Core Insights - The QDII funds have become the top performers in the market, with the highest returns exceeding 1.5 times, significantly outperforming A-share funds [1][2] - As of the end of Q2 this year, the total scale of public QDII funds reached approximately 680 billion yuan, marking a historical high [2][3] Performance and Scale Growth - The QDII funds benefited from a robust liquidity environment, leading to a strong valuation recovery in the Hong Kong stock market, which in turn drove performance gains [2] - The top-performing QDII funds include Huatai-PB Hong Kong Advantage Selection, E Fund Global Pharmaceutical Industry, ICBC New Economy, and Southern Hong Kong Pharmaceutical Industry [2] - The total scale of public QDII funds has increased by 11.4% compared to the end of 2024, growing from approximately 93 billion yuan at the end of 2019 to nearly 700 billion yuan now [2][3] Stock Selection Advantages - QDII funds have a significant advantage in stock selection due to fewer restrictions compared to A-share and Hong Kong Stock Connect funds, which are limited to stocks on the Hong Kong Stock Connect list [3][4] - For instance, Tencent Music, which has seen its stock price rise by nearly 1.3 times this year, is not included in the Hong Kong Stock Connect list, allowing QDII funds to invest in it [3] - The flexibility in investment opportunities allows QDII funds to capture diverse returns, as the profit effect has spread from Hong Kong Stock Connect companies to non-Hong Kong Stock Connect companies [4] Future Investment Opportunities - QDII fund managers are optimistic about growth opportunities in new consumption and new technology sectors [5] - Investment strategies should focus on understanding consumer interest changes and increasing allocations to high-end manufacturing and cultural exports [6] - The AI industry chain is highlighted as a key investment opportunity, with expectations of significant growth driven by advancements in AI technology and its applications [6]

Core Viewpoint - The public fund industry is increasingly focusing on the role of performance benchmarks in investment constraints, leading to a more detailed approach in setting benchmarks for multi-asset portfolio products [1][6]. Group 1: Performance Benchmark Details - Recent multi-asset products have significantly enhanced the richness of performance benchmarks, incorporating various asset classes such as U.S. stocks, Hong Kong stocks, commodities, and deposits [2][3]. - The performance benchmark for the newly launched Yongying Yuan Ying Stable Multi-Asset 90-Day Holding product consists of six components, including 70% domestic bonds, 10% A-shares, 5% U.S. stocks, 5% Hong Kong stocks, 5% commodities, and 5% deposits [2][3]. Group 2: Investment Strategy and Philosophy - The detailed benchmarks reflect a shift in investment philosophy from a simple stock-bond pairing to a more diversified and global asset allocation system, especially in the current low-interest-rate environment [1][6]. - The trend towards detailed performance benchmarks indicates a recognition within the asset management industry of the need for a more complex and varied approach to asset allocation [6][7]. Group 3: Communication and Transparency - The refined benchmarks serve as a communication bridge between investors and fund managers, clarifying investment strategies, styles, and performance measurement [5][6]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, thereby establishing reasonable expectations [4][5]. Group 4: Future Implications - The introduction of multi-asset strategies is expected to transform performance benchmarks from passive references to active guides, influencing strategy design, management constraints, and performance attribution [7]. - The industry is moving towards a more systematic and process-oriented approach to multi-asset research and decision-making, reducing reliance on ad-hoc strategies [4][6].

Core Viewpoint - Shanghai Future Industry Fund is actively investing in multiple sub-funds, focusing on cutting-edge sectors such as neuroscience, synthetic biology, and hard technology, indicating a strong commitment to supporting emerging industries and local economic upgrades [1][2][4]. Investment Activities - Recently, Shanghai Future Industry Fund announced plans to invest in six sub-funds, including Shanghai Puqing Bencao Venture Capital Partnership and Shanghai Bilin Star Phase IV Venture Capital Partnership, marking its second batch of investments in less than four months [2][3]. - The fund aims to invest in a total of over twenty sub-funds this year, with a focus on creating a comprehensive innovation investment ecosystem [3]. Fund Characteristics - Established in 2024 with a total scale of 10 billion yuan, the Shanghai Future Industry Fund is fully funded by the Shanghai municipal government and managed by Shanghai Guotou Company [3]. - The fund has a 15-year investment cycle, reflecting a long-term commitment to nurturing investment projects, with the possibility of extending the term by three years if necessary [3]. Regional Trends - The rapid development of industry funds is not limited to Shanghai; other cities like Chengdu and Guangdong are also increasing their investment activities in various sectors [5][6]. - Chengdu launched its first future industry fund with an initial scale of 112 billion yuan, targeting ten future industry fields including humanoid robots and quantum technology [6]. Policy Support - Recent policy initiatives in Shanghai, such as the establishment of a 50 billion yuan industrial transformation upgrade fund, are aimed at enhancing investment in strategic projects and key industry segments [7]. - The focus on "hard technology" has become a significant trend among investment institutions, with expectations of fostering high-growth innovative companies [7][8].

