华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 | 八、2024年结构化产品年度报告 | | --- | | 1. 市场概览:金融工程搭建的积木游戏 ………………………………………………………………………………………………………………………………………………………………………………………………………… ...

证券研究报告·行业点评报告·半导体 半导体行业点评报告 长鑫存储启动上市辅导，看好国内先进制程 扩产利好国产设备商 增持（维持） 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -11% -3% 5% 13% 21% 29% 37% 45% 53% 61% 69% 2024/7/8 2024/11/6 2025/3/7 2025/7/6 半导体 沪深300 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：下游扩产不及预期，产品突破不及预期。 2025 年 07 月 08 日 ◼ DRAM 龙头启动上市，出货份额持续提升：7 月 7 日国产 DRAM 内存 龙头长鑫存储（长鑫科技集团股份有限公司）正式启动上市征程，中金 公司和中信建投证券已获委任为其 A 股首次公开发行（IPO）的保荐机 构。Counterpoint 预测显示，长鑫存储今年 DRAM 出货量将同比增长 50%，其在整 ...

巨头们，又出手做 LP了。 天眼查显示， 7月4日，晨壹基金旗下的上海晨峦企业管理合伙企业（有限合伙）发生工商变 更， 新增广西腾讯创业投资有限公司 、无锡晨壹成长股权投资基金（有限合伙）、厦门金圆 展鸿二期股权投资合伙企业（有限合伙）、珠海众烨投资企业（有限合伙）等为合伙人。 公开信息显示，晨壹基金由原华泰联合证券总裁刘晓丹创立，其首只基金于 2 0 2 0年3月完成备 案，并通过非公开募集方式开展业务。2 0 2 4年3月，原阿里巴巴集团董事会主席兼首席执行官 张勇加入，进一步强化管理团队。 我们关注到， 这并非腾讯今年的第一次出手做 LP ，今年 4月，上海杏泽川禾创业投资合伙企 业（有限合伙）（以下简称"杏泽川禾"）发生工商变更，该基金穿透后出资人新增了腾讯的身 影。变更结束后腾讯投资认缴2亿元，持有杏泽川禾约6 6 . 6 6%的股份，成为基金最大出资方。 今年，上市公司当 LP的活跃，成为一级市场LP出资中的亮点。 " 很多上市公司想成立并购类的基金 ，去投资或并购上下游，特别如果是和 AI、具身智能等 热门概念相关的领域，股价会大涨。并且，投产业链上下游的基金，上市公司所在地的地方政 府也会比较 ...

Core Viewpoint - The article discusses the misconceptions surrounding government bond funds, emphasizing that they are not risk-free despite being perceived as safe assets due to government backing [1][3]. Group 1: Understanding Government Bond Funds - Government bond funds are specifically designed to invest in government bonds, which are backed by the credit of the state, theoretically presenting a low risk of default [1]. - In 2022, China's government bond issuance exceeded 7 trillion yuan, with a significant portion entering the market through funds, highlighting their role as a stabilizing asset in investment portfolios [1]. Group 2: Risks Associated with Government Bond Funds - **Interest Rate Risk**: The relationship between bond prices and interest rates is crucial; when market interest rates rise, existing bonds lose value, as seen in the 12% average decline of U.S. government bond funds in 2022 due to consecutive rate hikes by the Federal Reserve [3][5]. - **Liquidity Risk**: Government bond funds can be open-ended or closed-ended. Open-ended funds may face forced selling during large redemptions, impacting remaining investors, while closed-ended funds may trade at a discount to net asset value, posing additional risks [6]. - **Inflation Risk**: If a government bond fund yields 3% but inflation is at 4%, the real purchasing power decreases, which can lead to significant losses over long-term investments [7][9]. Group 3: Misconceptions and Investment Strategy - The notion of "zero risk" is misleading; while government bond funds are safer than other investment vehicles, they still carry unique risks that differ from stocks or P2P lending [9]. - Investors should be cautious of funds that use leverage or invest in lower-rated corporate bonds to enhance returns, as these strategies can lead to substantial losses during market downturns [9].

易方达基金7月8日公告称，自7月11日起，调低旗下两只债券基金的托管费率。其中，易方达中债新综 指(LOF)的托管费年费率从0.10%降至0.05%，易方达投资级信用债债券的托管费年费率从0.10%降至 0.05%。 ...

以下文章来源于创投星球联萌 ，作者萌老师 本期导读： 私募股权基金税制改革刻不容缓。 作者丨萌哥 来源丨创投星球联萌 本期推荐阅读5分钟 什么才是阻碍中国创投市场健康发展的最大问题？会有人说IPO暂停，也会有人说募资难、政府反 投等等。 我认为这些都是短期周期问题，长期最大问题只有一个。 创投星球联萌 . 带你从另外一个角度观察最真实的PE/VC，洞察创投行业水面之下的暗涌。 那就是"税"。 先说三个案例，你就知道问题有多大。 案例一：备案类型错位，LP多缴千万税款 2019年前，某母基金因备案类型被归类为"私募股权基金"而非"创业投资基金"，尽管其90%资金投 向早期科创企业，却因政策变更通道关闭无法享受20%优惠税率。2023年基金退出时，个人LP被 迫按35%超额累进税率缴税，实际税负较同类创投基金高出42%。仅单项目退出收益1.2亿元即多 缴税款1800万元，而基金亏损项目超60%却无法跨期抵扣。税务部门以"历史备案不可更改"为由拒 绝调整，LP集体申诉无果。 案例二：补缴"陈年旧账"，国资基金反遭政策误伤 2018年国税总局清理地方税收优惠时，某长三角国资背景创投基金被追缴2015-2017年所得税 ...

