2025.09.29 本文字数：2547，阅读时长大约5分钟 作者 |第一财经 曹璐 封图 |AI生成 "本想趁长假前买点短债基金赚点利息，结果打开APP一看，好几个产品都'限大额'了！" 近期，不少持有货币基金、短债基金的投资者发现，多只低风险产品陆续挂出"大额限购令"。Wind数 据显示，截至9月29日，近十天里已有超百只基金密集启动大额限购，且部分产品将恢复时间精准卡在 长假后首交易日。 双节假期前夕，公募基金市场迎来一波密集的限购潮。 9月29日，国寿安保添利发布公告称，自当日起暂停机构投资者的大额申购、转换转入及定期定额投资 业务，单日机构投资者的单个账户申购金额不得超过10万元，并将在10月9日恢复，与长假后首个交易 日衔接。 此之前，长江乐享也同样表示将于9月25日起暂停办理该基金A、B、D类份额在代销机构的大额申购 （含定期定额投资）业务，上限为100万元，恢复时间同样定于10月9日。长江资管在公告中说明，此举 是根据国务院节假日安排及交易所休市安排，为保护份额持有人利益。 为何限制大额申购？业内人士直指两大关键：一是假期债券票息、存款利息照常生钱，大额资金短期涌 入若未及时配置，易摊薄老持有 ...

9月下旬以来，景顺长城基金、银华基金、汇安基金、中金基金等多家公募机构陆续发布公告，对旗下 货币基金、中短债基金、同业存单指数基金等低风险产品实施国庆节、中秋节假期前限购或暂停申购， 并明确节后恢复申购。 资讯数据显示，截至记者发稿时统计，9月29日有3111只基金（统计全部份额）实施限购，环比8月29日 的2950只增加161只。对比来看，目前10月9日预计实施单日限购的基金产品数量回落至2963只。 从产品类型看，本次节前限购覆盖货币市场型、中短债型、同业存单指数型及纯债型基金，均属于风险 等级较低、资金进出频次高的品类，是普通投资者假期闲置资金配置的主要选择。 多家公募机构在公告中均强调，此举是"为保证基金平稳运作，保护基金份额持有人利益"。 兼顾资金需求与策略稳定性 为何基金管理人会在节前集中启动限购？从运作逻辑看，核心是降低"假期资产无法交易"与"资金频繁 波动"的风险，兼顾流动性安全与投资者收益公平。 业内人士称，这种"节前关闸、节后开门"的操作，体现了基金管理人对流动性风险的精准把控，更重要 的是通过平滑资金波动，保护存量投资者收益，彰显公募行业以投资者利益为核心的专业运作逻辑。 多类低风险基金 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report From September 6th to September 19th, 2025, the bank wealth - management market was dominated by fixed - income products, especially fixed - income plus products. The fund new - issue market showed the characteristics of "total volume recovery and structural differentiation", with bond - type funds regaining the mainstream. The insurance market's new - issue products' quantity stabilized, and the structural adjustment trend continued to strengthen, with dividend - type insurance products becoming more prominent [2][3][8]. Summary According to Relevant Catalogs Bank Wealth - Management Products - **New - Issue Overall Situation**: In this bi - weekly period, 1214 new wealth - management products were issued. Fixed - income products accounted for 97.69%, with fixed - income plus as the mainstream. Wealth - management subsidiaries were the main issuers (72.82%), and medium - to long - term products (1 - 3 years) were the most popular. Product yields were significantly differentiated, and leading institutions achieved excess returns through multi - asset strategies [11]. - **New - Issue Market Trend Summary** - **Fixed - income plus Products**: 818 new fixed - income plus products were issued, accounting for over 60% of the market. They met investors' income needs and balanced risks, and wealth - management institutions' strategies were evolving [13]. - **Medium - to Long - term Products**: Medium - to long - term products accounted for nearly 80%. They could obtain higher coupon rates by locking in the duration and smooth net - value fluctuations. Policy guidance also encouraged their issuance [16]. - **Outstanding Products and Institutions** - **Bohai Bank Wealth - Management "Caishou Youlue" Series**: It was the largest - issued product series this period, with one - year closed - end fixed - income plus products as the core, attracting a large amount of retail funds [17]. - **BlackRock CCB Wealth - Management "Beiyuan US Dollar Fixed - Income" Products**: It could access high - interest US dollar assets through the global research platform, forming a differentiated advantage in foreign - currency wealth - management [18]. Fund Products - **New - Issue Fund Market Overall Situation**: From September 6th to 19th, 2025, 95 funds were newly issued, with a total share of 96.622 billion. Bond - type funds with a share of 51.318 billion became the mainstream again, accounting for 53.11%. Market hotspots were concentrated on science - innovation bond ETFs and technology - themed funds [19]. - **Fund New - Issue Rule Summary** - **Issuance Scale and Rhythm**: The issuance showed a pattern of "slow in the first week, explosive in the second week". The second week of September was affected by the concentrated issuance of science - innovation bond ETFs, but short - term issuance heat might be affected by market sentiment [20]. - **Product Type Structure**: Bond - type funds dominated, with 26 issues and a scale of 5.1318 billion yuan, accounting for 53.11%. Stock - type funds had 45 issues but only 3.2522 billion shares, and hybrid funds had 19 issues with 0.9053 billion shares [23]. - **Representative New - Issue Fund Products Analysis** - **Active Equity - type**: Active equity - type products had outstanding returns, but their scales were generally small, and their performance was affected by short - term market fluctuations [27]. - **Science - innovation Bond ETFs**: Many new - issue science - innovation bond ETFs had large scales, driven by policies and meeting institutional low - risk allocation needs [29]. - **Low - risk Products**: The New China CSI Inter - bank Certificate of Deposit Index 7 - day Holding Fund supplemented the market's demand for liquidity management tools [30]. Insurance Products - **Overall Situation**: From September 6th to 19th, 2025, 64 new insurance products were issued, a 79.81% decrease from the previous period. The proportion of dividend - type products in life insurance and annuity insurance increased significantly, mainly due to the asymmetric reduction of the predetermined interest rate [8]. - **Life Insurance**: Among the 43 newly issued life insurance products, 23 were dividend - type, accounting for 53.49%, replacing traditional products as the main force [34]. - **Annuity Insurance** - **New - Issue Situation**: Among the 21 newly issued annuity insurance products, 17 were dividend - type, accounting for 80.95%. Traditional products were absent this period [37]. - **IRR Calculation**: Dividend - type annuity insurance's IRR was mainly measured by the dividend IRR. Pension annuity dividend - type insurance was more suitable for long - term holding, and in the short - term, the IRR might decline slightly, while in the long - term, it was expected to stabilize and rise [41].

