近期，公募基金行业高管变更频繁，又一家千亿公募发生董事长更迭。 8月23日，华宝基金公告，黄孔威因为"任职年龄原因"离任公司董事长，公司党委书记、宝信软件 （600845）原董事长夏雪松接任。 黄孔威离任华宝基金董事长 公开履历显示，夏雪松，1970年生人，中南财经大学税收专业本科，中欧国际工商学院EMBA，曾任上 海宝信软件股份有限公司副总经理兼财务总监、党委书记、总经理；2016年出任上海宝信软件股份有限 公司董事长、党委书记。2025年6月27日，上海宝信软件股份有限公司董事会收到夏雪松因工作变动辞 去董事长、董事及战略委员会主任职务的书面报告，该辞职即日生效，辞职后其不在公司担任任何职 务。随后，夏雪松出任华宝基金党委书记。 今年8月1日，中国宝武官微曾发布《蹄疾步稳持续推动效率变革｜宝武半年度工作会议子公司参会管理 者反响（五）》，华宝基金党委书记夏雪松表示，华宝基金将认真贯彻落实集团半年度工作会议精神， 进一步完善体制机制设计，并加大执行力度，做到绩效强导向，奖惩有依据，强化优胜劣汰，拓展青年 员工发展空间，挖掘后备人才；进一步完善体系建设和制度建设，优化各部门、各业务条线职责和流 程，提升管理效 ...

近期，公募基金行业高管变更频繁，又一家千亿公募发生董事长更迭。 对于此次黄孔威离任公司董事长，华宝基金表示，上述变更事项，已经华宝基金管理有限公司股东会第 33 次会议审议通 过，并按规定向中国证券监督管理委员会上海监管局备案，公司对黄孔威先生担任董事长期间为公司发展做出的贡献表 示衷心感谢。 宝信软件原董事长夏雪松接任 此次接任黄孔威担任华宝基金董事长的，是同样来自"宝武系"的夏雪松。 公开履历显示，夏雪松，1970年生人，中南财经大学税收专业本科，中欧国际工商学院EMBA，曾任上海宝信软件股份 有限公司副总经理兼财务总监、党委书记、总经理；2016年出任上海宝信软件股份有限公司董事长、党委书记。2025年6 月27日，上海宝信软件股份有限公司董事会收到夏雪松因工作变动辞去董事长、董事及战略委员会主任职务的书面报 告，该辞职即日生效，辞职后其不在公司担任任何职务。随后，夏雪松出任华宝基金党委书记。 8月23日，华宝基金公告，黄孔威因为"任职年龄原因"离任公司董事长，公司党委书记、宝信软件原董事长夏雪松接任。 黄孔威离任华宝基金董事长 公开信息显示，黄孔威自2022年7月2日开始正式担任华宝基金董事长，截至2 ...

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].

Group 1 - The latest scale of corporate bond ETFs reached 21.063 billion yuan, marking a new high since its establishment [3] - In terms of net fund inflow, corporate bond ETFs have seen continuous inflows over the past 15 days, with a maximum single-day net inflow of 1.538 billion yuan, totaling 5.495 billion yuan, and an average daily net inflow of 366 million yuan [3] - Agricultural commercial banks significantly increased their purchases, with a net buying of 41.8 billion yuan on June 26, while large banks, joint-stock banks, and city commercial banks had net sales of 32.7 billion yuan, 18.4 billion yuan, and 28.3 billion yuan respectively [3] Group 2 - As of the end of May, the scale of open-end bond funds was 6.78 trillion yuan, with an increase of 221.9 billion yuan that month, still below the end of the previous year at 6.84 trillion yuan; money market fund scale reached 14.4 trillion yuan, a historical high, driven by a reduction in deposit interest rates [3] - The interest rate bonds are expected to experience narrow fluctuations, with a focus on the central bank's liquidity behavior, which may adjust by 10 basis points if tightened; the short-term deliberately loose pattern may remain unchanged but is unlikely to become more accommodative [3] - The company bond fund (511030) has a contract stipulating coupon replenishment on T1 day, which is more efficient compared to other eight companies that have T2 day replenishment agreements, resulting in lower replenishment costs [3]

