股市涨得热火朝天，有新基金却 " 颗粒无收 " 。 该基金目前还处于建仓期，且一直有投资者质疑基金的建仓操作。一时间，关于徐彦"新基金牛市零建仓"的舆论在市场蔓延。 近日，众多投资者对大成基金经理徐彦管理的新基金——大成兴远启航的业绩感到不满。Wind数据显示，截至8月22日，该基金自3月11日成立以来 净值亏损0.06%，而同期沪指涨幅超过13%，且仍在继续创新高，有不少基金同期净值大涨超50%。 当前，徐彦面临两大难题：一是新基金需要在规定时间内完成建仓，而此时股市已经历一波上涨；二是新基金规模已有下滑，如何挽回投资者的信 任。 截至发稿，大成基金官方暂未就此事件向《国际金融报》记者回应。 图片来源：Wind 眼看着市场行情回暖，众多基金净值反弹，投资者对该基金"牛市零建仓"的质疑声从5月至今从未间断。 该基金在二季报中披露了建仓进度："处于建仓期，目前未开始大规模建仓"。基金经理徐彦对此解释，其他基金自成立以来已有一定浮盈，且净值基 本在历史新高附近，而本基金则是从零开始。徐彦还称，几年前股市里有较多企业价值被低估的股票，现在环境发生巨大变化，对新基金建仓来说是巨大 挑战，其将在规定时间内完成建仓。 新 ...

头部券商ETF成交额占比保持领先。7月份，上交所ETF（非货币，下同）成交额（经纪业务）居前三位的券商为华泰证 券、中信证券和国泰海通，与6月份排名一致，当月成交额在市场中的占比分别为10.8%、10.67%和6.66%。此外，华宝证券、 东方证券、中国银河、广发证券当月成交额在市场中的占比均在4%以上。 本报记者 周尚伃 当下，券商纷纷将目光投向ETF（交易型开放式指数基金）业务，加大布局力度。《证券日报》记者从券商处获悉，近 日，上交所、深交所分别向机构内部披露了7月份券商经纪业务在ETF领域的最新核心数据，涵盖成交额以及交易账户数量等 关键指标。从各项核心指标来看，券商ETF相关业务竞争格局呈现出头部券商地位稳固、中小券商奋力突围的特点。 市场持续活跃 7月份，ETF市场规模持续扩大、成交活跃度进一步提升。从整体规模看，截至7月末，沪市基金产品共890只，资产管理 总规模34342.97亿元。其中，ETF共719只，总市值33520.69亿元；当月ETF累计成交金额55841.84亿元，日均成交金额2427.91 亿元。 深市基金产品共803只，资产管理总规模12742.3亿元。其中，ETF共516只， ...

Core Viewpoint - The A-share market is experiencing a significant increase in investor participation, with new account openings and trading activities rising sharply as the Shanghai Composite Index reaches new highs, indicating a positive shift in investor sentiment and market dynamics [1][3][8]. Group 1: Market Activity - The Shanghai Composite Index has recently broken through key levels of 3600 and 3700 points, with daily trading volumes consistently exceeding 2 trillion yuan [3][4]. - There has been a notable increase in new account openings, with some brokerages reporting a year-on-year growth of over 40% [2][6]. - The trading activity is particularly vibrant in sectors such as innovative pharmaceuticals, computing power, and robotics, reflecting a shift in investor focus towards emerging technologies [2][10]. Group 2: Investor Demographics - A significant portion of new investors entering the market are from the younger demographic, particularly those born in the 1980s and 1990s, who are more receptive to new investment opportunities and technologies [6][7]. - Younger investors tend to have a higher risk appetite and are influenced by social media, often favoring small-cap stocks [7][10]. Group 3: Margin Trading and Fund Flows - Margin trading activity has surged, with a notable increase in new margin account openings and trading volumes, indicating heightened investor confidence [8][9]. - As of August 20, the margin trading balance in A-shares has exceeded 2 trillion yuan, reflecting the growing willingness of investors to leverage their positions [9]. Group 4: Investment Preferences - Investors are increasingly favoring exchange-traded funds (ETFs) for their investment strategies, with a marked rise in the sales of equity index funds, particularly in sectors like healthcare and technology [10][12]. - The demand for index funds has surged, with some brokerages reporting over a 300% increase in sales compared to previous months, highlighting a shift towards more passive investment strategies [13][14]. Group 5: Market Maturity and Investor Education - The current market environment is characterized by a more rational approach to investing, with a focus on long-term planning and value investing principles, suggesting a maturation of the A-share market [11][16]. - The increase in investor education and awareness about the benefits of index funds is contributing to this trend, as more investors recognize the advantages of diversified and transparent investment vehicles [15][16].

