近日，公募基金行业迎来了一则重量级人事变动。拥有19年投资管理经验的资深人士李永兴，正式加盟 苏新基金，并出任公司副总经理一职。这一变动引起了业界的广泛关注，毕竟李永兴此前在永赢基金担 任副总经理及基金经理期间，曾助力该公司管理规模突破5000亿元大关。 李永兴的职业生涯可谓丰富多彩。他毕业于北京大学经济学硕士，自2006年起，在交银施罗德基金开启 了他的投研生涯，历任研究员、基金经理助理及基金经理。2015年，他转战九泰基金，担任投资总监。 2017年，李永兴加入永赢基金，先后担任总经理助理、基金经理，并于2018年晋升为副总经理。在永赢 基金的岁月里，他管理的基金产品业绩大多表现良好，为公司权益管理规模的扩张立下了汗马功劳。 然而，令人意想不到的是，今年1月，李永兴突然卸任了永赢基金副总经理及所有在管基金的基金经理 职务。此番加盟管理规模仅159亿元的苏新基金，无疑引发了一场关于他职业选择的热议。有人认为这 是"下嫁"，也有人视之为一场"双向奔赴"的合作。 苏新基金作为一家成立不久的公募基金管理公司，自2023年2月注册成立以来，已发行了5只基金，但主 动权益基金领域仍是空白。而李永兴此前管理的基金以偏股 ...

Core Insights - The A-share market experienced significant growth in August, with the total market value surpassing 100 trillion yuan for the first time on August 18, marking a historical high, and the Shanghai Composite Index breaking through 3,800 points on August 22, reaching a nearly 10-year peak [1][2] Investor Sentiment - Investors are facing a dilemma characterized by a fear of missing out on potential gains while also being wary of entering the market at high prices, leading to anxiety and indecision [2] - The anchoring effect plays a crucial role in this psychological conflict, as investors are influenced by previous market lows or historical highs, causing uncertainty about market entry [2] - Loss aversion is another key factor, where the fear of potential losses outweighs the desire for gains, exacerbating investor anxiety [2] - Information overload in the current digital age complicates decision-making, as investors struggle to filter through vast amounts of market information [2] Strategies to Overcome Anxiety - The company suggests three methods to help investors navigate their anxiety: - Method 1: Adhere to the principle of "matching money with products," which emphasizes selecting investment products based on the source and duration of funds, recommending stable products for short-term needs and higher-risk options for long-term investments [3][4] - Method 2: Build a reasonable asset allocation framework to ensure smoother investment journeys and reduce regret, utilizing strategies like the barbell strategy and the "core-satellite" approach [4][5] - Method 3: Manage investment emotions by shifting focus from "how to make money" to "how to manage emotions," with strategies like dollar-cost averaging to mitigate anxiety during market fluctuations [5][6] Conclusion - The company emphasizes the importance of transforming investment mindsets, adhering to the principle of matching funds with appropriate products, constructing a balanced asset allocation, and effectively managing emotional responses to navigate current market challenges [6]

Core Viewpoint - The public fund industry is actively embracing digital finance as a key driver for transformation and upgrading in the context of building a modern financial system in China [1] Group 1: Digital Finance Development - Digital finance optimizes the allocation efficiency of financial resources and supports the transformation of economic growth models [1] - The public fund industry is advancing digital transformation through three main paths: enhancing digital investment research capabilities, increasing digital product innovation, and innovating digital marketing and services [1] Group 2: Digital Investment Research - The public fund industry is leveraging advancements in AI technology, particularly AIGC technologies like ChatGPT, to build intelligent investment research systems [1] - The integration of artificial intelligence and machine learning algorithms is aimed at optimizing investment analysis and decision-making processes [1] - Intelligent investment research enhances data processing efficiency, helps investors capture market opportunities, and mitigates emotional biases in investment decisions [1] Group 3: Digital Product Innovation - The public fund industry is increasing innovation efforts to launch more digitally-oriented fund products in response to the growing demand for diversified investments [4] - Financial institutions are utilizing AIGC technology to quickly grasp market dynamics and customer preferences, accelerating financial product innovation [4] - The industry is actively exploring product design and issuance in emerging areas such as cryptocurrencies to meet diverse investor needs in the digital age [4] Group 4: Digital Marketing and Services - The public fund industry is strengthening collaborations with fintech platforms to innovate marketing and service models [5] - Digital finance reduces reliance on traditional physical outlets, enhancing investment convenience for investors [5] - Collaborations with fintech platforms enable the public fund industry to conduct diverse investor education activities and improve customer service experiences [5] - The partnership between overseas financial institutions and fintech platforms is becoming increasingly close, focusing on enhancing marketing efficiency and optimizing customer experiences [5]

