11月24日，记者从公募排排网获悉，本周（11月24日至11月30日）全市场共有23只新基金启动募 集，平均认购天数为23.65天。与前一周相比，新基金发行数量环比下降32.35%，平均认购天数延长超3 天，呈现"数量减少、募集期拉长"的趋势。 债券型基金发行则呈现逆势回暖态势，"股债跷跷板"效应再度凸显。本周共有7只债券型新基金进 入募集期，数量与前一周持平，并维持在近11周以来的峰值。 FOF（基金中的基金）基金成为发行市场的"稳定器"，其活跃度未受权益市场波动影响。本周有3 只FOF新基金启动发行，为连续第8周有新基金面市，且连续第4周发行数量不低于3只。值得关注的 是，今年以来新发FOF基金数量已达76只，超过去年全年发行量的两倍。 "近期基金发行市场的降温，主要受权益市场表现疲软的拖累。作为市场主力的权益类基金，其发 行热度与A股走势高度相关。"排排网集团旗下融智投资FOF基金经理李春瑜向记者表示。 在李春瑜看来，近期市场持续震荡，削弱了投资者的风险偏好，导致对权益资产的认购热情显著降 温，新基金募集难度随之增加。此外，市场波动也使基金赚钱效应减弱，进一步加剧了投资者的观望情 绪，不仅新资金入场迟疑 ...

报 告 摘 要 一、美国公募基金市场月度收益 2025年 10月， 美国股票型基金业绩中位数强于债券基金，弱于国际股票基金和资产配 置基金。 具体来看，10月美国股票型基金、国际股票型基金、债券型基金、资产配置型 基金收益中位数分别为0.56%、0.89%、0.51%、1.20%。 二、 美国非货币基金资金流向 三、 头部资管机构资金净流入 四、美国公募基金市场新发产品 2025年10月，美国基金市场新成立基金共62只，其中包括58只ETF和4只开放式基金产品； 按资产类别区分，2025年10月新成立股票型基金50只、债券型基金10只、资产配置型基金2 只。 五、海外资管机构观点梳理 我们围绕海外头部资管机构近期较为关注的主题，从资管机构公开发布的报告及文章中， 整理海外头部资管机构的市场观点及配置建议摘要。本月热点主题包括：欧美政策走势、 外资对股票市场观点等。 一 引言 据晨星统计，截至2024年末，美国市场共同基金总规模达20.2万亿美元，ETF总规模达10.3万亿美元，是全球最大的公募基金市场之一；作为基金市场的风向标，美国基金市场 的最新表现对全球投资者具有重要的参考意义。 本报告中，我们基于月度数 ...

证券研究报告 固收专题报告 hyzqdatemark 2025 年 11 月 24 日 25Q3 理财的基金投资有何变化？ ——银行理财资产配置专题分析 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 马赫 mahe@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 25Q3 理财规模较 25Q2 有所上升。截至 2025 年 9 月末，理财规模 32.13 万亿元。 25Q3 理财规模超季节性上升 1.5 万亿元。25Q3 理财公司理财规模普遍增长，小部 分下降。25Q3 理财破净率上行，7 月下旬以来理财破净率有所上升，10 月起快速下 降。截至 2025 年 11 月 9 日，理财公司公募理财产品破净率约为 0.39%，较 6 月末 有所下降，三季度股市超预期上涨导致债市调整，10 月之后年金等机构权益仓位处 于高位，股市行情对债市的利空影响或将减弱，10 月起理财破净快速下降。10 月理 财公司新发人民币固收类理财的平均业绩比较基准上限为 2.61%，下限为 2.13%。 银行理财 25 ...

年内基金发行规模超万亿元 权益类成"主力军" 中国基金报记者 李树超 王思文 2025年，公募基金发行市场再添"万亿元"注脚。数据显示，年内新基金发行规模已达10727.76亿元，连 续七年达到万亿元体量。从产品结构看，权益类基金发行规模占比超五成，取代债基成为"主力军"。 业内认为，这一成绩源于政策引导、资金配置转向、市场环境的三方合力。未来，受益于居民资产向金 融资产转移的长期趋势，基金发行保持在万亿元体量有望成为常态，而信用债ETF、浮动费率基金等更 多创新产品的涌现，将持续驱动公募行业高质量发展。 连续七年保持高位 新基金发行突破万亿元体量 今年以来，新基金发行水平继续保持高位。Wind数据显示，年内新基金发行规模已达10727.76亿元，连 续七年超过一万亿元。 国联基金表示，经济数据向好带动A股盈利预期提升，叠加市场估值处于相对合理区间，为资金持续入 市提供了基础。《推动公募基金高质量发展行动方案》等政策明确支持权益类基金发展，ETF快速审批 通道等机制优化提升了发行效率。同时，流动性充裕背景下，居民财富寻求优质资产配置的需求强烈， 而公募基金丰富的产品矩阵精准匹配了投资者的风险偏好。 一家中型基 ...

