【导读】 申万菱信行业精选基金成立两个多月跌超8%， 基金经理被爆在"赌"？ 申万菱信基金 回应 中国基金报记者 格林 日前，一位自称申万宏源证券底层员工的人士爆料称，被压任务买了申万菱信行业精选混合基金。该人士说，虽然此前也有被压任务买基 金陷入亏损的经验，但因为认可该基金的高分红思路，还是买了。不过，该基金自建仓以来净值一路下跌。该人士对基金经理的操作提出 了质疑：认为基金先追高新消费，后又追高银行股，基金经理的操作与公司宣传的高股息方向不符，并认为基金经理在 " 赌 " 。 对此， 申万菱信基金回应称 ， 注意到市场对申万菱信行业精选基金的关注与期待。 当前产品短期业绩虽未达预期，但仍希望投资者将目 光更多投向长期表现。并表示， " 强迫员工买基金 " 相关传言不属实 。关于公司信息、产品详情和代销情况，欢迎投资者通过公司官网、 产品季报等官方渠道了解信息，理性看待市场传言。 资料显示，贾成东拥有 17 年证券从业经验，担任基金经理时间约 10 年。据本报此前报道，贾成东于 2008 年加入国泰基金，先后任宏 观策略研究员、基金经理； 2015 年，他加入招商基金，陆续管理了招商景气精选、招商产业精选等 ...

人民财讯8月12日电，8月12日晚间建信基金公告称，刘大超出任公司副总裁。刘大超2003年7月加入中 国建设银行（601939）总行，先后在基金托管部、投资托管服务部、资产托管业务部工作，长期从事基 金托管业务，2025年7月任建信基金党委委员。 ...

Group 1 - The A-share market is experiencing a structural market trend, with over 95% of actively managed equity funds achieving positive returns this year, while consumer-themed funds show a significant performance divergence [1][2] - Some consumer-themed funds have underperformed, with notable examples being Guorong Rongxin Consumer Select C and A, which reported returns of -15.20% and -15.10% respectively, largely due to heavy investments in traditional consumer stocks like liquor [2][3] - Conversely, funds like Haitong Consumer Select A have excelled, achieving a return of 60.13% this year by focusing on new consumer stocks in the Hong Kong market [3][4] Group 2 - The performance disparity among consumer funds highlights the growing popularity of new consumer sectors, while traditional consumption remains sluggish without clear signs of recovery [4][5] - Fund managers emphasize the need to adapt to new trends and categories in consumer investment, suggesting that success will depend on capturing these changes effectively [4][5] - The competitive landscape for domestic brands against international ones is intensifying, necessitating improvements in product quality, particularly in sectors like personal care, jewelry, and daily chemicals [4]

Group 1 - The A-share market experienced a steady upward trend, with the Shanghai Composite Index rising by 2.11%, while the ChiNext Index saw a more modest increase of 0.49% [5][6] - In the bond market, major indices also showed positive performance, with the China Bond Composite Index increasing by 0.03%, the National Treasury Bond Index rising by 0.09%, and the Credit Bond Index up by 0.04% [5][6] - Among the 31 industries tracked, 27 showed gains, with notable performances from Defense and Military Industry (5.93%), Nonferrous Metals (5.78%), and Machinery Equipment (5.37%) [5][7] Group 2 - The average stock position of all funds was 78.88%, a decrease of 1.53 percentage points from the previous week, while equity mixed funds saw an increase in average positions by 5.14 percentage points to 79.90% [11][12] - Passive index funds averaged a gain of 1.39%, with the top performer being a gold ETF, which surged by 9.44% [12][15] - The newly established funds totaled 34, raising 267.97 billion, with bond funds being the largest contributors at 182.93 billion [25][26] Group 3 - Commodity funds averaged an increase of 1.83%, with the top performer being the Guotou Silver LOF, which rose by 3.84% [21][22] - International (QDII) funds averaged a gain of 1.68%, with the Tianhong Vietnam Market Stock Fund leading at 7.39% [21][22] - REITs funds experienced an average decline of 0.35%, with the Huatai Baowang Logistics REIT being the best performer at 4.31% [21][22] Group 4 - As of August 8, 2025, there were 13,040 domestic public funds with a total net asset value of 33.8383 trillion [27][29] - The stock fund category included 3,103 funds with a net asset value of 4,325.7 billion, while mixed funds totaled 4,719 with a net asset value of 3,223.6 billion [29][30] - The bond fund category comprised 3,892 funds with a net asset value of 10,969.2 billion, and money market funds had 367 funds with a net asset value of 14,206.3 billion [29][30] Group 5 - The report highlights a significant reform in the capital market aimed at enhancing the financial service for technology-driven enterprises and promoting green and low-carbon transitions [30] - The rise of AI investments, particularly driven by DeepSeek, has led to increased interest from fund managers in technology-related companies [30][31] - Several foreign institutions have expressed optimism about Chinese assets, with predictions of a bull market cycle for A-shares and Hong Kong stocks starting in 2024 [31]

