| | | | | | | 单位:万元 币种 9 | | Na | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 公司求型 | 主要业务 | 甘肃安本 | 总资产 | 净资产 | 营业收入 | 营业利润 | 净利润 | | 杭州云敲网络科技 有限公司 | 子公司 | 软件业 | 10,000.00 | 41,936.71 | 31,028.85 | 11,509.59 | 5,714.56 | 5,076.96 | | 一起原原出四集上 服务有限公司 | 子公司 | 软件业 | 13,923.26 | 37,860.32 | 22,849.67 | 17,120.31 | 699.06 | 695.31 | | 恒云控股有限公司 | 子公司 | 投资管理 | HKD100 | 96.597.45 | 78,169.46 | 7.622.75 | 3.059.96 | 2,616.57 | | 蚂蚁(杭州)盖金销 售有限公司 | 参股公司 | 我感不 | | | 15,562.00 15,352,771.23 279,895.4 ...

ETF总规模突破5万亿 百亿级产品首超百只 8月26日，ETF同时创下两个纪录：总规模首次突破5万亿元，百亿元以上的产品数量首次超过100只。 从第一个万亿到第五个万亿，ETF历时从16年缩短至4个月，在本轮行情中持续受到资金青睐。根据 Wind统计，截至8月26日，全市场百亿ETF规模达到101只，有7只规模在千亿元以上，前4只均为沪深 300ETF。（证券时报） 多家上市公司首次中期分红 一年多次分红成常态 随着半年报高峰期来临，中期分红的队伍逐步扩大。近期，泰禾股份、中钢天源和炬芯科技在披露2025 年半年报的同时，首次公布了中期分红方案。此前，中国中车、恒力石化、长安汽车等多家龙头上市公 司也公开了首次中期分红计划。截至目前，中期分红还未结束，从已公布的中期分红方案看，已有约 400家公司披露半年报分红预案，计划分红金额合计约1800亿元，有3家公司中期分红金额超过百亿元。 当前，上市公司分红体现出了金额高、比例高、频次高的特征，这与政策的鼓励密不可分。新"国九 条"提出，增强分红稳定性、持续性和可预期性，推动一年多次分红、预分红、春节前分红。 (证券时 报) 基金代销半年考：头部独立销售机构业绩分化 ...

本报记者 彭衍菘 随着上市公司2025年半年报陆续披露，上半年独立基金销售机构的业绩表现也逐渐清晰。其中，头部代销机构呈现出明显 的分化态势，蚂蚁（杭州）基金销售有限公司（以下简称"蚂蚁基金"）净利润实现同比增长360.66%强势领跑；上海天天基金 销售有限公司（以下简称"天天基金"）保持稳健运营；浙江同花顺基金销售有限公司（以下简称"同花顺"）等平台面临调整压 力。 上述情况也进一步勾勒出基金代销市场的竞争格局，显示出行业马太效应愈发突出。 头部机构优势扩大 作为独立基金销售机构的巨头之一，蚂蚁基金上半年交出亮眼成绩单。恒生电子2025年半年报显示，其参股的蚂蚁基金实 现营业收入92.51亿元，同比增长22.46%；实现净利润4.34亿元，同比增长360.66%。 截至6月末，蚂蚁基金总资产和净资产分别为1535.28亿元和27.99亿元，同比分别增长93.81%和39.47%。中基协数据显示， 截至2024年末，蚂蚁基金权益类基金保有规模7388亿元，非货币市场基金保有规模1.45万亿元，股票型指数基金保有规模达 3201亿元，均位居行业第一。 相较于蚂蚁基金的爆发式增长，天天基金呈现出稳健发展态势。数据 ...

伴随上市公司半年报出炉，上半年独立基金销售机构的成绩单也陆续披露。8月22日，基金代销巨头蚂蚁（杭州）基金销 售有限公司（以下简称"蚂蚁基金"）上半年营收业绩出炉，净利润同比大增360.66%。相比之下，同为三巨头的天天基金 则表现平稳，营收微增0.49%、净利润则同比持平。除上述机构外，中基协公布的代销机构公募基金销售保有规模前100 名中的部分机构也于近日披露半年报，不同渠道基金销售数据表现分化。有业内人士指出，当前沪指突破3800点，对基金 代销市场可能带来积极的影响。未来，基金代销市场分化可能会不断加剧，更考验机构的服务能力、专业化水平、运营质 量等因素。 代销巨头成绩不一 头部基金代销机构上半年"成绩单"浮出水面。8月22日，恒生电子披露2025年半年报，蚂蚁基金上半年营收业绩也一并曝 光。半年报数据显示，蚂蚁基金上半年营业收入为92.51亿元，同比增长22.46%；净利润为4.34亿元，同比大增360.66%。 截至上半年末，蚂蚁基金总资产、净资产分别为1535.28亿元、27.99亿元，同比增长93.81%、39.47%。 据中基协披露的基金销售机构公募基金销售保有规模最新数据，截至2024年下 ...

