2025.08. 12 本文字数：2325，阅读时长大约4分钟 作者 | 第一财经 陈君君 继国有大行和股份制银行将基金代销费率降至1折之后，市场的费率竞争仍在加速蔓延。近期，全国多地农村商业银行相继加入降费阵营，将代 销基金的申购手续费降至0.1折甚至更低。 业内人士指出，这一现象背后，是中小银行面对大型银行与互联网平台双重竞争压力下的被动选择。虽然短期有助于吸引流量和激活沉睡客户， 但对财富管理业务的长期拉动作用，仍存在不确定性。 费率战从大行走向农商行 在传统印象中，农商行的主业是本地存款与小微贷款，客户群体多以本地居民、个体工商户为主，而基金、投顾等财富管理业务更多是国有大 行、股份行的强项。如今，深圳、常熟等发达地区的农商行也下场打"价格战"。 根据深圳农商行8月4日发布的公告，该行客户通过手机银行申购9只前端收费模式的公募基金产品，可享申购费率0.1折优惠，包含定投业务。常 熟农商行则在7月底推出类似政策，适用范围涵盖多家合作基金公司的产品。 这并非深圳农商行年内首次下调代销基金费率。今年6月，该行宣布自6月18日至9月30日，对两款基金的前端申购费率实行0.1折优惠，并同步 适用于定期定额投资。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 时行工作室 8月10日，有用户反馈，自己参与了兴证全球基金旗下自媒体平台8月7日发起的【10000个红包】系列活 动。在活动评论区参与#我最想要的APP功能是#留言抽奖后，该用户于8月9日收到了官微的评论区回 复，告知其获得了中奖名额。 兴证全球基金自媒体账号在评论区的回复内容显示："恭喜您获得本次文末互动奖励中国国家地理・219 纵览河山旅行套装1份！请您在8月10日15点前回复您的姓名+手机号+地址，我们将尽快为您安排奖品 发放！感谢您的支持"。 然而，这位中奖粉丝表示，在收到评论区的中奖通知后，自己多次私信官微发送地址等信息，却始终没 有收到任何回复。更让他困惑的是，即便换了小号发送消息，也出现了消息被隐藏的情况，而且从其他 视角根本看不到官微回复的消息。 新浪财经就此尝试与该粉丝沟通，他坦言目前事情没有任何进展，对于平台的操作实在无法理解，不过 也表示"无所谓，中奖就中奖，不中奖就不中奖呗"。 兴证全球基金在此环节的服务中断，凸显了其对用户陪伴重视不足。用户陪伴不仅仅是在产品投资上给 予建议，在用户参与活动的 ...

Group 1 - Since August 1, a total of 261 funds have announced restrictions on large subscriptions, with 158 funds actively suspending large subscriptions after excluding 103 due to external market holidays and other reasons [1] - Various types of funds have different reasons for limiting subscriptions, with QDII funds primarily facing restrictions due to quota issues, as the total QDII quota reached 170.869 billion USD after a new batch of 30.8 billion USD was issued on June 30 [3] - Several actively managed equity funds are choosing to control their scale, such as the China Europe Medical Innovation Fund, which has a one-year return rate of 80.12% and is limiting subscriptions for the first time in four years [3] Group 2 - The Yongying Ruixin Mixed Fund suspended large subscriptions over 1 million RMB starting August 4, achieving a year-to-date return of 46.87% as of August 11 [4] - The Guangfa Growth Navigation One-Year Holding Mixed Fund also suspended large subscriptions over 50,000 RMB, with a year-to-date return of 96.37% [4] - The trend of high-performing funds actively limiting subscriptions reflects a shift in the public fund industry from focusing on scale to prioritizing returns, indicating a more rational approach by fund managers towards short-term performance and a focus on stable net asset value growth [4]

值得一提的是，当前，机构投资者对债基的配置需求依然存在。对于保险和银行理财等风险承受能力较低的机构 投资者来说，债基的收益稳定性和低波动性与它们对资金安全性和收益稳定性的要求相契合。同时，对于风险承 受能力较高的机构投资者来说，债基可以对冲权益资产的波动风险，进而降低整体组合的波动率。因此，无论风 险偏好如何，机构投资者都有配置债基的需求。(南木） 自7月份以来截至8月11日，已有19只基金相继发布类似公告，恢复机构投资者大额申购业务。其中，债基数量达 到11只，包括东海祥瑞、工银中债1—5年进出口行、广发汇达3个月定期开放债券等。此外，还有3只货币市场型 基金、3只股票型基金和2只混合型基金也恢复了相关业务。 业内人士分析指出，近期多只债基恢复机构投资者大额申购业务，是政策面支持、市场环境改善以及基金管理人 策略调整共同作用的结果，这一转变既反映了债市流动性的充裕与机构配置需求的持续，也体现了基金公司在风 险管理与规模扩张之间的平衡考量。Wind数据显示，7月份，债市交易活跃度显著提升，全部交易所债券（未到 期）总成交额（按全价计）达2.56万亿元，环比增长40.89%，同比增长45.08%。 【环球网财经 ...

