四季度以来，高位震荡的市场环境为灵活的主动权益基金提供了表现的舞台，泰信发展主题等多只主动 权益基金强势领涨，表现显著好于被动指数产品。11月以来，股票型和混合型基金的上报数量已反超指 数产品，知名主动权益基金管理人睿远基金今年首度上报公募产品。无论是业绩端还是新品端，主动基 金正在重新占据上风。 在业内机构看来，主动权益基金布局热度回归，一方面是基于市场的选择，进入轮动分化的结构性行情 时，相比于被动产品的高覆盖性，主动权益基金可以更灵活地捕捉细分赛道机会，创造超越指数的阿尔 法收益；另一方面，由于前期被动权益产品发行较多、规模增长较快，选择发行主动权益产品，对基金 管理人而言，可能也是业务上的平衡。 部分公募机构表示，将持续完善"主动权益+被动配置"的双轮驱动权益产品体系，主动权益基金方面挖 掘符合国家战略的赛道机会，兼顾产业趋势的贝塔行情与阿尔法机会的挖掘；被动指数基金方面注重指 数特色化与差异化，综合考量海内外优质资产进行指数产品布局。 主动权益热度提升 四季度以来，国内权益市场进入高位震荡阶段，成长与顺周期板块交替走强。在此阶段，部分主动权益 基金凭借更加灵活的持仓优势和深挖阿尔法收益的能力，近期业 ...

Core Viewpoint - The active equity funds are regaining popularity in the current market environment, outperforming passive index products, particularly in the fourth quarter of the year [1][2]. Active Equity Fund Performance - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - The 泰信发展主题 fund has heavily invested in sectors such as lithium mining and solid-state batteries, with key holdings like 天华新能 and 盛新锂能 seeing stock prices double [2]. Fund Reporting Trends - There has been a surge in new active equity fund registrations, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Major fund companies like 平安基金 and 广发基金 have reported multiple new stock and mixed funds in the fourth quarter [2]. Strategic Positioning of Funds - Fund companies are refining their product lines to ensure stability in investment strategies, categorizing active equity products into four series: full market stock selection, thematic tracks, index enhancement, and absolute return [4]. - The focus is on capturing opportunities aligned with national strategies, particularly in technology and advanced manufacturing sectors [4]. Market Dynamics and Investment Strategies - The market is experiencing a structural shift, with active funds able to adapt more flexibly to changing market conditions compared to passive products [4][5]. - Fund managers are encouraged to balance between beta (market trend) and alpha (excess returns) strategies, depending on their investment style and market conditions [5][6]. Future Outlook - The regulatory environment is expected to favor active equity products that can consistently generate excess returns, as indicated by recent guidelines [5]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [6].

四季度以来，高位震荡的市场环境为灵活的主动权益基金提供了表现的舞台。泰信发展主题等多只主动 权益基金强势领涨，显著超越被动指数产品。11月以来，股票型和混合型基金新品的上报数量已反超指 数基金。无论是业绩端还是新品端，主动基金正在重新"掌舵"。 近期，主动权益基金热度回归。在天相投顾基金评价中心看来，一方面，主动权益基金三季度整体上战 胜了被动权益基金，表明主动型基金经理擅长的风格或开始回归，主动权益类产品重新具备较好的阿尔 法收益，四季度积极布局主动权益产品或是市场的选择。 在业内机构看来，主动权益基金热度回归，一方面是市场的选择，近期主动权益基金整体战胜被动权益 基金，主动权益类产品重新具备较好的阿尔法收益；另一方面，由于前期被动权益产品发行较多、规模 增长较快，发行主动权益产品对基金管理人而言可能是业务上的平衡。 主动权益基金热度提升 四季度以来，国内权益市场进入高位震荡阶段，成长与价值风格交替走强。在此阶段，部分主动权益基 金凭借更加灵活的持仓优势和深挖阿尔法收益的能力，近期业绩显著领先被动指数产品。 数据显示，截至11月18日，四季度以来，基金经理黄潜轶管理的泰信发展主题、泰信现代服务业收益率 均超 ...

Core Insights - The number and proportion of passive index funds being launched by fund companies are significantly higher than other types of funds as the year-end approaches, indicating a strategic shift in the market [1][2] - Despite strong performance, the share of actively managed equity funds is decreasing, leading to increased net redemption pressure on existing funds [1][2] Group 1: Fund Issuance Trends - As of November 5, 2023, a total of 1,333 new funds have been launched this year, surpassing previous years and nearing the 2022 total of 1,546 [2] - Equity and mixed funds account for over 50% of the new fund issuance, with equity funds making up 37.69%, the highest since 2020 [2] - The proportion of bond funds has sharply decreased from over 65% in the past three years to 41.13%, highlighting a "strong equity, weak bond" trend [2] Group 2: Performance of Passive Index Funds - In Q3, 361 new equity funds were established, with a total scale of 203.608 billion yuan, of which 258 were index equity funds, accounting for over 70% of the total issuance [2] - The total share of actively managed equity and mixed funds decreased by 230.961 billion yuan in Q3, indicating a shift in investor preference towards passive products [2] Group 3: Strategic Focus of Fund Companies - Fund companies are increasingly focusing on passive index products, with 44 new products awaiting issuance, half of which are passive index funds [3] - These new products include enhanced versions of major indices and thematic funds in popular sectors such as technology and renewable energy [3] - Market analysts suggest that while there may be profit-taking at year-end, the dividend strategy could benefit from lower competition and better valuation compared to the technology sector [3]

