值此 " 十四五 " 收官与 " 十五五 " 谋划的关键节点，中国基金报记者对话融通基金总经理 商小虎，探寻这家央企背景基金公司的转型密码，展望其未来五年的战略蓝图。 【导读】融通基金总经理商小虎：以国有资本运营特色筑牢护城河，走创新发展新路径 中国基金报记者 方丽 当金融强国建设成为时代命题，差异化、特色化正成为公募基金行业突破同质化竞争的关键 抓手。对于 2022 年并入中国诚通、实现华丽转型的融通基金而言，这一方向更显清晰 —— 以央企基因赋能业务创新，打造以央企特色为核心的第二增长曲线，在服务国有资本运营与 居民财富管理的双轮驱动中开辟新赛道。 三年多以来，融通基金管理规模增加超千亿元，增幅近 50% ；投研一体化有序推进，投研实 力持续进阶，央企主题产品矩阵不断丰富，从科创、 ESG 到红利领域，构建起覆盖多类型的 特色产品体系。这一系列成绩背后，是融通基金投研体系的迭代升级，更是对央企金融机构 使命的深刻践行。 融通基金总经理 商小虎 转型三年成效显著 规模业绩双升的核心逻辑 中国基金报：融通基金并入中国诚通已三年有余，其间公司发生了哪些显著变化？ 商小虎： 2022 年并入中国诚通后，融通基金正 ...

Core Viewpoint - The stock of China Merchants Heavy Industry (中远海特) increased by 5.2% to 7.48 CNY per share, with a total market capitalization of 20.525 billion CNY as of the report date [1]. Group 1: Company Overview - China Merchants Heavy Industry, established on December 8, 1999, and listed on April 18, 2002, is located in Guangzhou, Guangdong Province [1]. - The company's main business includes international maritime passenger and cargo transportation, booking services for domestic and foreign cargo owners, leasing, chartering, and trading of vessels, containers, and their maintenance and spare parts manufacturing [1]. - The revenue composition of the company is 94.19% from shipping operations and 5.81% from other supplementary services [1]. Group 2: Fund Holdings - According to data, one fund under Rongtong Fund has a significant holding in China Merchants Heavy Industry. The Rongtong CSI Chengtong Central Enterprise Dividend ETF (159336) increased its holdings by 192,440 shares in the third quarter, totaling 300,580 shares, which accounts for 2.69% of the fund's net value, making it the sixth-largest holding [2]. - The Rongtong CSI Chengtong Central Enterprise Dividend ETF was established on January 22, 2025, with a latest scale of 747 million CNY and a cumulative return of 14.75% since inception [2]. - The fund managers, Cai Zhiwei and Lü Han, have tenures of 10 years and 2 years respectively, with total fund assets of 3.471 billion CNY and 2.569 billion CNY [2].

Group 1 - The core argument of the article emphasizes the importance of index composition adjustments, which serve as an internal elimination mechanism to ensure the vitality and health of the index over time [1][6] - The S&P 500 index has undergone significant changes since its inception, with 917 adjustments made to its constituent stocks from 1957 to 2003, averaging 20 changes per year [3][4] - Holding the original S&P 500 stocks from 1957 to 2003 yielded a higher return than the continuously updated index, with an initial investment of $1,000 growing to $157,029 at an annualized return of 11.40%, compared to $124,522 and 10.85% for the index [4][5] Group 2 - The article discusses the rationale behind the performance of newly added companies in the index, which tend to have better quality and growth potential, although they may be more expensive at the time of inclusion [6][7] - The index's methodology includes removing underperforming stocks, ensuring that the remaining constituents have good liquidity and stable performance [8][9] - The article highlights that the continuous updating of index constituents is crucial for maintaining the index's representativeness in the market [10] Group 3 - The article introduces the concept of dividend indices, which prioritize stocks with high dividend yields, contrasting with the S&P 500's focus on market capitalization and liquidity [11][12] - Historical data shows that the performance of the dividend index significantly outperforms that of its original constituents, with an initial investment of 100,000 yuan growing to 546,100 yuan at an annualized return of 13.03% compared to 135,300 yuan and 1.76% for the original stocks [14] - The core of dividend investing is to identify companies with sustainable high dividends, which can be assessed using expected dividend yields that factor in future earnings potential [15][16] Group 4 - The article mentions the establishment of the "CETC Central State-Owned Enterprise Dividend Index," which selects stocks based on expected dividend yields from central state-owned enterprises [16] - This index aims to reflect the overall performance of high expected dividend yield stocks among central state-owned enterprises, providing a new investment avenue for interested investors [16]

