记者8月25日查询银行大额存单转让信息发现，不少投资者不惜牺牲利息收益转让大额存单，在当前在售大额存单利率普遍在 1.6%以下的情况下，部分银行出现预期年化收益率3%左右的大额存单转让。 不过相比去年10月，此轮行情上涨散户趋于理性，不少散户通过ETF等工具间接入市，但新股民的入市热情不如去年10月。机 构资金入市积极性较高，包括险资、产业资本、其他机构资金等。部分资管机构的"固收+"产品也进行了减持债券增持权益类资 产的操作。 8月25日上证指数涨1.51%，收盘于3883.56点，再创新高。据多位业内人士告诉记者，上周以来资金跑步入场，入市热情高涨。 部分券商告诉记者，该公司的客户保证金规模明显增加。 资金跑步进场 "上周以来资金出现了跑步入场的现象。"某券商营业部负责人告诉记者。8月25日，沪深两市成交量突破3万亿，刷新年内成交 额。 记者查询多家银行APP发现，不少储户将大额存单挂出来转让，预期年化收益率明显高于目前银行在售的大额存单，部分投资 者在社交平台也挂出大额存单转让信息，转让利率在2.5%-2.8%，部分银行甚至出现了预期年化收益率接近3%的大额存单转让 信息，剩余期限215天，比如建设银行 ...

以下文章来源于21世纪资管研究院 ，作者21世纪资管研究院 21世纪资管研究院 . 21世纪资管研究院是南方财经全媒体集团旗下致力于资管领域政策和业务研究的独立智库，研究院宗 旨：探索全球资管发展新趋势，求解国内资管发展新问题，搭建资管人才成长大平台，促进资管行业健 康长远发展。 记者丨 唐曜华 编辑丨曾芳 8月25日上证指数涨1.51%，收盘于3883.56点，再创新高。据多位业内人士告诉记者，上周以 来资金跑步入场，入市热情高涨。 部分券商告诉记者，该公司的客户保证金规模明显增加。 记者8月25日查询银行大额存单转让信息发现， 不少投资者不惜牺牲利息收益转让大额存单， 在当前在售大额存单利率普遍在1.6%以下的情况下，部分银行出现预期年化收益率3%左右的 大额存单转让。 不过相比去年10月， 此轮行情上涨散户趋于理性，不少散户通过ETF等工具间接入市，但新 股民的入市热情不如去年10月。 机构资金入市积极性较高，包括险资、产业资本、其他机构 资金等。部分资管机构的"固收+"产品也进行了减持债券增持权益类资产的操作。 如期年16 资金跑步进场 "上周以来资金出现了跑步入场的现象。"某券商营业部负责人告诉记者 ...

2025.08.25 本文字数：3333，阅读时长大约5.5分钟 作者 |第一财经 曹璐 2015年，在同事的推荐下，投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜台买 入了人生第一只货币基金，"听说比存定期强，随用随取还能赚点菜钱"。这一年，全市场公募基金规模 刚突破8.4万亿元，全年增加85%。 十年后的2025年，公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品：最近 创新药的产品涨这么多，是不是该减仓了？还是该添点ETF？逐步开启定投的王姐则称，"我最近赚了 不少呢！"并头头是道地分析起了今年买了哪些产品。 这十年，公募基金的故事，远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时，投资者也在"进化"，老钱们会查季报、算回撤，王姐们向年轻人请教行业与持仓，曾经 的"听推荐盲从"逐渐蜕变为"主动研究"。 货基独大到多元资产 2015年的公募基金市场，产品类型相对单一，像个"理财杂货铺"：货币基金是"镇店之宝"，规模占比达 54.42%；包括股票型和混合型在内的权益基金则是另一大品类，规模占比36.19%；而债券型、QDII基 金只是角落 ...

Wind数据显示，截至2015年底，公募市场共有2687只基金产品，合计总规模为8.41万亿元。在这 一年里，由于市场出现较大波动、风险偏好下降，资金加速向"安全垫"更厚的货币基金聚集，全年货 币基金规模暴增2.4万亿元，实现翻倍以上的增长。 2025.08. 25 本文字数：3333，阅读时长大约5.5分钟 作者 | 第一财经 曹璐 2015年，在同事的推荐下，投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜 台买入了人生第一只货币基金，"听说比存定期强，随用随取还能赚点菜钱"。这一年，全市场公募基 金规模刚突破8.4万亿元，全年增加85%。 十年后的2025年，公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品： 最近创新药的产品涨这么多，是不是该减仓了？还是该添点ETF？逐步开启定投的王姐则称，"我最 近赚了不少呢！"并头头是道地分析起了今年买了哪些产品。 这十年，公募基金的故事，远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时，投资者也在"进化"，老钱们会查季报、算回撤，王姐们向年轻人请教行业与持仓，曾经 的"听推荐盲从"逐渐蜕变为"主 ...

