以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创业获取主动收入，从17年开始，逐步将 经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢向赚取被动收入过渡。价值投资践行者 ↑点击上面图片 加雪球核心交流群 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 懒人养基 来源：雪球 有朋友提出这样的疑问： 熊市就应该清仓离场 ， 还做什么配置 ？ 牛市就应该全力进攻 ， 还做什么配置 ？ 照这个逻辑 ，做 配置是否就是画蛇添足呢 ？ 今天就来聊聊这个话题 。 （ 数据来源 ： Choice数据 ） 02 01 最简单的配置，是大家都知道的股债配置。我们用最简单的股债配置来分析下这个问题。 股债配置的基本方法 是根据自己的风险偏好和投资目标设定一个合适的股债比例 ， 比如股债均配 、 股6债4 ， 并在相当长的一段时间里维持这 一比例不变 。 如果现在是股6债4 ， 几天后就变成全仓股票或者全仓债基 ， 随意改变预先设定的股债比例 ， 这不是股债配置 ...

> 中泰证券资产管理 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 如何大致判断 债基的流动性风险? 主要从资产变现难度、持 有人集中度及历史表现综 合等来看。 看持仓,利率债的变现能力通常好于信用债,高等级 债的流动性好于低等级债,另外,久期较长的债券变 扫码进入基本功专栏 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

据中基协最新披露的数据，截至8月末，我国公募基金总规模突破36万亿元大关，年内第5次创下历史新 高。 分产品类型来看，受益于8月权益市场的热度以及增量资金的踊跃，担纲规模增长主力的为主动权益类 基金，其中股票基金净值环比增幅高达12.76%。从历史数据来看，单月实现两位数增长亦实属罕见， 美股、港股市场的升温也带动QDII基金规模的上扬。 权益资产份额的增长源于发行端的上新与二级市场的加购。若以基金成立日为口径，数据显示，8月新 成立基金合计发行份额1020亿份，其中，股票型基金发行份额472亿份；混合型基金发行份额约为 143.57亿份，权益基金新发份额占整体发行的一半之多。 此外，股基与混基份额此消彼长的背后，也反映出ETF的强势突围。8月份，国内ETF规模已达5.07万亿 元，而距离上一次站上4万亿关口仅历时4个月，ETF规模持续上涨也是二级市场"加购"的真实写照。 债基整体规模回撤 此外，股债跷跷板效应再度演绎，8月内债基无论是份额还是净值规模均有小幅下滑。 公募基金规模续创新高 据中基协数据，截至2025年8月底，我国境内公募基金管理机构共164家，其中基金管理公司149家，取 得公募资格的资产管理 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in public fund dividends in 2023, with both the number of funds participating in dividends and the total dividend amount rising compared to the previous year [1][3]. - As of September 26, 2023, a total of 2,832 public fund products participated in dividends, with a total dividend amount reaching 1,740.48 billion yuan, marking a year-on-year increase of 406 funds (16.8%) and an increase in total dividends by 383.57 billion yuan (28.3%) [1][3]. Group 2 - In the bond fund category, the total dividend amount increased by 11.34% compared to the same period last year, with 2,304 bond funds participating and a total dividend of 1,333.52 billion yuan, accounting for 76.6% of the total public fund dividends [3]. - For equity funds, the total dividend amount increased by 234.08 billion yuan compared to the previous year, with a growth rate exceeding 1.5 times, and the contribution rate also increased by 13.04% [3]. - A total of 488 equity funds distributed dividends amounting to 386.79 billion yuan, with an overall contribution rate of 24.3%, compared to 233 equity funds that distributed 152.71 billion yuan last year [3]. Group 3 - The top four dividend amounts in the year were captured by the CSI 300 ETFs, with the highest being Huatai-PB CSI 300 ETF at 83.94 billion yuan, followed by E Fund, Huaxia, and Harvest CSI 300 ETFs [4]. - QDII funds, although having a smaller overall dividend amount, experienced the largest year-on-year growth, with a total dividend of 17.33 billion yuan, representing a nearly fourfold increase [4]. - Money market funds saw limited activity, with only one fund, the Jiashi Rongxiang Money Market Fund, completing two dividend distributions totaling 2.41 billion yuan [4].