Core Insights - Recent fund purchases have been limited to 100,000 yuan per day, indicating a trend of restricting large inflows into high-performing funds as the A-share market rebounds and the Shanghai Composite Index reaches new highs [2][3] - Over 133 funds have announced restrictions on large purchases in the past month, primarily those with outstanding performance and rapid growth in scale [3] - The proactive limitation of fund sizes is seen as a measure to ensure the effectiveness of investment strategies and stabilize fund operations, while also cooling down excessive market enthusiasm [2][5] Fund Performance and Restrictions - The China Europe Medical Innovation fund, managed by renowned fund manager Ge Lan, has implemented a purchase limit of 100,000 yuan starting August 11, marking its first restriction since October 2019 [3] - Among the actively managed equity funds currently under purchase restrictions, 211 out of 214 have achieved positive returns over the past year, with over 40% of them yielding returns exceeding 30% [3][4] - The China Europe Digital Economy fund has seen a staggering increase in scale from 12.38 million yuan to 1.527 billion yuan within a year, representing a growth of over 122 times [4] Market Dynamics - The A-share market has shown a strong upward trend, with the Shanghai Composite Index reaching 3,656.85 points on August 11, marking a new high for the year [6] - The influx of individual investors has been a significant driver of market momentum, with 14.56 million new accounts opened this year, a 36.9% increase year-on-year [6] - The market's valuation remains relatively low compared to overseas markets, suggesting potential for further expansion [6] Future Outlook - Analysts predict that the current market may be entering a later stage of the rally, with potential for horizontal adjustments in the short term [7] - The focus will be on the upcoming earnings reports and policy details in September, which could validate the ongoing trends in the market [7][8] - The innovation drug sector is expected to transition into a phase where actual performance will be tested, with companies that can secure good partnerships likely to stand out [8]

上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 沪指六连阳，未来市场怎么走？哪些投资机会值得关注？多位业内人士表示，这一轮上涨是 政策利好、企业基本面改善、流动性以及投资者信心恢复的共同作用。对市场中期向上趋势 维持谨慎乐观态度，投资者可关注新质生产力、"反内卷"以及内需复苏等方向。 泉果基金公募投资部总经理刚登峰 表示，这一轮上涨并非偶然，而是政策利好、企业基本面 改善、流动性以及投资者信心恢复的共同作用。未来，股市赚钱效应不断积累，以及存款收 益率降低，有望持续推动居民资产向股市流入。同时，政策鼓励推动中长期资金入市，A股后 续的增量资金仍很充裕，流动性驱动的力量依然较强。 "今日市场上涨主要受到内外部多个利好因素推动：政策层面，近日，证监会表态严控IPO发 行节奏，缓解市场对资金分流的担忧；产业层面，国内某锂电上市龙头企业旗下的锂矿停产 事件强化'反内卷'政策预期，叠加近期新能源汽车旺季备货需求，推动锂电及相关产业链上 涨。此外，国际因素层面，美联储副主席鲍曼等官员近日释放降息信号，且表态支持年内三 次降息。一旦降息落地将有望释放全球流动性，为A股进一 ...

Core Viewpoint - The recent trend of limiting large fund subscriptions in the A-share market is a response to the strong performance of certain funds, aiming to manage inflows and maintain investment strategy effectiveness [3][5][7]. Group 1: Fund Performance and Subscription Limits - A significant number of funds, over 133, have announced restrictions on large subscriptions, particularly those with outstanding performance and rapid growth in scale [5][6]. - Among actively managed equity funds currently under subscription limits, 214 funds have achieved positive returns over the past year, with over 40% of them yielding returns exceeding 30% [5][6]. - The fund "China Europe Digital Economy A" leads with a return of 146.87% and has recently suspended large subscriptions over 100 million yuan [5][6]. Group 2: Market Dynamics and Investor Behavior - The A-share market has shown a strong upward trend, with the Shanghai Composite Index reaching a new high of 3656.85 points, supported by increased retail investor participation [9][10]. - The number of new A-share accounts opened this year has reached 14.56 million, a 36.9% increase year-on-year, indicating a robust influx of retail capital [9][10]. - Fund companies are limiting subscriptions to prevent investors from making impulsive decisions based on short-term performance, promoting a more rational investment approach [7][10]. Group 3: Future Market Outlook - Analysts suggest that while the current market momentum is strong, there may be a need for short-term adjustments, with potential volatility expected [10]. - The market is seen as being in a liquidity-driven phase, with opportunities arising from structural changes in the economy [10][11]. - The innovative pharmaceutical sector is highlighted as a key area for future growth, with expectations for continued performance improvements in related companies [11].

