今年以来A股市场结构性行情持续演绎，超95%的主动偏股型基金实现正收益，消费主题基金却呈 现出令人瞠目结舌的两极分化。 截至8月11日，国融融信消费严选C和国融融信消费严选A今年以来的回报率分别为-15.20% 和-15.10%，在同类4521只基金中排名靠后。翻看国融融信消费严选的二季报，这只基金的前五大重仓 股中有两只白酒股，分别为第一大重仓股五粮液和第四大重仓股贵州茅台，这两只白酒股占基金资产净 值的比例分别为4.66%和4.42%。今年以来，贵州茅台、五粮液股价表现均不尽如人意。一季报显示， 上述两只白酒股也在这只基金的前十大重仓股之中，分别位列第四、第六大重仓股。此外，二季度末， 在这只基金的前十大重仓股中，还出现了美的集团、北大荒、孩子王、伊利股份等消费股。由此可见， 该基金是一只重仓传统消费股的基金。 不同于国融融信消费严选，鑫元消费甄选是专注新消费投资的基金产品。二季度末，在该基金的前 十大重仓股中，出现了今年以来的热门新消费股——泡泡玛特。泡泡玛特今年以来的涨幅一度超过 200%。不过，这并未给鑫元消费甄选贡献太多的助力，截至8月11日，鑫元消费甄选A和鑫元消费甄选 C今年以来的回报率分别为 ...

数据来源/Wind、基金二季报 业绩数据截至8月11日 制表/张凌之 名称 今年以来 前五大重仓股 份额净值增长率（%） 海富通消费优选A 60.1335 今世缘 、万辰集团、潮宏基、 劲仔食品 、珀莱雅 财通资管消费精选A 50.5501 新易盛、中际旭创、生益电子、 长芯博创、昭衍新药 永赢新兴消费智选A 49.8680 安克创新、泡泡玛特、匠心家居、 信达生物、嘉益股份 国联沪港深大消费A 42.3849 腾讯控股、阿里巴巴-W 、 小米集团-W、巨子生物 、中芯国际 华泰柏瑞消费成长 34.5890 涛涛车业、匠心家居、东睦股份、 春风动力、隆鑫通用 ...

Market Performance Overview - The domestic equity market indices continued to rise, with the ChiNext Index leading the gains. The communication, pharmaceutical, and automotive sectors showed the highest increases, while media, real estate, and public utilities sectors experienced the largest declines [2] - Equity funds performed well, with mixed equity funds rising by 3.06% during the week [2] Fund Product Issuance - A total of 35 new funds were established this week, with a combined issuance of 21.485 billion units. This included 20 equity funds, 3 bond funds, 7 mixed funds, 4 REITs, and 1 FOF fund [3] - Overall, 33 new funds were issued, comprising 18 equity funds, 8 mixed funds, 3 bond funds, 2 REITs, 1 FOF fund, and 1 international (QDII) fund [3] Fund Product Performance Tracking - The net value of long-term thematic funds increased, with the pharmaceutical theme fund showing significant performance advantages. As of July 18, 2025, the weekly performance of various thematic funds was as follows: pharmaceutical (8.38%), TMT (3.91%), defense and military industry (3.44%), and others [4] - Passive index funds in the Hong Kong market, particularly in pharmaceuticals and communications, performed well [5] ETF Market Tracking - Domestic equity ETFs saw profit-taking, with passive funds reducing their positions in broad-based ETFs. However, there was significant inflow into financial real estate and dividend-themed ETFs. The median return for domestic equity ETFs was 1.38%, with a net outflow of 15.043 billion yuan [7] - Hong Kong ETFs had a median return of 5.53%, with a net inflow of 5.289 billion yuan [7] - Themed ETFs related to the Sci-Tech Innovation Board saw a net inflow of 392 million yuan, while financial real estate themed ETFs had a notable net inflow of 4.211 billion yuan [8] Fund Position High-Frequency Monitoring - The estimated position of actively managed equity funds increased by 0.65 percentage points compared to the previous week. Funds were allocated more towards communication, household appliances, and machinery equipment, while electronic, non-ferrous metals, and food and beverage sectors saw reductions [9] ESG Financial Product Tracking - The issuance of green bonds was subdued, with 9 new green bonds issued, totaling 7.079 billion yuan. The cumulative issuance of green bonds reached 4.67 trillion yuan, with 3,992 bonds issued [10] - The median net value changes for various ESG funds were as follows: actively managed equity ESG funds (2.20%), passive equity index ESG funds (0.80%), and bond ESG funds (0.07%). Funds focused on low-carbon economy, carbon neutrality, and sustainable development showed significant performance advantages [10]

