自去年接替长期掌舵人Peter Harrison以来，施罗德首席执行官Richard Oldfield一直试图重振这家有着221年历史的 伦敦金融机构的业绩。该公司此前因成本结构高企和有机增长放缓而受到批评。 智通财经APP获悉，施罗德集团在第三季度实现了资金净流入，这得益于对其养老金服务及另类投资基金的强劲 需求。根据该集团周四发布的声明，客户在截至9月的三个月内净增资22亿英镑(约合29亿美元)，相比今年上半年 净流出10亿英镑实现明显改善。其中。该集团在为养老金基金提供咨询的核心解决方案部门实现67亿英镑的净流 入，私人债务及信贷类另类投资产品也实现了资金净流入。而在市场活动强劲的推动下，施罗德截至9月底的资产 管理规模(AUM)较6月底增长5%，达到创纪录的8167亿英镑。 | £bn | 30 June 2025 | Net flows | Markets, FX and investment | Acquisitions/ closures2 | 30 September | | --- | --- | --- | --- | --- | --- | | | | | performance1 | ...

Core Viewpoint - The public fund industry is undergoing a deep adjustment centered on benchmark reconstruction, driven by the "Action Plan for Promoting High-Quality Development of Public Funds" implemented since May 7, 2025. This adjustment reflects a shift from scale expansion to quality improvement, emphasizing the importance of benchmarks in defining product positioning and investment strategies [2][3]. Group 1: Benchmark Adjustment Overview - Since the implementation of the "Action Plan," 57 funds have initiated benchmark adjustments, with bond and mixed funds being the primary focus, each accounting for 18 funds, representing over 63% of the total adjustments. Stock funds follow with 14 adjustments, while FOF products have 5, indicating a concentrated effort in high market share and complex strategy fund types [6][8]. - The adjustments are characterized by a shift from broad indices to more targeted indices, such as moving from the "CSI All Bond Index" to the "China Bond Composite Index," which allows for a more accurate reflection of the fund's investment characteristics and risk-return profile [9][10]. Group 2: Specific Fund Adjustments - Notable examples of benchmark changes include the "浦银安盛稳健增利债券" fund, which changed its benchmark from "CSI All Bond Index 100%" to a combination of "China Bond Composite (Full Price) Index Yield 85% + CSI Convertible Bond Index Yield 5% + Bank Demand Deposit Rate (after tax) 10%" [9]. - The adjustments also reflect a trend of incorporating various yield factors, such as including bank deposit rates in benchmarks, which enhances the relevance of the benchmarks to the funds' investment strategies and risk profiles [10][20]. Group 3: Mixed and Stock Fund Adjustments - Mixed and stock funds are also adjusting their benchmarks to better align with their investment strategies, moving from broad indices like the "CSI 300" to more specific indices that reflect their investment focus, such as the "CSI Sports Industry Index" and "CSI TMT Industry Theme Index" [14][16]. - The adjustments aim to resolve the mismatch between benchmarks and strategies, ensuring that the benchmarks accurately reflect the funds' investment characteristics and risk-return profiles [15][17]. Group 4: Risk and Liquidity Management - Funds are adjusting their fixed income or cash components in benchmarks to balance risk and liquidity needs. High equity proportion funds are replacing bond indices with bank demand deposit rates to meet liquidity management requirements, while low equity proportion funds are adjusting bond index weights to align with their risk profiles [20][21].

