Group 1 - The overall fund issuance market showed significant differentiation last week, with only 20 new funds established and a total issuance scale of 5.328 billion yuan, marking the lowest weekly fundraising since April this year [1] - The average fundraising per fund was only 266 million yuan, indicating a generally sluggish issuance market [1] Group 2 - Equity funds performed strongly, with 11 equity fund products raising 3.226 billion yuan, accounting for 60.54% of the total issuance, making them the main force in the week [3] - Passive index products were particularly notable, with 8 index funds collectively raising over 2 billion yuan, nearly half of the total issuance, focusing on popular sectors such as Hong Kong tech and core A-share assets [3] - The Southern CSI Hong Kong Stock Connect Technology ETF raised 705 million yuan, and the Morgan Stanley CSI 300 Free Cash Flow Link A raised 597 million yuan, reflecting institutional preference for index-based investments [3] Group 3 - Bond fund issuance cooled significantly, with only 3 bond fund products issued, totaling 1.067 billion yuan, accounting for 20.03% of the total, a stark contrast to previous strong performances [4] - Mixed fund issuance remained relatively stable, with 5 mixed fund products raising 3.226 billion yuan, accounting for 19.23%, with an average fundraising of 645 million yuan per fund [4] - Passive index funds emerged as the absolute mainstay of new fund issuance, with a rapid launch of the Huatai-PineBridge CSI Hong Kong Stock Connect Technology Link A, highlighting institutional intent to quickly position in the Hong Kong tech sector [4]

近日，首批10只科创债ETF（交易型开放式指数基金）正式获批，我国债券ETF产品谱系进一步丰富， 资本市场支持科技创新迎来新工具。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，大力发展科创债，优化发行、交易制度安 排，推动完善贴息、担保等配套机制，加快推出科创债ETF。同日，10家公募基金上报首批科创债 ETF。其中，易方达基金、广发基金、华夏基金、鹏华基金、博时基金、招商基金6家公募基金在上交 所上报，嘉实基金、南方基金、富国基金、景顺长城基金4家公募基金在深交所上报。7月2日，上述10 只科创债ETF正式获批。 此次科创债ETF的推出，将有效填补公募基金在"科技金融"债券基金领域的空白，助力科技强国建设。 同时，科创债ETF通过其高度聚焦的投资主题设计，吸引各类资金精准投向科创重点领域，为科创企业 拓宽融资来源、降低融资成本并提高融资效率。 "在债券市场'科技板'启航的背景下，科技创新债券发行主体扩容，由金融机构、科技型企业、股权投 资机构三类机构发行，所募集资金用于支持科技创新领域投融资。"易方达债券指数投资部总经理李一 硕表示，科创债自试点以来，发行不断提速，现正处于快速扩容阶段，募集资 ...

Group 1 - The overall market saw the establishment of 20 new funds last week, with a total issuance scale of only 5.328 billion yuan, marking the lowest weekly fundraising since April this year, with an average fundraising of only 266 million yuan per fund [1] - Despite the overall sluggish issuance market, there are structural highlights, with equity funds leading the way, accounting for 60.54% of the total issuance, reflecting institutional confidence in equity assets [1] - The issuance of bond funds has significantly cooled down, with only 3 products raising 1.067 billion yuan, a decline compared to previous strong performances [1] Group 2 - Passive index funds became the main force in new fund issuance last week, accounting for over 60%, with over 20 products launched covering popular sectors such as securities, technology, consumption, and pharmaceuticals [2] - Enhanced index funds are also favored by public fund managers, with several products launched to meet investors' demand for excess returns through quantitative strategies [2] - Although the overall scale of newly issued funds last week was limited, many institutions are preparing for the second half of the year, with multiple funds pending approval across various themes [2]

Group 1 - The private equity fund industry in China is experiencing a surge in product registrations, with 1,775 private securities investment fund managers completing 5,461 product registrations in the first half of 2025, representing a year-on-year increase of 53.61% and a more than 100% increase compared to the second half of the previous year, indicating a significant recovery in market confidence and an enhanced willingness for capital allocation [1] - Among the five primary strategies, the stock strategy leads with 3,458 registered products, accounting for 63.32% of the total, reflecting strong enthusiasm for equity asset allocation, driven by factors such as the release of technology innovation policy dividends and robust performance in key sectors like artificial intelligence [1] - Multi-asset strategies and futures and derivatives strategies follow with 802 and 633 registered products, representing 14.69% and 11.59% respectively, highlighting an increased demand for diversified allocation in a low-interest-rate environment [1] Group 2 - Quantitative private equity institutions have shown remarkable performance during the current registration wave, with 27 out of 33 institutions having at least 20 registered products being quantitative, including 18 large-scale institutions with over 10 billion yuan in assets, showcasing their advantages in research capabilities, risk control systems, and brand effects [2] - A total of 2,448 registered quantitative strategy private products were recorded, with stock quantitative strategies dominating at 1,715 products, accounting for 70.06%, and the index enhancement strategy being the most favored with 1,061 products, representing 61.87% of stock quantitative strategies [2] - The small and micro-cap sector is expected to become a blue ocean for excess returns in quantitative strategies, as traditional broad-based index strategies face intensified competition and diminishing excess returns due to increased capital inflow [3]