来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 涉嫌挪用公款、滥用职权罪，亚钾国际董事长被逮捕 近期亚钾国际发布公告，银川市人民检察院以涉嫌挪用公款罪、滥用职权罪对董事长郭柏春作出逮捕决 定，公司称此事与公司无关，目前生产经营正常。郭柏春涉案早有端倪，2024年就被调查，期间有正常 履职阶段，但最终仍被采取强制措施。亚钾国际业绩波动较大，2025年上半年预计归母净利润同比大幅 增长。 详情>> 三部门就《互联网平台价格行为规则（征求意见稿）》公开征求意见 当地时间8月22日，美联储主席鲍威尔在杰克逊霍尔全球央行年会上暗示未来可能降息，受此刺激，美 股三大指数集体走强，道指再创新高，大型科技股普涨，特斯拉市值一夜增加约4600亿元。中国资产强 势爆发，外资对中国资产展望愈发乐观。 详情>> 48亿元，"秒光"！上海一豪宅新房周末刷屏 国家发展改革委、市场监管总局、国家网信办联合起草《互联网平台价格行为规 ...

从营业收入来看，蚂蚁基金2025年上半年实现92.51亿元，较去年同期的75.54亿元增长22.46%。天天基 金上半年营业总收入为14.24亿元，同比增长约0.5%。蚂蚁基金的营收规模是天天基金的6.5倍。 在净利润方面，两者差距更为明显。蚂蚁基金上半年净利润4.34亿元，相比去年同期的9427.4万元，增 长幅度超过360%。天天基金净利润仅为0.64亿元，与去年同期持平。蚂蚁基金的净利润已经是天天基 金的6.8倍。 | 数据 | | --- | 来源：恒生电子、东方财富2025年半年报 制表：鸡血石 专题：新浪仓石基金研究院 2025年上半年，中国基金代销市场两大巨头——蚂蚁基金和天天基金，交出了一份差异明显的成绩单。 中国两大基金代销巨头—蚂蚁基金与天天基金相继披露2025年上半年财务数据，展现出截然不同的发展 态势。蚂蚁基金凭借支付宝平台的流量优势实现业绩爆发式增长，而天天基金则保持平稳发展态势。 数据显示，蚂蚁基金上半年营业收入92.51亿元，净利润达到4.34亿元，同比增幅超过360%；而天天基 金营业收入仅为14.24亿元，净利润0.64亿元，与去年同期持平。 核心财务指标差距惊人：蚂蚁基金营 ...

Core Viewpoint - The wealth management industry is undergoing significant transformation in 2025, driven by regulatory changes and increased competition among financial institutions [1][2]. Regulatory Changes - A series of policies have been introduced to strengthen the regulatory framework for wealth management product sales, including the "Commercial Bank Agency Sales Management Measures" effective from October 1, 2025, which clarifies the responsibilities of banks as sales agents [5]. - The "Financial Institutions Product Appropriateness Management Measures," effective from February 1, 2026, aims to enhance consumer protection by helping consumers identify risks and choose suitable products based on their needs and risk tolerance [6]. Market Dynamics - The public fund sales sector is facing dual challenges of shrinking income and insufficient professional services, necessitating a shift in business models and service concepts [2][9]. - The ongoing fee reduction reforms in public funds are expected to save investors approximately 45 billion yuan annually starting in 2025, further pressuring sales channels [9]. Sales Channel Evolution - The sales landscape for wealth management products is shifting from a sales-oriented approach to a service-oriented model, emphasizing digitalization and refined services to meet diverse investor needs [2][18]. - The number of institutions selling wealth management products has increased, with 569 institutions involved in the distribution of products by mid-2025, reflecting a growing trend towards multi-channel distribution [14][15]. Industry Competition - The competition in the wealth management product distribution market is intensifying, with banks expanding their distribution channels amid declining net interest margins [13][14]. - The traditional commission-based sales model is under pressure due to declining trailing commissions, leading to a market shakeout where smaller institutions are being eliminated [10][11]. Service Transformation - Wealth management firms are increasingly focusing on providing tailored services to meet the specific needs of different investor segments, moving away from a one-size-fits-all approach [19]. - Some institutions are launching innovative products that emphasize risk management and stability, such as the "TREE Long-term Profit Plan" by China Merchants Bank, which offers risk parity-based asset allocation solutions [19].

