文/李浩 21世纪资管研究院特约研究员 在全面搭建权益资产投研体系的模式下，理财公司可完全自主掌握权益投资能力，实现对投资标的的直 接把控，是长期参与权益市场的理想模式。不可否认，该路径下的权益投研体系建设投入大、周期长。 不仅需要大量的人力与资源支持，还需经过多个牛熊周期的市场检验与机制磨合，才能确保体系运行稳 定有效。目前完全符合该模式的理财公司并不多。 路径二是通过委托投资参与权益市场。理财公司根据客户定位和产品属性，确定风险预算与权益敞口； 再遴选优质外部管理人，结合约束条件与管理人共同设计定制化权益投资方案；最终通过专户委托的形 式开展投资。专户委托是银行理财参与权益市场最早、也是最传统的方式，其优势在于，理财公司可以 有效利用优秀外部管理人在策略、行业和个股方面的专业能力与投资经验，弥补自身的投研短板；围绕 赚取阿尔法收益实施公募基金无法覆盖的定制化策略；可以避免其他资金进出对于账户管理和净值的干 扰。 在专户委托的模式下，理财公司所需具备的主要能力是选对管理人、做好投后跟踪与管理，不需要在搭 建权益投研体系方面全面投入。不足之处在于，投后管理与沟通的成本较高；专户的灵活性有限，委托 人资金进出和 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 今年以来，随着市场行情向好，投资者对于基金的配置需求水涨船高。中基协发布的数据显示，截 至2025年8月底，我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来第5次创 下历史新高。 基民的投资行为有什么新变化？ 中国证券报记者在国庆、中秋假期期间，访谈了十多位基民发现， 相比此前，投资者的行为有明显的变化，加大权益类基金配置、青睐被动指数型产品、重视科技主 题赛道基金等，成为这些基民的一大共性。整体而言，投资者篮子中的"菜"，花样越来越多。 36万亿公募"聚沙成塔" 日前，基金业协会发布的最新数据显示，截至2025年8月底，我国境内公募基金管理机构共164 家，其中基金管理公司149家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产 净值合计36.25万亿元，较7月末的35.08万亿元增加1.17万亿元，增幅为3.34%。 记者通过梳理上述受访投资者的访谈内容发现，经历过市场的洗礼，他们的投资理念明显出现了新 的变化。 一是多元配置的情况，占据受访者的大多数。 14位 ...

今年以来，随着市场行情向好，投资者对于基金的配置需求水涨船高。中基协发布的数据显示，截至 2025年8月底，我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来第5次创下历史 新高。 基民的投资行为有什么新变化？中国证券报记者在国庆、中秋假期期间，访谈了十多位基民发现，相比 此前，投资者的行为有明显的变化，加大权益类基金配置、青睐被动指数型产品、重视科技主题赛道基 金等，成为这些基民的一大共性。整体而言，投资者篮子中的"菜"，花样越来越多。 36万亿公募"聚沙成塔" 日前，基金业协会发布的最新数据显示，截至2025年8月底，我国境内公募基金管理机构共164家，其中 基金管理公司149家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计36.25 万亿元，较7月末的35.08万亿元增加1.17万亿元，增幅为3.34%。 这是自2024年以来，公募基金总规模第11次创历史最高纪录，也是公募基金总规模今年以来第5次创下 历史新高。与此同时，这也是公募基金规模首次突破36万亿元大关。 回顾发现，公募基金行业经过二十多年的发展，已成为资本市场重要的专业机构投资者，在管理规模屡 创新高 ...

Core Viewpoint - The total dividend distribution from public funds has reached 181.2 billion yuan as of September 28, 2025, marking a year-on-year increase of 28.33% [1][2]. Group 1: Dividend Distribution Overview - A total of 2,873 funds have distributed dividends this year, with the majority being ETFs, particularly the CSI 300 ETF, which dominates the top four dividend distributions [2]. - The top dividend-paying product is the Huatai-PineBridge CSI 300 ETF, with a total dividend of 8.394 billion yuan, reflecting a significant year-on-year growth of 236.57% [2]. - Other notable ETFs include E Fund CSI 300 ETF and Huaxia CSI 300 ETF, with dividends of 5.558 billion yuan and 5.554 billion yuan, respectively [2]. Group 2: Dividend Frequency and Types - The Western Asset Central Enterprise Preferred Stock A/C has the highest number of dividend distributions this year, totaling 14 times [3]. - Bond funds remain the primary contributors to total dividends, accounting for 73.14% of the total with 132.5 billion yuan, showing a year-on-year growth of 10.2% [4]. - Passive index products have seen a remarkable increase in dividend distribution, totaling 31.4 billion yuan, which is a 225.75% increase compared to the previous year [4]. Group 3: Future Outlook - Analysts predict that total dividends may continue to expand, with a structural differentiation expected in the market [5]. - While bond funds will maintain a high share of total dividends, the growth rate is expected to slow down [5]. - The preference for passive index funds is anticipated to increase, driven by market improvements and a higher willingness to distribute dividends [5].

