Core Insights - The public fund industry reported a total profit of 636.17 billion yuan for the first half of 2025, indicating a significant recovery compared to the previous year [1][2] - The growth in public fund scale has accelerated, with expectations for increased market activity due to upcoming fund issuances [1][3] Fund Performance - Out of 162 public fund managers, 155 reported positive profits, with E Fund leading at 58.40 billion yuan, followed by Huaxia Fund at 57.27 billion yuan [2] - Equity and mixed funds generated profits close to 170 billion yuan each, recovering from losses in the previous year, while bond funds saw profits exceeding 90 billion yuan, down over 50% year-on-year [1][2] Fund Management and Holdings - Huaxia Fund managed the highest number of products at 813, followed by GF Fund and Southern Fund with 770 and 751 products respectively [2] - The top three stocks held by public funds in terms of market value were Ningde Times, Kweichow Moutai, and China Merchants Bank, with holdings valued at 149.22 billion yuan, 129.58 billion yuan, and 80.37 billion yuan respectively [2] Industry Trends - The public fund management scale reached 34.39 trillion yuan by the end of June and surpassed 35 trillion yuan by the end of July, reflecting a warming market [3] - The issuance of active equity funds has significantly increased, with a total issuance of 85.96 billion yuan in 2025, up nearly 60% from the previous year [3][4]

Group 1 - The total profit of public funds reached 636.17 billion yuan in the first half of 2025, indicating a significant increase in fund performance compared to the previous year [1][2] - The number of public fund managers reporting profits is high, with 155 out of 162 showing positive results, led by E Fund with a profit of 58.40 billion yuan [2] - The total management scale of public funds reached 34.39 trillion yuan by the end of June 2025, surpassing 35 trillion yuan by the end of July, reflecting a growing market [3] Group 2 - The top three sectors by market value held by public funds are Electronics (16.41%), Pharmaceuticals (9.79%), and Power Equipment (8.23%) [3] - The issuance of active equity funds has increased significantly, with a total issuance of 85.96 billion yuan in 2025, up nearly 60% from the previous year [3] - The trend of "daylight funds" has emerged, indicating strong demand and market activity, as seen with the rapid fundraising of the招商均衡优选混合 fund [3][4]

以下文章来源于创业板观察 ，作者李迪 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 9月权益基金发行热度持续，多只成长风格基金将开启发售。 从基金主题来看， 公募重点布局高端制造、人工智能、医药等领域，这些领域在9月均有多只基金开启发售。 投资者认购基金的热情也高涨。招商均衡优选混合9月2日开售，开售首日就因认购金额超50亿上限而提前结募，成为9月首只"日光基"。 尽管近期股市高位震荡， 但业内认为对市场调整无需恐慌，且随着新基金发行、成立并建仓，市场也有望迎来增量资金。 存在较大发展潜力的人工智能领域也是公募的重点布局方向。9月，华安创业板人工智能ETF、华夏上证科创板人工智能ETF联接A将开启发 行。 此外，前期迎来显著修复的医药领域也将有多只产品开启发售，如南方国证港股通创新药ETF、东方红医疗创新混合(QDII)A、华安恒生生物 科技ETF等。 多只宽基指数基金、新型浮费基金也于9月发行 权益基金发行热度持续，成长风格产品仍是主力 权益市场热度攀升之际，权益类基金的发行热度也在持续。9月共有124只新基金开启发行，其中 ...

Core Viewpoint - The announcement of the招商均衡优选混合 fund indicates a strong demand for public equity funds, achieving a fundraising cap of 50 billion yuan on its first day of subscription, reflecting investor confidence in the current equity market [1][2][4]. Fund Performance and Management - The招商均衡优选混合 fund was launched on September 2, 2023, and reached its fundraising limit of 50 billion yuan on the same day, with reports suggesting potential oversubscription beyond 70 billion yuan [2][3]. - The fund manager, 吴潇, has over 8 years of investment experience, managing funds with a total scale of 92.32 billion yuan as of the second quarter of this year. His managed funds have shown significant returns, with招商品质发现A achieving a return rate of 53.48% and an annualized return of 30.52% [3]. Market Trends - The public fund issuance has seen a resurgence, with a notable increase in the number of new funds launched in September, indicating a positive market atmosphere driven by the rising Shanghai Composite Index [4][5]. - In the first week of September, 42 new funds were launched, marking a 44.83% increase from the previous week, with equity funds making up 76.19% of the total new offerings [5][6]. - The favorable performance of equity funds is attracting both individual and institutional investors, further boosting the issuance of public funds [6].

