事 北交所 统一代码将显著提升市场辨识度。本次"920代码时代"的开启强化了北交所作为独立交 易所的市场定位。统一的代码体系有助于投资者更清晰地区分板块属性，提升市场整体 品牌形象和公信力，为后续市场化改革夯实基础。 统一代码将为资金工具化配置打开通道。代码切换不仅是技术层面的更新，更是市场制 度标准化的关键一环。统一的标识体系为指数编制、产品开发和跨市场资金流动提供了 底层支持，有助于降低投资者识别与使用成本。随着北证50等宽基指数影响力提升，未 来ETF及衍生品工具的推出将更加顺畅，资金进出效率和市场承接力有望同步增强，从而 推动北交所逐步迈向机构化和长期化配置格局。 研 究 证 券 研 长期来看，统一代码将加快北交所从交易型市场向配置型市场转型。通过制度统一与产 品创新的联动，市场的标准化水平与流动性基础将进一步增强。叠加高质量扩容和资金 端支持，北交所将在未来逐步构建起以ETF、指数产品和长期资金为核心的市场生态，形 成更具持续性的增量资金循环和资产定价体系。 究 报 告 投资策略：中长期围绕"专精特新+高端制造"主线，自上而下筛行业景气、自下而上看 盈利质量，关注订单驱动与兑现路径清晰的标的。 无评 ...

（三）提升长期投资能力，更好推动上市公司治理能力改善 公募基金是支持实体经济增长的长期重要资金来源。今年1月22日，中央金融办、证监会、财政部、人 社部、央行金融监管总局联合印发《关于推动中长期资金入市工作的实施方案》，重点引导商业保险资 金、全国社会保障基金、基本养老保险基金、企（职）业年金基金、公募基金等中长期资金进一步加大 入市力度。1月23日，在国务院新闻办公室发布会上，证监会主席吴清又进一步在"提升实际投资比 例"方面，公布了稳步提高中长期资金投资A股规模和比例的具体安排，明确公募基金持有A股流通市值 未来三年每年至少增长10%。英大基金通过专业投研人员前瞻性发现投资价值，配置科创领域企业发行 的股票或债券，引导社会资本多维度支持科创企业发展，推动优秀科创企业价值发现，树立科技金融服 务新质生产力发展的鲜明导向。 （二）提升产品研发能力，更好服务科创领域普惠投资需求 公募产品每日公布净值、每季度披露资产组合，申赎灵活、运作规范、结算透明、风控严格，投资者如 不满意基金经理管理能力可随时赎回（非持有期产品），是最具备"用脚投票"自由的"普惠"金融工具。 经过27年的发展，目前公募基金行业管理规模已突破 ...

Core Insights - The public fund industry in China has shown significant growth in the first half of 2025, with 28 companies reporting their revenue, and 8 companies exceeding 1 billion yuan in revenue [1] - The total management scale of public funds reached a new high, surpassing 35 trillion yuan by the end of July 2025, reflecting a substantial increase in fund issuance [1] Revenue Performance - E Fund ranked first in revenue with approximately 5.896 billion yuan, a year-on-year increase of about 9.71% [2] - Huaxia Fund followed in second place with 4.258 billion yuan in revenue, showing a year-on-year growth of approximately 16.05% [2] - GF Fund ranked third with 3.898 billion yuan in revenue, marking a year-on-year increase of about 22.17% [2][3] - Southern Fund and Fortune Fund also reported double-digit revenue growth rates of approximately 11.65% and 14.09%, respectively [2] Profitability - E Fund led in net profit with 1.877 billion yuan, a year-on-year increase of 23.84% [4] - ICBC Credit Suisse Fund achieved a net profit of 1.745 billion yuan, with a growth rate of 29.64%, narrowing the gap with E Fund [4] - Southern Fund, GF Fund, and Huaxia Fund reported net profits of 1.194 billion yuan, 1.180 billion yuan, and 1.123 billion yuan, respectively, all showing significant growth [4] - Yongying Fund experienced a remarkable growth rate of 42.16%, achieving approximately 0.897 billion yuan in revenue, moving up in rankings significantly [3] Market Dynamics - The competitive landscape among leading firms has intensified, with Huaxia Fund experiencing the slowest net profit growth at 5.82%, resulting in a drop in rankings [5] - The overall improvement in the A-share market provided favorable investment opportunities for public funds, enhancing their ability to generate returns for investors [5] - The industry is focusing on compliance management, product innovation, and the integration of AI technology to enhance operational efficiency and asset management capabilities [5]

