Core Viewpoint - The article promotes a series of live streaming events hosted by Tian Tian Fund, focusing on investment strategies and market trends for the second half of the year, particularly in sectors like innovative pharmaceuticals and renewable energy [2][4][5]. Group 1: Live Streaming Events - The live streaming series titled "Second Half Configuration Diagnosis Room" will feature 11 sessions covering various hot topics, including innovative drugs and renewable energy [2][4]. - The first session on August 25, 2025, at 14:00 will discuss "Things to Note in a Bull Market," featuring guests Hu Jianqiang and Ma Yinxin [5][10]. - Additional sessions include topics such as "Health China: The Drug Cannot Stop" and "Asset Allocation Strategies for the Second Half," scheduled for the same day [7][10]. Group 2: Upcoming Topics and Guests - On August 26, 2025, there will be discussions on "A-shares Continuously Hitting New Highs: Which Directions to Focus On?" and "Opportunities for New Energy Rebound" [13][15]. - The session on August 27, 2025, will focus on "How to Layout in a Bull Market," featuring guests Wu Yin and Lu Zhangguang [21]. - The series will also cover "Opportunities Under the 'Anti-Internal Roll' Policy" and "How to Seize Opportunities After New Highs" on August 28, 2025 [18][25]. Group 3: Engagement and Interaction - Viewers can participate in the live streams through the Tian Tian Fund app, with opportunities to win prizes such as JD and Cat Supermarket gift cards [4][6]. - The live streaming sessions are designed to engage investors and provide insights into market trends and investment strategies [2][12].

【导读】头部基金公司酝酿新探索，市场呼唤多元化ETF市商生态 全市场ETF整体规模逼近5万亿元大关，带动上下游产业链蓬勃发展。伴随这一大发展，在ETF做市商 领域，市场传出有头部基金公司也希望涉足其中的消息。 多位业内人士表示，近几年ETF做市费用日益增长，或是头部基金计划自己亲自"下场"做市的直接原 因，但目前具备ETF做市商资格的机构只有券商机构，基金子公司参与ETF做市仍受到多方面政策限 制，这一新的模式仍处于论证阶段。 在采访中，多位业内人士反馈，做市制度为国内ETF市场的繁荣发展作出了巨大贡献，但也存在ETF做 市主体较为单一、做市费用负担较重等问题。市场期待引入更多机构参与其中，希望头部基金公司这一 新探索能优化目前ETF做市商格局。 "当前ETF领域的同质化竞争异常激烈，同类产品之间竞争，流动性就是重要的考量标准，而基金公司 每年为扩大产品流动性投入的做市资源让基金公司苦不堪言；这甚至在某种程度上堵住了中小型基金公 司参与ETF市场竞争的机会。"一位基金公司人士称。 还有基金公司人士指出，去年7月1日正式实施的《公开募集证券投资基金证券交易费用管理规定》中明 确约定，基金管理人管理的被动股票型基 ...

【导读】头部基金公司酝酿新探索，市场呼唤多元化ETF市商生态 近日，据中国基金报记者了解，有头部基金公司考虑通过基金子公司参与ETF做市业务。不过，这一新的探索目前或仍处于前期沟通、论证 阶段。 在业内人士看来，伴随着近几年ETF市场规模迅速增长，相关做市费用"水涨船高"，是头部基金公司考虑亲自下场的直接动因。 "当前ETF领域的同质化竞争异常激烈，同类产品之间竞争，流动性就是重要的考量标准，而基金公司每年为扩大产品流动性投入的做市资 源让基金公司苦不堪言；这甚至在某种程度上堵住了中小型基金公司参与ETF市场竞争的机会。"一位基金公司人士称。 还有基金公司人士指出，去年7月1日正式实施的《公开募集证券投资基金证券交易费用管理规定》中明确约定，基金管理人管理的被动股 票型基金的股票交易佣金费率原则上不得超过市场平均股票交易佣金费率，且不得通过交易佣金支付研究服务、流动性服务等其他费用。 这就意味着ETF做市费用只能由基金管理人支付，不能从基金资产中支付，这也使基金公司ETF的运作成本较高。 不过，据中国基金报记者了解，目前基金公司子公司直接参与ETF做市在法规层面上仍存在不少障碍。 例如，上交所发布的《基金业务 ...

