2025年一季度权益市场延续回暖态势，投资者风险偏好持续回升。万得偏股混合型基金指数季度 上涨4.65%，在政策鼓励导向下，该指数近一年累计涨幅达11.77%。细分领域表现分化显著：国 内成长型基金及QDII偏股型基金领跑市场，多只产品三年期收益率突破40%；指数投资热度攀升， 多类ETF产品跻身主题业绩榜单前列。 固收市场结构性分化对债券类基金表现形成显著影响。2025年一季度，短久期策略产品相对占优，万得 短期纯债型基金指数微涨0.13%；而中长期纯债基金受货币政策转向预期及信用利差走阔冲击，万得中 长期纯债指数下跌0.29%，创2023年一季度以来最大单季跌幅。 基金业绩篇 1.1 基金分类榜单 普通股票型基金 | | 普通股票型基金近三年业绩榜 | TOP 20 | | --- | --- | --- | | 排名 基金名称 | | 三年收益 最大回撤 基金经理 | | 1 | 创金合信文娱媒 | 61.44% -28.28% 陆迪 | | | 体A | | | 2 | 金鹰科技创新A | 60.58% -38.68% 陈颖 | | 3 | 招商科技动力3 | 56.81% -18.47% 张林 | ...

根据上市公司发布的2024年度报告显示，易方达基金、广发基金、南方基金三大头部公募的经营情况浮出水面。 在公募业务出海逻辑的支撑下，易方达基金、南方基金、广发基金过去一年经营的净利润分别为39亿元、24 亿元、20亿元。公募基金经理在股票市场挖掘牛股上偏好出海逻辑的现象，正映射到公募基金管理层在业务 模式、客户拓展、海外资金拓展等战略业务上，以实现公募自身的第二增长逻辑。 券商中国记者注意到，易方达基金、南方基金、广发基金重仓的泡泡玛特、美图公司、名创优品、老铺黄金、 蜜雪冰城等，在业绩和股价崛起的背后是海外业务布局、海外客户业绩贡献的显著抬升，而公募基金在股票投 资上对出海品种的选股成功，也对公募基金通过出海提升自身经营和战略布局提供了参考模式。 三大公募经营穿越行业周期 广发证券披露的2024年度报告显示，参股公司易方达基金2024年实现营收121.09亿元，较2023年减少 3.13%；净利润为39亿元，同比增加15.33%。截至2024年末，易方达基金管理的公募基金规模合计2.05万亿 元，较2023年末增长22.43%；剔除货币市场型基金后的规模合计1.43万亿元，行业排名第一。 另一头部公募广发基 ...

Core Viewpoint - The public fund market is experiencing a new wave of issuance, with a significant increase in equity products and a positive trend of "volume and quality rising together" as of March 23, 2025 [1] Group 1: Fund Issuance Trends - As of March 23, 2025, the new fund issuance scale has exceeded 220 billion, with equity products showing a notable increase in proportion [1] - From March 24 to 28, 20 new funds are set to be issued, with 14 of them being equity funds, accounting for 70% of the total [3] - The issuance of passive index funds remains dominant, with 10 out of 20 new products being such funds, including multiple free cash flow theme ETFs [3] Group 2: Free Cash Flow Theme ETFs - Free cash flow theme funds have emerged as a highlight, with institutions like E Fund, Yinhua, and Huabao accelerating their layouts [3] - Existing free cash flow ETFs from Guotai and Huaxia have attracted significant capital, with sizes of 2.515 billion and 1.911 billion respectively [3] - A total of 27 institutions are currently involved in this theme, with 28 products awaiting approval, indicating a competitive issuance environment [3] Group 3: Active Management Funds - Active management funds are also gaining traction, with new products launched by Xinyuan Fund and Fortune Fund, reflecting differentiated competition strategies [4] - Nearly 300 active equity funds have reached historical net value highs, boosting investor interest [4] Group 4: Market Dynamics - As of March 21, 2025, the issuance of equity funds has surpassed 40%, with a year-on-year growth of over 100% [5] - The average subscription days for new products have decreased, indicating improved market efficiency, with 26% of new funds ending their fundraising early [5] - The recovery in the new fund issuance market is closely linked to deeper capital market reforms and a shift in investor mindset towards long-term allocation [6]

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门免费课程，详细介绍了基金投顾的相关知识。 长按识别下方二维码，添加@课程小助手，回复「 基金投顾 」即可领取～ l | 银行螺丝钉 假 时间： er 2 5 前说 快速了解基金投顾 课程介绍 ·基金投顾是什么 · 基金投顾有哪些优势 · 如何通过「投」和「顾」帮你 获得好收益 #螺丝钉小知识 /////// 银行螺丝钉 基金波动大，会导致清盘吗? 有朋友问，有的基金波动比较大，有可能 会清盘吗? 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 假设一个基金,熊市的时候下跌比较多, 但是规模很大,这种公募基金是不会清盘 的。 般是规模小于5000万以下的基金，会 有清盘的风险。 比如基金的规模为5000万，对于一个基 金公司来讲，肯定会亏钱。 其实，公募基金 ...