Group 1: QDII Funds - Multiple QDII funds have relaxed large subscription limits, indicating a positive shift in the market [2] - The resumption of subscription for several QDII products is linked to the approval of a new round of QDII quotas [3] - QDII funds have shown impressive performance, with equity products achieving a net value growth rate close to 90% in the first half of 2025 [14] Group 2: Public Funds and Investment Strategies - Several fund companies have held mid-term strategy meetings to analyze investment opportunities for the second half of 2025, with a focus on technology, innovative pharmaceuticals, and new consumption [5] - The establishment of specialized subsidiaries by public funds reflects their efforts to enhance professional capabilities and achieve differentiated development [4] - Public funds have actively participated in private placements, with a total allocation exceeding 10 billion yuan and an overall floating profit margin exceeding 20% in the first half of 2025 [7][8] Group 3: ETF and REITs - The first batch of 10 sci-tech bond ETFs has been approved and is expected to launch soon, with a strong market response anticipated [6] - The public REITs market has seen significant growth, with total scale increasing from 31.4 billion yuan to over 200 billion yuan in four years, indicating a robust development in this sector [9] Group 4: Fund Performance and Market Trends - The total scale of new fund issuance in the first half of 2025 reached 540.85 billion yuan, a nearly 20% decline compared to the same period last year, with stock funds seeing a significant increase in issuance [11] - Convertible bond funds have performed well, with an average net value growth rate of 5.6% in 2025, driven by a recovering stock market [12] - The consumer sector has gained momentum, with a notable increase in the number of consumer-themed fund applications, reflecting a shift towards domestic demand-driven growth [17]

Core Viewpoint - In the second quarter, the number of consumer-themed fund applications surged significantly, reflecting a shift in market focus from export-driven growth to domestic demand, supported by favorable policies aimed at boosting consumption [1][3][8]. Group 1: Fund Application Trends - The number of consumer-themed funds submitted for approval increased threefold compared to the previous quarter [2]. - As of June 27, 16 consumer-themed funds were submitted since April, with 7 already approved, compared to only 4 in the first three months of the year [4]. - These 16 funds came from 14 different fund management companies, including 8 index funds, 5 mixed funds, 1 stock fund, and 2 QDII funds, with a focus on Hong Kong stock consumption themes [5]. Group 2: Market Dynamics and Investment Opportunities - The consumer sector has attracted significant attention from institutional investors, leading to a surge in research and analysis of new consumption trends, such as the "Guzi Economy" and pet economy [6][9]. - The consumer sector is expected to experience a "Davis Double-Click" effect, driven by supportive policies, performance improvements, and valuation recovery [7][8]. - The potential for growth in the middle and lower-income consumer segments remains largely untapped, with expectations for increased domestic demand incentives from the government [8][9]. Group 3: Sector Performance and Investment Strategy - The A-share consumer sector has shown signs of divergence, with strong growth in the beauty and personal care industry, while home appliances and food and beverage sectors have underperformed [9]. - In the Hong Kong market, emerging industries such as trendy toys, tea drinks, and jewelry have stood out as highlights in the consumer sector [9].