Core Viewpoint - Multiple regions in China, including Jiangsu, Fujian, and Jiangxi, are establishing or recruiting General Partners (GPs) for mother funds, focusing on sectors such as new energy, integrated circuits, new materials, green environmental protection, electronic information, biomedicine, new energy storage, future displays, and equipment manufacturing [2] Group 1: Mother Fund Establishments - Jiangsu Xuzhou has launched a new mother fund with a total scale of 3 billion RMB, focusing on new energy, integrated circuits, and advanced materials [4] - The Fujian Province specialized mother fund aims for a target scale of 2 billion RMB, emphasizing investment in innovative small and medium enterprises [6] - The Shangrao Economic Development Zone is establishing a 4 billion RMB industrial upgrade fund, targeting electronic information and biomedicine sectors [8][12] Group 2: Industry Capital Contributions - Major industry players like Tencent, Huadong Pharmaceutical, and Ecovacs Robotics are contributing to various funds, indicating strong industry support for investment initiatives [3][26][29] Group 3: Specific Fund Details - The Hebei Province Technology Investment Fund has established its fourth sub-fund, focusing on electronic information with a scale of 150 million RMB [13] - The newly formed Chongqing fund is centered on new energy smart commercial vehicles, with initial investments already underway [14] - The Anhui Province plans to set up a 20 billion RMB artificial intelligence industry fund to support local enterprises [15] Group 4: Fund Management and Structure - The mother funds generally have a lifespan of up to 15 years, with investment periods not exceeding 10 years [9] - The investment strategy includes a maximum of 20% investment in single sub-funds or direct projects, ensuring diversified risk [10][11] - The funds are designed to tolerate a loss rate of up to 50% across their entire lifecycle, promoting a long-term investment approach [7] Group 5: Government Support and Policies - The Zhengzhou Airport Economic Comprehensive Experimental Zone is offering incentives for new private equity funds, with rewards up to 20 million RMB for fund establishment [30][31] - The Shaanxi Province has introduced a management approach for its technology innovation mother fund, emphasizing long-term investments in strategic emerging industries [34][35]

人民财讯8月24日电，最近一年，大盘走牛，量化对冲基金却有近七成单位净值增长率告负。对冲成本 上升、风格适应性不足、流动性压力及策略同质化等，成为量化对冲基金在牛市中跑输的主要因素。 （文章来源：中国基金报） 为拓宽收益来源，不少对冲基金在根据对冲成本灵活调整配置比例的同时，也通过利率债、转债及股票 多头策略提升组合性价比。 ...

Group 1 - The chairman of Huabao Fund, Huang Kongwei, has resigned due to "age-related reasons" and has been succeeded by Xia Xuesong, the former chairman of Baoxin Software [1] - Xia Xuesong has held various positions in Baosteel Group, Baosteel Co., and Baoxin Software, including roles such as board secretary, financial director, and general manager [1] - Huabao Fund currently manages a total of 271 fund products with an asset size of 338.701 billion yuan [2]

Core Insights - In the past year, nearly 70% of quantitative hedge fund strategies reported negative net asset value growth despite a bullish market, indicating a significant underperformance compared to the overall market [1][2][6] - The average return of 23 quant hedge funds was -1.04%, with 16 funds showing negative returns [2][3] - Factors contributing to this underperformance include rising hedging costs, insufficient style adaptability, liquidity pressures, and strategy homogeneity [6][8][9] Performance Overview - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index saw cumulative gains of approximately 34%, 49%, and 73% respectively over the past year [2] - Among the better-performing funds, Zhongyou Absolute Return Strategy achieved the highest net asset value growth of 5.56%, while other notable funds included Shenwan Lingshin Quantitative Hedge Strategy A and Guangda Sunshine Hedge Strategy [2][5] - Conversely, nine funds experienced net asset value declines exceeding 2%, with four funds dropping over 4%, and the maximum decline approaching 7% [3][5] Year-to-Date Performance - Year-to-date, quantitative hedge funds have shown improvement, with an average return of 0.96% as of August 22, 2023, and 15 funds reporting positive growth [3][5] - The highest year-to-date net asset value growth reached 10.79% for Zhongyou Absolute Return Strategy [5] Contributing Factors to Underperformance - Rising hedging costs have been a significant issue, with the cost of short positions increasing due to reduced or reversed futures discounts, impacting overall fund returns [6][7][9] - The market's structural divergence has made it challenging for strategies reliant on a single style to adapt to rapidly changing market conditions [8][9] - Liquidity pressures in a bullish market have complicated the rebalancing of portfolios, affecting the execution efficiency of strategies [8][9] - The accumulation of similar strategies among mainstream quant funds has led to increased competition and reduced opportunities for excess returns [8][9] Strategic Adjustments - To enhance returns, many hedge funds are adjusting their hedging ratios based on changes in futures basis and diversifying their portfolios by including interest rate bonds, convertible bonds, and increasing long equity positions [9][10] - Some funds have utilized the low correlation between quantitative hedge strategies and convertible bond strategies to spread risk [10]