Core Viewpoint - JD.com has launched a new initiative allowing PLUS members to purchase funds without any subscription fees, marking a significant move in the fund distribution sector among internet giants [2][4]. Summary by Sections Initiative Details - The JD Financial App has introduced a program where PLUS members can enjoy unlimited fund purchases with zero subscription fees, excluding certain fund types [5][6]. - The program allows for direct fee waivers or refunds in the form of JD Beans for certain funds, enhancing the attractiveness of the offer [6][7]. Market Context - The initiative aligns with the China Securities Regulatory Commission's recent policy aimed at reducing investor costs in public funds, indicating a broader trend in the industry towards lowering fees [2][8]. - Other financial institutions, such as China Merchants Bank, have also implemented similar fee reductions, suggesting a competitive shift in the fund sales market [13][14]. Customer Acquisition and Challenges - While the zero subscription fee initiative may attract existing PLUS members, the effectiveness in acquiring new customers remains uncertain due to the hidden nature of the financial services section within the JD.com app [10][11]. - The current market dynamics indicate that merely reducing fees may not be sufficient to shift investor habits, as many users are accustomed to other platforms [10][14]. Industry Trends - The overall trend in the fund sales market is towards decreasing fees, with various channels competing to enhance their offerings and attract more investors [12][14]. - The market is expected to evolve into a more diversified landscape, where institutions that provide quality products and services will stand out [14].

Core Viewpoint - A significant number of public funds, totaling 40, have terminated their sales agreements with Minshang Fund, indicating a strategic shift in the fund's operations and a potential industry-wide restructuring [2][4][10]. Group 1: Termination of Agreements - On June 12, 40 public fund companies announced the termination of their sales agreements with Minshang Fund, which represents half of the total fund companies that previously collaborated with Minshang [4][10]. - Minshang Fund has stated that the terminations are a result of their proactive decision to adjust their business strategy, focusing on private fund sales rather than public fund sales [7][8]. - The number of fund companies collaborating with Minshang Fund has decreased from 72 to 36, and the number of funds sold has dropped from 2726 to 1629 within a short period [4][10]. Group 2: Business Focus and Strategy - Minshang Fund, established in 2016, primarily focuses on asset management and wealth management, serving small to medium financial institutions and affluent individuals [5]. - The company has paused its "Zhenhao Investment" platform for over five years, indicating a shift in its operational focus [6]. - Industry insiders suggest that the decision to terminate public fund sales may be a strategic move to concentrate resources on more profitable private fund sales [7][10]. Group 3: Industry Context and Trends - The fund distribution industry is undergoing significant changes, with many sales institutions ending partnerships with fund companies due to cost-effectiveness, compliance risks, and a shift towards larger, more capable sales organizations [10][11]. - The recent regulatory framework emphasizes long-term investor returns over short-term sales, which may lead to a consolidation of the industry, favoring institutions with strong compliance and service capabilities [11].

Group 1 - The core viewpoint is that public fund managers are restructuring their channel cooperation strategies, with the cost-effectiveness of channels becoming a key consideration amid a transformation period in the public fund distribution industry [1][3] - As of June 10, multiple public funds, including Changcheng Fund, Furong Fund, and Puyin Ansheng Fund, announced the termination of their sales cooperation with Minshang Fund, reflecting a broader trend where nearly 40 institutions have ended partnerships with Minshang Fund since late May [2][3] - The number of fund distribution companies has decreased to 41, indicating a significant contraction in the market, with at least eight distribution institutions having terminated sales cooperation with public funds this year [2][4] Group 2 - The phenomenon of independent fund distribution institutions facing a wave of contract terminations highlights a deep transformation in the public fund distribution industry, driven by both industry-level changes and stricter regulatory requirements [3][5] - The "Matthew Effect" in the fund distribution industry is becoming more pronounced, with larger institutions dominating the market, as evidenced by the top ten independent sales institutions holding a significant share of the total fund distribution [4][5] - Many independent sales institutions are choosing to exit the market voluntarily, which may lead to a healthier market structure and a shift in investor selection criteria towards evaluating compliance qualifications, research capabilities, and service systems of public fund distribution institutions [5]