【文/羽扇观金工作室】 王小青于2020年3月加入招商基金，历任总经理和董事长职务。在其五年任期内，公司实现了显著发 展。Wind数据显示，招商基金目前管理规模达9269亿元，非货币基金管理规模为5532亿元，位列行业 前十位。 在王小青领导下，招商基金实现了公募及非货币基金管理规模的翻倍增长。公司业务覆盖权益投资、固 定收益、固收增强、指数投资、养老金管理、公募REITs等多个领域，形成了相对完整的产品布局。 9月23日，招商基金管理有限公司发布高级管理人员变更公告。根据公告，王小青将于9月24日起卸任董 事长职务，现任总经理钟文岳将代行董事长职责。公司在公告中对王小青在任期间的领导作用和贡献表 示感谢。 | 代任高级管理人员职务 | 重事长 | | --- | --- | | 代任高级管理人员姓名 | 钟文岳 | | 是否经中国证监会核准取得高 | | | 管任职资格 | | | 中国证监会核准高管任职资格 | | | 的目期 | | | 任职日期 | 2025年9月24日 | | 过往从业经历 | 1992年7月至2015年6月曾在中农信福建集团公司、申银万 | | | 国证券股份有限公司、厦门海发投资 ...

| 代任高级管理人员职务 | 重事长 | | --- | --- | | 代任高级管理人员姓名 | 钟文岳 | | 是否经中国证监会核准取得高 | | | 管任职资格 | | | 中国证监会核准高管任职资格 | | | 的目期 | | | 任职目期 | 2025 年 9 月 24 日 | | 过往从业经历 | 1992年7月至2015年6月曾在中农信福建集团公司、申银万 | | | 国证券股份有限公司、厦门海发投资实业股份有限公司、二十 | | | 一世纪科技投资有限责任公司、新江南投资有限公司、招商银 | | | 行股份有限公司工作。2015年6月至2023年6月在招商基金 | | | 管理有限公司工作,曾任公司党委副书记、常务副总经理、财 | | | 务负责人、深圳分公司及成都分公司总经理。2023年7月至 | | | 2025年5月在招银理财有限责任公司工作,曾任党委副书记、 | | | 总裁。2025年5月加入招商基金管理有限公司,任公司党委 | | | 副书记、董事、总经理。2025年7月起任公司党委书记、董 | | | 事、总经理。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | ...

Core Insights - The fund issuance market is experiencing a resurgence, driven by the recovery of the A-share market, with equity funds raising over 200 billion yuan for four consecutive weeks, marking a significant increase in market participation [1][2] - The current trend in fund issuance is characterized by a "small but refined" approach, with many products setting fundraising caps between 1 billion to 5 billion yuan, contrasting sharply with the previous era of large-scale fundraising [1][3] - The bond fund market is also witnessing increased activity, with the second batch of 14 technology innovation bond ETFs selling out on the first day, indicating strong demand [6][7] Fund Issuance Trends - The number of newly issued funds reached 354 in the third quarter, a 40% increase compared to the same period last year, with total fundraising amounting to 248.13 billion yuan, a nearly 30% rise [2][3] - Equity funds, including stock and mixed funds, accounted for over 60% of the new issuance, the highest proportion since Q4 2021 [2][3] - Some equity funds have achieved "one-day sell-out" status, with significant amounts raised on their first day, such as the招商均衡优选基金 raising at least 8.7 billion yuan [2][3] Strategic Shifts in Fund Management - Fund managers are adopting a strategy focused on maintaining product performance and investor experience rather than merely scaling up, leading to early closure of fundraising periods to control size [3][5] - The emergence of "daylight funds" reflects a shift from the previous "scale frenzy" to a more cautious approach, with many funds setting lower fundraising targets [3][4] - Institutional demand is influencing the issuance of equity funds, with some products being tailored for specific institutional investors while still being available in retail channels [5] Bond Market Developments - The bond market is also seeing a positive trend, with the second batch of technology innovation bond ETFs achieving significant fundraising, estimated to be around 40 billion yuan [6][7] - Regulatory changes are encouraging fund managers to focus on products with equity components, with expedited registration processes for certain types of bond funds [7][8] - The approval process for bond funds is being differentiated based on the type of product, with quicker registration for those with specified equity holdings [7][8] Market Outlook - Several institutions maintain an optimistic outlook for the market, with themes such as artificial intelligence and overseas expansion expected to drive future performance [8][9] - The current market environment is characterized by strong trading volume, although fluctuations may occur as market sentiment evolves [9]

Core Viewpoint - The fund market is experiencing a surge in activity, with a significant influx of new funds and a notable increase in investor confidence, leading to both new fund launches and restrictions on existing high-performing funds [1][2][5]. Group 1: Fund Market Activity - In the first week of September, 38 new funds were launched, raising a total of 27.573 billion yuan, with over 88% of this amount coming from equity products [2][3]. - A standout product, the招商均衡优选基金, achieved a record-breaking first-day fundraising of at least 8.7 billion yuan, making it the first non-initiated active equity fund to sell out in one day this year [2][3]. - The overall fundraising environment has improved, with 404 new funds initiated in the third quarter, marking the highest quarterly launch count since 2022 [3][4]. Group 2: Investor Sentiment and Behavior - Investor interest in the A-share market has increased, as evidenced by a rise in inquiries about market dynamics and fund allocation advice [5][6]. - Optimism among investors is growing, driven by the market's upward movement and supportive policies, although some analysts caution that the market sentiment has not yet reached overheating levels [5][6]. - Despite the positive sentiment, there are indications of accumulated risks in the micro-structural aspects of the market, prompting some funds to impose purchase limits to manage inflows [4][6]. Group 3: Market Trends and Predictions - The current market trend shows a strong performance in certain sectors, particularly in AI-related themes, while other thematic sectors have seen limited opportunities [7]. - Analysts predict that the market may shift towards cyclical assets as it approaches an upward turning point in the third quarter [6].