Core Viewpoint - The market shows volatility with a recent pause in tariffs between China and the US, leading to a mixed performance among different stock categories. Group 1: Market Performance - The market experienced a drop during the day but rallied by the close, maintaining a rating of 4.6 stars [1] - A temporary suspension of 24% tariffs between China and the US is seen as a small positive, contributing to a strong market response [2] - There is a noticeable difference in the performance of various market segments, with small-cap stocks showing weakness while large-cap stocks performed better [4] - Growth styles, particularly in the Sci-Tech Innovation Board and the ChiNext, have seen significant gains [6] Group 2: Valuation Insights - The Sci-Tech Innovation Board is considered undervalued for an extended period from 2023 to 2024 [8] - By the third and fourth quarters of 2024, a substantial increase in valuations is anticipated, returning to normal levels [9] - Recent performance indicates that previously declining value and dividend stocks have rebounded [5] Group 3: Hong Kong Market - The Hong Kong stock market is relatively subdued, with dividend stocks rising while technology stocks have slightly declined [10][11] - After a stronger rally in Hong Kong stocks post-Spring Festival, the A-share market has begun to gain momentum [12] Group 4: Investment Strategies - The article discusses a personal pension investment strategy focusing on index funds, highlighting the importance of patience and long-term holding [45] - Recent performance of the selected pension index funds shows profitability, with the CSI A500 gaining 8% and the CSI Dividend gaining 6% over the past six months [36]

Group 1 - The article discusses the impact of "hidden heavy stocks" in funds, which are not listed in the top ten holdings but still significantly affect the net value [1] - It highlights that funds are only required to disclose their top ten holdings in quarterly reports, but stocks ranked 11-20 may also have a considerable proportion and influence on the fund's performance [1]

责任编辑：刘万里 SF014 【#千亿级公募基金开始关停APP#】 近日，平安基金发布公告，宣布将于2025年8月31日起暂停"平安 基金"APP的运营和维护，其主要功能将整合至官方网站及微信公众号。未来是否恢复运营，将视情况 另行通知。Wind数据显示，截至2025年上半年末，平安基金管理规模达6554亿元。基金公司关掉APP 直销渠道并非个例。今年以来，国寿安保基金、摩根士丹利基金、前海开源基金等多家公募先后关停 APP。 ...

以下文章来源于中欧基金 ，作者中欧基金 反内卷专题 近一年来，多个中央会议释放"反内卷"信号，提出要防止内卷式恶性竞争。随着政策层面持续发力，"反内 卷"热浪近期不断升级，正在成为产业链升级、重塑投资价值的关键力量。 近期，中欧基金主动权益团队带来"反内卷"专题，聚焦资源品、消费、农业、半导体等行业，从供给优化、 效率提升到全球化竞争格局重塑，深入探讨"反内卷"的底层逻辑究竟是什么，以及其如何影响不同行业的投 资逻辑。 其中，资源品被视为"内卷"现象较为严重的板块之一，企业长期亏损是业内常态。不过我们看到不少省份已 经开始执行并落实相关"反内卷"政策，虽然去产能无法在短期内完成，但非理性价格战已有所缓解。那未来 行业生态如何变化？投资机会又该如何把握？今天我们首先邀请到两位深耕资源周期板块的投研老将—— 权 益研究部副总监、中欧周期优选混合基金经理任飞 以及 中欧资源精选混合基金经理叶培培， 带来他们的最 新洞察。 "反内卷"和美联储降息 双重驱动周期行情 周期股的投资核心在于捕捉供需变化的新趋势。 传统需求分析聚焦经济周期波动与产业更替，而未来 资源安全驱动的持续性增量更关键。各国为保障自给自足，在供应链重 ...

Core Viewpoint - The public fund market is currently experiencing two significant trends: a surge in limit purchases for high-performing active equity funds and a wave of self-purchases by public fund institutions to bolster market confidence [2][8]. Limit Purchases - Numerous high-performing active equity funds have announced limits on purchases, with over a hundred funds implementing such measures since the beginning of the second half of the year [2][5]. - For instance, China Europe Fund announced limits on large purchases for its medical innovation stock fund and other funds, citing the need to ensure stable operations and protect the interests of existing fund holders [4][5]. - The performance of these funds has been impressive, with some, like the China Europe Medical Innovation Stock Fund, achieving over 60% net value growth year-to-date [5][6]. Self-Purchases - Public fund institutions, including Southern Fund and Industrial Bank of China Credit Fund, have initiated significant self-purchases of their equity funds, with Southern Fund planning to invest at least 230 million yuan [7][8]. - This self-purchase trend is seen as a positive signal, indicating that institutions remain optimistic about the market's future, especially as the Shanghai Composite Index stabilizes above 3600 points [8]. - The self-purchases not only serve as a confidence endorsement but also create a deeper capital bond between the institutions and their funds, promoting a long-term investment philosophy [8].

证券研究报告 | 深度研究 | ESG 及绿色金融 以责促优，共筑价值：公募基金 ESG 尽责管理新范式（一） 核心观点 尽责管理本质上是投资者结构变迁下的公司治理新模式。国内公募基金管理人在短中 期内应采取软性治理策略，并尽可能地成为上市公司治理中"具有互惠性质的积极参 与者"，降低公司治理环节的内部摩擦。公募基金尽责管理现阶段的主要任务和最具普 适性的议题应集中在提升公司治理水平，特别是中小股东权利保护上。 ❑ 尽责管理本质上是投资者结构变迁下的公司治理新模式 以美国市场为代表的资管机构主导公司治理模式的形成，是资本市场长期发展过 程中满足较多严苛条件下的产物。但可能也是现阶段可实现"覆盖度广+影响力高" 的一种上市公司治理模式，对我国资本市场和公募基金高质量发展有重要的参考 意义。 ❑ 公募基金尽责管理三大问：委托代理、投资者结构和组合分散化 委托代理问题将因监管要求和尽责管理的投资价值而得到有效缓解。目前 A 股公 司治理模式的最大特点是混合了"控股大股东+专业机构+居民部门"，这一模式并 非终局，而仍在动态演变中。被动指数化会导致低换手率和退出减少，公募基金 逐渐成为耐心资本，实现"组合分散+股东权 ...