Group 1: Core Insights - The primary focus for 2025 is to "boost consumption," with the implementation of the "Special Action Plan for Boosting Consumption" and financial support policies providing significant market stimulation [1] - Public funds are playing a crucial role in enhancing consumption development through targeted selection, capital allocation, and product innovation, thereby optimizing residents' asset allocation and promoting economic growth [1] Group 2: Performance of Thematic Products - Public funds are significantly contributing to the consumption market through thematic funds and REITs, driven by both policy support and market demand [3] - As of May 20, the main consumption industry index on the Shanghai Stock Exchange has risen by 6.25% over the past three months, with the Shanghai Consumption 80 Index and Shanghai Consumer Goods Index increasing by 2.82% and 1.81%, respectively [3] - The average return of 256 active equity funds with "consumption" in their names reached 8.38% year-to-date, with over 80% of these funds generating positive returns [3] Group 3: Long-term Performance - Over the past three years, the average return of 198 consumption-themed funds was -8.92%, with the highest performer achieving a return of 56.43% [4] - Analysts express optimism regarding the consumption sector's recovery, indicating potential investment opportunities as policies to boost consumption take effect [4][5] Group 4: Public REITs Empowering Consumption - Consumption-related REITs have shown strong performance in both issuance and secondary markets, with several new products launched in 2025 [6] - As of May 20, eight consumption-related REITs are available, with top performers seeing increases of over 40% year-to-date [7] - The strong performance of consumption REITs is attributed to economic recovery, policy support, and high-quality assets, making them important tools for asset allocation [7] Group 5: Industry Overview - As of the end of Q1 2025, the total scale of consumption-themed funds was approximately 93.37 billion yuan, a slight decrease of 6.2% from the previous year [8] - Consumption REITs have been expanding since their introduction, with a total scale of 19.66 billion yuan as of Q1 2025 [8] - Public funds are expected to play a more significant role in the consumption finance sector by providing diversified funding sources and driving product innovation [8][9] Group 6: Future Outlook - Public funds can directly assist consumption sector entities in financing through public REITs and active participation in private placements [9] - The future of consumption-related public REITs is expected to focus on optimizing asset liquidity and enhancing consumption scene efficiency, with potential expansion into "hard technology" and emerging consumption areas [10] - The ongoing development of the market suggests that public funds will increasingly influence the consumption finance landscape through innovative product services and optimized investment layouts [10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," aiming to address long-standing issues in the public fund industry, such as the focus on scale over returns and the "guaranteed income" phenomenon [1][11]. Group 1: Key Measures of the Action Plan - The Action Plan outlines 25 reform measures across six areas, including optimizing fund operation models, improving assessment and evaluation systems, promoting equity funds, ensuring risk management, strengthening regulatory enforcement, and facilitating high-quality development [1][11]. - A significant focus is on aligning the interests of fund managers with those of investors, particularly through the introduction of a performance-based floating management fee model for actively managed equity funds [11][12]. Group 2: Industry Impact - The implementation of the Action Plan is expected to shift the industry from a focus on scale to a focus on returns, enhancing the quality of public funds and investor satisfaction [1][12]. - The plan mandates that at least 60% of newly registered actively managed equity funds adopt the floating fee structure within a year, which is anticipated to improve the performance accountability of fund managers [11][12]. Group 3: Addressing Fund Management Issues - The Action Plan aims to tackle issues such as "style drift" and misalignment of fund investments with their stated objectives, requiring clear performance benchmarks for each fund to ensure transparency and accountability [14]. - It emphasizes long-term performance assessments, with at least 80% of the evaluation weight given to three-year performance metrics, thereby discouraging short-term speculative trading by fund managers [12][14].

Group 1 - Multiple consumer-themed funds have reported returns exceeding 20% year-to-date, with new consumption stocks being a significant source of excess returns [1] - Among 243 consumer-themed funds, the performance gap exceeds 35 percentage points, indicating a divergence in market strategies [1] - Over 5000 listed companies have disclosed their Q1 reports, with more than 3900 reporting profits, reflecting a positive overall trend [1] Group 2 - Private investment in China grew by 0.4% year-on-year in Q1, with manufacturing and infrastructure sectors showing stronger growth at 9.7% and 9.3% respectively [2] - Policies aimed at breaking market entry barriers and regulating enterprise fees are contributing to the recovery of private investment [2] Group 3 - The tungsten industry is experiencing dual policy measures aimed at promoting high-end and green development, with export controls and mining quota reductions impacting supply [3] - The price of tungsten is expected to strengthen due to tight supply, with leading companies adjusting prices accordingly [3] - The market has seen significant fund distributions, with over 800 billion yuan in fund dividends this year, marking a three-year high [3] Group 4 - Nearly 5300 A-share companies have disclosed their annual reports, with total revenue reaching 70.6 trillion yuan and net profit at 5.25 trillion yuan [4] - Approximately 60% of A-share companies reported revenue growth, and nearly 80% reported profits, with a record number of companies exceeding 100 billion yuan in revenue [4] - The automotive industry is showing a clear trend towards electric and intelligent vehicles, with companies like BYD reporting significant revenue growth [4] Group 5 - The first quarter reports from state-owned banks show a total net profit of 344.42 billion yuan, with stable asset quality across the board [6] - Major state-owned banks reported slight decreases in non-performing loan ratios, indicating improved asset quality [6] Group 6 - Recent disclosures reveal that 36 brokerage firms are among the top ten shareholders of 224 stocks, with 96 stocks newly held and 48 stocks increased in holdings by brokerages [7] - Brokerages are sharing their latest stock selection strategies and investment approaches in light of the Q1 report disclosures [7]