Core Viewpoint - The fund market is experiencing a surge in activity, with new funds being launched and significant inflows, indicating a recovery in investor confidence and interest in equity funds [2][4][9]. Group 1: Fund Market Activity - In the first week of September, 38 new funds were established, raising a total of 27.573 billion yuan, with over 88% being equity products [4][5]. - A notable highlight is the "daylight fund" launched by招商均衡优选, which raised over 8.7 billion yuan on its first day, becoming the first non-initiated active equity product to sell out in one day this year [5][6]. - The overall fundraising efficiency has improved, with 404 new funds starting subscriptions in the third quarter, marking a peak since 2022 [6]. Group 2: Investor Sentiment - Investor interest in the A-share market has increased, as evidenced by a rise in inquiries about market dynamics and fund allocation suggestions [9]. - Optimism is spreading among investors, driven by the market's upward movement and supportive policies, although some analysts caution that the market sentiment has not yet reached overheating levels [9][10]. - Despite the positive sentiment, there are concerns about potential risks accumulating in the micro-structure of the market due to the strong performance of certain sectors [10]. Group 3: Market Trends and Adjustments - Recent market adjustments are attributed to short-term behaviors of funds, which may lead to a more stable market in the long run [11][12]. - Observations indicate that certain sectors, particularly those related to AI, have seen concentrated trading activity, while other thematic sectors have had limited opportunities [12].

Group 1 - The fund market is experiencing a surge in activity, with 38 new funds launched in the first week of September, attracting a total of 27.5 billion yuan, primarily in equity products [1][2] - A notable highlight is the launch of the "Zhaoshang Balanced Optimal Fund," which achieved over 8.7 billion yuan in subscriptions on its first day, making it the first non-initiated active equity fund to sell out in one day this year [2][3] - Investor interest in the A-share market has increased, as evidenced by a rise in inquiries about market dynamics and fund allocation advice, indicating a recovery in investor confidence [1][6] Group 2 - The performance of equity funds has significantly improved, with 34 equity funds launched in a short span, raising 24.3 billion yuan, which constitutes over 88% of the total new fund issuance [2][3] - The number of new funds launched in the third quarter has reached a peak not seen since 2022, with 404 new funds initiated, and 93 funds opting for early closure due to high demand [3][4] - Some high-performing existing funds have had to impose purchase limits due to overwhelming inflows, such as the Yongying Technology Smart Selection Fund, which reduced its daily purchase limit from 1 million yuan to 10,000 yuan [4][5] Group 3 - Market sentiment remains optimistic, driven by the upward trend in the A-share market and supportive policies, although there are differing views among institutions regarding the sustainability of this sentiment [6][7] - Analysts suggest that while there is a positive outlook, caution is advised due to the accumulation of risks in the micro-structural level of the market [7][8] - The "AI+" sector has emerged as a key focus, with significant trading activity, while other thematic sectors have seen limited opportunities this year [8]

Group 1 - The core investment philosophy emphasizes "dynamic rebalancing" and "balanced style" to manage volatility and risk while seeking long-term returns [1][3][4] - The recent performance of funds managed by the company shows significant returns, with the招商品质发现混合 achieving 52.01% and 招商优质成长混合 (LOF) achieving 34.37% as of August 29 [1][2] - The new 招商均衡优选基金, led by the same manager, aims to continue the balanced investment approach and provide a good long-term investment experience [1][2] Group 2 - The investment strategy is built on a systematic framework that includes risk decomposition and the identification of return opportunities across various sectors [2][3] - The focus on stable cash flow companies is highlighted as essential for providing steady returns and lower downside risk in volatile markets [5][6] - Key investment themes include artificial intelligence, biomedicine, and new consumption trends, which are expected to drive growth in the coming years [5][6] Group 3 - The manager employs a rigorous risk analysis process, monitoring industry concentration, valuation levels, and expected returns to ensure dynamic rebalancing [6] - The approach to investment is described as a combination of mathematical strategy and psychological discipline, emphasizing the importance of patience and a structured framework [6]

Core Viewpoint - The core investment philosophy emphasizes understanding volatility and risk rather than chasing trends, focusing on long-term returns within a reasonable framework [1]. Group 1: Investment Strategy - The investment framework of "balanced style + dynamic rebalancing" considers certainty and risk premium, aiming for stable performance across different market styles [1][4]. - The latest performance data shows that the funds managed by the company, such as the招商品质发现混合 and 招商优质成长混合(LOF), achieved returns of 52.01% and 34.37% respectively, ranking among the top in their category [1]. - The newly launched 招商均衡优选基金 aims to continue the balanced investment style and dynamic rebalancing approach to provide a good long-term investment experience [2]. Group 2: Market Insights - The current market environment is characterized by an "asset shortage," driving continuous capital inflow into equity markets, with a focus on dividend stocks and traditional consumer sectors [6][7]. - Companies with stable free cash flow are identified as scarce assets in the market, providing steady returns and lower downside risk [7]. - Key industry trends include artificial intelligence, biomedicine, and new consumption, with expectations for growth driven by policy support and consumer demand [7]. Group 3: Risk Management - The strategy includes controlling industry concentration within a reasonable range, typically keeping it within 15%, to mitigate risks associated with over-concentration [5]. - Regular risk analysis is conducted to monitor industry concentration, valuation levels, and expected returns, facilitating dynamic rebalancing to control downside risks [8]. - The investment approach emphasizes patience and discipline, focusing on risk decomposition, volatility diversification, and maintaining a long-term perspective [8].