Core Viewpoint - The implementation of the "Eight Measures" by the China Securities Regulatory Commission has accelerated the improvement of the STAR Market index system, leading to a significant capital ecosystem transformation that directs funds towards "hard technology" sectors such as semiconductors, AI, and biomedicine, becoming a key engine for cultivating new productive forces [1][4]. Index Development - The "Eight Measures" aim to continuously enrich the variety of STAR Market indices and improve index compilation methods, which are seen as essential tools for guiding long-term and index investments, thus fostering patient capital formation [2][3]. - The launch of the STAR Market Comprehensive Index marks a further enhancement of the index system, reflecting the overall performance of the STAR Market and injecting new vitality into capital market services for technological innovation [3]. Investment Products Innovation - Following the index releases, innovation in investment products related to the STAR Market has progressed, with over 16 ETF products launched by various fund companies, aimed at guiding funds to support the development of "hard technology" [4][5]. - The STAR Market has seen a significant increase in institutional investor participation, with over 77,000 active accounts and a market capitalization held by fund investors exceeding 1.2 trillion yuan, reflecting a 37% year-on-year growth [5][6]. Future Outlook - The Shanghai Stock Exchange has developed a three-year action plan to enhance the index system, focusing on enriching services for national strategies and the real economy, which is expected to create a virtuous cycle in the index investment market [6]. - The STAR Market is anticipated to become a "capital accelerator" for hard technology development, facilitating the rapid integration of technological breakthroughs and industrial upgrades [6].

Core Viewpoint - The article emphasizes the transformation in the asset management industry led by E Fund, which applies lean manufacturing principles from the automotive industry to optimize ETF management and enhance value creation through meticulous cost control and operational efficiency [1][2][3]. Group 1: E Fund's ETF Growth and Strategy - E Fund has become a leader in the ETF market with over 600 billion yuan in assets under management, representing approximately 16% market share as of April 28, 2025 [6][12]. - The company has seen a significant increase in ETF scale, with a surge of 3,841 billion yuan since early 2024, the highest among all fund companies [6][12]. - E Fund's strategy includes creating a comprehensive "ETF toolbox" that covers various markets and investment themes, aligning with national development strategies [2][8]. Group 2: Historical Development of E Fund - E Fund launched its first index fund in 2004 and has since been a pioneer in the ETF space, issuing the first A-share ETF in the Shenzhen Stock Exchange [3][4]. - The ETF market in China has grown rapidly, with total ETF assets exceeding 500 billion yuan by the end of 2018, driven by E Fund's innovative product offerings [4][6]. Group 3: Product Innovation and Cost Management - E Fund has introduced a range of innovative ETF products, including cross-border and thematic ETFs, while maintaining a low management fee of 0.15% per year for its A-share ETFs [9][10]. - The company has focused on maintaining a low average management fee of 0.29% across all stock ETFs, the lowest among the top ten ETF managers [12][14]. Group 4: Operational Excellence and Investor Services - E Fund emphasizes a systematic approach to ETF management, integrating research, product design, and investor services to enhance operational efficiency [7][13]. - The company has established a comprehensive investor service system, including educational resources and professional advisory services to support various investor needs [13][14]. Group 5: Future Directions and Industry Challenges - E Fund aims to continue evolving its ETF offerings by focusing on emerging industries such as artificial intelligence and renewable energy, while also exploring innovative asset classes [10][21]. - The company recognizes the need for differentiation in index investment services and is committed to leveraging technology to enhance operational efficiency and reduce costs [19][21].

