固收类基金

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正式获批!上海证券成这家公募主要股东
券商中国· 2025-09-29 09:44
近日,中国证监会正式批复,核准上海证券有限责任公司成为新疆前海联合基金管理有限公司主要股东,并明确百联集团有限公司作为实际控制人。此举标志着 上海证券对前海联合基金的整体收购取得关键进展,股权变更进入实质性落地阶段。 公开信息显示,前海联合基金成立于2015年8月,是国内第99家基金管理公司。2020年末,其管理规模曾达到496.27亿元的峰值,但此后规模持续萎缩。截至2025年 9月28日,规模仅剩89.93亿元,旗下49只基金以固收类产品为主。自2021年9月以来,该公司再无新基金成立,2022年发行的两只产品均告募集失败。 根据批复文件,证监会认可上海证券依法受让前海联合基金2亿元人民币出资(占注册资本比例100%)。监管部门同时要求前海联合基金及各股东及时完成工商变 更登记等相关事宜,完善公司治理结构,切实维护公司及基金份额持有人的合法权益。 此次收购交易源于今年2月7日的一场司法拍卖。经过五次流拍与竞拍,上海证券最终以3766.22万元的价格竞得前海联合基金30%股权,较评估价6725.4万元折价约 44%,此前该股权拍卖过程因案外人异议、流拍及买家未支付等原因多次受阻。 近年来,已有嘉合基金、东海 ...
多家公募机构旗下投顾产品开启新一轮调仓
Sou Hu Cai Jing· 2025-09-24 23:42
近期,为了应对多变的市场环境,多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合降低了混 合型基金的仓位,提升了固收类基金的配置比例;有的组合在受益于美联储降息的资产中寻找优质标 的;还有的组合加仓了中长期净值表现相对稳健的均衡型基金。面对当下权益市场的波动,有投顾机构 表示,短期震荡不改权益市场整体向上的态势,应该理性看待获利盘的卖出,避免追涨杀跌,以中长期 视角均衡配置资产。(中国证券报) 来源:滚动播报 ...
市场震荡不改向上趋势,投顾调仓“发车”两不误
Sou Hu Cai Jing· 2025-09-24 23:24
近期,为了应对多变的市场环境,多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合降低了混 合型基金的仓位,提升了固收类基金的配置比例;有的组合在受益于美联储降息的资产中寻找优质标 的;还有的组合加仓了中长期净值表现相对稳健的均衡型基金。 面对当下权益市场的波动,有投顾机 构表示,短期震荡不改权益市场整体向上的态势,应该理性看待获利盘的卖出,避免追涨杀跌,以中长 期视角均衡配置资产。(中证报) ...
商务部发布19条措施促进服务消费
Sou Hu Cai Jing· 2025-09-21 12:02
近日,商务部联合其他八个部门发布了《关于扩大服务消费的若干政策措施》,该文件提出了五个方面 共19条具体举措,旨在推动服务消费的增长。其中,八项举措专注于提升高品质服务的供给能力。这些 措施包括开展"服务消费季"系列活动、支持优质消费资源与知名IP的跨界合作、扩大电信和医疗等领域 的开放试点、逐步扩大免签国家范围,以及优化学生假期安排和相关政策。 此外,文件首次提出建设消费新业态、新模式、新场景的试点城市,进一步激发市场活力。这一系列政 策的推出体现了国家对服务消费市场的重视,旨在满足日益增长的消费需求,推动新经济形态的发展。 从房地产市场的表现来看,根据中国8月70个城市的房价数据,一线城市的新房价格环比下降0.1%,而 二线城市的房价环比下降幅度为0.3%。这些数据与上月相比,降幅均收窄了0.1个百分点。同时,在二 手房市场方面,一线城市的二手房价格环比降幅保持在1%,而二线城市的降幅则扩大至0.6%。仅长春 一城在当月实现环比上涨,显示出房地产市场仍然处于调整阶段,不过也有部分指标显示出边际改善的 迹象。 在政策的推动下,地方国资并购基金逐渐成为市场的重要力量。今年以来,上海、深圳、福建和浙江等 地相继 ...
