Fund Issuance Market - The new fund issuance market is experiencing a recovery, with nearly 100 billion yuan in new fund issuance this month [1] - As of August 28, 139 funds have been established since August, with a total issuance scale of 97.842 billion yuan, an increase of over 10 billion yuan compared to July [1] - The issuance scale of equity funds reached 57.768 billion yuan in August, marking a new monthly high for the year [1] Performance of Equity Funds - The market recovery has led to a surge in the issuance of equity funds, with 23 equity funds exceeding 1 billion yuan in issuance during the month [1] - Notable funds include the Dongfanghong CSI Hong Kong Stock Connect High Dividend Investment Index Fund with 2.3 billion yuan and the Great Wall National Certificate Free Cash Flow Index Fund with 2.208 billion yuan [1] Active and Passive Fund Trends - Both passive index funds and actively managed equity funds are seeing high issuance volumes, with several funds exceeding 1.5 billion yuan [2] - The Southern Stable Income Bond Fund raised 4.998 billion yuan, while the Morgan Stable Three-Month Holding Period Mixed FOF raised 2.752 billion yuan in a single day [2] Bond Index Fund Growth - The trend of bond index investment is accelerating, with new bond index funds attracting significant subscriptions, such as the Huashan Shanghai Clearing House 0-5 Year Government Financial Bond Index Fund with 6 billion yuan [2] Fund Purchase Restrictions - As the market improves, high-performing funds are frequently imposing purchase limits, such as the Hongta Hongtu Shengfeng Mixed Fund, which has restricted single-day purchases exceeding 200,000 yuan [3] - Other funds like the Fuguo Small and Medium Cap Selected Mixed Fund and the Xiangcai Medical Health Mixed Fund have also announced limits on large purchases [3] Interest from Overseas Asset Management Firms - Overseas asset management firms are increasingly interested in Chinese equity products, with the Bualuang China Next Economy Fund launched in Thailand to invest in Chinese equity products [3] - The fund manager emphasizes the structural investment opportunities in sectors like AI, renewable energy, robotics, and healthcare in China [3] Domestic Fund Managers' Investments - Domestic fund managers are also investing in their own equity funds, with Morgan Fund (China) announcing an investment of 24.7 million yuan in its Morgan CSI A500 Index Enhanced Fund [4] - Huatai Securities Asset Management plans to invest up to 32 million yuan in its public equity funds, indicating confidence in the Chinese capital market [4]

Group 1 - The article provides a ranking of open-end funds based on their net asset value growth as of August 28, 2025, highlighting the top 10 funds with significant increases [2][6] - The top-performing fund is "长安鑫瑞科技6个月定开混合A" with a unit net value of 0.9135, showing an increase from 0.8154 on August 27, 2025, representing a growth of 9.9% [2] - The bottom-performing fund is "泰康港股通大消费指数A," which has a unit net value of 1.1437, down from 1.1802, indicating a decrease of 3.4% [4][6] Group 2 - The total number of funds that have updated their net values is 28,522, indicating a broad market activity [3] - The article notes that the Shanghai Composite Index experienced a volatile trading day, with a total transaction volume of 3 trillion yuan, and a market breadth of 2,868 gainers to 2,402 losers [6] - Leading sectors include communication equipment, semiconductors, and components, with gains exceeding 4%, while the coal sector faced declines [6]

■邢萌 日前，国内ETF总规模站上5万亿元关口，规模超百亿元的ETF数量突破100只，引发市场广泛关注。 在监管部门大力鼓励指数化投资的背景下，更多投资者选择通过ETF捕捉市场机会，锚定经济发展主线 与产业演进方向。超百亿元规模的ETF数量增加，则体现了资金对头部产品的认可。 其二，头部ETF类型多样、策略丰富，为市场提供高效便捷的投资选择。 此前，超百亿元规模的头部ETF多为宽基指数产品，而如今，跻身"百亿阵营"的既有聚焦证券、医药的 行业基金，也有芯片、机器人等主题基金，还有跨境基金、债券基金等。这说明这些细分领域产品已具 备足够的资金认可度与市场影响力，也印证了ETF产品矩阵走向多样化的趋势。 随着投资者资产配置需求日趋多元化，ETF产品也在持续迭代创新，以更好地适配不同风险偏好投资需 求，进一步完善资本市场产品生态。 其三，资金集中涌向头部ETF，提高市场资源配置效率。 从实践来看，头部ETF通常跟踪的是沪深300指数、科创50指数等主流指数，持仓以各领域优质龙头企 业为主，覆盖金融、消费、科技等关乎经济基本面的重点领域。随着资金持续增配这些优质资产，相关 标的流动性溢价不断积累，交易活跃度与定价公允 ...