Group 1 - The meeting held by Huaxia Fund, Shenzhen Stock Exchange, and Tencent focused on index investment strategies, highlighting the latest breakthroughs in China's ETF market regarding scale expansion, product innovation, and investor education [1] - The Shenzhen Stock Exchange emphasized that regular investment (Ding Tou) significantly enhances investors' profit experience and acceptance, indicating a strong foundation for investor education [4] - The exchange plans to launch an "ETF Ding Tou Case Exhibition" to vividly showcase the advantages and application environments of ETF regular investment, promoting rational, value, and long-term investment concepts [4] Group 2 - Huaxia Fund's executive highlighted that in the current environment of declining risk-free interest rates, traditional deposit assets are becoming less effective for value appreciation, suggesting a shift towards equity assets [5] - The current domestic policy encourages long-term investment, with institutional investors like insurance funds increasing their market participation, driven by advancements in AI technology [9] - The low-interest-rate environment necessitates a shift in investment strategies, with index investment being a suitable approach for ordinary investors due to its risk diversification and lower management costs [10][14] Group 3 - The number of ETFs in China has surpassed 1,200, with a total scale exceeding 5 trillion yuan, marking the arrival of the era of universal index investment [15] - China has become the largest ETF market in Asia, surpassing Japan, and is increasingly influential in the global ETF landscape [15] - Huaxia Fund aims to enhance investor satisfaction in index investment by focusing on innovation and collaboration with ETF ecosystem partners to support the high-quality development of the capital market [15]

Core Viewpoint - The recent A-share market has experienced a significant upward trend, with the Shanghai Composite Index breaking through multiple key levels, indicating a recovery in market activity and investor interest [1][3]. Group 1: Market Activity and Investor Behavior - The number of new account openings has increased significantly on a month-over-month basis, but the total remains far below the levels seen during the "9·24" market surge last year [2][5]. - Despite a surge in new account openings, the overall figures are still not comparable to the highs reached in the first quarter of this year, indicating a cautious investor sentiment [3][5]. - Many individual investors are increasingly opting for ETFs and index products to participate in the market, as these tools help mitigate the challenges of stock selection and capture sector opportunities [1][14]. Group 2: Brokerage Strategies - Leading brokerages are shifting their strategies from merely increasing new account openings to activating dormant clients and focusing on high-net-worth individuals [8][10]. - The activation of dormant clients is seen as crucial due to the potential for higher contributions to brokerage revenues, especially as these clients may have significant capital [8][9]. - Brokerages are also implementing various strategies to attract high-net-worth clients, including offering algorithmic trading and customized investment advisory services [10][11]. Group 3: Investment Trends and Opportunities - The current A-share ecosystem has changed, with a notable increase in the number of listed companies, making stock selection more challenging for investors [13][14]. - The rise of quantitative trading is becoming more prominent, with many brokerages introducing quantitative tools for high-net-worth investors, indicating a shift towards a quantitative investment era [13][14]. - ETFs are gaining popularity among investors, particularly as a safer investment choice in the current market environment, with a focus on technology and healthcare sectors as areas of potential growth [14][16]. Group 4: Key Investment Directions - Four key investment directions have been identified: high-margin assets with low valuations, technology growth sectors, consumer sectors boosted by policy support, and companies with long-term competitive advantages [16]. - The focus on technology sectors includes areas such as artificial intelligence, robotics, and biomedicine, which are expected to show high growth potential [16]. - The consumer sector is also highlighted as a strategic area for investment, particularly in the context of domestic demand expansion [16].