低利率时代固收类产品面临的挑战——以海外货币市场基金为镜鉴
Sou Hu Cai Jing· 2025-09-19 02:34
Core Viewpoint - The article discusses the challenges faced by fixed-income products in China due to declining interest rates, emphasizing the need for domestic money market funds to learn from international experiences in managing their scale and attractiveness [1]. Group 1: Changes in Money Market Fund Scale in Major Overseas Markets - In the U.S., during periods when money market fund yields fell below 1%, there were significant outflows from these funds, particularly noted in 2003-2004, 2009-2017, and 2020-2021 [2][3][5]. - The Eurozone experienced a decline in money market fund scale during the positive interest rate period from 2009 to 2014, with a contraction of 43%, but saw a rebound during the negative interest rate period from 2014 to 2022, with a 24% increase from historical lows [6][8]. - Japan's money market funds (MMF) faced extinction due to negative interest rates, while money reserve funds (MRF) thrived due to special regulatory arrangements that exempted them from negative rates [9][10]. Group 2: Factors Influencing Money Market Fund Scale Changes - The elasticity of nominal interest rates to policy rate changes leads to a "funds migration" effect, where money market fund yields are more sensitive to central bank rate adjustments compared to bank deposit rates [11][13]. - Different central bank policies regarding negative interest rates have resulted in divergent outcomes for MMFs in Europe and Japan, with Japan's MMFs ceasing operations while European MMFs expanded [19][20]. - Inflation impacts actual interest rates, influencing market preferences for low-risk assets; lower inflation typically leads to higher demand for money market funds and similar products [21]. Group 3: Implications for China's Money Market Funds - China's money market rates have historically shown a higher beta value compared to deposit rates, but this trend has reversed since 2023, indicating a potential shift in fund flows [22]. - The future of money market funds in China will depend on the central bank's ability to maintain attractive yields relative to deposit rates, especially as rates approach or fall below 1% [24]. - Anticipated adjustments in monetary policy could lead to a correction in the low beta environment of money market rates, potentially impacting fund flows and necessitating proactive strategies from fund managers [23][24].
10万亿基金代销江湖,银行系且战且退
3 6 Ke· 2025-09-17 23:20
Core Insights - The A-share market has stabilized and rebounded since 2025, leading to a reshuffling in the public fund sales landscape, with significant growth in non-monetary fund holdings surpassing 10 trillion yuan [1][2] - The top fund distribution institutions, such as Ant Fund and China Merchants Bank, dominate the market, holding over 25% of the total non-monetary fund scale [1][2] - A structural change in investor preferences is evident, with a shift towards more transparent and lower-fee products, particularly passive and fixed-income funds [2][3] Growth Structure - In the first half of 2025, the non-monetary fund holdings of the top 100 distribution institutions reached 10.2 trillion yuan, a 6.95% increase, while equity fund holdings grew by 5.89% to 5.14 trillion yuan [1][2] - Stock index funds saw a remarkable growth of 14.57%, nearing 2 trillion yuan, indicating a recovery in investor confidence driven by rising core indices [1][2] - Smaller institutions are struggling to balance scale and profitability, with a continuing trend of market concentration favoring larger players [2][3] Channel Dynamics - The distribution landscape is increasingly characterized by a three-way competition among banks, brokerages, and independent sales institutions, with a clear restructuring of their market shares [3][4] - Banks still hold over 40% of equity fund holdings, but their market share is declining, as younger investors prefer digital platforms [3][4] - Brokerages and third-party platforms are gaining ground due to their product flexibility and online capabilities, with brokerages increasing their market share in equity funds to 27.41% [4][5] Index Fund Surge - Stock index funds are the hottest category in the current fund growth, with brokerages maintaining a dominant position due to their trading advantages [5][6] - Banks are rapidly increasing their index fund sales, with a year-on-year growth of 99.2% in the first half of 2025, indicating a strategic response to market trends [5][6] - Major banks like Agricultural Bank and Industrial and Commercial Bank have significantly increased their index fund sales, showcasing their adaptability [5][6] Future Outlook - Despite positive growth data, the fund distribution industry remains cautious due to impending fee reforms that will impact revenue structures and product strategies [7][8] - The upcoming fee reductions are expected to challenge traditional sales models, pushing institutions to enhance their advisory services [7][8] - Regulatory changes are likely to encourage brokerages to invest more in equity product sales, further accelerating industry transformation [7][8]
