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Core Points - Minshang Fund Sales Company has officially withdrawn from the public fund distribution market as its sales license has been revoked by the China Securities Regulatory Commission (CSRC) [2][5] - The company had previously shown signs of exiting the fund distribution business, with multiple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]

【导读】民商基金销售公司公募销售牌照正式注销 中国基金报记者 张燕北 孙晓辉 此前因基金公司密集解约，民商基金销售（上海）有限公司（以下简称民商基金）一度引发 关注。如今，随着证监会一纸公告 " 落地 " ，这家第三方基金销售机构的基金销售牌照正式 注销。 民商基金正式注销基金销售牌照 民商基金正式退出公募代销市场。 中国证监会上海监管局日前披露的信息显示，近期民商基金销售（上海）有限公司向中国证 监会提交了注销公开募集证券投资基金销售业务许可证的申请。根据有关规定，上海证监局 决定注销民商基金的相关业务资格。 公开资料显示，民商基金成立于 2016 年 1 月 29 日， 2017 年 10 月获得证监会基金销售 牌照，是一家由银行业专业人士发起成立的基金销售公司。 事实上，民商基金决定退出基金代销江湖，已早有迹象。今年 5 月以来，基金公司接连密集 发布终止与民商基金的代销业务合作的公告。当时即有业内知情人士透露，民商基金系主动 退出基金代销业务，欲向私募基金业务转型。 Wind 数据显示，截至 7 月 7 日，民商基金代销基金数量为 828 只，代销基金公司数量为 23 家，代销产品数量在 125 家独 ...

这份研究由三位权威人士共同完成，分别是纽约联储的研究分析师 Sophia Cho、旧金山联储经济研究部副总裁 Thomas Mertens 以及纽约联储主席约翰・威 廉姆斯（John Williams）。他们在周一发布的博客文章中明确表示，未来七年内，联邦基金利率触及 "零利率下限"（ZLB）的概率为 9%，而当前利率的高 度不确定性进一步加剧了这一风险。 Juno markets 官网发现纽约联储和旧金山联储的研究人员通过深入分析指出，美联储不能想当然地认为其基准贷款利率未来不会再度降至零，并且从长期来 看，这一情况发生的概率可达 9%。这一结论打破了部分人认为后疫情时代货币政策已摆脱 "零利率下限" 阴影的判断，为市场敲响了警钟。 此前，有政策制定者和经济学家质疑，后疫情时代的通胀飙升和经济增长是否意味着货币政策已彻底摆脱 "零利率下限" 的阴影。但纽约联储和旧金山联储 的最新研究表明，这种风险依然存在。当前经济环境复杂多变，地缘政治冲突、贸易摩擦、全球经济增长乏力等因素都可能引发经济波动，一旦出现严重危 机，美联储为刺激经济，仍有可能将利率降至零。 研究人员的分析并非凭空推测，而是基于与关键短期利率（如 ...

Core Viewpoint - The performance of stock and mixed funds on July 7 shows a mixed trend, with 25.93% of funds achieving positive returns, while a significant number experienced declines, indicating a volatile market environment [1][2]. Fund Performance Summary - On July 7, the average net value growth rate for stock and mixed funds was -0.32%, with 147 funds exceeding a 1% growth rate [1][2]. - The top-performing fund was 中航混改精选C, with a net value growth rate of 2.36%, followed by 中航混改精选A and 渤海汇金新动能主题混合A, both at 2.11% [2][3]. - Among the funds with a net value growth rate over 1%, 华夏基金 had 16 funds, while 南方基金 and 广发基金 had 8 and 7 funds respectively [2]. Fund Decline Summary - A total of 220 funds experienced a net value decline exceeding 2%, with 中航优选领航混合发起C showing the largest drop at -3.91% [2][5]. - Other notable declines included 中航优选领航混合发起A at -3.90% and 泰信医疗服务混合发起式C at -3.47% [5][6].

KVB交易平台发现美联储的一众研究者，其中包括有着 "三把手" 之称的纽约联储主席约翰・威廉姆斯，他们来自纽约联储和 旧金山联储，经过深入研究后得出一个重要结论：美联储不能想当然地认为，其制定的基准利率在未来会一直远离零这个水 平。 在本周一发布的一篇博客文章里，这些研究者明确指出，在接下来的七年时间里，联邦基金利率有 9% 的可能性会触及所谓的 "零利率下限"。而当下利率存在着很高的不确定性，这一因素在很大程度上加剧了这种风险的出现。 威廉姆斯和他的合著者在文章中写道："和过去十年的情况比起来，现在的数据表明，市场对于未来利率水平的预期处于较高 的位置。" 但他们同时强调，即便如此，由于近期各种不确定性因素不断增加，从中长期来看，零利率下限所带来的风险依然 十分明显，其程度和 2018 年时不相上下。 从 2022 年 3 月到 2023 年 7 月，为了应对居高不下的通胀，美联储连续 11 次加息，将联邦基金利率的目标区间提高到了 5.25% 至 5.5%，这使得利率大幅脱离了零下限。美联储主席鲍威尔也曾表示，经过这一系列大幅加息，美联储在面对各种冲击时，有 了更多政策应对的空间。 从去年 9 月到现在， ...

