2025.11.20 本文字数：2770，阅读时长大约4分钟 作者 |第一财经 曹璐 A股震荡上行催动资金入场，公募基金发行市场强势复苏，但"冰火两重天"的分化格局亦同步加剧。 Wind数据显示，截至11月19日，今年新发基金达1332只，创近三年新高，一扫过去三年连降阴霾。市 场热度肉眼可见，不仅新基金平均认购周期大幅缩短，"日光基"与"小爆款"也频频出现。 然而，繁荣景象之下，行业"贫富差距"正急剧拉大。发行资源高度向头部集中，富国、南方、易方达、 华夏四大基金公司年内狂揽近2000亿规模；与之形成鲜明对比的是，多家中小机构面临发行数量少、发 行规模小的困境，更有34家机构甚至一基未发。 站在年末关口，机构已将目光投向跨年以及明年的布局计划，含权产品成中大型机构的共同选择， ETF、"固收+"以及主动权益产品构成产品规划的"三驾马车"，同时，部分中型公司则倾向于在细分赛 道寻求差异化突破。 新发复苏背后分化加剧 市场热度回升直接体现在募集周期的大幅缩短，甚至频频出现"日光基"。据第一财经计算，今年以来新 基金的平均认购天数为16天，较去年同期的23.31天缩短超7天，效率提升显著。截至目前，年内已有 37 ...

2025.11. 20 本文字数：2770，阅读时长大约4分钟 作者 | 第一财经 曹璐 A股震荡上行催动资金入场，公募基金发行市场强势复苏，但"冰火两重天"的分化格局亦同步加剧。 Wind数据显示，截至11月19日，今年新发基金达1332只，创近三年新高，一扫过去三年连降阴霾。市 场热度肉眼可见，不仅新基金平均认购周期大幅缩短，"日光基"与"小爆款"也频频出现。 站在年末关口，机构已将目光投向跨年以及明年的布局计划，含权产品成中大型机构的共同选择， ETF、"固收+"以及主动权益产品构成产品规划的"三驾马车"，同时，部分中型公司则倾向于在细分赛道 寻求差异化突破。 新发复苏背后分化加剧 伴随A股市场震荡上行，资金入场意愿显著增强，公募基金发行市场同步迎来复苏态势。Wind数据显 示，截至11月19日，以基金成立日来计算，今年以来全市场共计发行公募基金1332只（仅计算初始基 金，下同），合计发行规模突破1.03万亿份。 这一数量不仅远超去年同期水平，在本年度尚未结束时已创下近三年新高，一举扭转了过去三年发行连 续下滑的颓势。不过，市场热度的回升中仍藏"冷意"，年内新基金平均发行份额为7.75亿份，处于近十 ...

A股震荡上行催动资金入场，公募基金发行市场强势复苏，但"冰火两重天"的分化格局亦同步加剧。 Wind数据显示，截至11月19日，今年新发基金达1332只，创近三年新高，一扫过去三年连降阴霾。市场热度肉眼可见，不仅新基金平均认购周期 大幅缩短，"日光基"与"小爆款"也频频出现。 然而，繁荣景象之下，行业"贫富差距"正急剧拉大。发行资源高度向头部集中，富国、南方、易方达、华夏四大基金公司年内狂揽近2000亿规 模；与之形成鲜明对比的是，多家中小机构面临发行数量少、发行规模小的困境，更有34家机构甚至一基未发。 站在年末关口，机构已将目光投向跨年以及明年的布局计划，含权产品成中大型机构的共同选择，ETF、"固收+"以及主动权益产品构成产品规 划的"三驾马车"，同时，部分中型公司则倾向于在细分赛道寻求差异化突破。 撕裂的发行市场：4家狂揽近2000亿，34家却吃下"零蛋" 新发复苏背后分化加剧 伴随A股市场震荡上行，资金入场意愿显著增强，公募基金发行市场同步迎来复苏态势。Wind数据显示，截至11月19日，以基金成立日来计算， 今年以来全市场共计发行公募基金1332只（仅计算初始基金，下同），合计发行规模突破1.03 ...

