6月16日，汇添富上证科创板新材料交易型开放式指数证券投资基金正式在上海证券交易所（以下简 称"上交所"）挂牌上市交易。这一产品的顺利上市，为市场开辟了精准锚定新材料领域的专业化投资新 路径。 这也正是对《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八 条"）政策要求的生动实践。2024年6月19日，中国证监会发布的"科创板八条"，明确提出"持续丰富科 创板指数品种""优化科创板宽基指数产品常态化注册机制"等核心举措，以发挥资本市场功能，更好服 务中国式现代化大局。 "科创板八条"实施以来，资本市场投资工具矩阵加速完善，科创板ETF产品数量和规模实现双突破，有 效引导金融"活水"流向"硬科技"领域。据上交所官网数据统计，自"科创板八条"发布以来，截至6月17 日，已新增57只科创板ETF上市，沪市科创板ETF总数达88只，产品总规模超2500亿元。 展望未来，上交所相关负责人表示，将继续推动科创板改革走深走实，持续加强与市场各方的沟通交 流，及时回应市场关切，凝聚合力，推动指数化投资生态向更高质量、更具韧性的方向迈进，为资本市 场的健康稳定发展注入持久动力。 科创板指数持续"上 ...

Core Viewpoint - The article emphasizes the importance of understanding investment psychology, setting realistic expectations, and maintaining a disciplined investment strategy to achieve long-term financial growth [3][7][21]. Group 1: Understanding Investment Psychology - Investors often face cognitive gaps and emotional challenges that lead to poor decision-making in financial markets [5][12]. - Acknowledging one's limitations and adopting a humble approach to investing is crucial for long-term success [6][7]. Group 2: Setting Realistic Expectations - Long-term returns for various asset classes are outlined, with equities expected to yield 8%-10% annually, while bonds may provide 3%-5% [8]. - A diversified investment strategy can aim for a combined return of 6%-8%, with potential for 8%-12% through passive strategies like index investing [8][19]. Group 3: Risk Management and Asset Allocation - Understanding potential drawdowns is essential, with equities possibly experiencing declines of 70%-80%, while bonds may see 5% and commodities up to 30% [10]. - A diversified portfolio should consider asset classes, market distribution, and time allocation to mitigate risks and enhance returns [15][16][19]. Group 4: Strategy Implementation and Consistency - The article introduces the "雪球三分法" (Snowball Three-Factor Method) for long-term investment, focusing on asset, market, and time diversification [26]. - Consistency in following a well-defined investment strategy is critical, as emotional reactions to market fluctuations can derail long-term plans [21][23].

Group 1 - The event "Walking into ETF Component Companies: Cyberspace Station" was successfully held in Chongqing, focusing on the interaction between investors and quality enterprises, particularly in the smart electric vehicle sector represented by Seres [1][3] - The Shanghai Stock Exchange (SSE) is committed to enhancing the ETF market and promoting high-quality development, aligning with the regulatory body's investor-centric philosophy [3][6] - Seres, a core component of the SSE 180 ETF, reported a revenue of approximately 145.2 billion yuan in 2024, a year-on-year increase of 305%, and a net profit of 5.95 billion yuan, making it the fourth profitable new energy vehicle company globally [6][8] Group 2 - In 2025, Seres plans to deepen its strategic cooperation with Huawei, enhance production capacity after acquiring a "super factory," and accelerate its overseas market expansion [8] - The SSE 180 Index, which includes influential blue-chip companies in the Shanghai market, has a 15% weight in the new energy vehicle industry, providing investors with a convenient tool to invest in industry leaders [8][10] - The event included a test drive of the Seres M9, allowing participants to experience the performance and technology of smart electric vehicles firsthand, fostering direct communication between investors and the company [10]

上海证券交易所 投资者教育基地 中国基金报 CHINAFUND H 中市新言教 E : = F es of the level 指数百科 第十八期 . ol 上征580指数 指数定仿 上证580指数从沪市证券中 选取市值规模较小、流动性较好的 580只证券作为样本,反映上海证 券市场市值较小上市公司证券的 整体表现,丰富上证体系规模指数 投资标的。 编者按 近年来,指数体系快速完善, 市场认可度不断提高，指数化投资 趋势加速形成。上交所投教联合中 国基金报共同推出"一图看懂指 数化投资"系列投教栏目,为广大 投资者带来全面、专业的解读,直 击指数化投资关键要义。 发布背景 随着我国宏观经济快速发展和 产业结构不断变化,沪市上市公司 数量及市值规模持续扩容,广大投 资者对指数的需求也随之增长,上 证宽基指数体系有待丰富完善。 目前沪市市值100亿元以下 的上市公司数量占比超六成,上证 180、上证380指数样本主要覆盖 大中盘公司,对沪市数量覆盖度仅 约25%,缺乏表征小市值公司的指 数。 为进一步优化上证指数体系, 就上海证券市场小市值上市公司整 体表现提供更全面的视角和参考, 上海证券交易所与中证指数公司发 ...

