新"国九条"明确提出"推动公募基金加强财富管理能力建设"，在监管导向与投资者需求双重驱动下，公 募行业正加速从"销售导向"卖方模式向"客户中心"的买方模式转型。刚刚披露完毕的二季报，恰为观察 这一转型提供了清晰注脚——头部机构凭借生态护城河与专业积淀持续领跑，其中华夏基金的综合表 现，演绎了大型机构高质量发展的典范。 头部效应深化 规模与盈利双领跑 行业分化态势在二季报中愈发清晰。Wind数据显示，上半年86家公募实现规模增长，其中华夏、易方 达、嘉实、富国4家头部机构规模增量均超千亿元。华夏基金以3119.37亿元的规模增量居首，更首次突 破2万亿元管理规模大关；在5000亿元以上头部梯队中，其14.86%的增速位居第一，凸显"大象"的增长 动能。 盈利端的领先更具说服力。二季度华夏基金旗下公募产品为投资者赚取300.92亿元净利润，不仅是全行 业唯一突破300亿元的机构，更印证了其将规模优势转化为客户收益的能力。 业绩维度同样亮眼。据国泰海通证券统计，截至二季度末，近一年基金公司权益类基金平均收益率中值 为15.92%，华夏基金以17.12%的平均收益在大型基金公司中位居首位，与中欧、嘉实、广发、工银瑞 ...

Core Viewpoint - The article discusses the transformation of the public fund industry in China, emphasizing a shift from a sales-driven model to a customer-centric approach, driven by regulatory guidance and investor demand. The recently released second-quarter fund reports serve as a critical window to observe this trend. Group 1: Fund Industry Overview - As of the end of Q2, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, growing by 4.91% compared to the end of last year, indicating a slowdown in industry growth [2] - The top ten public fund institutions now account for 40.71% of the total management scale, reflecting an increase in concentration among leading firms [2] - In the first half of the year, 86 public fund institutions saw growth in management scale, with notable increases from firms like Huaxia Fund and E Fund, both exceeding 100 billion yuan in growth [2] Group 2: Profitability and Performance - The total profit of fund products in Q2 exceeded 380 billion yuan, marking a more than 50% increase from the previous quarter [4] - Huaxia Fund led the industry with a profit of 30.09 billion yuan in Q2, being the only institution to surpass 30 billion yuan [4] - For the first half of the year, E Fund, Huaxia Fund, and Fortune Fund topped the profitability rankings with profits of 58.44 billion yuan, 57.32 billion yuan, and 35.93 billion yuan, respectively [4] Group 3: Performance of Equity Funds - The performance of equity funds has improved significantly, with the median average return of equity fund products reaching 15.92% as of the end of Q2 [5] - Huaxia Fund's equity products achieved an average return of 17.12%, ranking first among large equity fund companies [5] - The Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund reported a three-year return rate of 175.64%, showcasing exceptional performance [11] Group 4: ETF Growth and Market Dynamics - The non-monetary management scale of fund companies continued to grow, with a quarterly increase of nearly 1.29 trillion yuan, surpassing 20 trillion yuan in total scale [6] - Huaxia Fund and E Fund were the only two institutions to see non-monetary scale growth exceeding 100 billion yuan in Q2 [6] - The total scale of non-monetary ETFs reached 4.15 trillion yuan, with only ten institutions managing over 100 billion yuan, capturing 80.05% of the market share [6] Group 5: Huaxia Fund's Strategic Positioning - Huaxia Fund has established a comprehensive ETF product matrix, with 110 non-monetary ETFs, including 12 with scales exceeding 10 billion yuan [9] - The company has transformed ETFs from mere trading instruments into service platforms, enhancing user experience and lowering investment barriers [9][10] - Huaxia Fund's marketing strategy focuses on practical effectiveness and deep connections with investors, moving away from superficial trends [10] Group 6: Research and Development Capabilities - Huaxia Fund has built a robust research and development team, emphasizing the importance of research in creating value [16] - The company has optimized its research system to enhance efficiency and effectiveness in investment analysis [16] - The shift in the public fund industry from a focus on scale to quality is exemplified by Huaxia Fund's performance and strategic approach [16]

