编者按 当前，我国公募基金行业正处在转型提质关键期。在证监会出台的《推动公募基金高质量发展行动方 案》引领下，深圳聚合多方力量，纵深推进全链条改革，推动公募基金行业发展迈上新台阶。中国证券 报联合深圳证监局今起推出"固根基·创价值·利长远——深圳公募基金高质量发展在行动"系列报道，通 过署名文章、专访等形式，展现深圳公募行业转型探索与实践，为推动全行业高质量发展贡献智慧与力 量。 南海之滨，风劲潮涌。当前，我国公募基金行业正处在改革深化、提质增效关键期。深圳公募基金市场 活力足，创新实力强，机构数量与管理规模均居全国前列，在改革中迈上发展新台阶。 自证监会印发《推动公募基金高质量发展行动方案》以来，深圳证监局制定覆盖事前理念引导、事中机 制建设、事后成效评估的系统性工作方案，统筹推进行业全链条改革，引导行业紧扣"服务实体经济、 守护投资者利益"核心，探索符合区域特色和行业规律的高质量发展路径，积极为金融强国建设贡献"圳 能量"。 全链条发力 筑牢投资者利益共同体 公募基金高质量发展的关键，在于重塑行业生态，筑牢投资者、基金管理人、销售机构、评价机构等各 方深度绑定的投资者利益共同体。 抓住这一关键要领，深圳统 ...

2025.11. 20 本文字数：2770，阅读时长大约4分钟 作者 | 第一财经 曹璐 A股震荡上行催动资金入场，公募基金发行市场强势复苏，但"冰火两重天"的分化格局亦同步加剧。 Wind数据显示，截至11月19日，今年新发基金达1332只，创近三年新高，一扫过去三年连降阴霾。市 场热度肉眼可见，不仅新基金平均认购周期大幅缩短，"日光基"与"小爆款"也频频出现。 站在年末关口，机构已将目光投向跨年以及明年的布局计划，含权产品成中大型机构的共同选择， ETF、"固收+"以及主动权益产品构成产品规划的"三驾马车"，同时，部分中型公司则倾向于在细分赛道 寻求差异化突破。 新发复苏背后分化加剧 伴随A股市场震荡上行，资金入场意愿显著增强，公募基金发行市场同步迎来复苏态势。Wind数据显 示，截至11月19日，以基金成立日来计算，今年以来全市场共计发行公募基金1332只（仅计算初始基 金，下同），合计发行规模突破1.03万亿份。 这一数量不仅远超去年同期水平，在本年度尚未结束时已创下近三年新高，一举扭转了过去三年发行连 续下滑的颓势。不过，市场热度的回升中仍藏"冷意"，年内新基金平均发行份额为7.75亿份，处于近十 ...

● 本报记者 王雪青 "对于行业高质量发展，我们的目标很明确。"近日，宏利基金总经理丁闻聪在接受中国证券报记者专访 时说，"我们将充分借鉴宏利金融集团全球领先的投资能力和实践，以及养老金等长期投资方面的经 验，结合本土化的人才团队与业务战略，更好为中国投资者提供定制、创新的全球资产配置解决方 案。" 外资公募的中国式解题 宏利基金成立于2002年，目前由宏利金融集团旗下子公司宏利投资100%控股。宏利金融集团源自加拿 大，是全球领先的金融服务集团，已在全球22个国家和地区服务数百万客户。作为最早进入中国市场的 外资金融机构之一，宏利金融集团深耕中国市场逾30年，见证了中国金融市场对外开放的历程。 那么，在行业高质量发展要求下，宏利基金如何将宏利金融集团的全球资产管理经验与中国市场实践相 结合，（下转A06版） （上接A01版）实现"全球赋能"与"本土智慧"的融合？ "实际上，自2022年宏利基金转为外资全资控股以来，公司就进入了一个全新的发展时期，多元化布局 更进一步。"丁闻聪说，首先，宏利基金加强了和集团尤其是宏利全球投资专家团队的沟通，建立了定 期观点交流机制，赋能公司不断升级投资平台。同时，中国主动权益 ...

