“香蜜湖金融+”2025年一季度深圳

公募基金行业发展动态

"Xiangmihu Finance + ": Development Trends of Shenzhen's Public Fund

Industry in Q1 2025

2025年一季度，深圳投资基金行业持续深入贯彻落实新“国九条”精神，积极贯彻落实中央和监管部门关于开创资本市场高质量发展新局面工作部署，做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章，紧扣行业高质量发展主题，加快建设一流投资机构，助力建设金融强国。深圳基金公会在位于深业上城的国际财富管理服务中心组织召开了“香蜜湖金融+”之“湾区公募洞察”一季度行业分析研讨会，探究资管产品配置，回顾一季度行业发展情况以及热点亮点，辖区数十家会员单位参会。

In the first quarter of 2025, Shenzhen's investment fund industry continued to thoroughly implement the spirit of the new "National Nine Measures" and actively carried out the central government and regulatory authorities' directives on fostering a new phase of high-quality development in the capital market. The industry focused on advancing the five key financial themes— tech finance, green finance, inclusive finance, pension finance, and digital finance— while aligning with the overarching goal of high-quality industry growth. Efforts were intensified to accelerate the development of first-class investment institutions and contribute to building China into a financial powerhouse. Shenzhen Asset Management Association(SZAMA) organized the "Xiangmihu Finance+: Greater Bay Area Public Fund Insights" Q1 Industry Analysis Seminar at the International Wealth Management Service Center. The event explored asset management product allocation, reviewed industry developments and key highlights from the first quarter, and was attended by dozens of member institutions from Shenzhen.

2025年伊始，领导层及金融监管部门围绕促进资本市场繁荣发展与推动金融业高质量发展，密集出台了一系列精准有力的政策举措。举措有力、施策精准，为活跃资本市场、提振投资者信心奠定了坚实基础，为全年金融工作赢得了积极开局。

At the beginning of 2025, China's leadership and financial regulators introduced a series of precise and robust policy measures aimed at boosting capital market vitality and advancing high-quality development in the financial sector. These well-calibrated and impactful initiatives have laid a solid foundation for revitalizing the capital markets and bolstering investor confidence, securing a positive start to the year's financial agenda.

监管工作持续推进，促进发展稳定市场

在部署工作方向方面：证监会召开2025年系统工作会议，总结2024年工作并研究部署2025年重点工作。2025年五大重点工作部署具体举措包括加强境内外、场内外、期现货联动监测监管，加强战略性力量储备和稳市机制建设，加强政策解读和宣传引导，及时回应市场关切，进一步稳定市场预期等。

在五大篇章方面：证监会发布了《关于资本市场做好金融“五篇大文章”的实施意见》，旨在推动要素资源向科技创新、先进制造、绿色低碳、普惠民生等重大战略、重点领域、薄弱环节集聚，更好满足高质量发展对优质金融服务的需求，助力中国式现代化建设。

在指数投资方面：证监会印发《促进资本市场指数化投资高质量发展行动方案》，旨在推动资本市场指数化投资规模和比例明显提升，加快构建公募基金行业主动投资与被动投资协同发展、互促共进的新发展格局；强化指数基金资产配置功能，稳步提升投资者长期回报，为中长期资金入市提供更加便利的渠道，助力构建资本市场“长钱长投”生态，壮大理性成熟的中长期投资力量。

在中长期资金方面：证监会发布了《关于修改＜证券发行与承销管理办法＞的决定》，对其中六个条文进行修改，聚焦四大核心方向，旨在优化发行承销机制、吸引中长期资金入市、强化市场监管，并与新《公司法》实现制度衔接。

A series of policies were implemented in the first quarter, covering key financial priorities for 2025, the five key financial development areas, promoting high-quality development of index-based investments in capital markets, and attracting medium-to-long-term capital inflows - all aimed at advancing financial sector development and stabilizing capital markets.

辖区公募盈利改善，资管规模稳中有升

基金公会秘书处回顾了一季度深圳公募基金行业的发展现状。截至一季度末，深圳共有32家公募基金管理公司（按注册地口径统计，下同），占全国基金管理公司总数的21.62%；公募基金资产净值约8.00万亿元，占全国公募基金资产净值的24.83%，环比减少1.34%。公司数量与管理规模指标均排名全国第二，仅次于上海。深圳公募基金公司管理非公募业务资产净值合计4.15万亿元，环比下降0.85%，其中，社保账户资产净值1.01万亿元，年金账户资产净值0.56万亿元，养老金账户资产净值0.42万亿元，专户账户资产净值1.75万亿元。

As of the end of Q1, Shenzhen was home to 32 public fund management companies(21.62% of the national total). The net asset value(NAV) of public funds reached approximately 8.00 trillion yuan(24.83% of the country's total public fund NAV), reflecting a quarter-on-quarter(QoQ) decrease of 1.34%. Both the number of companies and AUM ranked second nationwide, trailing only Shanghai. Shenzhen-based public fund managers oversaw non-public fund business with a total NAV of 4.15 trillion yuan, down 0.85% QoQ, This included:

Social security fund accounts: 1.01 trillion yuan NAV;

Enterprise annuity accounts: 0.56 trillion yuan NAV;

Pension fund accounts: 0.42 trillion yuan NAV;

Special account assets: 1.75 trillion yuan NAV.

