Core Viewpoint - Yingmi Fund has won the "Fund Advisory Institution Golden Bull Award" and the "Fund Advisory Excellent Return Golden Bull Award" at the "Third Fund Advisory Golden Bull Award" selection, emphasizing the importance of aligning with client interests and providing long-term support to navigate market cycles [1] Group 1: Investment Advisory Evolution - The buy-side advisory is transitioning from a fund portfolio-following 1.0 model to a client account management 2.0 model, focusing on personalized solutions based on clients' investment goals and risk tolerance [4] - Yingmi Fund's digital service system has significantly improved client investment experiences, with advisory clients showing a much longer average holding period compared to self-directed clients [4] Group 2: Client Education and Behavior Change - The complexity of financial products and market volatility creates a gap in understanding for the general public, which buy-side advisory aims to bridge by providing tailored solutions and enhancing client investment knowledge [2][3] - The goal of client education is to foster healthier investment habits and reduce emotional trading behaviors, ultimately leading to better investment outcomes [2] Group 3: Industry Trends and Future Outlook - The public fund industry is shifting from a focus on scale to prioritizing investor returns, aligning with the core philosophy of fund advisory services [4] - Yingmi Fund reports that over 89% of advisory clients on its platform were profitable as of June 30, 2025, with an average holding period of 690 days, indicating a successful adaptation to long-term investment strategies [4] - The future of fund advisory is expected to see more diverse institutions emerging, exploring various business models and enhancing the advisory ecosystem [5]

Core Viewpoint - The company has signed a sales agreement with Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities to enhance investor services by allowing these institutions to sell certain funds starting from July 7, 2025 [1][5]. Group 1: Fund Sales Information - The agreement allows Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities to sell specific funds managed by the company, with details on business processes and handling times to be determined by the sales institutions [1]. - The announcement includes a list of applicable funds and their business opening status, indicating whether they support regular investment, conversion, and fee rate discounts for purchases through these sales institutions [1]. Group 2: Sales Institution Details - Shenwan Hongyuan Securities is located at 989 Chang Le Road, Shanghai, with contact details provided for customer service [2]. - Shenwan Hongyuan West Securities is based in Urumqi, Xinjiang, with similar contact information for investor inquiries [2]. Group 3: Business Operations - The purchase and redemption processes are applicable only during normal subscription periods and specific open days, with special rules for closed periods detailed in the relevant legal documents [3]. - Regular investment allows investors to set up automatic deductions for fund purchases, with specific rules and procedures to be followed as per the sales institutions [3]. - If conversion services are available, investors must ensure that the funds are in a redeemable state and follow the sales institutions' guidelines for submitting applications [3]. - Discounts on purchase fees may be available for certain funds, with specific rules determined by the sales institutions [3]. - Any future adjustments to investment thresholds or limits will be governed by the latest regulations from the sales institutions [3]. Group 4: Investor Consultation - Investors can contact the company or the sales institutions for further details through provided customer service numbers and websites [4].

在首批26只新型浮动费率基金大部分已经结募并成立之际，第二批产品马不停蹄已经上报。 7月4日，证监会官网显示，第二批新型浮动费率基金正式上报，易方达基金、华泰柏瑞基金、国泰基 金、汇添富基金、景顺长城基金、南方基金、东方红资管、中欧基金、平安基金、建信基金、中银基金 等11家机构递交了注册申请。其中既有已经上报过首批产品的公司，如易方达基金、景顺长城基金、南 方基金，也有新进参与者，如华泰柏瑞基金、国泰基金等。 第二批浮动费率基金上报 值得一提的是，不同于首批产品全部为全市场型基金，第二批浮动费率基金中出现了一些行业主题型产 品，如华泰柏瑞制造业主题混合、景顺长城高端装备股票、东方红医疗创新混合等。 此外，也有业内人士透露，个别产品的费率设计可能与首批产品有些不同，对超额收益的要求更高，费 率收取更为严格。 华泰柏瑞基金表示，浮动费率产品作为《推动公募基金高质量发展行动方案》的重要实践之一，实质是 将持有人收益率提升到核心位置，把基金管理费率与投资者实际获得的长期收益直接挂钩。期望通过在 产品收费模式上的创新和尝试，与持有人建立更科学、更紧密的"利益共享、风险共担"机制，在力争为 持有人创造可持续收益的基础上 ...

