一、交易提示 国内权益类ETF迎来里程碑。截至8月25日，全市场1188只股票及跨境ETF（不含联接）总规模达41170.94亿元，较年初增 加7982.72亿元，增幅24.05%，创历史新高。政策支持、市场成熟与产品持续创新，将助推权益类ETF进一步发挥稳定器与 配置核心作用，为资本市场高质量发展和居民财富增长提供更强支撑。 金融界8月25日消息 A股三大指数集体收涨,截至收盘,沪指涨1.51%,报3883.56点,深成指涨2.26%,报12441.07点,创业板指涨 3%,报2762.99点,科创50指数涨3.2%,报1287.73点。沪深两市合计成交额31411.37亿元,为去年10月8日以来首次突破3万亿元, 也是A股历史第二次突破3万亿元。 二、基金要闻 （1）08月25日新发基金共有32只，主要为股票型基金和混合型基金，其中易方达中证金融科技主题ETF募集目标金额达 80.00亿元亿元；基金分红29只，多为债券型，派发红利最多的基金是国泰鑫鸿一年定期开放债券型发起式证券投资基金， 每10份基金份额派发红利0.5000元。 （2）上周A股活跃，权益资产估值抬升，FOF基金再上一层楼。今年以来，九成以 ...

Group 1 - The core viewpoint of the article highlights the growing popularity of the ETF market, with major players like China Merchants Bank entering the space by hosting an ETF simulation investment competition [2][3] - The "Golden Sunflower Cup" ETF simulation investment competition organized by China Merchants Bank is set to begin on August 18 and will last for two months, marking the first ETF competition hosted by a commercial bank [3][6] - Participants in the competition will receive virtual funds of 1 million yuan to trade various types of ETFs, including stock, bond, cross-border, gold, and currency ETFs, with performance metrics being tracked [5][6] Group 2 - Industry insiders express surprise at the bank's involvement in the ETF competition, noting that it aims to enhance customer engagement and promote the sale of ETF-linked funds [6][7] - The competition is seen as a strategic move to leverage the growing interest in passive investment products, particularly in the context of a recovering equity market [6][7] - Other banks are also actively promoting ETF-linked products, with some offering significant discounts on fees, indicating a competitive landscape for ETF distribution [9]

Core Viewpoint - The ETF market is experiencing rapid growth, with major players like China Merchants Bank entering the space by hosting the "Jin Kui Hua Cup" ETF simulation investment competition, aimed at promoting ETF sales and enhancing customer engagement [2][4]. Group 1: ETF Competition Details - China Merchants Bank has launched the "Jin Kui Hua Cup" ETF simulation investment competition, which is currently open for registration and will run from August 18 to October 17 [4][7]. - Participants will receive virtual funds of 1 million yuan to trade a wide range of ETFs, including stock ETFs, bond ETFs, and gold ETFs, with performance metrics including gains, losses, and dividends [7][9]. - The competition includes various rewards such as experience gifts, ranking prizes, and a grand prize for the overall winner, which includes a Huawei MateBook GT14 [7][9]. Group 2: Industry Insights - The entry of banks into the ETF competition space has surprised many industry insiders, who noted that banks are increasingly focusing on selling ETF-linked funds to maintain and cultivate customer relationships [9][10]. - The rise of passive investment products like ETFs has become a trend, especially with the recent resurgence of the A-share market, prompting banks to seek a share of this growing business [9][10]. - There are speculations that the ETF competition may be linked to the future plans of Fund Connect 2.0, which currently only supports public REITs but may expand to include ETFs [10]. Group 3: Broader Market Trends - Over the past few years, the ETF market has gained significant attention, with not only brokerages but also banks and third-party institutions actively participating [12][13]. - Various banks, including China Merchants Bank, are offering discounts on ETF-linked products, with some fees as low as 10% of the standard rate, to attract investors [13]. - The competitive pricing of index funds is crucial for attracting investors, as many prefer to invest through bank apps for convenience [13].

Market Overview - The A-share market has shown signs of recovery, leading to a strong rebound in actively managed equity funds, with over 90% of products seeing net value increases this year, and 1,126 funds reaching new highs since their inception [1][2] - As of August 7, the Shanghai Composite Index rose by 0.16% to 3,639.67 points, marking a new annual high, while the Shenzhen Component Index and the ChiNext Index experienced slight declines [1] Fund Performance - The year has seen significant performance divergence among actively managed equity funds, with top performers achieving returns close to 130%, while the worst performers faced declines exceeding 18% [2] - The leading sectors contributing to fund performance include innovative pharmaceuticals, hard technology, and new consumption, prompting many high-performing funds to limit purchases and new products to attract capital [2] Fund Issuance and Dividends - On August 7, 10 new funds were launched, primarily focusing on bond and equity types, with a notable fundraising target of 6 billion yuan for the CITIC Prudential Stable and Interest Rate Bond Fund [2] - A total of 15 funds declared dividends, with the highest payout being 3.8419 yuan per 10 shares from the Guotai Junan Jinan Energy Heating Closed Infrastructure Securities Investment Fund [2] Fund Registration Trends - The recovery in the A-share market has led to a surge in private securities product registrations, with 1,298 products registered in July alone, a month-on-month increase of 18%, marking a 27-month record [2] - Year-to-date, a total of 6,759 products have been registered, reflecting a year-on-year increase of 61.39%, with index-enhanced strategies seeing a 52% increase in registrations [2] Top Performing Funds - The best-performing fund on August 7 was the Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed Fund C, with a daily growth rate of 5.2471%, followed closely by its counterpart A [4] - In the stock fund category, the top performer was the Huabao CSI Rare Metals Index Enhanced Fund A, with a daily growth rate of 2.3076% [5]