Group 1 - Multiple high-performing ETFs have disclosed their semi-annual reports for 2025, showing a significant presence of institutional investors such as insurance funds, corporate annuities, and foreign capital among the top ten shareholders [1] - The Huatai-PineBridge CSI Hong Kong Stock Connect Innovative Drug ETF has achieved an impressive return of over 90% year-to-date, with major shareholders including Barclays Bank and various insurance and pension funds [1] - The Bosera SSE STAR Market Artificial Intelligence ETF has reported a year-to-date return exceeding 70%, with significant holdings from major insurance companies like Xinhua Life and Taikang Life [1] Group 2 - The Harvest SSE STAR Market Chip ETF and the Yongying CSI Hong Kong and Shanghai Gold Industry ETF have both recorded returns above 50% this year, with their top shareholders including major insurance firms [1] - The top ten shareholders of the Harvest SSE STAR Market Chip ETF include China Life, Ping An Property & Casualty, and several other prominent insurance companies [1] - The Yongying CSI Hong Kong and Shanghai Gold Industry ETF's top shareholders also feature major players in the insurance sector, indicating strong institutional interest in these funds [1]

2025 年 8 月 28 日 从资金角度观察本轮指数上涨行情 | 毛磊 | 投资咨询从业资格号：Z0011222 maolei@gtht.com | | --- | --- | | 王笑 | 投资咨询从业资格号：Z0013736 Wangxiao@gtht.com | 报告导读： 摘要： 近期国内 A 股走势渐入佳境，从资金角度观察，存在以下几个特点：散户开户数有所增加，但幅度温 和，不过若以超额储蓄观察未来潜在入市空间仍较大。新基金发行，尤其是主动管理基金发行较历史牛市 时期仍显平稳，相比较而言 ETF 基金有一定增量，但资金流向上更偏好主题风格而非宽基。中长期资金在 政策鼓励与低利率环境下对股市配置有持续增加态势。资金边际增加更为显著的主要以两融为代表的杠杆 资金。外资方面近两月流入有所提速，交投亦趋于活跃。 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 （正文） 宏 观 总 量 所 | 目 | 录 | | --- | --- | | 1. A 股表现回顾：成长超额收益明显 3 | | | 2. 市场成交与换手：活跃度持续提升 3 | 3. 各类型投资者资金流向观察 4 ...

基金规模：人民币12.2亿元。其中，国联人寿认缴出资人民币7.4亿元，占比60.66%；国联通宝出资认 缴出资人民币4.8亿元，占比39.34%。 格隆汇8月28日丨国联民生(01456.HK)公告，公司全资附属公司国联通宝（作为普通合伙人）已于2025 年8月28日与国联人寿（作为有限合伙人）订立合伙协议，共同设立有限合伙基金。国联通宝作为基金 管理人及执行事务合伙人为基金提供资产管理服务。 经营范围：创业投资（限投资未上市企业）；以自有资金从事投资活动；以私募基金从事股权投资、投 资管理、资产管理等活动。 ...

盈米基金推出的"买方投资顾问转型赋能基地(安徽)"，旨在发挥盈米基金在买方投顾领域的优势，通过 向安徽合作机构提供"咨询+工具+策略+平台"的投顾综合解决方案，将国内买方投顾的最佳实践一站式 部署落地安徽，协助传统财富机构向买方投顾战略转型，打造更多的买方投顾新军。 当前，中国资本市场正处于高质量发展的关键阶段，如何服务好居民日益迫切的财富管理需求，引导更 多社会财富转化为中长期入市资金，进而以资本市场为枢纽平台，配置到科技创新和实体经济领域，是 全行业面临的时代课题。安徽资本市场将坚决把功能性放在首要位置，组织行业机构积极开展金融功能 性服务创新，为中长期资金入市探索"安徽路径"，书写"长钱长投"的安徽资本市场新篇章。(齐和宁) 本次行动以"以创促长"为主题，系统性构建了"1+12"的功能性创新品牌矩阵。品牌矩阵以安徽证监局与 安徽省人力资源社会保障厅联合发文为统领，包含4大类共12项创新举措，聚焦"中长期资金入市"这一 核心命题，从基础机制、配置引导、服务转型、生态赋能等方面,系统构建促进长期投资的综合解决方 案，全力打造"长钱长投"金融生态。 在长期投资生态赋能上，广州投顾学院推出的"买方投资顾问培育基 ...