专题：财富启新程 湾区共潮生 2025招商银行财富合作伙伴论坛 8月7日金融一线消息，招商银行在深举办"财富启新程湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、保险、私募机构齐聚粤港澳大湾区，共商 大财富管理高质量发展新征程。 华夏基金总经理李一梅出席论坛并发表主题演讲，她表示，二季度末，公募基金市场管理规模达到34万亿的历史新高，行业连续6个季度实现盈利，二季度 合计盈利将近40003900亿元。站在高质量发展的新征程起点，财富管理的结构性变革将更为深刻，让行业存在更大发展空间。财富管理行业中，制度 向"源"、产品向"需"、策略向"稳"、服务向"实"、数字向"深"这五个趋势值得关注。 以下为演讲实录： 尊敬的王良行长，王颖副行长，各位领导，各位嘉宾，大家下午好！ 今天非常激动和兴奋在这样一个场合聆听整个行业在财富管理大格局下的各种新思考，另一方面也非常感谢有这个机会向大家汇报一下，先道个歉，我们些 可能还非常不太成熟的想法和实践，也供大家参考和指正。 今年以来，我相信大家也觉得是一个非常令人振奋的市场环境，在宏观经济回升向好，特别是资本市场改革向纵深发展推进，的过程当中，我们一揽子稳定 市场政策 ...

Core Viewpoint - The article discusses the recent release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, emphasizing the need to establish a performance benchmark system for public funds to enhance investor interests and address long-standing issues in the industry [1][4]. Summary by Sections Performance Benchmark Issues - The performance benchmark for public funds has been largely ineffective, with only 26% of over 3,600 actively managed equity funds outperforming their benchmarks over the last three years [2]. - A significant 64% of actively managed equity funds are projected to underperform their benchmarks by over 10% from 2022 to 2024 amid a declining A-share market [2]. Causes of Underperformance - The underperformance of funds relative to benchmarks is attributed to poorly defined benchmarks that do not align with the funds' investment strategies and market conditions [3]. - The industry's focus on asset size over performance has led to a misalignment of incentives, where funds with poor long-term performance still attract investment due to their market positioning [3]. Implications of the New Action Plan - The new regulations are expected to fundamentally change the operational logic of actively managed equity funds, promoting a focus on stable investment returns and value investing [4][5]. - Short-term effects may include increased volatility in the market as funds adjust their portfolios to align with benchmarks [4]. Long-term Trends - The Action Plan is likely to enhance the importance of passive and value investing, with public funds expected to increase their allocation to index products and low-volatility assets [5][6]. - Fund managers will need to adapt their strategies to focus on long-term value rather than short-term gains, leading to a potential decrease in turnover rates and a more stable investment approach [6][7]. Fund Manager Accountability - Fund managers will face performance evaluations based on their ability to meet benchmark standards, with significant implications for their compensation structures [8]. - Some fund managers are expected to align their portfolios closely with benchmarks to secure their positions, while others maintain confidence in their ability to outperform through selective stock picking [9].

Core Viewpoint - The China Securities Regulatory Commission has released an action plan to promote the high-quality development of public funds, emphasizing the establishment of a performance evaluation system centered on fund investment returns, aiming to address the long-standing issue of performance benchmarks being ineffective in the public fund industry [1][5]. Group 1: Performance Benchmark Issues - The performance benchmark is a critical measure for assessing a fund's ability to generate excess returns, yet only 26% of over 3,600 actively managed equity funds outperformed their benchmarks over the last three years [2]. - Some funds have underperformed their benchmarks by over 100 percentage points, highlighting the inadequacy of benchmark settings that do not align with investment strategies and market conditions [2][3]. - The public fund industry has been criticized for a "scale-oriented" approach, where management fees are tied to asset size, leading to a focus on growth rather than performance [3][4]. Group 2: Impact of the New Action Plan - The new action plan is expected to profoundly change the operational logic of actively managed equity products, emphasizing the importance of stable investment returns and value investing [1][5]. - There will be a trend towards aligning fund products with performance benchmarks, potentially leading to structural market fluctuations as funds adjust their portfolios [6]. - The action plan may result in a shift towards passive investment strategies and increased focus on low-volatility, high-dividend products, particularly in the banking sector [6][7]. Group 3: Fund Manager Reactions - Fund managers are now required to pay close attention to performance benchmarks, with significant implications for their compensation based on their funds' performance relative to these benchmarks [9][10]. - Some fund managers express confidence in their ability to outperform benchmarks through stock selection, while others may feel pressured to align their portfolios more closely with benchmarks to secure their positions [10][11]. - The action plan is likely to lead to a decrease in turnover rates among funds, as managers focus on long-term investment value rather than short-term trading [7][8].

