本报记者 彭衍菘 指数型基金方面，已定档10月份发行的产品数量超30只，覆盖宽基、成长、红利等多重风格：上证180、中证500等宽基指 数产品为投资者提供核心资产配置工具；中证A500红利低波动、中证红利等指数产品聚焦红利策略；创业板人工智能指数等则 精准卡位科技细分赛道。 从债券型基金来看，定档月内发行的9只债券型基金中，7只为混合债券型二级基金，1只为混合债券型一级基金，1只为债 券型FOF（基金中的基金），纯债基金"缺席"。 晨星（中国）基金研究中心分析师崔悦在接受《证券日报》记者采访时表示，ETF（交易型开放式指数基金）新发数量仍 较多，反映出公募基金行业致力于推出更多低成本、高透明度的资产配置工具。对于基金公司而言，布局多元化的ETF有助于 其构建产品护城河，积累管理规模。近期港股通和科技类ETF的密集出现，体现了基金公司对于当前市场的研判与布局。一方 面，投资者对于通过投资港股分散单一市场风险有着一定需求；另一方面，科技领域受到政策大力支持，基金公司希望通过布 局相关赛道来吸引资金。 从行业维度看，10月份新基金发行高潮的出现，体现出A股市场回暖与公募基金行业转型的鲜明趋势。今年前三季度，伴 随A ...

分公司类型来看，大、中、小型基金公司主动权益基金平均收益率分别为26.31%、24.90%和25.97%，大型基金公司主 动权益基金平均业绩水平略优；小型基金公司的业绩分化程度高于大中型基金公司，前10%分位点对应的小型基金公 司主动权益基金收益率为42.04%，而90%分位点对应的小型基金公司主动权益基金收益率为14.03%。 智通财经10月9日讯（记者 闫军）国庆节后开盘首日，A股为返岗股民奉上大红包。时隔10年，沪指再度突破3900点。 指数重回十年前高位，这十年来A股牛短熊长，期间先后经历了消费、新能源等两轮较大的结构性牛市，但市场整体 缺乏较长期的赚钱效应，直到2024年"924"之后，A股开启一轮由政策利好、科技引领、热点不断的慢牛行情。 国泰海通证券研究在近日发布了基金公司2025年三季度收益类基金绝对收益排行榜，榜单数据显示，2025年三季度， 165家公募基金公司的主动权益基金全部获得了正收益。整体来看，基金公司主动权益基金的平均收益为25.93%。分 公司类型来看，大、中、小型基金公司主动权益基金平均收益率分别为26.31%、24.90%和25.97%。 单季度业绩之余，更值得关注的是，3 ...

经济观察网 据证券时报网消息， 国庆中秋"双节"后，新基金发行迎来发售高潮，基金管理人迎来本年 最后的"决战季"。数据显示，10月9日当天共计有23只基金开启发售，定档10月份发行的新基金数量接 近70只，其中不乏一些绩优基金经理挂帅的主动权益基金。从新发基金类型看，主动权益基金、指数基 金、含权债基成为发行主力，有望为权益市场持续带来增量资金。 ...