Group 1 - The core viewpoint of the article highlights the increasing trend of public fund companies engaging in self-purchase of their own funds, particularly in the context of a recovering stock market and regulatory encouragement [1][2][3][4] - Fund companies have significantly increased their self-purchase activities in 2023, with over 130 companies announcing self-purchase plans totaling more than 5 billion yuan, with nearly half of these being equity and equity-oriented products [2][3] - Regulatory bodies have been urging public funds to utilize their own capital for purchasing equity funds, aiming to align fund performance with investor interests, which has led to a cultural shift similar to that of listed companies repurchasing their shares [2][3] Group 2 - The positive stock market outlook has motivated fund companies to self-purchase equity funds, which serves both as a market sentiment indicator and a strategy to enhance their profitability amid declining management fees [3] - Despite the favorable market conditions, the sales performance of public funds has not been satisfactory, prompting companies to adopt aggressive self-purchase strategies as a means to boost sales of well-performing products [3] - The evolution of self-purchase behavior from minimal amounts to substantial investments reflects a change in public funds' market perception and their strategic responses [3][4]

Core Viewpoint - The recent meeting of the Central Political Bureau emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, which is crucial for consolidating the positive momentum of the capital market [1] Group 1: Public Fund Industry Growth - The total scale of public funds reached 34.48 trillion yuan by the end of July, indicating robust vitality in the asset management industry and a strong signal of asset allocation changes [1] - The public fund industry is optimizing its internal structure, with a strong emphasis on increasing the scale and proportion of equity investments [1][2] - As of July 31, 2023, 835 new fund products were established, with a total issuance scale of 645.716 billion yuan, leading to a total public fund scale of 34.48 trillion yuan [2] Group 2: Policy Support and Market Environment - Recent policies have focused on encouraging long-term capital to enter the market and enhancing the scale and stability of equity investments [2][3] - The improvement in market conditions, such as declining interest rates, has accelerated the transfer of household wealth to financial markets, making equity funds a core option for asset allocation [3] - The second quarter of 2025 saw equity-type funds maintaining high stock positions, with equity funds holding approximately 90.1% of their portfolios [3] Group 3: Fund Management Strategies - The public fund industry is shifting from a focus on initial scale to emphasizing sustainable marketing effects, reflecting a transition from scale-driven to quality-driven strategies [7] - The introduction of differentiated strategies in fund management is becoming essential, with a focus on long-term performance and stability [8][10] - Fund managers are increasingly adopting a "hold and nurture" strategy to enhance product scale and influence, supported by investor education and tailored services [8][9] Group 4: Challenges and Opportunities - The development of equity funds is crucial for providing stable long-term funding to the real economy and optimizing the investor structure in the capital market [9] - The industry faces challenges such as market volatility affecting investor acceptance of new equity products and the increasing dominance of larger fund companies [9][10] - Fund managers are actively addressing these challenges by focusing on differentiated competition and enhancing research and investment capabilities [10]

Group 1 - The majority of investment advisors maintain a neutral to optimistic outlook on the macroeconomic situation for Q3 2025, with over 70% holding this view [22][23][24] - Nearly 80% of advisors are bullish on the A-share market for Q3, with a structural market trend expected, favoring sectors like technology, new consumption, real estate, and finance [22][28][29] - The anticipated upper limit for the Shanghai Composite Index is projected to be around 3500 points, with 42% of advisors expecting it to be near this level [4][18][29] Group 2 - Advisors suggest that the highest value for asset allocation in Q3 2025 lies in equities, with 59% favoring this category, marking a significant increase [10][35][36] - A flexible thematic investment strategy is preferred by 44% of advisors, indicating a shift towards more dynamic investment approaches [6][37] - The expectation for liquidity in Q3 is leaning towards a relaxed environment, with 57% of advisors predicting a loose or neutral liquidity stance [26][27] Group 3 - High-net-worth clients have shown a strong inclination to increase their equity positions, with 70% reporting profits in Q2 2025 and a rising willingness to add to their investments [40][41][43] - The preference for high-dividend stocks remains strong, with 36% of advisors believing these stocks have reached reasonable valuations [32][39] - The innovative pharmaceutical sector is gaining attention, with 38% of advisors viewing it positively, driven by policy optimization and valuation recovery [34]