Group 1 - The core viewpoint of the articles indicates that fund managers are accelerating their portfolio adjustments as the effect of popular sectors attracting public funds diminishes and the market approaches the semi-annual performance reporting period [1][2][3] - Many funds are showing discrepancies between their net asset value (NAV) movements and the performance of their top holdings, suggesting that fund managers are likely engaging in stock replacements [2][3] - The trend of reallocating investments is evident as fund managers are gradually shifting their strategies for the second half of the year, moving away from previously popular sectors like innovative pharmaceuticals [4][5] Group 2 - The phenomenon of funds withdrawing from popular Hong Kong stocks began around June 11, with significant declines observed in previously high-performing stocks, indicating vulnerability in valuations as mid-term performance disclosures approach [5] - A focus on "three low" categories—low price, low valuation, and low allocation—has emerged as a key strategy for fund managers aiming to mitigate performance drawdowns amid rising risk aversion [6] - There are indications that the previously concentrated positions in high-valuation stocks are beginning to loosen, with fund managers expressing surprise at the continued high allocations to stocks that have seen substantial short-term price increases [7]

Core Viewpoint - The recent wave of fund liquidations is a natural outcome of market mechanisms, reflecting a process of self-purification and the survival of the fittest in the investment landscape [1][2] Group 1: Fund Liquidation Trends - In 2024, over 300 funds have been liquidated, marking a record high, with 129 funds announcing liquidation in the first half of the year, an increase compared to the same period last year [1] - Many of the liquidated funds failed to meet the minimum scale threshold, indicating rational choices by investors as they shift funds towards products that can generate long-term returns [1] Group 2: Market Mechanism and Fund Structure - The liquidation process serves as a necessary pain for market self-correction, with the total number of public funds nearing 13,000, yet over 1,600 funds classified as "mini funds" with assets below 50 million yuan [1] - The regulatory body has been optimizing the fund exit mechanism, encouraging the liquidation of "zombie products," which has led fund companies to abandon the "shell protection" strategy and focus on competitive products [1][2] Group 3: Impact on Investment Strategies - The reduction of low-efficiency supply through liquidation promotes the optimization of fund structures and directs capital towards new productive themes [2] - Investors are advised to focus on core indicators such as the stability of fund managers, the adaptability of strategies, and resource allocation to avoid "high-risk liquidation" products [2]

Core Viewpoint - The public fund industry is witnessing a significant increase in self-purchases of equity funds, with a total of 2.619 billion yuan in self-purchases this year, more than three times the amount from the same period last year, indicating a strong commitment to aligning interests with investors [1][2][3] Group 1: Self-Purchase Trends - In July, two fund managers announced self-purchases: Huashang Fund invested 20 million yuan in its Huashang Zhiyuan Return Mixed Fund, and Dacheng Fund committed at least 10 million yuan to its Dacheng Insight Advantage Mixed Fund [1] - Over 20 fund managers, including Xinghua Fund and Jiao Yin Schroder Fund, have announced self-purchases of equity funds this year [1] - The self-purchase trend is characterized by decisive actions during market fluctuations, with multiple fund companies announcing self-purchases on April 8, totaling 115 million yuan [1][2] Group 2: New Fund Launches and Manager Participation - Fund managers are actively self-purchasing during new fund launches, with several firms participating in the first batch of floating management fee funds [2] - There is a growing trend of fund managers regularly self-purchasing, with notable examples including a fund manager who continued to invest in a mixed fund for 31 months [2] Group 3: Regulatory Support - Regulatory bodies are encouraging fund managers to self-purchase equity funds, with the China Securities Regulatory Commission advocating for a certain percentage of annual profits to be invested in their own equity funds [2] - The recent action plan for promoting high-quality development in public funds includes metrics for evaluating fund companies, emphasizing self-purchase amounts and long-term performance [2] Group 4: Future Outlook - Industry insiders believe that as the public fund industry continues to develop, more fund managers will join the self-purchase trend, leading to a steady increase in self-purchase amounts [3]

Group 1 - Recent announcements from public fund managers indicate a trend of self-purchase, with Dachen Fund committing at least 10 million yuan to subscribe to its mixed securities investment fund, demonstrating confidence in its products and market outlook [1][2] - Other fund managers, including Jiao Yin Schroder Fund and Xing Zheng Global Fund, have also announced self-purchases of 20 million yuan each for their respective mixed securities investment funds, reflecting a broader industry trend [2] - The self-purchase actions are seen as a signal of optimism regarding the market and are expected to boost investor sentiment, as fund managers express willingness to share risks and rewards with investors [2][3] Group 2 - The self-purchase behavior is viewed as a commitment that enhances the brand image and market reputation of public fund managers, potentially attracting more investor interest and capital inflow [3] - Fund managers' self-purchases are particularly focused on equity funds, indicating a belief in the long-term value of equity assets and expectations of market valuation recovery and economic improvement [2] - Regulatory encouragement for fund managers to increase self-purchases of equity funds has led to a net subscription amount of 1.317 billion yuan for stock funds as of July 6 this year [2]