Core Insights - The public fund issuance market in China has reached a scale of 1.0728 trillion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan, with equity funds becoming the main force in this growth [1][2][4] - The growth is attributed to a combination of policy guidance, a shift in capital allocation, and a favorable market environment, indicating a long-term trend of residents transferring assets from real estate to financial assets [1][6][7] Fund Issuance Trends - The issuance of new funds has maintained a high level, with equity funds (stock and mixed funds) accounting for over 50% of the total issuance, surpassing bond funds which have dropped from over 70% to 40% [4][5] - The strong performance of the A-share market and favorable economic data have boosted investor confidence, leading to increased fund inflows [2][3] Market Dynamics - The shift towards equity funds reflects a significant change in market risk appetite and asset allocation logic, with investors now favoring equity funds to share in the benefits of economic transformation [5][6] - The public fund industry is expected to continue innovating with new products such as credit bond ETFs and floating rate funds, which will drive high-quality development in the sector [8][10] Future Outlook - The trend of maintaining a trillion yuan issuance scale is likely to become the norm, supported by the ongoing transition of residents' assets towards financial investments [6][7] - The public fund industry is planning to focus on innovative products in 2026, including equity funds centered on technology and high-dividend assets, as well as optimizing fixed-income products [10][15] Product Innovation - The introduction of innovative products such as credit bond ETFs and multi-asset ETFs is seen as a catalyst for the public fund industry's high-quality development [8][18] - Fund companies are increasingly focusing on differentiated product offerings to meet the diverse needs of both institutional and individual investors [16][19]

Core Insights - The public fund issuance market in China has reached a scale of 10,727.76 billion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan [3][5][10] - Equity funds have become the main force in new fund issuance, accounting for over 50% of the total, replacing bond funds [3][7][10] - The growth in fund issuance is attributed to a combination of policy guidance, shifts in capital allocation, and favorable market conditions [3][5][10] Fund Issuance Trends - The new fund issuance level remains high, with 10,727.76 billion yuan issued this year, continuing a trend of over one trillion yuan for seven years [5][10] - Economic recovery and improved A-share earnings expectations have driven investor enthusiasm for equity funds, leading to a significant increase in their issuance [5][6] - The shift from real estate and deposits to capital markets is evident, with public funds becoming a key investment tool due to their transparency and regulatory compliance [5][6][10] Structural Changes in Fund Types - The proportion of equity funds (stock and mixed funds) has surpassed 50%, while bond funds have dropped from over 70% to around 40% [7][10] - This shift reflects both market dynamics and policy encouragement for long-term capital allocation towards equity assets [7][10] - The trend is expected to continue, supported by ongoing capital market reforms and the enhancement of public fund research capabilities [7][8] Future Outlook - The one trillion yuan issuance scale is likely to become a new norm, driven by the long-term trend of asset allocation towards financial assets [10][11] - Fund managers are focusing on sustainable marketing and improving investor experience, fostering a positive cycle of performance and capital inflow [11] - The public fund industry is expected to continue innovating, with new products like credit bond ETFs and floating rate funds emerging to meet diverse investor needs [12][13][28] Product Innovation and Development - The public fund industry has seen significant innovation, with new products such as credit bond ETFs and floating rate funds enhancing market vitality [12][13] - Innovation is viewed as a key driver for high-quality development in the public fund sector, expanding the range of asset classes covered [12][14] - The emergence of innovative products is pushing fund companies to enhance their research capabilities and adapt to differentiated competition [14][28] 2026 Product Strategy - The focus for 2026 will include equity funds centered on technology and high-dividend assets, alongside optimized fixed-income products [15][20] - Fund companies are planning to develop products that align with the needs of both individual and institutional investors, emphasizing differentiated strategies [22][24] - There is anticipation for innovative products such as multi-asset ETFs and floating rate funds to cater to evolving market demands [26][27][28]

