首批北交所主题基金自2021年11月23日成立以来，已有四年。在年内大盘走高、北证50指数屡创新高的背景下，首批北交所主题基金的年内收益率均表现亮 眼，其中也不乏成立至今累计收益率翻倍的产品，最高达138%。除首批产品外，第二批北交所主题基金的表现也相对突出，累计收益率均实现翻倍。在业 内人士看来，相较于其他基金产品，北交所主题基金具备更高的灵活性，且主要布局北交所核心资产，在牛市行情中具有一定的竞争力。 | 1900 2,957,700 6,414,100 | 639.10 558.77 | 2.94 2.57 2.41 | | | --- | --- | --- | --- | | | 523.34 | | | | 72,352,200 | 507.55 | 2.34 | 7.01 | | 23,040,600 | 492.48 | 2.27 | 21.37 | | 233,909,200 | 491.13 | 2.26 | 2.10 | | 19,590,800 | 438.42 | 2.02 | | | | 423.00 | | | | -11 .600 | | | | | 241 200 | 346 ...

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant results in its four years of operation, establishing itself as a key platform for innovative small and medium-sized enterprises (SMEs) in China [1][4][6] - The first batch of BSE-themed funds has reported impressive performance, with an average net asset value growth rate exceeding 80%, and some funds surpassing 160% [9][10][11] Group 1: Achievements and Developments - The BSE has implemented four sets of inclusive listing standards and established a "small and fast" review mechanism, enhancing its ability to attract and nurture high-quality SMEs [1][3][5] - The number of listed companies on the BSE has increased from 81 to 281, with market capitalization growing from hundreds of billions to trillions, indicating strong investor recognition [3][4] - The BSE has successfully gathered over 200 innovative SMEs, with a significant portion of IPO applications in the A-share market coming from the BSE [4][5] Group 2: Market Structure and Investment Opportunities - The BSE's market structure is characterized by over 80% of listed companies being SMEs and more than 85% being private enterprises, showcasing its inclusivity [5][6] - High-tech enterprises account for over 90% of listed companies, with more than 50% recognized as national-level "little giant" enterprises, indicating a strong focus on innovation [5][6] - The BSE is seen as a fertile ground for nurturing "little giants" in specialized fields, with companies experiencing faster growth compared to those on the main board [6][7] Group 3: Future Outlook and Strategic Vision - The BSE aims to enhance market attractiveness and service capabilities by optimizing listing mechanisms and exploring diversified financing systems tailored to innovative SMEs [7][8] - The introduction of the North China 50 ETF is expected to broaden the investment landscape and attract more long-term capital, enhancing market liquidity [13][14] - The BSE is positioned to become a global leader in serving SMEs, with a focus on building a comprehensive and impactful trading platform [8][19]

【导读】 北交所开市四年来成果斐然，筑牢服务创新型中小企业主阵地；首批北交所主题基金 交出亮丽成绩单，平均单位净值增长率超80%，最高超160% 中国基金报记者 张燕北 2025年11月15日，北京证券交易所（以下简称北交所）即将迎来开市四周年。 四年来，北交所筑牢服务创新型中小企业主阵地，以关键制度创新为突破口，持续完善市场 功能，优化市场生态，成为我国多层次资本市场体系的重要一环，为支持科技创新和经济高 质量发展贡献了关键力量。 通过推出四套多元包容的上市标准、设置"小额快速"审核机制和重组简易程序、优化做市商 制度等举措，北交所在吸引和培育专精特新等优质中小企业方面，形成了差异化制度、全周 期培育等多项独特优势。 展望下一个四年，业内期待北交所进一步优化发行上市机制，通过持续扩大做市商覆盖度、 丰富交易品种、引入更多长期资金等措施，提高市场活跃度，强化持续监管与服务，成为连 接创新资本与中小企业的核心枢纽，为实体经济注入更强动力。 聚新成势： 汇聚新质生产力方向优质企业 北交所从设立之初就明确以服务创新型中小企业为使命，四年来持续汇聚这类"新"力量，且 不断吸纳符合新质生产力方向的企业，为支持科技创新和 ...

