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].

居民资金稳步流入 [Table_ReportDate] 2025 年 9 月 26 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ——资金跟踪专题 证券研究报告 策略研究 [Table_ReportType] 策略专题 核心结论： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Summary] ➢ 总览：据我们的不完全统计，截至 2025 年 9 月 23 日，A 股资金保持净 流入。截至 2025 年 9 月 23 日，A 股资金保持净流入，年度资金净流入 占自由流通市值之比为 3.2%。如果考虑到股东获得分红不完全用于再 投资，年度资金净流入(分红*1/2)占自由流通市值之比为 1.4%，资金 面仍有小幅净流入。另一方面，考虑到私募基金、保险、公募基金等资 金流入项可能存在重复计算，我们计算剔除私募基金与保险的资金净 流入汇总情况，资金净流入额占自由流通市值的比例约为 1.4%，资金 为小幅净流入状态。 ➢ 月度层面上，8 月资金面持续改善。2025 年 8 月 A 股月度资金净流入 4449 亿元，A 股月度资 ...

Group 1 - The report highlights a significant increase in the issuance of equity mutual funds, with 66.147 billion units established in August, marking a month-on-month increase of 20.189 billion units, placing it in the 97.22 percentile over the past three years [8][9][10] - The report indicates that the issuance of active equity funds in August reached 16.961 billion units, up by 7.260 billion units from the previous month, while passive equity funds saw an issuance of 44.586 billion units, an increase of 9.284 billion units [10][11] - The report notes that the net subscription of existing equity ETFs in July was -3.349 billion yuan, but this figure improved significantly in August, with a net redemption scale narrowing [15][16] Group 2 - The report states that the scale of private securities funds increased significantly, with the total scale reaching 5.88 trillion yuan in July, reflecting a month-on-month increase [25][26] - The average position of private equity long strategies rose to 62.78% in July, an increase of 1.73 percentage points from June, indicating a recovery trend in private fund positions [26][31] - The report mentions that the monthly average trading volume of northbound funds in August was 294.227 billion yuan, a 51.96% increase from the previous month, with northbound trading accounting for 12.75% of total A-share trading [29][32] Group 3 - The report highlights that the margin financing balance reached 2.25 trillion yuan by the end of August, reflecting a month-on-month increase of 13.92%, indicating a rise in trading activity [34][36] - The report indicates that the net inflow of margin financing in August was 272.986 billion yuan, with margin financing transactions accounting for 10.98% of total trading [38][40] - The report notes that institutional investor accounts saw a significant increase, with approximately 10,000 new institutional accounts opened in August, a year-on-year increase of 98.37% [43][45] Group 4 - The report states that the scale of equity assets held by insurance companies increased by 261.914 billion yuan in the second quarter of 2025, reflecting a strong position in equity investments [47][49] - The report mentions that policies are being implemented to encourage insurance funds to invest 30% of new premiums in A-shares starting in 2025, which is expected to further boost equity market participation [51][52] - The report indicates that the issuance of wealth management products in August was 6,120, with the number of products reaching maturity increasing by 27.19% month-on-month [55][57] Group 5 - The report highlights that industrial capital saw a net reduction of 31.458 billion yuan in August, with a daily average net reduction of 1.498 billion yuan, indicating a trend of profit-taking at high market levels [62][63] - The report notes that the three major capital flow indicators reached a value of 0.64 as of August 29, placing it in the 96th percentile since the end of 2015, indicating a heated trading environment [70][71] - The report suggests that the current market sentiment is high, with increased risk appetite among investors, driven by favorable domestic and international developments [8][10][29]

各渠道资金流入持续改善 ——资金跟踪专题 [Table_ReportDate] 2025 年 8 月 27 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [Table_ReportType] 策略专题 | ] [Table_A 樊继拓 uthor策略首席 分析师 | | --- | | 执业编号：S1500521060001 | | 邮 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 邮 箱：lichang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 ➢ 融资余额 2025 年 7 月-8 月上升。融资余额方面，2025 年 7 月融资余 额环比增加 1328.69 亿元（前值为增加 489.15 亿元）。7 月底至 8 月 19 日，融资余额增加 1465.13 亿元。2025 年 1 月 1 日-8 月 19 日，融 资余额相较 2024 年底增加了 26 ...

