专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，为深入贯彻落实《推动公募基金高质量发展行动方案》，在北京证监局的指导下，北京证券业协 会携手北京公募基金管理人、基金销售机构等多方力量，共同启动了"北京公募基金高质量发展系列活 动"。本次活动以"新时代・新基金・新价值——北京公募基金高质量发展在行动"为主题，核心目标之 一正是深化普惠金融与投资者教育保护。在此背景下，我们希望能像老朋友一样，与您聊聊如何运用这 个"新时代"的"新基金"，为我们的银发岁月规划出安稳、自在的"新价值"。 一、 银发时代的财务挑战：为何养老规划与众不同？ 与年轻时相比，退休后的财务生活有几个根本性的变化，理解这些特殊性，是做好规划的第一步： 1． 收入"断流"：工资这份主动收入停止了，我们主要依赖积蓄、社保养老金和投资产生的被动收入。 这意味着，财务规划的容错率变低了。 ◦ 储蓄、国债等：提供相对安全保障。 ◦ 货币基金、短债基金：这类公募基金波动极小，流动性好，非常适合存放短期要用的生活费和中短期 备用金，收益一般优于活期存款。 ◦ 中长期的纯债基金：主要投资于债券，风险相对可控，收益相对更优，能有效对抗通胀对现 ...

Core Insights - Public funds have distributed over 180 billion yuan in dividends this year, reflecting a significant increase in investor returns [1][4] Fund Distribution and Performance - As of September 30, over 2,900 funds have collectively distributed 183.05 billion yuan in dividends, marking a nearly 30% increase compared to 141.53 billion yuan during the same period last year [2][4] - The total number of dividend distributions reached 5,404, indicating a robust activity in the fund market [4] - Stock funds have seen a total dividend distribution of 32.96 billion yuan, which is nearly three times that of the previous year, while mixed funds distributed 6.35 billion yuan, 1.7 times higher than last year [5][6] ETF Dominance - ETFs have emerged as the primary contributors to stock fund dividends, with six out of the top ten dividend-paying stock funds being ETFs [6] - The leading ETFs in terms of dividend distribution include Huatai-PB CSI 300 ETF with 8.39 billion yuan, E Fund CSI 300 ETF with 5.56 billion yuan, and others, showcasing the growing popularity and management scale of ETFs [4][6] REITs Activity - Public REITs have been particularly active in dividend distribution, with 62 out of 75 listed REITs implementing dividends this year, totaling 8.27 billion yuan [9] - The highest dividend from a REIT was 960 million yuan, highlighting the appeal of alternative assets in the current market [9] Strategic Considerations for Dividends - The surge in dividends is seen as a strategy to share investment gains with investors, enhance confidence, and manage fund sizes to mitigate risks [8] - Dividends also serve to alleviate redemption pressures and attract new investments by lowering fund net values [8]

Group 1 - The A-share market experienced a significant historical rise on September 24, 2024, with the Shanghai Composite Index returning to 3,300 points, closing at 3,336.5 points by September 30, 2024, with a trading volume of 2.59 trillion yuan [1] - Since the end of September last year, the scale of public funds in China has continued to grow, reaching a record high of 36.25 trillion yuan as of the end of August 2024 [1] - The public fund industry issued a total of 2,333 funds since September 24 last year, with passive index funds being the most numerous at 883, followed by equity mixed funds at 430 [1] Group 2 - In August 2024, the public fund scale increased by nearly 1.2 trillion yuan compared to the end of July, with stock funds growing by over 620 billion yuan and mixed funds by over 330 billion yuan [2] - As of the end of August 2024, there were 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications [2]

