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 ...

图片 一周摘要 图片 市场概况： 上周（8月18日至8月22日）A股市场整体表现非常强劲，主要股指普遍上涨。创 业板表现尤为亮眼，创业板50指数大涨6.31%，科创50指数更是上涨超13%，显示成长股在 本轮行情中的受重视程度。中证1000指数上涨3.45%，中小盘股整体表现活跃，概念热点良 性轮动。全周上证指数强势冲关3800点，上涨3.49%，深证指数上涨4.57%，创业板指上涨 5.85%。 行业板块： 上周Wind一级平均涨幅3.05%，Wind百大概念指数上涨比例92%。板块方面， 100%板块获得正收益，通信、电子、综合相对表现良好，分别上涨10.84%、8.95%、 8.25%，医药生物、煤炭、房地产涨幅相对滞后，分别上涨1.05%、0.92%、0.50%。 基金发行： 上周合计发行38只，其中股票型基金发行26只，混合型基金发行6只，债券型基 金发行5只，QDII型基金发行1只，总发行份额233.14亿份。 基金表现 ： 上周万得全基指数上涨1.98%。其中，万得普通股票型基金指数上涨3.60%，万 得偏股混合型基金指数上涨3.52%，万得债券型基金指数上涨0.08%。 图片 一周市场 图片 ...

根据投资目标挑选适配基金类型很重要。如果想追求市场平均收益，指数基金是优选。它跟踪特定指 数，能反映市场或板块表现。挑选时要关注跟踪误差和费率，误差小则贴合度高，费率低可节省成本， 沪深300、中证500等宽基指数基金适合多数投资者。 若想获取超越市场平均水平的超额收益，主动管理型基金是重点。挑选时要研究基金经理的过往业绩， 不仅看短期，更要关注长期稳定性，选择在不同市场阶段表现都好的产品。同时，要了解基金经理的投 资策略是否契合当前行情，比如成长股表现突出时，专注成长股投资且有成功案例的主动型基金可能会 有不错表现。 其次，构建合理组合是提高收益稳定性的关键。构建合理组合能分散风险、提高收益稳定性。行情向好 时，单一投资易受市场波动或板块轮动影响，多元化组合配置则可规避部分波动。投资者可以搭配不同 类型、行业、风格的基金，如以宽基指数基金为基础，追求跟上市场整体节奏，配置新能源、科技、消 费等行业主题基金捕捉风口，再配置部分债券或货币市场基金平衡整体投资组合的风险。多元化配置不 是全面开花，对个人投资者而言，持有5到8只基金较为适宜，持仓品种过多会增加投资难度，还可能会 拉低平均收益。 ■普惠金融·农银汇理 ...

近期，公募基金机构掀起自购热。万得数据显示，截至8月21日，今年已有超130家公募基金公司启 动自购，自购总额超50亿元。其中，权益类基金产品的自购金额占据较大比例，尤其是股票型基金和混 合型基金。公募基金自购热是政策引导、市场估值修复与行业转型的共振结果，不仅体现了基金公司对 自身投研能力和市场前景的信心，也通过利益绑定增强了投资者的信任。 经济日报记者 赵东宇 马春阳 公募机构自购热离不开政策的有力引导。中国证监会5月7日发布《推动公募基金高质量发展行动方 案》，鼓励自购旗下权益类基金规模，并明确提出，将3年以上中长期业绩、自购旗下权益类基金规 模、投资行为稳定性、权益投资增长规模等指标的加分幅度在现有基础上提升50%。 市场信心提升也是推动机构开展自购的重要动力。进入下半年，A股回暖向好势头愈发明显，上证 指数持续震荡上涨。多家基金机构表示，自购旗下权益类基金是基于对中国资本市场长期健康稳定发展 的信心。从估值角度看，我国股市当前的投资性价比优势依然较为突出。万得数据显示，截至8月21 日，沪深300指数、恒生指数市盈率分别为13.73倍、11.46倍，均低于标普500（28.15倍）、日经225 （1 ...

