Core Viewpoint - The article highlights a shift in investment strategies among leading public funds in June, indicating a transition towards value-oriented and low-valuation themes in response to changing market conditions [1][2][11]. Group 1: New Product Launch Strategies - Major public funds such as GF Fund, Fuguo Fund, and Huatai-PB Fund launched new balanced theme funds focused on value and low valuation in late June [2][4]. - The cautious approach in building positions for new funds, such as the Ping An Value Enjoyment Mixed Fund, reflects a strategy to navigate the current market volatility [4][5]. - The emergence of terms like "valuation advantage" and "balanced strategy" in new fund names suggests a growing emphasis on performance expectations for mid-term financial results [7][11]. Group 2: Market Trends and Performance Expectations - The article notes a significant cooling in the innovative pharmaceutical sector, with many companies experiencing rapid valuation increases that may not be sustainable [8][11]. - As the market approaches mid-2025, there is a shift in focus towards low-valuation companies that have shown performance improvement trends, making them attractive for institutional investors [8][11]. - The performance of stocks like Shangmei Co., which saw a 74% increase in net profit for 2024, illustrates the connection between market movements and mid-term financial expectations [8]. Group 3: Rebalancing Strategies and Future Outlook - The rebalancing of fund holdings indicates a potential influx of capital into low-valuation sectors, particularly in the Hong Kong non-bank sector, which currently has a PB of 0.98X and a dividend yield of 3.2% [12]. - The article suggests that the current market trend is moving away from thematic investments towards larger-cap stocks, with a preference for value stocks over growth stocks [11][12]. - The anticipated policy trading in early July may further influence market dynamics, with larger-cap stocks expected to exhibit greater elasticity compared to smaller-cap stocks [12].

Core Insights - The new fund issuance market has seen significant activity, with over 100 billion yuan in new fund issuance since June, marking a monthly record for the year [1] - Bond funds have been particularly successful, with several reaching issuance scales of 6 billion yuan [1] - Equity funds are also experiencing a resurgence, with 89 new equity funds launched in June, totaling 41.847 billion yuan [2] Fund Issuance Overview - In June, 132 new funds were established, with a total issuance of 103.873 billion yuan, the highest monthly figure this year [1] - The bond fund segment saw 30 new funds launched, accumulating 51.344 billion yuan, including several standout funds each reaching 6 billion yuan [1] - The issuance of interbank certificate funds has also been robust, with notable funds reaching 5 billion yuan and 3.91 billion yuan respectively [1] Equity Fund Trends - The equity fund segment has seen a total of 89 new funds in June, with a combined issuance of 41.847 billion yuan [2] - The new floating management fee model has gained attention, with 19 funds launched, raising 18.812 billion yuan and attracting 218,000 effective subscriptions [2] - Notable funds in this category include the Dongfanghong Core Value Mixed Fund at 1.991 billion yuan and the Yifangda Growth Progress Mixed Fund at 1.704 billion yuan [2] Technology-Focused Funds - There is a growing focus on technology-themed funds, with 49 new funds currently in issuance, over 70% of which are equity funds [3] - Key offerings include actively managed equity funds and various technology index funds targeting sectors like AI and digital economy [3] Market Sentiment and Future Outlook - The recent surge in equity fund issuance reflects a relatively optimistic outlook from fund companies regarding market conditions [4] - Factors contributing to this sentiment include breakthroughs in AI and innovative pharmaceuticals, which have bolstered investor confidence [4] - The market is expected to remain volatile, with a focus on "technology + dividend" strategies and sectors showing performance improvement [4] Economic Context - The domestic economic fundamentals are showing resilience, although there are uncertainties regarding the sustainability of high consumer growth [5] - The anticipated easing of interest rate differentials may benefit RMB assets, with a focus on technology growth, supply-demand improvements, and dividend asset values [5]

作为业内首批上报的新型浮动费率基金，平安价值优享混合基金今日(5月27日)正式发行。平安价值优 享混合作为市场首批新模式浮动费率产品，以"业绩决定费率"机制打破传统管理费与收益脱钩的痛点， 实现基金管理人和投资人利益绑定，在提升投资者盈利体验的同时，也激励基金管理人提升投资能力和 业绩。基金经理何杰表示，当前时点布局权益投资，正逢国内政策、外部环境、市场估值等多维度共筑 的权益投资黄金窗口期，中期来看，宏观面处于外需冲击和内需提振交织的复杂阶段。但好的一面是， 市场对外需的悲观预期已经比较充分，对内需的改善预期底部抬升，判断市场整体向下空间有限，对中 长期市场持相对积极的态度。(人民财讯) ...