Core Viewpoint - The non-ferrous metal sector has shown remarkable performance, with a growth rate exceeding 140% over the past year, leading all 31 primary industries in China [1]. Group 1: Definition and Classification - Non-ferrous metals are defined as all metals other than ferrous metals, which include only iron, manganese, and chromium [1]. - According to the China Securities Industry Classification, non-ferrous metals belong to a secondary industry that can be further divided into four tertiary industries, each with distinct representative metals and investment logic [2]. Group 2: Market Drivers - The strong performance of the non-ferrous metal sector can be attributed to three main factors: macroeconomic conditions, demand, and supply [3]. Macroeconomic Factors - Global monetary policy is trending towards easing, particularly with both the US and China experiencing simultaneous fiscal and monetary loosening, which typically supports rising commodity prices [4]. Demand Factors - The rapid development of AI technology is driving demand for upstream resources, as the growth in AI is heavily reliant on hardware infrastructure, leading to increased demand for industrial metals like copper and aluminum [5]. Supply Factors - While demand is surging, supply is constrained due to long-term underinvestment in mineral exploration, lengthy development cycles for new mines, and increased export controls from resource-rich countries, alongside geopolitical tensions affecting supply stability [6]. Group 3: Investment Opportunities - Investors optimistic about the non-ferrous metal sector can consider various types of funds based on their risk preferences, including index funds, active funds, and commodity funds [7]. Fund Types - Index funds track specific non-ferrous metal stock indices and are suitable for investors looking for transparent, low-cost exposure to the sector [8]. - Active funds allow fund managers to select stocks based on comprehensive analysis, aiming for returns exceeding the industry average, but typically come with higher fees [8]. - Commodity funds invest in metal futures contracts rather than stocks, offering high-risk, high-reward opportunities suitable for experienced investors [8]. Group 4: Market Considerations - The non-ferrous metal sector has already seen significant price increases, with some commodities reaching historical highs, and is subject to considerable volatility influenced by macroeconomic cycles, supply-demand dynamics, and geopolitical factors [9].

作者 | 市值风云基金研究部 编辑 | 小白 权益类产品大幅增长。 2025年，中国公募基金行业实现历史性跨越。截至年末，全行业管理资产总规模达35.67万亿元，较 2024年实现稳健增长。 在慢牛行情推动下，权益类资产规模快速提升，债券与货币基金保持稳定扩容，商品基金及FOF等另 类配置工具关注度升温。 头部公司竞争格局固化，非货规模成关键指标 管理规模超万亿元的公募机构从8家增至10家，汇添富基金与鹏华基金首次跻身"万亿俱乐部"。 易方达基金与华夏基金继续保持领先，总规模均突破2万亿元，非货规模分别增至1.75万亿元与1.48万 亿元，凸显其主动管理能力与产品布局优势。 | 序号 | 公司名称 : | 其余米型 | 资产净值合计(亿元) ۾ | 资产净值排名 ۾ | | --- | --- | --- | --- | --- | | | 易方达基金管理有限公司 | 所有类型 | 23.034.26 | | | 2 | 华夏其金管理有限公司 | 所有类型 | 20,602.06 | 2 | | 3 | 广发基金管理有限公司 | 所有类型 | 16,062.01 | 3 | | | 南方基金管理股份有限公司 ...

公募基金2025年四季报披露完毕。 去年四季度以来，市场风格轮动提速，投资者风险偏好持续分化，在此背景下，行业产品规模格局出现 明显调整，其中指数基金、混合债基、商品基金、海外投资基金及FOF等产品规模均迎来扩容，而主动 权益基金、纯债基金规模则延续缩水态势。 机遇与挑战交织的行业环境下，2025年末公募行业的格局演变，既清晰展现了不同机构的机遇把握能力 与经营成绩，也为行业后续发展提供了重要的参考与借鉴。 主动权益基金遭净赎回 天相投顾数据显示，截至2025年12月31日，全市场公募基金资产净值（含估算基金）合计超过37.64万 亿元，规模再创历史新高。总体而言，资金仍在持续净流入公募基金市场。 主动权益基金面临越涨越赎的局面未变，业绩的好转并未俘获投资者的信任，整体份额在四季度呈现净 赎回状态。 此外，在成长风格行情愈演愈烈之际，一些投资风格偏价值的百亿规模基金份额持续缩水，投资者逐渐 失去耐心。尽管一些主动权益基金规模出现大幅增长，但是这些基金的投资风格则被定义为是更偏向细 分行业赛道的工具型产品。 相比而言，投资者更青睐指数权益基金，其中A500指数ETF成为资金涌入对象。南方中证A500ETF、华 ...