在此背景下，权益类基金具有长期配置价值，尤其在市场估值低位时布局，长期收益空间更大。其以股 票、股票型基金等权益类资产为主要投资标的，通过专业团队跟踪市场，分享企业成长红利，具有高波 动性、长期收益潜力突出、与宏观经济关联度高等特征。 "当前自购热既是政策与市场的共振，也是行业转型的必然选择。自购能够强化投资者与基金管理人利 益一致性，为资本市场注入长期稳定性。"南开大学金融学教授田利辉认为，从短期看，自购热为市场 注入流动性，提振情绪。公募基金作为"稳定器"，通过自购缓解抛压、修复估值，尤其在经济复苏预期 增强的背景下，有助于吸引长期资金入市。从长期看，自购热推动行业高质量发展。自购倒逼基金公司 聚焦投研能力，减少短期投机，强化与投资者的长期信任，助力A股从"估值修复"迈向"价值发现"。 业内人士提示，对于当前公募机构自购热，投资者需理性看待。"自购是积极信号，但非绝对保证。"田 利辉表示，部分机构自购可能带有营销属性，投资者需要结合产品底层逻辑、基金经理能力与持仓结构 综合判断。例如，大额自购且锁定周期较长的基金更值得参考，而短期一次性自购基金则需警惕风格漂 移或资源倾斜不足的风险。总的来说，投资者应保持 ...

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].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The bond market is affected by the stock market, but the adjustment space is limited. Attention should be paid to stock market changes and fund duration to select the timing for increasing bond allocation [59] - Overall, during stock market rallies, government bond yields tend to move in sync with funds. If funds are generally loose, government bond yields show a long - term downward trend, with the term spread widening and the credit spread narrowing. In terms of fund diversion, household deposits often decrease year - on - year, bond fund shares may decline periodically but will recover in the later stage of the stock market growth. The scale of wealth management transferred to the stock market may be relatively limited, and the scale and proportion of insurance bond investment are expected to rise [4][58] Summary by Different Stock Market Rally Periods 2006 - 2007 Stock Market Rally - **Bond Market Performance**: Government bond yields rose significantly, fund prices increased, the term spread first narrowed, then widened, and then narrowed again, and the credit spread first narrowed and then widened. The Shanghai Composite Index rose from 1181 points at the beginning of 2006 to 6092 points in mid - October 2007. The 10 - year government bond yield rose from 3.1% to 4.5%, an increase of 139bps. R007 rose from 1.5% to a maximum of 7.1%. The government bond term spread first dropped from 140bp to 85bp in November 2006, then rose to 180bp at the end of June 2007, and then dropped to 122bp in mid - October 2007. The 1 - year medium - term note credit spread dropped from 138bp at the end of 2006 to 59bp in mid - August 2007 and then rose to 118bp in mid - October 2007 [1][8] - **Fund Diversion**: Household deposits decreased year - on - year, the shares of both stock - type and bond - type funds increased, and the balance of insurance bond investment rose. From the second quarter of 2006 to the third quarter of 2007, household deposits decreased by a cumulative 12857 billion yuan year - on - year. Stock - type fund shares increased from 1279 billion shares in January 2006 to 10112 billion shares in October 2007, an increase of 8833 billion shares. Bond - type fund shares increased by a cumulative 187 billion shares from 243 billion shares. The balance of insurance bond investment increased from 6600 billion yuan in December 2005 to 10420 billion yuan in June 2007, an increase of 3820 billion yuan [2][14][18] 2014 - 2015 Stock Market Rally - **Bond Market Performance**: Government bond yields decreased significantly, funds were generally loose, the term spread first narrowed and then widened, and the credit spread narrowed after fluctuations. The Shanghai Composite Index rose from 2024 points in mid - June 2014 to 5166 points in mid - June 2015. The 10 - year government bond yield dropped from 4.0% to about 3.6%, a decrease of 42bps. R007 first rose from 3.2% to 6.4% in late December 2014 and then dropped to 2.1%. The government bond term spread first narrowed from 63bp to 19bp in mid - October 2014 and then widened to 194bp in mid - June 2015. The 3 - year medium - term note credit spread narrowed from 136bp to 116bp overall [2][25] - **Fund Diversion**: Household deposits decreased year - on - year, the shares of stock - type and bond - type funds changed in opposite directions, the balance and proportion of insurance bond investment decreased, and the scale of wealth management increased. From July 2014 to June 2015, household deposits decreased by a cumulative 22655 billion yuan year - on - year. Bond - type fund shares increased by a cumulative 456 billion shares, while stock - type fund shares increased by a cumulative 1605 billion shares. The balance of insurance bond investment decreased from 35636 billion yuan in June 2014 to 35532 billion yuan in June 2015, and the proportion of bond investment dropped from 41.48% to 34.27%. The scale of bank wealth management products increased from 12.65 trillion yuan in June 2014 to 18.52 trillion yuan in June 2015 [2][33] 2024 - 2025 Stock Market Rally - **Bond Market Performance**: Government bond yields rose, funds were generally loose, and both the term spread and credit spread widened. The Shanghai Composite Index rose from 2863 points on September 24, 2024, to 3490 points on October 8, 2024, and then continued to fluctuate. From July 2025 to August 18, 2025, it rose from 3458 points to 3728 points. The 10 - year government bond yield first rose from 2.07% to 2.25%, then dropped rapidly to 1.60%, and since July 2025, it has been rising. R007 dropped from 2.03% on September 24, 2024, to 1.50% on August 18, 2025. During the two stock market rallies, the term spread widened by 16.5bp and 9.5bp respectively, and the 3 - year medium - term note credit spread widened by 21.5bp and 6.7bp respectively [2][42] - **Fund Diversion**: Household deposits decreased year - on - year, bond - type fund shares decreased, stock - type fund shares increased, the balance and proportion of insurance bond investment rose, and the balance of wealth management bond investment increased. In September 2024, household deposits decreased by 3257 billion yuan year - on - year, and in July 2025, they decreased by 7818 billion yuan year - on - year. Bond - type fund shares decreased by 7002 billion shares in October 2024, while stock - type fund shares increased by a cumulative 1319 billion shares in September and October 2024. The balance of life insurance company bond investment increased from 14.23 trillion yuan in September 2024 to 16.92 trillion yuan in June 2025, and the proportion increased from 49.18% to 51.90%. The balance of bank wealth management increased from 28.52 trillion yuan in June 2024 to 30.67 trillion yuan in June 2025, and the bond investment scale increased from 16.98 trillion yuan to 18.33 trillion yuan [3][50]