Core Viewpoint - The global equity market is expected to improve in the second half of 2025, but uncertainties and policy changes remain [1] Market Resilience - The A-share market experienced volatility driven by "uncertainty" in the first half of the year, with market fears stemming more from unpredictability than from the disturbances themselves [2] - The actual interest rate is currently at a favorable level, and if it remains in the 1%-2% range, the probability of positive returns for the CSI 800 index in the next year is expected to increase significantly [2][3] Asset Allocation Insights - Chinese investors currently allocate about 12% of their household assets to stocks and funds, compared to approximately 40% for American households, indicating a significant gap [3] - The long-term investability of the Chinese capital market is improving, with an increase in stock buybacks and dividend distributions by listed companies [3] Structural Opportunities - Three main asset categories are highlighted: dividend assets benefiting from declining real interest rates, new productivity focusing on technology-driven private enterprises, and new consumer trends aligned with experiential consumption [4] - The potential for revaluation of private enterprises is emphasized, with recent policies signaling a recovery in capital expenditure and return on equity (ROE) [4] Investment Strategy - The core strategy involves focusing on long-duration assets, which can be categorized into stable cash flow types and sustainable growth types [4] - Diversification in investment is stressed, with a focus on thorough fundamental research to identify individual stocks rather than betting on sectors [7] Future Outlook - The transformation of the Chinese economy is expected to continue, with long-term investment value in the stock market gradually becoming apparent despite short-term uncertainties [6] - The relationship between the Hong Kong and A-share markets is viewed as complementary rather than competitive, with each market serving different capital flows [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In June, all major market indices' valuations were adjusted upwards. In terms of price - to - earnings ratio and price - to - book ratio, the historical percentile increases of CSI 300 and CSI All - Share were among the top, while the ChiNext Index remained at a historical low. Among the 31 Shenwan primary industries, 23 industries rose, with the top 5 gainers being communication, national defense and military industry, non - ferrous metals, electronics, and media; the top 5 losers were food and beverage, beauty care, household appliances, coal, and transportation [1]. - In June, 70 new funds were issued, with a total issuance scale of 62.728 billion yuan. The issuance of active equity funds was booming, while the issuance of passive equity funds decreased slightly. Only commodity - type funds declined, with a 1.66% drop, and the largest gain was in equity - biased funds, up 2.68% [2]. - From the perspective of fund style indices, the growth style outperformed the value style, and the large - cap style underperformed the small - cap style. Overall, the mid - cap growth style performed outstandingly, rising 5.83%, while the large - cap value style had the smallest increase, about 2.52% [2]. - In the ETF market, last month, there was a net inflow of 59.605 billion yuan. Bond - type ETFs had a net inflow of over 90 billion yuan, and stock - type ETFs had a net outflow of 31.54 billion yuan [3]. - In June, the risk - parity model rose 1.59%, and the risk - budget model rose 2.34% [5]. Summary by Directory 1. Last Month's Market Review 1.1 Domestic Market Situation - In June, all major indices in the Shanghai and Shenzhen markets rose. The ChiNext Index rose by over 8%, and the Shenzhen Component Index and CSI 500 rose by over 4%. Among the 31 Shenwan primary industries, 23 industries rose. The top 5 gainers were communication, national defense and military industry, non - ferrous metals, electronics, and media; the top 5 losers were food and beverage, beauty care, household appliances, coal, and transportation. In the bond market, the ChinaBond Composite Full - Price Index rose 0.31%, and the total full - price indices of ChinaBond Treasury bonds, financial bonds, and credit bonds rose between 0.13% and 0.40%. The CSI Convertible Bond Index rose 3.34%. In the commodity market, the Nanhua Commodity Index rose 4.03% [13]. 1.2 European, American, and Asia - Pacific Market Situation - In June, most European, American, and Asia - Pacific markets rose. In the US stock market, the S&P 500 rose 4.89%, the Dow Jones Industrial Average rose 4.21%, and the Nasdaq rose 6.57%. In the European market, the French CAC 40 fell 1.11%, and the German DAX fell 0.37%. In the Asia - Pacific market, the Hang Seng Index rose 3.36%, and the Nikkei 225 rose 6.64% [21]. 