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新产品净值频频变动 基金经理坚信“入场时点”来临
Group 1 - Multiple newly established active equity funds have begun building positions, indicating that fund managers are actively entering the market [1][2] - Several funds have announced early closure of their fundraising periods, suggesting that managers aim to seize favorable entry points in the current market [1][4] - The recent performance of innovative pharmaceutical sectors has led to significant gains for funds heavily invested in this area [2][3] Group 2 - The A-share market is expected to maintain an upward trend, supported by a recovery in corporate performance and external factors becoming less disruptive [5][6] - Key sectors to watch include artificial intelligence, high-end manufacturing, and biomedicine, which are showing signs of progress and improvement [6] - The overall sentiment towards the mid-term market outlook remains optimistic, with a focus on structural opportunities and potential outperformers in traditional and new consumer sectors [6]
新产品净值频频变动基金经理坚信“入场时点”来临
Group 1 - Multiple newly established active equity funds have begun building positions, indicating that fund managers are actively entering the market shortly after fund establishment [1][2] - The first fundraising scale of the newly established fund "Shenwan Lingshin Industry Selection" was 1.219 billion yuan, making it one of the few active equity products this year to exceed 1 billion yuan in fundraising [2] - The net value of "Shenwan Lingshin Industry Selection A" fluctuated from 0.9802 yuan on June 6 to 0.9885 yuan on June 13, reflecting active market engagement by the fund manager [2] Group 2 - Several funds have announced early closure of fundraising, such as "Zhaoshang Value Select Mixed Fund," which closed fundraising on June 25 instead of the originally planned July 4 [3][4] - The trend of early fundraising closures is becoming more common, with some funds having fundraising periods as short as two days, indicating a strategic move by fund managers to capitalize on current market opportunities [4] - Fund managers are optimistic about the A-share market's upward trend, citing external disturbances easing and a potential rebound in previously affected sectors like technology and overseas industries [5] Group 3 - The long-term outlook for the Chinese economy remains positive, with ongoing industrial development and improvements in corporate performance, particularly in sectors like artificial intelligence, high-end manufacturing, and biomedicine [5][6] - The overall sentiment towards the mid-term market trajectory is optimistic, with signs of recovery in free cash flow among all A-share listed companies [5] - Key areas of focus for investment include stable assets represented by banks, offensive upstream assets like gold and oil, and event-driven assets such as new consumer products [6]
发行两周 亮点十足 新型浮动费率基金火热销售进行时
Core Insights - The new floating rate funds have seen significant sales success within just two weeks of issuance, with multiple banks reporting sales exceeding 1 billion yuan, and some surpassing 10 billion yuan [1][2] - The Oriental Red Core Value Mixed Fund has already exceeded its fundraising cap of 2 billion yuan, with a subscription confirmation rate of approximately 94.03% [2][3] - A trend of self-purchase by fund companies has emerged, with Manulife Fund investing 10 million yuan in its own floating rate fund, reflecting a commitment to shared interests and risk with investors [1][5] Fund Sales Performance - As of June 6, several banks, including SPDB, Bank of China, and others, reported that their sales of new floating rate funds exceeded 1 billion yuan, with SPDB and Bank of China surpassing 10 billion yuan [2] - The first batch of 16 floating rate funds launched on May 27 has seen strong initial subscription, with many funds achieving over 1 billion yuan in subscriptions by June 6 [2][3] Fund Company Actions - Multiple fund companies have announced self-purchases of their floating rate funds, with amounts ranging from 10 million to 20 million yuan, indicating confidence in the market [5][6] - The self-purchase actions by companies like Oriental Red Asset Management and Tianhong Fund demonstrate a commitment to aligning interests with investors [5][6] Fund Characteristics - The new floating rate funds have varied performance benchmarks, with some using the CSI 500 Index as a benchmark, while others target the CSI 300 Index or the CSI 800 Index [4] - The introduction of floating rate funds is seen as a response to the policy aimed at linking management fees to fund performance, marking a new approach in the industry [6]
6月公募新发市场迎“小高峰”;公募最新调研聚焦硬科技与全球化方向
Mei Ri Jing Ji Xin Wen· 2025-06-03 07:28
