图片 一周摘要 图片 市场概况： 上周（8月18日至8月22日）A股市场整体表现非常强劲，主要股指普遍上涨。创 业板表现尤为亮眼，创业板50指数大涨6.31%，科创50指数更是上涨超13%，显示成长股在 本轮行情中的受重视程度。中证1000指数上涨3.45%，中小盘股整体表现活跃，概念热点良 性轮动。全周上证指数强势冲关3800点，上涨3.49%，深证指数上涨4.57%，创业板指上涨 5.85%。 行业板块： 上周Wind一级平均涨幅3.05%，Wind百大概念指数上涨比例92%。板块方面， 100%板块获得正收益，通信、电子、综合相对表现良好，分别上涨10.84%、8.95%、 8.25%，医药生物、煤炭、房地产涨幅相对滞后，分别上涨1.05%、0.92%、0.50%。 基金发行： 上周合计发行38只，其中股票型基金发行26只，混合型基金发行6只，债券型基 金发行5只，QDII型基金发行1只，总发行份额233.14亿份。 基金表现 ： 上周万得全基指数上涨1.98%。其中，万得普通股票型基金指数上涨3.60%，万 得偏股混合型基金指数上涨3.52%，万得债券型基金指数上涨0.08%。 图片 一周市场 图片 ...

根据建信基金管理有限责任公司（以下简称"本公司"）与上海利得基金销售有限公司（以下简称"利 得"）签署的代销协议，自2025年8月25日起，利得将代理销售公司旗下部分基金，现将相关情况公告如 下： 一、适用基金 ■ 二、投资者可以通过以下途径咨询有关详情 1、上海利得基金销售有限公司 客户服务电话: 400-032-5885 客户服务热线：400-81-95533(免长途通话费) 网址：www.ccbfund.cn 投资者通过利得的基金代销网点和销售网站办理业务时，请按照各代销网点的具体规定执行。 网址：www.leadfund.com.cn 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。投资者投资基金之前应认真阅读基金的《基金合同》、《招募说明书》、《产品资料 概要》等文件。敬请投资者注意投资风险。 2、建信基金管理有限责任公司 特此公告。 建信基金管理有限责任公司 2025年8月25日 ...

【导读】蚂蚁基金2025年上半年经营成绩单火了，净利润同比增长近四倍 中国基金报记者 若晖 今年上半年，A股市场震荡走高，带动"固收+"、指数等基金品种销售回暖，第三方基金销售巨头也受益于市场回暖行情。 8月22日晚间，恒生电子披露2025年半年报，其参股的蚂蚁基金上半年营收数据随之曝光。 半年报数据显示，蚂蚁基金今年上半年营收超过92亿元，同比增长22.46%；净利润同比暴增3倍多，达到4.34亿元，接近去年全年水平。 半年报数据显示，蚂蚁基金上半年实现营业收入92.51亿元，同比增长22.46%；上半年实现净利润4.34亿元，同比大增360.66%，上半年净利润几乎与去年 全年净利润持平。 在业内人士看来，蚂蚁基金今年上半年净利润大幅增长，得益于今年上半年A股市场相较于2024年上半年出现了显著回暖行情。市场赚钱效应增强，投资 者更愿意将资金投入基金市场，带来新增规模。与此同时，基民交易活跃度提升，投资者进行申赎、调仓操作，也能够增加交易手续费收入。 同时，蚂蚁基金背靠蚂蚁集团，依托支付宝这一"国民级"应用，拥有庞大的用户流量和深厚的场景生态。这种渠道优势使其能持续低成本地触达海量用 户，并将支付用户转化 ...

