Core Viewpoint - The launch of the Morgan CSI 300 Free Cash Flow ETF and its corresponding fund aims to provide investors with a convenient tool to invest in high-quality companies with strong free cash flow, aligning with China's economic high-quality development [1][2]. Group 1: Fund Launch and Features - The Morgan CSI 300 Free Cash Flow ETF Connect Fund (Class A: 024613, Class C: 024614) will officially launch on June 16, allowing investors to purchase through major banks and online platforms [1]. - The fund aims to indirectly invest in the Morgan CSI 300 Free Cash Flow ETF, which focuses on companies within the CSI 300 index that have positive free cash flow and high earnings quality, excluding financial and real estate sectors [1][2]. - A unique quarterly dividend evaluation mechanism will be implemented, assessing the fund's excess return relative to its benchmark and available distributable profits, potentially enhancing investor satisfaction [2]. Group 2: Historical Performance and Investment Rationale - The CSI 300 Free Cash Flow Index has shown strong historical performance, achieving positive returns in 8 out of the last 11 years, with an annualized return of 14.2% since its inception [2]. - The index has demonstrated strong downside protection, with a maximum drawdown of -17.4% over the past five years, outperforming other indices in the same period [2]. - The current low-interest-rate environment and policy encouragement for companies to distribute dividends enhance the attractiveness of high free cash flow assets, as they are seen as financially healthy and capable of sustaining growth [3].

智通财经6月13日电，今日，香港财政司司长陈茂波在峰会上表示，国际资金对美元美债的信心动摇， 近期国际资金流入，香港成为了资金避风港，银行隔夜拆借利率走低，港币会维持与美元挂钩，提供一 个值得信任的环境，他们想来就来，想走就走，资金自由流通。陈茂波提到，国际资金流入之后对香港 和中国内地的经济发展情况大为改观，逐步加大了资产配置比重，中国经济稳定逐步发展，港股市场市 值80%左右是内地企业，而香港又是国际资金了解和信任的环境。 陈茂波：香港变成国际资金避风港 ...

以下文章来源于首席侧写师 ，作者阳明山人 首席侧写师 . 观人，鉴历史，知天地。 2025年6月，洛杉矶街头因联邦移民执法局（ICE）的突击搜查爆发大规模骚乱。特朗普未经加州州长纽森 同意，将2000名加州国民警卫队"联邦化"并增派海军陆战队镇压，纽森斥其行动"非法且疯狂"，要求收回指 挥权。特朗普公开威胁逮捕纽森，后者以"来啊，来抓我啊！"的挑衅姿态回应，将联邦与州的权力冲突推向 白热化，瞬间吸引了全美乃至全世界的目光。 一个小小州长，竟然跟自家总统公开对着干，难道美国政坛都是这么无法无天的吗？坊间大爷大妈纷纷议 论，特朗普要是连自己国内一个州长都拿捏不了，那可不就彻底名誉扫地了？ 你可别说，特朗普还真拿这个纽森没什么办法，所谓"逮捕"只不过是一句空洞的口头威胁罢了。况且，纽 森"反特"，早已不是一天两天的事了。 旧金山走出来的"自由派旗手" 纽森的故事始于旧金山一条破旧公寓走廊。5岁就经历了父母离异的他，看着母亲打三份工维持生计。纽森 的童年记忆中，充斥着永远凑不齐的房租和深夜便利店的面包。他从小就患有阅读障碍，这使得他学业艰 难。不过，幸好他有不错的体育天赋，让他在棒球场上找到了属于自己的光芒，直到一场 ...

Group 1 - The A-share market opened lower on June 13, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index down 0.39%, and the ChiNext Index down 0.59% [1] - The Guozheng Free Cash Flow Index rose slightly by approximately 0.15%, with component stocks showing mixed performance, including leading gains from Yaxiang Integration and China National Offshore Oil Corporation, while City Media and Baorui Technology faced declines [1] - The low-fee Free Cash Flow ETF (159201) followed the index upward, showing active trading and leading in scale and share among similar products [1] Group 2 - Guojin Securities stated that free cash flow is a necessary condition for dividends, as companies can only pay dividends when they have sufficient free cash flow available after meeting operational and development needs [1] - The Free Cash Flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, addressing the shortcomings of traditional dividend strategies in industry coverage and future performance predictions, focusing on internal growth capability and emphasizing financial health and sustainability [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both representing the lowest fee levels in the market, maximizing benefits for investors [1]