Investment Rating - The report does not explicitly state an investment rating for the non-bank financial industry. Core Insights - The comprehensive financial policy introduced on May 7 aims to address internal demand weakness and external economic fragmentation, while also learning from historical policy timing choices [4][10][12]. - The establishment of a quasi "stabilization fund" mechanism, along with central bank re-lending and insurance capital expansion, is expected to solidify market stability and transition from emergency interventions to a normalized mechanism [5][30]. - New regulations on major asset restructuring open up significant opportunities in the M&A market, introducing flexible payment mechanisms and simplified review processes [6][40][41]. - The public fund industry is encouraged to return to its core focus on investment returns, with new guidelines emphasizing long-term performance and fee structures linked to fund performance [7][67][72]. Summary by Sections 1. Overview: Background and Analysis of the Financial Policy Package - The timing of the financial policy package is influenced by internal factors such as weak domestic demand and risk prevention, as well as external shocks like trade barriers [10][12][13]. - The policy aims to create a coordinated approach among fiscal, monetary, and regulatory measures to avoid the pitfalls of previous economic downturns [13][14]. 2. Significance of the Quasi "Stabilization Fund" - The quasi "stabilization fund" is designed to provide a consistent market stabilization mechanism, moving away from ad-hoc interventions [30][31]. - International examples demonstrate the effectiveness of stabilization funds in mitigating market panic and stabilizing financial systems during crises [31][36]. 3. New Regulations on Major Asset Restructuring: Opening Up M&A Opportunities - The new regulations introduce four key innovations, including a phased payment mechanism and a simplified review process, which enhance transaction flexibility and efficiency [6][40][41]. - The adjustments in regulatory requirements for asset purchases aim to increase tolerance for mergers and acquisitions, particularly benefiting high-potential sectors [47][48]. 4. High-Quality Development Opinions for Public Funds: Returning to Core Principles - The public fund industry is urged to focus on investment returns, with reforms aimed at aligning interests between investors and fund managers [67][72]. - The introduction of a floating fee structure linked to performance is expected to enhance long-term investment strategies and accountability [88][90]. 5. Expanding Equity Investment: Financial Services for New Productive Forces - Continued encouragement for insurance capital to enter the market could lead to an influx of approximately 700 billion in equity investment [8][95]. - The expansion of AIC pilot programs reflects a policy direction aimed at enhancing banking services for technological innovation [8].

除了经济富有活力、金融业对外开放程度高，中国和新加坡在资本市场方面的良好合作为基金公司落 子新加坡提供了有力的支持。此外，税收优势也对资管机构落地新加坡增加了实质性的吸引力 范雨露 制图 除了经济富有活力、金融业对外开放程度高，据基金公司相关人士透露，中国和新加坡在资本市场方面 的良好合作为基金公司落子新加坡提供了有力的支持。此外，税收优势也对资管机构落地新加坡增加了 实质性的吸引力。 早在2023年5月，上交所和新加坡交易所就签署了ETF产品互通合作谅解备忘录。新加坡交易所集团首 席执行官罗文才曾表示："近年来，新加坡交易所一直在积极拓宽中国ETF品种，以支持人民币国际 化。这是增强人民币计价资产对全球投资者的可及性和吸引力的战略举措。" 税收方面，2025年2月18日，新加坡政府公布《2025财政预算案》，新增多项企业所得税优惠政策，其 中与基金相关的包括"降低首次在新加坡上市的基金管理人的企业所得税税率。符合特定条件（公司管 理的资产至少30%投资于新加坡上市股票等）且首次上市的基金管理人提供相关基金管理或咨询服务获 得的收入可享受5%的企业所得税优惠税率"。 在基金公司积极"走出去"的同时，中国资产的 ...

Core Viewpoint - The National Medical Insurance Administration (NMIA) has launched a nationwide campaign to combat fraud and illegal activities in the pharmaceutical sector, utilizing drug traceability codes as a key tool, and has announced eight typical cases of fraud [1][2]. Group 1: Fraud Cases - Eight typical cases of fraud have been identified, including: - A pharmacy in Lanzhou, Gansu Province, involved in card swiping and reselling medical insurance drugs [1]. - Nine pharmacies in Wuhan, Hubei Province, participating in the resale of medical insurance drugs [1]. - A pharmacy in Changsha, Hunan Province, that forged prescriptions to defraud medical insurance funds [1]. - A pharmacy in Fuzhou, Jiangxi Province, involved in swapping and reselling medical insurance drugs [1]. - A clinic in Hefei, Anhui Province, that illegally purchased and resold drugs from online retail platforms [1]. - A chain company in Yangquan, Shanxi Province, that induced false drug purchases [1]. - A doctor in Xi'an, Shaanxi Province, who prescribed excessive medications and issued illegal prescriptions [1]. - An insured individual in Shanghai who purchased excessive medications [1]. Group 2: Role of Drug Traceability Codes - Drug traceability codes serve as a unique "electronic ID" for each box of medication, essential for ensuring compliance in procurement and settlement processes [2]. - All medical insurance designated institutions are required to procure drugs with traceability codes and settle payments via scanning [2]. - The NMIA encourages insured individuals to use the national medical insurance app to scan the traceability codes on drug packages to protect their legal rights against suspected fraudulent activities [2].