【环球网财经综合报道】9月5日，证监会就公募基金销售费用管理规定公开征求意见，将合理调降公募 基金认购费、申购费、销售服务费等销售环节费率水平，优化赎回费制度安排。 浙商证券近日发布研报建议，以公募基金为代表的机构投资者采取"定量与定性"并重的识别思路和参与 策略。一方面追踪上市公司涉及公司治理质量的定量指标，另一方在投后管理及股东参与的过程中与上 市公司就相关议题展开密切沟通，并结合股东参与的反馈做出相应的投资决策。 据机构测算，三个阶段费改累计让利超500亿元，其中第三阶段每年为投资者让利约300亿元。同时，证 监会指导中国结算搭建的公募基金行业机构投资者直销服务平台（FISP平台）正式启动运行，基金管理 人、基金托管人应当接入FISP平台。 ...

Core Insights - Income funds are viewed as an effective strategy to hedge portfolios against market uncertainty and volatility as markets approach all-time highs [1] - A hybrid investment approach combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1] Investment Strategy - The strategy emphasizes the importance of high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1] - The combination of growth and income investments is highlighted as a method to maintain total returns on par with major market indices [1]

Core Viewpoint - The AI Fund Great Wall Healthcare Mixed A (000339) reported a profit of 93.57 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.7192 yuan, and a net value growth rate of 32.19% during the reporting period [2] Fund Performance - As of September 3, the fund's unit net value was 3.613 yuan, with a one-year cumulative net value growth rate of 99.85% for Great Wall Health Mixed A, while Great Wall Health Consumption Mixed A had the lowest at 46.13% [2] - The fund's net value growth rates over various periods are as follows: 20.98% over the last three months, 50.61% over the last six months, 69.58% over the last year, and 17.96% over the last three years [5] Fund Management and Strategy - The fund manager, Tan Xiaobing, oversees six funds, all of which have positive returns over the past year [2] - The fund's strategy focuses on innovative drugs, considering market conditions and potential opportunities due to the Federal Reserve's interest rate cuts and improved global liquidity [2] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately -99.91, compared to the industry average of 120.96 [10] - The weighted average price-to-book (P/B) ratio was about 8.09, while the industry average was 4.07 [10] - The weighted average price-to-sales (P/S) ratio was approximately 18.56, compared to the industry average of 6.52 [10] Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was -0.05%, and the weighted average net profit growth rate was 0.88% [16] Fund Size and Shareholder Composition - As of June 30, 2025, the fund's total size was 350 million yuan, with 47,800 holders owning a total of 117 million shares [30][33] - Individual investors accounted for 97.38% of the holdings, while institutional investors held 2.62% [33] Trading Activity - The fund's turnover rate for the last six months was approximately 313.71%, consistently above the industry average [36]

Core Viewpoint - The public fund fee reform has officially entered its final stage with the release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" by the China Securities Regulatory Commission (CSRC), aiming to enhance investor benefits and promote high-quality development in the public fund industry [1][7]. Summary by Sections Fee Reduction - The new regulations are expected to reduce costs for investors by approximately 300 billion yuan annually, with previous phases already yielding reductions of about 140 billion yuan and 68 billion yuan [2][7]. - The maximum subscription and redemption fees for stock funds have been lowered from 1.2% and 1.5% to 0.8%, while mixed funds have seen reductions from 1.2% and 1.5% to 0.5%. Bond funds' fees have been cut from 0.6% and 0.8% to 0.3% [2]. Investor Protection - All redemption fees will now be allocated to fund assets, ensuring that they belong to investors, and the redemption fee for holding periods of 7 to 30 days has been increased to 1% [3][4]. - This change aims to encourage fund sales institutions to shift from earning "flow" income to "retention" income, while also discouraging short-term speculative trading [3]. Tail Commission Adjustments - The regulations introduce differentiated arrangements for tail commission ratios, focusing on servicing individual investors and promoting equity funds [4][5]. - For personal investor sales, the tail commission will remain capped at 50% of management fees, while for institutional investors, the cap for non-equity funds will be reduced from 30% to 15% [5]. New Direct Sales Platform - The CSRC has approved the launch of the Fund Industry Service Platform (FISP) to enhance direct sales services for institutional investors, addressing the challenges faced by traditional direct sales operations [6]. Long-term Investment Development - The updated regulations are seen as a significant step towards fostering a long-term, value-oriented investment culture in the public fund industry, aligning with national policies aimed at high-quality development [7][8]. - Industry leaders believe that the fee reductions will enhance investor experience and encourage a focus on improving service capabilities [9].