临近双节假期，许多基金公司开始调整旗下部分产品的申购政策。9月25日，又有南方基金、汇添富基 金、华泰柏瑞基金等多家机构公告了旗下部分产品的限购措施。 从产品类型来看，债券型、货币型等低风险基金的限购公告较多；从实施限购的时间来看，它们普遍定 于9月29日开始限购，并且于10月9日恢复日常申购。 公司将从9月29日开始，限制个人投资者单个账户申购基金上限为50万元，这一限制将在10月9日取消。 同一天，浦银安盛基金也发布公告称，将从9月29日开始，暂停浦银中短债A、C的申购业务，直到10月 9日恢复。此外，还有中海基金、财通基金、国联安基金、红土创新基金等多家公募基金机构针对节前 暂停申购的相关计划进行了说明。 值得注意的是，在此期间，还有一些权益类基金也将实施限购，如华泰柏瑞港股通量化，也将于9月29 日开始限制大额申购，单日申购上限为1000元，到10月9日恢复。 有分析指出，基金公司在节前资金流入高峰期进行规模调控，节后再恢复正常，以此平滑资金曲线、稳 定运作环境。 多只低风险产品节前限购 今年国庆、中秋双节假期共持续八天时间，近日，已经有不少基金公司陆续对旗下基金产品的申购政策 做出调整，普遍针对低风 ...