10 月美国股票型 ETF 资金净流入超千亿，当前规模已超 10 万亿美元 证券研究报告 | 2025年11月23日 海外资管机构月报 美国公募基金市场月度收益 2025 年 10 月，美国股票型基金业绩中位数强于债券基金，弱于国际股票基 金和资产配置基金。具体来看，10 月美国股票型基金、国际股票型基金、 债券型基金、资产配置型基金收益中位数分别为 0.56%、0.89%、0.51%、 1.20%。 美国非货币公募基金资金流向 按管理方式：2025 年 10 月，主动管理型基金整体净流入 190 亿美元，被动 基金整体净流入 1118 亿美元。 按资产类型：2025 年 10 月，美国市场开放式基金中，债券型基金资金净流 入较多，为 275 亿美元，股票型基金资金净流出较多，为 970 亿美元。 2025 年 10 月，美国市场 ETF 中，股票型、债券型 ETF 资金净流入较多， 分别达 1044 亿、490 亿美元。 值得注意的是，在股票型基金中，开放式基金与 ETF 资金流向相反，表现 为资金流出开放式基金并流入 ETF。 头部资管机构资金净流入 美国开放式基金规模 Top10 资管机构大部分均有资金 ...

图 一周摘要 图 图 一周市场 图 01 全球大类资产回顾 大类资产方面，全球股市与商品市场表现疲弱。 上周全球权益市场普遍下行，美国三大股指集体收跌，标普500跌1.95%、道指跌1.91%、纳指重挫 2.74%，亚洲市场亦承压，日经225跌3.48%，韩国综合指数跌3.95%，恒生指数以5.09%跌幅领跌全球主 要股指，仅印度SENSEX30微涨0.79%。 商品市场多数走低，焦煤暴跌8.16%成最大跌幅，原油跌3.41%，黄金微跌0.77%，铁矿石逆势上涨 1.42%。整体来看，市场受全球流动性收紧预期与工业需求疲软拖累，新兴市场情绪更趋脆弱，而焦煤 的暴跌或反映中国钢铁需求预期下修。 美联储12月降息预期大幅降温，政策分歧加剧，加上非美货币普遍疲软，美元指数整体呈温和上扬，收 于100.15附近。 图表1：全球大类资产收益表现 单位：% 市场概况 ：上周A股显著回调，主要宽基指数普遍下跌，其中北证50和万得微盘股指数跌幅居前，分别 下跌9.04%和7.8%，反映出小盘股和微盘股承受较大抛压。创业板指跌幅超6%，成长板块亦回调明显。 上证50、红利指数跌幅相对较小，分别下跌2.72%、2.93%。整体来 ...

2022年，债券型基金以近半壁江山的规模占比（47.65%）主导市场，反映了当时浓厚的避险情 绪。此后3年，权益类产品的权重持续攀升，2023年股票型基金占比突破20%，2024年占比进一步提 升。今年以来，股票型基金发行占比达31.01%，规模首次超越债券型基金。 今年以来，公募基金发行市场认购踊跃，多只聚焦于人工智能、高端制造等前沿领域的股票型ETF 密集发行。 权益类基金占据主导 回顾近4年同期（1月1日至11月19日）发行的数据，2022年是其中的高点，同期新基金成立数量达 1424只，募集总规模高达1.47万亿元；2023年进入调整期，同期发行数量与规模均有所下降，同期发行 数量下降至1267只，规模同比下降22.69%至1.13万亿元；2024年，同期发行数量继续收缩至1143只，总 规模微增5.06%至1.19万亿元。 Wind数据显示，截至11月19日，今年以来新成立基金1401只，已接近2022年历史高点，同比增长 22.57%；总募集规模9966.07亿元，同比下降16.31%。其中，与3年前债基占主导形成鲜明对比的是，权 益类产品已经跃居主导地位。 今年公募基金市场最显著的标志是股票型基 ...

Core Insights - The article highlights the significant trends in global investment, particularly focusing on the strong inflow into bond funds and the record growth of active ETFs, while also noting the resilience of digital asset funds as alternative investments [1][10]. Fund Flows and Market Trends - In Q3 2025, bond funds saw a net inflow exceeding $368 billion, which is five times the inflow of equity funds [1]. - Active ETFs continued their strong momentum with a quarterly net inflow of over $153 billion, marking a historical high, while passive open-end funds experienced rare net outflows [1]. - Digital asset funds, as an alternative investment, grew by 23% compared to the end of Q2 2025, indicating sustained interest in this sector [1]. Product Issuance and Market Position - China led the world in the number of new fund issuances, while globally, the issuance of active ETFs outpaced that of passive ETFs [1]. - In mature markets, alternative assets and trading tool-type products are dominating the trend of new fund issuances [1]. Research and Analysis Tools - The article emphasizes the use of Morningstar Direct, a professional analysis platform covering over 600,000 investment products, to capture global asset management trends and identify market opportunities [2][18]. - Participants in the event will receive insights from the "Morningstar Fund Company Rating Panorama Report," which discusses the relationship between fund company fee structures, product line stability, and future performance [5][9].