Core Insights - The core proposition of the article emphasizes the importance of enhancing investor satisfaction as a fundamental aspect of the public fund industry, especially in the context of high-quality development [2][3]. Industry Context - The public fund industry has evolved from a niche sector 20 years ago to a significant player with over 800 million investors, impacting national economic transformation and technological development [3]. - Recent years have seen widespread losses in the industry, particularly in equity funds, leading to poor customer experiences [3]. Business Philosophy - The company prioritizes customer interests above all, asserting that misalignment of this principle jeopardizes long-term sustainability [4]. - A formula for quantifying investor satisfaction is proposed: 20%-30% from active management (Alpha), 50% from macroeconomic and industry trends (Beta), and 20%-30% from investor behavior optimization (Gamma) [4]. Product Strategy - The company avoids chasing market trends and focuses on long-term asset allocation, starting with technology investments and gradually expanding into consumer, healthcare, and value investment sectors [4]. - The sales strategy includes "reverse selling," promoting equity products during market downturns and guiding clients towards fixed-income assets during market highs [5]. Performance and Assessment - The company emphasizes long-term performance metrics for fund managers, focusing on three to five-year results rather than short-term gains [5]. - The company has achieved notable performance, ranking 8th out of 166 in equity fund performance as of June 30, with a two-year average return of 18.95%, the highest among funds over 100 billion [7]. Future Outlook - The company is actively pursuing a license for advisory services and is building a team to empower wealth management institutions rather than directly targeting end clients [7]. - The introduction of a floating fee structure aligns the interests of fund managers and investors, moving away from a sole focus on relative returns [9]. - The company aims to enhance its capabilities in cross-border investments, commodity investments, and talent retention to ensure long-term value creation for investors [10][11].

Domestic Highlights - Xiamen has launched the "ESG Report Verification Cost Compensation Insurance," aiming to enhance ESG disclosure and verification coverage in the region[12] - The Xiamen Free Trade Zone has introduced 632 innovative measures, with 153 being national firsts, to promote ESG standards and practices[12] International Developments - The European Commission proposed amendments to the European Climate Law, targeting a 90% reduction in greenhouse gas emissions by 2040 compared to 1990 levels[3] - The proposal includes mechanisms like carbon credit allowances to alleviate pressures in achieving these reduction targets[3] ESG Financial Products Tracking - As of July 5, 2025, China has issued 3,605 ESG bonds, with a total outstanding amount of 5.52 trillion RMB, where green bonds account for 61.53% of the total[22] - In the past month, 41 ESG bonds were issued, raising 39.8 billion RMB, while the total issuance over the past year reached 1,007 bonds worth 1.1758 trillion RMB[22] Public Fund Insights - The market has 902 existing ESG products, with a total net asset value of 1,055.066 billion RMB, where ESG strategy products represent 52.98% of the total[34] - No new ESG public funds were issued in the past month, but 236 funds were launched in the last year, totaling 170.639 billion units[34] Banking Wealth Management - There are 965 existing ESG products in the banking sector, with pure ESG products making up 55.85% of the total[40] - In the last month, 12 new ESG products were issued, primarily focused on pure ESG and environmental protection[40] Index Performance - As of July 4, 2025, major ESG indices, except for the Wind All A Sustainable ESG, outperformed the market, with the 300 ESG Leading Index showing the highest increase of 1.87%[41] - Over the past year, the Huazheng ESG Leading Index had the largest growth at 17.59%, while the Shenzhen ESG 300 Index increased by 13.3%[41] Expert Opinions - UNEP FI's Butch Bacani emphasized the insurance industry's role in managing climate-related risks and supporting sustainable industrial transitions[8] - The need for a comprehensive asset-liability perspective was highlighted to align insurance and investment efforts towards building resilient and carbon-neutral communities[8] Risk Factors - Potential risks include slower-than-expected ESG development, delays in the dual carbon strategy, and insufficient policy advancements[43]