Core Viewpoint - The article discusses the characteristics and risks associated with R1-rated funds, emphasizing that "low risk" does not equate to "zero risk" and provides guidance for conservative investors on selecting suitable low-risk funds [1]. Fund Risk Level System - The fund risk level system ranges from R1 to R5, indicating increasing levels of risk and corresponding investor risk tolerance [2]. - R1 funds are considered "quasi-savings" but still carry three main potential risks: yield fluctuation risk, liquidity risk, and minimal credit risk [4][5][6]. R1 Fund Characteristics - R1 funds are suitable for cautious investors seeking capital safety and stable returns, with maximum drawdown typically controlled within 0.5% [7]. - The average annualized return for R1 funds over the past decade is 2.4%, with the maximum single-day decline not exceeding 0.05% [6]. Types of Low-Risk Funds - Money Market Funds: Known for liquidity, suitable for cash management [9]. - Interbank Certificate of Deposit Index Funds: Enhanced yield version of money market funds, with higher yield volatility [9]. - Pure Bond Funds: Core for stable returns, requiring differentiation between short and long-term [9]. Investment Characteristics - Money Market Funds: Seven-day annualized yield ranges from 1.8% to 2.8% [10]. - Interbank Certificate of Deposit Index Funds: Annualized yield over the past three years is between 2.8% and 3.5%, with volatility 1.5 times that of money market funds [10]. - Pure Bond Funds: Short-term pure bond funds yield between 2.5% and 3.2%, while long-term pure bond funds yield between 3.5% and 4.5% [10]. Investment Strategy for Conservative Investors - For conservative investors, a combination of money market funds for cash management, interbank certificate of deposit funds for enhanced yield, and pure bond funds for core returns can achieve a stable annualized return of 2.8% to 4% [13].

深圳商报·读创客户端记者 詹钰叶 首批同业存单指数基金诞生于2021年12月，这类基金是跟踪中证同业存单AAA指数（由银行间市场主 体评级为AAA，发行期限1年以下、上市时间7天以上的同业存单组成）的指数债券基金。其卖点主要 为"货基替代"，一度受到市场追捧，爆款频出，首批产品曾"吸金"超百亿元。尽管同业存单指数基金数 量不断增长，但总体规模显著缩水。同花顺数据显示，至今年年中，全市场共有101只同业存单指数基 金，合计规模为1258.26亿元；而上述产品发行规模共计3551.49亿元，整体规模缩水幅度接近65%。 | | | | 2025年年中规模 | 较发行规模缩水 | | --- | --- | --- | --- | --- | | 证券代码 | 基金简称(官方) | 基金成立日 | (力元) | (%) | | 019984. OF | 南华同业存单指数7天持有 | 2024-03-19 | 345. 98 | -99. 59 | | 018343. OF | 汇安中证同业存单AA指数7天持有期 | 2023-06-29 | 563. 63 | -99. 52 | | 019754. OF | 交银 ...

基金费率改革或影响短债基金 理财公司考虑三大替代路径 近日，证监会就《公开募集证券投资基金销售费用管理规定（征求意见稿）》公开征求意见，拟针对不 同持有期限设置基金赎回费率下限。业内人士认为，此举或提高短期持有基金的赎回成本，进而影响短 债基金等高流动性产品的投资价值。作为短债基金的重要机构投资者，理财公司正积极寻求应对之策。 记者从业内获悉，理财公司主要考虑三条替代路径：直接进行债券交易、通过专户配置债券、投资债券 ETF及同业存单指数基金。（中国证券报） 月内122只基金开启募集 环比增长45.24% 9月份以来，公募基金发行市场持续活跃。公募排排网数据显示，9月1日至9月16日，全市场共有122只 基金启动募集，相较于8月份同期的84只环比增长45.24%。同时，基金发行市场的"开门红"不仅表现在 数量的增长上，更体现在募集效率的提升上。9月份以来，新基金的平均认购天数较8月份同期的17.42 天缩短了近30%，部分热门产品甚至出现了"一日售罄"的火爆现象。"权益类基金业绩表现突出，赚钱 效应显著，是推动基金发行市场活跃的重要动力。"排排网集团旗下融智投资FOF基金经理李春瑜表 示。（证券日报） 退市公 ...