Core Insights - The public fund industry in China experienced a slight increase in management fees, totaling 62.313 billion yuan in the first half of the year, which is an increase of 844 million yuan year-on-year, but a decrease of 8.992 billion yuan compared to the same period before the fee rate reform in July 2023 [1][2][3] Fund Performance and Management Fees - The total scale of the public fund industry increased by 1.56 trillion yuan to 34.39 trillion yuan, providing a foundation for the growth of management fee income [2] - Equity funds (stock and mixed) faced pressure, with management fee income of 26.625 billion yuan, a year-on-year decline of 6.27%, accounting for 42.73% of total management fees, down 3.48 percentage points from the previous year [2] - Low-risk and specialty funds, such as money market and bond funds, became the main contributors to management fee income, with record highs of 18.4 billion yuan and 14.621 billion yuan respectively [2][3] - QDII funds and alternative investment funds showed strong performance, with management fees of 1.941 billion yuan and 343 million yuan, increasing by 22.85% and 109.15% year-on-year respectively [2] Competitive Landscape - The competition among leading public fund institutions intensified, with 21 institutions reporting management fee income exceeding 1 billion yuan in the first half of the year [4] - E Fund led with 3.918 billion yuan in management fees, although this was a decrease of 167 million yuan year-on-year, while Huaxia Fund followed closely with 3.001 billion yuan [4][5] - The focus of competition has shifted from mere scale expansion to building systematic capabilities, emphasizing multi-asset research platforms, product innovation, and digital operations [5] Industry Challenges and Trends - Smaller public fund institutions faced significant challenges, with 8 reporting net profit losses and many struggling with revenue generation [6] - The industry is experiencing a rapid reshuffle, with a focus on "capability barriers," where leading institutions consolidate their positions while smaller firms seek differentiation [6] - The outlook for the second half of the year suggests that management fee growth will increasingly depend on quality improvements, with both leading and smaller institutions needing to focus on value creation for investors [7]

Core Viewpoint - The public fund industry has shown signs of "mild recovery" in the first half of the year, with management fees reaching 62.09 billion yuan, a slight increase compared to the previous year, but still significantly lower than pre-reform levels [3][4][6]. Summary by Sections Management Fees - The total scale of the public fund industry reached 34.39 trillion yuan by the end of June, an increase of nearly 1.57 trillion yuan in the first half of the year, representing a year-to-date growth of 4.78% [5]. - The management fees collected by public funds in the first half of the year amounted to 62.09 billion yuan, a year-on-year increase of 10.18 billion yuan, or 1.67% [5][6]. - Despite the slight recovery, management fees are still down over 8.5 billion yuan compared to the 70.62 billion yuan reported before the fee reform in July 2023, indicating ongoing structural adjustments in the industry [6]. Fund Type Performance - Different types of funds have shown significant divergence in management fee income. Equity funds experienced the most notable decline, with management fees of 26.57 billion yuan, down 1.67 billion yuan year-on-year [6]. - Conversely, low-risk and specialty funds, such as money market and bond funds, saw management fee growth, with respective fees of 18.28 billion yuan and 14.62 billion yuan, both reaching historical highs [6][7]. Company Performance - Among the 193 fund management companies, 21 reported management fees exceeding 1 billion yuan, with the top ten companies maintaining a stable ranking [7]. - E Fund led with management fees of 3.918 billion yuan, although this was a decrease of 155 million yuan from the previous year [7][8]. - The competition among the lower-ranked companies is intense, with management fee differences of less than 1.2 billion yuan among them [8]. Profitability - A total of 66 fund companies reported a combined net profit of 17.673 billion yuan in the first half of the year, reflecting a year-on-year increase of over 10% [9][10]. - Approximately 88% of these companies were profitable, with 37 companies reporting net profit growth year-on-year [9]. - E Fund maintained its leading position with a net profit of 1.877 billion yuan, up 23.84% from the previous year [10]. Challenges for Smaller Firms - Some smaller firms, such as Jiutai and Jiangxin, reported losses, with revenues below 70 million yuan, highlighting their survival challenges [11]. - The operational difficulties faced by these smaller firms underscore their limitations in resources, branding, and research capabilities [11].

