近日记者获悉，易方达基金申请在澳门设立公司已获证监会备案通过，后续将向澳门金融管理局提交申 请，获批后该公司将正式成立，这是易方达基金积极响应推进资本市场高水平对外开放、加快国际化布 局迈出的新的一步。据了解，该公司名称拟为易方达投资基金管理（澳门）股份有限公司，将致力于为 澳门等地区投资者提供资产管理及相关服务。 澳门作为世界上唯一以中文和葡文为官方语言的地区，是连接中国与葡语国家的桥梁，在促进中国同葡 语国家经贸合作中发挥着重要平台作用。随着对外合作持续扩大，澳门"一中心、一平台、一基地"的作 用日益彰显。易方达基金此次在横琴粤澳深度合作区执行委员会的指导下在澳门设立公司，可以充分发 挥其专业能力和区位优势，进一步加强与葡语地区的交流合作。2024年8月，易方达基金与葡语国家巴 西的伊塔乌资产管理公司签署了合作备忘录，近期伊塔乌资管旗下挂钩易方达MSCI中国A50互联互通 ETF的产品（代码：SILK11）已在巴西证券期货交易所上市。在澳门成立公司后，易方达基金将能更好 地立足粤港澳大湾区，持续探索跨境金融产品和业务创新，不断提升全球资产配置能力和境内外客户服 务能力，努力打造一流投资机构，助力中国资本市 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-share and US stock equity markets both showed strong performances after short-term adjustments. All strategy indices gained positive returns this week, with defensive-style sectors that had experienced longer pullbacks performing better, and domestic equity portfolios achieving excess returns. The Evergreen Low-Volatility Strategy and Stock Fund Enhancement Strategy earned 1.826% and 1.620% respectively, while the Overseas Equity Strategy recorded a 0.610% return [2]. - The quantitative strategy configuration preference is: Stock Fund Enhancement Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy. The A-share market is expected to maintain an upward trend, with limited downside potential. The Stock Fund Enhancement Strategy has more room, the Evergreen Low-Volatility Strategy can serve as a base allocation, and defensive sectors like banks still have high long-term allocation value. For the US stock market, it's not advisable to chase high in the short term, but its long-term upward trend is still optimistic, and attention should be paid to potential pullbacks for bottom-fishing opportunities [3][4]. Summary by Relevant Catalogs 1. Toolized Fund Portfolio Performance Tracking - **Evergreen Low-Volatility Fund Portfolio**: Maintained low volatility characteristics, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has continued to have low volatility and small drawdowns, achieving significant excess returns and showing both defensive and offensive capabilities [14]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time, and its performance is similar to the CSI Active Equity Fund Index. It is expected to have stronger elasticity when the market environment improves, and can maintain a similar trend to the benchmark in a weak market [16]. - **Cash Enhancement Fund Portfolio**: Through double screening of risk elimination and scoring optimization, it continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, providing an effective reference for investors in cash management [17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the boost of artificial intelligence technology to global technology stocks, it has accumulated a high level of excess returns, and global allocation can enhance the returns of equity investment portfolios [20]. 2. Toolized Fund Portfolio Construction Ideas - **Active Equity Funds**: Combine fund holding dimension factors and net value dimension factors to construct a low-volatility fund portfolio strategy to meet the defensive needs of investors in high-risk markets and provide stable returns for medium-risk preference investors. Also, construct a fund portfolio strategy with similar risk and volatility characteristics to the equity fund benchmark index to provide a more aggressive option for high-risk preference investors [21]. - **Money Market Funds**: Build a money market fund screening system based on multi-dimensional characteristic factors to select money market funds with better performance and help investors optimize short-term idle funds' returns [22]. - **QDII Funds**: Screen equity indices of multiple countries or regions based on long- and short-term technical indicators, index momentum, and reversal effects, and select corresponding QDII equity funds to construct an overseas market selection portfolio to meet investors' needs for global allocation [24].

