一个更理性、更可持续、更值得托付的公募基金时代，正在清晰地向我们走来。 2025年盛夏，A股市场热浪翻涌：总市值历史性突破100万亿元大关，上证指数刷新10年高点，AI创新、机器人产业化、 创新药出海等主题轮番引领投资热潮，市场信心显著提振。 在此背景下，主动权益类基金业绩显著提升。Wind数据显示，截至8月18日，全市场超96%的权益类基金实现正收益，20 余只产品年内收益翻倍，千余只基金收益率超过30%。易方达、汇添富、广发等老牌劲旅展现出深厚的投研底蕴。 在近一年实现翻倍的86只基金中，易方达、广发、永赢等占4席及以上，在44家基金公司中"翻倍基"数量领先；而近三年 年化收益率达到20%的36只产品中，易方达、景顺长城分别有3只产品领跑，汇添富、华商等机构亦有亮眼表现。 点燃这场业绩盛宴的核心引擎，正是以AI为引领的科技狂飙与创新药为支柱的产业崛起，中证人工智能指数、创新药指 数近一年涨幅分别超过100%和50%，成为资金竞逐的主赛道。公募基金对科技成长的战略聚焦日益清晰，国泰海通研报 表示，主动偏股型基金二季度配置科技成长板块比例已达42.68%。 在这片沸腾之下，作为连接亿万投资者与资本市场的桥梁， ...

Market Overview - The Shanghai Composite Index reached a nearly ten-year high, surpassing 3700 points, with the total market capitalization of A-shares exceeding 100 trillion yuan [3][10] - Predictions suggest that the index could rise to 5000 points within a year, indicating a bullish sentiment among experts [3][10] Investor Sentiment - Investor sentiment is mixed, with some expressing excitement over recent gains, while others remain cautious due to past market downturns [3][10] - The number of new A-share accounts surged to 1.9636 million in July, a year-on-year increase of 70.54% [3][10] Fund Performance - Active equity funds have shown a strong recovery this year, with an average return of 20% and 97.6% of funds reporting positive returns [7][9] - Over 150 funds have announced "purchase limits" in the past month, indicating a response to increased demand and to protect existing investors [9] Trading Behavior - There has been an increase in trading turnover and a shift towards growth-oriented investments, although many investors still prefer high-quality blue-chip stocks [6][10] - Investors are becoming more proactive in their trading strategies, with a growing interest in diversified asset allocation [6][10] Market Dynamics - The current market is characterized as a "healthy bull" phase, supported by improved earnings expectations and steady inflow of new capital [10][11] - The shift in public fund management philosophy from "scale" to "returns" is evident, with a focus on sustainable performance rather than just asset accumulation [9][11]

去年"9·24"行情以来，A股与港股持续走牛，多板块轮番上涨，市场情绪明显提振。 尤其今年7月以来，市场牛味儿更浓，恒指率先站上25000点，上证指数也接连突破3600点、3700点重要点位。 强势行情下，"翻倍基"不断增加。自去年9月以来，已有209只基金收益翻倍。其中，在行业及风格频繁切换的环境下，主动权益类基金超 额收益能力再度发威，155只实现翻倍，远超同期指数基金。 就单只产品来看，业绩最好的主动权益基金与涨幅最高的指数基金区间收益拉开了超过90个百分点。表现最好的北交所主动基金较同期北 证50指数基金最高首尾差更是接近150个百分点。 与此同时，从整体统计数据来看，主动权益基金平均收益不再逊于指数基金。 155只翻倍 主动权益基金"满血复活" 随着市场走强，"翻倍基"也越来越多。 Wind统计显示，截至8月18日，去年"9·24"行情以来，已有209只公募基金单位净值增长率翻倍。尤其过去几年遇冷的主动权益基金（统计 普通股票型、混合型）"满血复活"，"翻倍基"数量达到155只，占比超过七成。 北交所主题基金成为业绩领头羊。 自2024年9月以来，北交所行情火爆，其代表性指数北证50大幅拉升。Win ...