Core Viewpoint - The issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" marks a strategic shift in the industry from "scale expansion" to "quality improvement," emphasizing the need to enhance equity investment scale and proportion, which is crucial for both capital market reform and strengthening the core competitiveness of fund companies [1][2]. Group 1: Product Development Strategy - The company aims to build a diverse product matrix that meets investor needs by conducting in-depth research on risk preferences, investment goals, and holding periods, while adhering to principles of long-term and sustainable investment [1][2]. - The company is focusing on expanding its equity product offerings, particularly in technology finance, green finance, inclusive finance, pension finance, and digital finance, to support high-quality economic development [2][3]. Group 2: Green Finance Initiatives - The company has established low-carbon themed funds and issued two public REITs in the renewable energy sector to support infrastructure development, with plans to further innovate in green finance products [3][4]. - Future initiatives will include exploring innovative products in sustainable development and green low-carbon sectors, aligning with national strategies and economic restructuring [3]. Group 3: Inclusive and Pension Finance - The company is enhancing the development of low-volatility products and expanding its product matrix to meet the inclusive financial needs of clients, while also promoting fee reforms to lower investor costs [3][4]. - In the pension finance sector, the company has launched a one-year holding period pension target fund and plans to introduce additional funds tailored to different retirement dates and risk profiles [3][4]. Group 4: Passive Investment Products - The company is improving its passive management product offerings by developing a comprehensive index product system that includes broad-based, thematic, and industry-specific indices to meet specialized investor needs [4]. - The core of high-quality public fund development lies in providing professional products that allow investors to share in economic growth, with a commitment to continuous reform and improvement in equity product supply [4].

Group 1 - The core theme of the event is "New Era, New Fund, New Value," aimed at promoting high-quality development in the public fund industry in alignment with the China Securities Regulatory Commission's action plan [2] - The company recognizes the necessity of transitioning from a focus on scale to a focus on returns, enhancing its ability to serve the real economy and national strategies [2][9] Group 2 - The company is actively involved in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support high-quality economic development [1][9] - In technology finance, the investment research team focuses on hard technology sectors such as artificial intelligence and biotechnology, and has launched thematic funds on the Beijing Stock Exchange [3] - In green finance, the company has issued two public REITs in the renewable energy sector to support infrastructure development and provide long-term funding for green projects [4] - The inclusive finance strategy includes developing low-threshold, diversified public fund products to meet various investor needs, with company executives actively investing in their own products [5] - In pension finance, the company is involved in building the third pillar of pension systems and offers specialized investment solutions for retirement [6] - The digital finance initiative emphasizes increasing technological investments to enhance research capabilities and operational efficiency through AI and big data [7] Group 3 - The company is establishing a comprehensive investment research system with various departments to ensure efficient collaboration between investment and research [8] - A robust risk management framework is being developed to cover various types of risks, ensuring a comprehensive approach to risk management [8] - The company aims to continuously enhance its resource allocation in the five key financial areas to inject more financial resources into the real economy [9]