Group 1 - The report highlights an increase in risk appetite in the equity market during August 2025, with significant gains in various fund indices, including a 6.76% rise in the active equity fund index [5][13][16] - The report notes that the "anti-involution" policy has positively influenced market sentiment, leading to a recovery in equity performance, particularly in sectors like finance and technology [13][19] - The bond market experienced volatility, with a slight positive return of 0.21% in the bond fund index, while the convertible bond index rose by 3.22% due to improved risk appetite [14][16] Group 2 - The report suggests that the equity allocation strategy should focus on sectors impacted by previous policies, awaiting guidance from the "14th Five-Year Plan" and industry-specific plans to clarify future supply-demand relationships [5][21] - The report emphasizes the importance of performance-driven attention during the interim period before the mid-year reports, indicating a potential shift towards high-consensus stocks and opportunities for low-positioned sectors to rebound [5][21] - The report outlines a diversified approach for fixed-income funds, recommending a focus on short-term pure bond funds while monitoring market conditions for potential trading opportunities [30][31] Group 3 - The report indicates that the growth style outperformed value and balanced styles in July, with growth fund indices rising by 7.74% compared to 2.03% for value funds [15][17] - The report identifies strong performance in the pharmaceutical and technology sectors, with the pharmaceutical sector gaining 15.88% and technology rising by 8.02% due to favorable policies and project initiations [17][20] - The report discusses the "anti-involution" policy's focus on alleviating short-term capacity excess and enhancing market efficiency, particularly in emerging sectors like new energy vehicles and photovoltaics [19][21]

【导读】首只超 21 亿元浮费产品提前结募 中国基金报记者 曹雯璟 首只，来了！ 8 月 12 日，中欧核心智选混合基金发布公告称，募集截止日由 8 月 15 日提前至 8 月 12 日， 8 月 13 日（含当日）起不再接受投资者 的认购申请。 记者从业内了解到，中欧核心智选混合基金首募规模超 21 亿元，这也是首只募集规模超 21 亿元的浮费产品。从销售渠道来看，银行仍占 据主导地位， 其中兴业银行贡献了绝大多数的销售规模 。 8 月 12 日， 中欧核心智选混合基金 发布提前结募公告。据了解，该基金是行业首只募集规模超 21 亿元的新型浮动费率基金产品（以下 简称浮费产品）。 至此，第二批新型浮动费率基金中，已有两 只产品宣布提前结束募集。 首只超 21 亿元浮费产品提前结募 除了上述三只产品，国泰优质核心混合已于 8 月 11 日正式发行，募集份额上限为 30 亿份。该基金业绩比较基准为沪深 300 指数收益率 ×60%+ 中证港股通综合指数收益率（经估值汇率调整） ×20%+ 中债新综合全价（总值）指数收益率 ×20% 。 首批 26 只新型浮费基金已经建仓 多数正收益 业内人士表示，浮动费率基金本 ...

Investment Insights - The equity market showed an increase in risk appetite in August 2025, with significant gains in various fund indices, while the bond market experienced volatility and slight declines [2][6][7] - The performance of convertible bonds was strong, with a fund index increase of 3.22%, driven by the positive sentiment in the equity market [7] Equity Fund Strategy - The market is entering a policy vacuum and mid-year report disclosure period, necessitating a wait for guidance on the "14th Five-Year Plan" and specific industry plans to clarify long-term supply-demand relationships [12] - There is a potential for investment opportunities in high-consensus stocks and low-position sectors, as the market may continue to favor these areas amidst short-term capital efficiency pursuits [12] Fixed Income Fund Strategy - The overall bond market is expected to remain in a challenging environment until new policies are implemented or macro data shows significant reversal [3][18] - Attention should be paid to the funding situation and the "stock-bond seesaw" effect, as well as the progress of fundamental recovery to seize trading opportunities in a volatile market [3][18] Fund Performance Review - In July 2025, the equity market was buoyed by favorable policies and events, with notable performances in the healthcare and technology sectors, where the healthcare sector rose by 15.88% and technology by 8.02% [9][10] - The small-cap funds outperformed large-cap funds, with small-cap indices rising by 8.61% compared to 3.63% for large-cap indices [8] Fund Index Construction - The active equity fund selection index has shown a cumulative net value increase of 1.1889 since its inception, outperforming the active stock fund index by 15% [16] - The short-term pure bond fund index has a cumulative net value of 1.0413, with a slight outperformance over its benchmark [20] Sector Focus - The "anti-involution" policy aims to stabilize market expectations and improve resource allocation efficiency, focusing on sectors like new energy vehicles and photovoltaics [11] - The market sentiment is shifting towards a more guided and regulatory approach, which may lead to a broader market style beyond just cyclical sectors [11]