Core Insights - Since the "9.24" market rally last year, 209 mutual funds have doubled their net asset value, with over 70% being actively managed equity funds [2][5][19] - The strong market performance has led to a resurgence of active equity funds, which have significantly outperformed index funds, with 155 funds achieving a doubling of returns [5][14] - The best-performing active equity funds have outpaced the highest-gaining index funds by over 90 percentage points, and the top active funds on the Beijing Stock Exchange have shown a difference of nearly 150 percentage points compared to their index counterparts [16][19] Active Equity Funds Performance - As of August 18, 2023, 155 out of the 209 funds that have doubled their net asset value are actively managed equity funds, indicating a strong recovery in this sector [5][19] - The average return of active equity funds is now comparable to that of index funds, marking a significant turnaround from previous years when they underperformed [3][19] Sector-Specific Insights - The Beijing Stock Exchange thematic funds have emerged as leaders in performance, with 11 out of 124 doubling funds being from this category, and the top three performing funds all belonging to this theme [6][7] - The North China 50 Index has seen a substantial increase of over 162% since September 2022, driving the performance of related thematic funds [7][19] - Key sectors such as dividends, artificial intelligence, banking, and innovative pharmaceuticals have shown strong performance, with funds focused on these areas achieving significant returns, some exceeding 170% [8][19] Comparison with Passive Funds - While 54 passive index funds have also doubled their returns since the "9.24" rally, their numbers are significantly lower compared to active funds, highlighting the latter's superior performance in the current market environment [15][19] - The best-performing passive index funds have shown growth rates of around 177% for the North China 50 Index, but still lag behind the top active funds [17][19]

Core Viewpoint - The A-share market has reached a new high, with the Shanghai Composite Index hitting 3745.94 points, driven by ample liquidity and active trading, particularly from leveraged funds and individual investors [1][2]. Group 1: Market Dynamics - The Shanghai Composite Index has surpassed 3700 points without exceeding a daily increase of 2% since early April, indicating a steady upward trend [1]. - The financing balance has exceeded 2 trillion yuan, reflecting increased market activity and a "deposit migration" phenomenon where household savings are moving into capital markets [1]. - Stock ETFs have seen a resurgence in trading volume, with significant daily transactions, particularly on August 18, where the trading volume reached 1454.54 billion yuan [2]. Group 2: Investor Composition - Individual investors are increasingly prominent among the top holders of newly issued ETFs, with a notable presence in funds like the E Fund ChiNext 50 ETF [2]. - Foreign and insurance capital are also becoming significant sources of incremental funds, with foreign investment in Chinese assets rising since July [2][3]. - The insurance industry's stock investment ratio has increased to 8.4%, indicating a potential for more aggressive stock investments as reforms progress [3]. Group 3: Future Market Outlook - The continued strong performance of public funds is expected to attract more incremental capital into the A-share market, with active equity funds outperforming the CSI 300 index [4]. - The issuance of new equity funds has surged, with several funds exceeding 2 billion yuan in scale, reflecting a positive market sentiment [4]. - The correlation between new institutional accounts and the issuance of equity funds suggests a reinforcing cycle of investment activity [5]. Group 4: Long-term Investment Focus - The long-term performance of funds is increasingly tied to the fundamentals of listed companies, with managers focusing on in-depth research and industry analysis [6]. - Recent trends show a significant increase in institutional research activities, with over 14,000 instances of company visits in the past month [6]. - Fund managers are adjusting their portfolios to favor companies with strong fundamentals and growth potential, particularly in sectors like AI and energy storage [7][8].

Core Viewpoint - Over 1300 active equity funds have reached new net asset value highs, significantly outperforming the market index, indicating a return of excess returns in the A-share market [2][4]. Group 1: Fund Performance - As of August 13, the average net asset value growth rate for active equity funds this year is 16.03%, with 1332 funds achieving new highs, representing over 25% of all active equity funds [4]. - Notable funds such as Changcheng Medical Industry Select and Yongying Technology Smart Selection have seen their net asset values double this year [5]. - The Wind indices for mixed equity and ordinary stock funds have increased by 19.67% and 19.83% respectively, outperforming the CSI 300 index by over 12 percentage points [5]. Group 2: Factors Driving Performance - The continuous rise of the Shanghai Composite Index has led to an increase in stock prices, closely linking fund net values to stock performance [6]. - Certain funds have aligned their investment strategies with current market trends, capturing opportunities that have driven net value increases [7]. - Skilled fund managers leverage their expertise to identify market trends and investment opportunities, enhancing fund performance through strategic asset allocation and stock selection [7]. - Increased risk appetite and a favorable market environment have attracted significant capital inflows into equity funds, supporting their investment operations and driving net values higher [7]. Group 3: Future Outlook - The investment community remains optimistic about the market, with expectations of a positive cycle of capital inflows and market growth [9]. - Recommended sectors for investment include high-growth industries such as AI, innovative pharmaceuticals, non-ferrous metals, and military industries, which are expected to benefit from market activity [10]. - The current market's upward momentum is supported by solid fundamentals, with a clear policy backing and ongoing emergence of new growth drivers [10]. - Short-term market fluctuations may occur due to profit-taking, but a slow bull market is anticipated in the medium to long term, driven by fundamental recovery and positive capital feedback mechanisms [10].