Core Viewpoint - The number of ETF-linked funds submitted for approval in China has exceeded 130 this year, marking a historical high, driven by increasing demand for passive index investment and the growing importance of off-exchange platforms [1][3]. Group 1: ETF-linked Fund Submission and Growth - As of July 4, 2023, 36 fund managers have reported 132 ETF-linked funds, a 60% increase compared to the same period last year when 82 funds were submitted [3]. - The total issuance scale of newly established ETF-linked funds this year reached 39.635 billion yuan, a 144% increase from 16.267 billion yuan in the same period last year [3]. - The trend of increasing submissions reflects a response to market demand and a search for new business growth points [3]. Group 2: Market Dynamics and Investor Behavior - The rise in ETF-linked fund submissions is linked to the rapid development of the ETF market, with 159 stock ETFs established this year, surpassing the total of 155 for the entire year of 2024 [4]. - Over 90% of newly established ETF-linked funds this year are of the initiator type, allowing fund companies to quickly complete product registration and gain market advantage [4][6]. - The growth of internet platforms in fund sales is contributing to the rapid increase in ETF-linked funds, as they provide broader access for individual investors [4]. Group 3: Future Outlook and Competitive Landscape - The development prospects for ETF-linked funds are promising, but competition is intensifying, leading to greater product differentiation [6]. - Short-term growth in ETF-linked fund scale is expected due to policy encouragement and increased investor awareness, while long-term growth may come from fund advisory services and FOF [7]. - The emergence of new product forms, such as cross-border linked funds and customizable index-linked funds, may represent future directions for the market [7].

Core Viewpoint - The number of ETF-linked funds submitted for approval has reached a historical high in 2023, with over 130 funds reported, reflecting a significant increase in demand for passive index investment and the expansion of the market for these funds [1][3]. Summary by Sections ETF Linked Fund Submission - As of July 4, 2023, 36 fund managers have reported 132 ETF-linked funds, marking a 60% increase compared to the same period last year when 82 funds were submitted [3]. - The number of submissions has shown a consistent upward trend from 31 in 2020 to 54 in 2023 [3]. - A total of 97 linked funds have been established this year, with a combined issuance scale of 39.635 billion yuan, up 144% from 16.267 billion yuan in the same period last year [3]. Market Demand and Growth Factors - The surge in ETF-linked fund submissions is attributed to the growing market demand and the search for new business growth points [3]. - The increasing preference for index funds among investors is noted, as linked funds can be purchased through various platforms, broadening the investor base [3]. - Regulatory simplifications in the approval process for ETFs and linked funds have contributed to this growth, aligning with the trend towards inclusive financial products [3]. Competitive Landscape - The rapid development of the ETF market is driving the increase in linked fund submissions, with 159 stock ETFs established in 2023, surpassing the total of 155 for the entire year of 2024 [4]. - Over 90% of newly established linked funds this year are of the initiator type, allowing fund companies to quickly complete product filings and gain market advantages [5]. Future Outlook - The development prospects for ETF-linked funds are promising, but competition is intensifying, leading to greater product differentiation [6][7]. - The growth of linked funds is expected to continue in the short term due to policy encouragement and increased investor awareness [7]. - The emergence of new product forms, such as cross-border linked funds and customizable index-linked funds, may represent future directions for the market [7]. - Investors are advised to focus on the underlying ETFs when selecting linked funds, prioritizing those with large scales, good liquidity, and low tracking errors [7].