10万亿基金代销江湖 银行系且战且退
经济观察报· 2025-09-17 11:50
Core Viewpoint - The non-monetary fund holding scale exceeding 10 trillion yuan marks a significant milestone in the maturity of China's public fund market, indicating a transformation in channels, products, and client structures that will shape future competition [1][15]. Group 1: Market Overview - As of mid-2025, the non-monetary fund holding scale of the top 100 distribution institutions reached 10.2 trillion yuan, a quarter-on-quarter increase of 6.95%, while equity fund scale grew by 5.89% to 5.14 trillion yuan [2][5]. - The stock index fund segment saw a remarkable growth of 14.57%, nearing 2 trillion yuan, reflecting a recovery in investor confidence amid a rising A-share market [5][6]. Group 2: Structural Changes - There is a notable differentiation in growth, with leading institutions like Ant Fund and China Merchants Bank holding over 25% of the market share, while smaller institutions struggle to balance scale and profitability [6][7]. - The growth in fund scale is primarily driven by passive products and fixed-income funds, indicating a shift in investor preference towards more transparent and lower-fee products [7]. Group 3: Channel Dynamics - The distribution landscape is increasingly characterized by a tripartite structure of banks, securities firms, and independent sales agencies, with banks holding over 40% of equity fund holdings but experiencing a decline [9][10]. - Securities firms and third-party platforms are gaining market share due to their product flexibility and online capabilities, with securities firms' market share in equity funds rising to 27.41% [9][10]. Group 4: Index Fund Growth - Index funds are the hottest category in the current fund scale growth, with securities firms maintaining a dominant position due to their trading attributes and customer structure [11][12]. - Banks are rapidly increasing their index fund sales, with a year-on-year growth of 99.2% in the first half of 2025, indicating a strategic response to market trends and changing client needs [11][12]. Group 5: Future Challenges - The upcoming third phase of public fund fee reforms is expected to significantly impact the income structure and product strategies of distribution institutions, necessitating a shift from sales-driven to service-driven models [14][16]. - Institutions must adapt to fee changes, enhance advisory capabilities, and optimize product structures to remain competitive in the evolving market landscape [14][16].
邹城金融监管支局“三个结合”推动适老化金融服务迈上新台阶
Qi Lu Wan Bao Wang· 2025-09-17 08:12
Core Viewpoint - The article emphasizes the importance of integrating financial services for the elderly into the broader societal framework, highlighting the need for banks to enhance their services and products tailored to older adults [1] Group 1: Integration of Traditional and Smart Services - Banks are encouraged to improve traditional financial services while enhancing online service accessibility for elderly customers [2] - Initiatives include setting up dedicated service windows and providing specialized equipment like magnifying glasses and blood pressure monitors to facilitate in-branch transactions for seniors [2] - Online services are being optimized with dedicated customer service for elderly clients and portable smart service terminals to extend financial services to those unable to visit bank branches [2] Group 2: Product Supply and Service Enhancement - Banks are urged to develop more financial products that cater to the conservative risk preferences and stable investment needs of older adults [3] - Examples include regular updates to product offerings such as savings accounts, low-risk investment products, and insurance tailored for elderly clients [3] - Additional services include improving payment product convenience and offering fee waivers for account opening and annual fees to enhance value for elderly customers [3] Group 3: Regulatory Guidance and Industry Participation - The financial regulatory body is reinforcing the need for banks to enhance their awareness and capabilities in providing age-friendly services [4] - Banks are actively engaging in financial education initiatives aimed at older adults, focusing on risk prevention and financial literacy [4] - Training programs for bank staff are being implemented to improve service quality and emergency response capabilities when assisting elderly clients [4]