Group 1 - The report highlights that the overall micro liquidity is improving, with net inflows in margin financing and continuous net inflows in southbound funds, indicating a high market enthusiasm and increased risk appetite among investors [1][7][38] - The total supply of funds for the period is 778 billion, while the demand is 3253 billion, resulting in a net outflow of 2475 billion, with significant net inflows in margin financing and a narrowing of net outflows in stock ETFs [1][7][8] - The issuance of equity financing has significantly increased, with a total of 155.2 billion raised, marking a 109% increase compared to the previous period [1][28] Group 2 - The issuance scale of newly established equity public funds has decreased to 234.15 billion shares, down 19.52% from the previous period, indicating a low level of equity fund issuance this year [1][8] - Northbound trading volume has seen a substantial increase, with the trading volume for the week ending August 17, 2025, rising by 13.88% compared to the previous period [1][12] - The margin financing balance has surpassed 2 trillion, reaching 20418.97 billion, with a net inflow of 821.62 billion, reflecting a recovery in market investment sentiment [1][14][16] Group 3 - The net outflow of stock ETFs has narrowed to -278.06 billion, compared to -329.11 billion in the previous period, suggesting a slight recovery in investor interest [1][20] - The net reduction in industrial capital has slightly decreased to 132.49 billion, indicating ongoing selling pressure from major shareholders [1][30] - The lock-up release value has reached a peak of 3252.51 billion, with expectations of 1845.24 billion in the next two weeks, particularly high in the machinery sector [1][34]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the performance of the equity fund market, particularly focusing on public equity funds and their issuance trends amid geopolitical risks and market sentiment fluctuations [1][4]. Core Insights and Arguments - **Equity Fund Issuance**: The new issuance of equity public funds reached 296.6 billion, marking a 17% increase from the previous period. However, the overall issuance remains low compared to historical levels, with recent weeks showing significant fluctuations [3]. - **Market Sentiment**: The market is experiencing heightened risk aversion due to ongoing geopolitical tensions, particularly the Russia-Ukraine and Israel-Palestine conflicts, which have contributed to a low issuance environment for equity funds [4]. - **Northbound Capital Activity**: As of June 22, northbound capital accounted for 12% of total trading volume, showing a slight decline. The trading activity remains at a low level due to cautious attitudes from emerging foreign investors and a rebound in US stocks [5]. - **Two-way Financing Trends**: The balance of margin financing was reported at 1.79 trillion, with a net inflow of 50 billion, indicating a 30% decrease from the previous period. The inflow is primarily concentrated in downstream consumer and upstream raw material support sectors [5]. - **ETF and IPO Dynamics**: The net subscription for existing stock ETFs was negative 28 billion, a significant improvement from negative 85 billion previously. Upcoming IPOs are expected to total 26.5 billion, with a substantial increase in equity financing to 4.3 trillion, largely driven by major banks' capital increases [6][7]. Additional Important Insights - **Capital Reduction Trends**: The net reduction of industrial capital was 85.75 billion, with significant reductions in the machinery, electronics, and basic chemicals sectors. Conversely, slight increases were noted in food and beverage, petrochemicals, and steel sectors [2][8]. - **Southbound Capital Flow**: Southbound capital saw a net inflow of 290 billion, a decrease from the previous 394 billion. This trend indicates a gradual recovery in market sentiment, influenced by geopolitical developments and expectations of potential interest rate cuts by the Federal Reserve [9]. - **Lock-up Expiration Impact**: The market is facing a lock-up expiration value of 1.078 trillion, a 162.85% increase from the previous period, with significant pressure expected from the defense and military sectors [8].