数据来源：证监会、中基协、深圳辖区、Wind等

Data Source: CSRC, AMAC, Shenzhen, Wind, etc.

2025年一季度，深圳辖区基金公司总资产、净资产稳中有升，盈利情况稍有波动。截至2025年3月底，深圳基金公司总资产合计1025.03亿元，环比增长2.52%；净资产合计741.37亿元，环比增长2.95%。在盈利能力上，一季度辖区基金公司实现营业收入94.25亿元，环比下降10.93%；净利润24.39亿元，环比下降15.22%。一季度，32家基金公司中有31家公司实现盈利，其中，净利润在1亿元以上的有7家。

In the first quarter of 2025, Shenzhen-based fund companies maintained steady growth in total assets and net assets, while experiencing slight fluctuations in profitability. Key financial highlights as of March 2025:

Total assets reached 102.503 billion yuan, increasing 2.52% QoQ;

Net assets stood at 74.137 billion yuan, increasing 2.95% QoQ;

Operating income totaled 9.425 billion yuan, down 10.93% QoQ;

Net profit reached 2.439 billion yuan, down 15.22% QoQ;

Profitability snapshot:

31 out of 32 fund companies were profitable;

7 firms reported net profits exceeding 100 million yuan each.

一季度，安信、景顺长城、国投瑞银、红土创新等基金公司在海通证券公布的基金公司固定收益类基金绝对收益排行榜上表现突出，在各期限固收投资榜单上均名列前茅；安信量化沪深300增强基金超额收益显著，是近一年相对沪深300指数超额收益超8%的唯一一只基金；平安先进制造主题基金规模激增，规模从2024年四季度末的5000万元增加至一季度末的超13亿元；产品发行方面，南方顺丰物流REITs顺利获批；银华现金流ETF3月开始发行；而招商基金的利安-招商中证红利ETF成功在新加坡上市。

In the first quarter, several Shenzhen-based fund companies demonstrated outstanding performance in fixed income investments, according to Haitong Securities' absolute return rankings. Anxin Fund, Invesco Great Wall, UBS SDIC Fund, and Red Soil Innovation ranked prominently across all fixed income investment categories. The Anxin Quantitative CSI 300 Enhanced Fund demonstrated remarkable outperformance, standing as the sole fund achieving over 8% excess return relative to the CSI 300 Index during the past year. Concurrently, the Ping An Advanced Manufacturing Theme Fund experienced explosive growth, with its assets under management (AUM) soaring from RMB 50 million at the end of Q4 2024 to over RMB 1.3 billion by the end of Q1 2025. Regarding product developments: The Southern SF Logistics REITs successfully obtained regulatory approval. Yinhua Cash Flow ETF commenced its offering in March. The Lion-China Merchants CSI Dividend ETF, managed by China Merchants Fund, was successfully listed on the Singapore Exchange.

紧跟资产收益变化，探究财富管理方法

为帮助深圳资管行业探究新形势下的财富管理与资产配置，本次季度分析会邀请中信证券深圳分公司财富客户部企业家办公室专家王超先生做专题讲座。

他的主要观点为资产配置的收益目标是跑赢货币增速，而对于长期资金，投资的目标往往是穿越经济周期、并使得整体财富稳定的保值、增值。伴随低利率时代的来临，资产的保值增值将形成挑战。当下，债券型产品的收益中资本利得比例越来越高，而票息在每年下滑，使得债券型产品的票息变薄，压缩了后续收益率空间。若居民选择将资产投资于固收类产品以获取每年两个点左右的收益，而不选择投资权益等品种，则难以满足对资产保值增值的需求。

2025年,债券+股票的“固收+”模式受到挑战。由于A股市场波动性相对美股市场更大，从实践上看，债券+股票模式的“固收+”公募基金产品并未带来良好持有体验。为实现资产保值、增值，需要通过资产配置进行分散化投资。他为各公司参会代表介绍了适用国内市场的固收+低波稳健策略及其实践效果，并为大家讲解了量化、QDLP、保险等资产的收益特点，以及如何利用资产的风险收益特征以及资产之间的低相关性、负相关性实现风险的对冲。此外，他还以中信证券全球大类资产趋势策略指数作为全球化资产配置的实践案例，并介绍了策略在实践中不断迭代的过程与资产配置思路及调仓的方式。

To explore wealth management and asset allocation strategies under the new market environment, Mr. Wangis invited, an expert from the Entrepreneur Office of the Wealth Client Department at CITIC Securities Shenzhen Branch, to deliver a keynote lecture. His core insights included: The return objective of asset allocation should aim to outpace monetary growthand ,the investment goal should focus on weathering economic cycles while preserving and steadily growing overall wealthfor long-term capital. Mr. Wang shared practical case studies from CITIC Securities' experience and engaged participants in exploring methodologies for achieving optimal asset allocation.

