人民财讯8月18日电，曾经一度爆款频频的同业存单基金，正出现规模大幅下滑。截至8月15日，全市场 101只同业存单基金整体规模不足1300亿元，和逾3500亿元的募集规模相比缩水超60%。其中，有26只 基金是规模不足5000万元的迷你基金，占比超过四分之一，徘徊在清盘边缘。 基金业内人士对记者表示，同业存单基金规模下降主要有两个原因：一是缺乏业绩优势，二是近几年来 市场环境发生变化，债券行情兴起和权益资产走出低谷，市场资金对同业存单基金的关注度有所下降。 ...

多只同业存单基金濒临清盘 8月15日，沪上一家中小型公募发布公告，其旗下同业存单基金连续30个工作日基金资产净值低于5000 万元，如果连续50个工作日出现该情形或基金份额持有人数量不满200人的，将根据约定进入基金清算 程序并终止，无需召开基金份额持有人大会审议。 公开信息显示，这只同业存单基金成立于2022年12月，成立规模接近37亿元。2023年一季度，该基金出 现逾30亿份净赎回，规模缩水至5.67亿元。2024年三季度，该基金规模跌破1亿元，截至2025年二季度 末，规模只剩下0.51亿元。 这并非个例。今年6月时，沪上一家银行系公募公告，旗下同业存单基金已连续30个工作日基金资产净 值低于5000万元。该基金成立于2023年12月，募集规模18.31亿元，截至今年二季度末规模只剩下1000 万元出头。2024年一季度末，这只基金出现大幅净赎回，规模由超18亿元下降到1.14亿元。 证券时报记者余世鹏 曾经一度爆款频频的同业存单基金，正出现规模大幅下滑。 截至8月15日，全市场101只同业存单基金整体规模不足1300亿元，和逾3500亿元的募集规模相比缩水超 60%。其中，有26只基金是规模不足50 ...

证券研究报告 | 固定收益 2025年07月31日 固定收益点评 收益下行的挑战——货币基金 202502 李报点评 二季度货币基金规模超季节性回升。2025年二季度货币甚全资产净值达 到 14.21 万亿元,较上李度增加 9046 亿元,同比多增 2059 亿元。一李度 同业存款整改使得货币基金收益率下降以及伴随着货币基金规模的下降。 二季度货币基金规模回升且实现超季节性增长。 二季度货币基金相对于存款收益优势抬升,推动了货基规模增速回升。货 币基金资产净值同比增速由 3月的 6.7%上升至 6 月的 7.9%。全市场货 币基金七日年化平均收益率由３月的１.45%下降至６月的１.34%，下降 幅度为 11.17bps。二季度存款挂牌利率降幅在 5bps-25bps 左右,大行 1 年定存挂牌利率下降 15bps 至 0.95%,3年定存挂牌利率下降 25bps 至 1.25%。货币基金收益率与 1 年定存挂牌利率的利差由 3 月的 34.95bps 上升至6月的 38.78bps,货币基金相对于存款收益优势抬升,推动了货基 规模增速回升。 | 作者 | | | --- | --- | | 分析师 | 杨业伟 ...

证券研究报告 | 固定收益 gszqdatemark 2025 07 31 年 月 日 二季度货币基金规模超季节性回升。2025 年二季度货币基金资产净值达 到 14.21 万亿元，较上季度增加 9046 亿元，同比多增 2059 亿元。一季度 同业存款整改使得货币基金收益率下降以及伴随着货币基金规模的下降。 二季度货币基金规模回升且实现超季节性增长。 二季度货币基金相对于存款收益优势抬升，推动了货基规模增速回升。货 币基金资产净值同比增速由 3 月的 6.7%上升至 6 月的 7.9%。全市场货 币基金七日年化平均收益率由 3 月的 1.45%下降至 6 月的 1.34%，下降 幅度为 11.17bps。二季度存款挂牌利率降幅在 5bps-25bps 左右，大行 1 年定存挂牌利率下降 15bps 至 0.95%，3 年定存挂牌利率下降 25bps 至 1.25%。货币基金收益率与 1 年定存挂牌利率的利差由 3 月的 34.95bps 上升至 6 月的 38.78bps，货币基金相对于存款收益优势抬升，推动了货基 规模增速回升。 二季度资金和存单收益率相对货基利差震荡回落，机构申购货币基金的动 力可能增强 ...