Core Viewpoint - The public fund industry is increasingly focusing on the role of performance benchmarks in investment constraints, leading to a more detailed approach in setting benchmarks for multi-asset portfolio products [1][4]. Group 1: Benchmark Composition - Recent multi-asset products have significantly enhanced the richness of their performance benchmarks, incorporating various asset classes such as U.S. stocks, Hong Kong stocks, commodities, and deposits [1][3]. - The performance benchmark for the newly launched Yongying Yuan Ying Stable Multi-Asset 90-Day Holding product consists of six components, including 70% domestic bonds, 10% A-shares, 5% U.S. stocks, 5% Hong Kong stocks, 5% commodities, and 5% deposits [2][3]. Group 2: Investment Strategy and Transparency - The detailed benchmarks reflect a shift in investment philosophy from simple stock-bond combinations to a more diversified and global asset allocation approach, especially in a low-interest-rate environment [1][6]. - A clear and detailed performance benchmark enhances product transparency, helping investors better understand risk sources and return drivers, thereby establishing reasonable expectations [4][5]. Group 3: Communication and Decision-Making - The refined performance benchmarks serve as a communication bridge between investors and fund managers, clarifying investment strategies and measuring product performance [5][6]. - The trend towards detailed benchmarks indicates a cognitive evolution in asset allocation concepts within the asset management industry, with a focus on transitioning from "selection experts" to "multi-asset allocation experts" [6]. Group 4: Future Implications - The introduction of multi-asset strategies is expected to transform performance benchmarks from passive references to active guides, becoming integral to the entire product lifecycle management [6]. - The detailed benchmarks will help delineate product risk characteristics, shifting investment goals from return-oriented to risk-adjusted matching [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 【重要提示】 太平嘉裕债券型证券投资基金（以下简称"本基金"）的募集及其基金份额的发售已经中国证券监督管理 委员会（以下简称"中国证监会"2025年4月9日证监许可2025【749】号文注册募集。中国证监会对本基 金募集的注册，并不表明其对本基金的投资价值和市场前景做出实质性判断或保证，也不表明投资于本 基金没有风险。 1.本基金类别为债券型证券投资基金，运作方式为契约型开放式。 2.本基金的管理人为太平基金管理有限公司（以下简称"本公司"）。 3.本基金的托管人为中国银行股份有限公司。 4.本基金的基金份额登记机构为太平基金管理有限公司。 5.本基金自2025年9月1日至2025年9月19日通过基金管理人指定的销售机构发售，基金管理人可根据募 集情况适当延长或缩短本基金的募集期限并及时公告。各销售机构办理认购业务的办理网点、办理日期 和时间等事项参照各销售机构的具体规定。 6.本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境外 投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 7.本基金募集期内不设募集规 ...

◎记者 聂林浩 8月以来，公募REITs市场走势趋弱，截至8月20日，中证REITs全收益指数下跌近4%，8月11至19日连收 7根阴线。机构认为，近期市场对于大类资产系统性重估的分歧加剧，权益市场走强，债市持续承压， 与债市联动性较强的REITs市场也相应走弱。同时，9月至12月，一批REITs产品的战略配售份额将迎来 解禁潮。 Choice数据显示，8月20日，中证REITs全收益指数结束了此前的七连跌，收盘上涨0.43%，但8月以来的 跌幅达3.95%。 根据相关规定，基础设施项目原始权益人或其同一控制下的关联方参与战略配售的（下称"原始权益人 战配"），其中基金份额发售总量的20%持有期自上市之日起不少于60个月，超过20%部分持有期自上 市之日起不少于36个月；原始权益人战配以外的专业机构投资者（下称"市场化战配"），参与战略配售 的持有份额期限自上市之日起不少于12个月。 据记者统计，从8月数据来看，红土创新深圳人才安居REIT、中金厦门安居REIT和华夏北京保障房 REIT均在2022年8月31日上市，部分原始权益人战配份额即将迎来解禁；华安百联消费REIT和华夏首创 奥莱REIT分别于2024 ...

