Core Insights - The total assets under management for open-end funds and ETFs reached a record high of 29.6 trillion yuan as of June 30, 2025, with non-money market fund management size increasing from 11.3 trillion yuan at the end of 2022 to 15.3 trillion yuan, a growth of 35% [2][8]. Fund Flows and Performance - In the first half of 2025, public funds experienced a slowdown in capital inflow, with non-money market funds attracting a net inflow of approximately 315.6 billion yuan, only about a quarter of the 1.3 trillion yuan net inflow for the entire year of 2024 [11]. - Bond funds have consistently attracted the largest inflow since 2023, with a net inflow of 342.9 billion yuan in the first half of 2025, while mixed funds continued to see outflows for the fourth consecutive year [11][12]. - Stock funds saw a significant decline in net inflows, with only 77.1 billion yuan in the first half of 2025, marking the first substantial drop since 2021 [12]. - Commodity funds experienced rapid growth, achieving a net inflow of 64.3 billion yuan in the first half of 2025, nearly double the inflow from 2024, driven by rising gold prices [12]. Passive vs Active Management - The past three years have seen a breakthrough in the inflow of passive funds, which have driven the overall net inflow in the non-money market fund sector since 2022. Active funds, on the other hand, only recorded a slight net inflow of 154.1 billion yuan in 2023, with outflows in other years [14]. - Passive products have gained significant traction, particularly in bond and commodity funds, while mixed and alternative funds have seen continuous outflows due to the absence of index-based passive products [14]. QDII Fund Trends - As of June 30, 2025, QDII funds experienced a net outflow of 11.75 billion yuan, primarily due to a slowdown in inflows across most categories, despite an overall growth in QDII fund size to approximately 570 billion yuan, an 11% increase from the end of 2024 [3][24]. ETF Market Dynamics - The domestic ETF market has entered a phase of rapid growth since 2022, with a record net inflow of 1.3 trillion yuan in 2024, followed by a slight slowdown in 2025, achieving approximately 400 million yuan in net inflow in the first half of 2025 [29]. - Bond ETFs saw a significant increase in both fund numbers and asset size, with a net inflow of over 200 billion yuan in the first half of 2025, surpassing stock ETFs for the first time [31]. - The market share of the top three ETF providers, including Huaxia Fund and E Fund, accounted for 46.4% of the total market as of June 30, 2025, indicating a strong concentration in the ETF market [34]. Competitive Landscape - As of June 30, 2025, the top 10 fund companies accounted for 44% of the total non-money market fund size, with the top 20 companies holding 66%, reflecting a strengthening headwind effect in the industry [4][38]. - The competition among fund companies remains intense, with some experiencing net outflows, while others continue to grow steadily, highlighting the dynamic nature of the market [39].

- The report provides an overview of the major asset markets, including equities, bonds, commodities, and foreign exchange[5][10][11][33][40] - The report highlights the performance of various indices in the A-share market, such as the Shanghai Composite Index, Shenzhen Component Index, and others, with specific percentage changes for each[10][12][13] - The report also details the performance of different sectors within the A-share market, noting significant gains in sectors like military, non-ferrous metals, and machinery, and declines in sectors like pharmaceuticals, computers, and retail[10][15] - The report includes information on the performance of the Hong Kong stock market, with specific indices and their percentage changes, as well as sector performance within the Hong Kong market[11][18][20][22] - The report covers the performance of the US stock market, including indices like the Dow Jones Industrial Average, Nasdaq, and S&P 500, along with other international indices[11][26][27] - The report provides details on the bond market, including changes in yields for various government and corporate bonds, as well as credit spreads and term spreads[28][29][30][31] - The report discusses the performance of the commodity market, listing the percentage changes for various commodities such as crude oil, gold, copper, and others[33][34][35][36][38] - The report includes information on the foreign exchange market, detailing the exchange rates of various currencies against the RMB and their percentage changes[40][42] - The report provides an overview of the fund market, including the number of newly established funds, their types, and their sizes[43][44] - The report details the overall performance of different types of funds, including equity funds, balanced funds, fixed income funds, FOFs, commodity funds, and QDII funds, with specific percentage returns for each category over different time periods[49][50][51] - The report lists the top-performing funds over the past week, month, year, and year-to-date, along with their specific returns and other details[52] - The report also lists the worst-performing funds over the same periods, with specific returns and other details[53]

