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 ...

Core Viewpoint - The A-share bull market is driving a competition among banks for fund distribution, with significant fee reductions to attract customers as residents seek better wealth management options [1][2]. Group 1: Market Dynamics - The A-share market has seen a strong performance, with the Shanghai Composite Index reaching a 10-year high of 3700 points and the total market capitalization surpassing 100 trillion yuan [1]. - As of August 19, 2023, 19 funds have recorded over 100% gains this year, highlighting the lucrative opportunities in equity funds [1]. - The low interest rate environment and asset scarcity are prompting residents to move their deposits, with household deposits in China reaching 161 trillion yuan as of July 2025, down by 1.11 trillion yuan from the previous month [2]. Group 2: Competitive Strategies - Banks are adopting a "full-scale profit-sharing" model, with small and medium-sized banks offering significantly reduced fund subscription fees, such as Shenzhen Rural Commercial Bank's 0.1% fee for certain funds [2][3]. - Major banks are also participating in the fee reduction trend, with Postal Savings Bank and Minsheng Bank offering discounts on fund subscription fees [3]. - The intense competition is driven by the need for banks to attract customers amid shrinking net interest margins and the necessity to transform their profit models [3][4]. Group 3: Sustainability of Strategies - The sustainability of the low-fee strategy is questioned, as it may compress profit margins for fund distribution businesses, leading to potential profitability challenges for banks [5][6]. - Analysts suggest that while low fees can attract customers in the short term, banks must enhance their service and product capabilities to retain these customers in a volatile market [6][7]. - To succeed, small and medium-sized banks need to shift from price competition to value competition by improving service quality, digital capabilities, and personalized wealth management solutions [7].

Group 1 - The A-share market is experiencing a significant increase in both trading volume and price, leading to a surge in public fund issuance, particularly in equity funds [1][2] - In the week from August 18 to August 24, 45 new funds are planned for issuance, representing a 36.36% increase compared to the previous week, marking the fourth consecutive week with over 30 funds issued [1][2] - As of August 19, the number of equity funds with a unit net value exceeding 1 yuan has increased by 61.40% since the beginning of the year and by 180.78% year-on-year, indicating strong investor interest in newly issued funds [2] Group 2 - Among the 45 new funds planned for issuance this week, 35 are equity funds, accounting for 77.78% of the total, with 27 being stock funds, which represent over 70% of the equity fund issuance [2] - The issuance of bond funds is also recovering, with 7 new bond funds planned for issuance this week, an increase of 5 from the previous week, indicating a dual market heat in both stocks and bonds [2] - The issuance of FOF (fund of funds) remains strong, with 2 new FOF funds planned for issuance this week, maintaining a consistent pace of 2 per week for the past three weeks, totaling 38 new FOF funds this year [2] Group 3 - A total of 33 public fund institutions launched new products this week, with 25 institutions issuing 1 new fund each, while leading firms like Huabao Fund and Huaxia Fund issued 2 each, and Huitianfu Fund led with 4 new funds [3] - The current fund issuance market presents multiple opportunities for public fund institutions, as the rising A-share market enhances investor risk appetite and drives demand for equity funds [3] - Industry experts suggest that leading institutions leverage their brand and channel advantages to capture market share, while smaller institutions can focus on niche segments for differentiation [3]

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that solid basic skills in fund investment are essential for success [2] - FOF funds' equity asset allocation can be estimated by reviewing the fund contract and its holding data, which provides insights into the proportion of equity assets [3]

Core Viewpoint - The article highlights the growing interest in Fund of Funds (FOF) in a low-interest environment and recovering equity markets, with notable performance from specific FOF products in 2025 [4][8]. Summary by Sections Recent Performance of FOF - On August 4, 2025, Morgan Fund's Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF announced an early end to its fundraising, achieving a scale of approximately 28 billion yuan [4]. - There are 882 FOF products with reported performance this year, with an average return of 6.21%, and the top 10 products have a minimum return threshold of 16.47% [4][5]. Top Performing FOF Products This Year - The top three FOF products this year are managed by Guotai Fund, ICBC Credit Suisse Fund, and Bohai Huijin, with returns of 29.81%, 22.56%, and 21.87% respectively [5][6]. - ICBC Credit Suisse Fund's "ICBC Pension 2050A" has a return of 22.56% this year, with a management scale of approximately 1.57 billion yuan as of the end of Q2 2025 [6][7]. Performance Over the Past Year - In the past year, 853 FOF products have reported performance, with an average return of 13.59%. The top 10 products have a minimum return threshold of 32.37% [8][11]. - The top three funds in the past year are managed by ICBC Credit Suisse Fund, Guotai Fund, and Shenwan Hongyuan Fund, all exceeding 44% returns [8][9]. Performance Over the Past Three Years - Over the past three years, 853 FOF products have reported performance, with an average return of 13.59%. The top 10 products have a minimum return threshold of 9.66% [11][12]. - The top two products are managed by Qianhai Kaiyuan Fund, with returns of 21.27% and 13.32% respectively, and the top three includes a product from Xingzheng Global Fund with a return of 12.94% [12][13].

