The latest scale of securities asset management is released, fund managers' stock positions generally rise

Source: Securities Times

The first-quarter reports of funds in 2025 have recently been fully disclosed, and the latest public offering management scales and fund managers' views of securities firm asset management subsidiaries have been released.

In terms of institutional management scale, as of the end of the first quarter of 2025, there were 4 securities firm asset management subsidiaries with a public offering fund management scale exceeding 100 billion yuan. Oriental Securities Asset Management (i.e., Dongzheng Asset Management), Huatai Securities Asset Management, and BOC Securities ranked among the top three.

Overall, many equity fund managers of securities firm asset management subsidiaries achieved positive net value growth of their products in the first quarter, and the stock positions of fund managers generally increased. Looking ahead to the future market, fund managers are generally optimistic. Some fund managers said that this year is likely to be the first year of the rise of AI (artificial intelligence) applications. People often worry about macro issues and ignore the impact brought about by technological progress.

Four Securities Firm Asset Management Subsidiaries Have a Public Offering Management Scale Exceeding 100 Billion Yuan

Wind data shows that as of the end of the first quarter of 2025, a total of 4 securities firm asset management institutions had a public offering fund management scale exceeding 100 billion yuan. Oriental Securities Asset Management ranked first with 158.559 billion yuan, Huatai Securities Asset Management ranked second with 135.214 billion yuan, and BOC Securities and Caitong Securities Asset Management ranked third and fourth with 131.39 billion yuan and 105.683 billion yuan respectively.

Subsequently, Guotai Junan Asset Management (78.645 billion yuan), China Merchants Securities Asset Management (58.227 billion yuan), and Zhongtai Securities Asset Management (43.125 billion yuan) ranked fifth to seventh respectively. Zheshang Securities Asset Management, Galaxy Jinhui, and GF Securities Asset Management also ranked among the top ten.

From the perspective of the product structure of public offering funds of each securities firm asset management subsidiary, Oriental Securities Asset Management is characterized by equity products. The scale of equity public offering fund products is approximately 88 billion yuan, accounting for half of the total.

The scale of equity products of Zhongtai Securities Asset Management ranked second, reaching 17.466 billion yuan. The scale of equity products of Caitong Securities Asset Management and Guotai Junan Asset Management also exceeded 10 billion yuan. Huatai Securities Asset Management is good at money market funds, and the latest scale of its money market funds exceeds 100 billion yuan. BOC Securities is characterized by bond funds, and its latest bond fund scale exceeds 120 billion yuan. In addition, the latest bond fund scale of Caitong Securities Asset Management also exceeds 80 billion yuan.

Star Fund Managers Increase Their Stock Positions

In the first quarter of this year, the A-share market was active in trading, with continuous highlights such as artificial intelligence. Equity fund managers of securities firm asset management subsidiaries also generally achieved good performance. It is worth mentioning that the stock positions of many star fund managers increased in the first quarter.

For example, the products managed by Jiang Cheng, Deputy General Manager of Zhongtai Securities Asset Management and General Manager of the Equity Public Offering Investment Department, performed steadily in the first quarter. Jiang Cheng's representative work, Zhongtai Xingyuan Flexible Allocation Hybrid A, saw a net value growth of 0.86% in the first quarter of this year. As of the end of the first quarter of this year, the stock position was approximately 86%, a slight increase from 85% at the end of 2024. The heavily held stocks included Hualu Hengsheng, Sun Paper, China State Construction Engineering Corporation, etc.

The net value of the products managed by Zhou Yun, a star fund manager of Oriental Securities Asset Management, also grew steadily. Take Dongfanghong New Power Hybrid A managed by him as an example, its net value increased by 2.83% in the first quarter of this year. In terms of position, the proportion of stocks in this fund was approximately 79% at the end of the first quarter of this year, an increase from 75% at the end of 2024. The heavily held stocks included Longi Green Energy Technology Co., Ltd., Anhui Conch Cement Co., Ltd., ShenzhenShenzhen Capchem Technology Co., Ltd., etc.

The net value of Zhongtai Kaiyang Value Optimal Selection Hybrid A managed by Tian Yu, Deputy General Manager of the Equity Public Offering Investment Department of Zhongtai Securities Asset Management, increased by 4.55% in the first quarter. The latest stock position was nearly 93%, a significant increase from 88% at the end of last year. Tian Yu's heavily held stocks included China Jushi Co., Ltd., SHIRUI SEMICONDUCTOR (SHANGHAI) CO., LTD., GigaDevice Semiconductor Inc., etc.

In addition, due to the outstanding performance of innovative drugs since this year, Jiang Qi, Head of the Pharmaceutical Research Group of the Equity Research Department of Oriental Securities Asset Management, has also achieved good performance. In the first quarter of this year, the net value of Dongfanghong Medical Upgrade Stock Initiation A managed by Jiang Qi increased by 22.83%. Her heavily held stocks included Chengdu Kanghong Pharmaceutical Group Co., Ltd., BLT Pharmaceuticals Co., Ltd., Innovent Biologics Inc., Hengrui Medicine Co., Ltd., etc.

Optimistic about the Future Market

In the first-quarter reports, fund managers of various securities firm asset management subsidiaries also expressed their views on the recent market and hot events. Regarding the market in the next stage, fund managers all expressed optimism.

Zhou Yun said that he is optimistic about the Chinese economy and the market in the medium and long term. He will adjust the portfolio with an optimistic attitude in combination with the changes in the market and the macro environment, and strive to create better returns for the fund holders.

Zhou Yun further stated that China has quietly entered a new cycle, and external shocks are becoming the driving force for the transformation and reform of the domestic economy. Currently, technological innovation represented by AI (artificial intelligence) is booming. This year is likely to be the first year of the rise of AI applications. People often worry about macro issues but ignore technological progress. Moreover, they always overestimate the changes in the next two years and underestimate the development ten years later. It is believed that a new round of industrial revolution driven by AI is likely to have already started. For future changes, we need to imagine boldly and verify carefully.

Regarding the impact of the recent arbitrary imposition of tariffs by the United States and other market focus issues, Jiang Cheng said that although it is still difficult to make an accurate judgment at present, he still has confidence for two reasons: First, China's complete industrial chain and huge domestic demand endow the economy with resilience; second, there is a large margin of policy space available for use. He also said that April is the traditional earnings report season, and the market may pay more attention to the long, medium, and short-term impacts of policies on the fundamentals. He himself focuses more on "weighing" assets and does not pay excessive attention to periodic fluctuations.

Regarding the pharmaceutical industry, Jiang Qi said that standing at the end of the first quarter of 2025, she is more confident, and this confidence mainly comes from the industry. The innovative drug industry is an industry that takes ten years to sharpen a sword. 2015 was the first year of the development and reform of innovative drugs in China, and it is exactly ten years by 2025. Looking ahead to 2025, she is optimistic about the stability of the policies in the pharmaceutical industry, the recovery of the industry's growth rate, and also sees the arrival of the era when innovative drugs bear fruit.

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