人民财讯8月28日电，近日，沪指时隔十年首度站上3800点。水涨船高，多只权益基金和"固收+基金"净 值创新高。Choice数据显示，截至8月22日，全市场共有737只成立满一年的"固收+"基金净值创新高。 证券时报记者注意到，表现较佳的"固收+"基金，其超额收益主要来自权益市场的机会，涨幅居前的产 品有两个特征：一是持有期产品较多，这与持有期基金相对稳定的负债端有关，基金经理能以时间换空 间，采取积极进取的投资策略；二是多由从业多年的资深基金经理管理，经验丰富的基金经理往往能较 为敏锐地捕捉市场趋势。 （原标题：超700只"固收+"基金净值创新高） ...

2025年7月公募基金市场延续结构性分化特征，总规模首次突破35万亿元，较6月的34.39万亿元增长6829.93亿元，增幅2.01%。这是自2024年以来第十次创 历史新高，开放式基金贡献主要增量（新增7106.12亿元）。 具体来看开放式基金的细分方向的规模和份额变化： 股票基金：7月规模4.92万亿元，环比增长1925.94亿元，增幅4.07%，份额变化较6月的3.45万亿份减少114.65亿份，降幅0.33%。 混合基金：7月规模3.83万亿元，环比增长1385.56亿元，增幅3.76%，份额较6月的3.04万亿份减少370.59亿份，降幅1.22%。 其中股票ETF在7月底的总份额为19577.71亿份，相比6月底的19925.87亿份减少348.16亿份。 新发产品与赎回博弈之下，尽管 7 月新成立股票基金78只，发行份额355.45亿份，混合基金23只，发行份额101.81亿份，但存量产品因投资者赎回导致份额 下降，权益基金7月合计赎回485.24亿份，可见6月混合基金份额新增近百亿份势头未能持续，"回本式赎回"仍是主流。 7月货币基金获资金大幅净申购3796.88亿份，背后是6 月跨季末赎回的 ...

第一财经 张帅 "一顿操作猛如虎，到头来不过多赚了2块5。"这或许就是当下理财"特种兵"们的真实写照。 前段时间，理财"特种兵"现象被市场热议，其资金高频辗转于各个理财产品之间的波段性操作也引起了不小的争议。然而，银行理财毕竟不是量化交易， 个体套利行为不仅难以带来大量的超额收益，反倒令人有种疲于奔命的感觉。 尤其是近段时间，受"股债跷跷板"等因素影响，债券市场陷入弱势震荡格局，理财产品收益受到波及，不少理财"特种兵"们发现，自己理财池子里的产品 收益普降，资金挪无可挪。 当红利系统性消退，一部分理财"特种兵"们开始意识到配置的重要性，开始从单一资产转向多元配置。不少年轻人开始尝试新的战场"新三金"（货币基金 +债券基金+黄金ETF基金）。 低利率时代，安全感正在让位于对增长的渴求。货币基金、债券基金能带来相对稳定的回报，黄金资产则能追求多一点收益，这三种资产的组合搭配成为 当下不少年轻人的理财首选。 理财"特种兵"们的"掉价"焦虑 今年上半年，银行存款利息加速下滑，作为存款的替代品，银行理财走俏。过去一直活跃在各个银行间的存款"特种兵"们转战理财市场，并带来了一贯的 套利风格：存款时代，"特种兵"们在不同银 ...

Core Viewpoint - The article highlights the significant growth in Huayin Securities' performance in the first half of 2025, driven by market recovery and successful technology-driven strategic transformation [2][5]. Financial Performance - In the first half of 2025, Huayin Securities achieved operating revenue of 835 million yuan, a year-on-year increase of 35.15%, and a net profit attributable to shareholders of 336 million yuan, a substantial increase of 172.72% [2]. - The second quarter saw a sequential revenue growth of over 57% and a net profit growth of over 226%, indicating a sustained high growth trend [2]. Wealth Management Business - The wealth management segment generated operating revenue of 503 million yuan, reflecting a year-on-year growth of 34.92%, with online wealth management revenue increasing by over 47% [5]. - The sales of equity funds surged by 113.75% year-on-year, supported by intelligent recommendation algorithms that matched user risk preferences with product characteristics [5]. Proprietary Business - The proprietary business segment reported revenue of 220 million yuan, marking a year-on-year increase of 19.57%, driven by a "boutique" investment strategy and advanced data analysis tools [6]. Talent Recruitment and Technological Innovation - The company launched a "National Elite Recruitment Plan" to enhance its technological transformation, targeting over 20 core positions across more than 30 cities [8]. - The focus is on integrating technology with finance, aiming to build a "Financial AI Joint Laboratory" in collaboration with tech companies and academic institutions to tackle technical challenges [8].