Group 1 - The "Science and Technology Innovation Board Eight Articles" has effectively guided financial resources towards "hard technology" sectors, with significant growth in ETF products [1] - As of June 6, 2023, 51 new Science and Technology Innovation Board ETFs have been listed, bringing the total to 80, nearly tripling the number before the release of the "Eight Articles" [1] - The total scale of these products exceeds 250 billion yuan, representing a nearly 60% increase since the release of the "Eight Articles" [1] Group 2 - The Shanghai Stock Exchange has developed a comprehensive ecosystem of Science and Technology Innovation Board indices and ETF products, covering broad-based, industry-themed, and strategic types [1] - The overall scale of broad-based ETFs on the Science and Technology Innovation Board has surpassed 200 billion yuan, with the introduction of the Science and Technology 200 ETF and the Science and Technology Comprehensive Index ETF enhancing the product system [1] - The investment targets of broad-based ETFs now cover the Science and Technology 50, 100, 200, and Comprehensive Index, creating a complete product chain to meet diverse investor needs [1] Group 3 - The Science and Technology Innovation Board ETF market is increasingly covering new productive forces, providing a more diversified range of investment tools [2] - The thematic ETFs in the Science and Technology Innovation Board have expanded to include key sectors such as artificial intelligence, new energy, chip design, semiconductor materials and equipment, and industrial machinery [2] - The total scale of the chip industry ETFs exceeds 30 billion yuan, while the six artificial intelligence ETFs set to launch in 2025 have seen their scale grow over three times since issuance [2]

Core Viewpoint - The ongoing trend of renaming ETFs is aimed at enhancing clarity and reducing confusion for investors, as evidenced by the recent announcement from Harvest Fund to rename 22 of its ETFs to a standardized format [1][6]. Group 1: ETF Renaming and Standardization - Harvest Fund announced the renaming of 22 ETFs, including major indices like CSI A500 and CSI A100, to a clearer format that includes "Index + Product Type + Manager" [1][2]. - The renaming process does not affect product codes, fees, or investment strategies, ensuring that existing shareholder rights remain intact [1][2]. - This renaming initiative is part of a broader industry trend, with other firms like Huaxia and E Fund also having renamed their ETFs this year [2][6]. Group 2: Market Growth and Trends - The total scale of ETFs in China surpassed 4 trillion yuan for the first time in April 2023, marking a significant growth from just over 3 trillion yuan in September 2022 [6][10]. - As of June 16, 2023, there are 51 public fund companies managing 1,163 ETFs, with a total net asset value of approximately 3.99 trillion yuan [7][8]. - The ETF market is experiencing a "Matthew Effect," where the top 10 fund companies manage nearly 85% of the total ETF assets, highlighting a concentration of market power [8][9]. Group 3: Fee Structure and Investor Engagement - Management fees for ETFs have increased significantly, with Huaxia Fund's fees rising from 11.9 million yuan in 2022 to 24.53 million yuan in 2024 [9]. - The trend towards lower fees is evident, with many newly launched ETFs adopting a management fee structure of 0.15% [9][10]. - The number of accounts participating in the ETF market has grown to nearly 10 million, reflecting a rising interest in index-based investment strategies [10][11]. Group 4: Future Development and Strategy - The Shanghai Stock Exchange emphasizes the need for high-quality development in the ETF market, focusing on enhancing product supply and optimizing market mechanisms [10][11]. - Public fund managers are increasingly adopting a "research + service + strategy" model to improve transparency and accessibility of ETF products for investors [11].

好捷加·修州 ·西德斯 Ted Seides 800 空亮相所得 "完斯· 沃伦 · 巴菲特Warren Buffett 默頓 · 米蘭 拉里 · 芬克 Rex Sinquefield 倫頓 · 慶福宗 Burton Malkie Larry Fi 合演出 · 旋式 罗布 · 卡皮托 直姆 · 维汀 26 IC (40) 11 迈伦 · 斯科尔斯 马克·维德 大卫·布局 Myron Scholes 成绩 · 夏卡 查见 ·特雷诺 格 信號 · 里 EF 成區·提斯 John Boqle # #ESANE Jan Twardo William Four 曲线 · 国图 布·卡皮杆 投资信托""先锋领航全市场指 的脸 · 精美 马克 · 维德 於10.18 脏癌 · 福斯 艾弗斯·莱利 丹· 原因 William F 兵 · 周公 旋幕 · 堪斯 艾麦图 · 湖北 Gan Whee 艾弗瑟·斯科 Villiam Fouse 品 · 高校园 中国:东1 图 转 e 微 · 罗 · 罗 · 罗 · 罗 · · 罗 · · 罗 · · 罗 试用·其實 表演 · 傲门 Harry Markowitz James Lori ...