Core Viewpoint - The A-share equity market has shown resilience after a brief adjustment following the Shanghai Composite Index's breakthrough of 3600 points, indicating a potential upward trend despite short-term resistance [3][4]. Market Performance - The A-share market rebounded near the 20-day moving average, achieving five consecutive days of gains and closing above 3600 points for four days [3]. - The U.S. equity market also stabilized and rebounded quickly after initial pressure from non-farm employment data, reflecting strong performance [3]. - Various strategy indices recorded positive returns, with defensive style sectors outperforming after a prolonged correction [3]. Strategy Performance - The "Evergreen Low Volatility Strategy" and "Enhanced Equity Strategy" achieved returns of 1.826% and 1.620% respectively, while overseas equity strategies recorded a return of 0.610% [4][5]. - The "Evergreen Low Volatility Strategy" has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns [10]. - The "Enhanced Equity Strategy" has performed closely to the benchmark, with potential for greater elasticity as market conditions improve [11]. Overseas Market Insights - The U.S. market has benefited from easing tariff expectations and strong earnings reports from tech companies, leading to a sustained upward trend [5]. - Despite being at historically high levels, the U.S. market is expected to maintain a long-term upward trend, with a focus on potential pullback opportunities for strategic positioning [5]. - The overseas equity allocation strategy has accumulated significant excess returns since its inception, driven by the tech sector's growth and the easing of tariff tensions [15]. Fund Strategy Overview - The "Cash Growth Fund Strategy" achieved a return of 0.027%, outperforming the benchmark, with cumulative excess returns since inception exceeding 0.39% [6][13]. - The "Overseas Equity Allocation Fund Strategy" has shown strong performance since July 31, 2023, benefiting from the Fed's easing cycle and the global tech sector's momentum [15][19]. - The report emphasizes the importance of a diversified approach to fund selection, utilizing quantitative methods to identify suitable funds across different market conditions [18][19].

出品｜公司研究室基金组 文｜曲奇 7月底，平安基金一则公告悄然传开：将于8月31日起正式暂停旗下APP运营，所有功能将迁移至官网与微信服务号。 作为一家管理规模达6500亿元的公募基金公司，平安基金此举引发了市场广泛关注。 2015年，平安基金现任董事长罗春风提出了"先固收后权益"的发展路线。如今十年过去，平安多只固收产品靠机构客户"撑场子"，权益类产品又没能跟上固 收的脚步，这或许是导致平安基金砍掉直销APP的主要原因。 关停APP暴露客户粘性不足 7月26日，平安基金发布公告称，为了给投资者提供更便捷的服务体验，公司将于2025年8月31日将"平安基金"APP移动客户端（含安卓客户端和iOS客户 端）的功能及服务正式迁移至公司官方网站和"平安基金"微信服务号。 公告显示，投资者可以登录公司官方网站或在微信内搜索"平安基金"微信服务号，使用APP同一账户信息，办理基金开户、交易和查询等相关业务。届时， 公司将暂停APP的运营及维护服务，如有恢复运营计划，将另行通知。 平安基金并不是第一家关停APP的公募基金。 自2019年信达澳亚率先关停APP后，2024年至今已有近20家公募基金公司跟进，包括国寿安保、前 ...

对后市的态度普遍偏乐观。 | 作者 | | Los | | --- | --- | --- | | 编辑 | | 小白 | 毫不夸张的说，CPO救了他们一条"命" 01 莫海波终于等来了CPO反弹行情，净值扭亏 莫海波目前管理112.8亿，任职基金经理超10年，目前在管基金最佳任职回报高达336.9%，可以称得 上是万家基金权益类产品的领军人物。 （来源：天天基金网） 年内2月，DeepSeek引爆科技行情，国产算力股一飞冲天，随后持续陷入调整，重仓AI尤其海外算力 股的莫海波自3月以来成绩表现并不理想，不仅连续4个月净值处于亏损且跑输沪深300指数。 牛市不赚钱自然留不住基民，其管理规模从去年末的146.5亿持续减少，到二季度末已减少33亿。 4月初，中美贸易摩擦后，A股与美股均表现出韧性，利空落地后叠加海外算力股业绩持续向好，相 关个股开启一波凌厉的反弹行情。 二季报显示，新易盛、天孚通信、中际旭创三大CPO龙头股均在莫海波代表作万家品质生活混合A （519195.OF）的前十大，且合计持仓市值占基金净值的比例接近25%。 海外算力股的爆拉使得万家品质生活混合A的净值迅速反弹，目前已扭亏，年内收益率为10 ...

