anew" [2] - The event aimed to showcase exemplary practices in product innovation and service upgrades among financial institutions by 2025, awarding five major categories including "New Service New Momentum Pioneer Cases" and "New Wealth New Investment Pioneer Awards" [2] Banking Sector: Activating New Growth Momentum - The "New Service New Momentum Pioneer Cases" award specifically recognized banking institutions that adhere to the essence of financial services for the real economy, expanding service breadth, depth, and precision [3] - A total of 14 cases won this award, featuring both national and regional banks, including major players like China Merchants Bank and Ningbo Bank, as well as local branches [5] - The awarded cases highlighted innovative practices that meet the needs of the real economy, such as digital transformation and supply chain finance, demonstrating the banking sector's commitment to supporting economic growth [5] Capital Markets: Restructuring the Wealth Ecosystem - The event introduced the "New Wealth New Investment Pioneer Cases" award to reflect the ongoing transformation in capital markets towards enhancing investor returns and strengthening services for the real economy [6] - Notable examples from securities, fund, and wealth management institutions included innovative practices in investment advisory and diversified asset allocation strategies in a low-interest-rate environment [8] Insurance Sector: Strengthening New Social Security - The insurance industry plays a fundamental role in improving livelihoods and maintaining social equity, with awards for "New Value New Protection Pioneer Cases" and "New Service New Consumer Protection Exemplary Cases" focusing on innovation in insurance products and services [9] - Award-winning cases included initiatives targeting specific demographics such as women and the elderly, showcasing the industry's responsiveness to social needs and commitment to consumer protection [11] Consumer Finance: Digital Intelligence Breaking New Ground - The introduction of the "New Digital Intelligence New Scenarios Pioneer Cases" award aimed to highlight the transformation in the consumer finance sector through technological innovation and practical applications [12] - Winning cases demonstrated the use of technology for risk management and service enhancement, with examples of localized services for small businesses and AI-driven customer support [14] Overall Significance - The Annual Financial Industry Evaluation serves as a significant platform for dialogue between the public and financial institutions, reflecting the industry's commitment to responsibility and mission [15] - Over the past 14 years, the event has evolved to document the financial sector's development and its service to the real economy, continuing to play a leading role in promoting high-quality growth [15]

公募基金投资中出现的"盲盒"现象，不仅会导致基金业绩与比较基准明显偏离，也属于典型的风格 漂移，其所产生的负面影响显然不容忽视。 一方面，基金的投资活动既违反了基金合同的约定，也违背了市场赖以坚守的契约精神。而且，对 于基金公司而言，这在本质上也是一个诚信问题。基金合同在发行时被大张旗鼓地宣传，但实际运作结 果却与合同约定不一致，无疑值得商榷。 导致相关基金投资出现"盲盒"现象的原因无疑是多方面的。比如，公募基金行业长期热衷于业绩排 名，一旦所管理的基金取得不俗业绩，不仅有助于跻身明星基金经理之列，也会在个人薪酬、晋升等方 面带来明显收益。这种激励机制容易引发基金经理的投资冲动。又如，若符合基金主题定位的个股或板 块并非市场热点，甚至处于下降通道，对基金净值而言显然十分不利。 此外，公募基金的风格漂移及其频繁换股，既容易引发股价波动，也会放大市场的投资风险。公募 基金通常掌握着大量资金，其换股操作，无论是集中卖出还是集中买入，都会对股价产生明显冲击，其 中蕴含的风险不容忽视。 近期，某些基金的业绩与比较基准出现明显偏离的现象引起市场的高度关注。正常情形下，相关基 金的业绩与比较基准偏离度不会太大。如果出现太大 ...

中国经济网北京12月23日讯 今日，国联基金发布国联养老目标日期2045三年持有期混合型发起式基金中 基金（FOF）清算报告。 报告称，国联养老目标日期2045三年持有期混合型发起式基金中基金(FOF)(原名中融养老目标日期2045 三年持有期混合型发起式基金中基金(FOF))基金合同2022年10月27日正式生效。 根据《国联养老目标日期2045三年持有期混合型发起式基金中基金（FOF）基金合同》（以下简称"基金 合同"或"《基金合同》"）"第五部分 基金备案"中"三、基金存续期内的基金份额持有人数量和资产规模"的 约定："《基金合同》生效之日起三年后的对应日，若基金资产净值低于2亿元，基金合同自动终止，且不得 通过召开基金份额持有人大会延续基金合同期限。" 该基金的基金合同生效日为2022年10月27日，基金合同生效之日起三年后的对应日为2025年10月27日。 截至2025年10月27日终，该基金资产净值低于2亿元，已触发基金合同终止的上述情形。根据《基金合同》 约定，该基金管理人将终止基金合同并依法履行基金财产清算程序，无需召开基金份额持有人大会。 该基金最后运作日为2025年10月27日，自2025 ...

Core Viewpoint - The overall return of Hong Kong's Mandatory Provident Fund (MPF) decreased by 0.5% in December, with an average loss of HKD 1,448 per person, despite a year-to-date increase of 15.6%, marking the highest return in nearly eight years [1] Group 1: Performance of Fund Indices - The three main indices showed varied performance: the stock fund index fell by 0.8%, the mixed asset fund index decreased by 0.2%, while the fixed income fund index slightly increased by 0.03% [1] - Year-to-date, the MPF composite index has gained 15.6%, translating to an average profit of HKD 42,685 per person [1] Group 2: Sector Performance - In December, stock funds faced pressure, with European stock funds being the best performers, rising by 2.3% and achieving an annual return of 23.8% [1] - Conversely, other stock funds experienced a decline of 2.2% in December but still recorded a 17.1% increase for the year [1] - Hong Kong and Greater China stock funds saw slight declines of 1% and 0.9% in December, respectively, yet maintained significant annual gains of 29.2% and 30.8% [1] Group 3: Investment Strategy - Despite the market adjustment in December, the MPF has recorded positive returns year-to-date, prompting members to review their asset allocation strategies based on their risk tolerance to balance short-term volatility with long-term growth potential [1]