Group 1 - The report highlights that in April, the newly established equity public funds reached 57.048 billion units, an increase of 6.959 billion units compared to the previous month, marking a 94.59% percentile over the past three years [8][9][11] - The report indicates that the issuance of passive equity funds has significantly contributed to the market, with a new issuance of 45.095 billion units in April, up 7.390 billion units from the previous month [11][12] - The report notes that the net subscription of stock ETFs in April was 197.302 billion yuan, a substantial increase from the previous month, indicating a shift in investor sentiment towards equity markets [16][20] Group 2 - The report states that the average position of private equity funds fell to 56.56% in March, down 1.75 percentage points from February, reflecting a cautious sentiment among investors [30] - The report mentions that the monthly average trading volume of northbound funds decreased to 152.208 billion yuan in April, a decline of 18.98% from the previous month, indicating a cautious approach from foreign investors [32][37] - The report highlights that the total margin trading balance decreased by 6.89% in April, with a net outflow of 131.535 billion yuan, suggesting reduced trading activity and a shift towards risk aversion [34][36] Group 3 - The report indicates that insurance funds have reduced their equity investment risk factor by 10%, aiming to increase their investment in A-shares to 30% of new premiums starting in 2025 [44][48] - The report notes that the issuance of wealth management products in April was 5,993, with an increase of 22.06% in the number of products reaching maturity, reflecting a positive trend in the market [49][51] - The report states that the net reduction in industrial capital in April was significantly narrowed to 370 million yuan, indicating a potential stabilization in corporate investment behavior [34][38]

Group 1 - The report indicates that after the announcement of reciprocal tariffs by the US, short-term risks have temporarily subsided, leading to a stabilization and recovery in A-shares and Hong Kong stocks. The net inflow of stock-type ETFs has significantly increased, and southbound capital continues to flow in at high levels, reflecting investor confidence in the market [1][4]. - The overall micro liquidity shows a total fund supply of 113.7 billion and a demand of 114.3 billion, resulting in a net outflow of 0.6 billion. Notably, stock-type ETFs have seen a substantial net inflow, and industrial capital has shifted from net reduction to net increase [2][8]. - The issuance scale of equity funds has shown signs of recovery, with the latest issuance of equity public funds at 26.886 billion shares, a slight decrease of 4.64% compared to the previous period [10][11]. Group 2 - Northbound capital's trading volume ratio has decreased, with the proportion of northbound trading in total A-share trading falling to 11.16%, down from 13.64% in the previous period, indicating a decline in northbound capital activity [14][16]. - Margin financing has turned into a net outflow, with a total financing balance of 178.74 billion and a net outflow of 99.58 billion, reflecting a continuous decline in participation [16][18]. - The net inflow of southbound capital has continued, reaching 99.846 billion, a 77.52% increase compared to the previous period, indicating strong confidence in Hong Kong assets [38][40]. Group 3 - Industrial capital has shifted from net reduction to net increase, with a net increase of 6.814 billion, marking the first net increase since October 2024 [29][31]. - The current lock-up release pressure remains low, with a total lock-up release market value of 63.671 billion, and an expected release of 122.332 billion in the next two weeks, particularly in the electronics sector [34][36]. - The equity financing scale is at a low level, with the current equity financing amount at 7.689 billion, a decrease from the previous total of 34.084 billion [27][29].

Group 1 - The report indicates that after the Two Sessions, consumer policy expectations are driving A-shares towards new highs, while Hong Kong stocks are expected to reach new highs after a short-term adjustment [1] - The overall micro liquidity shows a net inflow of -596 billion CNY, with total funding supply at 248 billion CNY and demand at 844 billion CNY [2][7] - The net inflow of southbound funds remains high, with a net inflow of 908.09 billion CNY, reflecting continued optimism towards Hong Kong assets [4][39] Group 2 - The issuance scale of equity public funds has shown a recovery compared to the same period last month, with a new issuance of 216.50 million shares [10] - Northbound trading volume remains high, accounting for 13.14% of total A-share trading volume, despite a slight decrease from the previous period [13] - Margin financing continues to show a net inflow, with a total margin balance of 19,119 billion CNY, reflecting high participation in margin trading [15][18] Group 3 - The net outflow of existing stock ETFs has significantly narrowed, with a net redemption of -254.88 billion CNY compared to -1068.35 billion CNY in the previous period [23] - The equity financing scale is currently low, with a total of 71.02 billion CNY raised, down from 215.44 billion CNY in the previous period [26] - The pressure from lock-up releases has decreased significantly, with a total lock-up release value of 664.27 billion CNY, down 86.24% from the previous period [35]