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

People’s Finance and News, April 8—In the face of the strong performance in the equity markets in the second half of 2025, tool-based products such as passive index funds, as well as allocation-oriented products such as secondary bond funds, have become the main targets for fund practitioners to enter the market. In addition, Hong Kong-listed technology, Hong Kong high-dividend stocks, free cash flow, and related index funds in areas such as photovoltaics and chemicals have also received active additional buying by fund practitioners. Also, given the limited investment quota for QDII, fund practitioners are actively increasing their allocation to QDII products such as those focused on Hong Kong stocks and U.S. stocks. Active equity funds are still the preferred choice for fund practitioners. In the second half of 2025, several funds managed by well-known fund managers—Fury World Stable Growth managed by Fan Yan, China Merchants Value Navigation managed by Liu Sheng, China Europe New Trends managed by Zhou Weiwen, and Rayliway Hong Kong Stock Connect Core Value managed by Zhang Jialu—received active additional buying by fund practitioners and are widely recognized in the industry. It is worth noting that some fund company executives, heads of fund investment research and development, and fund managers have already taken actions such as locking in profits on the funds they hold. (China Securities Journal)