Family members buy their own tokens; employees favor the "hidden" tokens

With the strong performance of the equities market in the second half of 2025, tools-based products such as passive index funds and other allocation-oriented products like secondary bond funds have become the main entry point for fund practitioners. In addition, Hong Kong stock technology, Hong Kong stock high dividend, free cash flow, and related index funds such as those tracking solar power and chemicals have also seen active additional purchases by fund practitioners. Also, given the restricted investment quotas for QDII, fund practitioners are actively increasing their allocation to QDII products such as those investing in Hong Kong and U.S. stocks.

Active equity funds are still the preferred targets for fund practitioners. In the second half of 2025, several well-known fund managers—Fan Yan of 富国稳健增长 (Fortune Steady Growth), Liu Sheng of 中庚价值领航, Zhou Weiwen of 中欧新趋势, and Zhang Jialu of 睿远港股通核心价值—received active additional purchases by fund practitioners and are highly recognized within the industry. It is worth noting that some fund company executives, heads of fund investment research and portfolio management, and fund managers have already carried out operations such as taking profits on the funds they hold.

Invested-to-increase targets: index funds, QDII, etc.

Judging by the number of fund units held, in the second half of 2025, passive index funds, secondary bond funds, and QDII products were even more favored by fund practitioners, while FOFs and pure bond funds saw relatively larger sell-downs by fund practitioners.

Because passive index funds have a large number of products, the additional purchases by fund practitioners are relatively dispersed. However, looking at the tracked indices, in the second half of 2025, fund practitioners as a whole reduced holdings in a greater number of index funds related to 沪深300, 中证500, 科创创业50, 中证A50, and others. They instead increased holdings in index funds related to Hong Kong stock technology, Hong Kong stock high dividends, free cash flow, and similar themes. Industry index funds such as those tracking solar power, chemicals, securities, and chips are also well received in the industry.

For example, 汇添富中证港股通高股息投资ETF联接 increased by more than 9.78 million units in the second half of 2025 due to additional purchases by fund practitioners. 汇添富恒生港股通中国科技ETF联接 and 汇添富国证自由现金流ETF联接, both issued in 2025, also received subscriptions by fund practitioners of more than 6 million units each. In addition, 广发中证光伏产业, 嘉实沪深300红利低波动ETF联接, and 汇添富中证全指医疗器械ETF联接 all received additional purchases of more than 5 million units each by fund practitioners in the second half of 2025.

In addition, as a representative “fixed income +” category product, secondary bond funds are not only recognized by a broad range of investors, but have also become a key focus for fund practitioners’ allocation. Products such as 汇添富多元收益, 景顺长城景颐招利6个月持有, 广发恒祥, and 银华盛泓 all saw additional purchases of more than 10 million units by fund practitioners in the second half of 2025.

QDII products have long attracted investors due to their tight investment quotas. In the second half of 2025, fund practitioners similarly accelerated their layout of QDII products. 易方达全球成长精选 received additional purchases by fund practitioners; the total number of units held rose sharply from 9.1394 million to 29.9736 million. Fund company executives and heads of the fund investment research department increased their holdings of the C share class of this fund by more than 1 million units. Among other QDII products, 易方达恒生科技ETF联接, 汇添富香港优势精选, and 东方红医疗创新 newly launched in September 2025 all received additional purchases by fund practitioners of more than 500k units in the second half of 2025.

The industry digs for “niche” products

Active equity funds—especially stock-biased hybrid funds—remain an important investment tool for fund practitioners. Although the growth rally in the second half of 2025 was relatively prominent, judging by the product orientation of the additional purchases by fund practitioners, “extreme track” products are not the preferred choice. Funds managed by fund managers with strong long-term capabilities are more recognized within the industry.

For example, since well-known fund manager 范妍 took over 富国稳健增长 in October 2024, she has continued to attract industry capital. From the end of 2024 to the end of June 2025, and then to the end of 2025, the number of fund units held by fund practitioners increased from 31.5324 million to 60.7382 million, and then to 65.6661 million. As of April 3, the appointment return rate of the fund’s A share class managed by 范妍 was 29.05%.

In addition, 中庚价值领航 managed by 刘晟, 中欧新趋势 managed by 周蔚文, 睿远港股通核心价值 managed by 张佳璐, 广发成长精选 managed by 刘彬, 华泰柏瑞致远 managed by 叶丰, and 广发价值领先 managed by 林英睿 all received notable additional purchases by fund practitioners in the second half of 2025.

It is worth noting that many “niche” products managed by well-known fund managers are actually “favorites” of people in the industry.

As of the end of 2025, well-known fund manager 高楠’s public-fund management scale was as high as over 70 billion yuan. However, the scale of 永赢融安 managed by her was only 665 million yuan, making it a popular option among fund practitioners. In the second half of 2025, fund practitioners in aggregate increased their holdings by nearly 7.5 million units. Well-known fund manager 杨锐文’s public-fund management scale at the end of 2025 was over 20 billion yuan; the scale of 景顺长城成长领航 managed by him was under 1 billion yuan. It is also a popular single product attracting fund practitioners, with fund practitioners in aggregate increasing their holdings by more than 7.4 million units in the second half of 2025.

Some fund managers take profits

The strengthening of the technology growth rally in the second half of 2025 has also led some fund practitioners to choose to take profits—especially for some fund company executives, investment research heads, and fund managers who have already shown such actions.

For example, a group of well-known growth-style fund managers, including 孙权, 马翔, 傅鹏博, and 胡中原, seized the opportunity; all had public-fund products that achieved returns of over 50% in the second half of 2025. However, with the accumulation of gains, taking-profit actions have appeared frequently.

In the second half of 2025, 孙权’s 富国新兴产业 C had a return rate of over 68%. The units held by 孙权 decreased from 0.5–1 million units to 0.1–0.5 million units. 马翔’s 汇添富科技创新 encountered sell-downs by fund company executives and heads of the investment research department; the units held decreased from over 1 million units to 0.5–1 million units.

In addition, 傅鹏博 reduced his holdings of 睿远成长价值 C, with units held decreasing from 0.5–1 million units to 0.1–0.5 million units, but his holdings of the fund’s A share class remained above 1 million units. 胡中原 also reduced his holdings of 华商润丰 A; the units held decreased from above 1 million units to within 0.1–100k units. Fund company executives and heads of the investment research department also reduced their holdings from above 1 million units to 0.5–1 million units.

In addition, for industry theme products related to consumption, healthcare, and the like that performed relatively poorly in the second half of 2025, some fund company executives, investment research heads, and fund managers have adopted sell-down measures.

As of the end of June 2025, fund company executives and heads of the investment research department each held more than 1 million units of 易方达消费行业 and held 100k–500k units of 中欧医疗健康A. By the end of 2025, their holdings of fund units had both been reduced to within 100k units. 工银前沿医疗A also saw a significant sell-down by fund practitioners in the second half of the year. The number of units held by fund company executives and investment research leaders decreased from 100k–500k units to within 100k units, and fund manager 赵蓓 directly cleared all the 100k–500k units previously held. In the second half of 2025, the returns of the three funds were all within 5%, significantly lower than the average level of active equity funds.

(Editor: 许楠楠)

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