基金代销:蚂蚁、招行断层式领先,银行、第三方加码指数基金
Nan Fang Du Shi Bao· 2025-09-16 03:27
Core Insights - The China Securities Investment Fund Industry Association released the Top 100 list of public fund sales and retention scale for the first half of 2025, highlighting significant market players and trends in fund distribution channels [2][3]. Fund Sales Overview - The total non-monetary fund retention scale among the Top 100 institutions reached 10.2 trillion yuan, an increase of 6.9% compared to the end of the previous year [4]. - The equity fund scale was 5.1 trillion yuan, up 5.9%, while the fixed-income fund scale also reached 5.1 trillion yuan, increasing by 8.1% [4]. Channel Analysis Bank Channel - Banks maintained their leading position in the distribution of non-monetary funds, holding a 43% share, although this was a decline of 1.2 percentage points from the previous year [6]. - The non-monetary fund retention scale for banks was led by China Merchants Bank at 1.04 trillion yuan, followed by Industrial and Commercial Bank of China at 462.4 billion yuan [8]. - The bank channel saw significant growth in index funds, with a 38.7% increase in retention scale, outpacing third-party channels (16.0%) and securities firms (9.9%) [6]. Third-Party Channel - The third-party channel accounted for 35% of the total non-monetary fund retention scale, totaling 3.56 trillion yuan, with a growth of 8.9% [9]. - Ant Fund led the third-party channel with a retention scale of 1.57 trillion yuan, growing by 7.9%, while its fixed-income funds remained the strongest segment [9][10]. Securities Firm Channel - Securities firms held a total non-monetary fund retention scale of 2.09 trillion yuan, representing 20.4% of the market, with a slight increase of 0.4 percentage points [11]. - The stock index fund retention scale among securities firms reached 1.08 trillion yuan, growing by 9.9%, although their market share declined by 2.3 percentage points [11]. Fund Performance - The stock index fund scale reached 1.95 trillion yuan, increasing by 14.6%, while active equity funds saw a modest growth of 1.2% to 3.2 trillion yuan [5]. - The performance of active equity funds lagged behind the market index, with many investors still in recovery or redemption phases [5]. Regulatory Changes - The China Securities Regulatory Commission has proposed a revision to the management regulations for public fund sales fees, indicating a potential shift in focus towards equity products and the development of ETFs [13].
2025H1公募基金销售机构保有数据点评:被动化趋势强化,固收集中度下滑
CMS· 2025-09-14 08:31
Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The trend towards passive investment strategies is strengthening, while the concentration in fixed income is declining [2]. - Both equity and fixed income markets are experiencing a recovery, with non-monetary fund holdings among the top 100 sales institutions reaching 10.2 trillion, a 7.0% increase from the second half of 2024 [2]. - The growth in index fund holdings is supporting the increase in equity fund holdings, with stock index funds reaching 1.95 trillion, a 14.6% increase from the previous period [2]. - The concentration ratio (CR4) for the entire market in non-monetary funds has decreased to 13.8%, down 4.1 percentage points from the previous period, indicating a more competitive landscape [2]. - The banking and internet sectors are significantly developing stock index funds, with banks showing the highest growth rate at 38.7% [3]. Summary by Sections Overview - The total non-monetary fund holdings among the top 100 sales institutions reached 10.2 trillion, with equity and fixed income both at 5.1 trillion each, reflecting growth rates of 5.9% and 8.1% respectively [2]. - The average increase in major indices was 1.1%, with the Wind偏股基金 index rising by 7.9% [2]. Internet Sector - Ant Group maintains a strong position with a non-monetary fund scale of 1.6 trillion, a 7.9% increase, and a market share of 5.8% [5]. - The stock index fund scale for Ant Group reached 391 billion, a 22.2% increase, leading among internet platforms [9]. Banking Sector - China Merchants Bank's non-monetary fund scale grew to 1.04 trillion, a 9.6% increase, with equity scale increasing by 19.9% [10]. - The overall fixed income market share for banks has declined by 7.4 percentage points to 12.0%, attributed to a shift in investment preferences towards equities [10]. Brokerage Sector - The brokerage sector shows a significant trend towards indexation, with stock index fund holdings reaching 1.1 trillion, a 9.9% increase [12]. - The overall fixed income holdings in the brokerage sector increased by 16.1%, with a market share of 3.6% [13].