Core Insights - The total dividend distribution of public funds in the market reached 55.525 billion yuan in the third quarter, with equity funds contributing 11.636 billion yuan, marking a year-on-year increase of 99.86% [1][2] - Overall, the total dividend distribution for the year reached 182.475 billion yuan, reflecting a year-on-year increase of 29%, indicating a significant improvement in fund profitability due to the recovery of the A-share market [1][2] Dividend Distribution Growth - Bond funds accounted for 39.078 billion yuan in dividends during the third quarter, representing 70.38% of the total market dividends, although this reflects a year-on-year decline of 5.09% due to net asset value fluctuations and slower growth in distributable profits [2] - In contrast, equity funds saw a substantial increase in dividend distribution, with stock funds contributing 10.354 billion yuan (up 119.09% year-on-year) and mixed funds contributing 1.282 billion yuan (up 16.97% year-on-year), raising the equity funds' share of total dividends from 11.94% to 20.96% [2] Increased Dividend Frequency - The frequency of dividends for equity funds has also significantly increased, with stock funds distributing dividends 361 times (up 247.12% year-on-year) and mixed funds 157 times (up 196.23% year-on-year) in the third quarter [3] - For the year, 43 funds have distributed dividends at least 9 times, with over 60% being equity products, indicating a trend towards more frequent distributions [3] Fund Management Strategies - High-frequency dividends are linked to product positioning and strategy design, with some funds explicitly stating "high dividend" or "regular dividend" in their contracts, targeting stable cash flow for investors [4] - Additionally, high-frequency dividends may serve as a tool for fund managers to manage scale, allowing them to lock in profits and signal performance to investors while maintaining optimal operational scale [4]

Core Viewpoint - The article discusses the current state and challenges of the compliance and risk control system in China's public fund industry, emphasizing the need for continuous improvement to meet the demands of high-quality development [1][2]. Group 1: Current State of Compliance and Risk Control - The compliance and risk control system in the public fund industry has made significant progress, characterized by a more complete regulatory framework and a strong emphasis on prioritizing investor interests [1][2]. - The industry has shifted from a focus on post-event punishment to proactive prevention and real-time control, establishing a mature regulatory system and industry ecosystem [2]. Group 2: Challenges Facing Compliance and Risk Control - The complexity of products, such as derivatives and structured products, poses challenges in risk identification, requiring higher professional capabilities from risk management personnel [2]. - The internationalization of business introduces cross-border risks, including global market risks and regulatory differences [2]. - Information security risks are heightened due to reliance on IT systems, which can lead to transaction interruptions or data breaches if compromised [2]. Group 3: Areas for Improvement - The compliance and risk control system needs to evolve towards "smart risk control" through the integration of big data and AI, enhancing risk management centered on investors [3]. - There is a need to build comprehensive and penetrating risk management capabilities and to strengthen emergency plans and stress testing [3]. Group 4: Insights from Longsheng Fund - The compliance and risk control team operates with a sense of urgency, recognizing that the construction of these systems is an ongoing process requiring strategic attention from the entire company [4][5]. - A strong risk culture and efficient action are essential for the successful evolution of the compliance and risk control system, which will enable the company and industry to achieve high-quality development [5].

