Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

7月，公募基金新发市场迎来热潮。数据显示，7月以来，已有104只新基金披露发行募资，其中，权益类基金有67只，指数基金占比较高。 市场人士认为，股票市场表现较好，叠加政策鼓励、投资者情绪回暖等，推动权益基金发行提速。 权益类基金发行提速 【导读】7月以来已有104只新基金披露发行，权益类基金超六成 本周43只新基金发行 基煜基金表示，在新发权益类基金中，中证A500、沪深300自由现金流指数等宽基工具受追捧，人工智能（AI）、港股通消费、机器人、航天航空等前沿 领域成重要布局方向，央企红利、高股息资产作为防御性配置同步扩容。权益类基金平均认购周期缩短至12—18天，部分产品甚至"一日售罄"，反映市场 情绪回暖与渠道效率提升。从深层原因看，《推动公募基金高质量发展行动方案》引导资金入市，叠加机构对A股"慢牛行情"的预期强化，推动基金公司 加速抢占权益产品赛道。 对于指数基金发行火热，上海证券基金评价研究中心分析师汪璐认为，一是当前A股整体估值仍处于历史低位区间，叠加宏观政策托底预期增强，市场情 绪趋稳，指数类产品因其分散风险、布局便捷等特点，成为投资者低位建仓、把握中长期机会的工具；二是在指数投资大发展的背景下 ...

Core Viewpoint - The public fund issuance market in China has seen a surge since July, with 104 new funds disclosed, of which over 64% are equity funds, driven by positive stock market performance and improved investor sentiment [2][3][6]. Fund Issuance Trends - As of July 10, 2023, 104 new funds have been disclosed, with 43 launched in the current week, marking a peak in daily issuance [5][6]. - Among the new funds, 67 are equity funds, including 19 active equity funds and 48 passive index funds, indicating a strong preference for equity products [6][7]. Market Drivers - The robust performance of the A-share market in the first half of the year, along with optimistic institutional expectations for the future, has restored investor confidence in equity products [6]. - Continuous encouragement from policies aimed at capital market development and support for technological innovation has attracted funds into equity assets [6]. Popular Investment Themes - Popular investment themes in newly launched equity funds include AI, consumer sectors linked to Hong Kong stocks, robotics, and aerospace, with a notable interest in high dividend and defensive assets [7]. - The average subscription period for equity funds has shortened to 12-18 days, with some products selling out in a single day, reflecting improved market sentiment and channel efficiency [7]. Index Fund Dynamics - The current low valuation of A-shares and enhanced macro policy support have stabilized market sentiment, making index funds attractive for investors looking to build positions [7]. - Fund companies are rapidly launching products in popular themes to capture market interest and expand management scale, leveraging the advantages of index funds such as simplicity and cost-effectiveness [7]. Future Outlook - The issuance pace of funds is expected to accelerate, with mechanisms like floating management fees and performance rewards enhancing alignment between managers and investors [9]. - Low-cost, transparent index funds, particularly ETFs, are anticipated to remain a focus for expansion, especially in a volatile market environment [9]. - Investment strategies should consider market trends, policy directions, and risk preferences, with recommendations for both active and passive equity funds to diversify and adjust asset allocations dynamically [10].

在不同风格行情此起彼伏的背景下，年内主动权益基金已大幅跑赢被动指数基金。 具体来看，业绩最好的主动权益基金年内收益率接近100%，比收益率最高的指数基金多出近34个百分 点。无论是单只产品业绩排名，还是整体平均业绩对比，今年以来主动权益基金均呈现出了投资优势。 对此，基金人士对证券时报记者分析，今年主动权益基金业绩占优，得益于市场结构性行情持续演绎， 基金经理在选股上发挥出了主观能动性，对于下半年的市场机会，基金经理认为，科技、红利、新消费 等众多领域都具备投资机会。 主动权益基金霸榜前十 根据数据统计，截至7月8日，全市场权益类基金今年以来业绩排名前十（以初始基金为统计对象）均为 主动权益产品，以港股、医药、北交所这三类主题产品为主。 北京一位主动权益基金经理对证券时报记者表示，年内涨幅显著的主动权益基金，大多是医药、北交所 等主题产品，似乎和此前压赛道的做法颇为类似。但如果将视野扩展到整体主动权益基金则会发现，红 利、周期等均衡配置基金同样收益不错。医药基金业绩很好，但基金公司在宣传中突显的更多是基金产 品投资类型、投资范围和投资策略。经过此前市场教育后，投资者的认知度也在不断提升，他们的关注 视角已逐渐 ...

在港股和北交所等行情带动下，截至7月9日，年内主动权益基金大幅跑赢了被动指数基金。 其中，业绩最好的主动权益基金，年内收益率接近100%，与收益率最高的指数基金拉开了近34个百分点。无 论是单只产品业绩排名还是整体平均业绩对比，主动权益基金均呈现出了优于被动指数基金的投资优势。 基金 业 人士对券商中国记者分析称，这是基于医药等行情启动之下基金经理在选股上发挥出了主观能动性。 但这并不意味着被动指数基金没有投资优势。下半年的市场机会也并不局限于创新药，科技、红利、新消费等 领域都具备投资机会。 主动权益基金霸榜 根据Wind数据统计，截至7月9日，全市场权益型基金今年以来业绩排名前十（以初始基金为统计对象）的， 均为主动权益产品，以港股、医药、北交所这三类主题产品为主。 其中，汇添富香港优势精选A以98.16%的业绩排名第一。紧跟其后的是长城医药产业精选A(81.45%)、中信建 投北交所精选两年定开A（80.95%）、中银港股通医药A（77.14%）、永赢医药创新智选A（76.76%）。 排名第六到第十的，有重仓港股的广发成长领航一年持有A（76.37%），以及重仓医药 股 的华安医药生物A （75.44% ...