Core Viewpoint - Ant Fund's operating performance in the first half of 2025 showed significant growth, with net profit increasing nearly fourfold compared to the previous year, driven by a recovering A-share market and increased investor activity [2][3][6]. Financial Performance - In the first half of 2025, Ant Fund achieved revenue of 9.25 billion yuan, a year-on-year increase of 22.46%, and net profit of 434 million yuan, a staggering increase of 360.66% [5][6]. - The net profit for the first half of 2025 is nearly equal to the total net profit for the entire previous year [5]. Market Context - The recovery of the A-share market in 2025 compared to the first half of 2024 has enhanced the market's profitability, encouraging investors to allocate more funds into mutual funds, which has led to an increase in new fund sizes [6]. - Increased trading activity among investors, including subscriptions and redemptions, has contributed to higher transaction fee income for Ant Fund [6]. Competitive Position - Ant Fund maintains the largest scale in the industry for non-monetary funds, with significant holdings in equity and stock index funds, leading in multiple dimensions of public fund sales [8]. - As of the second half of 2024, Ant Fund's non-monetary fund, equity fund, and stock index fund holdings reached 1.45 trillion yuan, 738.8 billion yuan, and 320.1 billion yuan respectively, all ranking first in their categories [8]. Future Outlook - Industry experts believe that the recovery of the capital market is likely to further boost fund sales, enhancing the operational performance of fund sales institutions [9]. - However, challenges may arise from upcoming regulations that could lower subscription and service fees for public funds, potentially impacting revenue for third-party fund sales institutions [10].

Core Insights - Ant Fund, a subsidiary of Hengsheng Electronics, reported a revenue of 9.251 billion yuan for the first half of 2025, representing a 22.46% increase compared to 7.554 billion yuan in the same period last year [1] - The net profit for Ant Fund reached 434 million yuan, a significant increase from 94.274 million yuan in the previous year, marking an over 360% growth [1]

Group 1 - The company will add Shanghai Jiyu Fund Sales Co., Ltd. and Shanghai Lide Fund Sales Co., Ltd. as sales institutions for the "Shan Zheng Asset Management Daily Added Benefit Money Market Fund E Class" starting from August 20, 2025 [1] - Investors can perform various transactions such as account opening, subscription, redemption, fund conversion, and regular investment through the newly added sales institutions [1] - The specific business processes, handling times, methods, and fee discount conditions will be subject to the regulations of the sales institutions [1] Group 2 - The company will also add Shanghai Liantai Fund Sales Co., Ltd. as a sales institution for the "Shan Zheng Asset Management Selected Industry Mixed Initiated Securities Investment Fund" starting from August 20, 2025 [5] - Similar to the previous announcement, investors can conduct various transactions through the new sales institution [5] - The handling of these transactions will also adhere to the regulations set by the sales institutions [5]

Core Viewpoint - The article highlights that Tian Tian Fund achieved a record high in fund sales amounting to 1.05 trillion yuan in the first half of 2025, driven by a recovering capital market, although its operational performance showed only slight improvement in revenue and stable net profit [2][4]. Fund Sales Performance - In the first half of 2025, Tian Tian Fund's total fund sales reached 1.05 trillion yuan, marking a historical high for the same period [2][4]. - Non-monetary fund sales amounted to 626.04 billion yuan, reflecting a year-on-year growth of 25.29% [2][4]. - The number of fund transactions reached 98,233,458, with non-monetary fund transactions accounting for 63,689,574 [4]. Fund Management Scale - As of the end of the first half of 2025, Tian Tian Fund had 21,801 fund products from 161 public fund managers, with non-monetary market public fund assets totaling 675.27 billion yuan [4]. - The non-monetary fund scale increased by 10.45% compared to the end of the previous year, while the equity fund scale saw a marginal increase of 0.38% [4]. Revenue and Profitability - Tian Tian Fund reported an operating income of 1.424 billion yuan, a slight increase of 0.49% year-on-year, while net profit remained stable at 64 million yuan [7][8]. - The total assets of Tian Tian Fund reached 29.588 billion yuan, with net assets of 1.77 billion yuan by the end of the first half of 2025 [7][8]. Future Opportunities and Challenges - The recovering capital market is expected to further boost fund sales, enhancing the operational performance of fund sales institutions [10]. - Upcoming regulatory changes, such as the draft for public fund sales fee management, may lead to reduced sales service fees, potentially impacting revenue for fund distribution agencies [10]. - The shift towards index-enhanced funds is being pursued by several third-party fund sales giants as a strategy to adapt to the changing market landscape [10].