Core Viewpoint - The article discusses the performance and management of Y-share personal pension funds in China, highlighting the growth and competitive landscape of these funds as well as specific fund managers' strategies and results [3][5][16]. Fund Company Overview - As of March 18, 2025, a total of 56 fund companies have launched Y-share personal pension funds, with a total scale of 9.143 billion yuan. Among these, 14 companies have a management scale exceeding 100 million yuan [3]. - The top five fund companies by management scale for Y-share personal pension funds are: 1. 华夏基金管理有限公司: 1.384 billion yuan 2. 兴证全球基金管理有限公司: 1.162 billion yuan 3. 易方达基金管理有限公司: 1.088 billion yuan 4. 中欧基金管理有限公司: 1.005 billion yuan 5. 工银瑞信基金管理有限公司: 750 million yuan [4]. Fund Performance and Selection Criteria - A total of 9 Y-share funds were selected based on criteria including a scale exceeding 200 million yuan, returns over 15% since the beginning of 2024, and a maximum drawdown not exceeding 15%. Seven of these funds reached new highs within the specified period [6]. - The selected funds include: - 东方红颐和积极养老目标五年持有Y - 广发安诚养老目标2040三年持有Y - 工银养老2055Y - 嘉实养老2040五年Y - 国泰君安善音养老目标2045五年持有Y - 鹏华养老2045一年Y - 中欧预见养老2050五年Y [7]. Fund Manager Strategies - The fund manager of 东方红颐和积极养老目标五年持有Y employs a dual approach focusing on selecting fund managers and identifying investment opportunities [7][12]. - The fund manager of 广发安诚养老目标2040三年持有Y prefers using ETFs and maintains a balanced FOF strategy, holding various ETFs and bond funds to mitigate drawdowns during market declines [9]. - 工银养老2055Y has shown strong performance, with a net value curve surpassing the 万得偏股混合型基金指数, and experienced smaller drawdowns during market downturns [10][16]. Market Outlook and Asset Allocation - The fund manager 徐心远 believes that A-share valuations are currently attractive, with a focus on maintaining a neutral to slightly high equity position. The strategy includes increasing allocations to cyclical sectors and dividend-paying assets [13][15]. - The fund's asset allocation strategy is dynamic, adjusting equity exposure as market conditions change, with a long-term goal of reducing equity exposure to no more than 25% by 2050 [16].

文 | 银行螺丝钉 （转载请注明出处） 过去几年，人民币债券是一轮小牛市。 到了2024年，长期债券在上涨后，波动也逐渐变大。 很多朋友都会关心： 这里为大家准备了一门限时免费的课程，详细介绍了债券指数基金的相关问题。 长按识别下方二维码，添加@课程小助手，回复「 债券基金 」即可领取～ ▼点击阅读原 文，免费学习大额家庭资产配置课程 · 债券基金的收益和风险，有哪些特点？ · 为何普通投资者，更适合投资债券指数基金？ · 当前哪些债券指数基金，投资价值较高？ ◆◆◆ ...

彭博与香港中资基金业协会共同揭晓 年度"离岸中国基金大奖" 得奖名单，并庆祝此项业 界盛事成立十周年。今年活动共评选出3 7项大奖，颁发予表现出众并对离岸中资基金行 业发展作出卓越贡献的基金及管理团队。基金表现奖项根据彭博统计数据及专属方法计算 所得。 来自政府、监管机构及业界的代表出席颁奖典礼，探讨香港离岸基金市场机遇，分享真知 灼见，并就当前的监管环境及行业未来发展展开深入讨论，为离岸中国基金管理业持续发 展及合作奠定基础。 香港特别行政区政府署理财经事务及库务局局长陈浩濂 于20 2 5年3月2 0日在颁奖典礼上致 辞时表示： 香港所管理的资产规模印证了香港作为国际投资者首选的亚洲资产及财富管理枢纽的地 位。承接近年的强劲增长，我们会继续通过不同措施推动香港资产及财富管理的发展。 香港要把握好'三中心、一高地'的战略定位，用好'一国两制'的优势，在国家的坚实支持 下，巩固提升优势产业。我期望中资基金业的同仁可在促进香港与内地金融巿场的交流 合作中发挥桥梁作用，将香港的金融巿场继续做大做强，协助香港进一步巩固和提升国 际金融中心地位。" 香港特别行政区政府署理财经事务及库务局局长陈浩濂 香港证券及期货事务 ...