值得一提的是，由于权益市场吸引力持续攀升，债券市场表现欠佳，债券型基金发行出现降温。数据显 示，8月仅有22只债券型基金开启募集，较前一个月环比下降31.25%。 对于8月基金发行情况，融智投资FOF基金经理李春瑜认为，8月份公募基金产品发行数量呈现显著增长 态势，主要受以下三方面因素驱动：首先，8月A股市场整体表现稳健，上证指数持续上行，为公募产 品发行创造了良好的市场氛围。其次，公募基金展现出较强的赚钱效应，亮眼的业绩表现有效提振了投 资者的参与热情，带动资金持续流入。再者，随着权益类基金净值持续回升，投资者对公募基金的认可 度明显提升，通过基金参与资本市场投资的意愿显著增强。与此同时，基金管理机构也积极把握市场机 遇，加大权益类产品供给力度，进一步助推了公募产品发行的增长。 实际上，从去年9月末以来，A股此轮股市行情已经持续接近1年时间，部分股票积累了不少涨幅。目前 市场行情已运行到哪个阶段，更受投资者关注。对此，星石投资认为，虽然经济基本面的表现还比较 弱，但是PPI下行周期和通缩周期已经逐渐进入尾声，这也是市场发动行情的一个重要基础，本轮行情 并不是完全没有基本面逻辑。 随着近期市场行情显著攀升，8 ...

2025.08.25 本文字数：3333，阅读时长大约5.5分钟 作者 |第一财经 曹璐 2015年，在同事的推荐下，投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜台买 入了人生第一只货币基金，"听说比存定期强，随用随取还能赚点菜钱"。这一年，全市场公募基金规模 刚突破8.4万亿元，全年增加85%。 十年后的2025年，公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品：最近 创新药的产品涨这么多，是不是该减仓了？还是该添点ETF？逐步开启定投的王姐则称，"我最近赚了 不少呢！"并头头是道地分析起了今年买了哪些产品。 这十年，公募基金的故事，远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时，投资者也在"进化"，老钱们会查季报、算回撤，王姐们向年轻人请教行业与持仓，曾经 的"听推荐盲从"逐渐蜕变为"主动研究"。 货基独大到多元资产 2015年的公募基金市场，产品类型相对单一，像个"理财杂货铺"：货币基金是"镇店之宝"，规模占比达 54.42%；包括股票型和混合型在内的权益基金则是另一大品类，规模占比36.19%；而债券型、QDII基 金只是角落 ...

Core Insights - The public fund industry in China has experienced significant growth over the past decade, with total assets increasing from 8.4 trillion yuan in 2015 to 35.14 trillion yuan by 2025, marking a substantial evolution in both product offerings and investor behavior [1][4][9] Group 1: Market Evolution - In 2015, the public fund market was dominated by money market funds, which accounted for 54.42% of the total market, while equity funds held a 36.19% share [2] - By 2022, the market had diversified significantly, with equity funds reaching 8.46 trillion yuan (24.08% of total assets) and bond funds expanding to 11.13 trillion yuan (31.67%) [4][6] - The number of public fund products surpassed 10,000 in 2022, indicating a shift towards a more varied product landscape [4] Group 2: Investor Behavior - Investor behavior has transformed from passive reliance on bank recommendations to active research and analysis, with investors now utilizing mobile apps for real-time information and engaging in discussions about fund strategies [5][9] - The proportion of individual investors holding fund shares increased from 43.1% in 2015 to 53.41% by 2024, reflecting a growing confidence and engagement among retail investors [9] Group 3: Investment Strategies - The investment focus has shifted from traditional sectors like finance and real estate to technology and new production capabilities, with the electronics sector becoming the largest holding category by mid-2023 [6][7] - Fund managers have expanded their investment horizons to include global assets, with QDII funds increasingly investing in international markets [7][8] Group 4: Regulatory and Structural Changes - The public fund industry is undergoing a regulatory transformation, with an emphasis on enhancing research capabilities and shifting from a focus on short-term gains to long-term investment strategies [9] - The recent regulatory framework encourages fund companies to build a more integrated and strategy-driven research system, aiming to improve the overall quality of public funds [9]

