【导读】本周 33 只新基金启动募集，权益基金占比为三分之二 中国基金报记者 张燕北 Wind 数据显示，根据基金公司发布的截至 11 月 17 日的募集公告，本周（ 11 月 17 日 — 11 月 21 日） 5 个交易日中， 33 只新基金将登场，面向投资者公开发行。 26 只扎堆在周一发行 具体来看，周一（ 11 月 17 日）本周 33 只新发基金中 26 只扎堆在周一开始发行，占本周 新基金的 78.79% ；周二有 1 只新基金启动募集，周三有 6 只基金开始认购。 从认购天数来看，本周新基金中，中航祥泰 6 个月封闭 认购天数最长，达 89 天。在其之 后，大摩中债 1 ～ 5 年政金债的计划认购天数为 60 天，中海港股通睿选和中海智选成长紧 随其后，认购天数均为 45 天。此外，永赢国证港股通互联网指数、国富恒安 30 天持有、长 信上证科创板综合指数增强、人保中证 500 指数增强等 6 只基金的认购天数在 23 天至 33 天之间。 整体来看， 33 只新基金平均认购天数为 21.27 天，较此前有所拉长。业内认为，这或与近 期市场行情有关。中美关系改善预期兑现后，市场风险偏好有所下降 ...

Macroeconomic Overview - The current economic backdrop for Japan under Prime Minister Kishi is characterized by moderate recovery amidst ongoing re-inflation, contrasting with the deflationary stagnation faced by former Prime Minister Abe [3] - Kishi's economic strategy emphasizes demand-side management to combat external inflation while also pursuing structural supply-side reforms to stimulate new growth sectors [3] Fiscal Policy - Kishi plans to implement an "expansionary but responsible fiscal policy," with expectations of an increase in Japan's fiscal deficit ratio by 2026, although the overall expansion may be limited due to debt risks [3] Monetary Policy - Despite a dovish stance, the Bank of Japan is expected to continue raising interest rates in 2026, with a potential increase of 30 to 50 basis points, while also slowing the pace of balance sheet reduction [3] Industrial Policy - Kishi aims to enhance strategic investments in 17 key industries over the next five years, focusing on sectors such as AI, semiconductors, shipbuilding, quantum technology, biotechnology, aerospace, and cybersecurity [3] Market Impact - The "Kishi trade" observed in October indicates a strengthening of Japanese stocks, while the yen and Japanese bonds weaken, with expectations of a bullish stock market and continued upward pressure on bond yields [4] - The yen is projected to remain under pressure in the short term, with a potential for slight appreciation if U.S. dollar credit declines [4] Automotive Industry - The wholesale prices of passenger vehicles have stabilized in October, with an average discount rate of 18.5%, reflecting a shift from price competition to refined operations in the domestic market [7] - Traditional fuel vehicles maintain a high average discount rate of 26.3%, while new energy vehicles show a more stable discount rate of 12.8%, indicating a dual advantage in cost control and market demand for new energy products [7][8] Investment Fund Trends - As of October 2025, the total net asset value of public funds in China is 36.02 trillion yuan, with a net outflow observed in stock and bond funds, while money market funds saw an increase [12] - Individual investors' risk appetite has been affected by market volatility, leading to a decline in shares of ordinary stock and mixed funds, while QDII and FOF funds have gained traction as safe-haven investments [13] - Mixed FOF products have performed well, with a 63.10% increase in new issuance, as they provide a balance of risk and return for retail investors [14]

Core Viewpoint - The A-share listed securities firms have shown positive growth in asset management business revenue in the first half of 2025, with a focus on both fixed income and equity investments, indicating a trend of "stronger firms becoming stronger" [1][2]. Group 1: Revenue Growth and Performance - Nearly 20 A-share listed securities firms reported positive year-on-year growth in asset management revenue in the first half of 2025, with notable firms including CITIC Securities, GF Securities, and Guotai Junan [2]. - CITIC Securities led the sector with total asset management revenue of 6.017 billion yuan, followed by GF Securities and Guotai Junan, each exceeding 3 billion yuan [2]. - Huatai Securities achieved the highest revenue growth rate at 6487.85%, while Guotai Junan and Changcheng Securities reported growth rates of 44.77% and 38.01%, respectively [2]. Group 2: Asset Management Scale and Investment Focus - CITIC Securities had an asset management scale of 1.556 trillion yuan, the only firm surpassing the trillion yuan mark, while Guotai Junan, Huatai Securities, and China International Capital Corporation also exceeded 600 billion yuan [2]. - The bond market remains the primary focus for securities firms' asset management, with bond funds accounting for 79.06% of the total asset management products, which had a net value of 1.134875 trillion yuan as of June 2025, reflecting a 7.53% increase since the beginning of the year [2]. Group 3: Diversification and Future Strategies - Securities firms are increasing their investments in non-traditional fixed income assets such as ABS and REITs, with notable issuances including 2 REITs projects totaling 1.206 billion yuan by Changcheng Asset Management [3]. - Many listed securities firms are actively expanding their equity product offerings, with Huazhang Asset Management focusing on equity investment transformation and launching new products to enhance market coverage [3]. - Enhancing active management capabilities and diversifying investment strategies are key focuses for many A-share listed securities firms moving forward, with plans to develop multi-asset and multi-strategy product lines [4]. Group 4: Regulatory and Market Trends - The low interest rate environment has made fixed income investments less attractive, pushing firms to seek public fund management qualifications to expand their investment avenues [5]. - Several firms, including China Merchants Securities and GF Securities, have applied for public fund management licenses, which are seen as crucial for future business development and growth opportunities [5].