【导读】过去一年，近七成量化对冲策略主题基金单位净值收益率为负 最近一年，大盘走牛，量化对冲基金却有近七成单位净值增长率告负。对冲成本上升、风格适应性不足、流动性压力及策略同质化等，成为量化对冲基金 在牛市中跑输的主要因素。 为拓宽收益来源，不少对冲基金在根据对冲成本灵活调整配置比例的同时，也通过利率债、转债及股票多头策略提升组合性价比。 过去一年 中国基金报记者 王建蔷 天心 近七成对冲策略基金收益告负 最近一年，大盘走牛，大部分基金斩获可观涨幅，仍有部分基金逆市亏损。 据Wind统计，截至8月22日，过去一年，上证指数、深证成指、创业板指累计涨幅分别约34%、49%、73%。 具体来看，收益表现较好的基金中，中邮绝对收益策略过去一年单位净值涨幅最高，达5.56%；申万菱信量化对冲策略A、光大阳光对冲策略6个月持有A 期间净值涨幅分别为4.15%、3.55%；海富通安益对冲A、广发对冲套利期间净值涨幅也均超过1%。 而在亏损的基金里，9只单位净值跌幅超2%，4只跌幅超4%，最大跌幅接近7%。 若将时间区间缩小至年内，量化对冲基金表现明显好转。截至8月22日，这类基金今年以来平均收益转正，为0.96%；其中1 ...

Core Viewpoint - In the past year, nearly 70% of quantitative hedge fund strategies have reported negative unit net value growth despite a bullish market, primarily due to rising hedging costs, insufficient style adaptability, liquidity pressures, and strategy homogeneity [2][4][9]. Performance Overview - As of August 22, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have seen cumulative increases of approximately 34%, 49%, and 73% respectively over the past year [6]. - Among 23 quant hedge funds, the average return was -1.04%, with 16 funds showing negative growth, accounting for nearly 70% [6][8]. - The best-performing fund, Zhongyou Absolute Return Strategy, achieved a unit net value increase of 5.56% over the past year [8]. Factors Contributing to Poor Performance - **Rising Hedging Costs**: Increased costs due to reduced or reversed futures discounts have significantly impacted fund returns, with the recent futures discount rates for the CSI 500 and CSI 1000 reaching 3.2% and 4.5% respectively [10][11]. - **Insufficient Style Adaptability**: The current market structure's increasing divergence poses challenges for strategies reliant on a single style, making it difficult to keep pace with rapidly changing market trends [10]. - **Liquidity Pressures**: Increased trading activity in a bullish market has led to greater liquidity fluctuations in small-cap stocks, complicating the rebalancing efforts of quant hedge funds [11]. - **Strategy Homogeneity**: The rising concentration of mainstream quant strategies has led to accumulated risks, making it challenging for some funds to achieve excess returns through differentiated strategies [12]. Strategies to Enhance Returns - Quant hedge funds are adopting neutral investment strategies, utilizing index futures for complete hedging of long stock portfolios while employing quantitative multi-factor stock selection models [13][14]. - Funds are dynamically adjusting hedging ratios based on basis level changes in index futures to optimize costs and are diversifying their sources of returns by incorporating interest rate bonds, convertible bonds, and increasing long stock strategies [15]. - For instance, some funds have reduced their hedging ratios in response to significant negative basis levels in the CSI 1000 index, while others have included convertible bonds in their portfolios to enhance return elasticity [15].

金融界2025年8月24日消息，汇添富医疗服务灵活配置混合C(015121) 最新净值1.9690元，该基金近一周 收益率0.66%，近3个月收益率24.86%，今年来收益率66.44%。 汇添富医疗服务灵活配置混合C基金成立于2022年2月14日，基金经理张韡，截至2025年6月30日，汇添 富医疗服务灵活配置混合C规模10.69亿元。 该基金股票持仓前十分别为：恒瑞医药、科伦药业、海思科、百利天恒、新诺威、泽璟制药-U、信立 泰、热景生物、益方生物-U、诺诚健华-U。前十持仓占比合计68.66%。 来源：金融界 ...