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。 我国ETF规模达5.78万亿元 创历史新高 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%。增长节奏也很惊人，ETF规模今年短短4 个月就从4万亿跃升至5万亿，而此前从0到1万亿用了整整14年。 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。 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。 什么是ETF和FOF？ 什么是ETF和FOF？ ETF是交易型开放式指数基金，本质是一篮子资产的组合，比如投资者买了"沪深300ETF"，就相当于一次性买下了沪深300指数里包含的300 家公司的股票。 FOF更简单，它本身不直接买股 ...

年末ETF排位赛如火如荼，A500ETF霸屏成交榜。最新数据显示，全市场A500ETF规模达2459.35亿 元，近一周资金净流入327亿元，占股票ETF净流入总额的近7成。头部产品表现尤为突出，华泰柏瑞 A500ETF最新规模412亿元，成为跟踪该指数首只超400亿元的ETF，仅用一周实现了百亿跨越。南方 A500ETF单周净流入超百亿，规模排名第二，为356.84亿元，华夏A500ETF、国泰A500ETF以及易方达 A500ETF均超200亿元，广发、富国以及嘉实旗下A500ETF规模超百亿。 ...

中山大学高分领跑 对外经贸紧随其后 上财复旦接续发力 对抗升级，万众瞩目！ 由中国证券投资基金业协会指导 中国证券报主办的 第三届大学生基金知识竞赛 小组赛B组第三场、第四场 于12月23日正式播出 | | B组 | | | | --- | --- | --- | --- | | 第一场 | 对外经济贸易大学-招商基金 复旦大学-东方红资产管理 | 12月22日 | 10:00 | | | 中山大学-易方达基金 | | | | 第二场 | 对外经济贸易大学-招商基金 上海财经大学-兴证全球基金 | 12月22日 | 14:00 | | | 中山大学-易方达基金 | | | | 第三场 | 对外经济贸易大学-招商基金 复旦大学-东方红资产管理 | 12月23日 | 10:00 | | | 上海财经大学-兴证全球基金 | | | | 第四场 | 复旦大学-东方红资产管理 上海财经大学-兴证全球基金 | 12月23日 | 1 4:00 | | | 中山大学-易方达基金 | | | 第三届大学生基金知识竞赛纳入"一司一省一高校"投资者教育活动，旨在帮助高校学生普及基金投资常识，拓宽金融视野，传播正确的风险管理理念，引 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年12月23日 1 公告基本信息 ■ 注：本基金单一投资者持有基金份额比例可达到或者超过基金份额总数的50%，且本基金不向个人投资 者公开销售。 2 申购、赎回业务的办理时间 2.1开放日 根据本基金《基金合同》、《招募说明书》的规定，本基金以定期开放的方式运作，本基金的封闭期为 自基金合同生效之日起（包括基金合同生效之日）或自每一开放期结束之日次日起（包括该日）至该封 闭期首日所对应的一年年度对日的前一日止。本基金封闭期内不办理申购与赎回业务，也不上市交易。 本基金自每个封闭期结束之后第一个工作日起（包括该日）进入开放期，期间可以办理申购与赎回业 务。本基金每个开放期不少于2个工作日且最长不超过20个工作日，开放期的具体时间以基金管理人届 时公告为准，且基金管理人最迟应于开放期前2日进行公告。如封闭期结束后或在开放期内发生不可抗 力或其他情形致使基金无法按时开放申购与赎回业务，或依据基金合同需暂停申购或赎回业务的，开放 期时间顺延，直至满足开放期的时间要求，具体时间以基金管理人届时公告为准。在不违反法律法规的 前提下，基金管理人可以对封 ...