江苏神通阀门股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、情况概述 证券代码：002438 证券简称：江苏神通 公告编号：2025—035 合伙企业名称：日照瑞帆节能股权投资合伙企业（有限合伙） 类型：有限合伙企业 江苏神通阀门股份有限公司（以下简称"江苏神通"或"公司"）于 2021 年 股权投资基金并增资全资子公司的议案》，同意公司与汇领峰（北京）投资管理 有限公司、日照财金股权投资管理有限公司、日照市财金投资集团有限公司、日 照市东港区财新股权投资基金合伙企业（有限合伙）联合设立"日照瑞帆节能股 权投资合伙企业（有限合伙）" （以下简称"日照瑞帆"或"基金"），日照瑞帆拟 出资总额为人民币 37,500 万元，公司作为有限合伙人认缴出资人民币 22,115 万元，认缴出资比例为 58.97%；日照市财金投资集团有限公司作为有限合伙人 认缴出资人民币 10,000 万元，认缴出资比例为 26.67%；日照市东港区财新股权 投资基金合伙企业（有限合伙）作为有限合伙人认缴出资人民币 5,000 万元，认 缴出资比例为 13.33%；汇领峰（ ...

据《工人日报》报道，"一款药物为何两种价格？"近日，来自重庆的邓女士表示，自己在当地一家 药店购买三黄片(葵花)，店员告知售价为18元一盒，结账时，邓女士掏出医保卡准备付款，收银员见状 提醒她，刷医保个人账户比付现金贵，需要支付26元。据了解，邓女士的经历并非个案。不少参保人在 医保定点药店购药均遭遇"阴阳价"，同一款药，刷医保个人账户比付现金贵。 药店作为零售药的主要市场主体，追求利润最大化本无可厚非，但通过"阴阳价"实现这一目标，就 属于投机取巧。由于医保结算回款需要时间，存在周期性延迟现象，药店需先行垫付统筹基金报销部 分，还要承担2%-3%的手续费，资金回笼压力导致部分商家将成本转嫁给消费者。药店的"阴阳价"策略 之所以能够实施，则是利用了参保人对医保个人账户资金敏感度较低的心理，当现金支付与医保支付价 格悬殊时，消费者就会陷入"不用医保亏钱，用了更亏"的两难境地。 对于"阴阳价"，完善制度设计是治本之策。今年1月，国家医保局发布的《关于推进基本医保基金 即时结算改革的通知》，提出推进医保与定点医药机构即时结算，为定点医药机构运行持续注入流动资 金。加速推进医保基金即时结算改革，通过缩短结算周期、降低 ...

Group 1 - The second batch of 11 innovative floating fee rate fund products was submitted for approval on July 4, with new fund managers and industry themes included, such as pharmaceuticals and high-end equipment [1][2] - The first batch of 26 innovative floating fee rate funds launched on May 27 raised over 22.6 billion yuan by the end of June, significantly outperforming the average fundraising of active equity funds during the same period [1][4] - The new floating fee rate products reflect a shift from a focus on scale to prioritizing investor returns, aligning with the regulatory push for high-quality development in the public fund industry [1][5] Group 2 - The second batch includes products from new fund managers, with a mix of stock and mixed-asset funds, and maintains a three-tier fee structure based on performance relative to benchmarks [2][3] - The introduction of industry-focused funds marks a shift towards more specialized investment strategies, enhancing the benchmark system for performance evaluation [3][6] - Fund companies are optimistic about the floating fee rate model, which ties management fees to performance, encouraging long-term investment strategies among investors [3][6] Group 3 - The first batch of floating fee rate funds demonstrated strong market confidence, with 24 out of 26 products successfully raising funds, averaging 9.45 million yuan per product [4][5] - The innovative fee structure allows for differentiated charges based on individual investor performance, promoting a more personalized investment approach [5][6] - The China Securities Regulatory Commission aims to promote the floating fee rate model, targeting that at least 60% of new active management equity funds from leading firms will adopt this model within a year [6]

Core Points - Minshang Fund Sales Company has officially withdrawn from the public fund distribution market as its sales license has been revoked by the China Securities Regulatory Commission (CSRC) [2][5] - The company had previously shown signs of exiting the fund distribution business, with multiple fund companies terminating their distribution agreements with Minshang Fund since May [5][8] - The fund distribution market is undergoing a rapid transformation, with at least nine institutions, including Minshang Fund and Dahua Bank, exiting the business since last year [8][10] Company Summary - Minshang Fund was established on January 29, 2016, and obtained its fund sales license in October 2017 [5] - As of July 7, Minshang Fund had distributed 828 funds from 23 fund companies, ranking 73rd among 125 independent fund sales institutions [6] - The company previously distributed 2,753 public products and worked with 72 fund companies before the recent wave of terminations [6] Industry Summary - The fund sales market is experiencing accelerated consolidation, with over 60% of fund distribution institutions having fewer than 1,000 funds in their portfolio [10] - The ongoing reforms in fund fee structures and stringent regulatory trends are expected to continue impacting the market, leading to further exits of smaller fund distribution institutions [10] - New participants are emerging in the market, such as the establishment of E Fund Wealth Management Fund Sales (Guangzhou) Co., which increases the number of public fund sales subsidiaries to nine [10][11]