Core Viewpoint - The article discusses the transformation of the public fund industry in China, emphasizing a shift from a sales-driven model to a client-centered approach, driven by regulatory guidance and investor demand [2][24]. Fund Industry Overview - As of the end of Q2, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, growing by 4.91% year-on-year, which is a slowdown compared to the previous year's growth of 5.47% [3]. - The top ten public fund institutions now account for 40.71% of the total management scale, indicating a further concentration of market share among leading firms [3]. Profitability and Performance - The total profit of fund products in Q2 exceeded 380 billion yuan, with a quarter-on-quarter growth of over 50% [6]. - In the first half of the year, the top three profit-generating firms were E Fund, Huaxia Fund, and Fortune Fund, with profits of 584.44 billion yuan, 573.20 billion yuan, and 359.32 billion yuan, respectively [6]. Equity Fund Performance - The average median return of equity fund products reached 15.92% over the past year, with Huaxia Fund leading at 17.12% [7][14]. - Huaxia Fund's North Exchange Innovation Small and Medium Enterprises Selected Fund achieved a three-year return rate of 175.64%, ranking first in its category [15][16]. ETF Growth and Market Dynamics - The non-monetary management scale of fund companies grew by nearly 1.29 trillion yuan in Q2, surpassing 20 trillion yuan for the first time, driven primarily by the growth of ETFs [8]. - Huaxia Fund and E Fund were the only two institutions to see non-monetary scale growth exceeding 100 billion yuan in Q2, with increases of 120.68 billion yuan and 102.51 billion yuan, respectively [8]. Huaxia Fund's Strategic Positioning - Huaxia Fund has established a comprehensive ETF product matrix, with 110 non-monetary ETFs, including 12 with scales exceeding 10 billion yuan [12]. - The firm has transformed ETFs from mere trading instruments into service platforms, enhancing user experience and lowering investment barriers [12][13]. Research and Development Capabilities - Huaxia Fund emphasizes a strong research and development system, focusing on equity investment and building a diverse and experienced research team [22]. - The company has optimized its research system to improve efficiency and effectiveness, aligning with the industry's shift from scale competition to quality competition [23]. Conclusion - The practices of Huaxia Fund reflect the broader trend in the public fund industry towards prioritizing investor interests and creating long-term value, marking a significant transition from "large" to "strong" [24].

Group 1 - The core point of the news is the launch of the Jianxin North Certificate 50 Index Fund, marking a significant step in Jianxin Fund's marketization process in the North Exchange [2] - The fund will be publicly offered from July 15 to July 25, with a minimum of 90% equity position to closely track the North Certificate 50 Index, and management and custody fees set at 0.5% and 0.1% per year, respectively [2] - The North Certificate 50 Index has shown strong performance, with a year-to-date increase of 36.90% as of July 11, 2025, and a peak increase of nearly 44% during the year [3] Group 2 - The North Exchange has attracted significant investment due to its focus on "specialized, refined, unique, and innovative" enterprises, which, despite being smaller in scale, have high technological barriers and growth potential [4] - As of the end of Q1 2025, the total scale of public funds tracking the North Certificate 50 reached 9.125 billion, indicating strong demand from investors [4] - The Jianxin North Certificate 50 Index Fund will be the latest addition to the growing number of index products, with six other index products launched in 2025 from various fund companies [3][4] Group 3 - Liu Minghui has been appointed as the fund manager for the Jianxin North Certificate 50 Index Fund, bringing extensive experience in index fund management [5] - Liu has managed three products with a total scale of 624 million, achieving notable returns in the technology sector, with the Jianxin Hang Seng Technology Index Fund A and C shares returning 52.65% and 54.16%, respectively [5][6] - The performance of Liu's other fund, the Jianxin Precision Manufacturing Index Enhanced Fund, was less favorable, recording a total return of -9.29%, which may impact his overall management scale [6]