Core Insights - The total fund sales amount of Tian Tian Fund reached 1.05 trillion yuan in the first half of the year, marking a historical high for the same period [1][3] - Non-monetary fund sales amounted to 626.04 billion yuan, representing a year-on-year growth of 25.29% [1][3] - Despite the increase in sales, Tian Tian Fund's operating income only slightly increased by 0.49% to 1.424 billion yuan, while net profit remained flat at 64 million yuan [1][5] Fund Sales Performance - As of the end of the first half, Tian Tian Fund had a total of 21,801 fund products from 161 public fund managers, with a non-monetary market public fund scale of 675.27 billion yuan and an equity fund scale of 383.81 billion yuan [3] - Compared to the end of last year, the non-monetary market public fund scale increased by 10.45%, while the equity fund scale saw a marginal increase of 0.38% [3] Financial Performance - The total assets of Tian Tian Fund reached 29.588 billion yuan, with net assets at 1.77 billion yuan [5][6] - The financial e-commerce service business, primarily through Tian Tian Fund, generated 1.416 billion yuan in revenue, a year-on-year increase of 0.31% [6][7] Future Opportunities and Challenges - The recovery of the capital market is expected to further boost fund sales, enhancing the operational performance of fund sales institutions [9] - Upcoming regulations may lead to a reduction in subscription fees and sales service fees for public funds, potentially impacting the revenue of fund distribution agencies [9] - The shift towards index-enhanced funds and other products is being pursued by several third-party fund sales giants in response to changing market conditions [9]

Core Viewpoint - The ETF market is experiencing rapid growth, with major players like China Merchants Bank entering the space by hosting the "Jin Kui Hua Cup" ETF simulation investment competition, aimed at promoting ETF sales and enhancing customer engagement [2][4]. Group 1: ETF Competition Details - China Merchants Bank has launched the "Jin Kui Hua Cup" ETF simulation investment competition, which is currently open for registration and will run from August 18 to October 17 [4][7]. - Participants will receive virtual funds of 1 million yuan to trade a wide range of ETFs, including stock ETFs, bond ETFs, and gold ETFs, with performance metrics including gains, losses, and dividends [7][9]. - The competition includes various rewards such as experience gifts, ranking prizes, and a grand prize for the overall winner, which includes a Huawei MateBook GT14 [7][9]. Group 2: Industry Insights - The entry of banks into the ETF competition space has surprised many industry insiders, who noted that banks are increasingly focusing on selling ETF-linked funds to maintain and cultivate customer relationships [9][10]. - The rise of passive investment products like ETFs has become a trend, especially with the recent resurgence of the A-share market, prompting banks to seek a share of this growing business [9][10]. - There are speculations that the ETF competition may be linked to the future plans of Fund Connect 2.0, which currently only supports public REITs but may expand to include ETFs [10]. Group 3: Broader Market Trends - Over the past few years, the ETF market has gained significant attention, with not only brokerages but also banks and third-party institutions actively participating [12][13]. - Various banks, including China Merchants Bank, are offering discounts on ETF-linked products, with some fees as low as 10% of the standard rate, to attract investors [13]. - The competitive pricing of index funds is crucial for attracting investors, as many prefer to invest through bank apps for convenience [13].

Core Viewpoint - Dongfang Caifu Information Co., Ltd. reported strong financial performance for the first half of 2025, with significant revenue and profit growth driven by its subsidiaries, Dongfang Caifu Securities and Tian Tian Fund [1] Financial Performance - The company achieved total revenue of 6.856 billion yuan, a year-on-year increase of 38.65% - Net profit attributable to shareholders reached 5.567 billion yuan, up 37.27% year-on-year [1] Subsidiary Contributions - Dongfang Caifu Securities contributed 6.257 billion yuan in revenue and 4.175 billion yuan in net profit - Tian Tian Fund generated 1.424 billion yuan in revenue and 64 million yuan in net profit, playing a crucial role in overall performance [1] Securities Business Highlights - Dongfang Caifu Securities showed remarkable growth, with a trading volume of 16.03 trillion yuan in brokerage business - The company is expanding its market influence by actively developing market-making and securities research capabilities [2] Fund Sales and User Engagement - Tian Tian Fund enhanced its user operation system, focusing on high-net-worth clients and achieving 98.2335 million fund transactions - The total sales of funds reached 1.057264 trillion yuan, with non-monetary fund transactions accounting for 626.041 billion yuan [3] AI and Technology Integration - The company is leveraging its self-developed AI model to enhance financial services and user engagement across various platforms - The AI capabilities have been integrated into multiple business lines, improving operational efficiency and market positioning [4] Investor Returns and Corporate Governance - The company distributed 949.1325 million yuan in cash dividends and completed a share buyback totaling 1.4354014 billion yuan - The implementation of a stock incentive plan aims to stabilize and motivate the core team, supporting sustainable development [4]