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 ...

Core Viewpoint - The A-share market is experiencing a non-typical bull market characterized by low-risk returns and rising risk appetite, despite no significant improvement in corporate earnings [3][10]. Market Performance - On August 14, the Shanghai Composite Index reached a high of 3704.77 points, surpassing the previous year's peak but ultimately closed at 3666.44 points, losing the 3700-point mark [5]. - Over 4600 stocks declined, yet the market saw a significant trading volume of 2.3 trillion yuan, marking a new high for daily trading volume this year [5][6]. - Retail investors have become a major source of incremental funds, with new A-share accounts reaching 1.9636 million in July, a 71% increase year-on-year [5]. Fund Performance - The performance of equity funds has improved, with 12 funds achieving over 100% net growth year-to-date as of August 13 [8]. - Notable funds include Huatai-PB Hong Kong Advantage Selection A, which has returned 132.55% this year [9]. - The issuance of new funds has rebounded, with over 670 billion yuan in new fund shares issued this year, a 30% increase compared to the previous year [9]. Market Dynamics - The market is witnessing a positive cycle of momentum and profit, with the Shanghai Composite Index breaking the 3674-point resistance level, potentially attracting more funds [6][10]. - The influx of high-risk preference funds, including margin trading and speculative capital, is contributing to the market's upward momentum [6][10]. - Analysts suggest that the current market focus is on high-growth sectors such as pharmaceuticals and overseas computing power, with a potential shift in trading logic expected around September [11].

Core Viewpoint - The article discusses the challenges and strategies of foreign asset management firms, particularly Fidelity, in navigating the complexities of the Chinese market since the establishment of the first wholly foreign-owned public fund company in June 2021 [1][2]. Group 1: Market Challenges - Foreign public funds in China face difficulties due to the highly localized market environment, which makes it challenging to apply international experiences directly [2]. - The key challenges include unclear positioning and the need for strategic adjustments to meet the unique demands of the Chinese market [2]. - The market's relatively weak efficiency and high volatility present opportunities for sustainable growth for firms like Fidelity [4][5]. Group 2: Strategic Framework - Fidelity has proposed a "two markets, two systems" strategy, focusing on the local market through partnerships with banks, brokers, and e-commerce platforms, while also catering to international investors seeking exposure to Chinese assets [2][3]. - The "two systems" encompass a product system and a research system, ensuring that global research resources are effectively aligned with local market needs [3]. Group 3: Product Development - Fidelity emphasizes the importance of understanding the genuine needs of the Chinese market, particularly in the context of its evolving pension system [5]. - The firm aims to develop targeted products for different client segments, leveraging its global asset allocation strategies while also creating localized solutions [3][4]. Group 4: Long-term Investment Philosophy - Fidelity advocates for a long-term investment approach, avoiding short-term trends and focusing on maintaining a stable investment style amidst market volatility [6]. - The firm employs a structured investment framework and long-term assessments for fund managers to ensure consistency in investment strategies [6][7].

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which aims to reform the public fund industry and enhance its quality of development [1] - The plan proposes policies to optimize fund operation models, improve industry assessment systems, increase the scale and proportion of equity investments, accelerate the establishment of top-tier investment institutions, and maintain risk control [1][2] - The implementation of the plan is expected to stabilize the capital market, enhance resource allocation, better serve the real economy, and improve market transparency and international attractiveness [2] Group 2 - The plan introduces a floating management fee mechanism linked to fund performance and reforms the performance assessment system for fund companies, emphasizing long-term investment returns [3] - Fund managers will be assessed primarily based on product performance, with at least 80% weight on investment returns over a long-term period [3] - This fee reform aims to balance interests between fund managers and investors, enhancing investor trust in public funds and promoting sustainable industry development [3] Group 3 - The plan encourages fund companies to innovate and optimize product structures, leading to the introduction of more market-demand-driven products, such as low-volatility and asset allocation products [2][4] - The focus on long-term performance and risk management is expected to reshape the competitive landscape of the industry, pushing fund companies to enhance their research and service quality [2][4] - The plan also aims to attract long-term capital into the market, such as pension and insurance funds, to stabilize fund sizes and promote sustainable industry growth [2] Group 4 - From the investor's perspective, the plan is expected to lower investment costs and enhance returns through reduced management fees and sales expenses [5] - Strengthened investor protection measures, such as improved suitability management and enhanced information disclosure, will help investors better assess product risk and return characteristics [5] - The diversified product offerings will cater to different risk preferences and investment goals, fostering rational investment habits among individual investors [5]