Core Viewpoint - The public fund industry has shown signs of moderate recovery in the first half of the year, with a total management fee of 620.93 billion yuan, reflecting a slight year-on-year increase despite significant reductions compared to pre-reform levels [1][2]. Group 1: Industry Performance - The total scale of the public fund industry reached 34.39 trillion yuan by the end of June, an increase of nearly 1.57 trillion yuan in the first half of the year, marking a year-to-date growth of 4.78% [2]. - The management fee collected by public funds in the first half of the year was 620.93 billion yuan, a year-on-year increase of 10.18 billion yuan, or 1.67% [2]. - Despite the slight recovery, the management fee remains over 85 billion yuan lower than the 706.18 billion yuan reported before the fee reform in July 2023, indicating ongoing structural adjustments in the industry [2]. Group 2: Fund Type Performance - Equity funds, including mixed and stock funds, saw a significant decline in management fees, totaling 265.71 billion yuan, down 16.68 billion yuan year-on-year, with their market share dropping to 42.79% [2][3]. - Conversely, low-risk and specialty funds, such as money market and bond funds, experienced growth, with management fees reaching 182.78 billion yuan and 146.19 billion yuan, respectively, both setting historical highs [3]. - QDII funds saw a year-on-year management fee increase of 22.88% to 19.41 billion yuan, while alternative investment funds' management fees doubled to 3.43 billion yuan, leading growth among fund types [3]. Group 3: Company Performance - Among 66 public fund companies that disclosed data, the total net profit reached 176.73 billion yuan, a year-on-year increase of over 10%, with 58 companies profitable [5]. - Leading firms like E Fund and ICBC Credit Suisse maintained strong positions, with E Fund reporting a net profit of 18.77 billion yuan, up 23.84% year-on-year [5][6]. - However, some smaller firms, such as Jiutai and Jiangxin, faced significant challenges, with nine companies reporting losses and revenues below 70 million yuan, highlighting survival issues in the industry [1][7].

Core Viewpoint - The public fund industry in China has shown significant growth in management scale, with a total of approximately 34.05 trillion yuan as of June 30, 2025, marking an increase of 1.64 trillion yuan from the end of 2024 [3][4]. Group 1: Management Scale and Growth - As of June 30, 2025, the total management scale of 162 licensed public fund institutions is about 34.05 trillion yuan, with non-monetary fund management scale at approximately 20.11 trillion yuan, reflecting a growth of 1.03 trillion yuan from the end of 2024 [3][4]. - The top 30 public fund institutions account for 72.75% of the total non-monetary fund management scale, with a minimum threshold of 169.9 billion yuan to be included in this group [4]. - Among the top 30 institutions, 26 have seen an increase in non-monetary fund management scale compared to the end of 2024, with seven institutions experiencing growth rates of 10% or more [4][9]. Group 2: Leading Institutions - The top three public fund institutions by non-monetary management scale are E Fund, Huaxia Fund, and GF Fund, maintaining their positions consistently over the past three quarters [4][10]. - E Fund has a management scale of 2.16 trillion yuan, while Huaxia Fund follows closely with 2.10 trillion yuan, both exceeding 1 trillion yuan in non-monetary management scale [4][10]. - The average growth rate for the 162 public fund institutions in the first half of 2025 is 7.58%, with 92 institutions achieving net growth in non-monetary scale [10][11]. Group 3: Fund Types and Performance - The total management scale of stock, mixed, and bond funds is approximately 18.82 trillion yuan, accounting for 93.58% of the total non-monetary management scale [13]. - Stock funds have shown a quarterly growth of 6.09% and a half-year growth of 7.7%, while bond funds have increased by 8.71% quarterly [13][14]. - Alternative investment funds have seen significant growth, with a quarterly increase of 45.6% and a half-year increase of 97.62%, indicating a rising demand for diversified investment options [13][14]. Group 4: Notable Growth Institutions - The top three institutions by net growth in non-monetary management scale are Fuguo Fund (847.48 billion yuan), GF Fund (720.25 billion yuan), and Huitianfu Fund (631.6 billion yuan) [10][11]. - Dongcai Fund has the highest growth rate at 48.18%, followed by Haifutong Fund at 39.41% and Huatai Bosheng Fund at 39.14% [10][11]. - Yongying Fund has achieved the highest growth in stock fund management scale, with increases of 111.37% and 60.75% for half-year and quarterly periods, respectively [17].

