2 005 年 7 月 5 日 ， 国内 首个银行系基金公司工银瑞信基金在北京举行了开业仪式，朴素而 热 烈 的场面，一如工银瑞信日后给人的印象 " 勤奋 " 而 " 实干 " 。 此后，以工银瑞信成立为开端，几个月之内，国有大型银行悉数成立直接控股的公募基金公司。银行 系基金的加入，为中国机构投资者注入新鲜血液，也将稳健经营理念进一步植入资管行业。 革故鼎新 的股权分置改革也 在工银瑞信成立 后一个月内全面铺开。伴随着非流通股的全面转流通， 阻碍 中国 资本市场健康发展 的 一个关键 制度性瓶颈也获得解决。至此股权分置、券商救助、专业 机构投资者，那些世纪初以来困扰中国资本市场的 重要 问题都在这一两个月内有了眉目。 如今回看，工银瑞信的成立，或许只是这个关键历史时刻的重要事件之一，但它在此间扮演的角色、 见证的历史又远不止于一个基金公司成立那么简单。 此后， 中国股市从股权分置的少年期逐步成长为全球第二大资本市场，中国基民从 几百万 户增长到 上亿人，公募基金从投资市场的一隅逐渐成为大众理财的核心标的之一。 而作为参与者的工银瑞 信，也 从 公募 "尝鲜者"成长为 全球资管百强 。 " 八倍基 "长子：从 ...

Market Overview - Last Friday, the market experienced a mixed performance with the three major indices showing varied results, as the Shanghai Composite Index briefly rose over 1% approaching 3500 points [1] - Sectors that performed well included stablecoins, gaming, banking, and electricity, while sectors such as solid-state batteries, beauty care, rare earth permanent magnets, and non-ferrous metals saw declines [1] ETF Market Activity - On July 4, the non-monetary ETF market saw significant inflows, with notable increases in fund shares and net inflows for several ETFs: - Hai Fu Tong Zhong Zheng Short Bond ETF saw an increase of 0.07 million shares with a net inflow of 0.825 billion yuan - Hua Xia Hang Seng Technology ETF had an increase of 9.7 million shares with a net inflow of 0.682 billion yuan - Guotai Shangzheng 10-Year Treasury ETF increased by 0.05 million shares with a net inflow of 0.634 billion yuan [1][2] Top Performing ETFs - The top ETFs by net inflow on July 4 included: - Hai Fu Tong Zhong Zheng Short Bond ETF with a net inflow of 1.637 billion yuan for the month - Fu Guo Zhong Zheng Hong Kong Stock Connect Internet ETF with a net inflow of 1.51 billion yuan - Yi Fang Da Shang Zheng Benchmark Market Maker Corporate Bond ETF with a net inflow of 1.455 billion yuan [3] Fund Performance - The overall ETF market as of July 4 had a total of 27,411.52 million shares and a total scale of 43,178.96 billion yuan - The financial sector saw the largest increase in fund shares, with 23 funds tracking this theme, while the index tracking Zhong Zheng Bank saw a 51.61% increase in shares [3]

Core Insights - The domestic ETF market experienced significant growth in the first half of 2025, with total ETF assets surpassing 4 trillion yuan, increasing from 3.73 trillion yuan at the beginning of the year to 4.31 trillion yuan by mid-year [1][2] - Several new and existing ETFs gained substantial inflows, with notable contributions from major fund companies such as Huaxia Fund, E Fund, and Fuguo Fund, which added 928.32 billion yuan, 648.66 billion yuan, and 513.71 billion yuan respectively [1][2] - The focus of ETF fund managers is shifting from brand promotion to achieving scale, driven by new policies and regulatory guidance [7][8] ETF Market Growth - The total scale of domestic ETFs reached over 4 trillion yuan for the first time, with an increase of over 580 billion yuan in the first half of 2025 [1] - Eight public fund institutions added between 20 billion yuan and 50 billion yuan in ETF management scale, while ten institutions added between 5 billion yuan and 20 billion yuan [2] - The market saw multiple standout products across various sectors, indicating a broad-based growth in ETF inflows [2] Performance of Existing Products - Several existing ETFs revitalized their performance, with the Huaxia Gold ETF and Fuguo China-Hong Kong Internet ETF seeing net inflows of 311.47 billion yuan and 257.27 billion yuan respectively [3] - Other ETFs, such as the Industrial Bank China-Hong Kong Technology ETF and Huaxia China-Robotics ETF, also experienced significant scale increases, each exceeding 100 billion yuan [3] New Product Launches - The first batch of benchmark market-making credit bond ETFs gained attention, with several funds exceeding 20 billion yuan in scale by mid-year [4] - Existing products like the Hai Futong China Short-term Bond ETF also saw substantial growth, with nearly 20 billion yuan added in the first half of the year [4] Strategic Focus of Fund Managers - Fund managers are advised to focus on innovative potential products and maintain a robust marketing strategy to capture market share [8] - The competitive landscape is expected to continue, with leading products maintaining an advantage due to their established resources and market presence [7][8]