Group 1 - The issuance of equity funds remains strong in September, with a total of 124 new funds launched, of which 85 are equity funds, accounting for approximately 68% of the total [2] - Growth-style funds continue to dominate the new fund issuance, with several funds focusing on high-end manufacturing, artificial intelligence, and pharmaceuticals [2][4] - The market has seen a surge in investor enthusiasm, exemplified by the early closure of the招商均衡优选混合 fund on its first day of sale due to exceeding the 50 billion RMB subscription limit [5][6] Group 2 - Several new broad-based index funds have been launched in September, particularly those tracking the ChiNext and STAR Market, indicating a focus on more volatile market segments [3] - New floating fee rate funds have also been introduced, with a mix of industry-themed products aimed at meeting diverse investor needs [4] - The emergence of "daylight funds" in September reflects growing investor confidence in the equity market despite recent market fluctuations [5][6]

近期基金发行市场热度升温，多只产品展现出强劲的吸金能力。9月2日，招商基金旗下新发产品招商均衡优选 混合募集首日即售罄，超过募集规模上限50亿元。这一现象并非个例，回顾8月，摩根盈元稳健三个月持有期混 合型FOF也曾一日售罄。从整体数据看，年内主动权益类基金表现突出，发行规模同比增长近六成，且多只新 品发行规模超20亿元。有业内人士表示，"日光基"的出现除了机构本身因素外，也受到市场环境显著改善及回 暖影响。若市场环境持续改善，"日光基"的数量仍然可能会持续增加。 新发产品一日结募 事实上，新发基金"日光"此前亦有案例。8月4日，年内首只一日售罄的混合型FOF现身。具体来看，摩根盈元 稳健三个月持有期混合型FOF自8月4日开始募集，原定募集截止日为8月22日，提前至8月4日。8月6日，该产品 正式成立，募集期间净认购金额达27.52亿元。 若再向前追溯，年内共计8只主动权益类基金认购日期仅1天，不过均为可以快速成立的发起式基金，包括永赢 价值发现慧选混合型发起式、易方达科智量化选股股票型发起式等。 又见新基一日售罄。9月2日，招商基金发布关于招商均衡优选混合提前结束募集的公告，具体来看，该产品于9 月2日开始 ...

Group 1 - The core point of the news is the remarkable performance of actively managed equity funds, particularly the early fundraising success of the招商均衡优选混合 fund, which raised 7.3 billion yuan in just half a day, leading to a controlled fundraising cap of 5 billion yuan to protect investor interests [1][4][6] - The overall market for actively managed equity funds has seen a resurgence, with a total of 81.13 billion yuan raised in new fund launches this year, surpassing the total for the entire year of 2024 [3][8] - The strong sales of the招商均衡优选混合 fund were attributed to the positive performance of the capital market, with the Shanghai Composite Index rising over 12% since July, boosting investor confidence in equity assets [6][12] Group 2 - The招商均衡优选混合 fund was primarily distributed through招商银行 and交通银行, indicating the significant role of major banks in driving fund sales [2] - Despite the success of this particular fund, the overall sentiment towards actively managed equity funds remains cautious, with many investors still hesitant due to past experiences of high market volatility [2][10] - A total of 409 funds have been closed early this year, with 50 of those occurring in August alone, indicating a trend of increased interest in fund investments [8][10] Group 3 - The招商基金 has emphasized its commitment to high-quality development by actively managing the fundraising process and prioritizing investor experience [4][6] - The fund aims to achieve balanced exposure across market sectors, styles, and individual stocks, with the goal of providing stable long-term returns for investors [6] - The current market environment has led to a cautious approach from fund companies, with many opting to limit fundraising sizes to mitigate risks [10][12]