行业亮点频现，AI应用得到较大关注

公募基金正持续以投资者为中心推动费率改革，加大产品创新力度，丰富指数基金产品布局。公募基金公司普遍反馈，一季度市场行情波动较大。整体来看，全国公募基金资产净值有所下降，其中权益类基金规模有所上升，债券、货币类基金规模有所下降。权益类基金规模的增长受到政策驱动、科创驱动等多方面因素的影响。自监管提出推动资本市场指数化投资规模和比例明显提升等要求后，市场反响热烈，权益类产品尤其是指数型基金发行规模得到大幅提升，多家公司发行中证A500ETF、科创综指ETF等ETF基金，ETF市场驶入快车道。受一季度债市剧烈波动影响，纯债基金规模减少，而混合债券型基金以及可转换债券型基金等规模呈现增长态势。货币基金受春节期间现金需求及较低的收益率等因素影响，规模持续下降。当前，公募基金公司普遍关注包括Deepseek在内的AI科技在各自公司的部署运用可行性，当前主要在合规风控、运营营销、投研辅助、文档撰写等方面有所应用，未来也将在更多核心业务场景上成为主要抓手。行业同样关注个人养老金、公募REITs等新业务的发展机会，深圳基金公会积极发挥养老金专委会、公募REITs专委会的专业能力，汇集监管部门、政府机关、市场机构等各方力量，一是于2024年推出《个人养老金精选百问百答》，为养老金融发展提供深圳样板，贡献深圳经验，二是当下正在编写《基础设施公募REITs100问》，以更好地宣传和推广基础设施公募REITs，帮助投资者详细了解基础设施公募REITs产品特性及相关规则，助力基础设施公募REITs市场高质量发展。此外，行业也关注以投资者为本、五篇大文章、薪酬递延等方面的考核指标，深圳基金公会后续将持续开展相关调研研究，分享优秀团队和机构如何制定考核标准，在符合监管现有政策要求的同时提升员工积极性。

The Shenzhen investment fund industry witnessed multiple highlights, such as growth in equity fund AUM - The sector saw noticeable expansion in equity-oriented fund assets, index fund boom - Index-based investments gained significant market traction, AI integration focus - Public fund companies intensified their focus on multidimensional AI applications. SZAMAmade substantial contributions to industry advancementas well.

多地开展金融创新，助力经济提速发展

一季度，浙江省全省金融赋能新质生产力推进大会在杭州举行，会议现场举行了S基金发布及股权投资和创业投资份额转让试点合作机构签约，国新百亿创投母基金落户基金小镇、杭州AIC试点基金首个本地项目投资落地、钱塘江金融港湾高质量发展实践地项目签约及揭牌。深圳市委金融办走访了辖内部分金融机构和创投机构，与各金融机构和创投机构负责人会谈交流，通报2024年深圳市经济社会发展情况，详细了解各家机构经营状况以及对全市金融业发展的意见建议，并对接商讨2025年工作思路举措。北京市成立公募REITs投资基金，合伙企业将聚焦于基础设施公募REITs投资。上海市出台《上海市促进服务业创新发展若干措施》“一揽子”政策措施，明确指出服务业扮演了“经济主引擎”角色，对推动经济增长、吸纳就业、扩大投资、促进消费、改善民生等具有重要作用。在各地金融创新与政策支持的协同发力下，我国经济活力持续激发，高质量发展正迈向全新高度。

最后，国际财富管理服务中心所在地的金融行业领导到会进行现场指导，介绍福田区的有关政策。福田区金融服务和风险防控中心将积极引导公募基金、证券公司等金融机构优化业务布局，支持其将市外券商交易份额引入区合作券商，并鼓励新发权益类产品优先落地福田。

Financial innovation initiatives are gaining momentum across China to accelerate economic development.Zhejiang Province launched an S-fund and signed agreements with pilot partners for private equity/venture capital share transfersand completed the first local investment under Hangzhou's AIC pilot fund program. Shanghai has rolled out a comprehensive package of policy measures, explicitly identifying the service sector as the "primary engine" of economic growth. Shenzhen's Financial Office conducted field visits to local financial institutions and venture capital firms.The Futian District will proactively guide financial institutions such as public fund companies and securities firms to optimize their business layouts. Key initiatives include: Facilitating the redirection of off-market securities trading volumes to partner brokerages within the district Prioritizing the launch of new equity-based financial products in Futian through incentive mechanisms.

These coordinated efforts in financial innovation and policy support across regions and continuously stimulating economic vitality and propelling high-quality development to new levels.

本次活动是“香蜜湖金融+”专题活动之一。“香蜜湖金融+”专题活动品牌是福田区专门打造的金融领域高端交流平台，联动政府部门、金融机构、行业协会、研究机构等各方力量，常态化、多层次、高水平举办“生态沙龙、名家面对面、前沿峰会”三大模块的系列活动。通过全年不间断的活动，营造最为浓厚的产业氛围和最为活跃的产业生态，支持金融同业深度融合、互促共进，助力福田打造“金融服务新质生产力、代表新质生产力、引领新质生产力”的新质金融高地。