在当前市场环境以及未来很长时间，主动权益基金依然会有不错的超额收益，但是这类基金也存在一些缺点。 我们来认识这些缺点并非全盘否定主动权益基金的价值，而是为了全面认识它们，并建立更理性的投资框架。 一、业绩魔咒：难以持续的辉煌 主动权益基金的业绩依赖基金经理的投资风格与市场风格的匹配，受市场风格轮动的因素影响，绝大多数基金无法连续跑赢市场。 最典型的现象是"冠军魔咒"，一旦市场风格切换，业绩会迅速变脸。而追逐冠军，是普通投资者最大的陷阱之一。 二、基金经理的个体风险 主动基金的核心是基金经理，他的投资理念、能力圈、情绪控制甚至身体健康状况都直接影响基金业绩。 离职风险：优秀的基金经理是稀缺资源，可能被挖角、跳槽或"公奔私"。 风格漂移：有些基金经理为了短期排名压力，可能会去追逐市场热点。 三、基金公司与投资者利益错位 基金公司收入源于管理费（规模驱动），与投资者追求的净值增长目标并不完全一致。 这可能导致公司更追求扩大规模，而非尽全力提高投资者的绝对回报。 极少数情况下，还会出现抬轿子和老鼠仓的问题。 抬轿子：在同一个公司内部，用其他基金为旗下的"明星基金"拉升股价，美化其业绩。 老鼠仓：基金经理可能利用未公开 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, encouraging fund companies and sales institutions to enhance the scale and proportion of equity funds, strengthen alignment with investor interests, and emphasize the role of performance benchmarks in product design and portfolio management [1] Group 1: Industry Development - The public fund industry is accelerating towards professional division of labor, with a richer supply of products and a deeper understanding of investment returns among investors [1] - The action plan aims to create a product system with long-term allocation value and research-added value, making public products more understandable and accessible to investors [1][3] Group 2: Fund Management Strategies - Fund managers are encouraged to optimize product layout and respond to regulatory calls by launching active equity and quantitative index fund products that align with national development strategies [2] - The focus on benchmark anchoring, stable styles, and steady excess returns is expected to become a significant development direction for the industry, presenting new strategic opportunities [2] Group 3: Investor Engagement - Fund managers should actively practice long-term and value investment cultures, deeply understand market demands, and respond to the new requirements for high-quality development in the industry [3]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **Chinese active investment fund industry** and its comparison with the **U.S. active investment fund industry**. Core Points and Arguments 1. **Alpha Generation in China**: Chinese active fund managers demonstrate stronger alpha generation capabilities over the long term, especially in volatile market conditions, achieving significant excess returns. This year, the median return of many public sector active funds exceeded 30 percentage points [1][5][11]. 2. **Market Opportunities**: The Chinese market offers more opportunities for excess returns compared to the U.S. market, attributed to differences in index composition and the emergence of new industries such as robotics, innovative pharmaceuticals, new energy, and AI during China's economic transition [1][4][9]. 3. **Benchmark Selection**: Under the new regulatory framework, it is essential to choose a representative broad-based index that aligns with the investment style, and to regularly compare performance against this benchmark to ensure transparency and accuracy [1][6][18]. 4. **Performance of Chinese Active Funds**: Chinese active public funds have performed exceptionally well this year, with stock-type public funds rising over 20% since the peak on October 8 of the previous year. The proportion of equity public funds outperforming the CSI 300 index reached 70%, a historical high [1][13][14]. 5. **Comparison with U.S. Active Funds**: U.S. active funds are increasingly moving towards passive strategies due to the difficulty of beating indices, with only 27% of active funds outperforming the S&P 500. In contrast, over 90% of Chinese products have historically outperformed their passive counterparts [2][4][18]. 6. **Investment Environment**: Active investment thrives in volatile market environments, where selective stock picking and industry allocation can yield significant excess returns. The outlook for Chinese active investment remains positive as skilled fund managers are expected to continue outperforming market benchmarks [5][17]. 7. **Sector Performance**: Key sectors that have shown strong performance this year include electronics, new energy, communications, and pharmaceuticals, indicating a recovery in the active investment landscape [15][14]. 8. **Investment Strategy Recommendations**: Different investment styles should adopt specific strategies: - **Balanced**: Prefer broad-based indices like CSI 300 or A500. - **Growth**: Opt for growth-oriented indices such as CSI 300 Growth. - **Value and Dividend**: Choose broad-based indices rather than specialized value indices. - **Industry-Specific**: Match benchmarks to specific sectors of interest [29]. Other Important but Possibly Overlooked Content 1. **Impact of Economic Cycles**: The past few years saw a "barbell" investment strategy due to macroeconomic downturns, but the current environment is different, with many industries entering a harvest phase, leading to clearer investment signals [16]. 2. **Benchmark Performance**: The performance of benchmarks like the CSI 300 has been relatively weak compared to the S&P 500, but Chinese fund managers have shown a greater ability to generate alpha over the long term [8][20]. 3. **Investor Behavior**: The shift towards passive investment in the U.S. is influenced by historical financial crises that made investors wary of high volatility risks, leading to a preference for more stable investment strategies [2][10].