Core Viewpoint - The reduction of index licensing fees by major index providers is expected to optimize costs for index products, enhancing the competitiveness of public funds and providing investors with more diverse and low-cost investment options [1][8]. Summary by Sections Index Licensing Fee Reduction - Fund companies have received notifications from China Securities Index Co., Ltd. and Shenzhen Securities Information Co. regarding the reduction of index licensing fees, effective from April 1 [3]. - The overall licensing fees have been reduced to 80% of the previous rates, aligning with the rapid growth of index investment [1][5]. Specific Adjustments - The annual basis point rates for stock index ETFs and off-market funds have been adjusted to 0.024% and 0.016%, respectively, while bond index ETFs and off-market funds are set at 0.008% [4]. - The quarterly minimum charge has been lowered to 20,000 yuan for those previously exceeding this amount [5]. - The range of index products without a quarterly minimum charge has been expanded, allowing for more flexibility in fee structures [5][6]. Impact on Fund Companies - The fee reduction is anticipated to alleviate the financial pressure on fund companies, which have recently faced increased costs due to changes in fee responsibilities [7]. - This adjustment is expected to enhance the pricing flexibility of ETF products, allowing fund companies to better manage overall costs and improve product attractiveness [10]. - Larger fund companies with comprehensive index product matrices will benefit from reinforced scale and cost advantages, while smaller firms may find it easier to enter the index product market [10]. Benefits for Investors - The reduction in index licensing fees is likely to translate into lower product fees and improved net asset values, potentially increasing investor returns and willingness to invest in index products [10]. - The anticipated introduction of more innovative and customized indices will provide investors with a wider array of choices regarding risk-return profiles and thematic coverage [10]. Future Outlook for Index Companies - The overall decrease in fees is expected to drive index companies to upgrade their service offerings and develop more specialized index solutions [11]. - Industry experts predict that index service providers will continue to adjust their authorization policies dynamically to support the growth of the index investment market [11].

Core Viewpoint - The reduction in index licensing fees presents a new opportunity for cost optimization in index products, benefiting both fund companies and investors by enhancing product attractiveness and market competitiveness [2][9]. Summary by Sections Index Licensing Fee Reduction - Fund companies have received notifications from China Securities Index Co., Ltd. and Shenzhen Securities Information Co. regarding the reduction of index licensing fees, effective from April 1 [3]. - The overall licensing fees have been reduced to 80% of the previous rates, aligning with the rapid development of index investment [2][5]. Specific Adjustments - The annual basis point fee rates have been lowered: for stock index ETFs and off-market funds to 0.024% and 0.016%, respectively, and for bond index ETFs and off-market funds to 0.008% [4]. - The quarterly minimum charge has been adjusted to a uniform 20,000 yuan for those exceeding this amount, and the range of index products without a quarterly minimum charge has been expanded [5][6]. Impact on Fund Companies - The fee reduction is expected to alleviate the financial pressure on fund companies, which have seen an increase in costs due to changes in fee responsibilities [8]. - This adjustment allows for greater flexibility in product pricing, enhancing the appeal of index products and supporting high-quality development in the public fund industry [8][10]. Benefits for Investors - The decrease in index licensing fees is anticipated to lead to lower product fees and improved net values, potentially increasing investor returns and willingness to allocate to index products [10]. - The introduction of more innovative and customized indices will provide investors with a wider range of choices in terms of risk-return profiles and industry themes [10]. Future Outlook - The fee reduction signifies a closer collaboration between index service providers and fund companies, reflecting confidence in the future of index investment [9][11]. - Index companies are expected to enhance their service offerings and adapt their authorization policies to support the ongoing growth of the index investment market [11].