1.3 Market Valuation Situation - In June, all major market indices' valuations were adjusted upwards. In terms of price - to - earnings ratio and price - to - book ratio, the historical percentile increases of CSI 300 and CSI All - Share were among the top, while the ChiNext Index remained at a historical low. Among industries, the top five industries with the highest historical percentiles of price - to - earnings ratio in the Shenwan primary index last month were real estate, banking, automotive, chemical, and electronics. The real estate industry's price - to - earnings ratio percentile reached 96.6%. The five industries with lower historical percentiles of price - to - earnings ratio were agriculture, forestry, animal husbandry and fishery, non - bank finance, food and beverage, light manufacturing, and household appliances, all with percentiles less than 25% [24]. 2. Overall Situation of Public Offering Funds 2.1 Fund Issuance Situation - In June, 70 new funds were issued, with a total issuance scale of 62.728 billion yuan. Among them, 33 stock - type funds were issued with a scale of 11.646 billion yuan; 14 hybrid funds were issued with a scale of 6.317 billion yuan; 14 bond - type funds were issued with a scale of 35.293 billion yuan; 4 FOF funds were issued with a scale of 7.5 billion yuan; 3 REITs funds were issued with a scale of 1.3 billion yuan; and 2 QDII funds were issued with a scale of 0.67 billion yuan. A total of 17 active equity funds were issued with a scale of 6.738 billion yuan, and 36 index funds were issued with a scale of 28.472 billion yuan. The issuance of active equity funds increased significantly, while that of passive equity funds decreased slightly [32]. 2.2 Fund Market Return Situation - In June, only commodity - type funds declined, with a 1.66% drop, and the largest gain was in equity - biased funds, up 2.68%, with a positive return ratio of 97.63%. From the perspective of fund style indices, the growth style outperformed the value style, and the large - cap style underperformed the small - cap style. The mid - cap growth style performed outstandingly, rising 5.83%, while the large - cap value style had the smallest increase, about 2.52%. Generally, smaller - scale funds in the equity market performed better. The large - scale funds with a scale of 4 - 10 billion had the largest average increase of 2.80%, with a positive return ratio of 97.52%, while the super - large - scale funds over 10 billion had the smallest increase of 2.16%, with a positive return ratio of 88.46% [2][40][43]. 2.3 Active Equity Fund Position Situation - Using Lasso regression to measure the positions of active equity funds, the position on June 30, 2025, was 75.44%, a decrease of 3.76 percentage points from the previous month [47]. 3. ETF Fund Situation - In the ETF market, last month, there was a net inflow of 59.605 billion yuan. Bond - type ETFs had a net inflow of over 90 billion yuan, and stock - type ETFs had a net outflow of 31.54 billion yuan, with funds flowing from broad - based indices such as CSI 300 to bond funds. In terms of liquidity, the average daily trading volume of the overall ETF market this period reached 265.76 billion yuan, the average daily trading volume reached 126.808 billion shares, and the average daily turnover rate reached 8.59%. At the individual bond level, most broad - based index targets had net outflows except for the CSI A500 Index. Huatai - PineBridge CSI 300 ETF had a net outflow of 5.45 billion yuan, while Huatai - PineBridge CSI A500 ETF had a net inflow of 13.54 billion yuan. Among the most actively traded targets, Financial Technology ETF, Hong Kong Securities ETF, Communication Equipment ETF, ChiNext Artificial Intelligence ETF Huabao, and 5G ETF had the highest monthly gains, rising between 15.7% and 18.8%. Food and Beverage ETF, Consumption 30 ETF, Wine ETF, Leading Home Appliance ETF, and Southeast Asia Technology ETF had the highest monthly losses, falling between 1.6% and 4.4%. In terms of fund flow, the top funds with net inflows also included Hong Kong Stock Connect Innovation Pharmaceutical ETF, Bank ETF, A500ETF Harvest, and Hong Kong Non - Bank ETF; the top funds with net outflows also included CSI 300ETF E Fund, ChiNext ETF, Harvest CSI 300ETF, and CSI A500ETF Fullgoal [3][51][52]. 4. Model Operation Situation - Four types of large - asset allocation models were constructed using stocks, bonds, commodities, and QDII. In June, the risk - parity model rose 1.59%, and the risk - budget model rose 2.34%. Since 2015, the annualized return of the risk - parity model has been 4.64%, with a maximum drawdown of 2.31%; the annualized return of the risk - budget model has been 4.45%, with a maximum drawdown of 9.80%. Next month, the asset allocation weights of the models remain unchanged. For the risk - parity model, the ratio of stocks: bonds: commodities: QDII is 6%: 70%: 12%: 11%; for the risk - budget model, it is 13%: 52%: 9%: 25% [62][63][65].