Group 1 - The core viewpoint of the articles highlights a significant increase in public fund dividends in 2023, with both the number of funds participating in dividends and the total dividend amount rising compared to the previous year [1][3]. - As of September 26, 2023, a total of 2,832 public fund products participated in dividends, with a total dividend amount reaching 1,740.48 billion yuan, marking a year-on-year increase of 406 funds (16.8%) and an increase in total dividends by 383.57 billion yuan (28.3%) [1][3]. Group 2 - In the bond fund category, the total dividend amount increased by 11.34% compared to the same period last year, with 2,304 bond funds participating and a total dividend of 1,333.52 billion yuan, accounting for 76.6% of the total public fund dividends [3]. - For equity funds, the total dividend amount increased by 234.08 billion yuan compared to the previous year, with a growth rate exceeding 1.5 times, and the contribution rate also increased by 13.04% [3]. - A total of 488 equity funds distributed dividends amounting to 386.79 billion yuan, with an overall contribution rate of 24.3%, compared to 233 equity funds that distributed 152.71 billion yuan last year [3]. Group 3 - The top four dividend amounts in the year were captured by the CSI 300 ETFs, with the highest being Huatai-PB CSI 300 ETF at 83.94 billion yuan, followed by E Fund, Huaxia, and Harvest CSI 300 ETFs [4]. - QDII funds, although having a smaller overall dividend amount, experienced the largest year-on-year growth, with a total dividend of 17.33 billion yuan, representing a nearly fourfold increase [4]. - Money market funds saw limited activity, with only one fund, the Jiashi Rongxiang Money Market Fund, completing two dividend distributions totaling 2.41 billion yuan [4].

Core Viewpoint - The active equity funds have shown a remarkable recovery since September 24, 2023, with many products achieving significant returns, reflecting the resilience of the public fund industry [1][2]. Performance Recovery - Over 90% of active equity funds have recorded positive returns this year, with a batch of "doubling funds" emerging [2]. - As of September 18, 2024, 429 mixed equity funds and 112 ordinary stock funds have achieved over 100% returns since September 24, 2023, primarily driven by strong-performing leading public funds [2][5]. Sector Performance - The technology sector, represented by AI, and the pharmaceutical sector, represented by innovative drugs, have shown strong growth, with the CSI Artificial Intelligence Theme Index and the CSI Innovative Drug Industry Index rising by 134.77% and 62.88% respectively since September 24, 2023 [5]. - Many top-performing active equity funds have capitalized on opportunities in the pharmaceutical or technology sectors, with a significant portion of funds focusing on healthcare and technology growth [5]. Fund Manager Performance - A significant number of active equity fund managers have turned around their performance, with over 800 active equity funds reaching historical net asset value highs in the past month [5][6]. - Despite many active equity funds still in the process of recovering from previous losses, their short-term performance has significantly improved, contributing to long-term growth [5]. Comparison of Active and Passive Funds - The average performance of ordinary stock funds, mixed equity funds, and passive index funds has become closely aligned, with ordinary stock funds averaging 59.55%, mixed equity funds at 58.57%, and passive index funds at 60.21% from September 24, 2023, to September 18, 2024 [7][8]. - The challenge for active fund managers to outperform passive funds has intensified, with only 13.4% of active funds beating the average return of passive funds in 2024, a significant drop from the previous year [8]. Long-term Investment Perspective - While active equity funds are influenced by industry cycles, there are still long-term standout products in the market, indicating that active funds are not inherently inferior to passive index funds [9]. - Investors are encouraged to focus on long-term performance rather than short-term results when selecting funds that align with their investment needs [9].

Group 1 - The core viewpoint is that the A-share market's upward trend has led to a significant recovery in the performance of actively managed equity funds, with over 90% of funds exceeding their previous year's net value [1][2] - As of September 12, the CSI 300 index has risen by 15.2% year-to-date, with over 80% of actively managed equity funds outperforming the market, achieving an average return of 28.03% [2] - The "Ant Financial Gold Selection" equity fund has an average return of 29.75% year-to-date, surpassing the performance of the benchmark index [2] Group 2 - More than 80% of investors in equity funds on the Ant Financial platform have achieved profitability, with an average return of 12% for their holdings [2] - The probability of positive returns for investors holding the Gold Selection equity fund is 17% higher than for those holding non-Gold Selection funds, with a return rate that is 7.8% higher [2] - The performance of actively managed equity funds is attributed to both the overall market recovery and the ability of fund managers to generate excess returns [2] Group 3 - Three key investment behaviors have been identified that significantly enhance profitability: diversified allocation, reasonable holding periods, and product selection [4] - Investors who effectively manage their stock-bond allocation have a 6% higher probability of profitability compared to those holding a single asset [5] - Historical data shows that a classic stock-bond combination of 20% stock funds and 80% bond funds yielded an 11.85% cumulative return with a maximum drawdown of only 5.04% during market transitions [5] Group 4 - Investors focusing on long-term stable products tend to achieve better returns than those chasing annual "champion funds," with the Gold Selection equity fund yielding 124.41% since 2019 compared to 95.86% for champion funds [6] - The stability of excess returns, consistency in investment style, and stable management scale are crucial factors for investors when selecting products [6] - Healthy and rational investment behaviors are emphasized as essential for smoothing out the volatility associated with high-risk investments, thereby increasing overall profitability [6]