（原标题：债券不香了 居民"钱袋子" 加速流向权益市场） 21世纪经济报道记者 余纪昕、实习生王罕 8月股债赛道加速轮动，不少理财投资者感到"有些迷茫"。低利率背景下，以往作为安心之选、习惯性放在银行的存款和大额存单，现在看来略显 鸡肋，低波动资产的收益率薄得不够看了。 再叠加去年全年大债牛行情对收益率下行空间的透支，曾被视作"稳稳的幸福"、"持有即赚钱"的债券理财产品，如今顺风局也已过；包括现金类 和债券类在内的固收类理财产品，现今正黯然失色。 资料来源：Wind，21世纪经济报道梳理 几家欢喜几家愁。与权益基金的火热形成鲜明对比，债券基金今年以来交出的"成绩单"大不如前。投资者不难发现，现下债基收益普遍变薄，甚 至个别产品已然出现负收益，让去年安心持有的客户也"尝到了亏钱的滋味"。据Wind数据，截至8月21日发稿，全市场3325只中长期纯债基金今 年以来平均总回报仅为0.45%，这个水平较去年同期的2.44%大幅下滑了1.99个百分点，收益缩水明显。 值得关注是，最近一周债基平均回报为-0.20%，相比去年同期的-0.03%下降0.17个百分点，短期表现同样不尽如人意，债基管理者和投资者今年 面临的收益 ...