券商多措并举抢抓业务机遇 8月22日，上证指数站上3800点，创下十年新高。投资者对投顾服务的需求也同步增强，有券商投顾业 务签约量与收入齐升。 面对市场回暖的态势，各家券商迅速做出响应，通过投顾服务升级、新客礼包投放等多重举措，积极开 展引客、留客、活客工作。 部分券商还注重引导新客户结合自身风险偏好与投资预期，进行分散配置与均衡布局，以避免短期内出 现追高杀跌的非理性投资行为。 对投顾服务需求增加 中金财富证券相关负责人向证券时报记者表示，这一轮行情中，权益类组合产品的签约占比有较明显的 提升，这反映出投资者对权益市场的投资热情及信心有显著回暖。此外，行情修复也改善了交易休眠账 户的情况，8月份客户账户找回密码重置业务办理量环比大幅增加，权限类开通增长明显。 随着市场氛围持续升温，多位受访的业内人士接受证券时报记者采访时均提到，投资者对券商投顾服务 的需求日益增强。 "从直播节目数据来看，8月观看投顾服务节目客户数量创近期新高。"银河证券相关业务负责人介绍， 投资者一方面较为关注当前市场行情演绎，包括市场整体估值是否合理、是否有持续入市资金、基本面 能否持续改善、关键政策能否落地、市场主线在哪里等问题；另 ...

35万亿背后的基民十年进化史 2015年，在同事的推荐下，投资者老钱跟风买了几只"能赚钱"的权益基金。而深圳的王姐在银行柜台买 入了人生第一只货币基金，"听说比存定期强，随用随取还能赚点菜钱"。这一年，全市场公募基金规模 刚突破8.4万亿元，全年增加85%。 十年后的2025年，公募基金的行业规模已增至35.14亿元。老钱在手机APP上熟练操作各类产品：最近 创新药的产品涨这么多，是不是该减仓了？还是该添点ETF？逐步开启定投的王姐则称，"我最近赚了 不少呢！"并头头是道地分析起了今年买了哪些产品。 这十年，公募基金的故事，远不止数字的膨胀。背后产品结构、投资标的和行业逻辑都有了不同的转 变。同时，投资者也在"进化"，老钱们会查季报、算回撤，王姐们向年轻人请教行业与持仓，曾经 的"听推荐盲从"逐渐蜕变为"主动研究"。 货基独大到多元资产 2015年的公募基金市场，产品类型相对单一，像个"理财杂货铺"：货币基金是"镇店之宝"，规模占比达 54.42%；包括股票型和混合型在内的权益基金则是另一大品类，规模占比36.19%；而债券型、QDII基 金只是角落里的小众选项，占比分别为8.4%、0.96%。 Wind数据 ...

8月22日，上证指数站上3800点，创下十年新高。随着A股市场持续走强，投资者对投顾服务的需求同 步增强，有券商投顾业务签约量与收入齐升。 面对火热的市场氛围，多家券商也迅速响应，通过投顾服务升级、新客礼包投放等多重举措，积极引 客、留客、活客，抢占本轮行情先机。 投资者对投顾服务的需求增加 中金财富相关负责人对券商中国记者提到，这一轮行情中，权益类组合产品的签约占比有较为明显提 升，这反映出投资者对权益市场的投资热情及信心都有显著回暖。此外，行情修复也改善了交易休眠账 户的情况，8月份客户账户找回密码重置业务办理量较上月同期大幅增加，权限类开通增长尤其明显。 这并非孤例。近日，券商中国记者连续走访北京、上海等地的券商营业部发现，投资者入市意愿增强， 券商新开户、两融业务、权益类产品销售等都有了明显增长。 而最近几个交易日，市场表现也持续保持强势。随着市场氛围火热，多位受访业内人士向券商中国记者 提到，投资者对券商投顾服务的需求也越来越强。 据券商中国记者观察，除了以投顾为主要抓手外，券商还从新开户大礼包、投资者教育、产品配置等多 方面入手，抢抓业务机遇。 在新开户方面，不少券商喊出7x24小时线上开户，山西 ...