Core Viewpoint - The A-share market is recovering, with the Shanghai Composite Index stabilizing above 3600 points, leading to two significant trends in the public fund market: many high-performing active equity funds are imposing purchase limits, and public institutions are actively buying back their funds to boost market confidence [2][8]. Fund Purchase Limits - Over a hundred active equity funds have announced purchase suspensions or limits since the beginning of the second half of the year, particularly those with strong performance and significant growth in scale during the first half [2][4]. - For instance, China Europe Fund announced limits on large purchases for several of its funds, including a cap of 100,000 yuan for the China Europe Medical Innovation Stock Fund and 1 million yuan for the China Europe Science and Technology Theme Mixed Fund [3][4]. - The rationale behind these limits is to ensure stable fund operations and protect the interests of existing fund holders, reflecting a cautious operational strategy among fund managers [3][5]. Fund Performance and Growth - The China Europe Medical Innovation Stock Fund has seen a net value increase of over 60% year-to-date, with its scale growing to 8.114 billion yuan by the end of Q2, an increase of approximately 931 million yuan from the end of last year [4]. - Other funds, such as the China Europe Science and Technology Theme Mixed Fund and the China Europe Digital Economy Mixed Fund, have also experienced significant growth, with year-to-date net value increases exceeding 30% and 60%, respectively [4]. - The trend of limiting purchases is seen as a way to prevent strategy failure due to excessive scale and to maintain existing investors' returns [5]. Self-Purchase by Public Institutions - Several public institutions, including Southern Fund and Industrial Bank of China Credit Fund, have initiated a wave of self-purchases, indicating confidence in the long-term stability and health of the capital market [6][8]. - Southern Fund plans to invest at least 230 million yuan in its equity funds, committing to hold these investments for at least one year [6][7]. - This self-purchase activity is viewed as a positive signal, suggesting that institutions remain optimistic about the market's future, especially as the index surpasses 3600 points [8]. Strategic Shifts in the Fund Industry - The public fund industry is undergoing two strategic transformations: shifting from a "scale-oriented" approach to a "quality-driven" model, and deepening the investment philosophy towards "long-termism" [8]. - The imposition of purchase limits by high-performing funds reflects a commitment to maintaining the integrity of investment strategies and ensuring effective execution [5][8]. - Self-purchases by fund companies not only serve as a confidence endorsement but also create a capital link that binds interests, fostering a positive development ecosystem within the industry [8].

证 券 研 究 报 告 政策不确定性下降，7月全球资金回流美股美债 www.swsresearch.com 证券研究报告 2 ◼ 7月全球资产价格回顾：7月受益于大而美法案的通过，政策不确定性落地提升全球资金风险偏好，多数权益类资产涨幅靠前，亚太类市场领涨全球。1）权益方面，7月一方面关税冲击 的影响逐步消退，市场开始逐步适应特朗普的执政风格，另一方面大而美法案的通过提升资金风险偏好，亚太股市，尤其是A股、越南股市和香港股市涨幅靠前；2）固收层面，7月美联 储不降息基本符合市场预期，10年美债收益率先升后降，整体来看7月变动幅度不大，美元指数则反弹3.40%；3）商品层面，本月原油价格有所反弹，受益于全球经济基本面的提升预期 以及沙特和俄罗斯减产计划，布伦特原油价格上涨9.4%；黄金下跌1.6%。 ◼ 7月美国大而美法案于7月3日获得众议院通过。大而美法案中囊括了国防、边境安全、能源政策、医疗补助、社会福利、教育等多项支出的增减；从金额来看，法案计划在未来10年内减 税4万亿美元、削减至少1.5万亿美元支出。该项综合性财政法案通过后，提升了全球资金的风险偏好，7月以来，中国、中国香港、美国和欧洲的主要股指均录 ...

Group 1 - The core viewpoint of the article highlights that funds focused on innovative pharmaceuticals have seen significant gains, with some funds increasing over 61% in the first half of the year [1] - The top-performing funds include several that are primarily invested in innovative drugs, with the highest return being 86.48% for the fund "汇添富音港优势精选A" [1] - Other notable funds in the top 16 also show strong performance, with returns ranging from 61.77% to 83.15% [1] Group 2 - The article suggests that innovative drugs can be pursued when the market declines, indicating a potential buying opportunity [2] - The "广发成长领航一年持有A" fund has a significant portion of its holdings in new consumer concepts, with major investments in companies like 泡泡玛特 and 老铺黄金 [3] - The fund manager 吴远怡 has demonstrated strong performance across various products, with most showing commendable returns [4] Group 3 - The historical performance of the "广发科技创新" fund shows a maximum drawdown of -53%, indicating high volatility [5] - Overall, the funds discussed are characterized by high volatility and significant drawdowns, making them more suitable for investors willing to buy during market dips [7] - The article emphasizes that these funds may not be suitable for low-risk investors due to their performance characteristics [7]