Core Viewpoint - Small-cap stocks are leading the market, with significant gains observed in various companies, driven by favorable policies and a low-interest-rate environment [1][3]. Group 1: Market Performance - Small-cap stocks such as Taihe Technology, Wavelength Optoelectronics, Sand Technology, and Yihau New Materials have reached their daily limit up [1]. - The CSI 1000 and CSI 2000 indices rose by 0.51% and 0.94%, respectively, indicating strong performance in the small-cap sector [1]. - The 1000ETF Enhanced (159680) and CSI 2000 Enhanced ETF (159552) have outperformed major indices this year, with significant gains of 48% and 61% since last year [8]. Group 2: Market Drivers - The market's strength is attributed to supportive policies, with the A-share market remaining robust above 3000 points, leading to a preference for small-cap stocks over large-cap stocks [3]. - Continuous liquidity and a low-interest-rate environment favor small-cap stock speculation, while market volatility allows enhanced index products to capture excess returns [3][8]. - The top five sectors in the CSI 2000 index include Machinery Equipment (11.5%), Electronics (9.1%), Computers (7.8%), Pharmaceutical Biology (6.7%), and Basic Chemicals (6.7%) [3]. Group 3: Future Outlook - There is potential for further gains in small-cap stocks due to ongoing supportive policies and the early-stage growth of industries like AI and robotics [8]. - The market's volatility continues to provide opportunities for quantitative strategies to identify undervalued small-cap stocks, enhancing the performance of the 1000ETF Enhanced and CSI 2000 Enhanced ETF [8]. - Investors are advised to consider entry points during market pullbacks and maintain a long-term holding strategy to increase the probability of profitability [9].

Group 1 - The A-share market in the first half of 2025 experienced a rebound despite facing mid-term tariff shocks, with significant trading volume and volatility providing a favorable environment for quantitative strategies [3][6][14] - The return of small-cap stocks has set the tone for quantitative strategy performance, with the ChiNext and CSI 2000 indices outperforming larger indices like the CSI 300 [6][10][18] - The overall A-share environment has been friendly to quantitative strategies, characterized by significant volatility and trading volume exceeding one trillion, which supports high-frequency trading strategies [14][15] Group 2 - Alpha products and managers performed well in the first half of 2025, with most long products achieving positive returns, particularly in quantitative stock selection [16][17] - The average return for quantitative stock selection products exceeded 12%, benefiting from the favorable small-cap market environment [17][19] - New quantitative strategies are emerging, with the CSI 2000 index showing strong performance due to its small-cap focus and lower competition compared to traditional indices [28][29] Group 3 - The risk associated with small-cap stocks needs close attention, as they have shown extreme trading heat and significant divergence from larger indices, indicating potential for a market correction [32][39] - The macroeconomic environment, policy support, liquidity conditions, and technological advancements are driving the performance of small-cap stocks, but caution is warranted due to high valuations and the presence of loss-making companies [34][36][37] - The correlation between quantitative products and small-cap stocks suggests that while there are benefits, there is also a need for careful risk management to avoid potential downturns similar to past market events [40][41]

Core Functions: Coverage of Multiple Trading Markets - Velos Markets operates on a "tripod" core functionality, covering foreign exchange, contracts for difference (CFD), and cryptocurrencies, along with specialty products like spot gold [2] - The platform supports major currency pairs such as EUR/USD and GBP/JPY, providing investors with a "global exchange rate fluctuation map" to capture opportunities in different economies [2] - CFD trading allows users to leverage small amounts of capital for larger trades, enhancing profit potential without holding the underlying assets [2] - Cryptocurrency trading includes major digital assets like Bitcoin and Ethereum, with 24/7 trading capabilities to match the market's volatility [2] Operational Guide: Seamless Transition from Simulation to Real Trading - Velos Markets offers a clear operational pathway for users, particularly focusing on lowering entry barriers for beginners [3] - Users must complete identity verification and risk assessment on the official website, with a bilingual interface for global accessibility [3] - The platform provides a "demo account" feature for new users to practice with virtual funds, allowing them to familiarize themselves with market dynamics without risk [3] - The trading interface is modular, displaying real-time market depth, candlestick charts, and order books, with customizable layouts for different trading types [3] - Users can adjust leverage based on trading products, with risk management systems in place to alert users during significant price fluctuations [3] Efficiency Advantages: Experience Driven by Technology - Velos Markets is known for high performance, with advanced hardware and efficient data processing enabling rapid trading experiences [5] - The platform's low-latency system is crucial for capturing fleeting arbitrage opportunities in high-frequency trading [5] - A distributed server architecture ensures smooth trading even during market volatility, unlike some traditional platforms that may experience delays [5] - Built-in algorithmic trading features allow users to set automated strategies, while tech-savvy investors can connect via API for quantitative strategy deployment [5] Differentiation Advantages: Competitive Edge Compared to Similar Platforms - Velos Markets stands out with a diverse product range, unlike platforms that focus solely on forex or crypto assets, catering to varied investment portfolios [7] - The platform lowers entry barriers for beginners through demo accounts and risk alerts while empowering professional investors with API and algorithmic trading capabilities [7] - A global business network connects major financial markets, enabling users to easily participate in target market trading, achieving "one-click global asset allocation" [7] - Velos Markets provides a robust online trading platform for investors of all levels, characterized by strong functionality, user-friendly operations, exceptional trading efficiency, and clear competitive advantages [7]