公募基金2025年四季报披露完毕。 去年四季度以来，市场风格轮动提速，投资者风险偏好持续分化，在此背景下，行业产品规模格局出现明显调 整，其中指数基金、混合债基、商品基金、海外投资基金及FOF等产品规模均迎来扩容，而主动权益基金、纯 债基金规模则延续缩水态势。 债券基金规模重回升势，单季度增长超3000亿元，总规模接近11万亿元，再创历史新高。 不过债券基金规模的增长主要得益于混合债基和指数债基的规模增长。10只单季度规模增长超百亿元的债基 中，有6只产品为债券ETF，3只产品为混合债基。债券ETF凭借低费率，吸引机构配置，混合债基则凭借权益 资产带来的高回报吸引资金涌入。而纯债基金仍受到债券熊市和费率调整影响，不少产品规模缩水严重。 多元资产规模爆发 2025年作为多元资产爆发之年，海外投资基金、商品基金、FOF规模均迎来大幅提升，越来越多投资者开始关 注黄金、白银、港股等资产。 主动权益基金遭净赎回 天相投顾数据显示，截至2025年12月31日，全市场公募基金资产净值（含估算基金）合计超过37.64万亿元， 规模再创历史新高。总体而言，资金仍在持续净流入公募基金市场。 主动权益基金面临越涨越赎的局面未变， ...

2025年四季度，公募基金管理规模环比增长超1.3万亿元。其中，货币基金、债券基金、商品基金以及 指数基金是规模增长的主要引擎。 从基金公司规模来看，行业头部竞争格局较为稳固，非货管理规模前十大基金公司座次不变。但腰部基 金公司则诞生了不少黑马，其规模"突围"的方式各有特色。 规模大幅增长 天相投顾数据显示，截至2025年四季度末，公募基金总规模达到37.26万亿元（不含估算），其中股票 基金规模59974.07亿元，混合基金37695.01亿元，债券基金109073.27亿元，货币市场基金149694.05亿 元，海外投资基金9707.84亿元，商品基金4268.1亿元，基金中基金（FOF）2188.85亿元，其他基金 13.67亿元。 非货管理规模前二十的基金公司中，大部分公司在2025年四季度实现规模增长，但也有少数公司"掉 队"。具体来看，2025年四季度，非货管理规模增长最多的基金公司是国泰基金，增长了620亿元；其次 是景顺长城基金，增长了531.15亿元。此外，华夏基金、华泰柏瑞基金、招商基金、汇添富基金、华安 基金的非货管理规模增长均超400亿元；银华基金、嘉实基金、天弘基金、南方基金、建信基 ...

2025年四季度，公募基金规模持续攀升，并在季末逼近38万亿元关口，公募行业在居民财富管理领域的 地位愈发凸显。业内人士认为，公募基金如何在规模增长的同时，更好承接居民庞大的理财需求，平衡 好业绩表现与风险控制，成为行业高质量发展的关键课题。 公募基金规模逼近38万亿元 天相投顾数据显示，截至2025年四季度末，1.3万余只基金（统计样本为所有披露2025年四季报的13248 只基金及596只未披露2025年四季报的基金）合计规模达37.64万亿元，较2025年三季度末增加1.18万亿 元。 此外，2025年四季度商品基金及FOF的规模增速尤为显著。据天相投顾数据，商品基金2025年四季度末 达到4268.1亿元，环比增幅超过45%；FOF基金2025年四季度末规模环比也增加了26.15%。业内人士分 析认为，以黄金为代表的商品基金当期业绩斐然，叠加资金的涌入，规模不断膨胀；后者主要与各大银 行发力FOF业务、布局一站式资产配置有关，因而 "爆款"频出，FOF规模快速扩张。 绩优产品规模提升 从具体产品类型来看，在权益市场波动加大的环境下，部分避险资金选择回流固收类品种。其中，货币 型基金2025年四季度末规 ...

随着公募基金2025年四季报披露完毕，全行业管理规模攀升至37.64万亿元的历史新高。在这一光鲜数 字之下，行业内部却经历着深刻的结构性分化：资金正从主动管理产品加速流向指数及多元资产产品， 头部公司地位稳固，而中小公司则试图从当前的生存境况中突围。 去年四季度以来，市场风格轮动提速，投资者风险偏好持续分化，在此背景下，行业产品规模格局出现 明显调整，其中指数基金、混合债基、商品基金、海外投资基金和FOF等产品规模均迎来扩容，而主动 权益基金、纯债基金规模则延续缩水态势。 机遇与挑战交织的行业环境下，2025年末公募行业的格局演变，既清晰展现了不同机构的机遇把握能力 与经营成绩，也为行业后续发展提供了重要的参考与借鉴。 主动权益基金遭净赎回 天相投顾数据显示，截至2025年12月31日，全市场公募基金资产净值（含估算基金）合计超过37.64万 亿元，规模再创历史新高，资金仍在持续净流入公募基金市场。 主动权益基金面临越涨越赎的局面未变，业绩的好转并未俘获投资者的信任，整体份额在去年四季度呈 现净赎回状态。 随着多元资产配置理念的成熟，FOF产品重获青睐，基金公司和销售机构加大新发和持营，其2025年底 规模刷 ...

