登录新浪财经APP 搜索【信披】查看更多考评等级 1 公告基本信息 ■ 注：在符合有关基金分红条件的前提下，本基金管理人可以根据实际情况进行收益分配，具体分配方案 以公告为准，若《基金合同》生效不满3个月可不进行收益分配。 2 与分红相关的其他信息 （3）对于未选择具体分红方式的投资者，本基金默认的分红方式为现金方式。投资者可通过查询了解 本基金目前的分红设置状态；投资者可以在基金开放日的交易时间内到本基金销售机构修改分红方式， 本次分红确认的方式将按照投资者在权益登记日前最后一次生效的分红方式为准；分红方式修改只对单 个交易账户有效，即如投资者在多家销售机构购买了本基金，其在任一家销售机构所做的基金份额的分 红方式变更，只适用于投资者通过该销售机构指定交易账户下持有的基金份额。 （4）投资者可登陆本公司官网查询本基金销售机构。请投资者到各销售机构或通过本公司确认分红方 式是否正确，如不正确或希望修改分红方式的，请务必在规定时间前到相应的销售机构办理变更手续。 （5）咨询方式 ■ 注：选择现金分红方式的投资者的现金红利款将于2025年9月17日自托管账户划出。 3 其他需要提示的事项 （1）权益登记日当日申请 ...

Core Insights - The article highlights that while fund investments have low entry barriers and are easy to operate, less than 30% of investors actually make profits due to fundamental cognitive biases [1] Group 1: Fund Types and Rules - Money Market Funds generate returns during weekends and holidays, with holiday earnings disclosed on the second business day after the holiday [2] - Bond Funds continue to earn interest during holidays, but secondary market trading is paused due to stock market closures [3] - Stock/Index Funds do not generate returns during holidays, and investors should be aware of early market closures for Hong Kong stocks [3] Group 2: Buy and Redemption Rules - For buying funds, purchases made before 15:00 are confirmed at the same day's net value, while those after are confirmed at the next day's net value [5] - For redemptions, requests before 15:00 count the same day's earnings, while those after include both the current and next day's earnings [5] Group 3: Investment Strategies - Long-term investment strategies, such as dollar-cost averaging, should not be influenced by specific days of the week, as empirical data shows minimal differences in returns [7] - Suitable funds for dollar-cost averaging include high-volatility stock funds and low-fee index funds, while avoiding low-volatility bond and money market funds [8] Group 4: Timing and Market Signals - Technical indicators like MACD and RSI can help determine the timing for one-time purchases, especially when the PE ratio of indices is low [9] - Signals from monetary policy, such as interest rate cuts, often correlate with market uptrends [10] Group 5: Fund Valuation and Costs - Net asset value does not equate to valuation; a fund with a higher net value may offer better returns than one with a lower net value [12] - Hidden costs, such as management fees and transaction costs, can significantly erode returns over time [14] Group 6: Risk Management - Funds with a continuous low scale may trigger liquidation, but investors can recover their assets at the current net value [15][16] - Understanding the nature of fund dividends is crucial, as dividends do not equate to additional earnings [18] Group 7: Cognitive Biases and Portfolio Construction - Common misconceptions include the belief that lower net values are safer, that dollar-cost averaging guarantees profits, and that frequent dividends indicate a good fund [23] - A recommended asset allocation strategy is the 50-30-20 rule, which suggests 50% in broad index funds, 30% in thematic funds, and 20% in bonds or money market funds [24]

Group 1 - The announcement includes information about the fund's dividend distribution, stating that the net asset value of the fund shares cannot fall below par value after the distribution [1] - Investors who apply for subscription, conversion, or regular investment on the record date will not enjoy the dividend rights, while those who redeem or convert out on the record date will [1] - The default dividend distribution method for investors who do not choose is cash distribution, and investors can modify their distribution method at sales outlets [1][2] Group 2 - The fund management company has decided to adjust the valuation method for the stock "SMIC" (stock code: 688981) held by its funds, using the index yield method starting from September 4, 2025 [4] - The subscription and redemption prices will be based on the net asset value calculated using the adjusted valuation method [4] - The valuation method will revert to market price once the stock resumes trading and shows active market trading characteristics [4] Group 3 - Starting from September 5, 2025, Huatai Securities will begin selling certain funds managed by the company [6] - The specific dates, times, processes, and fee discount activities for fund sales will be determined by the sales institution [7] - Investors can consult details through the websites and customer service numbers of both Huatai Securities and the fund management company [8]