Core Viewpoint - The article discusses the evolution and trends in Fund of Funds (FOF) investment, emphasizing the importance of multi-asset and multi-strategy configurations in portfolio construction, as well as the significance of fund selection and investment objectives in achieving stable returns [2][10]. Group 1: Portfolio Construction - The importance of asset allocation is well-known, with classic investment theory suggesting that 90% of fund performance comes from asset allocation. However, many domestic investors initially understood asset allocation as merely the proportion of equities, bonds, and cash, which requires high foresight and predictability [4]. - The diversification of investment tools has allowed for a more mature multi-asset allocation environment in China since 2022, with an increasing number of tools available for FOF investment, including QDII funds and commodity funds [4][5]. - A key aspect of multi-asset allocation is to maintain low correlation between different asset classes, ideally negative correlation, to enhance net value stability. However, investors should be cautious of sudden high correlations during extreme market conditions [7]. - A new direction in asset allocation is multi-strategy configuration, which has been effectively applied in quantitative private equity. This approach combines various effective strategies to achieve more stable excess returns [7][8]. Group 2: Fund Selection - The two main pillars of FOF investment are asset allocation and fund selection. Despite the increasing importance of asset allocation, the significance of fund selection remains high. The ability to select funds is fundamentally about acquiring the alpha capability of fund managers [11]. - The alpha capability of excellent fund managers has shown a trend of recovery since 2025, with active management of public equity funds significantly outperforming mainstream market indices [11][12]. - When assessing a fund manager's alpha capability, it is crucial to separate industry beta and thematic beta, as these represent structural risks rather than true alpha [12]. Group 3: Investment Objectives - Common investment objectives for public funds include pursuing absolute returns, outperforming benchmarks, and leading in peer rankings. Each of these objectives holds different importance for investors, managers, and peer institutions [15]. - Absolute return is considered the ultimate goal for any investment product, especially after recent market fluctuations. Regulatory bodies have begun to suggest that average absolute returns should be a key performance indicator for fund managers [16]. - Outperforming benchmarks is essential for establishing trust with investors and is a core competency for fund companies. Recent market changes have highlighted the need for funds to consistently exceed benchmarks to ensure healthy industry development [17][18]. - Leading in rankings should not be an explicit goal, as it can lead to herd behavior among fund managers. Instead, focusing on absolute returns and benchmark outperformance will naturally result in favorable rankings over time [19].

在权益基金中，股票型基金规模在二季度增长2711.47亿元，最新规模达4.74万亿元。混合型基金则环比 微增0.02%至3.32万亿元。 不过在二季度以来，全球资本市场风险资产的回调，和一些短期过热结构性板块的获利了结，让以主动 权益产品为首的基金份额有所缩减。数据显示，二季度所有主动权益型基金累计被净赎回1073.38亿 份。其中，普通股票型基金净赎回179.61亿份，以4.75%的比例在所有基金品类中位居首位，混合型基 金的净赎回比例则为3.28%。 7月21日，2025年公募基金二季报正式完成披露完毕。 天相投顾数据显示，截至6月30日，公募基金全市场规模达到34.05万亿元，创下历史新高。环比一季度 31.81万亿元增长了7.04%，同比2024年二季度27.31万亿元则增长10.76%。同期，非货基金规模则20.11 万亿元，环比2025年一季度18.82万亿增加1.29万亿元，涨幅达6.85%。 截至6月末，全市场公募基金总份额也突破30万亿份，其中相较一季度整体遭遇净赎回的情形，二季度 全公募市场整体获得净申购1.25万亿份，净申购比例4.31%。 从基金产品和基金公司的角度，二季度的公募"成绩 ...

Summary of Key Points Core Viewpoint - The public fund industry has reported strong performance in Q2 2025, with both total fund management scale and non-monetary fund management scale reaching historical highs, indicating a positive trend in the market [1][2]. Fund Management Scale - As of the end of Q2 2025, the total public fund management scale reached 34 trillion yuan, while the non-monetary fund management scale was 20 trillion yuan, both marking historical peaks [2][3]. - The total public fund scale increased by 7.04% from Q1 2025 and by 10.76% year-on-year from Q2 2024 [2]. - The non-monetary fund scale grew by 6.85% from the previous quarter, reaching 20.11 trillion yuan [2]. Fund Types and Performance - The largest market scales were seen in money market funds and bond funds, with sizes of 13.93 trillion yuan and 10.77 trillion yuan, reflecting increases of 7.32% and 8.74% respectively [3]. - Equity funds reached a scale of 4.74 trillion yuan, growing by 6.06% quarter-on-quarter, while mixed funds saw minimal growth [3]. - Commodity funds and fund of funds (FOF) experienced significant growth, with increases of 47.79% and 10.28%, respectively [3]. Investment Trends - Public funds increased their allocations to the financial and technology sectors, with increases of 1.82% and 1.71%, while reducing allocations to the consumer sector by 3.9% [5]. - The top three sectors by allocation weight were electronics, pharmaceuticals, and power equipment & new energy, with weights of 18.88%, 11.11%, and 8.8% respectively [5]. - Notably, the automotive sector, which had seen significant investment in the previous quarter, experienced a reduction in holdings [6]. Major Holdings - The top ten holdings of public funds included Tencent Holdings, CATL, and Kweichow Moutai, with Tencent's total market value held by public funds at approximately 59.2 billion yuan [6][7]. - New entrants to the top ten holdings included Xiaomi Group and New Yisheng, while BYD and Wuliangye exited the list [7]. Investor Behavior - Investors showed a preference for money market funds, bond funds, commodity funds, and QDII funds, leading to net subscriptions in these categories, while equity funds and FOFs faced net redemptions [8][9]. - The total fund share exceeded 30 trillion shares by the end of June, with a net subscription of 1.25 trillion shares in the quarter [8]. - Money market funds and bond funds were the main contributors to net subscriptions, with net subscriptions of 887.67 billion shares and 459.25 billion shares, respectively [9]. Redemption Trends - Equity funds experienced net redemptions totaling 140.27 billion shares, with actively managed equity funds leading in redemptions [10]. - FOFs also faced net redemptions of 5.53 billion shares, indicating a shift in investor sentiment away from these products [11].

