截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32%；保险资 金投资股票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，特别是去年9月 份以来，中长期资金入市规模持续提升，助力资本市场稳定健康发展。 在近期国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清表示，将 更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境投融资便利度，吸引 更多源头活水，努力让更多全球资本投资中国、共享成长。 打通入市卡点堵点 中长期资金是资本市场重要的专业投资力量，也是维护市场平稳健康运行的关键支柱。近年来，金融管 理部门聚焦打通中长期资金入市卡点堵点，推出了一系列针对性举措，为实现"长钱长投"创造了更有利 的制度环境。 去年9月份以来，在中央金融办的指导下，证监会会同相关部门联合印发推动中长期资金入市的指导意 见和实施方案，推动各类中长期资金完善长周期考核机制、提高权益投资规模和占比等，加快推进中长 期资金入市。 今年6月份，人社部公布一季度全国企业年金数据，首次将"当期收益率"改为"近三年累计收益率"；7 ...

近年来，浙江浩坤昇发资产在私募圈快速崛起，旗下产品频频跻身绩优榜单，规模实现爆发式增长。近期，该公司合伙人、基金经理李佳佳接受《上海证券 报》专访,深度拆解了其"洞见先机，灵动制胜"的投资逻辑，以及通过利益绑定、合规风控护航发展的核心思路。 经济观察报 1202 ▲过去三个月,沪指从3040点一路稳步攀升至 3600点,累计涨幅超过 18% ◀上提 01 版 因为市场风格切换特征显著,当 日,李佳佳的目光紧锁在交易终端上, 捕捉着盘中随时异动情况,选取强势板 块的交易机会。 7月24日收盘,这根久违的阳线 稳稳定格在 3600点上方,沪深两市全 天成交额达 1.84 万亿元。这是自 2022 年1月以来沪指营次收于 3600点上 方。去年同期,沪指还徘徊在 2900点。 过去三个月,沪指从3040点一路 稳步攀升至 3600点,累计涨幅超过 18%。 波动上涨行情中,投资者的怀疑与 亢奋在空气中交错,像两股电流 从高股息板块频创新高,到科技板 块崛起,再到雅江概念股、"反内卷"概 念股在近日"鹏势而起",A 股的板块轮 动让市场热度持续攀升。 "噢到牛市的味道了!"有投资者 称。也有怀疑者说:"面等等。"有人 ...

Core Insights - The A-share market has been active in the second half of the year, with major indices rising and market confidence improving, leading to an influx of incremental capital [1] - Wealth management companies are increasingly allocating funds to equity markets as a strategy to counteract the pressure on fixed-income asset returns in a low-interest-rate environment [1][5] - The issuance of equity and mixed-asset wealth management products has significantly increased, with a notable rise in "fixed income +" strategies that combine fixed-income products with equity assets [1][5] Product Development - Wealth management companies have accelerated their equity allocations, with 32 companies reporting a total investment in equity assets exceeding 600 billion yuan by mid-year [1][5] - The popularity of "fixed income +" products has surged, with many companies actively participating in capital markets and increasing direct investment efforts [1][5] - The issuance of equity wealth management products has risen sharply, with 13 new products launched this year compared to only 2 last year, indicating a shift towards passive index-tracking products [2][5] Market Trends - There is a growing willingness among clients to invest in products with net value fluctuations, reflecting a maturation in investment behavior [4] - The demand for equity investments is being driven by existing clients who are becoming more accepting of market volatility [4] - Wealth management companies are increasingly engaging in research on listed companies, with 26 companies conducting nearly 1,800 company investigations this year [5][6] Direct Investment Capability - Wealth management companies are still heavily reliant on selecting external managers for equity investments, with internal direct investment remaining limited [7] - However, there is a notable increase in direct investment activities, with companies becoming more proactive in participating in secondary market transactions [7][8] - The enhancement of investment research capabilities is expected to lead to a gradual increase in the proportion of direct investments in equity markets [7][8]

