在新时代金融强国建设的背景下，公募基金作为普惠金融的重要载体，正日益成为投资者资产配置的核 心工具。在"公募基金行业高质量发展"成为时代命题的当下，公募基金行业正迎来前所未有的发展机遇 与转型挑战。中加基金积极把握行业趋势，以"忠您所托、信赖有加"为初心，围绕科技金融、绿色金 融、普惠金融、养老金融、数字金融"五篇大文章"，以客户需求为导向，着力打造涵盖固收、固收+、 权益、FOF、货币等多元业务的拳头产品体系，形成了层次丰富、功能完善的产品矩阵。通过持续优化 资产配置策略和风险管理机制，中加基金致力于为广大投资者提供更加专业、稳健、高效的财富管理服 务，展现出责任担当与高质量发展同频共振的企业形象。 一、立足"五篇大文章"，精准布局产品线 中加基金深刻理解金融服务实体经济、促进共同富裕的核心使命，将产品体系建设与国家战略、市场趋 势、客户需求紧密结合。中加基金产品体系包含四大基础产品类型：现金管理类产品，货币基金和同业 存单指数基金，以高流动性和低风险特性满足短期资金管理需求；固收产品，中短债、中长债等纯债基 金通过利率债和信用债搭配、灵活调整久期和杠杆等多元策略，为追求稳定收益的投资者提供优质选 择；固收 ...

股债跷跷板未来如何演绎？20250923 摘要 人民币汇率被动升值、中美利差收窄及居民存款转移至股市，共同构成 A 股市场长期支撑，其中 7、8 月居民存款显著减少，非银金融机构存款 增加，资金流向股市趋势明显。 9 月前三周外资净流入超 100 亿美元，看好 A 股，但对港股看法偏弱。 外资流入医药生物、金融、商品材料及消费品能源等板块，科技板块则 出现净流出。 10 年期国债收益率运行至 1.8%引发多空分歧，需关注后续政策及资金 面走向。年初收益率下限为 1.6%，上限为 1.9%，当前水平预示固收产 品面临调整压力。 下半年经济基本面内需不足、修复缓慢，6-8 月经济数据放缓，投资有 下滑趋势。政策托底下，基本面向下定价钝化，向上定价仍较强，对偏 空要素定价敏感。 短期内降准降息必要性不强，货币政策坚持以我为主，兼顾内外平衡。 若经济再度走弱，政策利率和降准仍有空间。关注央行重启国债买卖及 专项债发行高峰结束。 Q&A 如何评价近期 A 股市场的表现及其分化态势？ 上一周，A 股市场整体呈现震荡行情，并且处于分化态势。主要宽基指数，如 深圳指数、创业板指和科创板走势较好，而其他宽基指数表现相对较差。从 ...

Group 1 - The core viewpoint highlights the increasing sophistication of retail investors, contrasting with their lack of fundamental data analysis skills [1] - The non-monetary fund market in China is projected to exceed 10 trillion yuan by mid-2025, with broker channels showing a remarkable growth rate of 9.4%, outperforming banks and third-party platforms [2] - The top 10 institutions in the stock index fund market hold significant market shares, with Ant Fund leading at 391 billion yuan, representing 9.2% of the market [3] Group 2 - A common misconception during bull markets is that holding stocks indefinitely is the best strategy; however, data shows that timely stock switching can yield returns 2-3 times higher than blind holding [4] - Three critical traps for investors include chasing hot sectors, following price movements without analysis, and misjudging stock value based on price alone [6][9] - Recent regulatory changes in fee structures aim to align the interests of sales institutions with investors, leading to a competitive landscape where banks push fixed-income products, brokers promote ETFs, and third-party platforms engage in aggressive marketing [10] Group 3 - The market has shifted towards data-driven decision-making, with emotional trading being the biggest enemy; objective data is now the best ally for investors [11] - The popularity of ETFs is attributed to their convenience and low costs, but the underlying reason is the reliance on data by professional investors compared to retail investors who still operate on intuition [12] - The ongoing competition in the 10 trillion yuan fund distribution market is not just about channels but also about the understanding and application of data in investment strategies [13] Group 4 - Recommendations for investors include minimizing time spent on K-line pattern analysis, reducing reliance on flashy financial influencers, and finding suitable quantitative tools for investment [14]