Core Points - The China Securities Regulatory Commission (CSRC) announced measures to encourage long-term holding of funds, including waiving sales service fees for investors holding equity, mixed, and bond funds for over one year [2] - The CSRC aims to lower investor costs by rationally reducing subscription fees, purchase fees, and sales service fee rates for public funds [2] - The newly released "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" seeks to protect investors' rights and promote high-quality development in the public fund industry [2] Group 1 - The CSRC has introduced a differentiated cap on trailing commission payment ratios to guide the development of equity funds [2] - The regulations address issues such as the allocation of interest from fund sales settlement funds and dual charging in fund advisory services [2] - A direct sales service platform for institutional investors in the fund industry (FISP platform) has been launched to facilitate efficient and secure direct sales by fund managers [2] Group 2 - The CSRC will supervise China Securities' ongoing development and operation of the FISP platform, focusing on enhancing service quality for institutional investors [3]

Core Points - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" to promote high-quality development in the public fund industry and reduce investor costs [1] - The revised regulations include 28 articles across six chapters, focusing on lowering fees, optimizing redemption arrangements, encouraging long-term holding, and enhancing sales fee standards [1] Summary by Sections Fee Reduction - The regulations aim to reasonably lower subscription fees, purchase fees, and sales service fee rates to reduce costs for investors [1] Redemption Arrangements - The new rules clarify that the entire redemption fee for publicly offered funds will be included in the fund's assets [1] Encouragement of Long-term Holding - Investors holding equity funds, mixed funds, and bond funds for over one year will no longer incur sales service fees [1] Sales Fee Standards - The regulations establish a differentiated upper limit for trailing commission payments, reinforcing the development orientation of equity funds [1] Sales Fee Regulation - The regulations address issues such as the allocation of interest from fund sales settlement funds and the dual charging of fund advisory services [1] Direct Sales Platform - A direct sales service platform for institutional investors in the fund industry will be established to provide efficient, convenient, and secure services for fund managers [1]

Core Insights - The public fund industry in China has shown significant growth in the first half of 2025, with 28 companies reporting their revenue, and 8 companies exceeding 1 billion yuan in revenue [1] - The total management scale of public funds reached a new high, surpassing 35 trillion yuan by the end of July 2025, reflecting a substantial increase in fund issuance [1] Revenue Performance - E Fund ranked first in revenue with approximately 5.896 billion yuan, a year-on-year increase of about 9.71% [2] - Huaxia Fund followed in second place with 4.258 billion yuan in revenue, showing a year-on-year growth of approximately 16.05% [2] - GF Fund ranked third with 3.898 billion yuan in revenue, marking a year-on-year increase of about 22.17% [2][3] - Southern Fund and Fortune Fund also reported double-digit revenue growth rates of approximately 11.65% and 14.09%, respectively [2] Profitability - E Fund led in net profit with 1.877 billion yuan, a year-on-year increase of 23.84% [4] - ICBC Credit Suisse Fund achieved a net profit of 1.745 billion yuan, with a growth rate of 29.64%, narrowing the gap with E Fund [4] - Southern Fund, GF Fund, and Huaxia Fund reported net profits of 1.194 billion yuan, 1.180 billion yuan, and 1.123 billion yuan, respectively, all showing significant growth [4] - Yongying Fund experienced a remarkable growth rate of 42.16%, achieving approximately 0.897 billion yuan in revenue, moving up in rankings significantly [3] Market Dynamics - The competitive landscape among leading firms has intensified, with Huaxia Fund experiencing the slowest net profit growth at 5.82%, resulting in a drop in rankings [5] - The overall improvement in the A-share market provided favorable investment opportunities for public funds, enhancing their ability to generate returns for investors [5] - The industry is focusing on compliance management, product innovation, and the integration of AI technology to enhance operational efficiency and asset management capabilities [5]