个人养老金制度在全国范围运行已满一年，对于数千万参与者而言，最直接的问题是：这笔为未来储备的钱，表现究竟如何？近期市场数据显示，这一"养 老钱袋子"在过去一年中呈现出积极变化。 随着2024年资本市场环境回暖，个人养老金投资账户内的资产收益也迎来整体回升。其中，专门服务于个人养老金账户的Y份额基金表现尤为突出。近期由 清华五道口养老金融50人论坛发布的《中国养老金融发展报告2025》指出，截至2024年末，Y份额基金规模同比增长超过50%。在运作满一年的产品中，超 过94%实现了正收益，平均收益率达到4.45%，为长期储蓄提供了切实的增值体验。 市场格局方面，Y份额基金的管理人集中度较高。截至报告期末，在已布局的52家基金管理人中，规模前三的管理人合计市场份额达到40%，前十大管理人 更是占据了83%的份额，显示出头部机构在该细分领域的先发优势。 这一市场进展，与"十五五"时期国家层面加速构建多层次养老金融体系的战略方向紧密契合。面对人口结构变化，规划明确将大力发展以个人账户制为核心 的第三支柱养老金作为关键任务，旨在为公众提供更充足、更多元的养老财富储备工具。 政策框架的完善是市场发展的基石。复旦大学研究数 ...

一边是12月单月超122亿资金疯狂涌入中证A500赛道，一边是"到底选哪家"的选择困境。Wind数据显 示，截至12月18日，A500ETF南方(159352)规模突破334亿元，位居深市同类第一；12月17日， A500ETF南方(159352)成交额飙至80.61亿元创上市新高，成为倍受资金青睐的中证A500工具。 当下的A股市场，中证A500指数无疑是最靓的仔。作为"国九条"发布之后的第一只核心宽基，其新质生 产力含量拉满、行业分布均衡、历史业绩亮眼，引得45只ETF扎堆跟踪，产品同质化一度让投资者眼花 缭乱。 同质化赛道里，A500ETF南方凭什么成为"闭眼选"的答案？核心原因，藏在南方基金的硬实力与深布局 里。 对于场内投资者而言，可直接交易A500ETF南方(159352)，该产品费率低至"0.15%管理费+0.05%托管 费"，具备显著的成本优势，适合习惯实时交易、需要灵活调仓的投资者；而场外投资者，则可以选择 南方中证A500ETF联接基金(A类022434/C类022435/Y类022918)，支持一键布局，无需开通证券账户， 还可进行定投和小额买入，适配没时间盯盘、希望长期持有并分享经济转 ...

央视网消息：2025年中国公募基金市场迎来历史性突破，ETF规模冲上5.78万亿元，FOF年内发行规模超800亿元，双双刷新纪录。 今年中国FOF合计募集规模超800亿元 与此同时，FOF也迎来"爆发年"。截至12月17日，全年新成立79只FOF基金，合计募集规模达803.54亿元，超过此前三年发行总和。单只 产品平均发行规模达10.49亿元，是2024年的3倍以上。 万得数据显示，截至12月19日，全市场ETF规模达5.78万亿元，年内增长超2万亿元，增速超过53%。 细分品类同样亮眼，2025年7月和9月两批科创债ETF先后上市，市场热度持续攀升。截至目前，24只科创债ETF合计规模已达2576.64亿 元，相较697.73亿元的发行规模大增269%，其中16只产品跻身百亿级梯队。 中国ETF规模达5.78万亿元 创历史新高 ...

Core Viewpoint - The launch of the CSI A500 index has created a competitive landscape in the ETF market, where only a few major players dominate, while many smaller firms end up as "also-rans" [1][2][10]. Group 1: Market Dynamics - The CSI A500 index was launched in September 2024 and is considered a significant opportunity for public funds, leading to a rush of product submissions from various fund companies [2][17]. - By mid-December 2025, the total market size of A500 ETFs approached 250 billion yuan, indicating a rapid growth in this segment [2][17]. - The market has shown a clear "head effect," where a few leading funds capture the majority of the assets, leaving smaller firms struggling to compete [3][18]. Group 2: Fund Performance - The top five A500 ETFs, including Huatai-PB, Southern, and Huaxia, have assets ranging from 260 billion to 412 billion yuan, collectively dominating the market with nearly 1.6 trillion yuan [6][22]. - Recent inflows have been substantial, with Huatai-PB and Southern ETFs attracting 87.30 billion and 101.65 billion yuan, respectively, in just one week [7][22]. - The performance of smaller funds has been lackluster, with many experiencing significant redemptions and struggling to maintain their market presence [7][22]. Group 3: Challenges for Smaller Firms - Smaller public funds face significant challenges due to resource constraints, making it difficult to compete with larger firms that have established marketing and distribution channels [11][12]. - The cost of marketing and maintaining sales channels is high, with management fees for A500 ETFs around 0.15%, making it hard for smaller firms to achieve profitability without substantial scale [11][12]. - Some smaller firms have opted to withdraw from the competition, adopting a strategy of waiting rather than engaging in a costly race for market share [12][13]. Group 4: Future Outlook - The competitive landscape suggests that the development of index funds should be gradual, focusing on building differentiated competitive advantages rather than following trends blindly [13]. - Smaller firms may need to explore niche markets such as thematic, strategy-based, QDII, bond, or actively managed ETFs to find sustainable growth opportunities [13]. - The prevailing trend indicates that a few giants will continue to dominate the market, while many participants may remain on the sidelines [14].