Core Viewpoint - The China public fund industry is undergoing a historic transformation driven by the "New Era, New Fund, New Value" theme, marking a significant shift towards high-quality development and a "value revolution" in the sector [2][9]. Group 1: Operational Perspective - The CSRC's action plan targets the "profit-making" model of the public fund industry, emphasizing a shift to a performance-based management fee structure that ties fund company profits to investor returns [3]. - The traditional commission-based sales model is under pressure, prompting sales institutions to pivot towards value-added services like investment advisory and asset allocation [3]. - The adoption of technology and data analytics is expected to reduce costs and drive competition, leading to a "data and AI-driven" phase in the industry [3]. Group 2: Functional Perspective - The regulatory framework is being restructured to focus on long-term performance, with a significant increase in the weight of three-year returns in assessments, discouraging short-term speculation [4]. - Enhanced performance benchmarks will enforce stricter adherence to investment styles, pushing active equity funds to compete directly with index-enhanced products [4]. - New metrics for assessing investor returns will shift the focus from marketing to client experience, fostering a culture of "responsible investing" [4]. Group 3: Development Perspective - The industry is seeing an expansion of equity funds, with rapid registration processes for ETFs and optimized approval for fixed-income products, creating a positive feedback loop for innovation and capital inflow [5]. - The introduction of derivative tools will allow public funds to engage in more sophisticated strategies, potentially leading to a "hedge fund-like" product offering [6]. - The integration of research platforms and AI technology is expected to shift the focus from individual star managers to systematic investment capabilities [6]. Group 4: Investor Perspective - A new compensation structure will hold fund managers accountable for underperformance, fostering a shared interest between investors and fund managers [7]. - Enhanced transparency measures will provide investors with clearer insights into fund performance, shifting decision-making from rankings to actual investor experiences [7]. - The rise of investment advisory services will transform investors from mere purchasers to active asset allocators, incentivizing long-term holding behaviors [7]. Group 5: Industry Restructuring Perspective - The industry is expected to experience structural differentiation, with larger firms leveraging scale while smaller firms seek niche opportunities, leading to a dual structure of "systemically important firms" and "boutique institutions" [8]. - Mergers and acquisitions are likely to become commonplace as firms lacking core competencies face consolidation, with a shift in valuation logic from "license premium" to "research capability premium" [8]. - The easing of regulations around derivatives and cross-border investments will expose local firms to global asset management giants, making international capabilities a key growth driver [8]. Conclusion - The ongoing reforms in the public fund industry represent a deepening of structural changes in financial supply, with long-term implications for sustainability and investor trust [9].