Core Insights - The public fund industry in China has shown significant growth, with the total management scale reaching approximately 34.05 trillion yuan as of June 30, 2025, an increase of 1.64 trillion yuan compared to the end of 2024 [1] - The top 30 institutions in the non-monetary market fund management scale account for 72.75% of the total, indicating a high concentration in the industry [1] - E Fund and Huaxia Fund are the leading institutions with non-monetary market fund management scales exceeding 1 trillion yuan [1] Industry Overview - As of June 30, 2025, the management scale of non-monetary market funds reached approximately 20.11 trillion yuan, up by 1.03 trillion yuan from the end of the previous year [1] - Among the top 30 institutions, 26 experienced growth in their non-monetary market fund management scale compared to the end of 2024, with seven institutions showing growth rates of 10% or more [1] - The rankings of E Fund, Huaxia Fund, and GF Fund remained unchanged in both time periods, consistently holding the top three positions [1] Performance Analysis - A total of 92 out of 162 public institutions achieved net growth in non-monetary market fund management scale, representing 56.79% of the total [4] - The top three institutions by net growth amount were Fuguo Fund (847.48 billion yuan), GF Fund (720.25 billion yuan), and Huitianfu Fund (631.6 billion yuan) [4] - The most significant growth rates were observed in Dongcai Fund (48.18%), Haifutong Fund (39.41%), and Huatai-PB Fund (39.14%) [4] Fund Classification - The combined management scale of equity funds, mixed funds, and bond funds accounted for 93.58% of the total non-monetary market fund management scale [7] - Alternative investment funds, particularly those investing in precious metals like gold, have seen substantial growth, reflecting an increased demand for diversified investment options [7] - In the equity fund management scale, Huaxia Fund and E Fund are among the top institutions, while Yongying Fund has shown the highest growth rate in both the half-year and quarterly periods [7]

Core Insights - The Chinese public fund market has undergone significant transformation over the past decade, evolving from "quantity expansion" to "quality improvement," becoming a crucial pillar for wealth management and capital market development [7][8][9]. Fund Market Growth - The total asset value of public funds in China increased from 4.45 trillion yuan in 2014 to over 32 trillion yuan by 2024, marking a growth of 626% [8]. - The number of funds rose from fewer than 1,900 in 2014 to 12,400 by 2024, a 550% increase [8]. - As of June 30, 2023, the number of funds reached 12,900, maintaining an asset value above 32 trillion yuan, indicating ongoing market expansion and stability [8]. Product Diversification - The variety of public fund products has significantly increased, now including ETFs, REITs, FOFs, and alternative investments, with FOFs and REITs emerging from non-existence to notable presence [8][9]. - QDII funds, which invest in overseas markets, grew from fewer than 90 funds and under 50 billion yuan in asset value in 2014 to over 300 funds and more than 530 billion yuan by 2024 [8]. Investment Strategy Evolution - Public funds have diversified their investment strategies, with ETFs expanding from broad-based to sector and thematic investments, and quantitative strategies evolving to include various tools [9]. - The growth of fixed-income funds, particularly bond funds, reflects a strong demand for stable return products amid economic uncertainties [10][11]. Bond Fund Expansion - Bond funds have seen the most significant growth, with their share and asset value increasing substantially over the past decade. By the end of 2024, bond funds accounted for 31.42% of total fund shares and 32.62% of asset value, both up over 24 percentage points from ten years prior [11]. Rise of Passive Investment - The market share of passive investment funds, particularly ETFs, has grown significantly. ETF numbers increased from 107 in 2014 to over 1,000 by 2024, with asset value rising from 256 billion yuan to 3.73 trillion yuan [13]. - The shift towards passive investment is attributed to changing market conditions and investor sentiment, with a growing preference for low-cost, transparent investment options [13]. Investor Structure Changes - The investor base has shifted towards institutional investors, with their share of net asset value rising from 31.07% in 2014 to 48.49% by 2024, while individual investors' share decreased [14]. - The institutionalization trend is particularly pronounced in bond funds, where institutional ownership increased from 53.08% to 82.46% over the same period [14]. Long-term Investment Opportunities - Over 400 funds have achieved over 100% returns since 2015, with a significant number being mixed equity and flexible allocation funds [16]. - The average asset value of these long-term funds increased from 1.065 billion yuan in 2014 to 2.226 billion yuan by mid-2025, indicating a trend towards medium-sized funds performing better [17].