Core Insights - The report highlights a shift in investment strategy for non-bank financial institutions (NBFIs) in the second quarter, moving from a focus on rate bonds to a significant increase in credit bonds and asset-backed securities (ABS) due to a record high in wealth management scale reaching 31.5 trillion yuan [1][2]. Group 1: Market Conditions - In the second quarter, funding conditions are similar to the same period last year, but market conditions are characterized by limited curve space and a lack of cost-effectiveness, leading to cautious institutional sentiment [1]. - The current asset scarcity is more structural, with the overall degree of asset scarcity being significantly lower than the same period last year [1]. Group 2: Investment Strategy - The strategy recommended is to adopt a "last third of the first half" approach, focusing on selecting high-yield individual bonds [1][2]. - There is a notable preference for short-duration credit bonds among investors, with a clear trend of differentiation in market evolution [2][4]. Group 3: Fund Flows - After a peak in May, the scale of money market fund repurchase has stabilized, and net purchases of cash bonds have surged since June, indicating that NBFIs have begun to increase their allocations [2][4]. - Since the end of March, NBFIs have become the main source of incremental funds in the market, coinciding with a rapid decline in certificate of deposit yields and significant growth in bank absorption of non-bank funds [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Interest rates are expected to reach new lows, with a new downward trend possibly starting from mid - to late June. The report believes that the 10 - year treasury bond could reach 1.4% - 1.5% within the year [5][18]. 3. Summary by Related Content Bond Market Performance This Week - The bond market fluctuated strongly this week, with most interest rates across different tenors declining. At the beginning of the month, funds became looser, with the R001 rate dropping to around 1.45% and the R007 rate to around 1.55%. The 10 - year and 30 - year treasury bond rates decreased by 1.7bps and 2.0bps to 1.65% and 1.88% respectively. The 1 - year AAA certificate of deposit rate fell 2.3bps to 1.68%, and the 3 - year and 5 - year AAA - secondary capital bond rates dropped 3.2bps and 1.9bps [1][8]. Alleviation of Market Concerns - Market concerns about the bond market have eased. Big banks have limited pressure to sell bonds, and there is no obvious need to realize floating profits at the end of the quarter. Although a large number of certificates of deposit will mature in the coming weeks, due to the limited liability pressure of banks, they are still lending a large amount of funds, and the certificate of deposit rates remain low. The central bank's repurchase operation at the beginning of the month also helps stabilize market expectations [1][8]. Factors Driving Interest Rate Decline - The main driver of interest rate decline is the decrease in the real - economy return rate. The weakening trend of prices in the next few months is expected to lead to a reduction in the financing cost that the real economy can accept. Empirical data shows a high correlation between industrial enterprises' EBIT/ total assets and the weighted average loan interest rate. The recent weakening of industrial product prices indicates a possible decline in corporate profitability in the next few months, which means the corporate - acceptable financing cost may continue to fall [2][9]. Manifestation of Interest Rate Decline - The decline in broad - spectrum interest rates is reflected in both the decrease in liability costs and the narrowing of net interest margins. The liability cost decline is evident in various financial institutions, with the yields of deposits, money market funds, wealth management products, and insurance products showing a downward trend. For example, the 1 - year and 5 - year deposit rates of Industrial and Commercial Bank of China have decreased by 50bps and 70bps respectively since the end of 2023, and were further reduced by 15bps and 25bps in May this year. The 7 - day average interest rate of Yu'E Bao has dropped below 1.2%, hitting a record low [3][12][13]. - Financial institutions' earnings are also on a downward trend. The net interest margin of banks has been decreasing over the past few years, dropping from 1.91% at the end of 2022 to 1.43% in the first quarter of this year, a decrease of 9bps compared to the end of last year, and it may continue to decline. Insurance's fee - difference loss may also be shrinking, and the management fees of various fixed - income asset management institutions may be under continuous pressure [4][15]. Short - term Driving Variables - In addition to the fundamental - driven decline in broad - spectrum interest rates, changes in asset supply and demand and the central bank's liquidity support will be the main short - term variables driving interest rates to break previous lows. The supply of government bonds will slow down in the next few months, while the supply of funds will remain abundant. The central bank has increased its support for liquidity, conducting repurchase operations in early June to maintain capital stability. The bond market may once again experience a situation where demand exceeds supply, and the asset shortage may reappear [4][17][18].