Core Insights - As of July 2025, over 500 FOF funds had an average return of 2.69% and a median return of 2.34%, while the CSI 300 index rose by 3.54% [1] - Most FOF funds reported positive returns in July, with notable performers including Guotai's Preferred Navigation One-Year Holding and E Fund's Advantage Return A, achieving returns over 12% [1][4] - Guotai's Preferred Navigation One-Year Holding fund had a net value increase of 16.84% in July and a cumulative increase of 29.81% from January to July 2025 [4] Fund Performance - The top-performing FOF funds in July 2025 included: - Guotai Preferred Navigation One-Year Holding: 16.01% return - Guotai Industry Rotation A: 15.62% return - E Fund Advantage Return A: 12.2% return [1][4] - E Fund's Advantage Return A, established in March 2022, had a net value increase of 12.2% in July and 18.85% for the first seven months of 2025 [4] Fund Characteristics - Guotai Preferred Navigation One-Year Holding, a mixed equity FOF fund, was established in January 2022 and had a scale of approximately 132 million yuan as of the second quarter [4] - The fund's investment ratio reached 78.78%, with the top ten holdings accounting for 83.04% of its net value, primarily in ETF funds [4] Underperforming Funds - Some FOF funds experienced losses in July, with the largest drawdown being less than 0.3%. Many underperforming funds were newly established [5] - Guotai's and E Fund's products showed strong performance, while Guotai's and E Fund's newer products had mixed results [5]