人民财讯8月22日电，近日，上证指数迭创新高，单日成交额持续站在2万亿元以上。市场交投的火热， 也正迅速传导至券商一线。 证券时报记者连日走访北京、上海、深圳等地的一些券商营业部发现，投资者入市意愿增强，新开户、 两融业务、权益类产品销售等都有了明显的增长。有的券商新开户数同比增幅超40%，单月金融产品销 售规模较上半年月均水平大增近三成。 从采访信息的梳理来看，创新药、算力、机器人等是投资者重点关注的领域；不少投资者在操作中仍偏 理性，ETF（交易型开放式指数基金）工具化配置的趋势则更加突出。有受访人士称，当下，A股市场 的投资者结构与投资理念正呈现积极变化。 ...

近日，上证指数迭创新高，单日成交额持续站在2万亿元以上。市场交投的火热，也正迅速传导至券商 一线。记者连日走访北京、上海、深圳等地的一些券商营业部发现，投资者入市意愿增强，新开户、两 融业务、权益类产品销售等都有了明显的增长。有的券商新开户数同比增幅超40%，单月金融产品销售 规模较上半年月均水平大增近三成。从采访信息的梳理来看，创新药、算力、机器人等是投资者重点关 注的领域；不少投资者在操作中仍偏理性，ETF（交易型开放式指数基金）工具化配置的趋势则更加突 出。有受访人士称，当下，A股市场的投资者结构与投资理念正呈现积极变化。（证券时报） ...

Core Insights - The total shares of ETFs (Exchange-Traded Funds) have increased by nearly 120 billion, reaching 2.77 trillion shares as of August 18 [1] - The total scale of ETFs has reached 4.77 trillion yuan, with a year-to-date growth of 1.04 trillion yuan, representing a significant increase of 27.88% compared to the end of last year [1] - Broad-based ETFs have emerged as a "ballast," showing outstanding performance in both scale and growth rate [1]

Group 1 - The core viewpoint is that there is a significant influx of funds into the market through ETFs, with a total of 689.68 billion yuan entering the market in the past week, indicating a strong preference for core assets among investors [1][2][3] - The total scale of ETFs is approaching 4.7 trillion yuan, with an increase of 364.83 billion units, reaching 2.78 trillion units [1][2] - Analysts highlight four positive factors supporting the attractiveness of the Chinese capital market: relatively low valuation levels of A-shares, strengthening capital aggregation effects under the "technology narrative," enhanced market resilience through buybacks and dividends, and increasing institutional inclusiveness [2][3] Group 2 - The most significant growth in ETF scale is seen in broad-based index products, particularly those linked to the CSI 300 and CSI 1000 indices, which saw increases of 6.697 billion yuan and 6.517 billion yuan respectively [2][3] - Recent market sentiment has improved, with funds flowing into high liquidity broad-based indices, reflecting increased risk appetite among investors [3][4] - Various thematic funds are also gaining popularity, with significant inflows into ETFs linked to the Hang Seng Technology Index and the Hong Kong Stock Connect Internet Index, indicating a preference for high-growth technology sectors [4][5] Group 3 - Gold-related assets are experiencing increased demand, with the Shanghai Gold Exchange's gold index ETF surpassing 140 billion yuan, driven by rising gold prices amid macroeconomic uncertainties [4][5] - The overall trend shows a notable acceleration of funds entering the capital market, with a focus on stock-based ETFs reflecting optimism about economic recovery and industry prosperity [5]