基 金 研 | | | | 年二季度国内公募基金份额点评 2025 | [Table_Authors] | 张弛(分析师) | | --- | --- | --- | | | | 021-38676666 | | | 登记编号 | S0880525040075 | | 本报告导读： | | 倪韵婷(分析师) | | 2025 年二季度国内公募基金份额（不含货币基金）为 16.67 万亿份，较上季度末增 | | 021-38676666 | | 加了 3.76%。具体来看，新发基金 2507.06 亿份，平均份额 6.33 亿份，存量基金份 | 登记编号 | S0880525040097 | | 额增加 3538.39 亿份，二季度公募基金份额的增长同时来自存量基金的份额增长以 | | | | 及新基金的发行。 | | | 投资要点： 证 券 研 究 报 请务必阅读正文之后的免责条款部分 究 基 金 季 报 告 [Table_Summary] 2025 年二季度国内公募基金份额点评。2025 年二季度国内公募基金 份额（不含货币基金）为 16.67 万亿份，较上季度末增加了 3.76%。 具体来看，新发基金 2 ...

Core Insights - The overall net subscription of funds in Q2 reached 1.25 trillion units, with money market and bond funds being the main contributors [2][3] - Despite a net redemption in equity funds, some actively managed equity products still attracted significant investment [4][7] Fund Subscription Summary - As of the end of Q2 2025, total fund units exceeded 30.22 trillion, marking an increase of 1.25 trillion units, a growth rate of 4.31% [3] - Money market funds saw a net subscription of 887.67 billion units, with a subscription ratio of 6.88%, totaling 13.79 trillion units by the end of Q2 [3] - Bond funds had a net subscription of 459.25 billion units, with a subscription ratio of 5.17%, bringing the total to 9.35 trillion units [3] - Commodity funds had a total of 72.29 billion units with a net subscription of 20.83 billion units, resulting in a high subscription ratio of 40.49% [3] - QDII funds had a net subscription ratio of 1.48%, with a total of 569.83 billion units by the end of Q2 [3] Equity Fund Performance - Equity funds experienced a net redemption of 140.27 billion units, with active stock funds leading the redemptions at 17.96 billion units, a 4.75% redemption ratio [4][5] - Mixed funds had a redemption ratio of 3.28%, while stock and index funds had redemption ratios of 0.73% and 0.23%, respectively [3] Notable Fund Performances - In Q2, 51 actively managed equity funds had net subscriptions exceeding 5 billion units, with mixed funds being the primary contributors [8] - Fourteen funds had net subscriptions over 10 billion units, with the top five being interbank deposit funds [9] - The "Solid Income+" product from Guotai Junan attracted 1.47 billion units, with a subscription ratio of 2698.57% [9] - The Huatai-PineBridge Innovation Medicine Mixed Fund achieved a net subscription of 1.46 billion units, with a growth rate of 21.65% [10] - The China Aerospace Security Mixed Fund saw a net subscription of 1.21 billion units, with a subscription ratio of 343.88% [10] Redemption Trends - A total of 56 actively managed equity funds had net redemptions exceeding 5 billion units, with 13 funds redeeming over 10 billion units [11] - The redemptions were primarily influenced by changes in fund management or poor performance, particularly affecting well-known fund managers [11]

Group 1 - The article emphasizes the importance of financial planning during the upcoming holiday, encouraging individuals to invest their idle funds while enjoying their time off [1][2] - Idle funds are defined as money remaining after covering daily expenses and long-term savings goals, which should be invested for both asset appreciation and liquidity [1] Group 2 - Interbank certificate funds are gaining attention as a preferred investment tool due to declining deposit rates, offering slightly higher yields than traditional products with low volatility, suitable for low to medium-risk investors [3] - The fund primarily invests in AAA-rated interbank certificates issued by major national commercial banks, ensuring low credit risk and allowing for flexible redemption after a seven-day holding period [3] Group 3 - Short- and medium-term bond funds focus on shorter-duration bonds, providing a buffer against equity market volatility, with yields higher than interbank certificate funds but lower than long-term bonds [4][6] - The Guotai Li Xiang Short Bond Fund has a three-year yield of 8.05%, outperforming its peers, and offers a seven-day holding period without redemption fees [5] Group 4 - Long-term bond funds typically offer higher yields and volatility, making them suitable for investors with a holding period of over one year, as they can smooth out fluctuations over time [6] - The Guotai Jiarui Pure Bond Fund employs a strategy combining interest rate bonds and commercial bank bonds, achieving a one-year yield of 6.05%, significantly above the average [7] Group 5 - "Fixed Income Plus" funds diversify between stocks and bonds, providing a safety net with bond assets while allowing for potential equity gains, making them ideal for volatile market conditions [10] - The Guotai Zhao Xiang Tian Li Fund has a one-year yield of 9.92% and a maximum drawdown of -2.27%, outperforming its peers in both performance and risk management [11] Group 6 - Investors are advised to choose funds based on their risk tolerance and liquidity needs, with a reminder that some bond products may limit large purchases before holidays [11]