Core Viewpoint - The CSI Tencent Ji'an Value 100 A-Share Index has shown positive performance, with a recent increase of 1.04% and a year-to-date rise of 1.81% [1] Group 1: Index Performance - The CSI Tencent Ji'an Value 100 A-Share Index closed at 2919.43 points with a trading volume of 53.709 billion [1] - Over the past month, the index has increased by 3.86%, and over the last three months, it has risen by 1.39% [1] Group 2: Index Composition - The index is composed of 100 listed companies selected based on their investment value assessed by Tencent and Ji'an Jinxin's evaluation committee [1] - The top ten weighted stocks in the index include: - Chao Hong Ji (2.75%) - Guotai Junan (2.22%) - Haili Heavy Industry (1.61%) - Haoyue Nursing (1.58%) - Yinghantong (1.38%) - BYD (1.25%) - Zhengmei Machine (1.24%) - Hisense Visual (1.21%) - Taotao Automotive (1.17%) - Stanley (1.16%) [1] Group 3: Market Distribution - The index's holdings are distributed as follows: - Shanghai Stock Exchange: 52.76% - Shenzhen Stock Exchange: 47.24% [1] Group 4: Industry Breakdown - The industry composition of the index is as follows: - Industrial: 32.42% - Consumer Discretionary: 13.16% - Materials: 10.47% - Healthcare: 9.58% - Information Technology: 7.43% - Consumer Staples: 6.46% - Communication Services: 6.33% - Financials: 6.06% - Utilities: 5.46% - Energy: 2.63% [2] Group 5: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Group 6: Fund Tracking - Public funds tracking the CSI Tencent Ji'an include: Galaxy Regular Investment Treasure [3]

金融界5月26日消息，上证指数低开震荡，中证全指建筑与工程指数 (建筑工程，H30195)报3572.10点。 数据统计显示，中证全指建筑与工程指数近一个月下跌0.46%，近三个月下跌2.46%，年至今下跌 6.61%。 从中证全指建筑与工程指数持仓的市场板块来看，上海证券交易所占比78.88%、深圳证券交易所占比 21.12%。 从中证全指建筑与工程指数持仓样本的行业来看，基础设施建设占比48.77%、房屋建设占比20.36%、 专业工程占比20.10%、建筑设计及服务占比9.23%、园林工程占比1.55%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 据了解，为 ...

Core Viewpoint - The company aims to develop a differentiated path for its index business, focusing on enhancing investor experience and leveraging the overall strategy of the parent bank [1][4]. Group 1: Index Fund Market Overview - The public fund industry has entered a new era of index investment, with index funds becoming essential tools for both individual and institutional investors due to their high liquidity, low fees, and transparent strategies [2]. - As of May 21, the scale of ETFs has surpassed 4 trillion yuan, with over 120 new ETFs established this year [2]. - The industry is experiencing a "Matthew effect," where new product issuance increasingly relies on the comprehensive strength, experience, and collaboration of fund companies, posing significant competitive pressure for latecomers like the company [2]. Group 2: Development Strategy - The company emphasizes a steady and methodical approach to development, progressing from broad-based to strategic and then to thematic industry products [3]. - The current goal is to complete the product chain of index funds before gradually diversifying the product categories [3]. Group 3: Enhancing Investor Experience - The company prioritizes improving investor experience as a core aspect of its development, aiming to create a professional and inclusive index business system [4]. - There is a paradigm shift in index fund development from prioritizing trading attributes to focusing on holding experience, with a need for predictable returns and controlled volatility [4]. - The company plans to prioritize products with lower drawdowns and volatility, ensuring strong explanatory logic for investment strategies [4]. Group 4: New Growth Points in Index Business - In the competitive index market, Smart Beta strategies and index-enhanced funds are emerging as new growth points [5]. - Compared to pure index products, index-enhanced products have advantageous fee structures and can potentially increase returns while meeting client and channel needs [5]. - The company recognizes the challenges in promoting Smart Beta strategies due to the need for financial knowledge and the lack of standardized definitions within the industry [6]. Group 5: Future Product Diversification - The company sees potential for further diversification of Smart Beta products, with core strategies including growth, dividends, quality, and value, which can be further segmented [6]. - These foundational strategies exhibit more regular cyclical patterns in market conditions, providing new development opportunities for index products [6].

本报记者 毛艺融 投资者保护是资本市场健康发展的基石。历时五天，由《证券日报》社有限责任公司主办，北京基金小 镇投资者教育基地、东方财富、第一创业证券联合举办，中国上市公司协会、中证中小投资者服务中心 有限责任公司（以下简称"中证投服中心"）为支持单位的第七届"5·15—5·19中小投资者保护宣传周"公 益活动，日前在北京、上海、深圳三地圆满结束。 此次公益活动以"践行'三投资'，筑牢'两防范'"为主题，邀请了券商首席分析师、公益律师、上市公司 代表等通过主题分享、圆桌讨论的形式，为投资者们普及投资知识，倡导理性投资、价值投资和长期投 资理念，提升投资者的风险意识和自我保护能力。 "5·15—5·19中小投资者保护宣传周"公益活动已连续举办了七届。今年，来自北京、上海、深圳的投资 者分别在中央财经大学、东方财富投资者教育基地、第一创业投资者教育基地，聆听资本市场投资者保 护的新方法、新举措。 中国上市公司协会会长宋志平在致辞时表示，股市稳定关乎经济社会大局、关乎亿万投资者切身利益。 保护投资者是一项系统工程。一是需加强公司治理规范性，筑牢投资者保护基石；二是要提高市值管理 水平，积极主动回报投资者；三是要强化 ...