Investment Rating - The investment rating for the banking industry is "Positive" (maintained) [1] Core Insights - The banking sector is experiencing a shift in fund investment behavior, with banks redeeming low-yield money market funds and increasing their holdings in credit bond funds to enhance returns [5][57] - The total fund holdings of listed banks reached approximately 6.37 trillion yuan, accounting for 2.03% of total assets as of the end of the first half of 2025 [15][18] - The proportion of fund investments in the fair value through profit or loss (FVTPL) category is 48.5%, with city commercial banks showing even higher ratios [15][22] Summary by Sections 1. Fund Investment Participation and Scale - The self-managed fund holdings of listed banks as of June 2025 were approximately 6.37 trillion yuan, with shareholding banks and city commercial banks having significant investment scales of 2.84 trillion yuan and 1.72 trillion yuan, respectively [15][18] - The investment in money market funds decreased to 9.10%, while the proportion of passive index bond funds increased to 7.90% [23][25] 2. Changes in Fund Investment Behavior - Banks are redeeming money market funds and low-yield rate bond funds while increasing their investment in credit bond funds [5][57] - The redemption pressure for money market funds was primarily concentrated in the first quarter of 2025, driven by liquidity management needs and yield enhancement [49][55] 3. Future Expansion and Impact of Redemption Fee Reform - Smaller banks have greater expansion potential in fund investments, driven by the need for redundant fund screening and tax-exempt income [3][3] - The implementation of redemption fee reforms may catalyze preventive redemptions by banks, leading to a preference for customized bond funds and bond ETFs [3][3]

伴随公募基金费率改革第三阶段正式落地，公募债基"7日免赎"成为历史，短期赎回成本将提升，这对 于大量配置债券的银行理财而言，可谓"喜忧参半"。 上海证券报记者采访获悉，银行理财公司"喜"的是相比于债基，理财产品不收赎回费，流动性优势凸 显；"忧"的则是自身投资债基交易成本提高，原来高频申赎债基的操作行不通了。 银行业分析师认为，银行理财配置公募基金的模式，将从"短期套利，流动性对冲"转向"长期持有，工 具化使用"。叠加低利率环境，加强权益投资以增厚收益对于银行理财公司而言愈发重要。银行理财公 司应加强自身权益投资能力或与公募机构合作，增强产品的收益稳定性和满足投资者多元化需求。 债基赎回费调整银行理财公司有喜有忧 公募基金行业费率改革第三阶段正式落地，银行理财公司"喜忧参半"：一边为短期固收类理财产品因不 收赎回费、性价比高于债基而高兴，另一边也担心自身通过短债基金投资进行波段交易的成本陡增。 根据公募基金销售费率改革方案（征求意见稿），债券型基金等赎回费率拟调整为：持续持有期少于7 日的不低于1.5%；满7日至少于30日的不低于1%；满30日至少于6个月的不低于0.5%。 记者了解到，以往部分债基持有超过7 ...

Group 1 - The A-share market is showing signs of recovery, leading to increased enthusiasm for fund subscriptions, with many products selling out on the first day [1][3] - The current trend in equity funds differs from previous years, as the focus has shifted from large-scale funds to smaller, more manageable targets [5][6] - In 2020, there were 91 equity "daylight funds," with 16 exceeding 10 billion and 3 nearing 30 billion, but now new funds typically set fundraising caps at 1 billion or 5 billion [5][6] Group 2 - The recent popularity of equity funds is attributed to two main factors: the positive performance of the A-share market and the gradual recovery of fund performance, restoring investor confidence [6][8] - Fund companies are prioritizing stable performance over large-scale fundraising, leading to early closure of subscriptions to maintain a balance between scale and performance [9][10] - The bond fund market is also experiencing growth, with new rules implemented to encourage the development of "fixed income plus" products that combine stable bond returns with potential equity gains [12][15] Group 3 - Regulatory adjustments aim to promote the development of funds with a minimum stock allocation, allowing for quicker registration processes for compliant products [14][15] - Institutions remain optimistic about future market trends, identifying artificial intelligence and overseas expansion as key investment themes [19] - Overall, the changes in the fund issuance market indicate a maturation process, focusing on sustainable investor returns rather than short-term gains [21]

9月16日，原西藏东财基金管理有限公司发布法定名称变更公告，宣布公司名称正式由"西藏东财基 金管理有限公司"变更为"东财基金管理有限公司"（下称"东财基金"）。公告明确，此次更名不改变公 司法律主体地位及对外法律关系，原签订的各类合同、法律文件效力均不受影响。 分析人士指出，东财基金规模快速崛起，核心得益于旗下债基（尤其核心债基）持续扩容，以及近 年依托股东渠道、发力 ETF 等指数产品打开增长空间。 公告同时披露，目前公司已完成名称变更相关的工商登记手续，公司章程相关条款也已相应修改， 后续将对旗下公募基金产品名称进行相应变更。 公开信息显示，东财基金成立于2018年10月26日，是由东方财富证券全资设立的子公司，注册地为 西藏拉萨柳梧新区，但办公地在上海徐汇区，属券商系公募基金公司。 从业务规模来看，据天天基金网统计数据，截至2025年9月10日，东财基金现有15名基金经理，共 管理109只公募基金产品，全部基金净资产规模达369.47 亿元。截至2024年9月30日，基金净资产规模仅 为62.38亿元。 ...