Group 1 - The A-share market showed a positive trend in the week, with major indices rising, particularly the ChiNext and CSI 500, while the Shanghai Composite Index lagged behind [1][17] - The market exhibited an "N-shaped" trend in the first half of 2025, with the Shanghai Composite Index increasing by 2.2% from the beginning of the year to June 27 [2][21] - The performance of various industries was notably divergent, with non-ferrous metals and banking sectors showing significant gains of 18.0% and 13.5% respectively, while coal and real estate sectors faced declines of 12.6% and 7.4% [3][31] Group 2 - The A-share market experienced active trading, with an average daily turnover exceeding 1.3 trillion yuan, reflecting a year-on-year increase of 61% [4][46] - The net inflow of funds into stock ETFs reached 1.6 billion yuan during key periods, indicating a recovery in market liquidity [4][49] - The issuance of equity funds rebounded significantly, with over 250 billion yuan issued in the first half of the year, marking a substantial increase compared to the same period last year [4][47] Group 3 - The report highlights three main investment themes: domestic consumption, domestic substitution, and sectors underweight by funds, which are expected to attract attention in the medium to long term [5][65] - The focus on domestic consumption is driven by recent policy initiatives aimed at boosting domestic demand, which is anticipated to enhance the performance of related sectors [5][66] - The domestic substitution theme reflects the potential for certain industries, such as technology and defense, to benefit from reduced reliance on foreign products, although challenges remain in achieving substantial progress [5][67]

Group 1 - The market experienced a net inflow of funds, but trading activity decreased, with total A-share turnover at 54.695 trillion yuan, down from the previous week, and turnover rate at 6.49%, also a decline [9][10] - The net inflow of funds totaled 13.398 billion yuan, indicating a strengthening liquidity [9][10] - The IPO financing scale was 604 million yuan, while refinancing was 297 million yuan, reflecting a decrease in both activities [9][10][36] Group 2 - The net cash injection in the domestic market was 656.6 billion yuan, with the DR007 and R007 rates rising, leading to a narrowing of the interest rate spread [11][12] - The yield on 10-year government bonds decreased by 4 basis points, while the yield on 1-year bonds increased by 2 basis points, resulting in a reduced yield spread [11][12] - Market expectations for the Federal Reserve not to cut interest rates in June rose to 94.4% [11][19] Group 3 - The trading structure showed a decrease in turnover rates across major indices, with a simultaneous decline in transaction volumes [20][22] - The issuance scale of equity funds was 9.226 billion yuan, which was lower than the previous week [22] - The net inflow of ETF shares increased by 5.46 billion shares, with the largest inflow seen in the CSI 500 ETF [28][30] Group 4 - The top five sectors for increased positions in equity funds were pharmaceuticals (+0.59%), computers (+0.25%), agriculture, forestry, animal husbandry, and fishery (+0.11%), media (+0.11%), and real estate (+0.10%) [23][24] - The sectors with the largest reductions in positions included electric power equipment (-0.35%), automobiles (-0.31%), food and beverage (-0.18%), non-ferrous metals (-0.18%), and household appliances (-0.10%) [23][24] - The total amount of restricted shares released was 12.002 billion yuan, with electronics, computers, and communications being the top three sectors [40][41]