Core Viewpoint - The rapid growth of index-enhanced funds in China is driven by policy support, increased investor demand, and the unique advantages of these funds, with a significant rise in the number of new products and total fundraising amounts in 2023 [1][3]. Group 1: Growth of Index-Enhanced Funds - As of June 15, 2023, 70 new index-enhanced funds were established, marking a year-on-year increase of approximately 438%, with total fundraising exceeding 35.8 billion yuan [1][2]. - The number of index-enhanced funds established in 2023 is the highest in recent years, surpassing previous years' totals [2]. Group 2: Factors Driving Growth - Multiple factors contribute to the rapid development of index-enhanced funds, including policy guidance, regulatory mechanisms, and a structural shift in investor demand towards transparent and excess return products [3]. - Index-enhanced funds are positioned between passive index funds and traditional active funds, with a focus on achieving stable excess returns [3]. Group 3: Market Composition and Trends - There are currently 366 index-enhanced funds in the market, with over 60% focusing on broad-based indices such as the CSI 500 and CSI A500 [3][4]. - The CSI A500 index has seen a significant increase in the number of index-enhanced funds, with 38 out of the 70 new funds established in 2023 being CSI A500 index-enhanced funds [3]. Group 4: Investment Strategies and Future Outlook - Fund managers are increasingly adopting quantitative strategies to achieve stable excess returns, which is seen as a key path for both large and small public fund institutions [5]. - The future of index-enhanced funds is expected to become a crucial business segment for public fund institutions, potentially becoming a decisive factor in their core competitiveness [5][6].

Core Insights - The private equity securities fund industry has shown strong performance in the first five months of the year, with an average return of 4.34% across 12,843 funds, and 74.81% of these funds achieving positive returns [1] Group 1: Performance by Strategy - Equity strategies led the market with an average return of 4.81%, with 73.5% of the 8,487 equity funds reporting positive returns [1] - Multi-asset strategies followed with an average return of 4.14%, while futures and derivatives strategies and combination funds had returns of 3.19% and 3.09% respectively [1] - Bond strategies lagged with an average return of 2.42%, indicating a performance gradient among different strategies in the current market environment [1] Group 2: Quantitative Strategies - The strong performance of quantitative strategies is attributed to a favorable market environment characterized by a small-cap growth style [1] - Within equity strategies, quantitative long strategies performed exceptionally well, with an average return of 8.46% and 86.62% of the 1,480 funds achieving positive returns [1] - Market-neutral strategies also performed well, with an average return of 5.00% and a positive return rate of 91.18% [1] Group 3: Futures and Derivatives Strategies - In the futures and derivatives strategies, quantitative CTA strategies had an average return of 3.38%, slightly outperforming subjective CTA strategies at 3.37% [2] - The proportion of funds with positive returns for quantitative CTA strategies was 70.36%, compared to 65.19% for subjective CTA strategies [2] - Other derivatives strategies and options strategies had average returns of 2.45% and 2.41% respectively [2] Group 4: Market Outlook - Leading private equity institutions express optimism for the market, with indications that the A-share market has completed a "bottoming" phase [2] - A prominent private equity firm believes that the A-share market is entering a historic opportunity for asset value reassessment, anticipating significant upward movement [2] - Another firm notes that A-share valuations are currently low, with ample potential funding and a clear policy stance to stabilize the economy and stock market, leading to growing investor confidence [2]

Group 1 - The average return of 12,843 private equity securities products as of the end of May is 4.34%, with 9,608 products achieving positive returns, representing 74.81% [1] - Stock strategy private equity products lead the performance this year, with an average return of 4.81% from 8,487 products, and 6,238 products achieving positive returns, accounting for 73.50% [1] - Multi-asset strategy products follow closely, with an average return of 4.14% from 1,439 products, and 1,075 products achieving positive returns, representing 74.70% [1] Group 2 - Futures and derivatives strategy products have an average return of 3.19% from 1,339 products, while combination funds have an average return of 3.09% from 473 products, indicating similar performance [2] - Combination funds show a higher stability with 86.68% of products achieving positive returns compared to futures and derivatives strategies [2] - Bond strategy products have the lowest performance this year, with an average return of 2.42% from 1,105 products, and 959 products achieving positive returns, representing 86.79% [2] Group 3 - Quantitative strategies have strengthened due to the small-cap growth style, with an average return of 8.46% from 1,480 quantitative long equity products, and 1,282 products achieving positive returns, accounting for 86.62% [2] - Subjective long equity strategy products have an average return of 3.98%, which is less than half of the quantitative long equity strategies [2] - Market neutral strategies have an average return of 5.00% from 726 products, outperforming subjective long strategies [3]