文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ 不分红基金获得的股息，都去哪了? A股很多股票每年都会有分红。指数基金 持有股票，也可以收到这些分红。 有的基金会攒一攒,然后以基金分红的 形式分出来。 只不过目前A股对指数基金的分红没有严 格要求,所以也有很多指数基金不做分 红,而是把分红直接归入到基金净值中 了。 实际上分红也没有丢失的，类似于分红 再投入了。 也就是基金公司收到分红之后，会再投 入成股票。 这是因为，指数基金必须时刻保持比较高 的股票仓位。 假设一年的股息率3%，如果基金收到这 些分红之后，以现金的形式拿着，股票 仓位就降低了3%，这是违背基金合同 的。 所以对于很多指数基金,如果收到底层 成分股的分红,然后基金又不打算分 红,就会把分红再投成股票,类似于分 红再投入的效果。 ▼点击阅读原 文，免费学习大额家 ...

Core Viewpoint - The announcement details the fourth dividend distribution for the Galaxy SSE State-Owned Enterprises Dividend ETF for the year 2025, highlighting the distribution date and amounts [1]. Summary by Relevant Sections Dividend Announcement - The dividend distribution base date is set for August 8, with a cash dividend of 0.02 yuan per 10 shares for the SSE Dividend ETF (code: 530880), which had a net asset value of 1.01 yuan on the record date [1]. - The record date for equity registration is September 8, and the cash dividend payment date is September 12 [1]. Taxation and Fees - According to relevant tax regulations, both individual and institutional investors will not be subject to personal income tax or corporate income tax on the income derived from the fund's profit distribution [1]. - There will be no dividend distribution fees charged for this dividend [1].

Core Viewpoint - The financial performance of Junzheng Group's affiliate Tianhong Fund remains robust, with a reported revenue of 2.78 billion yuan and a net profit of 917 million yuan in the first half of 2025, despite a challenging market environment. However, the disparity between the company's profits and the returns for ordinary investors highlights a significant structural contradiction within the fund [1][3][13]. Financial Performance - Tianhong Fund achieved a revenue of 2.78 billion yuan and a net profit of 917 million yuan in the first half of 2025, ranking 7th among 65 fund companies, but it was the only one in the top 7 to experience a decline in net profit compared to the same period in 2024 [3][13]. - Junzheng Group received a dividend of 125 million yuan from Tianhong Fund in the first half of 2025, while former general manager Guo Shuqiang, despite being absent from the public eye for two years, received 20 million yuan in dividends, totaling over 200 million yuan in cumulative dividends [1][8][12]. Investor Returns - The total profit generated by Tianhong Fund's related funds (including bond, stock, mixed, and money market funds) was only 9.58 billion yuan in the first half of 2025, significantly lower than competitors like Southern Fund and Fortune Fund, which reported profits of 27.36 billion yuan and 32.98 billion yuan, respectively [3][4]. - Tianhong's Yu'ebao, the largest money market fund in China, had a 7-day annualized yield of 1.3056%, ranking it in the lower tier among similar funds, indicating a decline in investor returns [4][5]. Structural Contradiction - The disparity between the stable dividends received by shareholders and the declining returns for ordinary investors has become a prominent issue for Tianhong Fund, reflecting a broader challenge within the public fund industry regarding aligning management profits with investor returns [10][13]. - The case of Guo Shuqiang, who continues to receive dividends despite his absence from management, exemplifies the disconnect between fund management and investor outcomes [8][9][12].

Core Points - The announcement is regarding the second dividend distribution of the Penghua Fonda Bond Fund A class for the year 2025 [1] - The dividend distribution base date is set for August 8, 2025, with a cash dividend of 0.21 yuan per 10 shares [1] - The record date for shareholders is September 4, 2025, and the cash dividend payment date is September 8, 2025 [1] Dividend Details - The fund's code is 003209, and the total dividend amount is 1.08 yuan [1] - Investors opting for reinvestment will have their dividends calculated based on the fund's net asset value on September 4, 2025 [1] - Shares converted from reinvested dividends will be credited to investors' accounts on September 5, 2025, and can be queried or redeemed starting September 8, 2025 [1] Tax and Fees - The dividend distribution is exempt from income tax as per regulations from the Ministry of Finance and the State Administration of Taxation [1] - There are no fees for the dividend distribution, and reinvested shares will not incur subscription fees [1]