Core Insights - The A-share market's upward trend has led to a significant recovery in the performance of active equity funds, with 90% of funds exceeding last year's net value [1] - Over 2.15 billion investors have achieved cumulative profits, excluding the returns from Yu'ebao, covering both active equity and passive index funds [1] Group 1: Fund Performance - More than 80% of equity fund investors have made profits this year, driven by the rise in the A-share market, with an average return of 28.03% for active equity funds [3] - As of September 12, the CSI 300 index has increased by 15.2% this year, with 80% of active equity funds outperforming the market [3] - The "Ant Financial Gold Selection" equity fund has an average return of 29.75%, surpassing the performance of the benchmark index [3] Group 2: Investment Behavior - Three key investment behaviors have significantly improved profitability for investors: diversified allocation, reasonable holding, and product selection [6] - Investors who effectively manage stock-bond allocation have a 6% higher probability of profit compared to those holding single assets [6] - Historical data shows that a classic stock-bond combination of 20% stock funds and 80% bond funds yielded an 11.85% return with a maximum drawdown of -5.04% from April 2019 to February 2022 [6] Group 3: Product Selection - The choice of investment products directly impacts the holding experience, with long-term stable products generally providing better returns than chasing annual "champion funds" [7] - Since 2019, the "Gold Selection" equity fund has achieved a return of 124.41%, compared to 95.86% for those who bought "champion funds" annually [7] - Investors should focus on the stability of excess returns, consistency in investment style, and stable management scale when selecting products [7]

Core Insights - The perception among Americans is that a retirement savings goal of $1.26 million is necessary, but only 4.6% of households have over $1 million saved for retirement [1][2] - The median retirement savings across American households is only $88,000, with only 9.2% of individuals aged 55 to 64 having $1 million or more in their accounts [2] Group 1: Retirement Savings Statistics - A Northwestern Mutual survey indicates that most Americans believe they need $1.26 million to retire comfortably [1] - According to a Congressional Research Service analysis, only 4.6% of American households had more than $1 million in retirement accounts as of 2022 [1] - The median retirement nest egg for all American households is $88,000 [2] Group 2: Age Demographics - Older Americans, particularly those aged 55 to 64, are more likely to have substantial retirement savings, with 9.2% having $1 million or more [2] - This implies that nearly 90% of Americans are not close to the perceived retirement savings goal [2] Group 3: Strategies for Improvement - To increase the likelihood of reaching a $1 million retirement savings goal, individuals should aim for a monthly savings rate of at least 10% [4] - Maximizing contributions to tax-efficient savings plans like 401(k) and Roth IRA is recommended, along with seeking employers who match contributions [5] - Passive investing in low-cost index funds has gained popularity, with passive funds attracting more capital than active funds over the past nine years [6]

Core Insights - The A-share market has shown a significant recovery, leading to impressive performance from actively managed equity funds, resulting in increased profits for investors [2][3] - As of September 19, 2023, 215 million investors on the Ant Fund platform have achieved profitability, with over 80% of equity fund investors making gains this year [2][3] Fund Performance - Since March 2023, actively managed equity funds have demonstrated substantial excess returns, becoming the main driver of investor profits [3] - The CSI 300 Index has risen by 15.2% year-to-date, while actively managed equity funds have outperformed this benchmark, with an average return of 28.03% [3] - The "Ant Financial Selected" equity funds have achieved an average return of 29.75%, surpassing both the CSI 300 Index and the CSI Equity Index [3] Investor Behavior - Investor behavior significantly impacts profitability, with strategies such as diversification, reasonable holding periods, and product selection enhancing profit probabilities [4][5] - Investors who diversified their portfolios experienced a 6% higher probability of profitability compared to those holding single assets [5] - Consistent investment strategies, such as dollar-cost averaging and buying during market dips, increased profitability probabilities by 17% and 18%, respectively [5] Market Outlook - Analysts suggest that structural opportunities in the A-share market remain significant, particularly in sectors like consumer upgrades, technological innovation, and green energy [6] - The market's cyclical nature necessitates investor rationality and patience, as the recovery phase presents both opportunities and challenges [6]