【导读】中航基金"百亿元级"基金经理韩浩升任公司副总 今年以来风生水起的AI算力、固态电池等赛道型基金不仅催生出多名"百亿元级"基金经理，更让部分基金经理晋升高管行列。 11月19日，中航基金公告，公司总经理助理兼权益投资部、研究部总经理韩浩升任公司副总经理。 韩浩管理的4只基金分别覆盖AI算力、低空经济、固态电池、大飞机等领域。其中，中航机遇领航混合基金规模从去年底的6.81亿元增长至今年三季度末 的132.31亿元，撑起中航权益基金"大个半江山"。 基金经理韩浩升任公司副总 近期，中航基金投研系高管更迭。11月19日，中航基金公告，公司总经理助理兼权益投资部、研究部总经理、基金经理韩浩升任公司副总经理，而在前不 久，中航基金副总经理邓海清因个人原因离职，下一站或加盟中加基金。 | 新任高级管理人员职务 | 副总经理 | | --- | --- | | 新任高级管理人员姓名 | 韩浩 | | 任职日期 | 2025年11月19日 | | 过往从业经历 | 曾任职于中国民族证券有限责任公司、金 | | | 元证券股份有限公司、中航证券有限公司: | | | 2016年9月至2020年8月,担任中航基 | | ...

【导读】中航基金"百亿元级"基金经理韩浩升任公司副总 中国基金报记者 若晖 今年以来风生水起的AI算力、固态电池等赛道型基金不仅催生出多名"百亿元级"基金经理， 更让部分基金经理晋升高管行列。 11月19日，中航基金公告，公司总经理助理兼权益投资部、研究部总经理韩浩升任公司副总 经理。 韩浩管理的4只基金分别覆盖AI算力、低空经济、固态电池、大飞机等领域。其中，中航机遇 领航混合基金规模从去年底的6.81亿元增长至今年三季度末的132.31亿元，撑起中航权益基 金"大个半江山"。 基金经理韩浩升任公司副总 近期，中航基金投研系高管更迭。11月19日，中航基金公告，公司总经理助理兼权益投资 部、研究部总经理、基金经理韩浩升任公司副总经理，而在前不久，中航基金副总经理邓海 清因个人原因离职，下一站或加盟中加基金。 | 新任高级管理人员职务 | 副总经理 | | --- | --- | | 新任高级管理人员姓名 | 韩浩 | | 任职日期 | 2025年11月19日 | | 过往从业经历 | 曾任职于中国民族证券有限责任公司、金 | | | 元证券股份有限公司、中航证券有限公司: | | | 2016年9月至202 ...

Core Insights - The public fund industry is experiencing significant growth driven by industry-themed products, which are becoming key marketing strategies in a competitive landscape [1][7][8] - There is a notable structural differentiation in fund performance, with industry-themed ETFs gaining traction while broad-based ETFs face net redemptions [2][3][4] Group 1: Industry-Themed Fund Growth - Industry-themed ETFs have seen substantial increases in their share sizes, countering the decline in broad-based ETFs [3][4] - Data shows that the total public fund share decreased slightly to 30,457.341 billion shares, with a net redemption of 1,247.62 billion shares, while index funds experienced a net subscription of approximately 51.5 billion shares [2] - The top 20 funds with the highest share growth in Q3 were predominantly industry-themed ETFs, indicating a strong market preference for these products [3] Group 2: Active Equity Funds and Industry Focus - Active equity funds are increasingly aligning their performance and growth with specific industry themes, such as innovative drugs and artificial intelligence [4][5] - The top ten active equity funds are all industry-focused, showcasing a trend towards sector-specific investment strategies [4] - For instance, the Yongying Technology Select Fund saw its assets grow from approximately 10.32 million to 11.8 billion by Q3, highlighting the impact of industry-focused management [4] Group 3: Tooling and Market Adaptation - The public fund industry is entering a "tooling" era, where funds are designed to meet specific investor needs, leading to a rise in industry-themed products [7][8] - Fund companies are increasingly launching ETFs targeting traditional and niche industries, reflecting a shift in marketing strategies [7] - The development of industry-themed funds is seen as a response to the challenges of generating excess returns in an efficient market [8]

Core Viewpoint - The narrow-based products are becoming the main driving force for the growth of public funds, driven by the segmented demands of investors [1][2]. Group 1: Market Trends - The public fund industry is entering a tool-oriented era, where narrow-based products with distinct styles and specific industry scenarios are key to marketing strategies [2]. - Despite a slight overall redemption in public fund shares, narrow-based products have seen significant growth, indicating a shift in investor preference towards these products [3][4]. Group 2: Performance of Narrow-based Products - Narrow-based products have countered the shrinkage of wide-based ETFs, with significant net subscriptions observed in various narrow-based ETFs during the third quarter [4]. - Specific examples include the Satellite ETF with over 10 times net subscriptions, the Robot ETF with nearly 5 times, and the New Energy Battery ETF with about 8 times [4]. Group 3: Active Equity Funds - Active equity funds are also aligning with narrow-based strategies, with themes like innovative drugs, digital economy, and artificial intelligence leading performance rankings [5][6]. - The top 10 active equity funds are all industry-themed, showcasing a trend towards sector-focused investment strategies [5]. Group 4: Tool-oriented Product Development - The arrival of the tool-oriented era in public funds has led to a consensus that "whoever masters narrow-based products will dominate" [8]. - Fund companies are increasingly focusing on tool-oriented products that cater to specific investor needs, enhancing their competitive edge [8][9]. - The development of tool-oriented products is seen as a response to the challenges of extracting excess returns in an efficient market [9].