NO.1 公募基金前十大重仓股出炉 随着公募基金二季报披露完毕，公募基金（主动权益基金）前十大重仓股最新名单出炉——截至二季度 末，公募基金前十大重仓股分别为腾讯控股、宁德时代、贵州茅台、美的集团、紫金矿业、小米集团- W、立讯精密、阿里巴巴-W、新易盛、中芯国际（HK）。 具体来看，截至二季度末，公募基金持有腾讯控股的总市值约为592亿元，重仓持有的基金产品数量为 1039只。同期，公募基金持有宁德时代的总市值为521亿元，合计有1150只基金重仓该股。这也是公募 前十大重仓股中，仅有的两只重仓基金数量超千只的股票。 每经记者：肖芮冬 每经编辑：叶峰 ｜2025年7月23日星期三｜ 具体来看，截至二季度末，股票基金规模达到47439.87亿元，混合基金33166.26亿元，债券基金 107668.09亿元，货币市场基金139349.34亿元，海外投资基金6791.6亿元，商品基金2683.10亿元，基金 中基金（FOF）1650.62亿元，其他基金1711.2亿元。 NO.3 二季度公募基金整体利润达3850.98亿元 随着权益基金、债券基金整体业绩回暖，二季度公募基金"赚钱效应"进一步强化。数据显示，二季 ...

Group 1 - Public funds' management scale and non-monetary fund management scale reached historical highs, exceeding 34 trillion yuan and 20 trillion yuan respectively by the end of Q2, with increases of 2.24 trillion yuan and 1.29 trillion yuan compared to Q1 [1] - All major fund types, including equity funds, bond funds, and money market funds, saw growth exceeding 100 billion yuan, with multiple gold ETFs reaching historical highs, indicating their importance in asset allocation for residents [1] - The "national team" increased holdings in broad-based ETFs by nearly 200 billion yuan, contributing to market confidence and supporting economic recovery and industrial upgrades [1] Group 2 - The industries with the highest increases in equity fund positions were telecommunications, banking, and defense, while the most reduced positions were in food and beverage, automotive, and power equipment [2] - Tencent Holdings remained the top holding in active equity funds, followed by companies such as CATL, Kweichow Moutai, Midea Group, Zijin Mining, Xiaomi, Luxshare Precision, Alibaba, Newray, and SMIC [2] - Companies with the largest increases in positions included Zhongji Xuchuang, Newray, and Shenghong Technology, all of which entered the top twenty holdings of active equity funds [3]

Core Viewpoint - The public fund management scale reached a historical high of 34.05 trillion yuan by the end of Q2 2025, marking an increase of 2.24 trillion yuan from the previous quarter, driven by strong inflows from residents and a broad-based growth across various fund types [2][5]. Fund Management Scale - By the end of Q2 2025, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, an increase of 2.24 trillion yuan from 31.81 trillion yuan at the end of Q1 2025 [5]. - The growth in fund scales was broad-based, with stock funds increasing by over 270 billion yuan, bond funds growing by 865.3 billion yuan, and money market funds increasing by 950.5 billion yuan [2][7]. Fund Types Performance - Despite lower yields in the bond and money market funds compared to the previous year, there was a significant inflow into stable-performing bond and money market funds, indicating a continued demand for stable assets [6]. - The growth in bond and money market funds was substantial, with bond funds increasing by 865.3 billion yuan and money market funds by 950.5 billion yuan in Q2 2025 [7]. ETF Growth - ETFs remained a key growth engine for fund companies, with significant inflows into various ETFs, particularly in the context of AI, humanoid robots, and innovative pharmaceuticals [11]. - The non-money management scale of fund companies grew by nearly 1.29 trillion yuan in Q2 2025, surpassing 20 trillion yuan for the first time [12]. - Major fund companies like Huaxia Fund and E Fund saw their non-money management scales increase by over 100 billion yuan, with specific ETFs experiencing substantial growth [12][14]. Competitive Landscape - The public fund industry continues to exhibit a "Matthew Effect," where leading fund companies maintain strong competitive advantages, while smaller firms face intense competition and challenges in growth [18]. - Smaller fund companies like Yongying Fund and Haifutong Fund have been actively expanding their product offerings and achieving growth, while others have seen declines in their management scales [19][21].

