2025年，公募基金行业用一场大规模的"自我投资"行动，向市场传递出看好后市的强烈信心。 数据显示，全年基金公司自购交易金额合计高达5626.58亿元，相比2024年的3706.51亿元大幅增长 51.8%。 与此同时，自购的结构发生深刻变化：非货币类基金获得净申购93.39亿元，同比激增130%，而货币基 金则遭遇近2000亿元的净赎回。而在非货币类基金中，一个重要的变化是，指数型产品成为基金公司自 购重点布局方向。 业内认为，政策引导与市场回暖是2025年基金公司自购发生转向的主要驱动力。 托合江指出，数据显示头部机构净申购表现突出，表明行业领先者在市场波动中有较强的行动力与信 心。 自购规模与结构的双重变化 Wind数据显示，2025年基金公司自购交易金额合计高达5626.58亿元，相比2024年的3706.51亿元大幅增 长51.8%。 2025年公募非货类产品自购金额达93.39亿元，较2024年的40.62亿元增长52.77亿元，增幅达130%。 其中，债券型基金净申购42.14亿元，成为自购的绝对主力。股票型与混合型基金分别净申购23.77亿元 和21.48亿元，后者实现了从2024年净赎回3. ...

2025年，公募基金行业用一场大规模的"自我投资"行动，向市场传递出看好后市的强烈信心。 数据显示，全年基金公司自购交易金额合计高达5626.58亿元，相比2024年的3706.51亿元大幅增长51.8%。 与此同时，自购的结构发生深刻变化：非货币类基金获得净申购93.39亿元，同比激增130%，而货币基金则遭遇近2000亿元的净赎回。而在非 货币类基金中，一个重要的变化是，指数型产品成为基金公司自购重点布局方向。 业内认为，政策引导与市场回暖是2025年基金公司自购发生转向的主要驱动力。 自购规模与结构的双重变化 Wind数据显示，2025年基金公司自购交易金额合计高达5626.58亿元，相比2024年的3706.51亿元大幅增长51.8%。 2025年公募非货类产品自购金额达93.39亿元，较2024年的40.62亿元增长52.77亿元，增幅达130%。 其中，债券型基金净申购42.14亿元，成为自购的绝对主力。股票型与混合型基金分别净申购23.77亿元和21.48亿元，后者实现了从2024年净赎 回3.41亿元到大幅净申购的逆转。 与之形成鲜明对比的是，在收益率持续下行的背景下，货币基金全年净赎回193 ...

数据显示，全年基金公司自购交易金额合计高达5626.58亿元，相比2024年的3706.51亿元大幅增长 51.8%。 与此同时，自购的结构发生深刻变化：非货币类基金获得净申购93.39亿元，同比激增130%，而货币基 金则遭遇近2000亿元的净赎回。而在非货币类基金中，一个重要的变化是，指数型产品成为基金公司自 购重点布局方向。 业内认为，政策引导与市场回暖是2025年基金公司自购发生转向的主要驱动力。 数据显示，2025年基金公司自购交易金额合计高达5626.58亿元，相比2024年的3706.51亿元大幅增长 51.8%。 2025年公募非货类产品自购金额达93.39亿元，较2024年的40.62亿元增长52.77亿元，增幅达130%。 其中，债券型基金净申购42.14亿元，成为自购的绝对主力。股票型与混合型基金分别净申购23.77亿元 和21.48亿元，后者实现了从2024年净赎回3.41亿元到大幅净申购的逆转。 与之形成鲜明对比的是，在收益率持续下行的背景下，货币基金全年净赎回1939.51亿元，而2024年为 净申购25.26亿元。这清晰表明，机构资金正从传统的现金管理工具，转向能承载更多收益预期 ...

Core Viewpoint - The recent issuance of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" by regulatory authorities aims to enhance the long-term incentive and constraint mechanisms within the fund management industry, promoting a stronger alignment of interests between fund management companies and fund shareholders [2][6]. Group 1: Guidelines and Requirements - Fund management company executives and key business department heads are required to invest at least 30% of their total performance compensation in public funds managed by their company, while fund managers must invest at least 40% of their total performance compensation in the public funds they manage [2][4]. - The guidelines emphasize the concept of "performance compensation holding base," mandating that the holding period for these investments must be no less than one year [2][3]. Group 2: Self-Purchase Trends - As of December 7, 2023, 136 public fund companies have initiated self-purchases, totaling 8,400 instances, with net subscriptions for equity funds exceeding 4 billion yuan [4][6]. - Notably, Guotai Fund has recorded the highest number of self-purchases at 782 times, followed by Invesco Great Wall Fund with 607 times [4]. Group 3: Market Implications - The self-purchase trend reflects fund companies' confidence in their investment management capabilities and the long-term value of their products, which is expected to stabilize investor expectations and enhance confidence in holding [6][7]. - The focus on equity products for self-purchases indicates a positive outlook on market valuation recovery and economic fundamentals, suggesting that fund companies will prioritize long-term performance over short-term gains [6][7].

Core Viewpoint - The recent issuance of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" by regulatory authorities aims to enhance the long-term incentive and constraint mechanisms within the fund management industry, promoting better alignment of interests between fund management companies and fund shareholders [2][3]. Group 1: Regulatory Guidelines - The guidelines require senior management and key business department heads of fund companies to invest at least 30% of their annual performance compensation in public funds managed by their company, while fund managers must invest at least 40% of their performance compensation in the public funds they manage [2][3]. - The guidelines emphasize "performance compensation holding," mandating that the holding period for these investments must be no less than one year [2][3]. Group 2: Self-Purchase Trends - As of December 7, 2023, 136 public fund companies have initiated self-purchases, totaling 8,400 instances, with net subscriptions for equity mixed funds exceeding 4 billion yuan [3][4]. - Notably, Guotai Fund has the highest number of self-purchases at 782 times, followed by Invesco Great Wall Fund with 607 times, and several other companies exceeding 500 times [3]. Group 3: Investment Focus - The self-purchase trend indicates a strong focus on equity products, reflecting the industry's confidence in the long-term value of equity assets and expectations for market valuation recovery and economic improvement [4][5]. - Fund companies' self-purchase actions are seen as a commitment to long-term development, enhancing risk control and sustainable investment value, which may lead to improved long-term performance stability [5].

Group 1 - A total of 136 public fund companies have initiated self-purchases this year, with a cumulative self-purchase count of 8,400 times, indicating a strong trend in self-investment among fund companies [1][2] - The net subscription amount for stock mixed funds has exceeded 4 billion yuan, with significant net subscriptions also seen in bond funds, totaling 4.21 billion yuan [2] - Among fund companies, Guotai Fund has the highest self-purchase count at 782 times, followed by Jingshun Great Wall Fund with 607 times, and others like Zhongou Fund and Hongde Fund exceeding 500 times [2] Group 2 - The regulatory body has issued a draft guideline for performance assessment and compensation management for fund management companies, aiming to strengthen the binding of interests between fund managers and investors [3] - The guideline emphasizes "performance salary holding base," requiring senior management and fund managers to invest a certain percentage of their performance compensation into the funds they manage, with a minimum holding period of one year [3] - It is anticipated that the self-purchase volume of fund companies will continue to increase, particularly in equity funds, as this practice enhances investor confidence and aligns the interests of fund managers with those of investors [3]