Core Viewpoint - The article discusses the recent influx of incremental funds into the A-share market, highlighting the active participation of institutional investors compared to retail investors, and the overall market sentiment towards potential growth opportunities [2][3]. Group 1: Retail Investor Participation - Recent grassroots research indicates a moderate increase in retail investor accounts, primarily among younger generations, but no significant surge in online account openings has been observed [4][5]. - The current participation level of retail investors is estimated at around 120 points on a scale where last year's peak was 200-300 points, indicating a cautious approach rather than a rush to enter the market [4][5]. - Overall, retail investor enthusiasm remains subdued, with new account openings in July at 1.96 million, similar to April levels, suggesting a lack of concentrated inflow from outside investors [5][6]. Group 2: Active Funds Driving the Market - Institutional investors are identified as the main drivers of recent market uptrends, with a notable increase in institutional account openings compared to retail accounts [7][8]. - High-net-worth investors, including private equity and leveraged funds, are actively participating, with daily inflows of leveraged funds averaging 5.5 billion since July [7][8]. - The private equity sector has seen significant growth, with an average stock long position of 61.1% in June, reflecting increased confidence and investment activity [8]. Group 3: Foreign Investment Trends - Foreign capital is increasingly optimistic about the Chinese stock market, with global hedge funds rapidly buying Chinese stocks, primarily driven by long positions [9][10]. - South Korean investors have significantly increased their trading volume in Chinese stocks, with cumulative transactions reaching $5.514 billion by the end of July, surpassing last year's total [9][10]. - Despite growing interest, there remains a divergence in foreign investors' strategies regarding Chinese assets, with some expressing caution despite increased attention [9][10].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The current round of deposit transfer continues, with a stronger momentum in July than the same period last year. In July, the combined deposits of residents and enterprises decreased by 2.56 trillion yuan, reaching a four - year high. The growth rate of resident deposits slightly declined, while the growth rate of non - bank deposits significantly rebounded to 15% [2][12]. - The money - making effect in the bond market has declined, and funds are more likely to flow into the "fixed income +" and equity markets. Since 2025, the bond market has entered a "three - low" era of low interest rates, low spreads, and low volatility. The scale growth rates of bond funds and money market funds have declined, and there has been redemption pressure since July. The growth rate of fixed - income wealth management products has also slowed down. The market risk preference has continuously increased, and the net value of equity funds has maintained high - speed growth. The growth of equity and hybrid wealth management products is not obvious, but their yields have been rising. The transferred deposits have flowed into non - bank institutions but not significantly into wealth management products, indicating that both financial institutions and residents' deposits are flowing into "fixed income +" and equity assets, which are important driving forces for the current bull market in equities [2][16]. - The expectation of a bond bull market has changed, the yield curve has steepened upwards, which may trigger a second - round redemption wave. It is recommended to control the duration, allocate anti - decline medium - and short - duration credit bonds. Asset management institutions with longer durations can seize the opportunity of loose funds during the initial issuance of special treasury bonds to reduce the duration. Stable - liability allocation investors are advised to moderately increase their allocation of 10Y treasury bonds in the range of 1.75% - 1.80% and 30Y treasury bonds in the range of 2.0 - 2.05% [3][21][24]. 3. Summary According to the Directory 3.1 Review and Outlook of the Bond Market - This week, the market risk preference further increased, the equity market rose sharply, and the bond market sentiment was under pressure, with the yield curve steepening. The yields of 10Y and 30Y treasury bonds increased by 6bp and 9bp respectively. The deposit transfer continued in July, with a stronger intensity than last year. The money - making effect in the bond market declined, and funds flowed into the "fixed income +" and equity markets [11][12][16]. - The expectation of a bond bull market has changed, the yield curve has steepened upwards, which may trigger a second - round redemption wave. The 7 - month social financing and credit data released this week were lower than expected, and domestic demand weakened, but the bond market was insensitive to the positive fundamentals. The overnight capital price increased marginally during the tax period, but the central bank maintained its supportive attitude, and the liquidity environment remained relatively abundant. It is expected that the central bank will continue to support the market during the initial issuance of 10 - year and 30 - year special treasury bonds next week [3][21][24]. 3.2 Bond Market Review 3.2.1 Funding Situation - The central bank conducted a net withdrawal of funds this week, and the funding rate increased. From August 11 to August 15, R001 and DR001 increased by 10bp and 9bp respectively compared to August 8, reaching 1.44% and 1.40%. The issuance rate of 3M certificates of deposit fluctuated upwards and then declined, and the FR007 - 1Y swap rate first increased, then decreased, and then slightly rebounded. By August 15, the transfer discount price of 1M national - share bank acceptance bills was 0.87%, a 10bp decrease compared to August 8 [25][26]. 3.2.2 Secondary Market Trends - Yields increased this week. Except for the 3m and 3y tenors, the yields of other key - term treasury bonds increased. Except for the 3y - 1y, 7y - 5y, and 30 - 20y term spreads, other key - term treasury bond term spreads widened. As of August 15, the yields of 10y and 30y treasury bonds increased by 6bp and 9bp respectively compared to August 8, reaching 1.75% and 2.05%. The term spread between them widened by 2bp to 30bp, which is at a medium - to - high percentile level in history [34]. 3.2.3 Bond Market Sentiment - This week, the median durations of all - sample bond funds and interest - rate bond funds decreased, and the divergence slightly increased. The turnover rate of ultra - long bonds rebounded, and the spreads between 50Y - 30Y and 20Y - 30Y treasury bonds widened. The inter - bank leverage ratio decreased to 107.5%, and the exchange leverage ratio remained flat at 122.4%. The implied tax rate of 10 - year China Development Bank bonds widened [44]. 3.2.4 Bond Supply - The net financing of interest - rate bonds decreased this week. From August 11 to August 15, the net financing of interest - rate bonds was 3791 billion yuan, a decrease of 2461 billion yuan compared to last week. The net financing of treasury bonds, local government bonds, and policy - based financial bonds all decreased. Next week, new 10Y treasury bonds and 30Y special treasury bonds will be issued for the first time. The issuance scale of local government bonds will increase, and the planned issuance of policy - based financial bonds is 340 billion yuan. This week, the net financing of certificates of deposit turned negative, and the issuance rate slightly increased to 1.61% [59][62][64]. 3.3 Economic Data - In July, loans showed negative growth, but the growth rate of social finance still had resilience. The growth of social retail sales further slowed down, and the decline in real estate investment widened. Since August, port throughput has returned to strength, and industrial production has marginally recovered. The high - frequency infrastructure and price data this week showed that the mill operating rate rebounded, vegetable prices continued to rise, and asphalt prices continued to fall [69][70][74]. 3.4 Overseas Bond Market - In July, the core CPI in the United States reached a six - month high, and retail sales achieved stable growth. The Fed's Daly hinted at a possible policy easing. In the overseas bond market, the bond markets in China and Japan declined, while most emerging markets rose. The spread between 10Y US and Chinese treasury bonds widened [81][82][84]. 3.5 Major Asset Classes - The CSI 300 index strengthened, closing at 4202.4 points on August 15, 2025, a 2.4% increase compared to August 8. This week, Shanghai gold slightly strengthened, while the Nanhua Pig Index and Shanghai gold weakened. The performance of major asset classes this week was: CSI 1000 > CSI 300 > Shanghai copper > Convertible bonds > Chinese - funded US dollar bonds > Crude oil > US dollar > Chinese bonds > Rebar > Shanghai gold > Pigs [85]. 3.6 Policy Review - On August 15, the People's Bank of China released the "2025 Second - Quarter China Monetary Policy Implementation Report", elaborating on the implementation effects of the moderately loose monetary policy in the first half of the year. On August 12, nine departments including the Ministry of Finance issued the "Implementation Plan for the Loan Interest Subsidy Policy for Service - Industry Business Entities", and three departments including the Ministry of Finance issued the "Implementation Plan for the Personal Consumption Loan Interest Subsidy Policy". Also on August 12, the "Sino - US Stockholm Economic and Trade Talks Joint Statement" was released, announcing a 90 - day suspension of the 24% tariff on each other's goods [88][90][92].