Core Insights - The report by CITIC Financial Holdings analyzes the domestic asset management industry, highlighting its scale, performance, product innovation, and internationalization trends [1] Industry Overview - As of the end of 2024, the overall asset under management (AUM) in China's asset management industry is approximately 163.16 trillion yuan, with various segments contributing as follows: - Bank wealth management: 29.95 trillion yuan - Public funds: 32.83 trillion yuan - Pension funds managed by fund companies: 5.94 trillion yuan - Private asset management by securities and futures institutions: 12.18 trillion yuan - Private equity funds: 19.91 trillion yuan - Trust assets managed by trust companies: 27.00 trillion yuan - Insurance fund utilization balance: 33.26 trillion yuan - Asset-backed special plans: 2.07 trillion yuan [1] Performance Analysis - In Q1 2025, the performance of public funds showed notable results, with REITs achieving the highest index return of 9.76%. Conversely, pure bond funds experienced a decline. - Among fund products, domestic passive bond funds and medium to long-term pure bond funds averaged losses, while other products averaged profits, with commodity funds (14.99%) and REITs funds (11.82%) showing the best average performance. - Private equity funds demonstrated strong performance in macro strategies, subjective stock, quantitative long, long-short, arbitrage, and convertible bond strategies, while futures, trend-following, and pure bond strategies underperformed [4] Product Innovation - The report identifies three key advancements in product innovation for Q1 2025: - Bank wealth management is focusing on customer-centric personalized wealth management solutions - Public ETFs are seeing growth, with multiple free cash flow index ETFs launched across various sectors, and the total scale of ETFs related to the Sci-Tech Innovation Board reaching 250 billion yuan - Cross-border products are expanding, with 26 domestic ETFs included in the northbound product pool and mutual recognition fund quotas being eagerly pursued by mainland investors [5] Policy Support - The report emphasizes that recent policy documents, such as those promoting long-term capital market investments and enhancing the functional positioning of asset management institutions, are driving the industry towards standardization and professionalism [5]

Core Viewpoint - The public fund industry is experiencing significant changes in scale and competition, with a notable shift of funds from stable bond and money market funds to equity funds, reflecting changing investor preferences and market conditions [2][5]. Group 1: Overall Industry Performance - As of the end of Q1 2025, the total scale of public fund management in China reached 31.81 trillion yuan, a decrease of approximately 600 billion yuan from the end of last year, primarily due to significant reductions in bond and money market fund sizes [2][4]. - The competition landscape among public fund companies is intensifying, with some firms gaining ground while others are falling behind [2]. Group 2: Company-Specific Performance - The top ten companies by non-money fund scale include E Fund, Huaxia Fund, GF Fund, and others, with E Fund and Huaxia Fund being the only firms with non-money management scales exceeding 1 trillion yuan [7][8]. - Notably, the non-money fund scale of Fuguo Fund increased by nearly 30 billion yuan in Q1, allowing it to enter the top four for the first time [8][9]. - Several companies, including Yongying Fund and Fuguo Fund, saw substantial growth in their active equity fund management scales, with increases exceeding 70 billion yuan [3][14]. Group 3: Fund Type Performance - Active equity funds experienced a rebound in scale, with a total increase of 18 billion yuan in Q1, driven by strong performance in sectors like technology [12][14]. - Conversely, bond and money market funds saw significant reductions, with bond funds shrinking by 438.8 billion yuan and money market funds by 277.7 billion yuan [5]. - The demand for diversified asset allocation is evident, as overseas investment funds and commodity funds continued to grow, with increases of 25.5 billion yuan and 51.6 billion yuan, respectively [5]. Group 4: Market Dynamics - The market is witnessing a "seesaw effect" in fund sizes, with funds shifting from lower-risk categories to higher-risk equity funds amid a volatile A-share market [4][5]. - The trend of passive funds outpacing active funds continues, with passive equity index funds reaching 3.96 trillion yuan, surpassing active equity funds at 3.44 trillion yuan by the end of 2024 [11].