每日市场观察 2025 年 7 月 3 日 周三沪指窄幅波动，深成指和创业板指数有所调整。截至收盘，沪指 跌 0.09%，深成指跌 0.61%，创业板指数跌 1.13%。板块方面，钢铁、 光伏设备、水泥建材、煤炭、采掘等涨幅居前；航天航空、通信、半 导体、电子元件、消费电子等板块调整明显。两市跌多涨少，其中上 涨股票 1885 只，下跌股票数量 3145 只；沪深两市总成交金额超 1.37 万亿，环比有所萎缩。 周三钢铁、光伏设备、水泥、煤炭、采掘、工程机械等制造业板块护 盘，但中小市值板块调整明显。技术上看，股指 60 分钟指标处于低位 而 120 分钟指标处于高位，周四冲高回落概率较大。投资者应留意板 块轮动变化，适当调整仓位，回避上半年业绩预期不佳品种，逢低吸 纳有色金属、煤炭、工程机械等板块中的优质个股。 美国国会参议院通过全面减税和支出法案，美元预期未来走弱，有色 金属等资源价格或上行，投资者可关注未来铜、铝、锂等细分板块表 现。受上游原燃料价格走低以及行业重组限产推动，钢铁行业前 5 个 月利润大幅增长，投资者可适当吸纳股息回报整体稳定的龙头标的； 经过长期调整，工程机械板块有望迎来周期性拐点，建 ...

挂钩的浮动管理费率收取模式，对于符合一定持有期要求的投资者，根据其持有期间产品业绩表现适用 差异化的管理费率。业绩明显低于比较基准的，须少收管理费，有力扭转基金公司"旱涝保收"的现象。 围绕提升行业服务投资者的能力，《方案》突出引导基金公司、基金销售机构围绕投资者最佳利益，全 面优化投资研究、产品设计、风险管理、市场推广等资源配置，践行长期投资、价值投资、理性投资， 努力给投资者带来更优的回报。 《方案》还提出，抓紧出台公募基金投资顾问管理规定，促进基金投顾业务规范发展，为投资者提供适 配其特点和需求的组合投资服务。同时，加快推出机构投资者直销服务平台，便利各类机构投资者参与 基金投资。 围绕提高公募基金权益投资的规模和稳定性，《方案》优化基金注册安排，推出更多场内外指数基金和 中低波动含权型产品，促进权益类基金创新发展；强化基金产品业绩比较基准的约束力，充分发挥其体 现产品定位、衡量产品业绩的作用，对基金投资业绩全面实施三年以上长周期考核，提升公募基金投资 行为稳定性。 《方案》还提出，出台公募基金销售费用管理规定，合理调降公募基金的认申购费和销售服务费。引导 行业机构适时下调大规模指数基金、货币市场基金的 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on deepening reforms, enhancing the stability of investment behaviors, and improving services for investors [1] Group 1: Reform Measures - The action plan includes 25 reform measures across six areas, emphasizing a shift from "scale" to "investor returns" to achieve high-quality development in the industry [2] - A performance evaluation system centered on fund investment returns will be established, incorporating benchmarks and profit margins that directly affect investor interests [2][3] - The plan aims to strengthen the constraints of performance benchmarks, addressing issues such as style drift and excessive pursuit of market trends in actively managed equity funds [3] Group 2: Implementation Details - The CSRC will issue regulatory guidelines for performance benchmarks and establish a benchmark library, detailing the setting, modification, disclosure, and evaluation mechanisms [4] - A floating management fee model linked to fund performance will be introduced for actively managed equity funds, allowing for differentiated fees based on performance relative to benchmarks [5] - Fund companies will be required to adjust their existing products gradually, with a focus on ensuring that new registrations meet the floating fee structure [5][6] Group 3: Compensation and Governance - The action plan emphasizes aligning the interests of fund companies, executives, and fund managers with those of investors, with a significant weight on investment returns in performance evaluations [6][7] - Fund managers with underperformance relative to benchmarks will see a decrease in performance-based compensation, while those exceeding benchmarks may receive increases [7] - The plan encourages a higher proportion of personal investment by fund executives in their managed products to strengthen alignment with investor interests [7] Group 4: Support for Smaller Firms - The action plan includes measures to support the development of small and medium-sized fund companies, promoting their unique operations and enhancing their competitiveness [8] - It proposes to broaden the investment scope of risk reserves and reduce operational costs for smaller firms, facilitating their growth and efficiency [8] - The CSRC will provide a timeline for the implementation of these reforms, ensuring that the industry has adequate time to adapt [8]