Core Viewpoint - The A-share bull market is driving a competition among banks for fund distribution, with significant fee reductions to attract customers as residents seek better wealth management options [1][2]. Group 1: Market Dynamics - The A-share market has seen a strong performance, with the Shanghai Composite Index reaching a 10-year high of 3700 points and the total market capitalization surpassing 100 trillion yuan [1]. - As of August 19, 2023, 19 funds have recorded over 100% gains this year, highlighting the lucrative opportunities in equity funds [1]. - The low interest rate environment and asset scarcity are prompting residents to move their deposits, with household deposits in China reaching 161 trillion yuan as of July 2025, down by 1.11 trillion yuan from the previous month [2]. Group 2: Competitive Strategies - Banks are adopting a "full-scale profit-sharing" model, with small and medium-sized banks offering significantly reduced fund subscription fees, such as Shenzhen Rural Commercial Bank's 0.1% fee for certain funds [2][3]. - Major banks are also participating in the fee reduction trend, with Postal Savings Bank and Minsheng Bank offering discounts on fund subscription fees [3]. - The intense competition is driven by the need for banks to attract customers amid shrinking net interest margins and the necessity to transform their profit models [3][4]. Group 3: Sustainability of Strategies - The sustainability of the low-fee strategy is questioned, as it may compress profit margins for fund distribution businesses, leading to potential profitability challenges for banks [5][6]. - Analysts suggest that while low fees can attract customers in the short term, banks must enhance their service and product capabilities to retain these customers in a volatile market [6][7]. - To succeed, small and medium-sized banks need to shift from price competition to value competition by improving service quality, digital capabilities, and personalized wealth management solutions [7].