Core Viewpoint - The phenomenon of fund liquidation, particularly among initiator-style funds, has become increasingly common in 2025, with a significant number of funds failing to meet the minimum asset threshold of 200 million yuan, leading to their closure [2][4][11]. Group 1: Fund Liquidation Trends - As of July 1, 2025, a total of 127 funds have been liquidated this year, with over 40 of these being initiator-style products [4]. - In June alone, at least 16 initiator-style funds announced liquidation or clearing reports, indicating a trend towards normalization of mini-fund liquidations in a challenging market environment [2][4][12]. - The average net asset value of the 16 funds that liquidated in June was only 0.81 yuan, with an average scale exceeding 20 million yuan [5]. Group 2: Performance and Market Conditions - The average decline of the 16 funds from inception to liquidation was over 28%, with seven funds experiencing declines of more than 20% [5][6]. - Many of the funds that liquidated were established in May and June 2022, focusing on sectors like medicine and new energy, which have seen significant downturns [6][9]. - The performance of some funds, such as the 富荣医药健康 mixed fund, showed fluctuations, with a 14.23% increase in 2025 but a 19.40% decline in 2024, highlighting the impact of market conditions and management strategies [8][7]. Group 3: New Fund Launches - Despite the liquidation trend, 378 new initiator-style funds have been launched in 2025, with a total issuance scale of 41.66 billion yuan, indicating ongoing interest in this fund type [13][14]. - The flexibility of initiator-style funds allows for easier establishment compared to traditional funds, making them an important tool for public fund institutions [11][14]. - The regulatory environment is encouraging fund managers to enhance long-term investment performance, further supporting the issuance of initiator-style funds [14].

Group 1 - The article discusses the author's journey into investment and financial management, highlighting the transition from casual saving to a more structured investment approach [2][3]. - The author emphasizes the importance of learning from various financial literature and adapting investment strategies over time, particularly during market downturns [4][10]. - The introduction of the "Three-Part Method" for fund investment is presented as a systematic approach to balance risk and return, utilizing a diversified portfolio [7][11]. Group 2 - The "Three-Part Method" consists of three types of funds: a bond fund, a stock fund, and a commodity fund, aimed at achieving a balanced investment strategy [6][7]. - The article provides performance metrics for the investment portfolio, showing a cumulative return of +78.38% compared to the -4.32% return of the CSI 300 Index, indicating superior performance [9]. - The author highlights the significance of data analysis and historical backtesting in refining investment strategies, ensuring that risk and returns are predictable and manageable [10][11].

Core Viewpoint - Multiple public fund companies have adjusted the valuation method for long-term suspended stocks held by their funds, adopting the "index return method" during the suspension period, primarily affecting Haiguang Information and Zhongke Shuguang [1][2][3] Group 1: Valuation Adjustment Announcement - Over twenty public fund companies, including E Fund, Huaxia Fund, and Southern Fund, announced on June 6 that they would use the "index return method" for valuing suspended stocks starting June 5 [2] - The suspended stocks primarily involve Haiguang Information and Zhongke Shuguang, with some companies adjusting the valuation for both stocks while others only for Haiguang Information [2][5] - The "index return method" will utilize the AMAC industry index as a calculation basis, as stated by some fund companies [2] Group 2: Reasons for Adjustment Timing - The adjustment of valuation methods occurred on June 5, despite the stocks being suspended since May 26, due to significant changes in the economic environment or major events affecting stock prices [3] - The AMAC electronic index saw a rise of over 3% since the suspension, with a single-day increase of over 2% on June 5, which likely triggered the valuation adjustment [3] Group 3: Prevention of Arbitrage - The primary aim of the valuation adjustment is to prevent arbitrage opportunities for suspended stocks, as investors can indirectly build positions through fund subscriptions during the suspension [4] - If funds continue to value the stocks at pre-suspension prices, investors could buy in at a lower cost and profit upon resumption of trading, which would harm existing fund holders [4] Group 4: Differences in Adjustment Practices - The differences in valuation adjustments among fund companies may relate to the number of shares held; companies with fewer holdings may not need to adjust valuations significantly [5] - If a single fund's holdings significantly impact its net asset value, all funds under the same management must adjust valuations accordingly [5] Group 5: Consistency in Valuation Procedures - Fund managers are required to maintain consistency in valuation procedures and techniques across different funds holding similar investment types, as per regulatory guidelines [6] - Haiguang Information ranks as the 22nd largest holding among active equity public funds, with a total holding value exceeding 9 billion, while Zhongke Shuguang is less prominent in the top holdings [6]

Group 1 - The core concept of fund regular investment (定投) is to invest a fixed amount in a designated open-end fund at regular intervals, similar to a bank's zero-deposit savings method [1] - Fund regular investment helps to mitigate the risks associated with market timing by allowing investors to accumulate shares at lower costs during market downturns, thus enhancing potential returns when the market rebounds [1] - The strategy is particularly effective in volatile markets, where higher volatility and growth potential indices yield better returns when sold during a bull market [1] Group 2 - For ordinary retail investors, regular investment can be achieved through investing in ETFs or ETF-linked funds, with some brokerage systems now supporting ETF regular investment [2] - ETF-linked funds typically have different share classes, where A shares are suitable for long-term investment due to their one-time subscription fee and no sales service fee, while C shares are more appropriate for short-term investment due to their sales service fee structure [2] - Investors are advised to choose off-market A shares for regular investment to optimize their investment strategy [2]