【环球网财经综合报道】主动权益基金正以惊人的速度上演收益回报。一批主动权益基金业绩"翻倍"，批量涌现， 为投资者带来了丰厚的回报。 值得注意的是，在此轮行情中，主动权益基金与被动指数基金的业绩表现差距并不明显。数据显示，从去年9月24 日到今年9月18日，普通股票型基金、偏股混合型基金与股票型被动指数基金的期间业绩均值分别为59.55%、 58.57%和60.21%，三者非常接近。 分析人士认为，这揭示了投资中一个浅显却常被忽视的道理：主动权益基金的价值，不在于能否在每个短期周期中 都战胜市场，而在于其通过深度研究、精选个股和灵活配置，为投资者创造长期可持续的超额回报的能力。基金经 理的主动管理能力，尤其是在挖掘细分优势行业和优质公司方面的优势，是其长期配置价值的根本所在。 尽管业绩层面的短期向好提振了市场情绪，但公募基金行业若想真正迎来发展的"丰收季"，仍面临一个关键挑战 ——如何弥合"一旦回本就赎回"的投资者信任鸿沟。 业内指出，这需要基金管理人和投资者双方的共同努力。一方面，基金公司应持续提升投研能力，将基金经理的专 业优势稳定地转化为持有人实实在在的收益，并通过加强投资者教育，传递长期投资、价值投资的 ...

Core Insights - The A-share market has experienced significant growth since the implementation of a comprehensive financial policy on September 24 last year, with the Shanghai Composite Index reaching above 3800 points twice [1] - A total of 429 mixed equity funds and 112 ordinary equity funds have achieved over 100% performance in this period [1] Investment Value Rediscovery - Prior to the rise of technology growth stocks, the A-share market lacked a clear and sustained investment theme, with traditional cyclical and consumer sectors performing poorly due to weak economic expectations [1] - In uncertain times, many investors prioritized stability and safety, leading to a focus on high-dividend sectors [1] - A public fund manager noted a lack of participation in high-dividend stocks due to unfamiliarity with their business models and a belief that their performance was not aligned with growth investment aesthetics [1] Market Style Rotation - Over the past year, there has been a rapid rotation between high-dividend large-cap value stocks and thematic growth stocks such as AI and new productivity sectors [2] Adjustments in Investment Framework - The public fund manager has adjusted their investment framework, recognizing the need to relax stringent requirements for long-term economic moats in industries experiencing explosive growth [3] - The understanding of value has become more pragmatic and diversified, emphasizing the importance of industry prosperity and explosive growth as attractive value forms [3] - This approach aligns more closely with the characteristics of the A-share market, allowing for a more practical investment framework [3] Sector Performance - The PCB (Printed Circuit Board) sector has shown strong performance, benefiting from the explosive demand in AI computing infrastructure and automotive electronics since 2025 [4] Quantitative Private Equity Strategies - Since September 24 last year, the A-share market has shown a trend of oscillating upward, with significant market events occurring at three key points [5] - The first key point was the release of favorable policies in September 2024, which boosted market sentiment and led to a 20% increase in major indices by the end of that month [5] - The second phase involved a market recovery after external disturbances in April 2025, supported by continuous policy efforts, leading to a resurgence in market confidence and a significant increase in margin trading balances [6] - However, by August 2025, the performance of quantitative private equity strategies began to slow down due to a divergence in market performance, with a significant number of stocks declining despite index increases [6] - Many large private equity firms are focusing on artificial intelligence and exploring diversified strategies to enhance portfolio stability, which is seen as the future direction for quantitative private equity [6]

Core Insights - The article discusses the resurgence of actively managed equity funds in the context of a bull market, highlighting their ability to generate excess returns and manage drawdowns effectively [1][2]. Performance of Active Equity Funds - Over the past five years, 56.51% of 2,780 actively managed equity funds outperformed their benchmarks, with 27.63% achieving cumulative excess returns exceeding 20% [3]. - Notably, 54 funds recorded cumulative excess returns over 100%, with top performers like Dongwu New Trend Value Line achieving 280.99% [3]. Long-Term High-Performing Funds - Several funds consistently generated positive excess returns annually from 2020 to 2024, including Huashang Yuanheng and Huashang Runfeng, both exceeding 195% in cumulative excess returns [4]. - Huatai Bairui Fuli has also maintained positive excess returns each year since 2020, with a cumulative excess return of over 140% [4]. Risk Management and Drawdown Control - Among the funds with positive excess returns, only 20% managed to keep their maximum drawdown below 20%, while nearly half experienced drawdowns exceeding 40% [10]. - Funds with lower drawdowns typically have lower equity exposure, but some equity-focused funds also demonstrated effective drawdown control [10]. Notable Funds with Strong Drawdown Control - Funds like Invesco New Emerging Industries and China Universal Dividend Enjoyment have consistently achieved positive excess returns, with maximum drawdowns well managed [5][12]. - Specific funds, such as Dongwu Anxin Quantitative and Everbright Yongxin, reported maximum drawdowns below 10% while maintaining solid performance [12].