2025 年 07 月 09 日 证券研究报告 | 公募基金月报 国内主题轮动加剧，基金组合如何应对？ 基金配置策略报告（2025 年 7 月期） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师登记编码：S0890524070001 电话：021-20321079 邮箱：fengsishi@cnhbstock.com 分析师登记编码：S0890524040001 电话：021-20321096 邮箱：guxin@cnhbstock.com 021-20515355 结 构 性 机 会 — 基 金 配 置 策 略 报 告 （2025 年 6 月期）》2025-06-10 2、《降息降准落地，静待破局机遇— 基金配置策略报告（2025 年 5 月期）》 3、《哪些方向备受主动权益基金经理 4、《关税扰动加剧，基金组合如何应 固收+型基金——我们在之前策略的基础上进行了策略的拆分，根据 ...

晨 星 月 报 01 市场洞察 宏观经济继续呈现修复态势，股市回暖债市稳健 6月，国内宏观经济整体延续上月的温和复苏态势，但仍旧承压。反映国内经济先行指标的制 造业PMI录得49.7%，在5月份49.5%的基础上微升0.2%，连续三个月位于收缩区间。制造业景 气水平的回升主要是受到生产指数、新订单指数、原料库存指数的上涨幅度高于从业人员指数 的下跌幅度所带来的影响。5月份CPI同比下降0.1%，PPI同比下降3.3%。相比于4月份CPI和 PPI同比分别下降0.1%和下降2.7%而言，CPI降幅不变主要是食品价格降幅扩大和服务价格涨 幅上升两者互相抵消；PPI同比降幅扩大主要是受到生产资料价格降幅扩大的影响。 6月5日，中美两国元首在特朗普就任总统以来首次通电，双方对将通过经贸磋商积极解决现存 分歧达成共识，提振了投资者预期和风险偏好。陆家嘴论坛上宣布了深化科创板"1+6"政策措 施和将在上海实施的八项创新政策，展示了政府对金融市场的支持和推动决心，进一步增强了 投资者的信心。中国人行等六部门24日联合发布《关于金融支持提振和扩大消费的指导意见》 中提出19项具体措施支持各消费领域的发展，激活消费潜力。从投资 ...

深圳商报·读创客户端记者 陈燕青 公募排排网数据显示，上半年非货公募基金合计净申购金额达53.18亿元，同比大增189.65%。细分来 看，权益基金在上半年表现亮眼，上半年净申购金额达23.73亿元，占非货基金总净申购金额的 44.63%，同比增长76.04%。 在各基金品类中，债券型基金成上半年自购主力军。上半年债券型基金合计净申购金额达21.94亿元， 占非货基金净申购总额的41.25%。其中，中长期纯债型基金占主导地位，上半年净申购金额达9.66亿 元，占债券型基金净申购总额的44.03%，另外被动指数型债券基金净申购金额达6.02亿元，占比为 27.46%。 权益基金方面，上半年23.73亿元的净申购金额中，股票型基金贡献显著，上半年净申购金额达13.28亿 元，占权益基金净申购总额的55.96%。偏股混合型基金也表现不俗，上半年净申购金额达10.45亿元， 占权益基金净申购总额的44.04%。 进一步聚焦股票型基金发现，被动指数型基金成为主力，上半年净申购金额达9.16亿元，占股票型基金 净申购总额的68.94%。 此外，上半年各类型公募基金均获得不同程度的自购支持。其中，FOF基金净申购金额为5. ...

市场行情升温，基金公司也积极备战下半年发行市场"开门红"，7月7日-11日单周，全市场将有39只基 金面市，仅本周一就有31只基金迎来发行。新发基金中，权益基金数量最多，为17只， ETF及联接基 金为11只，主动权益发行回暖，大成、鹏扬、摩根资管等6家公司新发产品。 债券基金新发上，10只科 创债ETF的发行备受关注，其中7只仅售一天。此外，华夏、创金合信各有一只REIT今日发行。（记者 闫军） ...

金融工程丨深度报告 [Table_Title] 持中守正，应势而动 ——金融工程 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 风格上，在利率低位及流动性充裕的宏观背景下，红利+微盘的杠铃策略有望持续占优。长期来 看，红利和微盘是天然的风格对冲工具，二者的长期战略配置中枢在 7:3 左右，能有效降低回 撤，提高收益。行业上，寻找尚未过热的强趋势赛道，目前可关注的方向有：红利方向的城商 行，医药方向的医药零售、化学制药，消费方向的其他农产品加工、快递、零售-专业市场等。 分析师及联系人 [Table_Author] 覃川桃 邓越 SAC：S0490513030001 SAC：S0490517070010 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 20 [Table_Title 持中守正，应势而动 2] ——金融工程 2025 年度中期投资策略 [Table_Summary2] 宽基横盘降波，主题轮动加速 回顾 2025 年 ...