Core Viewpoint - The launch of the Jiashi CSI AAA Technology Innovation Company Bond ETF provides a convenient investment tool for participating in the technology innovation bond market, reflecting the growing importance of such financial products in supporting technological advancements and economic transformation [1][2]. Group 1: Product Overview - Jiashi CSI AAA Technology Innovation Company Bond ETF tracks the CSI AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above from high-quality technology companies, primarily state-owned enterprises and reputable private firms [2]. - The index has shown strong historical performance, with returns of 5.5%, 6.0%, and 3.81% for 2023, 2024, and the past year, respectively [2]. Group 2: Investment Features - The ETF is designed to be a low-cost, efficient investment option for credit bonds, with management fees at 0.15% and custody fees at 0.05%, enhancing yield in a low-interest environment [4]. - It offers cash subscription/redemption, regular dividend assessments, and efficient trading features, making it accessible for both institutional and individual investors [3][4]. Group 3: Management Strategy - The investment strategy combines sampling replication and dynamic optimization to minimize tracking error, selecting highly liquid bonds from the index and its alternatives [5][6]. - The fund manager, Wang Zhe, has extensive experience in fixed income investment and employs risk-controlled active management strategies to seek excess returns [7][8]. Group 4: Future Outlook - The macroeconomic environment is expected to maintain low interest rates, supporting a bullish bond market, while the commercialization of technological breakthroughs may enhance the profitability of bond issuers, positively impacting ETF net value and long-term investor returns [9].

Core Insights - The total net asset value of ETFs in the market reached a historic high of 4.28 trillion yuan by the end of June 2025, with the Sci-Tech Innovation series ETFs exceeding 255 billion yuan and the CSI "A series" ETFs surpassing 236 billion yuan [1][2] - The CSI 300 ETF has become the first broad-based ETF in China to exceed 1 trillion yuan in market size [1] - The A-share market showed resilience and an upward trend in the first half of 2025, with various major indices experiencing different degrees of increase [1] Index Development - The index system has been continuously improved, with the launch of the Sci-Tech Comprehensive Index in January and the optimization of the Shanghai Stock Exchange 380 Index in May, creating a flagship broad-based index system [1] - New indices related to artificial intelligence, new energy, biomedicine, robotics, and semiconductors were introduced to enhance the Sci-Tech and entrepreneurial index system [1] Market Performance - Most major scale and composite indices saw varying degrees of increase in the first half of 2025, with the North Securities 50 index performing the best, rising by 39.45% [2] - The CSI series industry indices, including the Financial and Communication indices, recorded increases of 7.17% and 6.74%, respectively, while the Shanghai Stock Exchange Medical and Materials indices rose by 7.67% and 6.95% [2] - The Sci-Tech new drug, gold mining, and gold stock indices saw significant increases of 43.83%, 36.23%, and 27.73%, respectively, highlighting the stability and risk resistance of dividend factors [2]

对投资者来说，低费率的好处不言而喻。以100万元的投资为例，如果管理费和托管费的费率从0.6%降 至0.2%，若持有一年，原来的成本是6000元，现在只需2000元，每年相当于多赚了4000元。尽管一年 只多赚0.4%，但随着投资周期拉长，在复利效应的持续作用下，低费率将逐步转化为更可观的超额收 益，从而提升长期投资的回报质量。 在指数产品线布局方面，易方达指数团队搭建了覆盖不同投资者需求的立体化产品体系。宽基指数产品 谱系方面，从上证50、沪深300、深证100等全市场宽基指数，到创业板指数、科创板50，再到恒生指 数、纳指、日经225等跨境宽基指数，易方达旗下产品基本都有覆盖。在行业主题上，易方达基金基本 涵盖了科技、金融、消费、医药、互联网等各个细分行业。策略指数方面，易方达着重布局了成长策略 及高股息策略，这些策略费率均设置为0.15%，相对于同行优势明显。 在权益市场波动加剧、投资者愈发重视 "性价比" 的当下，指数基金作为高效资产配置工具的价值持续 凸显，普通投资者可以选择直接投资指数基金，以规避知识储备不足而盲目投资造成的风险。易方达基 金在业内较早成立指数解决方案团队，已深耕指数领域21年，致 ...