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Viewpoints - The reduction in deposit rates is greater than expected, with the average reduction being 16 basis points, which is higher than the 10 basis points reduction in loan rates, indicating a clear regulatory support for interest margins [5] - The phenomenon of deposit disintermediation is expected to persist long-term, although the degree of disintermediation is weaker than last year due to manual interest compensation governance [2] - The average annualized yield for cash management products is 1.46%, which is higher than the actual interest rate for state-owned banks' 1-year deposits by 36 basis points, suggesting that wealth management products still have a comparative advantage over deposits [2] Summary by Sections Deposit Rate Adjustments - As of May 20, 2025, the LPR for 1-year and 5-year has been lowered by 10 basis points to 3.0% and 3.5% respectively, with significant reductions in various deposit rates across state-owned banks and China Merchants Bank [5] - The new rates for different deposit types include a reduction in the current deposit rate to 0.05% and a 15 basis point reduction for 3-month, 6-month, and 1-year fixed deposits [5] Market Impact - Short-term market expectations for interest rate cuts have been fully priced in, with limited immediate impact on bond market prices. However, in the medium to long term, the reduction in deposit rates may improve funding costs and lead to a decline in bond yields [3] - The improvement in funding costs is expected to enhance the ticket yield for banks, as previous constraints on allocation due to funding costs are alleviated [3] Investment Recommendations - The report suggests that bank stocks are not in the latter stage but rather at the beginning of a long cycle, with regulatory support for interest margins and declining rates benefiting dividend stocks [6] - Key recommendations include city commercial banks such as Jiangsu Bank and Chengdu Bank, as well as dividend-paying banks like Agricultural Bank and China CITIC Bank [6]

中信证券陈佳春：加强境内外对接合作 提升跨境理 财国际竞争力 【导读】中信证券陈佳春：加强境内外对接合作 提升跨境理财国际竞争力 【编者按】随着中国经济与全球经济发展日益融合，以及中国资本市场开放程度不断提升，跨境财 富管理迎来黄金时代。中国基金报和深圳市财富管理协会共创 "跨境财富谈"栏目，走访境内外财富管 理龙头机构，帮助投资者更全面地了解跨境财富管理的机遇与挑战，洞悉金融机构全球资产配置最新策 略。 当前，哪些跨境理财产品更受青睐？粤港澳大湾区"跨境理财通"2.0（以下简称"跨境理财通"2.0） 启动以来进展如何？就此，中国基金报记者独家专访了中信证券财富管理委员会联席主任陈佳春。 据了解，除了传统的货基、债基等低风险产品外，跨境的指数型产品也受青睐。今年以来，A股场 内QDII型ETF因资金追捧，频频出现较高溢价，而通过跨境理财通购买的跨境ETF可以避免高溢价，为 投资者跨境投资提供了稀缺产品选择。 货基、债基及指数ETF等 跨境理财产品受青睐 此外，追踪纳斯达克、恒生指数等指数的ETF产品，以及具备额度或策略稀缺属性的海外市场权益 基金产品，也受到投资者的追捧。ETF产品让投资者能够紧密跟踪海外特定 ...