Group 1 - The report indicates that the growth style will continue, and large-cap stocks are expected to outperform in September [2][69] - In August, both A-shares and US stocks saw increases, with the A-share market driven by positive signals from the AI and semiconductor sectors [12][31] - The sentiment index for the A-share market is at a five-year high, suggesting a bullish outlook for the equity market in the coming month [2][52] Group 2 - The report highlights that the current macroeconomic environment supports a high allocation to equity assets, despite some mixed signals regarding economic recovery [2][45] - The growth-value style rotation model shows favorable conditions for growth stocks, with market factors and US Treasury yields indicating a positive outlook for growth [55][59] - The large-cap style rotation model recommends a focus on large-cap stocks due to the current credit environment and short-term momentum [60][64] Group 3 - The report suggests maintaining a high allocation to equity assets, particularly in growth and large-cap styles, while also considering stable fixed-income products [2][69] - Specific fund recommendations include East Wu Mobile Internet, Anxin Advantage Growth, and Huaxia Innovation Frontier, all of which focus on growth-oriented strategies [69][70][81] - The report notes that the bond market is experiencing a tightening of short-term liquidity, with opportunities in short-duration bonds being more favorable than long-duration bonds [68]

Group 1 - The active equity fund positions have surpassed 90%, reaching the highest level since March 2021 [1] - The average position of ordinary stock funds is approximately 91.94%, an increase of 1.16 percentage points from the previous week [1] - The average position of equity-mixed funds is around 90.39%, rising by 1.53 percentage points [1] Group 2 - Funds have increased their positions in sectors such as telecommunications, non-ferrous metals, real estate, electronics, and food and beverage [1] - Conversely, funds have reduced their positions in the automotive, computer, and basic chemicals sectors [1]

Group 1 - The public fund issuance has seen a significant increase in the first week of September, with 42 new funds launched, representing a 44.83% week-on-week growth [1][2] - The average subscription period for the newly launched funds has decreased to 14.52 days [1] - Among the new funds, equity funds are in high demand, with 32 equity funds launched, including 26 stock funds and 6 mixed equity funds, accounting for 76.19% of the total [3] Group 2 - Passive index funds are gaining popularity, with 17 out of 26 newly launched stock funds being passive index funds, making up 65.38% of the new stock funds [4] - The increase in fund issuance is attributed to a favorable market environment, with positive A-share performance boosting investor sentiment and leading to more capital flowing into public funds [4] - Regulatory support and a shift in investment attitudes among residents towards stock markets and public funds have also contributed to the growth in public fund issuance [4]

Group 1 - The performance of public funds is recovering, with passive index funds showing an average net value growth of over 50% in the past year, particularly in financial technology themes which saw increases of up to 180% [2] - Active equity funds also demonstrated strong performance, with average returns of 47.56% for active stock funds and 46.64% for mixed equity funds over the past year, indicating a positive turnaround in their three-year performance [2] - Public Fund of Funds (FOF) products achieved an average return of 21.43% in the past year, with nearly 20 products experiencing net value growth exceeding 50% [2] Group 2 - The new fund issuance market is gradually warming up, with monthly increases in new fund issuance observed throughout the year, peaking at 1,234 million units in June and 960 million units in August [3] - The proportion of active stock and mixed funds in total new fund issuance rose from 34% in January to 59% in August, reflecting a recovery trend in the market [3] Group 3 - Tianfeng Securities reports that funds face redemption pressure after returning to breakeven, leading to a "smile curve" effect, where significant net subscriptions may occur if funds experience a pullback of over 5% followed by a recovery within a month [4]