Core Insights - The core proposition of the article emphasizes the importance of enhancing investor satisfaction as a fundamental aspect of the public fund industry, especially in the context of high-quality development [2][3]. Industry Context - The public fund industry has evolved from a niche sector 20 years ago to a significant player with over 800 million investors, impacting national economic transformation and technological development [3]. - Recent years have seen widespread losses in the industry, particularly in equity funds, leading to poor customer experiences [3]. Business Philosophy - The company prioritizes customer interests above all, asserting that misalignment of this principle jeopardizes long-term sustainability [4]. - A formula for quantifying investor satisfaction is proposed: 20%-30% from active management (Alpha), 50% from macroeconomic and industry trends (Beta), and 20%-30% from investor behavior optimization (Gamma) [4]. Product Strategy - The company avoids chasing market trends and focuses on long-term asset allocation, starting with technology investments and gradually expanding into consumer, healthcare, and value investment sectors [4]. - The sales strategy includes "reverse selling," promoting equity products during market downturns and guiding clients towards fixed-income assets during market highs [5]. Performance and Assessment - The company emphasizes long-term performance metrics for fund managers, focusing on three to five-year results rather than short-term gains [5]. - The company has achieved notable performance, ranking 8th out of 166 in equity fund performance as of June 30, with a two-year average return of 18.95%, the highest among funds over 100 billion [7]. Future Outlook - The company is actively pursuing a license for advisory services and is building a team to empower wealth management institutions rather than directly targeting end clients [7]. - The introduction of a floating fee structure aligns the interests of fund managers and investors, moving away from a sole focus on relative returns [9]. - The company aims to enhance its capabilities in cross-border investments, commodity investments, and talent retention to ensure long-term value creation for investors [10][11].

Group 1 - The company, Pengyang Fund Management Co., Ltd., has announced a fee rate discount for investors who subscribe to the Pengyang Heli Bond Fund through specified sales institutions starting from July 8, 2025 [1][11] - The fee rate discount applies to subscription, conversion, and regular investment purchases, with specific processes and times determined by the respective sales institutions [1][4] - The conversion fee discount only applies to the subscription differential fee, while the redemption fee remains unchanged [2][4] Group 2 - Upon conversion, the holding period for the transferred fund shares will reset, starting from the date the transfer is confirmed by the registration agency [2][3] - Fund conversions are treated as a redemption of the outgoing fund and a subscription to the incoming fund, requiring investors to ensure both funds are in a redeemable and subscribable state, respectively [2][4] - The company emphasizes that the fee rate discount activity is only applicable to the specified business service fees at the mentioned sales institutions [5][6]

Fund Overview - The fund in question is the Zhongyin Securities Huize Progress 3-Month Holding Period Mixed Fund of Funds (FOF), which is categorized as a fund of funds [1] - The fund was established on July 7, 2022, and is managed by Zhongyin International Securities Co., Ltd. with the custodian being Industrial and Commercial Bank of China [1] Termination Trigger - The fund contract stipulates that if the net asset value (NAV) falls below 200 million yuan after three years from the contract's effective date, the fund must be liquidated without convening a meeting of fund shareholders [2] - As of July 7, 2025, the fund's NAV is below 200 million yuan, triggering the termination clause of the fund contract [2] Business Operations - From May 28, 2025, the fund has suspended subscription, conversion, and regular investment activities, but shareholders can still redeem or transfer their holdings [3] - A redemption period is set from July 8 to July 14, 2025, during which shareholders can redeem their shares without incurring the minimum holding period restrictions [3] Redemption Fees - During the redemption period, Class C shares will not incur redemption fees, while Class A shares will have specific redemption fee rates based on the holding period [4] Liquidation Process - A liquidation team will be established within 30 working days after the termination of the fund contract, supervised by the China Securities Regulatory Commission (CSRC) [5] - The liquidation team will consist of members from the fund management and custody companies, as well as certified public accountants and lawyers [5] Liquidation Steps - The liquidation process includes taking control of the fund's assets, confirming debts, valuing and liquidating assets, and preparing a liquidation report [6] - The liquidation report will be audited by an external accounting firm and reviewed by a law firm before being submitted to the CSRC [6] Distribution of Remaining Assets - After deducting liquidation costs and settling any debts, the remaining assets will be distributed to shareholders based on their shareholding proportions [8] Announcement of Liquidation - Major events during the liquidation process will be announced promptly, and the liquidation report will be published within five working days after CSRC approval [10]

Group 1 - The Federal Reserve cannot assume that its benchmark interest rate will not drop to zero again in the future, with a 9% probability of hitting the "zero lower bound" within the next seven years [1] - Current interest rate uncertainty is a significant factor contributing to this risk, with expectations for future rates remaining high compared to the past decade [1] - The analysis is based on interest rate derivatives linked to short-term key rate expectations, such as the Secured Overnight Financing Rate [1] Group 2 - There is a 1% probability that interest rates will return to zero within the next two years, following the Fed's previous rate cuts during the 2008 financial crisis and the COVID-19 pandemic [2] - Since March 2022, the Fed has raised the federal funds rate target range to 5.25% to 5.5% in response to high inflation, moving significantly away from the zero lower bound [2] - Discussions are ongoing regarding the timing of potential rate cuts and the level of the terminal rate, with recent comments indicating frustration from the President regarding the Fed's current policy stance [2] Group 3 - Goldman Sachs economists now expect the Fed to potentially cut rates in September, three months earlier than previously predicted, due to lower-than-expected impacts from tariff policies and signs of a slowing job market [3] - The likelihood of a rate cut in September is estimated to be slightly above 50%, with expectations for cuts of 25 basis points in September, October, and December [3] - Goldman Sachs has revised its forecast for the terminal federal funds rate down to 3% to 3.25%, indicating a shift in expectations while maintaining that the economy could still achieve maximum employment and 2% inflation [3]