来源|财富独角兽 今年以来股市呈现电风扇快速轮转行情，从春节后的机器人、大模型到近几个月的创新药、新消费，再到本月的军工、油气等等；热点各领风骚几个月的背 后，不同主题的公募基金都有了表现机会，虽然净值可能会出现波动，但是整体至少能维持正收益。 从这层意义来看，2025年到目前还未能实现正收益的基金就交代不过去了，比如东吴基金的12年老将周健。天天基金网的数据显示，这位南开大学毕业的硕 士基金经理，目前累积的任职时间已经达到了12年零254天，目前在公司管理5只基金产品，合计的规模仅仅约为2.20亿元，而且在管基金最佳任期回报仅仅 不到40%，问题出在哪里呢？ 东吴配置优化 文|吴理想 笃信大科技是否恰当？ 以其中表现最差的东吴配置优化为例，该基金在去年实现的净值增长率约为10.37%，排在同类基金的前500位之列。但是，今年的表现却有天壤之别，从而 导致年化收益率也排在同类基金后二分之一行列。 02 历史名基东吴双三角 特别是一季度末大约0.51亿元的规模也较为袖珍，种种迹象显示，东吴配置优化行走在危险的十字路口,周健也成为七任基金经理中目前任职总回报最差的一 位，同时他也是仅有的两位负回报掌舵人之一，另外 ...

近期市场情绪的抬升，正获得资金面的有力验证。 近期，A股市场量价齐升。在这轮攻势背后，头部私募机构正以真金白银的仓位布局A股—— 全市场股 票私募机构平均仓位继续运行在今年以来的相对高位，近九成百亿级股票私募机构的仓位超50%。 一线私募认为，海外风险趋缓、政策预期升温与市场内生修复动能形成合力，共同点燃本轮行情。随着 中报业绩预告时间窗口的临近， 私募机构将投资目光聚焦于科技成长、红利防御与消费复苏三大主 线，预期市场中期表现值得期待。 机构仓位整体高位运行 来自第三方机构私募排排网的监测数据显示，私募机构已进入"较高仓位状态"。截至6月20日，全市场 股票私募平均仓位达74.62%，较前一周小幅上升0.37个百分点，这一数值处于今年以来的中等偏高水 平。 百亿级股票私募机构的仓位更为激进。 截至6月20日， 百亿级股票私募机构 平均仓位为 79.43%， 显著 高于行业均值，处于今年以来的高位区间。 其中，有52.99%的百亿级股票私募机构处于重仓或满仓状 态（仓位大于80%），另有35.63%的百亿级股票私募机构的仓位处于中等偏高水平（仓位在50%至80% 之间）。这意味着近九成（88.62%）百亿级股 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 迈入7月，今年上半年的行情于昨日正式收官。受海内外多重因素交织影响，A股的表现较为震 荡，主要股指全线上涨，其中上证指数上半年累涨2.76%，北证50指数大涨39.45%一度创出历史 新高。行业和题材方面，结构性分化明显，并呈现科技和红利共振的局面。 在此背景下，今年上半年基金行业也发生了许多引发市场热议的大事件。1月末，DeepSeek的创 始人梁文锋、背后公司幻方量化迅速出圈。4月，在关税冲击下，多家知名私募巨头集体发声并 用真金白银支持中国市场。5月，公募市场系统性改革文件落地，行业开始从"重规模"向"重回 报"转变。 0 1 幻方旗下 DeepSeek 出圈！私募量化巨头掀起 AI 布局热潮 今年1月，千亿私募巨头幻方量化旗下新一代AI大模型 DeepSeek-R1横空出世。DeepSeek-R1在 实现复杂逻辑推理解题能力的同时，训练成本约为GPT-4的1/10， 打破 "高投入=高性能"行业规 则 ， 因此在 全球技术圈和资本市场均引起巨大轰动，"东升西降"的说法更是开始甚嚣尘上。 资料显示，DeepSeek的研发经费主要依赖背后的量 ...

Group 1 - Beijing is focusing on the medical sector's needs by developing a second negative list for medical devices, following the first list that included five fields [1] - The city has established a comprehensive reform system for cross-border data flow, aiming to upgrade from the initial version to a more efficient and secure model [1][2] - The second negative list will include five sectors: medical devices, intelligent connected vehicles, trade logistics, banking, and public funds, expanding the coverage of the policy [2] Group 2 - A pilot program for the negative list will be implemented on a case-by-case basis for medical enterprises, with several companies already expressing interest in participation [3] - The focus will be on enhancing data flow for research collaboration, drug development, and multi-center consultations, encouraging partnerships between local hospitals and multinational pharmaceutical companies [3]