Group 1: Fund Market Overview - In June, the public fund issuance market experienced a "small peak" with 89 funds entering the sale period, including 41 funds launched on the first trading day after the Dragon Boat Festival [1] - Public REITs have seen a significant market trend this year, with the CSI REITs total return index rising by 12.62% year-to-date, although it has recently shown signs of high volatility [2] - In May, public fund research focused on hard technology and globalization, with 156 public funds participating in A-share listed company research, covering 629 stocks and totaling 4,791 research instances [3] Group 2: Notable Fund Manager Insights - Song Jialing, head of the consumer research team at Hengyue Fund, indicated that new targets in the emerging consumer sector are expected to continue to emerge, driven by cultural trends from demographic changes [4] - Despite some stocks in the emerging consumer sector experiencing significant short-term gains, the price movements are closely tied to performance data, with many companies planning new products for the second half of the year [4] Group 3: ETF Market Performance - The market showed a rebound with the Shanghai Composite Index rising by 0.43%, and the Shenzhen Component Index increasing by 0.16%, with a total trading volume of 1.14 trillion yuan [3] - Gold-related ETFs performed strongly, with the highest increase reaching 3.89%, while the automotive parts ETF led the decline with a drop of 1.94% [4][5] Group 4: ETF Thematic Opportunities - Human-shaped robots and smart vehicles share many commonalities in hardware and software, with automotive companies increasingly entering the robotics sector, suggesting potential growth in automotive parts related ETFs [6] Group 5: Upcoming Fund Launches - The upcoming fund "Invesco Great Wall Growth Mixed Fund" is a mixed equity fund managed by Nong Bingli, with a performance benchmark based on a combination of indices [7] - Another fund, "招商价值严选混合" (招商 Value Select Mixed Fund), is also set to launch, managed by Zhu Hongyu, with a performance benchmark linked to the CSI 300 Index and the Hang Seng Composite Index [9]
朱红裕掌舵招商基金首只浮动费率产品,曾因重仓卫宁健康受到争议
Sou Hu Cai Jing· 2025-05-29 05:55
Core Viewpoint - The first innovative floating fee rate product from China Merchants Fund, named "China Merchants Value Select Mixed Securities Investment Fund," has been approved and is set to launch on June 4, 2025, aiming to align the interests of fund managers and investors through a performance-linked fee structure [2]. Fee Structure - The management fee for the fund is structured in three tiers: - 1.50% per year if the annualized return exceeds the benchmark return by 6% or more - 0.60% per year if the return falls below the benchmark by 3% or more - 1.20% per year for all other scenarios - This model breaks away from traditional fixed management fees, incentivizing fund managers to pursue excess returns and encouraging long-term investment by reducing short-term trading volatility [3]. Fund Management - The fund will be managed by Zhu Hongyu, who has 18 years of investment research experience and is currently the Chief Research Officer at China Merchants Fund. His management scale peaked at 11.978 billion yuan in 2023 but decreased to 5.08 billion yuan by May 2025 due to market adjustments and underperformance of certain products [3]. Historical Performance - Zhu Hongyu's previous funds include "China Merchants Core Competitiveness A," which achieved a return of 45.75% since its inception, and "China Merchants Social Responsibility A," which reported a loss of 2.29% over two years [4]. - The fund manager faced controversy for heavily investing in Weining Health, which saw a significant drop in stock price after the company's chairman was placed under investigation, leading to a 31% decline in one month [5].
招商基金朱红裕:浮动费率时代的长期主义答案
聪明投资者· 2025-05-29 02:47
首批浮动费率基金上线了。 从 5 月 7 日证监会《推动公募基金高质量发展行动方案》的正式落地,到 5 月 23 日 26 支新型浮动费率基金 的密集获批,再到紧锣密鼓的正式开售 —— 象征着行业转型的历史性时刻,猝不及防地降临,又笃定不移地向 前推进。 此次获批的浮动费率基金,业绩比较基准均主要对标沪深 300 、中证 A500 等 主流宽基指数 。管理费方面, 则均采取 分档费率机制 :在持有期超过一年的情况下,相对于业绩比较基准,如果持有期 年化超额收益超过 6% 且为正值 ,则收取 1.50%/ 年 的管理费;若 年化超额收益小于 -3% ,则仅收取 0.60%/ 年 的管理费; 其余情况下,均收取 1.20%/ 年 的管理费。持有期 不足 一年 的,收取 1.20%/ 年的固定管理费。 当管理人收益与长期业绩深度绑定,什么样的基金经理才能胜任?根据浮动费率基金的特征, 我们 试图描绘了 一下 ta 的画像: 首先, ta 要有可持续的超额收益创造能力 , 过往 表现靠前的长期业绩 能证明自己 ; 其次, ta 的能力圈最好全面一些, 不要只锚定一个行业或赛道,尽量做到全市场选股; 另外, ta 还要 ...
首批26只新型浮动费率基金今日获批,公募费率改革稳步推进
Nan Fang Du Shi Bao· 2025-05-23 12:50
5月23日,南都.湾财社记者获悉,26只新型浮动费率基金今日获证监会注册,预计很快就会向投资者发 售,投资者可通过商业银行、互联网平台等便利认购相关产品。记者了解到,首批产品均设置了1.2% (基准档)、1.5%(升档)、0.6%(降档)三档费率水平。 博时基金认为,此次获批浮动管理费率基金产品,与传统固定费率基金相比,一是通过费率优化设计, 让利持有一定期限以上的投资者,强化与投资者的利益绑定,有利于长期投资,进一步提升投资者获得 感。二是浮动管理费率基金产品强调超额收益,有利于激励和发挥公司专业化投研能力,为投资者创造 更好的回报。 值得关注的是,5月7日,证监会发布《推动公募基金高质量发展行动方案》,提出对新设立的主动权益 基金大力推行浮动管理费收取模式,推动行业实现从重规模向重投资者回报转型,督促行业回归"受人 之托、代客理财"的本源。方案中"建立与基金业绩表现挂钩的浮动管理费收取机制",成为各方关注的 重点。 "此次新模式浮动费率产品的推出,标志着我国公募基金费率改革迈入新阶段。"中欧基金表示,与此前 的浮动费率试点相比,本次管理费率改革更突出的特点在于,进一步强化了业绩比较基准在基金投资过 程中的 ...