Core Viewpoint - The demand for diversifying asset allocation and enhancing strategy diversification in bank wealth management is increasingly urgent in a low interest rate environment, with a focus on increasing participation in equity markets as a necessary measure for supporting the long-term stable development of capital markets [1] Summary by Sections Current State of Equity Investment - Wealth management companies have made efforts to establish equity investment frameworks, but progress has been relatively slow, with over 93% of assets still in fixed-income categories [2] - The historical focus on fixed-income products has created a "path dependence" that limits the development of equity investment capabilities [2] - Client preferences for the stability of fixed-income products further constrain wealth management companies' ability to increase equity investment [2] Four Main Paths for Equity Market Participation - **Path One: Direct Stock Investment** Wealth management companies can build a comprehensive equity research and investment team, allowing for direct control over equity investments. This model requires significant investment in resources and time [3] - **Path Two: Commissioned Investment** Companies can select external managers to design customized equity investment strategies, leveraging external expertise while avoiding the need for extensive internal research capabilities. However, this method has high post-investment management costs and limited flexibility [4] - **Path Three: Active Management Equity Funds** With over 5,300 active equity and mixed funds available, this path allows for flexible investment adjustments based on market changes, though it requires strong market trend analysis and fund selection capabilities [5] - **Path Four: Passive Index Funds** Passive index funds, with a total market size of approximately 4.5 trillion yuan, offer low fees and transparency, making them suitable for achieving beta returns. However, they lack the ability to capture excess returns through active adjustments [6] Recommendations for Planning Equity Market Participation - Wealth management companies should tailor their equity investment paths based on their resources and client preferences, with a gradual approach to building equity research capabilities [7] - Companies with limited equity research foundations should start with commissioned investments and gradually extend to passive and active funds [7] - For companies with stronger research capabilities, a combination of commissioned investments and active funds is recommended, transitioning to direct stock investment as capabilities mature [7] Supporting Actions for Equity Investment - Companies need to strengthen macroeconomic and asset allocation research to effectively capture key variables affecting equity prices [8] - Establishing robust evaluation and assessment mechanisms for equity investments is crucial for effective post-investment management [8] - A long-term perspective is essential for developing equity research capabilities, particularly in complex industries, to ensure sustainable investment outcomes [8]

Core Viewpoint - The public fund industry in China has reached a total scale of 36.25 trillion yuan, marking a significant increase and reflecting the growing demand for wealth management among investors [3][5][6]. Group 1: Market Overview - As of August 2025, the total net asset value of public funds in China has increased by 1.17 trillion yuan, a growth rate of 3.34% compared to the end of July [5]. - This is the 11th time since 2024 that the total scale of public funds has reached a historical high, and the fifth time this year [5][6]. - The number of public fund investors has exceeded 800 million, highlighting the industry's role in supporting the real economy and promoting financial stability [5][6]. Group 2: Investor Behavior Changes - Interviews with investors reveal a shift towards increased allocation in equity funds, preference for passive index products, and a focus on technology-themed funds [3][6]. - Investors are diversifying their portfolios, with many holding multiple types of funds, including money market funds, mixed funds, and passive index funds [9]. - There is a growing rationality in investment timing, with investors employing strategies like cost averaging and flexible trading, moving away from reliance on specific investment slogans or star investors [9][10]. Group 3: Investment Strategies - Investors are increasingly adopting a multi-faceted approach to fund selection, with some holding as many as 11 different funds [7][9]. - The trend of "from stocks to funds" is evident, as investors transition from direct stock investments to diversified fund portfolios, including broad-based and thematic ETFs [10].

Core Insights - The total scale of public funds in China reached 36.25 trillion yuan by the end of August 2025, marking the fifth historical high this year and the first time surpassing the 36 trillion yuan threshold [1][3][4] Fund Industry Overview - As of August 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications [3] - The net asset value of public funds increased by 1.17 trillion yuan from the end of July, representing a growth rate of 3.34% [3] Investor Behavior Changes - Interviews with over ten investors during the National Day and Mid-Autumn Festival revealed a shift towards increased allocation in equity funds, preference for passive index products, and a focus on technology-themed funds [1][4] - The number of public fund investors has exceeded 800 million, highlighting the industry's role in serving the real economy and promoting financial stability [3] Investment Strategies - Investors are adopting a diversified investment approach, with many holding multiple types of funds, including money market funds, mixed funds, and passive index funds [6] - There is a trend towards more rational investment timing, with investors employing strategies like cost averaging and flexible trading, moving away from reliance on specific investment "celebrities" [6][7] Profile of Investors - The interviewed investors are primarily aged between 30 and 40, with diverse professional backgrounds and educational levels, all holding various fund positions [4] - Some investors have significant holdings, with amounts ranging from under 10,000 yuan to approximately 500,000 yuan [4]

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].