Group 1: Report Summary - The bond market was impacted by news this week. Fund redemption fees and tax exemptions for bond funds led to a rapid market adjustment in the first half of the week, followed by an interest rate recovery driven by renewed expectations of treasury bond trading [1]. - The report analyzes several issues regarding institutional behavior in the bond market, including the progress of large - bank bond sales at the end of the quarter, the differentiated market of bond varieties and maturities, and the end - game thinking of the bond market from an institutional behavior perspective [1]. Group 2: Investment Rating - The document does not provide a specific investment rating for the bond market. Group 3: Core Views - The third - quarter large - bank bond - selling progress may be only halfway through. If the market is led by large - bank bond sales, there may be an opportunity for a rebound after floating profits are realized, but the recovery in the third quarter may be weaker than in the first quarter [1][6][9]. - There is a large differentiation in the market of different bond maturities and varieties. Bonds favored by funds are being sold off, and funds are reducing their duration. In the long - term, the spread between 30 - year and 10 - year bonds may widen, and the overall market duration may decline [1][11][23]. - Technically, long - term treasury bond futures are in a downward channel, but there are short - term oversold trading opportunities. The medium - term view remains cautious [24]. Group 4: Section Summaries 4.1 Bond Market Weekly Review (2025.9.8 - 9.13) - The bond market was weak this week. Long - term bond yields reached highs, and fund redemptions raised market concerns. Interest rates first rose and then fell. As of September 12, the 10Y treasury bond yield increased by 4.10BP to 1.87% compared to September 5, and the 30Y treasury bond yield rose to 2.18% [4]. 4.2 Progress of Large - Bank Bond Sales at the End of the Quarter - The large - bank bond - selling progress in the third quarter may be only halfway through. Banks' sales of old bonds in the secondary market in September have increased, mainly long - term bonds. If estimated based on March data, there may still be more than three trillion yuan of bond sales in the future [6]. 4.3 Differentiated Market of Bond Varieties and Maturities - Since June, the spread between 5 - year policy financial bonds and treasury bonds has widened by 14BP, and the spread between 30 - year and 10 - year treasury bonds has widened by 22BP. Only the 5 - year CDB bond can achieve the least loss in the holding - period return calculation starting from early July [11][13]. - Funds are selling off bonds they prefer, and there is a difference in the net buying of new and old treasury bonds. Funds are reducing their duration, with the duration of top - performing funds decreasing more significantly [14][18]. 4.4 End - Game Thinking of the Bond Market from an Institutional Behavior Perspective - The spread between 30 - year and 10 - year bonds may widen due to potential bond - fund scale reduction. The overall market duration may decline, and the mainstream maturities may shift to 3, 5, and 7 years [23]. 4.5 Technical Analysis - Treasury bond futures are in a downward channel, but there are short - term oversold trading opportunities. In the short - term, focus on price recovery resistance levels. In the medium - term, the view remains cautious [24].

新华财经北京9月11日电（可达）近日，有财经博主在社交平台"吐槽"其在小红书上浏览到的金融产品销售广告。据该博主透露，其是在小红书首页浏览到 的该广告，或由于其平常浏览投资类内容比较多，所以被系统定向推荐了相关内容。 坐拥超2亿月活跃用户规模，小红书近年来试图突破商业化瓶颈。急切的变现心态下，小红书的广告业务遭遇合规质疑。诞生于用户信任之下的"种草"生 态，在商业化的洪流之下将何去何从？ 首页惊现私募广告 据其提供的截图，图片上用非常显著字号写着"回撤小于0.5%，年化大于14%，债基的天花板？"等字样，并在业绩上用红色、绿色突出，仅在下方用很小的 字体标识"过往业绩并不预示其未来业绩表现"的风险提示。 有金融机构人士在看到上述截图时表示诧异，认为图上内容存在相当强的误导性，仅从广告封面来看，极易让投资者认为年化14%是一种收益承诺，或者暗 示未来业绩。"虽然在下方用很小的字进行了风险提示，但仍然有很强的'擦边球'嫌疑。"该人士表示。 记者打开小红书后，也在首页收到了多个类似的理财产品广告，推广文案包括"今年25%-30%量化产品""今年6%的债基"。尽管发布人不同，但在点击用户 信息后发现，上述小红书笔记均 ...