Group 1 - The ETF market showed mixed performance with battery ETFs leading gains, specifically 嘉实 ETF (562880) up 6.98%, battery ETF (561910) up 6.97%, and battery 50 ETF (159796) up 6.56% [2] - The banking ETFs experienced declines, with the leading drop from banking ETF (159887) down 1.25%, followed by 南方 banking ETF (512700) down 1.06%, and banking ETF 龙头 (512820) down 1.02% [2] - The total trading volume of ETFs reached 2169.41 billion yuan, with stock ETFs accounting for 1099.98 billion yuan, bond ETFs 568.06 billion yuan, money market ETFs 184.13 billion yuan, commodity ETFs 33.33 billion yuan, and QDII ETFs 283.90 billion yuan [2] Group 2 - The highest trading volumes among non-money market ETFs were recorded by 广发中证香港创新药 (513120) at 73.52 billion yuan, 易方达中证香港证券投资主题 ETF (513090) at 64.87 billion yuan, and 易方达创业板 ETF (159915) at 48.10 billion yuan [2]

绩优基金"二次首发"模式直击当前基金销售中的核心痛点，为改善投资者体验提供了实践路径。它的兴起标志着 行业营销理念的重要转变，未来随着中国资本市场的不断成熟和公募基金行业的持续发展，"二次首发"有望从一 种营销创新转变为行业常态，推动基金公司从规模导向转向业绩导向，从短期营销转向长期陪伴。 MACD金叉信号形成，这些股涨势不错！ 本版专栏文章仅代表作者个人观点 从行业生态角度看，过度依赖新发基金的模式还造成了多重负面影响。一方面，基金公司与销售渠道（尤其是银 行）形成了畸形的利益捆绑关系，高额的申购费率和尾随佣金推高了投资者的整体成本。另一方面，频繁新发导 致基金经理管理产品数量过多，投资精力分散。况且新发基金还有数个固有缺陷：一是缺乏历史业绩参考，投资 者无法准确评估其风险水平和基金经理的真实能力。二是流动性受限问题突出。新基金通常设有募集期和封闭 期，在此期间投资者只能获得活期利息收益，且无法赎回份额，资金锁定风险较大。三是存在明显的"追热点"风 险。新基金往往为迎合市场短期热点而设计，但市场风格切换频繁，导致基金成立后不久就面临策略失效的困 境。长期来看，显然不利于行业健康发展。 而绩优基金"二次首发" ...

| 公司各称 | 净利润(万元) 增幅 | 营收(万元) 增幅 | | | --- | --- | --- | --- | | 江信基金管理有限公司 | -1364.61 | 13.89% 359.14 | -30.21% | | 浙商基金管理有限公司 | -1050.83 | -4558.41% 6907.52 | -28.47% | | 上半年亏损公募基金情 华西基金管理有限责任公司 | -1017.91 | 5.28% 486.06 | 70.82% | | 红塔红土基金管理有限公司 | -913.19 | 58.62% 2822.58 | 14.08% | | 苏新基金管理有限公司 | -784.80 | 70.60 2332.42 | 4079.97% | | 南华基金管理有限公司 | -617.92 | -1928.71% 2492.96 | -26.21% | | 瑞达基金管理有限公司 | -424.34 | 39.36% 231.56 | 523 08% 18 = MOPPER | 近日，随着各家基金公司股东最新发布的2025年半年报数据披露，公募基金公司2025年上半年经营业绩 浮出水面。从 ...