Group 1: ETF Market Insights - Innovative drug sector experiences a high-level correction, leading to increased inflows into ETFs, with over 3 billion yuan net inflow in the past week and record high shares [1] - As of the end of July, the number of ETFs listed on the Shanghai Stock Exchange reached 719, with a total scale exceeding 3.3 trillion yuan, including over 140 billion yuan in dividend ETFs and over 370 billion yuan in bond ETFs [1] - Year-to-date, the Shanghai market has seen cumulative net inflows into ETFs exceeding 400 billion yuan, indicating a continued influx of funds into index-based tools [1] Group 2: Fund Performance Overview - The overall market saw an increase last week, with the Shanghai Composite Index rising by 2.11%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 0.49% [2] - The top three performing sectors were defense and military, non-ferrous metals, and machinery equipment, with increases of 7.27%, 5.83%, and 5.38% respectively [2] - Conversely, the pharmaceutical, commercial trade, and computer sectors experienced declines of 0.45%, 0.16%, and 0.15% respectively [2] Group 3: Top Performing Funds - The best-performing fund last week was the China Ocean Charm Yangtze River Delta Flexible Allocation Mixed Fund, with a weekly increase of 10.7991% [3] - In the stock fund category, the top performer was the E Fund CSI Hong Kong and Shanghai Gold Industry Stock Index A, with a weekly increase of 9.0552% [3] - The leading bond fund was the Bosera Convertible Bond Enhanced Bond E, with a weekly increase of 4.1727% [3] Group 4: New Fund Launches - A total of 71 new funds were launched last week, with the largest fundraising target being the Huashang CSI 300 Index Enhanced A Fund, aiming for 8 billion yuan [1][5] - The majority of the new funds were mixed funds, with 17 launched, while 64 funds distributed dividends, primarily bond funds [1][5] - The fund with the highest dividend payout was the ICBC Credit Suisse Clean Energy Closed-End Infrastructure Securities Investment Fund, distributing 6.0000 yuan per 10 fund shares [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market closed higher overall, with the CSI 1000 leading the way and the small - cap growth style outperforming. The bond market also trended upward, and the convertible bond market rose [1][2][6]. - Among the industries, non - ferrous metals, machinery, and national defense and military industries led the gains, while pharmaceuticals and consumer services declined [2][6][9]. - Active equity funds had an average return of 1.80%. For bond - type funds, short - term bond funds had an average return of 0.06%, medium - and long - term bond funds had an average return of 0.08%, and convertible bond funds and bond funds with equity exposure achieved positive average returns [1][2]. - This week, there were 3 new stocks listed, and no new stocks broke their issue prices on the first day of listing. The average return of sample new - stock subscription funds was 0.59%, and the new - stock subscription yield of an 800 - million - yuan account was 0.023% [2][37]. - As of August 6, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.22%, 0.37%, and 0.47% respectively [2]. - During the statistical period, equity - biased QDII and bond - type QDII funds rose by 0.34% and 0.52% on average, while index - type and other - type QDII funds fell by 0.30% and 0.45% on average. REITs funds fell by 0.31% on average this week [2]. 3. Summary by Directory 3.1 Market Review - The equity market closed higher overall this week, with the CSI 1000 leading the gains and the small - cap growth style outperforming. As of the close, the Shanghai - Shenzhen 300 Index closed at 4105 points, up 1.23%; the Shanghai Composite Index closed at 3635 points, up 2.11%; the Shenzhen Component Index closed at 11129 points, up 1.25%; and the ChiNext Index closed at 2334 points, up 0.49%. In the Hong Kong stock market, the Hang Seng Index rose 1.43%, and the Hang Seng Tech Index rose 1.17% [6]. - In terms of industry performance, non - ferrous metals, machinery, and national defense and military industries led the gains, with increases of over 5%, while pharmaceuticals and consumer services declined [9]. - As of August 8, 2025, among the 5422 stocks in the A - share market, 4041 stocks rose this week. The number of rising stocks on the Beijing Stock Exchange, ChiNext, Science and Technology Innovation Board, and Main Board were 140, 1035, 421, and 2445 respectively [12]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the full - market funds in the sample this week was 1.80%. Funds with better performance were heavily invested in industries such as automobiles and machinery. For industry - themed funds, funds in the cyclical and mid - stream manufacturing sectors had leading average returns, while those in the pharmaceutical sector lagged behind [18][20]. - **Position Estimation**: This week, the positions of ordinary stock - type and partial - stock hybrid funds both increased. Compared with the previous week, the position of ordinary stock - type funds rose by 1.06 percentage points, and that of partial - stock hybrid funds rose by 2.19 percentage points. Actively managed partial - stock funds increased their allocations to cyclical, consumer, growth, and financial sectors and reduced their allocations to stable sectors. In terms of sub - industries, the allocations to household appliances, communications, and computers increased, while those to automobiles, electronics, and petroleum and petrochemicals decreased [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: This week, the bond market trended upward. The ChinaBond Total Wealth Index closed at 246.91, up 0.1% from last week; the ChinaBond Treasury Bond Index closed at 247.9, up 0.13%; and the ChinaBond Credit Bond Index closed at 224.18, up 0.09%. The CSI Non - Pure Bond Fund Index closed at 2229.59 on Thursday, up 0.45% from last Thursday. The CSI Convertible Bond Index closed at 467.77, with a weekly increase of 2.31%, and the trading volume was 422.4 billion yuan, a change of 36.293 billion yuan from last week [25][27]. - **Fund Performance Overview**: This week, the average return of short - term bond funds was 0.06%, and the median was 0.06%; the average return of medium - and long - term bond funds was 0.08%, and the median was 0.08%. The average return of first - tier bond funds was 0.29%, and the median was 0.16%; the average return of second - tier bond funds was 0.57%, and the median was 0.44%. The average return of partial - bond hybrid funds was 0.62%, and the median was 0.53%; the average return of low - position flexible allocation funds was 0.53%, and the median was 0.38%. The average return of convertible bond funds was 2.59%, and the median was 2.52% [31][33][34][36]. 3.2.3 New - stock Subscription Funds - **New - stock Overview**: This week, 3 new stocks were listed, and 2 had inquiry and offline placement details, with a total raised capital of 1.877 billion yuan. There were no break - even stocks on the first day of listing, and the total expected入围 income was 182,500 yuan [37]. - **New - stock Subscription Yield Calculation**: Assuming participation in the offline new - stock subscription of new stocks every week and being入围, the weekly new - stock subscription yield sequence of an 800 - million - yuan account was calculated based on the winning rate of Class A investors [38]. - **Fund Company New - stock Subscription Overview**: Six fund companies with more than 2 new - stock subscription funds were selected. The weekly new - stock subscription yield of an 800 - million - yuan account this week was 0.023%. The optimal scale for weekly and annual new - stock subscription was 400 million yuan [40]. - **New - stock Subscription Fund Performance**: According to the screening method, 38 new - stock subscription funds were selected. The average return of the new - stock subscription funds in the sample this week was 0.59% [43]. 3.2.4 FOF Funds - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.22%, 0.37%, and 0.47% respectively [44]. 3.2.5 QDII Funds - During the statistical period, equity - biased QDII funds rose by 0.34% on average, and index - type QDII funds fell by 0.30% on average. Other - type QDII funds fell by 0.45% on average, and bond - type QDII funds rose by 0.52% on average [45][46]. 3.2.6 REITs Funds - This week, REITs funds fell by 0.31% on average. Among them, Huatai Zijin Baowan Logistics Warehouse REIT led the gains, rising 4.31% in the past week. Huaxia Huadian Clean Energy REIT had the highest liquidity, with a trading volume of 214.361 million yuan in the past week [47].