Group 1 - The bond market is under pressure due to high risk appetite, leading to a decline in long-term government bonds and significant losses for bond funds, particularly those heavily invested in long-term interest rate bonds [1] - Data from Wind indicates that nearly 100 bond funds have seen performance declines exceeding 1% since August, with over 70% of pure bond funds reporting losses during the same period [1] - Notable bond funds with significant net value declines include Fangzheng Fubang Hongyuan, Huatai Baoxin Zunyi Interest Rate Bond 6-Month Holding, and others, many of which are heavily invested in long-term interest rate bonds [1] Group 2 - Some bond fund holders are opting for redemptions in response to net value adjustment pressures, with specific funds announcing adjustments to ensure that the interests of fund holders are not adversely affected [2] - The A-share market has been performing strongly, with the Shanghai Composite Index surpassing key levels, while the bond market continues to adjust, raising questions about when this adjustment will end [2] - Analysts from Penghua Fund express a neutral short-term outlook on the bond market, suggesting limited risks for rate increases or decreases, and indicating that the current monetary policy environment is relatively loose [2] Group 3 - Short-term expectations for the bond market suggest a range-bound fluctuation due to both bullish and bearish factors, with a focus on eliminating interest rate cut expectations [3] - BoShi Fund anticipates that there will be no significant easing of monetary policy in the short term, with bearish sentiment likely to dominate the market [3]

进入8月以来，债市曾一度有所反弹，但从上周开始，随着市场风险偏好的提升，债市再度陷入调整。截至8月18日，10年期国债收益率已经突破 了7月调整时的高点。 面对市场的调整，债券基金面临着一定的赎回压力，基金经理们也纷纷表示感受到了前所未有的压力。一位基金经理坦言："现在的市场波动确实 让我们感到很有压力。权益基金收益率不断走高，而债基净值却在下滑，持有人的情绪十分低迷。" 尽管如此，业内人士普遍认为，债市并不具备长期大跌的基础。10年期国债1.8%的期限利差已经基本反映了市场对宏观变化的预期。为了应对市 场的变化，基金经理们也在积极调整策略，采取缩短久期、调整结构等方式来应对未来曲线可能的陡峭化。 近期权益市场的强势表现与债市的疲软形成了鲜明的对比。长债尤其是超长债的调整幅度较大，而短端债券的走势则相对平稳。这背后的原因有 多方面，包括股市的持续上行带来的市场风险偏好提升、商品市场的表现对债市资金的分流压力等。 近期，债券市场经历了一轮显著的回调，令众多基金经理直呼"压力山大"。与此同时，权益市场却屡创新高，形成了鲜明的对比。 8月18日，债市迎来了8月以来最为动荡的一天。10年期和30年期国债活跃券的日内最 ...

Core Viewpoint - The A-share market has shown strong performance, leading to increased investor confidence and accelerated fundraising activities in equity funds [1][3]. Group 1: Fundraising and Market Activity - Multiple equity funds have completed fundraising ahead of schedule, indicating high investor demand, with some funds raising their target amounts in just one day [2][3]. - The recent trend shows that over 60 equity funds have been established since August, with many new funds experiencing significant net asset value (NAV) growth shortly after inception [3][4]. Group 2: Fund Management and Investment Strategy - Fund managers are actively increasing their equity positions, with average stock holdings reaching high levels; ordinary equity funds have an average equity position of approximately 91.41% [4]. - The rapid deployment of capital by fund managers reflects a positive outlook on market conditions, which is expected to attract more incremental funds into the equity market [4]. Group 3: Market Outlook and Sector Focus - The market is currently driven by increased liquidity, with a preference for technology and small-cap stocks expected to outperform in the short term [5]. - Future investment strategies should focus on sectors with positive fundamental changes driven by policy, particularly technology, consumption, high-end manufacturing, and pharmaceuticals [6].

Core Viewpoint - The Chinese ETF market has surpassed Japan, becoming the largest in Asia with an asset management scale of $681 billion in July, compared to Japan's $668 billion [1]. Group 1 - The increase in ETF scale is attributed to the continuous rise of the Shanghai Composite Index, which has led to a surge in ETF assets [1]. - The approval process for new products has accelerated, resulting in a growing number of ETF listings, which has enhanced retail investors' recognition of long-term, low-cost, and highly liquid ETF products [2]. - In the coming years, China is expected to set new records in asset management scale, capital flow, liquidity, and product supply in the Asia-Pacific region, further attracting foreign institutional market makers [3].