Core Viewpoint - The total net asset value of public funds in China reached a historical high of 34.39 trillion yuan as of June 30, 2025, with significant contributions from bond funds and a mixed performance in equity funds [1][3][4]. Fund Size Growth - As of June 30, 2025, there are 164 public fund management institutions in China, managing a total net asset value of 34.39 trillion yuan, marking a growth of 651.9 billion yuan from the end of May [3][4]. - The public bond fund size increased by 507.8 billion yuan in June, reaching 7.28 trillion yuan, with a year-to-date growth trend observed over four consecutive months [6][5]. Bond Fund Performance - Bond funds were the main contributors to the overall growth, with a monthly increase exceeding 500 billion yuan in June [5]. - The bond market is expected to remain bullish in the second half of the year, supported by favorable fundamentals and liquidity conditions, although there are concerns regarding high leverage and duration risks in a low volatility environment [8][7]. Equity Fund Performance - The A-share market showed positive performance in June, with the Shanghai Composite Index rising by 2.9%, leading to an increase in the size of equity funds [9]. - Stock funds and mixed funds saw increases of 148.3 billion yuan and 121.3 billion yuan, respectively, with growth rates of 3.24% and 3.4% [10]. New Fund Issuance - In June, 110 new equity funds were established, raising a total of 51.6 billion yuan, accounting for approximately 40% of the total new fund issuance [11]. - The outlook for the A-share market remains optimistic, driven by sectors such as AI, military, and innovative pharmaceuticals, alongside supportive domestic policies [11]. QDII Fund Growth - QDII funds experienced a growth of approximately 4.51%, reaching a total size of 683.7 billion yuan by the end of June, benefiting from strong inflows and favorable market conditions [12][13].

魏敏 "鱼和熊掌不可兼得"更是公募基金行业发展趋势的一个缩影。公募基金行业经过多年的发展，专业投资 的重要性日益凸显。因为再不凸显，权益类主动管理型产品就要被相关ETF这些被动指数基金全面取 代。对于股基、混基这些产品种类来说，从来不存在"规模为王"，业绩才是王道。没有业绩支撑，再大 的规模也只是昙花一现，并且很可能在规模消退中引发基民的怨气。在这个过程中，作为核心投研人员 的副总级基金经理回归，无疑将为公司带来更强的投资能力。此外，我们还应该看到，这些副总级基金 经理的回归也体现了公募基金行业对投研人才培养与激励的"正本清源"。如同一所大学里面，有名望 的"泰斗"级教授知名度要远高于校长、副校长，甚至可以直接与校史挂钩或等同。同理，能让核心投研 人员安心做好投资，匹配合理的薪资待遇，最终享有受业内外尊敬的声誉，且这一声誉并不与其管理职 务相关，这才是一家出色的、业绩长青的资管机构，中小投资者的钱交到这些人手里打理，无疑盈利的 概率更大。 本版专栏文章仅代表作者个人观点 众所周知，副总级基金经理既要负责公司的整体运营和管理，又要兼顾投资决策。纵然天赋异禀，"鱼 与熊掌兼得"模式实操起来也的确压力过大，身心俱疲 ...