Core Viewpoint - The article emphasizes the importance of diversified asset allocation strategies in response to market volatility and uncertainty, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area investment landscape [1][2]. Group 1: Investment Strategies in Volatile Markets - In uncertain market conditions, investors are advised to focus on asset allocation and portfolio management to achieve a balanced investment approach [3]. - Asset allocation involves diversifying funds across various asset types such as stocks, bonds, gold, and commodities to create a multi-faceted portfolio [3][4]. - The strategy is likened to forming a football team, where a mix of offensive and defensive players is essential for success, highlighting the need for a balanced approach in asset selection [3][4]. Group 2: Advantages of Using Funds for Asset Allocation - Public funds offer a wide variety of investment options, covering major asset classes like A-shares, Hong Kong stocks, U.S. stocks, gold, and bonds, allowing investors to tailor their portfolios to their risk preferences [5]. - The operational diversity of public funds, including active and passive management styles, provides investors with flexibility in their investment choices [5]. - High transparency in public funds, with regular reporting, enhances investor confidence compared to direct investments in stocks or bonds [5]. Group 3: Asset Selection and Risk Management - Investors should classify and select assets based on their functions and risk-return characteristics, considering the unique attributes of each asset type [7]. - A diversified portfolio can mitigate overall risk, as different assets react differently to market conditions, thus providing stability [6][8]. - The article suggests that investors should continuously adjust their asset allocations based on market conditions and their individual risk tolerance [11][19]. Group 4: Differentiated Asset Classes - Within major asset classes, further segmentation can enhance investment choices, such as distinguishing between growth and value stocks within equities [9]. - Fixed income assets can also be subdivided, with convertible bonds offering a blend of stock and bond characteristics, potentially outperforming traditional equities in certain market conditions [9][10]. Group 5: One-Stop Asset Allocation Tools - FOF (Fund of Funds) is recommended as a comprehensive asset allocation tool, investing in various funds to optimize risk-return profiles [14]. - FOFs provide a professional selection of funds, allowing investors to indirectly hold multiple funds through a single investment, thus enhancing diversification [14][15]. Group 6: Principles of Asset Allocation - Investors are encouraged to adhere to principles such as maintaining portfolio rebalancing to align with risk tolerance and investment goals [19]. - The impact of currency fluctuations on returns is highlighted as a critical consideration for cross-border investments, as exchange rate movements can significantly affect overall returns [20].

Core Viewpoint - The "Guangdong-Hong Kong-Macao Greater Bay Area Investment Open Class" aims to enhance financial literacy and investment strategies for residents, addressing the growing demand for diversified asset allocation in a volatile market environment [1] Group 1: Investment Strategies - In uncertain market conditions, effective asset allocation and portfolio management are essential for achieving a balanced investment outcome [3] - Asset allocation involves diversifying funds across various asset types such as stocks, bonds, gold, and commodities to create a multi-faceted portfolio [4] - Investors should dynamically adjust their asset allocation based on market conditions rather than maintaining a static portfolio [4][11] Group 2: Advantages of Fund Utilization - Public funds offer a wide variety of investment options, covering major asset classes like A-shares, Hong Kong stocks, U.S. stocks, gold, and bonds, allowing for personalized investment strategies [5] - The operational diversity of public funds, including active and passive management styles, provides investors with flexible choices based on their preferences [5] - High transparency in public funds enables investors to access detailed information about fund performance and strategies, enhancing decision-making [5] Group 3: Asset Selection and Diversification - Asset selection should be based on the functional characteristics and risk-return profiles of different assets, allowing for the construction of complementary portfolios [8] - Investors are encouraged to further diversify within asset classes to mitigate risks, such as selecting different sectors or indices within equity funds [12][13] - The use of FOF (Fund of Funds) can provide a one-stop solution for asset allocation by investing in various funds, thus enhancing risk-return profiles through diversified strategies [14][15] Group 4: Principles of Asset Allocation - Investors should adhere to the principles of portfolio rebalancing and consider the valuation and safety margins of major asset classes to avoid overexposure [19] - Currency fluctuations should be monitored in cross-border investments, as they can significantly impact overall returns [20]