Core Viewpoint - The public fund issuance market continues to show a strong preference for bond funds, particularly certificates of deposit funds, while equity funds face challenges in fundraising [1][4]. Fund Issuance Overview - A total of 15 new funds were established last week, with a total issuance scale of 89.34 billion yuan, predominantly driven by bond funds, which raised 76.53 billion yuan, accounting for 85.66% of the total [1][4]. - The top fund, "People's Insurance Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding," raised 39.10 billion yuan with a subscription period of only 9 days, indicating high investor enthusiasm [2][3]. Fund Types and Trends - The issuance of equity products, including stock and mixed funds, was limited, with only 4 and 6 new funds respectively, raising 5.49 billion yuan and 6.06 billion yuan, which together accounted for less than 15% of the total [3][4]. - The market for passive index bond funds is expanding from interest rate bonds to credit bonds and niche sectors, with fund managers designing differentiated products to meet institutional needs [2][4]. Market Characteristics - The current fund issuance market exhibits three main characteristics: 1. Risk-averse sentiment is driving demand for low-risk products like interbank certificate of deposit funds and short-term bond funds [4]. 2. There is a divergence in the popularity of index investments, with broad-based ETFs facing challenges while thematic products require more time to cultivate the market [4]. 3. The issuance of equity products has entered a "frozen period," leading institutions to consider long-term investment strategies such as regular investment plans [4].

Core Viewpoint - The public fund market is experiencing a "dividend boom," with a significant increase in dividend payouts reflecting a strategic shift towards prioritizing investor returns over mere scale expansion [1][2]. Group 1: Dividend Growth - In the first five months of 2025, public funds distributed a total of 93.55 billion yuan in dividends, marking a year-on-year increase of approximately 40% [1]. - A total of 2,635 public funds implemented dividends, resulting in 3,823 dividend distributions, both figures representing three-year peaks [1]. - Bond funds and stock index funds are the main contributors to this dividend growth, accounting for 71.399 billion yuan and 12.909 billion yuan respectively, together making up nearly 90% of the total [1]. Group 2: Market and Policy Drivers - The overall recovery of the capital market has provided a solid foundation for fund performance, with stable bond market interest rates and emerging structural opportunities in the stock market enhancing overall returns [2]. - Regulatory policies have played a crucial role, with ongoing encouragement from regulators for fund companies to improve dividend mechanisms and emphasize investor returns [2]. - Some fund companies have incorporated dividend performance into internal performance assessments, boosting the overall willingness to distribute dividends [2]. Group 3: Investor Relations and Market Trends - Dividends are becoming an important link between fund companies and investors, with new regulations increasing the enthusiasm for dividends among listed companies and guiding the fund industry to enhance dividend efforts [4]. - As of April 2025, the total scale of public funds in China reached 33.12 trillion yuan, indicating steady growth driven by improved investor experiences [4]. - The popularity of index funds, which often consist of industry leaders with strong profitability and risk resistance, supports sustainable dividend distributions [4]. Group 4: Future Outlook - Experts anticipate that the trend of increasing public fund dividends is likely to continue, driven by enhanced market effectiveness and expectations of economic recovery [5]. - There is a potential for more funds to adopt diversified dividend models, such as "regular dividends + excess profit distribution," as the industry consensus shifts towards prioritizing returns [5]. - Fund managers are expected to focus on increasing dividends to enhance investor experience and loyalty in the evolving market landscape [5].

Core Insights - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has effectively guided financial resources towards "hard technology" sectors, optimizing resource allocation and providing strong capital support for cultivating new productive forces [1][2] - The number and scale of Sci-Tech Innovation Board ETF products have significantly increased, with 51 new ETFs launched, bringing the total to 80, nearly tripling the number before the "Eight Measures" [1] - The total scale of Sci-Tech Innovation Board ETFs has exceeded 250 billion yuan, marking a nearly 60% increase since the introduction of the "Eight Measures" [1] Investment Product Development - A comprehensive ecosystem of indices and ETFs covering broad-based, industry themes, and strategies has been established on the Sci-Tech Innovation Board [2] - The total scale of broad-based ETFs on the Sci-Tech Innovation Board has surpassed 200 billion yuan, effectively directing social funds towards the development of new productive forces [2] - The investment targets of broad-based ETFs now include the Sci-Tech 50, 100, 200, and comprehensive indices, fulfilling diverse investor needs [2] Thematic ETF Expansion - The thematic ETFs on the Sci-Tech Innovation Board have expanded to cover key sectors such as artificial intelligence, new energy, chip design, semiconductor materials and equipment, and industrial machinery [2] - The total scale of chip industry ETFs has exceeded 30 billion yuan, while the scale of artificial intelligence ETFs has grown over three times since their issuance [2] - The first batch of innovative drug ETFs is set to be approved soon, with plans for the Shanghai Stock Exchange to continue enriching the index and ETF offerings on the Sci-Tech Innovation Board [2]