Core Insights - The public fund industry in China has shown significant growth in the first half of 2025, with 28 companies reporting their revenue, and 8 companies exceeding 1 billion yuan in revenue [1] - The total management scale of public funds reached a new high, surpassing 35 trillion yuan by the end of July 2025, reflecting a substantial increase in fund issuance [1] Revenue Performance - E Fund ranked first in revenue with approximately 5.896 billion yuan, a year-on-year increase of about 9.71% [2] - Huaxia Fund followed in second place with 4.258 billion yuan in revenue, showing a year-on-year growth of approximately 16.05% [2] - GF Fund ranked third with 3.898 billion yuan in revenue, marking a year-on-year increase of about 22.17% [2][3] - Southern Fund and Fortune Fund also reported double-digit revenue growth rates of approximately 11.65% and 14.09%, respectively [2] Profitability - E Fund led in net profit with 1.877 billion yuan, a year-on-year increase of 23.84% [4] - ICBC Credit Suisse Fund achieved a net profit of 1.745 billion yuan, with a growth rate of 29.64%, narrowing the gap with E Fund [4] - Southern Fund, GF Fund, and Huaxia Fund reported net profits of 1.194 billion yuan, 1.180 billion yuan, and 1.123 billion yuan, respectively, all showing significant growth [4] - Yongying Fund experienced a remarkable growth rate of 42.16%, achieving approximately 0.897 billion yuan in revenue, moving up in rankings significantly [3] Market Dynamics - The competitive landscape among leading firms has intensified, with Huaxia Fund experiencing the slowest net profit growth at 5.82%, resulting in a drop in rankings [5] - The overall improvement in the A-share market provided favorable investment opportunities for public funds, enhancing their ability to generate returns for investors [5] - The industry is focusing on compliance management, product innovation, and the integration of AI technology to enhance operational efficiency and asset management capabilities [5]

Core Viewpoint - The article discusses the transition of Zhang Lu, a fund manager at Xingyin Fund's fixed income department, from a bank wealth management company to a public fund institution, emphasizing the importance of focusing on win rates over odds in the current bond market environment [1][3]. Investment Strategy Refinement - Zhang Lu has extensive experience in fixed income asset management and successfully navigated the challenges of net value transformation while managing large-scale funds [2]. - The transition to a public fund allows for more detailed investment strategies, focusing on credit bond selection, pricing, and exploiting pricing discrepancies between primary and secondary markets [2]. - In response to the trend of diminishing bond yields, Zhang Lu is exploring "fixed income plus" strategies to enhance returns through convertible bonds and equities [2]. Pursuit of Win Rates - The bond market has faced significant challenges this year, with a notable "stock-bond seesaw" effect impacting bond investments [3]. - Zhang Lu notes that the odds for investing in interest rate bonds have changed compared to last year, making it more advantageous to focus on win rates, particularly with credit bonds offering better value [3]. - Strategic preparation ahead of key events and market sentiment can yield positive returns, as demonstrated by timely purchases of quality bonds during market sell-offs [3]. Market Outlook - Despite the "stock-bond seesaw" effect, Zhang Lu believes that the bond market's overall pressure remains manageable if monetary policy stays accommodative and no external shocks occur [4]. - The volatility in fixed income product liabilities poses challenges, necessitating optimization of the liability structure to enhance investor experience and returns [4][5]. - Understanding the funding habits of the liability side is crucial for matching investment strategies and ensuring sufficient liquidity to handle market fluctuations [4].

Core Viewpoint - The article discusses the transition of Zhang Lu from a bank wealth management company to a public fund institution, emphasizing the importance of focusing on win rates over odds in the current volatile bond market [1][3]. Investment Strategy - Zhang Lu has extensive experience in fixed income asset management and successfully navigated the challenges of managing large-scale funds during the transition to net value [2]. - The management of large-scale fixed income products presents challenges, particularly during market adjustments, necessitating careful structuring and stress testing during the portfolio construction phase [2]. - In the public fund sector, there is a greater emphasis on individual capability, such as selecting credit bonds for pricing and finding trading opportunities amid spread changes [2]. Market Conditions - The bond market has faced significant challenges this year, particularly with the ongoing strength in the equity market, which has created a "stock-bond seesaw" effect [3][4]. - Zhang Lu notes that the odds for investing in interest rate bonds have changed compared to last year, suggesting that pursuing win rates may be a better strategy in the current environment [3]. Future Outlook - Zhang Lu believes that if monetary policy remains accommodative and there are no unexpected external disturbances, the overall pressure on the bond market will be manageable, likely maintaining a volatile pattern [4]. - The "stock withdrawal" effect has caused fluctuations in the liability side of fixed income products, necessitating continuous optimization of the liability structure to enhance the experience and returns for holders [4][5].

Core Viewpoint - The article discusses the transition of Zhang Lu from a bank wealth management company to a public fund institution, emphasizing the importance of focusing on win rates over odds in the current volatile bond market [1][3]. Investment Strategy Refinement - Zhang Lu has extensive experience in fixed income asset management and successfully navigated the challenges of managing large-scale funds during the transition to net value [2]. - The management of large-scale fixed income products presents challenges, particularly during market adjustments, necessitating careful portfolio construction and stress testing [2]. - At the public fund institution, Zhang Lu has refined investment strategies, focusing on credit bonds, pricing, and arbitrage opportunities, allowing for deeper and more detailed strategy exploration [2]. Pursuit of Higher Win Rates - The bond market has faced significant challenges this year, with a notable "stock-bond seesaw" effect impacting bond investments [3]. - Zhang Lu noted that the odds for investing in interest rate bonds have changed compared to last year, leading to a preference for credit bonds due to their higher cost-effectiveness in trading [3]. - Proactive preparation for key events and market sentiment can yield positive returns, as demonstrated by strategic purchases of quality bonds during market sell-offs [3]. Market Dynamics and Challenges - The stock market's recent rise is attributed to valuation recovery and improved liquidity, which affects short-term market sentiment [4]. - Long-term pressure on the bond market is considered manageable if monetary policy remains accommodative and no external shocks occur, although the "stock withdrawal" effect poses challenges for fixed income products [4]. - The increasing consistency in behavior among investors, particularly in wealth management, necessitates ongoing optimization of liability structures to enhance investor experience and returns [4]. Understanding Funding Needs - The effectiveness of fixed income product returns relies on understanding the funding needs of the investment side, requiring a match of investment strategies with funding habits [5]. - Sufficient liquidity must be reserved to address funding fluctuations while ensuring a positive holding experience for investors [5].