风财眼 . 风财眼致力于银行领域的原创报道，旨在履行媒体监督职责，以期共营健康的金融环境。 来源|凤凰网财经 基金公司韭菜割到了自己人头上？ 今日，一份金融圈的内部人爆料在网上广为流传。据网传信息显示，爆料人为申万宏源证券一名基层员工。他自称为了完成集团领导张剑强压的任 务，购买了申万菱信新发的基金，结果"亏成狗"。他还愤怒地表示，"被公司羞辱智商、践踏尊严，投诉无门，不求能解决啥，就是曝光*的。"而申 万宏源证券是申万菱信的控股股东，持股比例达到67%。 以下文章来源于风财眼 ，作者凤凰网财经 网传爆料截图 爆料人表示，自己购买的基金是今年6月3日首发的申万菱信行业精选混合基金，基金经理是5月份，刚刚被挖到申万菱信的明星基金经理贾成东。 申万菱信基金经理贾成东 不过，凤凰网财经《投资观察》查询公开信息发现，贾成东并非今年5月才加入申万菱信，而是2024年12月就入职了，而且担任申万菱信副总经理。 而申万宏源证券的负责人和法定代表人的确名叫张剑，不知是否正是爆料人所说的集团领导。 | 同官及共肥里安人员 | | | | | | | --- | --- | --- | --- | --- | --- | | 姓 ...

Group 1: ETF Market Overview - The three major indices in the A-share market collectively rose, with the Shanghai Composite Index increasing by 0.5%, the Shenzhen Component Index by 0.53%, and the ChiNext Index by 1.24 [1][3] - The electronic sector saw significant gains, particularly in the Sci-Tech chip ETFs, with the Fortune Sci-Tech Chip ETF rising by 4.37%, the Guotai Sci-Tech Chip ETF by 3.71%, and the Sci-Tech Chip 50 ETF by 3.58% [1][10] - Conversely, the defense and military sector ETFs experienced declines, with the Military Industry Leader ETF down by 1.65%, the Aerospace ETF by 1.56%, and the Defense ETF by 1.54% [1] Group 2: Fund Flows and Performance - Since August, the stock ETFs have attracted over 12.3 billion yuan in net inflows, with a notable 4.594 billion yuan on August 11 alone [2] - The average daily trading volume in the A-share market reached a historical high of 1.44 trillion yuan this year, reflecting strong market enthusiasm [2] - In the first seven trading days of August, only one day saw net redemptions, indicating a robust inflow trend [2] Group 3: Sector Performance - In terms of sector performance, telecommunications, electronics, and coal sectors led the gains today, with daily increases of 2.24%, 1.88%, and 1.01% respectively [5] - The defense and military, steel, and construction materials sectors lagged behind, with daily declines of -1.03%, -0.83%, and -0.46% respectively [5] - Over the past five trading days, telecommunications, comprehensive, and electronics sectors showed the highest gains, with increases of 4.08%, 3.97%, and 3.87% respectively [5] Group 4: ETF Performance by Category - Among various ETF categories, the stock-style index ETFs performed the best today, with an average increase of 0.75%, while commodity ETFs had the worst performance with an average decline of -0.25% [7] - The top-performing ETFs today included the Fortune Sci-Tech Chip ETF, Guotai Sci-Tech Chip ETF, and Sci-Tech Chip 50 ETF, with gains of 4.37%, 3.71%, and 3.58% respectively [10][11] - The trading volume for the top three stock ETFs was led by the Sci-Tech 50 ETF with 5.53 billion yuan, followed by the A500 ETF Fund with 4.71 billion yuan and the A500 ETF Huatai with 4.25 billion yuan [13][14]