Core Insights - The number of technology-themed fund applications has surged significantly in 2023, with 106 funds reported as of September 5, compared to 19 in the same period last year, marking a 4.6-fold increase [3][4] - The increase in fund applications is attributed to a combination of policy support, market performance, and sector earnings, making the technology sector a key area for both long-term value and short-term gains [4][5] Fund Application Trends - Among the 106 technology-themed funds, 64 are stock index funds, with 44 being ETFs, representing over 60% of the total applications [4] - The applications include 22 actively managed equity products aimed at capturing excess returns in the tech sector, 15 bond index funds for fixed-income investments, 4 QDII funds, and 1 REIT [4] Participating Institutions - A total of 50 fund managers are involved in the surge of technology-themed fund applications, with notable contributions from Huatai-PineBridge, which applied for 7 funds, and other firms like E Fund and China Merchants Fund applying for 5 each [4] Investment Focus - The technology sector is seen as a core path to share in China's technological development dividends, especially with the ongoing support from national innovation-driven development strategies [5] - The TMT sector has shown high profit growth, with significant innovations in AI, robotics, new energy vehicles, and innovative pharmaceuticals, indicating a new economic cycle [5] Research and Development Investments - Several fund companies are enhancing their investment research capabilities and product offerings in the tech sector, aiming to build a "technology investment army" [6] - For instance, Bosera Fund has established a dedicated research team for tech investments since before the establishment of the Sci-Tech Innovation Board, focusing on sectors like TMT, new energy, and biomedicine [6] Strategic Focus Areas - Fund companies are diversifying their technology investment strategies, with a focus on both "hard tech" (like semiconductors and advanced manufacturing) and "soft power" (like AI and biomedicine) [7] - Southern Fund emphasizes technology finance as a core strategy, enhancing research on strategic emerging industries and developing specialized tech-themed products [7]

Core Viewpoint - The article highlights the fundamental shift in international investors' asset allocation strategies towards China, driven by the upcoming interest rate cuts by the Federal Reserve and increasing global geopolitical uncertainties [1][2]. Group 1: Foreign Investment Trends in China - Foreign investors are actively diversifying their sources of returns, with a growing willingness to allocate funds to A-shares in China [1][2]. - The long-term resilience of the Chinese economy, the valuation advantages of A-shares compared to mature markets, and the ongoing deepening of China's capital market opening policies are key factors supporting the increased foreign investment in A-shares [2][3]. - The Shanghai Composite Index has risen over 10% in the past two months, indicating a structural market trend that enhances the attractiveness of A-shares to foreign capital [2]. Group 2: Investment Focus Areas - The investment research team has identified three main focus areas: 1. Technology innovation sectors, particularly artificial intelligence, to capitalize on global tech trends [3]. 2. High-quality dividend assets in a low-interest-rate environment, emphasizing stable cash flow and high dividend capabilities [3]. 3. Opportunities arising from Chinese companies expanding overseas and the rapid rise of new consumption [3]. Group 3: Strategic Development in China - Fidelity has consistently viewed China as a core strategic market since entering in 2017, making steady progress in client accumulation, channel construction, team building, and product layout [4]. - The company plans to leverage its strengths through three core strategies: 1. Emphasizing the value of active management amidst the growing trend of passive investment [5]. 2. Utilizing its experience in North American pension investments to enhance domestic market offerings [5]. 3. Capitalizing on its global network to explore cross-border investment opportunities and provide comprehensive investment services [5].

Core Viewpoint - The article discusses the phenomenon of fund managers "dodging the bull market" amidst a strong market rally, highlighting the challenges faced by active equity products in outperforming indices despite a high percentage of positive returns [1][4]. Group 1: Fund Performance - As of August 29, 98.48% of active equity products recorded positive returns, yet 68 funds underperformed, indicating a mismatch between fund strategies and market trends [2][4]. - The A-share and Hong Kong markets have shown significant structural characteristics, with sectors like innovative drugs, humanoid robots, and artificial intelligence performing well, while others like coal and retail have lagged [4][5]. Group 2: Investment Strategy - Funds that did not align their holdings with market hotspots faced severe "missed opportunities," with some managers adhering strictly to their investment themes, such as coal or high-dividend stocks, leading to underperformance [5][6]. - High cash positions during market uptrends can result in underperformance, as seen with several funds maintaining low positions despite rising indices [5][6]. Group 3: Future Opportunities - Analysts suggest that the previously overlooked dividend and consumer sectors may become new focal points for investment as they offer stability amidst market volatility [8][9]. - The "self-pleasing consumption" trend is gaining traction, driven by changing consumer behaviors and preferences, indicating potential growth in related markets [9][10]. Group 4: Market Dynamics - The article notes that as new high-growth stocks emerge, there may be a valuation reassessment, leading to increased market volatility [8][9]. - The current market environment is seen as suitable for dividend stocks, which can provide a safety net for investors amid fluctuations [8][9].