Group 1 - Ant International plans to apply for a stablecoin license in Hong Kong, with the application to be submitted after the relevant channels open on August 1 [1] - The People's Bank of China and the State Administration of Foreign Exchange allow banks in Fujian to handle cross-border RMB payments for Taiwanese residents purchasing legal real estate [2] - The National Development and Reform Commission supports Shenzhen in launching a pilot program for a combined cross-border fund pool, with a transaction volume reaching $340 billion [3] Group 2 - Shanghai Jing'an District encourages private enterprises to engage in high-quality mergers and acquisitions and accelerate the application of "blockchain + finance" innovations [4] - New China Life Insurance plans to invest up to 15 billion RMB in private equity fund shares to optimize asset-liability matching and improve capital efficiency [5] - Nanjing aims to enhance its core robotics industry scale to 10 billion RMB by 2027, fostering at least five mass production enterprises [6] Group 3 - Elon Musk calls for the EU to expedite the approval of Tesla's Full Self-Driving technology, emphasizing its potential to reduce traffic injuries [7][8] - TrendForce predicts that HBM4 will begin mass production in Q2 2026, with HBM3e expected to dominate the market in 2025 [8] - The Ying Shiman Group launches its first A-share index-enhanced private fund, indicating increased foreign investment in China [10]

全球投资管理公司英仕曼集团今日宣布，其中国的全资子公司英仕曼（上海）投资管理，正式推出在中 国市场的首个自主管理的股票指数增强策略产品——英仕曼美量中证 500 指数增强策略。该产品已在中 基协完成备案。英仕曼 Numeric 高级投资经理方子昂表示，随着中国经济的稳健增长，A 股市场作为全 球第二大股票市场，不仅具有显著的配置价值潜力，其独特的市场结构和投资者行为特征也可以为量化 策略提供了丰富的 alpha 来源。（记者 闫军） ...

点评：杨华辉卸任兴业证券党委书记，苏军良接棒，引发市场对闽系券商资源整合的猜测。杨华辉任职 期间推动兴业证券总资产大幅增长，苏军良亦有丰富经验。此人事变动，可能让兴业证券股价面临新的 估值考量，对券商板块关注度有所提升，但市场整体或仍维持观望态势，等待更多实质性信息。 NO.2 创纪录！这只ETF"巨无霸"单次分红有望突破80亿元 6月11日，华泰柏瑞基金发布公告称，旗下沪深300ETF（510300）将实施现金分红，拟每10份分红0.88 元，按照6月10日统计的基金规模来计算，分红规模有望突破80亿元，或刷新ETF单次分红纪录。今年 以来，A股上市公司的分红稳定性、持续性和可预期性显著提升，带动权益ETF分红热情高涨，部分高 分红的成分股也成为权益ETF的重要收益来源。截至目前，2025年以来全市场ETF（含联接基金）累计 分红金额已超百亿，显示出ETF产品较强的分红意愿及分红能力。 ｜2025年6月12日 星期四｜ 点评：华泰柏瑞沪深300ETF拟分红超80亿元，创ETF单次分红纪录，此消息体现了基金的盈利能力。 对金融、消费等ETF成分股行业板块，显示高分红股票受青睐。整体看，提升市场对权益类ETF产 ...

近日，小微盘市场活跃，6月9日中证2000增强ETF（159552）涨1.31%，再次刷新上市以来的新高。近5日涨4.25%，近10日涨4.99%，今年以来累计涨 24.33%。 今年以来，小微盘持续飙涨，中证2000指数涨幅12.33%，显著跑赢主流宽基指数。 数据来源：wind，截至2025.6.9 成交热度也在持续上升，6月9日成交额占万得全A指数达30.33%，接近2020年以来的历史新高。 数据来源：wind，截至2025.6.9 【小微盘为何持续飙涨？三重因素共振】 机构指出，流动性是中小盘行情的关键支撑因素。回看历史情况，在国内剩余流动性上升的阶段，市场风险偏好程度增加，小盘往往占优。今年5月，一揽 子超预期稳增长重要举措发布。央行降准，释放1万亿长期流动性，LPR、银行间利率整体下行。银河证券认为，5月7日的一揽子货币政策并非宽松的顶 点，未来1至2个季度，持续的宽松政策或将陆续推出，有望继续支撑中小盘行情。 另一方面，中小企业获益于科技创新，今年以来产销持续改善。1—4月规模以上工业中小企业增加值同比增长8.2%，营业收入达25.8万亿元。其中装备制造 业、原材料制造业因技术升级带动需求增长 ...