Core Viewpoint - The Bank of Japan (BOJ) has decided to maintain its benchmark interest rate at 0.5% for the fifth consecutive meeting, aligning with market expectations, while announcing plans to sell its holdings in exchange-traded funds (ETFs) and Japanese real estate investment trusts (J-REITs) [1][4]. Group 1: BOJ's ETF and J-REITs Sale Plan - The BOJ will sell ETFs at an annual rate of approximately 3.3 trillion yen (book value) and J-REITs at about 5 billion yen annually, marking the first time the BOJ has detailed its plan for disposing of ETF holdings [1][4]. - As of March 2025, the BOJ's ETF holdings have a book value of 37 trillion yen and a market value of 70 trillion yen, with an estimated unrealized gain of 4.38 trillion yen as of mid-September [1][4]. Group 2: Implications of the Sale - The sale of ETFs is seen as a step towards normalizing the BOJ's operations after years of unconventional monetary policy, which included purchasing ETFs to stimulate the economy and combat deflation [5][7]. - The BOJ's ETF holdings account for approximately 7% of the total market capitalization of the Japanese stock market, raising concerns that the sale could undermine investor confidence, especially as the Japanese stock market reaches historical highs [5][7]. Group 3: Historical Context of ETF Purchases - The BOJ began purchasing ETFs in 2010 to revitalize the corporate sector and encourage risk investment by increasing the supply of funds and lowering capital costs [7][8]. - The BOJ's ETF purchases significantly increased after Haruhiko Kuroda became governor in 2013, leading to a 57% rise in the Nikkei index that year, although the effectiveness of these purchases has diminished over time [7][8]. Group 4: Criticism of BOJ's ETF Holdings - The BOJ's initial purchase of Nikkei 225 index ETFs faced criticism for favoring a few high-weighted stocks, distorting the market and leading to excessive volatility during policy adjustments [8]. - The large ETF holdings have reduced the availability of tradable shares in the market and weakened shareholder influence on corporate governance [8].

Core Viewpoint - The revision of the public fund sales fee management rules marks the final stage of the fee reform in the public fund industry, aimed at reducing investor costs and promoting high-quality development of the industry [1][2]. Group 1: Key Aspects of the New Regulations - The new regulations include a reduction in subscription fees, purchase fees, and sales service fee rates for public funds, significantly lowering investor costs [1][2]. - The redemption fee structure has been optimized, with all redemption fees now allocated to the fund's assets, encouraging long-term holding by investors [3]. - The regulations promote the development of equity funds by setting differentiated caps on trailing commission payments and maintaining existing client maintenance fee ratios for personal and institutional investors [3]. Group 2: Fee Reduction Details - The maximum subscription and purchase fee rates for equity funds have been reduced from 1.2% and 1.5% to 0.8%, while for mixed funds, they have been lowered from 1.2% and 1.5% to 0.5%, and for bond funds from 0.6% and 0.8% to 0.3% [2]. - The sales service fee rates for equity and mixed funds have been reduced from 0.6% per year to 0.4% per year, and for index and bond funds from 0.4% per year to 0.2% per year, with money market funds reduced from 0.25% to 0.15% per year [2]. - The overall fee reduction from the third phase of the reform is estimated to be around 30 billion yuan, with a total annual benefit to investors exceeding 50 billion yuan when combined with previous phases [2].

Core Viewpoint - The recent revision of the public fund sales fee management regulations aims to significantly reduce costs for investors and enhance the quality of service in the public fund industry, with an estimated total benefit exceeding 50 billion yuan over three phases of reform [1][5][6]. Group 1: Key Highlights of the Fee Reform - The fee reduction is substantial, with maximum subscription and purchase fees for equity funds reduced from 1.2% and 1.5% to 0.8%, and for mixed funds from 1.2% and 1.5% to 0.5%. Bond funds see a reduction from 0.6% and 0.8% to 0.3% [2]. - The sales service fee for equity and mixed funds is lowered from 0.6% per year to 0.4%, while for index and bond funds, it is reduced from 0.4% to 0.2% per year, and for money market funds from 0.25% to 0.15% per year [2]. - The overall fee reduction in the third phase is estimated to save investors approximately 30 billion yuan annually, representing a 34% decrease [2][7]. Group 2: Optimization of Redemption Fee System - The redemption fee structure is optimized to ensure that all fees collected go to the fund's assets, encouraging fund sales institutions to focus on providing ongoing services rather than short-term gains [3]. - A unified redemption fee standard is established for various fund types, promoting long-term holding by investors [3]. - Funds held for over a year will no longer incur sales service fees, further incentivizing long-term investment [3]. Group 3: Focus on Personal Client Services and Equity Fund Development - The reform encourages fund sales institutions to maintain a customer service fee cap of 50% of management fees for individual investors, promoting better service [4]. - For institutional investors, the cap for equity funds remains at 30%, while for bond and money market funds, it is reduced from 30% to 15%, promoting the development of equity funds [4]. Group 4: Establishment of Direct Sales Service Platform - A direct sales service platform for institutional investors is being established to address high operational costs and inefficiencies in the industry [4]. - The platform aims to provide standardized, automated, and centralized data exchange services for various institutional investors [4]. Group 5: Summary of the Three Phases of Fee Reform - The fee reform has been implemented in three phases over two years, cumulatively benefiting investors by over 50 billion yuan [6]. - The first phase focused on reducing management and custody fees for actively managed equity funds, saving approximately 14 billion yuan annually [6]. - The second phase targeted reductions in trading commission fees, yielding an annual benefit of about 6.8 billion yuan [6].