Report Industry Investment Rating - The report is optimistic about the investment value of the non - banking financial sector, believing it can enjoy both Beta and Alpha [4]. Core Viewpoints of the Report - Policy interpretation: Since 2022, reform measures for public funds have been gradually implemented, focusing on fees, assessment, and compensation. Future reforms are expected to be fully rolled out in the next three years. Floating fees will expand coverage, and fee reform phases are about to be implemented. Benchmark constraints and assessment will influence industry allocation and investment focus [4]. - Impact on public funds: The industry pattern will be optimized, with benchmark constraints potentially forcing active equity funds to become "quasi - passive". Investment research will first follow the benchmark and then pursue excess returns. Passive products will continue to develop, and channels, talent, and back - end operations will face corresponding adjustments [4]. - Impact on securities companies: The profit contribution of publicly - held funds by securities companies will show greater differentiation, and the advantage of securities companies in selling equity index funds will expand [4]. - Investment analysis opinion: The non - banking financial sector is a sector that can enjoy both Beta and Alpha, and its investment value is promising [4]. Summary by Relevant Catalogs 1. Policy Interpretation: Promote the High - quality Development of the Public Fund Industry in Multiple Dimensions - Regulatory roadmap: Since 2022, the roadmap and schedule for the high - quality development of public funds have become clearer. Reforms started with fee reduction and are now being comprehensively rolled out. The "Action Plan" covers aspects not implemented in the 2022 "Opinions" [8][10][12]. - Comparison of 2022 and 2025 reform requirements: The 2025 requirements are more detailed and quantitative, covering aspects such as overall requirements, differentiated development, long - term incentive constraints, and product innovation [13]. - Key points of the "Action Plan": It includes establishing a floating management fee mechanism, reducing investor costs, increasing the scale and proportion of equity investment, establishing a performance - based assessment system, strengthening regulatory classification evaluation, and enhancing compensation management [14][15][16][18][19][20]. - Reasons for the "Three - Year Goal": Investor risk preferences have declined, leading to a slowdown in the growth of public funds, especially new equity funds. The "Long - term Capital Market Entry" has set a 10% quantitative requirement for public fund capital entry [27][25]. - Fee reform: It aims to establish a floating fee mechanism linked to performance and reduce investment costs. It also expands the scope of fee reduction and promotes the development of floating - rate funds [31][32][36]. - Differentiated competition: Fee reduction and classification supervision will optimize the industry pattern, benefiting public funds strong in equity and index products [44][48]. - Benchmark constraints and long - term assessment: In the short term, industry allocation will be adjusted; in the long term, the focus will return to fundamental research, and turnover will decrease [49][50]. - Product innovation: The development of equity and fixed - income + products will be promoted to meet market demand [53][57]. - Research and investment capabilities: The co - management model may become the future development trend of the industry [58]. 2. Impact on Public Funds: Analysis from Research and Investment, Products, Channels, Talent, and Back - end Operations - Research and investment: Benchmark constraints may force active equity funds to become "quasi - passive". The co - management model may be adopted to improve research and investment capabilities [63][58]. - Products: The passive trend will continue, and equity index products and fixed - income + products will have development opportunities [69][74]. - Channels: Public funds should strengthen self - sales and investment advisory channels to reduce dependence on代销 channels. The combination of fund investment advisory and direct sales platforms may bring opportunities for large public funds to enter the wealth management market [78][84]. - Talent: For researchers, the "department wall" between research and investment should be broken; for fund managers, hierarchical management should be implemented [90][93]. - Back - end operations: Fee reduction will raise the break - even point, and financial technology may be an effective means to cope with fee reduction in the short term [94][95]. 3. Impact on Securities Companies: Analysis from Public Fund Business, Sales, and Allocation - Public fund business: The "Action Plan" will directly impact the income of publicly - held funds by securities companies, potentially compressing their profit contribution in the short term [102]. - Sales: The similar classification evaluation mechanism will benefit securities companies' sales, and they will maintain their advantage in selling equity index funds [106]. - Allocation: Securities companies should strengthen research on high - weight benchmark targets and explore non - public fund customers [4]. 4. Investment Analysis Opinion - The non - banking financial sector can enjoy both Beta and Alpha, and its investment value is promising. The Beta logic lies in the promotion of the transformation of household savings into investments and the entry of long - term funds into the market. The Alpha logic is that the non - banking financial sector is under - allocated and has low valuations [4].