Group 1: Fund Performance Overview - Public funds' performance in the first half of the year shows that pharmaceutical-themed funds and North Exchange-themed funds performed the best, with the top two funds being Huatai-PineBridge Hong Kong Advantage Select Fund C and A shares, yielding 86.68% and 86.48% respectively [1] - Six out of the top ten active equity funds are pharmaceutical-themed, with Changcheng Pharmaceutical Industry Select Fund A and C shares achieving returns of 75.18% and 74.73%, ranking third and fourth [2] - The North Exchange-themed funds also performed well, with CITIC Securities North Exchange Select Fund A/C achieving over 80% returns, making it the highest-yielding active equity fund [2] Group 2: Investment Strategies and Market Trends - The strong performance of pharmaceutical-themed funds is attributed to the innovative drug market, focusing on companies with disruptive innovations and those with products entering commercialization [2] - The North Exchange market benefits from its thematic positioning and overall market uptrend, with high volatility providing trading opportunities [3] - Analysts note that the small-cap style, represented by the North Exchange, aligns with market trends, with sectors like artificial intelligence and robotics driving stock price increases [4] Group 3: Underperforming Funds - The Galaxy Junrong Fund I shares had the worst performance among active equity funds, with a decline of 37.89% in the first half of the year, and also showed poor long-term performance [5] - The fund manager's preference for resource and traditional consumer stocks has led to significant underperformance, with the fund's assets shrinking dramatically due to large redemptions [8] - Several funds under the Caitong brand also ranked poorly, with significant adjustments in holdings reflecting a shift away from overseas computing power stocks to domestic ones [9][10] Group 4: Fund Manager Analysis - The fund manager of Galaxy Junrong has shown a high concentration in specific sectors, which has resulted in unstable performance due to market fluctuations [12] - Caitong's fund manager has shifted focus to domestic computing power, anticipating growth in AI-related investments, but faces challenges due to reliance on imported high-end chips [10][11] - The analysis indicates that the fund manager's strategy of high concentration and frequent sector rotation has led to inconsistent annual returns [11][12]

Group 1 - The core viewpoint of the articles highlights the strong performance of innovation drug-themed funds, with the Huatai-PineBridge Hong Kong Advantage Select Fund leading the pack with a return of 89.15% as of June 29, 2023 [2][3] - A total of 40 funds have achieved a return exceeding 50% this year, with 16 out of the top 20 funds being innovation drug-themed [2][3] - The AI-themed funds have underperformed significantly, with losses exceeding 20% for the bottom-performing funds [1][3] Group 2 - The active equity funds have generally shown a recovery in performance, with nearly 80% of active equity funds achieving positive returns this year, and over 1,000 funds seeing net value increases of over 10% [4][5] - The market has experienced structural volatility, with different themes impacting fund performance directly, necessitating precise market timing from fund managers [3][4] - The long-term performance of the Huatai-PineBridge North Exchange Innovation Small and Medium Enterprises Select Fund has yielded a cumulative return of 177.04% over the past three years, significantly outperforming its peers [3] Group 3 - The innovation drug sector is currently experiencing a surge, with funds in this category dominating the performance rankings, while the humanoid robot sector has seen a decline from its previous highs [2][7] - The market outlook for the second half of the year suggests a mix of opportunities and risks, with low overall valuation levels and supportive macroeconomic policies being key factors [8][9] - Key investment areas identified include dividend assets, technology sectors with strong policy support, and high-potential domestic demand sectors [9]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund managers' compensation to long-term performance, addressing the industry's focus on scale over returns [2] Group 1: Fund Manager Compensation - Fund managers with products underperforming their benchmarks