Core Viewpoint - The public fund industry in China is entering a critical stage of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Understanding the Importance of High-Quality Development - Reform is necessary for the public fund industry, which has grown to manage over 30 trillion yuan and serve over 800 million investors, but still faces challenges in operational philosophy and governance [4]. - The industry must address issues arising from rapid growth, which hinder its development and service quality, necessitating reforms that focus on core business and diverse financial products [4][5]. - The action plan emphasizes a problem-oriented approach, aiming to align the industry's development with the interests of investors and enhance service quality [5]. Group 2: Creating a New Fund Ecosystem - The Beijing Securities Regulatory Bureau is guiding the industry to innovate and optimize its business structure to align with high-quality development requirements [6][7]. - Business innovation is being promoted, including the introduction of floating fee rate products and an increase in equity fund offerings, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [7]. - The industry is shifting towards an investor-centric service model, enhancing personal pension product offerings and improving investor engagement through digital transformation [8]. Group 3: Enhancing Service to the Real Economy - The public fund industry in Beijing is actively supporting national strategies, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [10]. - The industry is also promoting green development through ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [10]. - The development of REITs is being encouraged, with 3 new products launched in the first half of 2025, raising 3.803 billion yuan [10]. Group 4: Strengthening Investor Protection - The industry is prioritizing investor rights, with ongoing fee reforms leading to a savings of 7.2 billion yuan for investors in 2024 [12]. - Innovative investor education initiatives are being implemented to ensure that product risks align with investor risk tolerance [12]. - A robust complaint handling mechanism is being established to ensure efficient resolution of investor disputes [12]. Group 5: Risk Prevention and Control - The industry is enhancing its risk management capabilities through a comprehensive regulatory framework and proactive monitoring of operational risks [12]. - A zero-tolerance policy is in place for illegal activities, ensuring strict penalties for violations [12]. - Key risks such as governance, liquidity, and credit risks are being closely monitored to prevent systemic risks [12].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality, focusing on improving investment capabilities, optimizing customer experience, and increasing investor trust [1][3][4]. Group 1: Industry Development - The public fund industry has grown to manage over 30 trillion yuan, with more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3]. - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry [1][2]. - Beijing aims to create a "Beijing model" for high-quality public fund development, leveraging its financial resource advantages [2]. Group 2: Reform and Innovation - The action plan emphasizes the need for reforms to address issues such as the focus on scale over returns and to enhance investor satisfaction [4]. - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products [6][7]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds managing a total of 1.66 trillion yuan [6]. Group 3: Service Enhancement - The public fund industry is shifting towards an "investor-centered" service model, enhancing the supply of personal pension products and improving investor engagement [7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for retirement investment [7]. - The industry is also focusing on digital transformation to improve service efficiency and investor experience [7]. Group 4: Contribution to the Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8]. - As of the first half of 2025, there are 37 ESG-themed funds with a total scale of 24.809 billion yuan [8]. - The industry is also involved in the development of REITs, with 37 products issued, totaling 103.395 billion yuan [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive complaint handling mechanism has been established to ensure efficient resolution of investor disputes [10]. - The regulatory framework is being strengthened to enhance risk prevention and control, focusing on governance, liquidity, and credit risks [11].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Development and Reform - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry, emphasizing high-quality development [2]. - Beijing, as a national financial management center, is expected to leverage its financial resource advantages to create a "Beijing model" for high-quality public fund development [2][4]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. Group 2: Key Initiatives and Innovations - The action plan aims to address issues such as the focus on scale over returns and to enhance investor satisfaction through various policy measures [4]. - The Beijing Securities Regulatory Bureau is guiding local fund management institutions to innovate and optimize their business structures, including the introduction of floating fee rate products and the development of equity products [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, with a total scale of 41.5 billion yuan [6]. Group 3: Enhancing Investor Services - The industry is shifting towards an "investor-centered" service model, with an increase in personal pension product offerings and a focus on long-term investment education [6][7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for investors [6]. - The industry is also advancing digital transformation to improve service efficiency and enhance investor experience [7]. Group 4: Supporting National Strategies - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation board funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also promoting the development of ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [8]. - The issuance of REITs products has reached a cumulative scale of 103.395 billion yuan, supporting infrastructure development [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive regulatory framework is being established to enhance risk management, focusing on early identification and resolution of operational risks [10]. - The industry is committed to a "zero tolerance" policy for illegal activities, ensuring strict enforcement against violations [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2][3] Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new development stage for the industry [2] - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3] - The industry faces challenges in operational philosophy, functionality, and governance, necessitating reforms to better align with national strategies [3] Group 2: Reform Initiatives - The action plan aims to address market and social concerns, encouraging institutions to focus on core business, optimize supply, and enhance value creation capabilities [3][4] - Beijing is positioned to lead by example in high-quality development due to its concentration of financial resources and institutions [4] Group 3: Business Innovation - The industry is encouraged to innovate and optimize business structures, including the introduction of floating fee rate products and the development of equity products [5][6] - In the first half of 2025, 73 new equity fund products were launched, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [6] Group 4: Investor Services - The focus is on enhancing the service system centered around investors, including the introduction of personal pension products and a comprehensive investor support system [6][7] - Digital transformation is being promoted to improve service efficiency and enhance investor experience [7] Group 5: Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7] - Strengthening talent development and optimizing investment decision-making processes are key priorities [7] Group 6: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8][9] - The industry is also involved in urban modernization projects through REITs, with 37 REITs issued, amounting to 1.03995 trillion yuan [9] Group 7: Investor Protection and Risk Management - Investor protection is prioritized, with ongoing fee reforms leading to significant savings for investors, totaling 7.2 billion yuan in 2024 [10] - A comprehensive risk management framework is being established to enhance regulatory oversight and prevent systemic risks [10]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, with a focus on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Importance of High-Quality Development - The public fund industry has become a significant institutional investor in the capital market, managing over 30 trillion yuan and serving more than 800 million investors, playing a crucial role in supporting the real economy and maintaining financial stability [2][3]. - There is a pressing need for reform to address existing deficiencies in operational philosophy, functionality, and governance within the industry, aiming to better serve national strategies [2][3]. Group 2: Reform Initiatives - The action plan aims to address market and societal concerns by encouraging institutions to focus on their core business, optimize supply, and enhance value creation capabilities [2][3]. - The plan emphasizes the importance of aligning the interests of fund managers with those of investors, reducing costs, and improving services to strengthen the industry's commitment to the public [3]. Group 3: Business Innovation and Service Optimization - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [4]. - There is a focus on enhancing the investor service system, including the introduction of personal pension products and a comprehensive investor support mechanism [4][5]. Group 4: Enhancing Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and a team-based investment decision-making process [5]. - Strengthening talent development and creating a robust talent management system is also a priority to cultivate skilled investment management professionals [5]. Group 5: Contribution to the Real Economy - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [6]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [6][7]. Group 6: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan in 2024, and enhancing investor education to ensure product risk levels match investor capabilities [8]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the prevention of systemic risks [9].