在股权变更获批四个月之后，工银瑞信基金正式对外更新股权结构，并首次回应了"公司名称是否随之变更"这一市场关注问题。 根据工银瑞信基金6月12日晚间公告，瑞士银行成为持股20%股东一事的工商变更登记手续已办理完毕，公司中文名称及中文简称不变，但英文名字和官网域名发生 变更。截至2024年12月31日，工银瑞信（含子公司）旗下的资产管理总规模超过2万亿元。 除工银瑞信基金外，近期还有华夏基金等大型公募，以及信达澳亚基金、东兴基金等中小公募发生过股权或实控人变更。 公司中文名称及中文简称不变 工银瑞信基金12日晚间公告显示，根据中国证券监督管理委员会《关于核准工银瑞信基金管理有限公司变更持股5%以上股东的批复》（证监许可〔2025〕228 号），瑞士银行有限公司（UBS AG）（下称"瑞士银行"）成为工银瑞信基金持股5%以上股东，占公司注册资本比例20%。工银瑞信基金表示，本次股权变更后注 册资本保持不变。中国工商银行股份有限公司（下称"工商银行"）仍为该公司的控股股东，持有公司80%股权不变。公开信息显示，截至目前工银瑞信基金注册资 本为2亿元。 在本次股权变更之前，工商银行持有工银瑞信基金的股权比例为80%，但 ...

Group 1 - The overall market sentiment has improved since April 7, 2025, with significant capital inflow into equity ETFs, leading to a positive net subscription amount for the first half of the year [1][2] - Over 200 billion yuan has flowed into various types of ETFs, including stock, bond, cross-border, and commodity ETFs, with a notable focus on core broad-based ETFs [2][3] - The top three ETFs by net inflow from January to May 2025 include Huaxia CSI 300 ETF (+32.56 billion yuan), Huaan Gold ETF (+22.81 billion yuan), and Huatai-PB CSI 300 ETF (+20.78 billion yuan) [3] Group 2 - As of May 30, 2025, eight bond ETFs have surpassed 10 billion yuan in scale, with the top two being the Fortune 7-10 Year Policy Financial Bond ETF and the Hai Fudong CSI Short-term Bond ETF, both exceeding 40 billion yuan [4] - The A-share market is expected to experience upward fluctuations due to ongoing policy support and the influx of medium to long-term capital [4] Group 3 - The robotics sector is gaining attention, with the National Robotics Industry Index showing a year-to-date increase of 6.89%, outperforming the broader market [6][7] - The top three ETFs in the robotics sector by net inflow from January to May 2025 are Huaxia CSI Robotics ETF (+9.12 billion yuan), E Fund CSI Artificial Intelligence ETF (+8.31 billion yuan), and Tianhong CSI Robotics ETF (+4.29 billion yuan) [7][9] Group 4 - The Hong Kong stock market is attracting institutional funds, particularly in the technology sector, with significant net inflows into cross-border ETFs, including the Fortune CSI Hong Kong Internet ETF (+19.02 billion yuan) and the Industrial Bank National CSI Hong Kong Technology ETF (+12.41 billion yuan) [10][12] - The AI industry transformation and the narrative of domestic technology self-sufficiency are expected to continue driving interest in the Hong Kong technology sector [10]