Group 1 - The core viewpoint of the article is that the launch of the招商均衡优选混合 fund has been successful, with its fundraising exceeding the set limit of 50 billion RMB on the first day, indicating strong investor interest in equity funds as the market recovers [1][2][5] - The fund's initial fundraising target was set at 50 billion RMB, and it was reported that the actual amount raised on the first day surpassed 70 billion RMB, leading to a proportional allocation to manage the oversubscription [2][5] - The fund aims to provide sustainable long-term returns by balancing market, industry, style, and individual stock volatility, managed by a seasoned fund manager with nearly 12 years of investment research experience [5] Group 2 - The recent performance of the capital market has improved, leading to a resurgence in investor enthusiasm for equity assets, which has positively impacted the sales and issuance of equity funds [5][6] - In August alone, over 10 new actively managed equity funds raised more than 10 billion RMB each, with some exceeding 20 billion RMB, reflecting a broader trend of increasing investor confidence [7][11] - The overall issuance of equity funds in August reached a record high, with 615.47 billion RMB raised, accounting for 60.33% of total fund issuance, marking a significant shift in the market dynamics [11]

Core Viewpoint - The article highlights the successful launch of the招商均衡优选混合 fund, which raised over 70 billion RMB on its first day, exceeding its set limit of 50 billion RMB, indicating strong investor interest in equity funds as the A-share market recovers [2][3][5][6]. Fund Launch and Performance - The招商均衡优选混合 fund officially started its offering on September 2, with an initial subscription deadline set for September 12 [5]. - The fund's management proactively set a fundraising cap of 50 billion RMB to protect investor interests and ensure effective risk management [6][5]. - As the fundraising approached the cap, the fund implemented a proportional allocation method to control the total size effectively [5][6]. Market Context - The recent positive performance of the capital market has led to increased investor enthusiasm for equity assets, contributing to a general recovery in the issuance of equity funds [6]. - The article notes that the热销 of招商均衡优选混合 is part of a broader trend, with multiple equity products experiencing significant demand, particularly those managed by well-known fund managers [9]. Fundraising Statistics - Since August, over 10 actively managed equity funds have raised more than 10 billion RMB, with some exceeding 20 billion RMB [10]. - Notable funds include 易方达价值回报 and 中欧核心智选, both of which surpassed 20 billion RMB in fundraising and concluded their offerings early [10]. - In August alone, 140 new funds were established, totaling 1,020.22 billion units issued, with equity funds accounting for 615.47 billion units, representing 60.33% of the total, marking a monthly record for the year [11].

Core Viewpoint - The A-share market has been rising steadily in the second half of the year, with the Shanghai Composite Index surpassing 3,800 points and trading volume exceeding 3 trillion yuan, indicating potential opportunities for equity asset allocation [1] Group 1: Fund Launch and Management - The招商均衡优选混合型证券投资基金 (Fund Code: 024027) officially launched on September 2, aiming for long-term net value growth by capturing investment opportunities during the economic recovery [1] - The fund's proposed manager, 吴潇, has nearly 12 years of investment research experience and over 8 years in product investment management, currently serving as the Director of Multi-Asset Investment Management at 招商基金 [2][3] Group 2: Investment Strategy - 吴潇 emphasizes managing portfolio volatility, focusing on balancing market, industry, style, and individual stock volatility to achieve smoother overall portfolio performance and better risk-adjusted returns [2][3] - The investment framework includes pricing and dynamic rebalancing, assessing asset pricing based on macroeconomic, policy, and geopolitical factors over a 3-5 year horizon [3] Group 3: Market Outlook and Investment Opportunities - The economic outlook is positive, with supportive policies and a resilient GDP expected in the first half of 2025, leading to a favorable environment for equity asset allocation [4] - Key investment opportunities identified include: - **Dividend Stocks**: Long-term performance is expected to improve due to increasing demand for wealth allocation [4] - **Technology**: Growth in global computing power and AI applications presents significant investment opportunities [5] - **Consumer Sector**: Valuations are at historical lows, with new consumption trends emerging [5] - **Pharmaceuticals**: Supportive policies for healthcare and rapid growth in innovative drugs highlight investment potential in this sector [5]