Group 1 - The A-share market is experiencing a significant increase in both trading volume and price, leading to a surge in public fund issuance, particularly in equity funds [1][2] - In the week from August 18 to August 24, 45 new funds are planned for issuance, representing a 36.36% increase compared to the previous week, marking the fourth consecutive week with over 30 funds issued [1][2] - As of August 19, the number of equity funds with a unit net value exceeding 1 yuan has increased by 61.40% since the beginning of the year and by 180.78% year-on-year, indicating strong investor interest in newly issued funds [2] Group 2 - Among the 45 new funds planned for issuance this week, 35 are equity funds, accounting for 77.78% of the total, with 27 being stock funds, which represent over 70% of the equity fund issuance [2] - The issuance of bond funds is also recovering, with 7 new bond funds planned for issuance this week, an increase of 5 from the previous week, indicating a dual market heat in both stocks and bonds [2] - The issuance of FOF (fund of funds) remains strong, with 2 new FOF funds planned for issuance this week, maintaining a consistent pace of 2 per week for the past three weeks, totaling 38 new FOF funds this year [2] Group 3 - A total of 33 public fund institutions launched new products this week, with 25 institutions issuing 1 new fund each, while leading firms like Huabao Fund and Huaxia Fund issued 2 each, and Huitianfu Fund led with 4 new funds [3] - The current fund issuance market presents multiple opportunities for public fund institutions, as the rising A-share market enhances investor risk appetite and drives demand for equity funds [3] - Industry experts suggest that leading institutions leverage their brand and channel advantages to capture market share, while smaller institutions can focus on niche segments for differentiation [3]

Investment Rating - The report does not explicitly state an investment rating for the financial and wealth management market Core Insights - The financial market in China is experiencing a structural recovery, with a 5.2% year-on-year growth in actual GDP for Q2 2025 and a nominal GDP value of 34.18 trillion yuan, although nominal growth (3.94%) continues to lag behind actual growth, indicating ongoing pressure on corporate profits [8] - The savings market saw a net inflow of 2.47 trillion yuan in June, but experienced a net outflow of 1.1 trillion yuan in July, reflecting a strong long-term savings intention among residents despite short-term fluctuations [28] - The wealth management market's total size remained above 30 trillion yuan, with a slight contraction in June, primarily driven by declines in fixed-income and cash management products [32] - The fund market has seen significant expansion, with a total scale of 34.05 trillion yuan by the end of July, driven mainly by bond and equity funds [32] Summary by Sections Financial Market Overview - The financial market is characterized by a structural recovery, with notable improvements in industrial output and inflation metrics [8] - The M2 balance reached 329.94 trillion yuan, growing by 8.8% year-on-year, indicating a supportive monetary environment [8] Financial Policy Analysis - The report highlights several financial policy initiatives aimed at enhancing consumer finance and capital market reforms, including the introduction of new financial products and support for consumption [16][17][18] Market Scale Changes and Fund Flows - A structural differentiation in the financial market is observed, with funds shifting from wealth management to the fund market, driven by a preference for higher returns and risk diversification [22] - The wealth management market contracted by 640 billion yuan in June, while the fund market expanded by 1.71 trillion yuan, indicating a clear migration of funds [25] Resident Savings - The savings market showed a net inflow in June but a subsequent outflow in July, reflecting seasonal consumption patterns and a shift towards investment in financial assets [28][31] Wealth Management Products - The wealth management market's total size was reported at 30.65 trillion yuan as of June, with a decrease in fixed-income and cash management products [32] - The issuance of wealth management products saw a significant increase in June, with a total issuance scale of 604.12 billion yuan, marking a 25.06% increase from May [39] Public Funds - The public fund market experienced substantial growth, with a total scale of 34.05 trillion yuan by the end of July, primarily driven by bond and equity funds [32] - The report notes a shift in the types of newly issued funds, with equity funds regaining a larger share of the market in July [32]