Group 1 - The Hong Kong stock market has been active this year, with a low interest rate environment attracting risk-averse funds into high dividend sectors such as finance, energy, utilities, and real estate, resulting in over 130 billion HKD net inflow into these sectors from southbound funds in the past three months [1][2] - The total scale of domestic Hong Kong dividend-themed ETFs has rapidly increased from less than 30 billion to over 42 billion HKD, with net inflows of approximately 10 billion HKD [2] - Insurance funds have frequently increased their stakes in high dividend Hong Kong stocks, indicating a strong preference for dividend-yielding assets among long-term investors [3] Group 2 - Insurance funds have made over ten significant purchases of Hong Kong stocks this year, primarily in sectors like banking, utilities, and non-bank financials, with a focus on high dividend characteristics [3] - The preference for Hong Kong stocks by insurance funds is attributed to their attractive discount rates and dividend yields, along with tax benefits for long-term holdings [3] - The demand for dividend assets is expected to remain strong due to the continuous growth in insurance premium income and the pursuit of absolute returns by institutions [3] Group 3 - Southbound funds have also shown significant interest in new consumption and technology sectors, with net purchases of Alibaba exceeding 70 billion HKD and substantial investments in Meituan and Tencent [4] - The top three Hong Kong-themed ETFs have collectively attracted over 40 billion HKD in net inflows this year, indicating a strong market interest [4] - The Hong Kong market is seen as a leader in the current asset revaluation trend in China, with expectations of continued inflows from southbound funds [4] Group 4 - A "barbell" investment strategy is recommended, balancing high-growth technology and new economy sectors with stable dividend-yielding assets to mitigate external volatility [5] - The focus on sectors benefiting from domestic policy support and economic transformation is emphasized, alongside attention to cyclical sectors related to domestic demand [5]

Core Viewpoint - The article discusses the evolution and achievements of ICBC Credit Suisse Asset Management (工银瑞信基金) over the past 20 years, highlighting its strengths in equity investment, fixed income management, and pension finance, while also addressing the challenges posed by industry transformation [2][3][13]. Equity Investment - Active equity investment remains a core competitive advantage for public funds, with ICBC Credit Suisse demonstrating significant performance in this area. The company launched its first product, the ICBC Core Value Mixed Fund, in August 2005, which has since achieved a cumulative return of 879.29% and an excess return of 560.06% over its benchmark [3]. - ICBC Credit Suisse has been recognized as a leading "active equity powerhouse," with its active equity products ranking first in excess returns over the past five and seven years among large equity companies [3]. Fixed Income Management - Fixed income investment is crucial for stabilizing fund assets and reducing investment risks. ICBC Credit Suisse's fixed income team has excelled in complex market conditions, with 33 of its funds ranking in the top 25% of their categories [5]. - The team consists of experienced investment managers and researchers who utilize diversified investment portfolios to optimize asset allocation and mitigate risks [5]. Pension Finance - With the aging population in China, pension finance has become increasingly important. ICBC Credit Suisse has prioritized pension business as a key long-term strategy, managing 263 corporate pension portfolios with assets totaling 299.7 billion yuan, ranking it among the top in the industry [7]. - The company has developed a series of target date and target risk funds to meet the diverse pension needs of different age groups, enhancing its offerings in the personal pension market [8]. Diversification and Global Expansion - ICBC Credit Suisse has actively explored overseas business and index investment, achieving notable performance in passive investment. Its products have been recognized for their strong performance in various categories, including the ICBC National Index Hong Kong Stock Connect Technology ETF [10]. - The company has established a comprehensive index product lineup, providing effective investment tools for investors to navigate different market conditions [10]. Support from Shareholders - The growth of bank-affiliated fund companies like ICBC Credit Suisse is supported by strong shareholder backing and a stable governance structure, which facilitates seamless strategic decision-making and resource allocation [12]. - The company's commitment to compliance and risk management has been a cornerstone of its operational strategy, ensuring high-quality development [12].

近期，港股市场呈现出强劲的上涨势头，恒生指数以及恒生科技指数今年以来的涨幅明显。不过，在 市场走牛的背后，投资者意见却出现了明显分化。 记者梳理专注港股市场投资的ETF基金场内流通份额变化发现，在港股市场大涨的过程中， 华夏恒生互联 网科技业ETF等的场内流通份额持续减少，而富国中证港股通互联网ETF等的场内流通份额持续增加。 港股市场持续走牛 在资产重估逻辑支撑下，今年以来，港股市场迎来了久违的强势表现。恒生指数自今年1月14日以来的涨 幅接近30%，恒生科技指数自今年1月14日以来的涨幅超过40%。 3月11日，在欧美股市大跌的情况下，港股市场大幅低开后持续震荡反弹，恒生指数盘中翻红，恒生科技 指数翻红并最终收涨1.39%。 恒生指数成份股中，截至3月11日，阿里健康年内涨幅超70%，中芯国际、阿里巴巴、快手年内涨幅超 60%，小米集团年内涨幅超50%，药明生物、周大福、比亚迪股份年内涨幅超30%，中国联通、腾讯控 股、联想集团等多股年内涨幅超过20%。 对于港股市场持续走牛的原因，市场分析人士指出，中国企业在AI大模型领域的突破改善预期，港股市场 吸引力上升。随着近期中国企业在AI大模型领域有所突破，中 ...