Core Points - The announcement details the first dividend distribution for the year 2025 from the Rongtong Zhongzheng Chengtong Central Enterprise Dividend ETF [1] - The dividend distribution base date is set for October 10, with a cash dividend of 0.30 yuan per 10 shares [1] - The dividend recipients are all fund shareholders registered with the China Securities Depository and Clearing Corporation Limited as of the end of trading on October 22 [1] Summary by Category Dividend Details - The fund's name is Rongtong Zhongzheng Chengtong Central Enterprise Dividend ETF, with the code 159336 [1] - The net asset value on the ex-dividend date is reported at 1.14 yuan [1] - The cash dividend payment date is scheduled for October 24 [1] Tax and Fees - The fund's dividend distribution is exempt from income tax according to regulations from the Ministry of Finance and the State Administration of Taxation [1] - There are no fees charged for the dividend distribution [1]

Report Industry Investment Rating - The report does not explicitly state the industry investment rating. Report's Core View - In the low - interest and high - volatility market environment, dividend investment is popular. The China Securities Chengtong Central Enterprise Dividend Index has significant advantages, and the Rongtong China Securities Chengtong Central Enterprise Dividend ETF provides an efficient tool for investors to invest in high - quality central enterprise dividend assets [2][4]. Summary According to Relevant Catalogs 1. Dividend Investment - A Long - Term Winning Strategy across A - Share Style Rotations 1.1 Long - term Allocation Value of Dividend Assets - Dividend investment focuses on stable cash - flow and profit growth of companies. In the context of China's low - interest environment and style rotations, dividend assets have more prominent allocation advantages compared to bonds. As of 2025, the dividend yield of the CSI Dividend Index is over 4.3%, higher than the 10 - year Treasury bond yield [7]. 1.2 "Offensive and Defensive" Attributes of Dividend Investment - Dividend investment offers both long - term allocation value from dividends and relatively stable capital gains. It shows strong anti - decline and defensive capabilities in bear markets and can also benefit from economic upswings. From 2005 - 2024, high - dividend indices led the market in 9 years, and from 2015 to the present, the CSI Dividend Index has outperformed the Shanghai Composite Index [9]. 1.3 Allocation Value of the "Dividend + Fixed - Income" Portfolio - The "dividend + fixed - income" portfolio is a cost - effective strategy in a low - interest environment. It can enhance the overall return and reduce volatility. The correlation between the CSI Dividend Index and the 10 - year Treasury bond rate from 2015 to now is - 0.5 [13]. 2. How to Choose a Dividend Index 2.1 Comparison of Dividend Index Compilation Methods - Dividend index compilation mainly involves sample selection and index calculation. Traditional dividend indices use historical dividend yields, which have limitations. The China Securities Chengtong Central Enterprise Dividend Index is the first in the A - share market to use the expected dividend yield for stock selection and weighting, considering both dividend willingness and ability [16]. 2.2 Analysis of the Return Characteristics of Different Dividend Indices - Different dividend indices have different risk - return characteristics. From 2017 - 2025, the China Securities Chengtong Central Enterprise Dividend Index has high returns, a high Sharpe ratio, and low drawdowns. It has outperformed indices like the CSI 300, CSI Dividend Index, and CSI Central Enterprise Dividend Index by about 20 percentage points in cumulative returns and nearly 2 percentage points in annualized returns [19][28]. 3. Rongtong China Securities Chengtong Central Enterprise Dividend ETF: A New Choice for Dividend Investment 3.1 Policy - Driven Valuation Repair of Central Enterprise Dividends - Central enterprises are important pillars of the national economy with high stability. Their valuations are currently low but have great potential for repair. Policies such as the improvement of the central enterprise assessment system and market - value management policies are driving the valuation increase [31][33][35]. 3.2 Advantages of the China Securities Chengtong Central Enterprise Dividend Index - The index has four features: it uses the expected dividend yield, focuses on mid - large - cap high - dividend cyclical stocks, does not include bank stocks, and has high dividends and low valuations. As of August 2025, its dividend yield is 4.38%, higher than the central enterprise and A - share averages [36][38][40]. 3.3 High Returns, High Sharpe Ratio, and Low Drawdowns of the Chengtong Central Enterprise Dividend Index - Since 2017, the index has achieved a cumulative return of 56.02% and an annualized return of 5.41%. Considering dividends, the cumulative return is 113.16%. It has better risk - return characteristics compared to other indices [43]. 3.4 Investment Strategy and Applicable Scenarios of the Rongtong China Securities Chengtong Central Enterprise Dividend ETF - The fund is a fully passive index fund using the full - replication method. It is suitable for long - term allocation by pension funds, insurance funds, and conservative investors. It also offers tactical allocation opportunities and can be used as a defensive asset in a volatile market. As of August 2025, its management and custody fees are lower than most similar products [45][46][47].