Core Insights - The asset management industry in China has evolved significantly since its inception in 1997, entering a new phase characterized by compliance, standardization, and transparency following the introduction of the "Asset Management New Regulations" [1] - A recent evaluation of asset management institutions highlights the competitive landscape across various segments, including bank wealth management, public funds, securities asset management, insurance asset management, and trusts [1] Product Performance - Smaller wealth management firms have excelled in fixed-income products, with seven out of the top ten performers in the last three years being city commercial banks or rural commercial banks [2] - Some small public funds have also performed well with pure bond funds, but their active equity funds have underperformed, indicating a need for improvement in equity investment capabilities [2] Institutional Operations - Profitability concentration among asset management institutions is increasing, with major players like China Life Asset Management, Taikang Asset Management, and Ping An Asset Management accounting for over 50% of the industry's total profit in 2024 [3] - The trust industry is facing significant challenges, with a 45.52% decline in profits from 2023 to 2024, largely due to risks in the real estate sector and industry transformation [3] Compliance Requirements - Compliance and public sentiment risks are becoming increasingly important for asset management institutions, with stricter regulations leading to a rise in penalties, particularly for trust companies [5][6] - Trust companies had the highest number of negative public sentiments in 2024, with 55 companies reporting 1,564 incidents, primarily related to underlying asset risks [6] Research and Investment Capability - The complexity of the global macro environment and domestic economic transformation has heightened the importance of research and investment capabilities, with top asset management firms leveraging strong research teams to maintain competitive advantages [8] - Enhanced research capabilities allow institutions to better analyze market trends and identify investment opportunities, which is crucial for generating excess returns [8] Technological Empowerment - Technology is increasingly empowering the entire asset management chain, from research and investment to risk control and operations, with advancements in AI and data analytics playing a key role [10][11] - Real-time risk monitoring and predictive analytics are becoming standard practices, enabling institutions to manage various risks effectively [11] Product Innovation - Asset management products are diversifying in response to evolving client needs, with innovations in themes, structures, and asset classes, including the rise of "fixed income plus" products [12][13] - The popularity of alternative assets like REITs and gold ETFs is increasing, reflecting a shift towards more diversified investment strategies [12][13] Recommendations for Competitiveness - Asset management institutions are advised to strengthen their research capabilities, integrate asset and wealth management, and leverage digital technologies to enhance operational efficiency [14][15][16] - Emphasizing multi-asset allocation and risk hedging strategies is essential to meet clients' demands for stable returns in a low-yield environment [17][18] - Developing agile internal mechanisms to respond quickly to market opportunities is critical for maintaining competitive advantages in a rapidly changing landscape [20]

【导读】京东金融披露平台投资者画像信息 中国基金报记者 江右 京东金融披露了重要的投资者数据，提供了一个观察投资者画像的窗口。 京东金融依托京东肯特瑞基金有限公司，平台基金产品涵盖货币基金、债券基金、混合基 金、股票基金等多种类型。中基协数据显示， 2024 年底，京东肯特瑞基金非货基金保有规 模为 1263 亿元。 数据显示，今年以来，京东金融平台基金业务呈现量质齐升的良好态势。截至 2025 年 7 月 底，京东金融平台基金新增用户数同比增长 58% ，基金交易用户数同比增长 47% ，反映出 平台交易活跃度的持续提升。 从用户结构看，平台基金投资者呈现鲜明的年轻化特征： 25—35 岁的投资者占比约 40%， 18—25 岁的投资者占比约 20% ，二者合计占比超半数，成为基金投资的重要增长力量。 投资偏好方面，平台用户的产品选择呈现多元化特征。主动 权益 类基金和指数基金占比达 68% ，凸显出投资者对结构性行情的信心；稳健债基占比约 15% ，稳健 " 固收 +" 产品占 比为 5% ，两类低波动产品合计占比为 20% ，反映出部分投资者在追求收益的同时注重风 险平衡，形成 " 进取为主、稳健托底 ...