Core Viewpoint - The investment strategy of "left hand dividends, right hand technology" is gaining traction among institutions to navigate market volatility, with a focus on balancing high-growth tech assets and stable dividend-paying stocks [1][4]. Group 1: Market Trends - A-shares have experienced fluctuations after reaching 3600 points, prompting a shift in investment strategies [1]. - There is a notable increase in ETF (Exchange-Traded Fund) shares, particularly in the technology sector, indicating a preference for tech investments [1][2]. - As of August 1, 2023, the bank ETF saw a growth of 120.87 million shares, ranking second among stock ETFs, while leading tech ETFs also surpassed 100 million shares in growth [2][3]. Group 2: Fund Flows - By August 1, 2023, the net inflow for the robot ETF exceeded 10 billion yuan, while the low-volatility dividend ETF saw over 8 billion yuan in net inflow [3]. - The top ten cross-border ETFs by share growth predominantly focus on technology or internet sectors, with the Hong Kong Stock Connect Internet ETF leading with a net inflow of 34.33 billion yuan [3]. Group 3: Investment Strategy - The "left hand dividends, right hand technology" strategy is described as a "core + satellite" approach, emphasizing the importance of weight distribution between dividend and tech assets [4]. - This strategy aims to balance the high growth potential of tech stocks with the defensive characteristics of dividend-paying stocks, providing a complementary advantage in various market conditions [5]. - The long-term development potential in technology sectors is highlighted, driven by strong policy support and global competition, while dividend stocks are recognized for their stability during market fluctuations [5][6]. Group 4: Future Outlook - The combination of technology and dividend assets is expected to be a core allocation direction for the year, with technology innovation being a key driver of economic growth [5]. - The relative yield advantage of high-dividend assets is becoming more pronounced in a low-interest-rate environment, further enhancing the appeal of dividend stocks [6].

Group 1: Core Insights - Securities firms are focusing on continuous innovation and entrepreneurship as key strategies for the second half of the year, reflecting a need to break out of stagnant competition [1][2] - The shift towards a "buy-side mentality" in wealth management is emphasized, with firms aiming to enhance their capabilities in this area [5][6] Group 2: Operational Efficiency and Management - Many securities firms are prioritizing operational efficiency and refined management, aiming to improve per capita effectiveness and reduce costs [3][4] - The drive for enhanced operational efficiency is attributed to cost pressures, regulatory upgrades, and the need for digital transformation [3][4] Group 3: Digital Transformation and AI - Digital transformation is seen as a crucial factor for improving customer experience, with firms leveraging technology to optimize business processes and enhance service quality [4][6] - AI is reshaping the value chain in the securities industry, with its application in retail, institutional, and risk management sectors [6][7] Group 4: Regional Market Focus - Several smaller securities firms are choosing to deepen their engagement in regional markets as a differentiation strategy against larger competitors [8] - This regional focus allows for closer client relationships and personalized service offerings, enhancing customer loyalty and satisfaction [8] Group 5: Market Outlook and Investment Potential - The attractiveness of the securities sector is increasing, with investor interest rising significantly [9] - A stable macroeconomic environment and favorable policies could boost market activity and investor confidence, positively impacting the revenues of securities firms [9]

Core Viewpoint - 华夏基金 has launched the "Investment Satisfaction Evaluation Model" and the "Red Rocket LetfGo" service, aiming to enhance asset allocation for investors in a complex market environment [1][2] Group 1: Investment Strategy and Product Development - The company emphasizes the importance of asset allocation as a bridge between high-quality industry development and investor satisfaction, offering a diverse range of products to facilitate low-cost cross-asset and cross-cycle portfolio construction [1] - The "Red Rocket LetfGo" service transforms the company's asset allocation capabilities into easily accessible and understandable solutions for investors [1] - The ETF market has seen significant growth, surpassing 4 trillion yuan in total scale and entering the "thousand product era," which supports robust asset allocation [1] Group 2: User Experience and Service Enhancement - The upgraded "Red Rocket 2.0" version includes web services and new features like "LetfGo" and "Industry Data," focusing on broader coverage, deeper data, and better allocation to enhance investor satisfaction [1] - "LetfGo" is designed as a "new toy" for users to manage assets effectively, featuring three main functionalities: multi-asset centralized management, historical backtesting, and strategy templates [2] - The continuous evolution of the "Red Rocket" service aims to establish it as a reliable partner for investors, reinforcing its mission to make index investment accessible to everyone [2]