Core Insights - Record demand and new launches have characterized a strong year for fixed income in 2025, with expectations for continued growth into 2026 as the Federal Reserve eases monetary policy [1] - The recent rate-cutting cycle suggests that investors should optimize their portfolios for income extraction, with active management being a key strategy [2] Active vs. Passive Management - Active ETFs provide flexibility compared to passive ETFs, allowing portfolio managers to adjust holdings based on market conditions, making them suitable for various investment objectives [3] - Active management is particularly beneficial in the complex bond market, enabling tailored strategies for core exposure and maximum income [3] Investment Options - Vanguard offers two core exposure options: the Vanguard Core-Plus Bond ETF (VPLS) and the Vanguard Core Tax-Exempt Bond ETF (VCRM), which provide diverse exposure to U.S. Treasuries, mortgage-backed securities, and municipal debt [4][5] - The Vanguard High-Yield Active ETF (VGHY) is introduced as a high-yield muni solution, allowing investors to access high yields without resorting to risky corporate bonds [6][7] Fund Characteristics - VGHY is noted for its active strategy in the high-yield muni market, addressing the complexities and risks associated with municipal bonds [7] - All mentioned active funds feature low expense ratios and are supported by the Vanguard Fixed Income Group, which has expertise in navigating bond markets [7]

Group 1 - The core viewpoint of the articles indicates that despite a continuous decline in money market fund yields, the overall scale of these funds has increased significantly this year, with a growth of over 1.4 trillion yuan in the first ten months [1][2] - As of December 22, 2023, at least 70 money market products have a 7-day annualized yield below 1%, with 163 funds yielding between 1% and 1.2%, highlighting a notable decrease in yields compared to previous years [1][2] - The total scale of money market funds in China reached approximately 15.05 trillion yuan by the end of October 2023, an increase of 1.43 trillion yuan from the end of the previous year [1] Group 2 - Several money market funds have implemented purchase limits to prevent large inflows of capital, which could dilute existing holders' returns [2] - Analysts predict that the trend of increasing liabilities for money market funds may continue, supported by the maturity of high-interest fixed deposits and the strengthening of liquidity advantages due to new fund sales fee regulations [2] - The future outlook suggests that money market fund yields may continue to decline, and the growth rate of fund scales may slow down due to the positive correlation between fund scale growth and the interest rate spread compared to deposits [2][3] Group 3 - The fixed income investment manager at Taiping Fund notes that the trend of declining bank deposit rates since 2020 has led to a gradual decrease in money market fund yields, yet the scale of these funds continues to grow steadily [3] - The development of China's money market funds may align more closely with the U.S. model, featuring high liquidity and low yield volatility, while remaining valuable for both individuals and institutions [3] - Industry experts recommend that investors reassess the positioning of money market funds in a low-interest-rate environment, suggesting low-fee funds for short-term idle cash and considering higher-yield alternatives for medium to long-term investments [3]

Core Viewpoint - The recent announcement by Great Wall Fund Management regarding the resignation of fund manager Weng Yuping due to "business adjustment" has sparked discussions about the phenomenon of fund managers being "retrained," reflecting significant changes in performance assessment mechanisms amid industry salary reforms [2][8]. Group 1: Manager Transition - Weng Yuping has stepped down as the sole manager of the Great Wall Jiuyuan Flexible Allocation Mixed Fund, transitioning to a role as an industry researcher, with Lin Hao taking over management [2][4]. - The resignation is effective from December 18, 2025, and Weng has completed the necessary deregistration procedures with the China Securities Investment Fund Industry Association [4]. Group 2: Fund Performance - Under Weng's management, the Jiuyuan Fund reported a return of -49.65% for Class A and -53.25% for Class C, significantly underperforming its benchmarks by 36.63 and 56.63 percentage points, respectively [5]. - The fund's size has shrunk over 80%, from 248 million yuan to 43 million yuan, categorizing it as a "mini fund" [5]. - The fund's heavy investments in military electronics and semiconductors have resulted in consecutive losses of 31.67% and 24.64% in 2022 and 2023, ranking in the bottom 10% of its peers [5]. Group 3: Industry Trends - The trend of fund managers being "retrained" is not isolated, with several instances in the industry, including the resignation of Lu Xianhai from Baoying Fund and Ding Ge from Dongwu Fund, both transitioning to research roles after poor performance [6][7]. - The timing of Weng's transition coincides with a period of salary reform discussions in the public fund sector, which may influence performance-based compensation adjustments [8]. Group 4: Company Overview - Great Wall Fund Management, established in December 2001, has a public asset management scale exceeding 350 billion yuan as of September 30, 2025, with a net profit growth rate of 40.07% over the past three years [9]. - Despite stable overall performance, some active equity fund managers within the company have underperformed relative to their peers, with the Great Wall Core Advantage A fund showing a return of -34.96% over five years [9].