Core Viewpoint - Central Huijin Investment Company expresses strong confidence in the development prospects of China's capital market and recognizes the current allocation value of A-shares, indicating plans to continue increasing investments in exchange-traded funds (ETFs) to maintain market stability [1] Group 1 - Central Huijin has announced its intention to further increase its holdings in ETFs [1] - The company emphasizes its commitment to supporting the stable operation of the capital market [1] - The announcement reflects a positive outlook on the A-share market's investment potential [1]

Group 1 - The market has long called for banks to channel medium- to long-term funds into investments, but the allocation of equity assets in bank wealth management remains limited despite the establishment of various investment mechanisms [1] - As of the end of 2024, the balance of equity asset allocation in wealth management products reached 0.83 trillion yuan, accounting for 2.58% of total investment assets, with a slight increase to 2.6% by the end of March this year [1] - Banks are exploring new meaningful avenues for increasing equity asset allocation, including enhanced research on A-share listed companies and active participation in index investments and IPO cornerstone investments [1] Group 2 - Several wealth management companies, including Bank of China Wealth Management and Postal Savings Bank Wealth Management, have announced plans to increase their holdings in exchange-traded funds (ETFs) and various equity-related products [2] - There has been a significant increase in the number of wealth management products involved in index investments compared to the same period last year [2] Group 3 - More wealth management companies are participating in offline IPO subscriptions and cornerstone investments in Hong Kong IPOs, marking a shift in their investment strategies [3] - Notable participation includes Everbright Wealth Management's involvement in the offline subscription for the IPO of Xintong Electronics and cornerstone investments by Postal Savings Bank Wealth Management and ICBC Wealth Management in various Hong Kong IPOs [3] - The need for strong control capabilities in asset admission, post-investment management, product design, and client engagement is emphasized as banks navigate their roles as "patient capital" in equity investments [3]

Group 1 - Financial companies are increasing their allocation to equity assets, with significant actions and new approaches taken in the first half of this year [1] - Multiple financial companies, including Bank of China Wealth Management and Postal Savings Bank Wealth Management, have announced plans to increase investments in exchange-traded funds (ETFs) through direct or indirect means [1] - The number of index-based financial products has significantly increased in the first half of this year compared to the same period last year [1] Group 2 - Financial companies are accelerating their research efforts on A-share listed companies, with 24 companies conducting a total of 1,473 research visits in the first half of this year [1] - A total of 1,249 different stocks were researched, with a significant portion belonging to the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1] - The stocks researched from these boards accounted for over 51% of the total [1]

Core Insights - The banking wealth management industry is undergoing a paradigm shift towards diversified asset allocation and multi-asset strategies due to the challenges posed by low interest rates and high market volatility [1][2][3] Group 1: Market Environment - The current market is characterized by "low interest rates and high volatility," leading to a decline in yields across various asset classes [1] - As of May 20, the one-year and five-year LPR rates decreased by 10 basis points, while the 10-year government bond yield fluctuates between 1.6% and 1.7% [1] - The asset allocation in wealth management products is predominantly in fixed-income assets, with bonds, cash, and bank deposits accounting for 43.9%, 23.3%, and 13.5% of total investment assets, respectively [1] Group 2: Strategic Shifts - Wealth management firms are shifting from single-asset strategies to diversified approaches, focusing on broad asset classes to enhance returns [2] - The emphasis is on large-scale asset allocation, with a focus on enhancing fixed-income and equity asset layouts [2] - Companies are adopting strategies such as optimizing trading strategies and actively allocating to dividend low-volatility combinations and market-neutral strategies [2][4] Group 3: Asset Class Outlook - Industry insiders are optimistic about alternative assets and equity assets for the second half of the year [3] - Balanced allocation among stocks, bonds, and gold is seen as advantageous, with expectations of continued upward movement in asset prices due to low inflation and ample liquidity [3] - The demand for gold remains significant, with a notable increase in wealth management products featuring gold themes, totaling 46 products as of June 26 [4] Group 4: Risk Management and Absolute Returns - Wealth management companies prioritize achieving absolute returns, necessitating a focus on risk control and drawdown management in equity investments [5] - Strategies such as "fixed income + options" and multi-asset approaches are critical for managing risks while pursuing returns [5][6] - The growth of equity-based wealth management products is evident, with an increase of approximately 20 billion in the first quarter, although the overall scale remains relatively small [6]