Core Viewpoint - The average annualized yield of wealth management products in China's banking sector has decreased to 2.12% in the first half of 2025, down from 2.65% in 2024, indicating a significant decline in returns amid a low-interest-rate environment [1] Group 1: Industry Trends - The asset management industry is transitioning from a reliance on single assets to a diversified asset allocation strategy due to low interest rates and an asset shortage [2] - Financial intermediaries, such as banks, are encouraged to transform by enhancing financial services, developing asset management businesses, strengthening asset trading, and promoting comprehensive operations [1][2] - The current asset management market is characterized by a large scale but relatively single asset categories, which limits depth and diversification [3] Group 2: Product Development - Wealth management companies are focusing on combination management and asset allocation strategies to navigate the challenges posed by low yields [1][2] - "Fixed income plus" products are becoming a key competitive tool for banks, allowing for increased yield flexibility while maintaining stability [5][6] - The introduction of rights-containing products is seen as a potential second growth curve for wealth management firms, complementing traditional fixed income products [4][5] Group 3: Strategic Recommendations - The asset management industry should enhance core capabilities by developing equity investment systems and exploring alternative asset allocations like REITs [4] - There is a need for structural reforms in key areas such as client expansion in the wealth management market and optimizing incentive mechanisms for public funds [4] - Companies are advised to leverage technology for smart investment advisory services, providing customized asset allocation plans based on client risk preferences and return objectives [6]

Core Insights - The asset management industry is focusing on enhancing competitiveness through systematic construction and product optimization to meet client needs [1][4] Group 1: Company Performance - As of June 30, the company served 25 million clients and generated an investment return of 23.5 billion yuan in the first half of 2025, outperforming the market [3] - The product scale achieved reasonable growth, with medium to long-term products exceeding 700 billion yuan, accounting for over 30% of the total, promoting a long-term investment mindset among clients [3] - The company has strengthened its traditional fixed income research capabilities while expanding its multi-strategy and multi-asset investment framework, with "fixed income +" products reaching a scale of over 200 billion yuan by the end of June [3] Group 2: Strategic Focus - The company aims to enhance its capabilities in customer service, channel management, product development, research, asset management, and risk control, leveraging digital intelligence for business growth [4] - The company positions itself as a major supplier of fixed income products and an important provider of rights-containing products, catering to both conservative and high-net-worth clients [5][6] Group 3: Market Trends and Client Preferences - The company recognizes the importance of portfolio management in the current volatile market, emphasizing the need for a balanced approach to risk and return [6] - There is a growing demand among clients for products with lower volatility and moderate returns, while some clients are open to accepting slightly higher volatility for better returns [6] - The company plans to enhance its product offerings to meet diverse client needs, including the development of rights-containing products [6][7] Group 4: Industry Positioning - The company aims to complement the competitive advantages of public funds, securities firms, and insurance asset management by offering differentiated fixed income and rights-containing products [7] - The company envisions fixed income products as the primary growth driver and rights-containing products as a secondary growth avenue, promoting sustainable development in bank wealth management [7]

Core Viewpoint - Fixed income products have gained significant attention in the asset allocation of residents this year, leading public fund institutions to enhance their product offerings [1] Group 1: Investment Philosophy - The investment philosophy of the company emphasizes deep research-driven investment, with a focus on continuously refining decision-making mechanisms to capture potential investment opportunities [2] - The core investment philosophy is summarized as "no research, no investment," highlighting the importance of a foundational framework rather than relying solely on intuition [2] - The company aligns its investment philosophy with a cautious approach, recognizing that in fixed income investment, the relative certainty of returns necessitates careful risk management [2] Group 2: Market Opportunities - The bond market has experienced increased volatility this year, prompting fund managers to seek opportunities amid market fluctuations [3] - The company believes that a "hold and wait" strategy is no longer optimal; instead, it advocates for active trading to seize investment opportunities during significant market movements [3] - There is a notable differentiation within bond types, with credit bonds outperforming interest rate bonds, indicating the need for in-depth analysis of various bond categories [3] Group 3: Product Development - The company plans to systematically enhance its fixed income product line and embrace product innovation in response to regulatory developments and market changes [4] - The importance of "fixed income plus" strategy products is rapidly increasing, as traditional pure bond products struggle to provide sufficient yields in a low-interest-rate environment [4] - The company is actively participating in the development of new product categories, such as green bond funds and technology innovation bond ETFs, reflecting its responsiveness to industry changes and regulatory guidance [4]