Core Insights - The A-share market has been performing strongly, with major indices rising and trading volumes exceeding 2 trillion yuan on multiple days, while quantitative index products have faced challenges in outperforming the market [2][3] Group 1: Market Performance - The CSI 500 index rose by 3.88% and 3.87% over two weeks, while the CSI 1000 index increased by 4.09% and 3.45% during the same periods [2] - Notably, many quantitative private equity products have reported negative excess returns, with only a few outperforming their respective indices [2][3] Group 2: Shift in Investment Strategies - Investors are increasingly reallocating funds from quantitative products to actively managed equity products, with some private equity managers also increasing their exposure to aggressive active strategies [4] - A survey revealed that individual investors are planning to redeem profits from quantitative products to invest in subjective products, with some reporting significant gains from recent investments [4] Group 3: Performance Comparison - Active equity products have shown remarkable performance, with some private equity products returning nearly 14% and over 10% in net asset value increases during specific periods [3] - Since late June, several private equity products have seen net value increases exceeding 30%, significantly outperforming quantitative products [3] Group 4: Future Trends - The market environment is shifting, with a growing belief that both subjective and quantitative strategies have their advantages, and a trend towards combining both approaches is emerging [8] - The integration of subjective and quantitative strategies may represent a future direction for the asset management industry, as firms seek to leverage the strengths of both methodologies [8]

Core Insights - The A-share market has been performing strongly, leading to a notable shift in investor preferences from quantitative products to actively managed equity products [1][2][3] - Quantitative products, which aim to track indices while generating excess returns, have recently struggled to outperform the market, resulting in a phenomenon of "negative excess returns" [2][4] - In contrast, actively managed products have seen significant returns, with some private equity funds reporting returns close to 14% in mid-August [2][5] Market Performance - Major indices in the A-share market have risen, with the CSI 500 and CSI 1000 indices increasing by 3.88% and 4.09% respectively from August 11 to August 15 [1] - Quantitative private equity products have largely underperformed, with a notable example showing returns of only 1.56% and 0.98% for the same period [1][2] Investor Behavior - Investors are increasingly reallocating their funds from quantitative products to actively managed products, with some private investors planning to redeem their quantitative investments [3][4] - FOF fund managers are also reducing their allocation to quantitative strategies in favor of more aggressive active products, reflecting a broader trend in investment strategy [3][4] Strategy Shift - The shift in investor sentiment is supported by data indicating a decline in the proportion of aggressive quantitative products, which fell from 46% in July to 36% in August [4] - The active management strategy is regaining prominence as market conditions become more favorable for its application, with many actively managed products reporting gains exceeding 30% since late June [2][4] Comparative Analysis - Both quantitative and active management strategies have their respective advantages, with quantitative strategies relying on strict models and data, while active management focuses on fundamental analysis and market timing [5][6] - The integration of both strategies is emerging as a potential future direction for asset management, as firms seek to combine the strengths of quantitative and subjective approaches [6]

Core Insights - The performance of independent fund sales institutions has shown significant divergence, with Ant Fund leading in net profit growth, while other platforms face adjustment pressures [1][2]. Company Performance - Ant Fund reported a net profit of 4.34 billion yuan, a year-on-year increase of 360.66%, and total revenue of 92.51 billion yuan, up 22.46% [2]. - As of June 2025, Ant Fund's total assets and net assets reached 1,535.28 billion yuan and 27.99 billion yuan, reflecting year-on-year growth of 93.81% and 39.47% respectively [2]. - In contrast, Tian Tian Fund achieved a total revenue of 1.424 billion yuan, with a slight increase of 0.49%, and a net profit of 0.64 billion yuan, remaining stable compared to the previous year [2][3]. - Tonghuashun's "Ai Fund" platform reported a revenue of 1.68 billion yuan, showing a minor decline of 0.04% [3]. Market Dynamics - The fund distribution market has evolved into a three-way competitive landscape among banks, securities firms, and independent sales institutions [4]. - Banks maintain a strong customer base and trust, particularly among traditional investors, while securities firms leverage comprehensive financial services to enhance client loyalty [4]. - Independent fund sales institutions focus on online operations, offering a wide range of fund products and appealing to younger investors [4]. Future Trends - The fund distribution market is expected to see increased concentration, with leading institutions gaining dominance through scale and service capabilities [5]. - A shift towards buyer advisory models is anticipated, moving from transaction-oriented to service-oriented approaches [5]. - The industry will likely see an optimization of product structures, with multi-asset allocation products becoming new growth points [5]. - The core competitiveness of fund distribution institutions will increasingly depend on product selection, advisory service quality, and technological application [6].

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].