Core Insights - The top-performing fund in the first three quarters of the year achieved a remarkable return of approximately 194.49%, leading all funds in performance [3]. Fund Performance Summary - The fund managed by Ren Jie, the Yongying Technology Select Fund, has the highest year-to-date return of 194.49% [3]. - The top 20 funds have all recorded returns exceeding 110% since the beginning of the year [3]. - In the category of ordinary stock funds, the Huazhong Pharmaceutical Biotechnology Fund, managed by Sang Xiangyu, achieved a return of 103.31%, ranking first [3]. - Among bond funds, the South China Changyuan Convertible Bond Fund, managed by Liu Wenliang, led with a return of 44.21% year-to-date [3].

Core Insights - The article highlights the strong performance of various mutual funds in China for the year-to-date, particularly in the equity and mixed fund categories, with average returns exceeding 35.4% for ordinary stock funds and 29.1% for mixed funds [2][3]. Fund Performance - The top-performing fund is the Yongying Technology Select Fund managed by Ren Jie, with a year-to-date return of approximately 194.49% [3][4]. - The second-best fund is the Huatai Hong Kong Advantage Select Fund managed by Zhang Wei, achieving a return of over 155% [3][14]. - The third position is held by the China Europe Digital Economy Fund managed by Feng Ludan, with a return of nearly 141% [3][4]. - In the bond fund category, the Southern Changyuan Convertible Bond Fund managed by Liu Wenliang leads with a return of 44.21%, outperforming many equity funds [15]. Sector-Specific Insights - The article notes that funds focused on specific sectors, such as technology and healthcare, have shown exceptional performance, with many funds achieving returns exceeding 100% [5][6]. - The Huazhong Medical Biology Fund, managed by Sang Xiangyu, achieved a return of 103.31%, reclaiming the top position among ordinary stock funds [5][7]. - The article emphasizes that without a return of at least 110%, funds could not make it into the top twenty performers this year [2]. Index Fund Performance - In the index fund category, the top three funds are all focused on innovative pharmaceuticals, with returns exceeding 106% [10][12]. - The Wanji Zhongzheng Hong Kong Stock Connect Innovative Drug ETF, managed by He Fangzhou, leads with a return of 114.01% [12][10]. QDII Fund Insights - QDII funds have predominantly invested in Hong Kong stocks, with the top-performing fund being the Huatai Hong Kong Advantage Select Fund, achieving a return of over 155% [13][14]. - Other notable QDII funds include the Guangfa Zhongzheng Hong Kong Innovative Drug ETF and the Yifangda Global Pharmaceutical Industry Fund, both exceeding 100% returns [13][14]. Bond Fund Insights - The Southern Changyuan Convertible Bond Fund, with a return of 44.21%, showcases the strong performance of bond funds this year, attributed to their equity components [15].

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]

Core Viewpoint - The article discusses the recent trend of mutual funds implementing purchase limits on popular industry-themed funds, particularly in the technology and healthcare sectors, amid a booming market atmosphere. This is seen as a response to the rapid appreciation of fund values and a shift in investor behavior towards higher-risk, higher-reward investments [1][5]. Group 1: Fund Purchase Limits - Several mutual funds have announced purchase limits, particularly targeting hot industry-themed funds, with top-performing technology funds also included in the restrictions [1][3]. - For instance, Yongying Technology Smart Fund announced a limit of 1 million yuan for daily purchases starting August 27, 2025, after achieving a year-to-date return of 138% [3]. - Other funds, such as those from Hongli and Huatai Baichuan, have set similar limits, with some as low as 100,000 yuan, indicating a trend towards controlling inflows into high-performing funds [3][5]. Group 2: Market Dynamics - The surge in purchase limits is closely linked to a "money-grabbing" atmosphere in the fund market, where investors are shifting from conservative funds to high-elasticity funds due to rising return expectations [5]. - As of August 26, medical-themed funds have seen returns exceeding 150%, while technology funds focused on AI chips have also doubled in value [5]. - The trading volume of the Sci-Tech 50 Index reached a record high of 130 billion yuan on August 25, indicating strong market activity and investor interest [5]. Group 3: Bond Fund Challenges - In contrast, bond funds are facing significant challenges, with several mutual funds announcing the liquidation of their bond products due to large-scale redemptions [6]. - For example, Huisheng Fund reported substantial redemptions in its bond fund on August 11, leading to adjustments in net asset value [6]. Group 4: Valuation Considerations - Fund companies emphasize the importance of valuation in the current equity market, advising investors to remain rational and avoid blindly chasing high returns [8]. - Morgan Stanley Fund analysts note that while technology stocks have led the market, there is a need to focus on sectors with strong fundamentals, such as AI applications and high-end manufacturing [8][9]. - The article highlights a shift in market dynamics, with foreign capital inflows and retail investors beginning to enter the market, suggesting a more diversified funding landscape [8].