在多重利多因素的推动下，全球贵金属价格持续上行。12月22日，黄金与白银价格双双刷新历史纪录， 铂金价格自2008年以来首次突破每盎司2000美元大关。 市场数据显示，截至22日发稿，现货黄金价格盘中已升破4400美元／盎司，突破10月20日的4381.484美 元／盎司，再创历史新高，年内涨幅超过67%；白银现货价格一度攀升至69美元／盎司上方，同样创下 历史最高水平，年内涨幅超过140%；铂金价格近期接连突破1700、1800和1900美元整数大关，并自 2008年以来首度站上每盎司2000美元，年内涨幅超127%；铂金的"兄弟金属"钯金，最高价触及每盎司 1839美元，年内涨幅已超96%。 多位分析师对新华财经表示，中长期来看，在地缘政治冲突、美联储降息周期开启、美元信用式微等因 素综合作用下，黄金白银价格预计将维持上涨趋势。后续重点关注美联储政策表态、下一届美联储主席 候选人情况等变化。 第四，黄金供需紧平衡时有助于价格上涨，2025年全球和国内投资需求大幅增加，三季度投资需求继续 保持旺盛，央行购金和投资需求有望弥补首饰需求下降。 第五，地缘政治格局呈现"局部缓和与多点升温交织"特征，避险情绪小幅升 ...

21世纪经济报道记者 黎雨辰 继7月公司董事长更迭后，中加基金又现核心高管调整。 | 离任高级管理人员职务 | 总经理 | | --- | --- | | 离任高级管理人员姓名 | 李宝 | | 离任原因 | 个人原因 | | 离任日期 | 2025-12-18 | （图：中加基金高级管理人员变更公告） 公开信息显示，中加基金管理有限公司成立于2013年3月，是第三批"银行系"试点中首家获批成立的基 金公司。其中，北京银行作为公司的第一大股东持股44%，加拿大丰业银行作为外资股东持股28%。 12月19日，中加基金公告，总经理李莹因个人原因离任，首席信息官陈昕代任总经理。 | 基金管理人名称 | 中加基金管理有限公司 | | --- | --- | | | 《公开募集证券投资基金信息披露管理办法》、《证 | | 公告依据 | 券基金经营机构董事、监事、高级管理人员及从业人 | | | 员监督管理办法》 | | 高管变更类型 | 代任基金管理公司总经理、离任基金管理公司总经理 | | 代任高级管理人员职务 | 总经理 | | --- | --- | | 代任高级管理人员姓名 | 陈昕 | | 是否经中国证监会核 ...

Market Overview - As of December 19, the total ETF margin balance in the two markets is 119.13 billion yuan, a decrease of 0.453 billion yuan from the previous trading day [1] - The financing balance is 111.87 billion yuan, down by 0.37 billion yuan, while the securities lending balance is 7.26 billion yuan, reduced by 83.13 million yuan [1] - In the Shanghai market, the ETF margin balance is 83.61 billion yuan, a decrease of 0.28 billion yuan, with a financing balance of 77.25 billion yuan, down by 0.213 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 35.53 billion yuan, a decrease of 0.173 billion yuan, with a financing balance of 34.62 billion yuan, down by 0.157 billion yuan [1] ETF Margin Financing Balances - The top three ETFs by margin financing balance on December 19 are: - Huaan Yifu Gold ETF (7.24 billion yuan) - E Fund Gold ETF (5.535 billion yuan) - Huatai-PB CSI 300 ETF (3.897 billion yuan) [2] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on December 19 are: - Hai Futong CSI Short Bond ETF (1.465 billion yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (1.31 billion yuan) - Huatai-PB Southbound Hang Seng Technology Index (0.869 billion yuan) [4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on December 19 are: - Huabao CSI Bank ETF (178 million yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (70.336 million yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (58.834 million yuan) [6] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on December 19 are: - Southern CSI 500 ETF (18.5254 million yuan) - Huatai-PB CSI 300 ETF (16.5763 million yuan) - GF CSI 1000 ETF (9.4158 million yuan) [8]