出品｜公司研究室基金组 文｜曲奇 在喧嚣的资本市场中，利润增长常常成为投资者追逐的焦点，但真正的价值创造者却始终信奉一个更朴素的真理——现金为王。 从巴菲特"未来现金流的折现"到贝佐斯"自由现金流至上"的经营哲学，全球顶尖投资人与企业家早已揭示：企业的长期价值，不在 于账面利润的数字游戏，而在于其持续创造真实现金的能力。 如今，这一理念正在A股市场落地生根。 随着国内经济从高速增长转向高质量发展，那些无需依赖持续资本投入却能稳定"造血"的"现金奶牛"，正成为市场新宠。以现金流 ETF南方（159232.SZ）为例，其跟踪的中证全指自由现金流指数（简称：中证现金流；代码：932365.CSI），正是这一趋势的精 准捕捉者。 当"国九条"强化分红要求、低利率环境压缩固收收益，中证现金流指数以4%股息率+月度分红评估机制，为投资者提供了一条兼顾 稳健与成长的新路径。 为什么自由现金流是投资的终极指标？普通投资者如何借道ETF共享"现金奶牛"们的长期红利？ 从巴菲特到贝佐斯：解码自由现金流的投资智慧 对于一家公司，投资者往往过于关注利润，而忽视了更为关键的自由现金流（Free Cash Flow，FCF）。 通常而言 ...

Core Insights - The public fund issuance market showed significant recovery in the first half of 2025, with a total of 680 new funds launched, representing a year-on-year increase of 7.94% and a quarter-on-quarter increase of 32.55% [1][2] Fund Type Analysis - Equity funds were the main contributors to the fundraising, with 390 equity funds launched, accounting for 57.35% of the total. Both year-on-year and quarter-on-quarter growth exceeded 60%, indicating a notable increase in equity fund issuance [1][2] - FOF (Fund of Funds) funds experienced a peak in issuance, with 31 funds launched, representing 4.56% of the total. The year-on-year and quarter-on-quarter growth rates were 82.35% and 93.75%, respectively [1][2] - Bond funds and mixed funds showed a recovery trend quarter-on-quarter, with 131 bond funds launched, making up 19.26% of the total, while mixed funds also exceeded 100 launches, accounting for 16.18% [1][2] Market Dynamics - The recovery in public fund issuance is attributed to two main factors: the restoration of market profitability, with over 80% of actively managed equity funds turning positive since April, and the release of policy benefits, such as the new "National Nine Articles" promoting long-term capital inflow into the market [3] - Looking ahead, the public fund issuance market is expected to continue a pattern of differentiation and innovation, with equity funds remaining dominant, comprising over 70% of upcoming funds. Index funds are becoming increasingly popular, with a focus on expanding ETF product lines into niche areas and accelerating coverage of emerging markets and US tech leaders [3] - "Fixed income plus" products and bond funds are anticipated to recover, with institutional interest in "fixed income plus" products due to their balanced return advantages. The potential of bond ETFs is expected to be released, supported by policies and funding [3]

Core Viewpoint - The integration of AI-driven investment transformation, long-term policy orientation, and the responsibility of the domestic quantitative investment industry presents both challenges and opportunities for institutional managers committed to a long-term perspective [1][16]. Group 1: Era Background - The current era is characterized by a convergence of technological evolution and institutional transformation, with generative AI fundamentally altering various industries and providing new tools for long-term value investment [1]. - The development of AI is progressing from enhancing multi-step reasoning capabilities (L2) to achieving "perception-planning-execution" closed-loop capabilities (L3), marking 2025 as the "Year of AI Agents" [2]. Group 2: Policy and Market Dynamics - National policies are reinforcing a long-term orientation, with new regulations encouraging long-term capital market entry, advocating value investment, and standardizing algorithmic trading [4]. - The A-share market is undergoing positive structural changes, with improved information disclosure, regulatory enforcement, and investor composition, creating a foundation for sustainable long-term investment [5]. Group 3: Role of Quantitative Trading - Quantitative trading plays a crucial role in enhancing resource allocation efficiency and market stability, acting as both a "lubricant" and "stabilizer" in financial markets [6]. - Research indicates that quantitative trading can provide liquidity and price discovery, thereby improving overall market efficiency [6]. Group 4: Smart Beta Strategy - The Smart Beta strategy aims to serve long-term institutional capital by providing a reliable long-term allocation tool that combines long-termism with a tool-oriented approach [10]. - This strategy emphasizes a systematic modeling of fundamental factors, focusing on long-term value characterization while adhering to the principles of objectivity and discipline in quantitative investment [10][11]. Group 5: AI Exploration and Future Opportunities - The industry is increasingly embracing AI, with research categorized into interest-driven academic AI studies and more challenging industrial-grade AI development [12]. - Opportunities in the AI era can be divided into application-oriented real opportunities and foundational capability exploration, with the latter focusing on the potential of intelligent systems [13]. Group 6: Conclusion and Call to Action - The current environment presents a unique opportunity for active participation in shaping the future, emphasizing the importance of long-term commitment and practice over short-term certainty [16][17].