征求意见稿针对不同持有期限设置了基金赎回费率下限：对持续持有期少于七日的投资者，收取不低于 赎回金额1.5%的赎回费；对持续持有期满七日、少于三十日的投资者，收取不低于赎回金额1%的赎回 费；对持续持有期满三十日、少于六个月的投资者，收取不低于赎回金额0.5%的赎回费。 业内人士认为，征求意见稿意在引导投资者进行长期投资，但对于部分将债券基金作为流动性管理工具 或交易工具的投资者而言，赎回成本或增加，进而压缩投资者实际的持有收益。 换言之，以短债基金为代表的高流动性产品，其投资价值恐将受到影响。中信证券首席经济学家明明认 为，短债基金的底层资产以短期债券为主。在低利率环境下，票息收益本就有限。根据征求意见稿，基 金赎回费率或上调，这将增加投资者的短期持有成本，进而削弱该类产品在流动性管理和交易工具方面 的价值。 近日，证监会就《公开募集证券投资基金销售费用管理规定（征求意见稿）》公开征求意见，拟针对不 同持有期限设置基金赎回费率下限。业内人士认为，此举或提高短期持有基金的赎回成本，进而影响短 债基金等高流动性产品的投资价值。 作为短债基金的重要机构投资者，理财公司正积极寻求应对之策。中国证券报记者从业内获悉， ...

● 李静 李蕴奇 近日，证监会就《公开募集证券投资基金销售费用管理规定（征求意见稿）》公开征求意见，拟针对不 同持有期限设置基金赎回费率下限。业内人士认为，此举或提高短期持有基金的赎回成本，进而影响短 债基金等高流动性产品的投资价值。 作为短债基金的重要机构投资者，理财公司正积极寻求应对之策。中国证券报记者从业内获悉，理财公 司主要考虑三条替代路径：直接进行债券交易、通过专户配置债券、投资债券ETF及同业存单指数基 金。 短债基金持有成本或提升 征求意见稿针对不同持有期限设置了基金赎回费率下限：对持续持有期少于七日的投资者，收取不低于 赎回金额1.5%的赎回费；对持续持有期满七日、少于三十日的投资者，收取不低于赎回金额1%的赎回 费；对持续持有期满三十日、少于六个月的投资者，收取不低于赎回金额0.5%的赎回费。 业内人士认为，征求意见稿意在引导投资者进行长期投资，但对于部分将债券基金作为流动性管理工具 或交易工具的投资者而言，赎回成本或增加，进而压缩投资者实际的持有收益。 换言之，以短债基金为代表的高流动性产品，其投资价值恐将受到影响。中信证券首席经济学家明明认 为，短债基金的底层资产以短期债券为主。在低利率 ...

Core Insights - The article discusses the competition and transition between bank deposits, wealth management products, and funds, particularly in the context of declining interest rates and changing investor preferences [1][2]. Group 1: Market Dynamics - With the backdrop of declining deposit interest rates, many depositors are seeking alternative investment products, leading to increased interest in short-term fixed-income wealth management products [1]. - Wealth management products have maintained a scale of approximately 31 trillion yuan, despite regulatory pressures and the need for companies to offer competitive returns [1][2]. - The shift towards low-volatility and stable investment strategies has become prominent among wealth management companies, contrasting with the initial ambition to offer higher-risk products [2]. Group 2: Product Comparison - Credit bond ETFs have seen a tenfold increase in scale, indicating a growing preference for these products due to their lower management fees compared to traditional wealth management products [3]. - Wealth management products may struggle to compete with ETFs if they solely rely on credit bonds for returns, as the advantages of wealth management products diminish in a fully net-value fluctuating environment [4]. - The importance of non-standard assets and strategies such as IPOs and private placements is highlighted as critical for wealth management products to differentiate themselves and maintain market share against funds [4].