Group 1: A-Share Market Activity - The A-share market has seen increased trading activity, with the Shanghai Composite Index surpassing 3600 points, indicating a positive market cycle driven by profit effects [3][4] - Since July, there has been a significant inflow of funds into industry-themed ETFs, with active equity fund issuance showing a notable recovery [3][4] - Institutional positions have been continuously increasing, becoming a crucial support for the market rally [3][7] Group 2: ETF Inflows - Industry-themed ETFs have attracted substantial capital, particularly in three main areas: dividend-themed ETFs, AI sector ETFs, and ETFs related to policies aimed at reducing competition [4][5][6] - Notable inflows include 39.45 billion RMB into the Southern S&P China A-Share Large Cap Dividend Low Volatility ETF and 30.54 billion RMB into the Huatai-PB CSI Dividend Low Volatility ETF since July [4] - The surge in industry-themed ETF sizes often correlates with improved market activity and the formation of consensus on market themes [4][5] Group 3: Active Equity Funds - Active equity funds have experienced a resurgence, with an average annual return exceeding 14% and several products doubling in net value [6][7] - Seven active equity funds launched since July have raised over 1 billion RMB each, with the largest being the Dacheng Insight Advantage Mixed Fund at 2.461 billion RMB [6] - The second batch of floating management fee funds is also being launched, potentially driving further growth in the active equity fund market [6] Group 4: Institutional Investment Sentiment - Institutions have been increasing their positions, with average stock fund positions reaching approximately 90.55% as of August 8, reflecting a bullish outlook [7][8] - Major public funds, such as Southern Fund, have committed over 230 million RMB to their own equity funds, indicating confidence in the long-term stability of the capital market [8] - Analysts believe that the A-share market is currently in a favorable position for long-term investment, with expectations of continued inflows of capital [8][9] Group 5: Hong Kong Market Dynamics - There is a significant shift in global asset allocation, with a notable influx of capital into the Hong Kong market, which has become a favored destination for global investors [10][11] - As of August 11, net inflows from southbound funds into Hong Kong exceeded 800 billion RMB, surpassing the total for the entire year of 2024 [11] - The Hong Kong market is seen as a bridge for investing in China, with many private equity firms increasing their allocations to Hong Kong stocks while reducing exposure to U.S. equities [10][13] Group 6: Investment Opportunities in Hong Kong - The technology sector remains a key focus for institutional investors, with major stocks like Tencent and Alibaba seeing high trading volumes [17][18] - High-dividend stocks and new consumption sectors are also attracting attention, with significant net purchases in financials and consumer discretionary sectors [18] - The emergence of new core assets in China, driven by economic transformation, is expected to attract more global capital into the Hong Kong market [18]

Group 1 - The core viewpoint is that actively managed equity funds are regaining attention and performance after years of underperformance, with significant returns observed in 2023 [2][3] - As of August 6, 2023, the Dongcai Ordinary Stock Fund Index and the Mixed Equity Fund Index both exceeded a 16% increase, outperforming passive index funds and fixed-income funds [3] - Nearly 10 actively managed equity funds have doubled their net value this year, with notable funds like Huazhang Medical Industry Selected Mixed Fund seeing a 130% increase in net value [3][4] Group 2 - Despite some actively managed funds experiencing significant inflows, the overall scale of these funds has declined, with a nearly 10 billion yuan drop in total scale in Q2 2023 [4] - The market's rapid changes and sector rotations have increased investment difficulty, with industry rotation cycles shortening to about two months [5][6] - Fund managers are facing higher demands for timely and precise adjustments to their portfolios due to frequent shifts in market sentiment and investment noise [5][6] Group 3 - The investment strategy has shifted from relying on broad market trends to focusing on individual stock selection, with a notable decline in the concentration of holdings in top sectors and stocks [8][9] - Fund managers are increasingly looking for opportunities in smaller, innovative companies, particularly in the pharmaceutical sector, which are on the verge of value reassessment [9][10] - The industry is emphasizing the importance of enhancing research capabilities and establishing a robust investment research framework to adapt to the evolving market landscape [10]