Core Viewpoint - The company is focusing on developing its index investment business in response to the increasing demand for equity investments, particularly index investments, as bond yields continue to decline [1] Group 1: Index Product Development - The company plans to enhance its index product matrix in 2024, having already launched several ETFs including the Xingye Shanghai Stock Exchange 180 ETF and the Xingye CSI A500 ETF [2] - The strategy for filling the index product line is to move from broad-based indices to strategy and industry themes, targeting products with high explanatory power and lower volatility [2][3] - The company acknowledges the challenge of product homogenization in the index business but aims to leverage the market influence of existing indices to expand promotion [2] Group 2: Strategic Support and Resource Utilization - As a subsidiary of Xingye Bank, the company plays a crucial role in the group's strategic planning for index investment and aims to build an ETF ecosystem [4] - The company intends to utilize its ETF products as a hub connecting Xingye Bank with partner institutions, enhancing the product offerings for different investor needs [4] - The company recognizes the importance of channel resources for the development of its index business and plans to collaborate closely with its parent bank for market promotion and channel building [4][5] Group 3: Focus on Investor Experience - The company emphasizes the responsibility towards investors and aims to improve the investor holding experience in its product selection process [6] - The introduction of Smart Beta index products is seen as a key direction for future development, with the goal of outperforming similar market products [6] - The company aims to educate investors effectively to ensure they benefit from the long-term positive investment experience offered by index products [6]

Group 1 - The Shanghai Composite Index has shown a two-day consecutive rise, with core indices like CSI 300 and SSE 50 experiencing nearly 30% gains, while small and medium-sized stocks have surged about 50% [1] - The market is expected to continue its upward trend, with 2024 being seen as the starting point of a new bull market, following the first wave of rebound in the 924 market [3] - Major institutional investors such as state-owned financial institutions, insurance funds, and social security funds are expected to drive the market, with a focus on index investments rather than individual stocks [4][6] Group 2 - The current market conditions are reminiscent of the 2020 rally, with expectations for a sudden surge in key sectors, potentially pushing the Shanghai Composite Index above 4000 points [6] - The anticipated bull market is expected to at least double the current index levels by summer 2026, with significant participation from large institutional investors [6] - The preference for index investments over individual stocks among major funds indicates a structural shift in market participation, with a focus on large-cap stocks [4][8]

终于，俄罗斯和乌克兰谈上了！A股也该起飞了吧 我想，A股也该上涨了吧。实在找不到理由下跌了，无论是地产、白酒、证券都盘整好久了，它们不想跌，那就是酝酿上涨。 为什么要买主动基金，它们有几家能跑赢宽基指数，小凡也是基民，只是持有宽基ETF为主，我们是被动投资，只需要承认自己是小白。 看多指数，持有指数，享受指数的上来。本轮牛市肯定是指数牛，事实上过去的任何一轮牛市，大盘指数都上涨了，持有指数100%不会踏空行情。 3、最后的结语 A股，实在找不到跌的理由了，涨不动跌不动，只要有利好催化就可以加速了。大家都不看好，我们乐观就行了。挣大钱的人肯定是乐观的人，因为可以 面对任何黑暗。 没有感觉行情就像火山爆发前夕，几个权重行业的走势好诡异，不认为是为了急跌，否则上次就不用救。汇金锁仓，沪深300已经缩量到熊市水平了，不 拉升一波，吸筹的效率太低了。 权重行业的位置，决定了指数的涨跌。有些人好奇怪，我做指数投资，预判指数上涨，不关心白酒、证券、银行、保险等权重行业，去关心龙虎榜，涨停 板吗？ 股市真的需要考试了再入市，要不然基本的常识都反驳。大盘指数是统计市值增减，不是数量增减。银行上涨5%，比5000家公司涨停板对大 ...