Core Viewpoint - The article discusses the revised regulations on public fund sales fees in China, which will take effect on January 1, 2026, and outlines specific changes regarding the collection of subscription fees and service fees by fund managers and sales institutions [1]. Group 1: Sales Fee Regulations - Fund managers are prohibited from charging subscription fees and sales service fees starting January 1, 2027 [2]. - Sales institutions cannot continue to charge sales service fees for non-monetary market fund shares held for over one year, with a "pay first, refund later" approach for fees collected after January 1, 2027 [3]. - Fund sales subsidiaries selling funds managed by their parent companies must also adhere to the prohibition on charging subscription and sales service fees [2]. Group 2: Fee Structure Adjustments - The notification specifies that fund managers must adjust the fee structure for existing funds to comply with the new regulations within 12 months of implementation [4]. - Fund managers can modify fund contracts and legal documents without convening a fund holder meeting, provided they reach an agreement with the fund custodian [4]. - The notification emphasizes that existing funds, including those established before December 31, 2025, must comply with the new fee structure [4]. Group 3: Interest Payments and Fee Transparency - Fund managers must pay all interest generated from fund sales settlement funds to investors, minus reasonable fees, starting January 1, 2027 [4]. - Fund sales institutions are required to display fee information clearly at sales locations, including online platforms [4]. - The regulations prohibit fund managers from using various indirect methods to pay or collect sales fees, ensuring fair treatment of all investors [4].

Core Viewpoint - The "Debang Stable Growth" fund, focused on AI applications, has attracted significant attention due to its heavy holdings in stocks that surged, leading to an estimated net value increase of 5%. However, the actual return was only 0.05%, indicating severe dilution of returns for existing shareholders [1][8]. Fund Performance and Market Dynamics - The fund reportedly attracted 12 billion yuan in a single day, raising questions about its net asset value and share dilution effects [2][8]. - The calculation of fund net value is based on the formula: Fund Net Value = Fund Net Assets / Fund Shares, which can be affected by large inflows of new subscriptions [3]. - A scenario was presented where a significant inflow of cash (2 billion yuan) could dilute the returns for existing shareholders if the fund holds a large amount of cash instead of stocks during market fluctuations [4][3]. Historical Context and Comparisons - On October 8, 2024, a similar situation occurred where a financial technology ETF rose by 15.89%, but its corresponding fund only increased by 4.24%, highlighting the dilution effect [5][6]. - The performance of "Debang Stable Growth" on January 12 showed that while its heavy holdings rose by over 16%, the fund's net value only increased by 8.32%, indicating a significant dilution due to large inflows [6][11]. Fund Management Response - In response to the influx of capital and the resulting dilution, "Debang Stable Growth" announced purchase limits for new subscriptions, with specific caps on single accounts [11][12]. - Other AI-focused funds have also begun to implement similar purchase limits, although many remain unrestricted [11]. Comparative Analysis of Other Funds - Other funds in the AI application sector have shown varying degrees of performance, with some experiencing less impact from large inflows compared to "Debang Stable Growth" [11]. - The media ETF linked fund on January 13 demonstrated a disparity in performance, with the ETF rising by 1.6% while the linked fund only increased by 0.7%, further illustrating the dilution issue [11].

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to reduce investor costs, standardize the public fund sales market, protect the rights of fund shareholders, and promote high-quality development in the public fund industry [1][2]. Group 1: Key Regulations - From January 1, 2027, fund managers are prohibited from charging subscription fees and sales service fees for the funds they manage [2]. - Fund managers must return any sales service fees collected after January 1, 2027, to investors upon redemption or termination of the fund contract [2]. - The "first collect, then return" model for sales service fees is now the only approved method [2]. Group 2: Fee Standards for Specific Fund Types - The fee standards for Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds have been clarified, with different standards based on the type of underlying assets [3]. - For non-monetary market fund shares held for over one year, sales service fees cannot be charged from January 1, 2027, and must follow the "first collect, then return" model [3]. Group 3: Rectification of Differential Fee Rates - Fund managers must rectify any differential fee rates for the same fund by merging shares and adjusting to the same fee rate by January 1, 2027 [5]. - The previous practice of setting different share classes with varying fee rates, such as "Class D" and "Class E," must be addressed through share mergers [5]. Group 4: Sales Channels and Fee Payment - The definition of "sales venues" now includes online sales platforms of fund sales institutions [6]. - Fund managers and sales institutions are prohibited from indirectly paying or collecting sales fees through various means such as conference fees or advertising fees [6]. Group 5: Modification of Fund Documents - Fund managers can modify fund contracts and prospectuses in agreement with fund custodians without needing to convene a fund holder meeting [7]. - Fund sales settlement funds must be credited with interest at no less than the current bank deposit rate from January 1, 2027, unless there are difficulties, in which case it may be included in fund assets [7].