Group 1 - The core viewpoint of the articles highlights a significant increase in public fund dividends in 2023, with both the number of funds participating in dividends and the total dividend amount rising compared to the previous year [1][3]. - As of September 26, 2023, a total of 2,832 public fund products participated in dividends, with a total dividend amount reaching 1,740.48 billion yuan, marking a year-on-year increase of 406 funds (16.8%) and an increase in total dividends by 383.57 billion yuan (28.3%) [1][3]. Group 2 - In the bond fund category, the total dividend amount increased by 11.34% compared to the same period last year, with 2,304 bond funds participating and a total dividend of 1,333.52 billion yuan, accounting for 76.6% of the total public fund dividends [3]. - For equity funds, the total dividend amount increased by 234.08 billion yuan compared to the previous year, with a growth rate exceeding 1.5 times, and the contribution rate also increased by 13.04% [3]. - A total of 488 equity funds distributed dividends amounting to 386.79 billion yuan, with an overall contribution rate of 24.3%, compared to 233 equity funds that distributed 152.71 billion yuan last year [3]. Group 3 - The top four dividend amounts in the year were captured by the CSI 300 ETFs, with the highest being Huatai-PB CSI 300 ETF at 83.94 billion yuan, followed by E Fund, Huaxia, and Harvest CSI 300 ETFs [4]. - QDII funds, although having a smaller overall dividend amount, experienced the largest year-on-year growth, with a total dividend of 17.33 billion yuan, representing a nearly fourfold increase [4]. - Money market funds saw limited activity, with only one fund, the Jiashi Rongxiang Money Market Fund, completing two dividend distributions totaling 2.41 billion yuan [4].

Market Overview - The major indices in the equity market showed mixed performance, with the ChiNext Index rising by 2.34% and the Shanghai 50 Index declining by 1.98% [2] - Among the 31 first-level industries, 13 experienced gains, with the top five performing industries being coal, electrical equipment, electronics, automobiles, and machinery [2] - The five industries with the largest declines were banking, non-ferrous metals, non-bank financials, steel, and agriculture [2] Public Fund Market - The scale of the Shanghai and Shenzhen ETF exceeded 5.1 trillion yuan [2] - In the past month, 14 actively managed equity funds were closed early [2] - Among equity funds, the average increase for equity-oriented funds was 0.63%, while fixed income plus funds saw an average decline of 0.08% with a positive return ratio of 41.65% [2] - Pure bond funds had an average increase of 0.03%, and pension target FOFs rose by an average of 0.54% [2] - QDII funds averaged an increase of 1.37%, with a positive return ratio of 81.14% [2] Fund Positioning - The industries with the highest increases in active equity fund positions were media, coal, and electrical equipment, while the largest decreases were in electronics, pharmaceuticals, and comprehensive sectors [3] - The overall positioning of active equity funds was measured at 77.69% as of September 19, 2025, a decrease of 0.51 percentage points from the previous period [3] ETF Market - The ETF market saw a net inflow of 13.612 billion yuan last week, with cross-border ETFs contributing a net inflow of 16.079 billion yuan [3] - Stock ETFs experienced a net inflow of 4.856 billion yuan [3] - The average daily trading volume in the ETF market reached 469.267 billion yuan, with an average daily turnover rate of 10.34% [3] - Major inflow themes included brokerages, robotics, and gold ETFs, while broad-based funds continued to see outflows, particularly from the Shanghai Stock Exchange STAR 50, CSI 300, and CSI A500 indices [3] Fund Issuance - A total of 31 new funds were issued last week, a decrease of 24 from the previous period, while 56 new funds were established, an increase of 17 [3] - The total amount raised by new funds was 70.735 billion yuan, an increase of 48.941 billion yuan from the previous period [3]

Core Viewpoint - The Chinese public fund industry is transitioning from domestic to international, aiming for high-quality development and global market presence through various strategies such as QDII business expansion and partnerships with overseas financial institutions [1][2][4]. Group 1: Industry Development - The Chinese public fund market has matured, with total assets surpassing 35 trillion yuan by July this year, prompting a collective vision for international business expansion [2]. - Recent initiatives include the launch of a FOF fund in Thailand, showcasing the active engagement of Chinese public funds in overseas markets [2]. - The establishment of overseas subsidiaries has expanded from Hong Kong to other regions like Macau, Singapore, and New York, with over 20 public funds already having set up such entities [2][3]. Group 2: Internationalization and Global Pricing Power - The internationalization of public funds is driven by the maturation of the industry and the evolving needs of investors, facilitating better global pricing for Chinese assets [4]. - The increasing demand for diversified asset allocation among domestic investors is pushing public funds to explore international markets [5]. - The expansion of mutual fund products, such as ETFs, has reached 265, providing significant avenues for global investors to access Chinese assets [3]. Group 3: Competitive Advantages - Chinese public funds possess unique competitive advantages in the international market, including strong learning capabilities, a large pool of skilled financial talent, and a robust domestic market [7]. - The integration of Chinese technology with local industries in regions like the Middle East is creating opportunities for customized investment products [6]. - The ongoing global re-evaluation of Chinese assets positions public funds favorably for international investments [7]. Group 4: Risk Management and Challenges - The globalization of public funds necessitates enhanced risk management capabilities, particularly in understanding diverse regulatory environments and market conditions [8][9]. - Challenges such as high information acquisition costs, currency fluctuations, and compliance risks require public funds to develop comprehensive risk management systems [9]. - Continuous research and collaboration with international institutions are essential for improving overseas investment capabilities and addressing investor concerns [9].