Core Insights - The event "2025 Asset Management Annual Conference" highlighted the growing trend of passive investment, particularly the role of ETFs in wealth management [1][3] - The combination of "advisory + ETF" is expected to become a new model that balances buyer interests and institutional commercial needs in wealth management [1][4] Group 1: ETF Market Development - ETFs have been experiencing robust growth globally, with China's ETF products continuing to expand over the past seven years [3] - Currently, China's ETF market is primarily focused on broad-based index products, lacking in Smart Beta and other strategy-based index offerings compared to the U.S. market [3] - The marginal cost of issuing index products is expected to decrease as the diversity of the ETF market increases [3] Group 2: Wealth Management Trends - The concept of "asset scarcity" is relative; as the era of guaranteed returns ends, investors will need to pursue diversified asset allocation to achieve expected risk-return profiles [3] - The wealth management industry is entering a significant era where both institutional and individual investors must adopt a diversified asset allocation approach to meet investment goals [3][4] Group 3: Recommendations for Wealth Management Institutions - Wealth management institutions should adopt a buyer's advisory perspective to help investors select quality assets like ETFs for effective asset allocation [4] - Investment education is crucial, as ETFs offer lower entry barriers and higher liquidity for individual investors [4] - Companies like Wind Fund are actively engaging in investor education initiatives, such as ETF combination configuration competitions, to raise awareness of the value of holding ETFs and the importance of long-term investment [4]

Core Viewpoint - The recent surge in southbound capital flow into Hong Kong stocks reflects a strong preference for high-quality Chinese assets, indicating a shift in investment strategies among mainland investors [1][2][3] Group 1: Southbound Capital Flow - On August 15, southbound capital recorded a net purchase of 358.76 billion HKD, marking a historical high for single-day net inflows [1] - Since the launch of the Hong Kong Stock Connect, cumulative net purchases by southbound capital have exceeded 4.6 trillion HKD, showcasing an increasing influence of mainland investors on Hong Kong stock pricing [1] - The trend of significant inflows has been evident this year, with multiple instances of daily inflows exceeding 10 billion HKD, highlighting the growing enthusiasm of mainland investors for the Hong Kong market [1] Group 2: Investment Preferences - Southbound capital is predominantly directed towards new economy sectors, particularly technology and healthcare, indicating a concentrated effort to acquire high-quality Chinese assets [2] - Major beneficiaries of this capital include tech giants like Alibaba and Tencent, reflecting a strong confidence in the long-term value of Chinese tech assets [2] - The investment strategy involves using index funds and ETFs to achieve diversified exposure across various sectors, demonstrating a holistic positive outlook on the Hong Kong market [2] Group 3: Asset Allocation Trends - There is a rising demand among mainland investors for diversified asset allocation, particularly in light of declining interest rates in the domestic market [3] - The characteristics of Hong Kong stocks align well with investor return expectations, offering high dividend yields from financial stocks and growth potential from technology stocks [3] - The decisive actions of southbound capital this year underscore the attractiveness of high-quality Chinese assets and reflect a broader confidence in the future of the Chinese capital market and economy [3]

Market Overview - The Shanghai Composite Index has recently broken through the previous high of 3674 points and is now approaching the 3700-point mark, but there is an expectation of a potential pullback after this rapid rise [2] - The market is likely to experience high-level consolidation in the latter half of August, especially with the upcoming disclosure of half-year reports from listed companies [2][3] - The recent surge to 3700 points has been supported by a high level of margin financing, which is now over 2 trillion yuan, but this may lead to profit-taking and increased selling pressure on the index [2] Financing and Investor Behavior - As of August 13, there are approximately 760,000 financing investors in the market, with an average financing amount of 263,100 yuan per account, indicating a high financing ratio [3] - The number of companies announcing share reductions is increasing, with 12 companies reported on the same day, which could further pressure the index as new listings in Hong Kong may dilute A-share valuations [3] Company Performance - Cheung Kong Holdings reported a significant drop in net profit for the first half of the year, with a revenue of 240.66 billion yuan but a net profit of only 0.852 billion yuan, a year-on-year decline of 91.65% [4] - The decline in profit is attributed to a one-time non-cash loss from a merger in the UK and reduced property sales revenue in Hong Kong, despite an increase in sales revenue due to discounts [4] - The company is facing delays in the sale of its port business due to regulatory approvals across different countries, which may extend beyond the originally planned timeline [4][5] Industry Trends - The performance of ETFs in the market has been mixed, with biotechnology funds performing well due to strong sales of a weight-loss drug, while aerospace and military-related funds have seen declines [5] - The geopolitical landscape, including potential peace talks regarding the Russia-Ukraine conflict and the situation in Israel and Gaza, may influence market sentiment and investment strategies in the defense sector [5]