以下文章来源于养基司令 ，作者养基司令 养基司令 . 「轻」财经资讯，「重」选基技巧，坚持用数据说话！ 长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：养基司令 来源：雪球 一起来回顾下 ， 两只国债期货的近阶段表现 。 2025年2月7日 ， CFFEX30年期国债期货最高到过121.75点 ， 截至3月18日以113.70点收盘 ， 一个月多时间就回落805个基点 ； 同期 ， CFFEX10年期国债期货回落 195个基点 。 大家对 " 基点 " 感受可能不深 ， 司令借助两只国债ETF来体现 。 在上述区间内 ， 鹏扬中债30年国债ETF下 跌6.87% ， 国泰上证10年国债ETF下跌2.24% ， 虽然这是场内交易价格 ， 但也能看出国债期货的下跌幅度 。 Wind统计显示 ， 2025.2.10-3.17区间 ， 878只短期纯债型基金 （ 多类份额 、 分开计算 ， 下同 ） 算术平均 收益率为-0.18% ， 3407只中长期纯债型基金算术平均收益率为-0.79% ， 混合型一级债基算术平均收益率 为-0.35% ， 混合型二级 ...

以下文章来源于晨星投资说 根据晨星最新发布的《全球公募基金及中国主题基金资金流观察》报告，截至2024年底，全球 前25大ETF提供商中超过一半来自美国： | 14 | VanEck 范达 | 1,104 | | --- | --- | --- | | 15 | WisdomTree | 1,095 | | 16 | Fidelity 富达 | 1,068 | | 17 | Daiwa 大和 | 1,048 | | 18 | BM0 蒙特利尔银行 | 922 | | 19 | 夜直電影 | 002 | | 20 | Global X | 806 | | 21 | 易同达县金 | 804 | | 22 | ProFunds/ProShares | 776 | | 23 | 华泰柏瑞基金 | 643 | | 24 | American Century | 569 | | 25 | MUFG 三菱日联 | 493 | 全球25强中，美国公司占14席，前5大ETF提供商均来自美国。 贝莱德（iShares/BlackRock）、先锋（Vanguard）、道富（State Street）包揽前三，三家公 司市占率合计6 ...

Core Viewpoint - The article discusses the recent surge in the launch of free cash flow ETFs in the Chinese market, highlighting the growing interest from public funds and the potential for increased capital inflow into the A-share market [3][10]. Group 1: New ETF Launches - On March 18, 12 fund companies submitted applications for the first batch of the CSI All Share Free Cash Flow ETFs, marking a significant addition to the growing family of free cash flow ETFs [2][4]. - The CSI All Share Free Cash Flow Index, which will be launched on December 11, 2024, selects 100 listed companies with high free cash flow rates to reflect the overall performance of companies with strong cash flow generation capabilities [5][8]. Group 2: Market Impact - The newly launched free cash flow ETFs are expected to bring more incremental capital to the A-share market, with initial fundraising exceeding 2.1 billion yuan for the first batch of ETFs launched in February [10]. - The two ETFs that were first launched have shown strong capital attraction, with significant increases in their share volumes since listing [11]. Group 3: Investment Strategy and Market Trends - Public funds are increasingly focusing on free cash flow-related themes due to the innovative and clear logic of the indices they track, which emphasize high-quality stocks with cash flow growth potential [12]. - The free cash flow strategy is considered suitable for the current A-share market environment, especially during market corrections and stable periods, as it aligns with the ongoing recovery of the macro economy and corporate earnings [13]. Group 4: ETF Market Development - The year 2024 is projected to be a year of rapid development for ETFs, with the number of listed ETFs expected to reach 1,033 by the end of the year, a 16% increase from the previous year [15]. - Despite the growth, the ETF market faces challenges such as product homogeneity, indicating a need for further innovation in ETF offerings [16][18].