Core Insights - The "924 market" initiated on September 24, 2024, has led to a strong annual performance in the A-share market, with the Shanghai Composite Index rising over 36% from 2863 points to a peak of over 3900 points [1][3] - The number of stocks that doubled in value exceeded 1400, indicating a significant structural opportunity rather than a broad bull market [1][9] - Fund performance has also been notable, with 775 funds doubling their net value, showcasing the effectiveness of policy support and the growth potential in hard technology sectors [1][5] Policy Support and Market Dynamics - The "924 market" was triggered by a series of regulatory measures aimed at easing market liquidity, including policies on stock pledges, refinancing, and mergers and acquisitions [3] - A significant increase in daily trading volume was observed, with average daily turnover rising from less than 500 billion to over 1.6 trillion at peak times, indicating a robust market response [3] - The inflow of northbound capital exceeded 80 billion in the first half of 2025, reflecting a strong recovery in investor sentiment [3] Fund Performance and Sector Analysis - Among the 775 funds that doubled, major fund companies like E Fund and Huaxia led with 46 and 36 doubling funds respectively, highlighting the competitive advantage of larger firms in research and product positioning [5][6] - Technology growth theme funds emerged as the biggest winners, focusing on sectors such as semiconductors, artificial intelligence, and advanced manufacturing [5] - Notably, some funds achieved returns exceeding 200%, with the top performer, Debon Xin Xing, yielding a return of 280.31% [6][7] Investor Sentiment and Market Structure - The recovery in investor confidence is evident, with a significant increase in the proportion of active equity fund investors achieving positive returns [8] - The rise of ETFs has transformed market dynamics, with total ETF assets surpassing 5 trillion, becoming a key channel for institutional pricing and investment strategies [8] - The structural changes in the market suggest that while the hard technology sector has long-term potential, short-term valuations have risen significantly, necessitating careful consideration of profit realization [9]

在当下的市场环境中，公募基金经理这一群体正经历着前所未有的人才更替和规模扩容。 截至9月24日，公募基金经理的数量已突破4000名，达到历史新高。与之相对的，是经验结构的明显变 化：投资年限在3年以内的"新面孔"多达1491人，占比超过三分之一，而任职超过12年的资深老将，仅 有224人。与此同时，年内新晋上任的基金经理已达362人，刷新了近年纪录。 行业正在变得年轻，节奏也在变得更快。在主动权益产品频繁发行、投资风格不断切换的背景下，越来 越多"80后""90后"基金经理被推上舞台，直接参与市场定价。他们中的一部分人，已经在今年的业绩榜 单中脱颖而出，开始成为市场关注的焦点。 基金经理的群像正在重塑，也许比行情本身变化得更快。 新生代接棒，基金经理规模突破4000人 基金经理人数达到4073人，标志着行业规模与投研队伍扩张的同步提速。但比起总量增长，更值得关注 的是"结构的变迁"与"节奏的变化"。 投资年限在三年以内的基金经理高达1491人，占比达到36.61%。这也意味着基金行业正处于高速新陈 代谢的阶段。与此同时，只有488人拥有十年以上投资经验，而在12年以上的老将群体中，人数仅有224 人，占比不足 ...

Core Viewpoint - The article emphasizes the importance of active management in the mutual fund industry, highlighting the need for professional commitment and a focus on long-term value creation amidst market challenges and regulatory reforms [1][3]. Group 1: Active Management - Active management has faced significant challenges since 2021, with performance pressures and a shift in market preference towards passive investment strategies [2]. - Despite these challenges, the company has chosen to remain committed to active management, focusing on deep research and capturing value from economically vital companies [2][4]. - The recent regulatory reforms and policies from the Chinese government have created a favorable environment for the resurgence of active management [3]. Group 2: Talent Development and Research - The company places a strong emphasis on talent development, with a research team of 65 members and an average industry experience of nearly 8 years, including 17 senior fund managers with over 10 years of experience [5]. - A structured research hierarchy is in place to ensure effective knowledge transfer and continuous improvement in investment strategies [6]. - The company promotes a culture of communication and collaboration among research and investment teams to enhance the efficiency of research-to-investment conversion [7]. Group 3: Performance and Strategy - Performance is viewed as the lifeline of mutual funds, with the company committed to driving growth through strong investment returns rather than relying on high fees [8]. - The company actively participates in innovative product trials and has adopted a floating fee structure to align interests with investors [9]. - The company emphasizes a long-term focus on core competencies and responsibility, which has been crucial for its steady development over the past 20 years [9]. Group 4: Future Outlook - The mutual fund industry is expected to evolve with balanced development, combining both index and active management strategies to uncover investment opportunities [10]. - The company aims to continue its commitment to active management, supported by research and performance, to contribute to the high-quality development of the Chinese economy [10].