Trading Insights - The A-share market indices have reached a ten-year high, with financing balances and private equity scales increasing simultaneously, indicating a significant influx of new capital into the market. Stock ETFs have emerged as the preferred investment channel, with over 500 billion yuan in net subscriptions for ETFs in the past week, of which stock ETFs accounted for 230 billion yuan. The stock ETF market is expected to expand to 8 trillion yuan over the next five years [1][2] - As of August 22, the Shanghai Composite Index has surpassed 3,800 points for the first time in ten years, closing at 3,825.76 points, with a daily increase of 1.45%. The Shenzhen Component Index rose by 2.07%, and the ChiNext Index increased by 3.36%. The total trading volume in the Shanghai and Shenzhen markets reached 25,467.1 billion yuan, marking the eighth consecutive trading day with volumes exceeding 20 trillion yuan, setting a historical record [1][2] Fund News - On August 22, two new funds were launched, primarily stock funds, with the BoShi ChiNext 50 Index A fund having an undisclosed fundraising target. A total of 46 funds distributed dividends, with the highest dividend payout from the JiaoYin ShiRui Double Benefit Bond Fund, distributing 0.92 yuan per 10 fund shares [2] - The public fund of funds (FOF) has seen a significant recovery, with an average return exceeding 9% this year, the best performance in five years. Industry experts predict a structurally strong stock market over the next three years, while the bond market may experience high volatility, prompting FOFs to increase equity allocations to enhance portfolio returns [2] - The scale of equity ETFs has surged, surpassing 4.11 trillion yuan, a historical high, with nearly 800 billion yuan added this year. This growth is attributed to policy guidance, market maturity, and product innovation, with expectations for further strategy enrichment and product iteration to enhance competitiveness [2] Fund Performance - The top-performing fund on August 22 was the FuGuo Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, with a daily growth rate of 10.0663%. Other notable performers included the NanFang and HuiTianFu Sci-Tech Innovation Board Chip ETFs, with growth rates of 10.0416% and 10.0211%, respectively [5][6] - In the stock fund category, the top performer was the HuaBao Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index A, with a daily growth rate of 9.2495%. The leading bond fund was the HuaXia Convertible Bond Enhanced Bond A, with a growth rate of 3.3308% [5][6] - The top five funds across various categories, excluding leveraged and fixed-income funds, showed significant daily growth rates, indicating a robust performance across the board [5][6]

Group 1 - The article announces the eighth dividend distribution for the ICBC Credit Suisse China Bond 1-3 Year Agricultural Development Bank Bond Index Fund, marking the 61st dividend distribution overall [1] - The dividend distribution date is set for August 8, with a cash dividend of 0.02 yuan per 10 shares for all three classes of the fund: A, C, and E, each having a net asset value of 1.04 yuan [1] - The record date for the dividend is August 21, and the cash dividend will be distributed on August 22 [1] Group 2 - Investors opting for reinvestment of dividends will have their cash dividends converted into fund shares based on the net asset value after the ex-dividend date [1] - The fund's dividend distribution is exempt from income tax according to regulations from the Ministry of Finance and the State Administration of Taxation [1] - There are no transaction fees for the dividend distribution, and investors choosing the reinvestment option will not incur subscription fees for the converted fund shares [1]

Trading Insights - Public fund self-purchase enthusiasm is rising, with index funds becoming key targets. Recently, Southern Fund announced a self-purchase of no less than 230 million yuan for several equity ETFs. Year-to-date, the net subscription amount for public fund self-purchases has exceeded 2.7 billion yuan, indicating confidence in China's economic recovery and optimism about the market's medium to long-term trends [1][2] - On August 13, the Shanghai Composite Index broke through last year's high of 3,674 points, reaching a new high since December 13, 2021. The index closed up 0.48% at 3,683.46 points, while the Shenzhen Component Index rose 1.76% to 11,551.36 points, and the ChiNext Index increased by 3.62% to 2,496.5 points. The total trading volume of the Shanghai and Shenzhen markets reached 2.1509 trillion yuan, marking the first time in 114 trading days that the trading volume exceeded 2 trillion yuan [1]. Fund News - On August 13, five new funds were launched, primarily equity funds, with the Great Wall SSE Science and Technology Innovation Board Comprehensive Index A targeting a fundraising amount of 8 billion yuan. A total of 22 funds distributed dividends, mainly bond funds, with the highest dividend payout being 0.8000 yuan per 10 fund shares from the Changxin National Defense Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund [2]. - The A-share market's continuous rise has positively impacted private equity performance. As of the end of July, 11,880 private equity securities products with performance records achieved an average return of 11.94% year-to-date, with 10,332 products yielding positive returns, accounting for 86.97% [2]. - Fund companies are enhancing investor experience, significantly increasing dividend distributions for equity funds. The total dividend amount for funds this year has surpassed 140 billion yuan, with equity fund dividends reaching more than three times that of the same period last year. Continuous dividends are becoming an important tool for sharing profits and anchoring long-term value, injecting stability into the market [2].