专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 中国证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），这是深入贯彻落实 中央金融工作会议、中央政治局会议以及新"国九条"关于"稳步推进公募基金改革、推动证券基金机构 高质量发展"的重要决策部署。 《行动方案》聚焦投资者获得感，以强监管、防风险、促高质量发展为主线，督促行业机构牢固树立以 投资者最佳利益为核心的经营理念，实现从"重规模"向"重投资者回报"转型，充分发挥行业引导的积极 作用，并将优化管理费收取模式、完善考核评价制度等投资者长期关切的问题放在首要位置。《行动方 案》的出台有望成为公募基金行业发展史上的重要分水岭，为行业高质量发展提供纲领性、方向性、整 体性的方案，后续还将迎来20余件配套法规，将对公募基金行业尤其是主动权益类基金产品的发展产生 深远影响，体现了精准行业定位、加速形成行业高质量发展"拐点"的坚定决心。 强化基金公司与投资者利益绑定，突出投资者最佳利益导向 近年来，我国公募基金行业在服务实体经济与国家战略、促进资本市场改革发展稳定、满足居民财富管 理需求等方面发挥了积极作用，同时也面临着发展结构不均衡、投资 ...

人民财讯9月5日电，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，其中提出，投资者赎回基金份额产生的赎回费，应当全额计入基金财产。对于股票型基金、混合型 基金、债券型基金和基金中基金（FOF），应当按照以下费用标准收取赎回费：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。对于交易型开放式指数基金（ETF）、同业存单基金、货币市场基金以及中国证监会认可的 其他基金，基金管理人可以根据产品投资运作特点另行约定赎回费收取标准。 ...

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 ...

Core Viewpoint - The article emphasizes the need for the public fund industry in China to enhance investor experience and satisfaction through the development of low-volatility and asset allocation products, as highlighted in the recent regulatory action plan by the China Securities Regulatory Commission [1][4]. Group 1: Current Challenges in the Fund Industry - The public fund industry faces a contradiction between rapid growth and poor investor experience, with many funds focusing on high-volatility strategies that ultimately lead to significant losses for investors [2][3]. - Since 2021, the CSI Equity Fund Index has experienced a maximum drawdown exceeding 40%, indicating the risks associated with high-volatility equity products [2]. - Investors are increasingly seeking stable returns and manageable volatility, as traditional fixed-income products fail to meet their wealth growth needs [3]. Group 2: Regulatory Response and Strategic Direction - The regulatory action plan aims to address investor demands for stable returns and better holding experiences, positioning "enhancing investor satisfaction" as a core measure of high-quality development [4]. - The plan includes increasing the creation of low-volatility products and asset allocation products as key initiatives to optimize product supply [4][6]. Group 3: Product Types and Market Potential - Low-volatility products include fixed income plus funds, convertible bond funds, and absolute return strategy funds, while asset allocation products encompass fund of funds (FOF), manager of managers (MOM), and target date funds [5][6]. - The market for low-volatility and asset allocation products is expected to recover, with FOF total scale surpassing 150 billion yuan by the end of Q1 2025 [5]. Group 4: Innovation and Development Strategies - To meet market demands, the industry must innovate in product design, utilizing artificial intelligence, introducing derivatives, and expanding cross-border asset allocation [1][11]. - Proposed innovations include AI-driven dynamic asset allocation strategies, quantitative fixed income products, and ESG-focused stable return products [12][13][14]. Group 5: Challenges in Product Creation - The industry faces challenges such as mismatched product design with market needs, severe product homogeneity, and insufficient research capabilities among fund companies [8][9]. - Investor education is crucial, as many investors lack understanding of the characteristics and risk-return profiles of low-volatility and asset allocation products, leading to poor investment decisions [10].

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which emphasizes enhancing the service capabilities of public funds to better meet the diverse needs of investors [1][2] - The action plan aims to optimize fund product supply, addressing the issue of product homogeneity in the expanding public fund market, and encourages fund companies to improve product design for better asset allocation [2][3] - The plan highlights the need for fund companies to shift focus from scale to returns, creating a virtuous cycle of "increased returns - inflow of funds - market stability" [3][4] Group 2 - The action plan proposes the establishment of a direct sales service platform for institutional investors, providing centralized, standardized, and automated data interaction services, which is expected to lower costs and enhance service efficiency [4][5] - The plan encourages the development of innovative products tailored for personal pensions, addressing the current lack of low-volatility, long-term stable products in the market [3][4] - The action plan promotes the standardization of investment advisory services through the introduction of new regulations, which is anticipated to expand the market and enhance the quality of asset allocation services for investors [6][5] Group 3 - The action plan emphasizes the importance of financial technology in enhancing service capabilities, encouraging fund companies to leverage AI and big data to improve operational efficiency and customer service [5][6] - The initiative aims to foster a collaborative ecosystem among various financial institutions, enhancing the overall service model and promoting a more diversified fund advisory industry [6][5] - The expected outcome is a more professional and personalized investment advisory service for investors, leading to better long-term investment strategies and improved investor satisfaction [6][5]

Group 1 - The core concept of the article emphasizes the importance of foundational knowledge in investing, particularly in mutual funds, to facilitate easier entry into investment activities [2] - The article introduces pension target funds, which are specifically designed for retirement financial planning and are characterized by the inclusion of "pension target" in their names [3] - Pension target funds operate in a fund-of-funds (FOF) format, with over 80% of their assets invested in other funds, catering to retirement needs [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, supporting the coordinated development of various fund products [1] Group 1: Regulatory Changes - The CSRC has revised the "Public Fund Operation Management Measures" to improve and optimize the establishment standards, ongoing conditions, and exit mechanisms for public funds [1] - The action plan aims to further refine product classification standards and orderly expand the investment scope and strategies of public funds, enhancing operational flexibility [1] Group 2: Product Development - There will be an increased focus on creating low-volatility products with rights and asset allocation products, as well as revising the rules for Fund of Funds (FOF) and target-date funds to cater to different risk preferences of investors [1] - The initiative promotes the coordinated development of equity investments and fixed-income investments [1]

● 本报记者 张韵 基金公司层面，全市场绝大多数公募基金公司旗下产品在2024年利润为正，仅10余家基金公司旗下产品 出现亏损，其中以中小公募机构居多，旗下产品亏损最高约9亿元。 头部公募旗下产品2024年普遍利润为正，位居前十位的分别为易方达基金、华夏基金、华泰柏瑞基金、 南方基金、嘉实基金、广发基金、博时基金、富国基金、天弘基金、华安基金。 易方达基金和华夏基金旗下产品2024年实现利润均超1400亿元，占据第一梯队；华泰柏瑞基金、南方基 金旗下产品实现利润均超720亿元；嘉实基金、广发基金、博时基金旗下产品实现利润均超400亿元。 天相投顾数据显示，上述十家公募基金公司旗下产品2024年实现的利润总和占全市场公募产品利润总和 的一半以上，超过其余约150家公募机构旗下产品利润总和。 3月31日，公募基金2024年年报基本完成披露。据天相投顾统计，全市场公募基金2024年实现利润约 1.28万亿元。 股基业绩居首 数据显示，股票型基金2024年实现利润约4445亿元，升至各类基金首位。在2024年年中，股票型基金亏 损1614.8亿元，处于垫底位置。回顾过往数据，这是自2022年以来股票型基金首度实现年度 ...