本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 随着2025年2季报落下帷幕，公募基金市场的格局与动向逐渐清晰。 易方达以超 2.1万亿元的管理规模稳居榜首，紧随其后的是华夏基金，其 规模也突破了2万亿元大关。广发基金 则以1.49万亿元的规模排名第三。 南方基金、天弘基金、富国基金、嘉实基金、博时基金、汇添富基 金和鹏华基金 分列第四至第十位。 （ 点此查看2025年2季度基金公司最新规模变化情况 ） | 序号 | 意急公司 | 资产合计(亿元) | 合并 | 最新的 (分开) | 公司性质 | 成立日期 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 易方达基金管理有限公司 | 21010.47 | 442 | 782 | 居喜变亦 | 2001-04-17 | | 2 | 华夏基金管理有限公司 | 20314.83 | 483 | 864 | 中外合资经营企业 | 1998-04-09 | | 3 | 发基金管理有 ...

这不仅是一次简单的"规模易主"，更可能反映了敏锐资金对投资工具选择的重大转向。一直以来，增强 型ETF都是相对"小众"的品种，在中小盘成长风格持续领跑的背景下，资金逐渐舍弃"标准答案"（普通 宽基ETF），转而拥抱带有主动管理色彩的增强型ETF，这背后是对对市场新阶段的预判，还是超额收 益的极致追求？ 【复盘历史与当前印证：中小盘行情逻辑或未变】 一个引人注目的市场信号正在显现：一只增强型ETF——中证2000增强ETF（159552）最新规模突破10 亿元，首次取代传统的核心宽基ETF，登顶成为深交所规模最大的中证2000指数产品。 复盘历史经验，中小盘成长风格显著占优的行情，往往由三大核心要素共同驱动：基本面盈利修复、政 策与产业周期共振、流动性环境宽松。 审视当前市场，这三大要素正呈现清晰的"历史重现"特征： 基本面盈利修复：保增长政策持续发力，基建、制造业投资和消费保持韧性，出口维持高位；反内卷等 政策有望推动PPI回升，进而支撑工业企业利润及A股盈利修复趋势。 政策与产业周期共振：科技创新政策导向鲜明（如《上海市具身智能产业发展实施方案》），叠加机器 人大会、ChatGPT-5等AI大模型迭代、9. ...

| 交易日 | 融资净买入(元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-08-12 | | 77.88万 | 3.76亿 | | | 2025-08-11 | | 6577.46万 | 3.76/乙 | | | 2025-08-08 | | 4481.94万 | 3.10亿 | | | 2025-08-07 | | 2766"T- | 2.65亿 | | | 2025-08-06 | | -579.70万 | 4.64亿 | | 证券之星消息，8月12日，国债ETF（511010）融资买入390.03万元，融资偿还312.15万元，融资净买入 77.88万元，融资余额3.76亿元，近3个交易日已连续净买入累计1.11亿元。 | 交易日 | 两融余额(元) | 余额变动 (元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-12 | 3.76亿 | 77.88万 | 0.21% | | 2025-08-11 | 3.76亿 | 6577.46万 | 21.22% | | 2025-0 ...

证券之星消息，8月12日，恒生科技ETF龙头（513380）融资买入5438.0万元，融资偿还5329.13万元， 融资净买入108.87万元，融资余额7094.93万元，近3个交易日已连续净买入累计778.32万元，近20个交 易日中有11个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-08-12 | | 108.87万 | 7094.93万 | | | 2025-08-11 | | 502.31万 | 6986.06万 | | | 2025-08-08 | | 167.13万 | 6483.75万 | | | 2025-08-07 | | -54.84万 | 6316.62万 | | | 2025-08-06 | | -346.55万 | 6371.45万 | | 小知识 融资融券：目前，个人投资者参与融资融券主要需要具备2个条件：1、从事证券交易至少6个月；2、账 户资产满足前20个交易日日均资产50万。融资融券标的：上交所将主板标的股票数量由现有的800只扩 大到10 ...

证券之星消息，8月12日，日经ETF（159866）融资买入1541.52万元，融资偿还1455.23万元，融资净买 入86.29万元，融资余额1686.58万元，近3个交易日已连续净买入累计610.7万元，近20个交易日中有13 个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-12 | 86.29万 | 1686.58万 | | | 2025-08-11 | 445.01万 | 1600.29万 | | | 2025-08-08 | 79.41万 | 1155.29万 | | | 2025-08-07 | 18.94万 | 1075.88万 | | | 2025-08-06 | -31.98万 | 1056.94万 | | 融券方面，当日无融券交易。 融资融券余额1686.58万元，较昨日上涨5.39%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-12 | 1686.58万 | 86. ...

Group 1 - The core viewpoint indicates that with the market stabilizing around 3600, a slow bull trend in the stock market is evident, and both dividend and technology assets are expected to yield excess returns in the long term, with a barbell strategy gaining attention [1] - The Shanghai 180 Index employs a barbell strategy consisting of 90% dividend and 10% technology assets, making it a good choice for equity market allocation, benefiting from both stable dividends and the growth of technology [1] - As of August 13, 2025, the Shanghai 180 Index has increased by 0.42%, with notable gains in constituent stocks such as Luoyang Molybdenum (up 3.55%) and Zijin Mining (up 3.40%) [1] Group 2 - The Shanghai 180 ETF closely tracks the Shanghai 180 Index, which selects 180 securities with large market capitalization and good liquidity from the Shanghai stock market, reflecting the overall performance of core listed companies [2] - As of July 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.4% of the index, including major companies like Kweichow Moutai and China Ping An [2] - The Shanghai 180 ETF has various connection funds available for investment, enhancing accessibility for investors [2]