Group 1 - The core viewpoint of the article highlights Dongxing Securities' strong financial performance in the first half of 2025, with a revenue of 2.249 billion yuan, representing a year-on-year increase of 12.46%, and a net profit attributable to shareholders of 819 million yuan, up 42.12% [1] - In the wealth management sector, Dongxing Securities optimized its branch layout and accelerated the intelligent upgrade of investment advisory services, achieving a year-on-year growth of 55.27% in fund advisory assets under management, with nearly 30,000 clients served [1] - The investment trading business focused on building a multi-product, multi-strategy, and multi-market investment system, achieving stable investment returns amid significant market fluctuations [1] Group 2 - In the investment banking sector, the company restructured its investment banking operations to enhance management efficiency, with four IPOs as the lead underwriter, all from strategic emerging industries such as new materials and high-end equipment manufacturing [1] - Dongxing Securities received approval for an additional QDII investment quota of 4 million USD, raising the total QDII overseas securities investment quota to 18 million USD [2] - The company emphasized the implementation of the "Five Major Articles" policy guidelines, which provide a framework for deepening the transformation of its main business and enhancing service efficiency [2]

Core Viewpoint - Global investors are reassessing opportunities in China, looking beyond the pressures in the real estate sector to identify broader investment prospects across the Chinese economy [4][15][22]. Group 1: Investment Opportunities in China - Tariq Ahmad emphasizes that some Chinese companies possess global competitiveness that transcends national borders [5][18]. - Investors are encouraged to adopt a long-term perspective, as China is undergoing a structural transformation aimed at economic rebalancing [16][18]. - The 5S framework is proposed for analyzing investment opportunities in China, focusing on Supply Chain, Sustainability, Services, Systems, and Savings [13][17]. Group 2: Economic and Market Conditions - The article discusses the impact of U.S. tariffs on inflation, estimating that a 15% effective tariff rate could equate to a 3% national consumption tax, with a limited overall impact on GDP [9][11][10]. - Concerns regarding geopolitical risks and economic slowdown are highlighted, with a shift in growth momentum from investment to consumption in China [19][22][23]. Group 3: Asia-Pacific Market Opportunities - Wealth growth in the Asia-Pacific region, particularly from large economies like China and India, is creating abundant investment opportunities [25][28]. - The demographic structure in the region presents unique challenges and opportunities, necessitating differentiated investment solutions [26][29]. Group 4: Changes in Institutional Investment Strategies - The total portfolio approach is gaining traction among institutional investors, emphasizing concentration, correlation, and climate risk [36][40]. - There is a notable interest in liquid alternative investments and private market assets, with a resurgence in hedge fund strategies anticipated [38][39]. Group 5: Focus on Income Generation - High-net-worth individuals are primarily driven by income, leading wealth management institutions to focus on strategies that generate stable returns [41][44]. - Thematic investing is emerging as a trend, with investors increasingly interested in capturing opportunities related to global megatrends [43][47]. Group 6: Global Market Dynamics - The article notes that some investors are reducing their U.S. market allocations due to valuation concerns and geopolitical factors, while showing increased interest in European markets [49][52]. - A weakening U.S. dollar is expected to create new opportunities for emerging markets, particularly benefiting countries with strong ties to China [54][58].