固定收益 | 固定收益专题 扩容在即，再看科创债 ETF 证券研究报告 信用策略系列 7 月以来，信用债收益率及信用利差大致呈现出"W 型"走势，成分 券相较于非成分券的相对估值变动大致呈现如下特征： 7 月底以来，部分科创债 ETF 换手率降至不足 10%；8 月下旬以来，伴 随市场阶段性企稳，科创债 ETF 换手率再度有所抬升；此外，科创债 ETF 净值基本跟随对应跟踪指数表现，近期整体呈现震荡回落趋势。 当前，10 只科创债 ETF 的持仓券加权久期在 3.20-4.74 年不等。 二、哪些成分券被增持？ 截至 2025 年 8 月 27 日，被持仓最多的成分券发行主体包括： 国家电力、中铁股份主体的成分券被科创债 ETF 持仓规模在 30 亿元 以上； 7 月中上旬，首批科创债 ETF 上市初期建仓需求下，市场一定程度上 抢筹科创债，进而带动成分券估值迅速下行，较非成分券平均"超涨"约 10bp，1-3 年和 3-5 年期科创债 ETF 主要持仓期限的成分券超涨幅度高于 短端和超长端。 一、上市以来，科创债 ETF 表现如何？ 截至 2025 年 8 月 27 日，首批 10 只科创债 ETF 规模合 ...

Core Viewpoint - The public fund industry in China has reached a record high in asset net value, totaling 35.08 trillion yuan as of the end of July, indicating strong growth and investor interest in various fund types [1][3][4]. Fund Size Growth - As of July 2025, the total net asset value of public funds in China has increased significantly, surpassing 35 trillion yuan, with a notable increase in money market funds, which added over 1 trillion yuan in the first seven months of the year [1][3][4]. - The growth in public fund size has been consistent throughout the year, with the total net asset value rising from 31.93 trillion yuan at the end of January to 35.08 trillion yuan by the end of July, marking a continuous increase across three trillion yuan milestones since April [3][4]. Fund Type Performance - Among different fund types, money market funds have shown the strongest growth, exceeding 14 trillion yuan, while equity funds have also gained popularity, with a cumulative increase of over 920 billion yuan [4][5]. - As of the end of July, the latest sizes of various fund types are as follows: stock funds at 4.92 trillion yuan, mixed funds at 3.83 trillion yuan, money market funds at 14.61 trillion yuan, and QDII funds at 730.44 billion yuan, with QDII funds experiencing the highest growth rate [3][4]. Market Environment and Investor Behavior - The increase in public fund size is attributed to a maturing investment awareness among ordinary investors, who are increasingly diversifying their investments, as well as a shift of funds from bank deposits to money market funds [5][6]. - The positive market environment has also contributed to the growth of equity funds, with major stock indices showing significant gains in July and August, attracting more capital into the market [6][7]. Fund Performance - A significant majority of equity funds have reported positive returns this year, with over 98% of 13,973 equity funds achieving positive performance, and several funds doubling their returns [7]. - The top-performing equity funds have reported impressive annual returns, with some funds achieving returns exceeding 130% [7]. Industry Outlook - The public fund industry is expected to continue its growth trajectory, driven by factors such as investor confidence in China's economic development, the maturation of the public fund industry, and the alignment of fund characteristics with investor needs [6][8].

MACD金叉信号形成，这些股涨势不错！ 责任编辑：何俊熹 8月28日，招商证券发布的2025年半年度报告显示，招商基金2025年上半年实现净利润7.89亿元，同比 下滑6.81％；上半年营业收入为25.61亿元，同比增长1.17％。 专题：2025基金半年报：隐形重仓股浮现 锚定基本面成投资共识 ...