Group 1: Securities Firms' Financing Progress - Multiple listed securities firms are advancing refinancing efforts, indicating a pressing need for capital replenishment in the industry [1] - Tianfeng Securities has completed a private placement of 1.476 billion shares, increasing its registered capital from 8.666 billion yuan to 10.142 billion yuan [1] - Other firms like Guotai Junan, Haitong Securities, and Guolian Minsheng have also raised significant funds through private placements, totaling 10 billion yuan, 4 billion yuan, and 2 billion yuan respectively [1] Group 2: Fund Purchase Restrictions - High-performing funds are collectively imposing purchase limits, with notable fund manager Ge Lan's fund suspending large subscriptions to stabilize operations [2] - Over 30 actively managed equity funds have announced purchase restrictions since July, reflecting a cautious approach to the market's high valuation [2] - This trend may lead to a shift in capital flow within the pharmaceutical sector, as fund managers seek to cool down the market after a strong rebound in innovative drug stocks [2] Group 3: Performance of Equity Funds - The equity market has seen structural opportunities, with 99% of equity funds reporting positive returns over the past year, averaging a return of 34.06% [3] - Notably, several funds focused on the Beijing Stock Exchange have achieved exceptional returns, with some funds doubling their net value [3] - This performance indicates a robust market sentiment towards innovative small and medium enterprises, potentially attracting more capital into the equity market [3] Group 4: Leadership Changes in East Wu Securities - Xue Zhen, the president of East Wu Securities, has been appointed as the chairman of East Wu Fund, reflecting the strategic importance of fund operations within the securities firm [4][5] - This leadership change is expected to enhance business synergy between East Wu Securities and East Wu Fund, optimizing the governance structure [5] - The integration of resources may improve the comprehensive financial service capabilities of East Wu Securities, aligning with the trend of convergence between securities asset management and public funds [5]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金筒称 | 代码 | 是否暂停（大额）申购 | 申购限额 转入限额 定投限额 | | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) (元) (元) | | 广发集瑞倩券A 003037 | | 合 | | | 广发重瑞信券C 003038 | | KO | | | 广发集瑞倩券E 025227 | | 를 | 5.00万 5.00万 | 证券之星消息，8月13日广发基金管理有限公司发布《关于广发集瑞债券型证券投资基金E类基金份额 暂停大额申购（含转换转入）业务的公告》。公告中提示，为保护基金份额持有人利益，自2025年8月 14日起广发集瑞债券型证券投资基金E类基金份额暂停大额申购（含转换转入）业务，下属分级基金调 整明细如下： ...

Core Viewpoint - The low-altitude economy is experiencing accelerated development driven by technological innovation and policy guidance, with the launch of the Huatai-PB Index Universal Aviation Theme ETF (referred to as "Universal Aviation ETF") on August 13, 2025, providing investors with a tool to invest in core assets of the low-altitude economy [1] Group 1: Investment Opportunities - The Universal Aviation ETF aims to achieve exposure to the low-altitude economy industry chain, including aviation materials and components, aircraft manufacturing, and aviation infrastructure and applications, while also benefiting from trends such as military trade and military-civilian integration [1] - The index consists of 50 constituent stocks, with 20 being core targets in the low-altitude economy sector, accounting for a cumulative weight of 54.14%, indicating a deep binding with the low-altitude economy industry chain [1] - The index has shown a cumulative increase of 52.64% over the past year, outperforming other related indices, demonstrating high growth elasticity [2] Group 2: Industry Background - A series of supportive policies at both national and local levels have provided strong institutional support for the low-altitude economy, with 30 provinces incorporating it into their government work reports by 2025 [3] - Technological advancements in areas such as batteries, charging facilities, and unmanned systems have accelerated the transition of the low-altitude economy from concept to practice, enabling large-scale safe promotion [3] - The average R&D investment of the 50 constituent stocks is 13.79% of their revenue, significantly higher than the levels of the ChiNext and the National Universal Aviation Industry Index, indicating a solid foundation for maintaining high growth [4] Group 3: Market Potential - The low-altitude economy market size reached 505.9 billion yuan by the end of 2023, with a year-on-year growth of 33.8%, and is expected to further increase to 3.5 trillion yuan by 2035 [4] - The unique competitive advantages of the low-altitude economy in China include a large economic scale, a complete industrial system, and rich geographical elements, which facilitate the acceleration of commercialization [4]

Core Viewpoint - The article highlights the significant underperformance of the "Shenwan Lingxin Industry Selection" fund, which lagged its benchmark by 13.5 percentage points within two months of its launch, raising concerns within the industry [4][6]. Fund Performance - The "Shenwan Lingxin Industry Selection" fund, launched on June 3, saw its net value decline by 8.23% by August 8, while its benchmark rose by 5.27%, resulting in a 13.5 percentage point underperformance [6]. - The fund's rapid investment strategy led to high exposure in the new consumption sector, which was already at elevated valuations, causing a swift decline in net value [6]. Fund Manager's Strategy - Fund manager Jia Chengdong shifted strategies after initial losses, moving from a planned investment approach to chasing rising bank stocks, which subsequently faced a market correction, leading to further losses [6]. - Despite a 2% increase in the banking sector, the fund's net value fell by 1%, prompting speculation about the manager's strategy of chasing market trends [6]. Internal Operations - Jia Chengdong's internal presentation lasted only 16 minutes, where he discussed the fund's operations, notably the high purchase of Zhongchong shares based on hearsay rather than thorough research [7]. - Prior to joining Shenwan Lingxin, Jia managed approximately 8 billion yuan at China Merchants Fund, where he had better support and resources for investment decisions [8][9]. Company Strategy and Goals - Shenwan Lingxin Fund aimed to rapidly increase its equity asset scale, with Jia Chengdong likely pursuing market opportunities to attract capital inflows and meet company commitments [10].