Group 1: ETF Market Overview - Last week, ETF shares increased by 3.862 billion, reaching a total of 28.09656 billion shares, with total scale rising by 52.181 billion to 406.7253 billion [1] - Net inflow of funds last week was 11.54 billion, with alternative investment funds, money market funds, and bond funds seeing net inflows of 18.125 billion, 1.395 billion, and 1.187 billion respectively [1] - QDII funds and stock funds experienced net outflows of 1.156 billion and 8.011 billion respectively [1] Group 2: Performance of Innovative Drug ETFs - Over 800 stock-type ETFs recorded positive net value growth last week, with 6 Hong Kong stock innovative drug-related ETFs seeing weekly growth exceeding 10% [2] - The Industrial Bank's Hong Kong Stock Connect Innovative Drug ETF rose by 10.95%, reaching a new high in circulation scale of 2.673 billion [2] - The pharmaceutical sector has shown a continuous recovery this year, with AI providing significant valuation space and momentum for innovative drug stocks [2] Group 3: Significant Increases in ETF Shares - Five ETFs saw their shares increase by over 1 billion last week, with the Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF growing by 2.037 billion shares, an increase of 10.85% [3] - The Huaxia CSI Robotics ETF also performed well, with shares increasing by 1.257 billion, reaching a historical high of 15.922 billion shares [3] Group 4: Robotics Sector Outlook - 2025 is anticipated to be the year of mass production for humanoid robots, with high potential for market penetration in the robotics field [4] - 56 ETFs saw their shares decrease by over 100 million, with the Huatai-PB CSI A500 ETF experiencing the largest drop of 1.614 billion shares, a decrease of 12.87% [4] - Several new A500-related funds have extended their fundraising periods due to strong investor interest [4] Group 5: Consumer Sector Insights - With various consumer promotion policies being implemented and the upcoming "May Day" holiday, the offline consumer market is heating up, leading to active performance in consumer-themed funds [5] - Fund managers believe that the consumer sector is currently undervalued and may see sustained upward trends as market sentiment stabilizes [5] Group 6: New Consumption Trends - Fund managers are shifting focus from traditional consumption to new consumption sectors, with significant potential identified in emerging consumer companies [6] - The pet food sector is highlighted for its large market space and favorable industry dynamics, with opportunities for brands to grow rapidly post-competition [6]

Core Viewpoint - The article emphasizes the importance of risk management and strategic investment in mutual funds, highlighting that chasing performance and popular fund managers can lead to significant losses [2][4][8]. Group 1: Investment Experiences - Initial investment in a money market fund resulted in a loss of 18% within three months due to market conditions [2][4]. - The experience of investing in a consumer-themed fund managed by a popular fund manager led to a realization that performance rankings can be misleading and that risk alignment is crucial [3][5]. - A subsequent attempt at dollar-cost averaging into an index fund resulted in a 23% loss during a market downturn, illustrating the psychological challenges of maintaining investment strategies [5][6]. Group 2: Lessons Learned - The article outlines key lessons learned from various investment experiences, including the importance of continuing to invest during market declines and the need for a diversified approach to sector funds [6][7]. - The author stresses that industry funds can amplify risks and recommends using a satellite approach with dynamic profit-taking strategies [7][8]. - The experience with a "line-drawing" fund manager highlights the risks of relying on star managers, as changes in management can lead to significant performance declines [8]. Group 3: Investment Strategies - After five years of experience, the author developed a stable annualized return of 10-12% through disciplined investment strategies, including dollar-cost averaging and balanced asset allocation [9][10]. - A structured asset allocation framework is proposed, dividing investments into three categories: liquid assets (20%), stable investments (50%), and long-term growth (30%) [11]. - The article suggests implementing a systematic approach to investment, including regular portfolio reviews and adjustments based on market conditions [11][12]. Group 4: Guidelines for New Investors - New investors are advised to conduct thorough research before investing, including understanding their risk tolerance and differentiating between short-term and long-term funds [15]. - The article encourages continuous learning and adaptation in investment strategies to improve decision-making and outcomes [15][16]. - The author concludes that successful investing is a long-term endeavor that requires patience and a focus on compounding returns rather than seeking quick profits [14][15].