Market Overview - The equity market showed an overall upward trend in June 2025, with the performance of various indices such as the Maned Active Equity Fund Index, Maned Stock Fund Total Index, and Maned Mixed Fund Total Index recording increases of 3.63%, 4.26%, and 3.59% respectively [2] - The bond market exhibited a clear structural trend, with the Maned Bond Fund Index achieving a positive return of 0.48%, while the Maned Medium to Long-term Pure Bond Fund Index and the Maned Short-term Pure Bond Fund Index rose by 0.28% and 0.18% respectively [2] - The Convertible Bond Fund Index recorded a gain of 3.51%, driven by the upward trend in equity markets and rising valuations of convertible bonds [2] Equity Allocation Strategy - With the easing of Middle Eastern tensions, market focus is shifting towards domestic policies, US-China tariffs, and potential interest rate cuts by the Federal Reserve [3] - High-performing sectors such as innovative pharmaceuticals, leading new consumption brands, and AI computing chains are expected to maintain strong momentum [3] - The strategy emphasizes the importance of fund managers who can track industry trends and suggests increasing the proportion of valuation-based sector rotation fund managers [3] - Key themes to watch include opportunities in AI and innovative pharmaceuticals, as well as military and "anti-involution" themes [3] Fixed Income Allocation Strategy - Despite a favorable overall environment, the downward trend in bond yields remains unchanged, with government bond rates at relatively low levels [4] - The market is expected to continue experiencing low-level fluctuations due to short-term sentiment changes and market dynamics [4] - A balanced allocation between interest rate bonds and credit bonds is recommended, with a slightly longer duration than the market average [4] Fixed Income Plus Fund Strategy - The strategy has been refined into low, medium, and high volatility fixed income plus categories, each with optimized indices [5] - The bond segment focuses on high-grade credit bonds while avoiding lower-rated credits, combining them with interest rate bond trading strategies [5] - The equity segment maintains a dividend and thematic rotation approach, with low volatility indices incorporating more active bond market opportunities [5] - Medium volatility indices introduce a higher proportion of dividend strategy-based assets, while high volatility indices focus on stable dividend funds with growth-oriented allocations [5]

Group 1 - The total net subscription amount for non-monetary public funds reached 5.318 billion yuan in the first half of the year, a year-on-year increase of 189.65% [1] - Equity funds performed well, with a net subscription amount of 2.373 billion yuan, accounting for 44.63% of the total net subscription amount for non-monetary funds, and a year-on-year growth of 76.04% [1] - Bond funds were the main contributors to net subscriptions, totaling 2.194 billion yuan, which accounted for 41.25% of the total net subscriptions for non-monetary funds [1] Group 2 - Among bond funds, medium- and long-term pure bond funds dominated with a net subscription amount of 966 million yuan, representing 44.03% of the total net subscriptions for bond funds [1] - Passive index bond funds also showed strong performance with a net subscription amount of 602 million yuan, accounting for 27.46% of the total [1] - In the equity fund category, stock funds contributed significantly with a net subscription amount of 1.328 billion yuan, making up 55.96% of the total net subscriptions for equity funds [1] Group 3 - Passive index funds emerged as the main force in stock funds, with a net subscription amount of 916 million yuan, representing 68.94% of the total net subscriptions for stock funds [1] - FOF funds had a net subscription amount of 514 million yuan, while QDII funds reached 70 million yuan [2] - A total of 66 public fund managers showed strong self-purchase enthusiasm, with 12 managers achieving net subscription amounts of no less than 1 billion yuan, accounting for 64.27% of the total net subscriptions [2]