Group 1 - The core viewpoint of the news is that Shouhang New Energy (301658.SZ) has reported significant institutional investment, with 19 institutional investors holding a total of 94.71 million shares, representing 22.97% of the company's total equity as of August 25, 2025 [1] - The top ten institutional investors collectively hold 22.93% of the shares, with a notable increase of 22.92 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds have reduced their holdings compared to the previous quarter, including notable funds such as the Fortune CSI All-Share Securities Company ETF and the Invesco CSI Robot Industry ETF [2] - A total of 330 public funds have not disclosed their holdings this quarter, including funds like the Guolian An CSI Pharmaceutical 100A and the Guotai CSI 800 Automotive and Parts ETF [2]

Summary of Key Points Core Viewpoint - On August 11, style strategy ETFs experienced a net outflow of 694 million yuan, with a cumulative net outflow of 707 million yuan over the past five trading days, indicating a trend of capital withdrawal from these funds [1]. Fund Performance - A total of 15 style strategy ETFs saw net inflows on the same day, with the highest inflow recorded for the Bosera National Index Large Cap Value ETF (159391), which increased by 99 million shares and had a net inflow of 111 million yuan [1][3]. - Conversely, 17 style strategy ETFs experienced net outflows, with the Huatai-PB CSI Dividend Low Volatility ETF (512890) leading the outflows, decreasing by 369 million shares and resulting in a net outflow of 443 million yuan [1][4]. Detailed Fund Data - The top 10 ETFs by net outflow on August 11 included: - Huatai-PB CSI Dividend Low Volatility ETF (512890): -443 million yuan, -369 million shares - Huatai-PB SSE Dividend ETF (510880): -232 million yuan, -71 million shares - Harvest CSI 300 Dividend Low Volatility ETF (515300): -117 million yuan, -84 million shares - Southern Dividend Low 50 ETF (515450): -97 million yuan, -68 million shares - Others included various ETFs with smaller outflows [4][5]. Overall Market Trends - The overall trend indicates a cautious sentiment among investors in the style strategy ETF segment, as evidenced by the significant net outflows and the mixed performance of individual funds [1][4].

Group 1 - The core viewpoint of the article highlights the positive impact of multiple favorable policies on the capital market, particularly focusing on the financial policies aimed at stabilizing the market and expectations [1] - The China Securities Regulatory Commission (CSRC) emphasizes the need to align the interests of fund managers with investors, proposing reforms in fund operation models and fee structures [1][2] - Fund companies will be required to shift their focus from scale to returns, with performance metrics directly affecting the assessment of fund managers [1][2] Group 2 - The recent departure of prominent fund manager Fan Kun from Rongtong Fund raises concerns about team stability and performance, as he had managed over 10 billion yuan in assets [3][4] - Fan Kun's resignation, attributed to "maternity leave," has led to significant market speculation and investor anxiety regarding the future performance of the funds he managed [5][10] - The fund's performance has seen a decline, with a return of -8.56% in the past year, despite a long-term total return of 99.77% since Fan took over [7][9] Group 3 - Rongtong Fund, established in 2001, has undergone ownership changes and aims to develop a unique "red gene" characteristic as a state-owned enterprise [11][13] - The company has faced challenges in maintaining its management scale, with a recent total of 1485.82 billion yuan in assets under management, down from a peak of 1687.52 billion yuan in 2020 [13][16] - The investment performance of Rongtong Fund's equity products has been under pressure, with 20 out of 38 comparable active equity funds showing negative returns in the past year [16]

Core Viewpoint - The departure of fund manager Fan Kun from Rongtong Fund has raised concerns about the stability of the company's investment research system, especially given her previous success in managing funds with significant returns [2][7]. Group 1: Fund Manager Transition - Fan Kun has taken maternity leave and will be succeeded by other fund managers, including Liu Ankun, Wang Chao, Li Wenhai, and Ren Tao, who are expected to ensure a smooth transition of investment strategies [2][4]. - The transition process has been gradual, with Fan Kun having begun to step back from core products since June 2024, indicating a systematic handover rather than an abrupt departure [4][5]. Group 2: Performance Metrics - Under Fan Kun's management, the Rongtong Domestic Demand Driven Fund achieved a return rate of 99.77% and an annualized return of 14.13% by April 30, 2025, significantly outperforming the CSI 300 index and peer funds [3][5]. - However, the fund faced challenges in the past year, with a loss of 6.07% in 2024 and a further decline of 3.76% in the first quarter of 2025, leading to a reduction in assets from 3.778 billion yuan at the end of 2023 to 846 million yuan by the end of the first quarter of 2025 [3][7]. Group 3: Company Overview - Rongtong Fund, established in May 2001, has seen its asset management scale exceed 320 billion yuan, reaching 324.3 billion yuan by the end of the first quarter of 2025, with public fund management at 148.3 billion yuan and separate account management at 176 billion yuan [6]. - The company has focused on serving state-owned capital operations and has developed several index products, including the Rongtong CSI Chengtong State-Owned Enterprise Dividend ETF [6]. Group 4: Market Implications - The departure of a star fund manager like Fan Kun often leads to redemption pressures, and maintaining investor confidence through collaborative research and investment team efforts will be crucial for Rongtong Fund moving forward [7]. - The public fund industry is shifting from reliance on star managers to a more team-based approach, with many leading firms adopting a multi-manager model to mitigate the impact of individual manager changes [7].