by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [2] - Conversely, fund managers whose performance significantly exceeds benchmarks may see reasonable increases in their compensation [2] Group 2: Underperforming Funds - As of May 21, nearly 6000 public funds have been managed for over three years, with 1341 funds underperforming their benchmarks by over 10 percentage points, involving 735 fund managers [3] - Among these, 31 funds have underperformed their benchmarks by over 50 percentage points, including notable managers like Yao Zhipeng from Harvest Fund and Shi Cheng from Guotai Junan [3] - The worst performer is Morgan Fund's Guo Chen, whose fund has a cumulative return of -23.03%, lagging behind the benchmark by 128 percentage points [3] Group 3: High-Performing Funds - There are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding benchmarks by over 50 percentage points [6] - Notable high performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, managed by Guo Xin, which achieved a cumulative return of 194%, surpassing its benchmark by 176 percentage points [6][7] - The North Exchange theme funds have emerged as a concentrated area of excess returns, with several funds exceeding their benchmarks by over 60 percentage points [7] Group 4: Adjustments to Performance Benchmarks - In response to the new action plan, many fund companies have begun to adjust their performance benchmarks, with over 100 funds changing their benchmarks by May 26 [8][10] - Adjustments are made to ensure benchmarks accurately reflect the risk-return characteristics of the funds, addressing previous inadequacies in benchmark design [10][11] - The CSRC emphasizes the need for strict regulation of benchmark selection and modification to ensure alignment with investment strategies and product positioning [11]

每经记者｜任飞 每经编辑｜叶峰 近期，A股市场缩量震荡，题材板块继续快速轮动，而北证50指数则持续走强，创出历史新高。 记者注意到，今年以来，生物医药、人工智能以及北交所等行业及主题基金的表现依然不俗，在年内的净值排行当中，居于前列的产品普遍有此类基金的身 影。 值得注意的是，基金公司也在调整部分产品的申赎政策，近期又有一些基金公告限购方案，如易方达北证50成分指数、东财北证50指数发起等多只基金近期 公告了相关内容。有分析指出，在关注热门行业投资机会的同时，仍需关注外部不确定性带来的风险，并控制加仓节奏。 北证50指数再创新高，基金公司调整限购措施 近期，A股市场板块轮动依然较快，尽管单日上涨家数高于下跌家数的情况多次出现，但个股的赚钱效应却不佳，各宽基指数呈现出震荡走势。然而，北证 50指数却在近期表现活跃。 5月21日，北证50指数低开高走，再次创出历史新高，截至收盘，报收1479.81点。从《每日经济新闻》记者同业内人士交流的情况来看，基于目前北交所个 股量化交易的程度较低，资金仍有继续博弈的可能，不过，这也使得北交所相关主题基金的净值又一次提升。 Wind统计显示，截至5月20日，年内基金的净值收益 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing the importance of performance benchmarks for funds [1][7]. Group 1: Changes in Performance Benchmarks - A significant increase in the number of funds changing their performance benchmarks has been observed this year, with 82 funds making changes compared to only 37 in the same period last year [3]. - Several North Exchange theme funds have updated their performance benchmarks to align with relevant indices, although five companies have yet to make these necessary adjustments [3][6]. - The Tianhong Qingxiang Fund and Zheshang Huijin Quantitative Fund have both adjusted their performance benchmarks to better reflect their investment strategies, moving away from indices that do not accurately represent their risk-return profiles [4][5]. Group 2: Importance of Performance Benchmarks - Performance benchmarks are crucial for evaluating fund performance, yet many funds have benchmarks that do not serve their intended purpose, leading to a lack of accountability for fund managers [6][9]. - The CSRC's action plan aims to enforce stricter guidelines for setting and modifying performance benchmarks, linking them to fund company performance assessments and manager compensation [7][10]. - The current benchmarks often reflect a simplistic approach, with a high concentration of funds using major indices like the CSI 300, which may not accurately represent the diverse market landscape [9][11]. Group 3: Future Implications - The action plan is expected to lead to more refined management of performance benchmarks, encouraging fund companies to reassess their benchmarks and align them more closely with their investment strategies [8][10]. - As the industry evolves, there is a push for more sophisticated benchmark selection, including the potential use of composite indices instead of relying solely on broad indices [11].