在强化人才引进培养"双轮"驱动方面，《条例》明确实施"四方之才"汇聚计划和"南海"人才开发计 划，围绕重点产业和重要领域吸引、培育和集聚各类高层次人才和急需紧缺人才;规定县级以上人民政 府应当搭建各类招才引智平台，破除户籍、地域、身份、学历、人事关系、档案管理等制约，精准灵活 引进各类人才。 在突出人才对外开放和合作方面，《条例》坚持汇聚全球智慧资源的目标导向，围绕增强引才措施 吸引力、提高人才领域开放水平，专章规定关于国际人才的相关制度设计。例如，明确引进境外教育资 源培养高水平的国际化人才，规定中外合作办学机构和境外独立办学学校中全职工作的境外人员可以按 照规定参加海南自贸港职称评审、高层次人才认定、人才工程项目及人才奖项评选等。 在统筹推进教育科技人才一体发展方面，《条例》强化系统观念，一体推进教育科技人才事业发 展，全方位全链条构筑海南自由贸易港人才竞争优势。例如，对统筹产业发展和人才培养，打造职普融 通、产教融合、科教融汇示范区等提出要求，规定高等学校、职业学校应当建立以创新创业为导向的人 才培养机制、完善产学研用结合的协同育人模式。 在注重人才使用激励机制创新方面，《条例》立足人才以用为本，以人才 ...

韩正还会见了西班牙外交大臣阿尔瓦雷斯，出席中西工商界欢迎晚宴并致辞，表示中国坚定不移扩大高 水平对外开放，高度重视中西、中欧经贸关系健康稳定发展，积极支持两国企业加强经贸投资合作。 韩正还赴塞维利亚访问，会见安达卢西亚自治区政府主席莫雷诺。 会见桑切斯时，韩正表示，今年4月，首相先生3年内第3次访华，习近平主席、李强总理同你深入交 流，双方共同发出深化开放互利合作、维护自由贸易秩序、捍卫国际公平正义的声音，体现了中西关系 对维护世界稳定和繁荣的重要意义。中方愿同西班牙一道，以两国建立全面战略伙伴关系20周年为契 机，保持高层交往，深入推进互利合作，进一步加强在联合国、世界贸易组织等重要多边机制中的沟通 协作和相互支持。在当前变乱交织的国际形势下，中欧加强团结合作，维护多边主义和自由贸易，有利 于中欧，也有助于世界经济稳定。希望西班牙继续为促进中欧关系健康发展发挥积极作用。 桑切斯表示，西班牙高度珍视同中国的友好关系。当前单边主义、保护主义损害各国利益，中国对多边 主义的坚守和承诺尤为珍贵。西班牙政府坚定奉行一个中国政策，欢迎更多中国企业赴西投资，愿同中 方深化贸易投资、科技创新、新能源等领域合作，维护国际贸易 ...

Core Insights - The FT account has become a significant tool for companies to enhance their global resource allocation capabilities after 11 years of innovation and exploration since its pilot in Shanghai in May 2014 [1] - The "Action Plan" aims to expand the functions and application scenarios of FT accounts, with financial institutions in Shanghai actively exploring new applications [1][5] Group 1: FT Account Impact - The number of FT accounts reached 177,400 by April 2025, with an annual growth rate of over 30% for cross-border receipts and payments in foreign currencies [2] - Companies like Kairun Co. have opened multiple FT accounts to facilitate their global operations, significantly improving their cross-border fund management efficiency [1][2] - Agricultural Bank of China (ABC) has established a dedicated WeChat group to provide real-time policy support for companies utilizing FT accounts [1] Group 2: Digitalization and Efficiency - ABC is set to complete a foreign exchange monitoring system in 2024, optimizing review processes and data sharing, which will reduce transaction times from 1-2 working days to instant processing [2] - The integration of FT accounts into high-frequency trade scenarios has led to a 40% reduction in manual review costs, enhancing the efficiency of cross-border transactions [2] Group 3: Financial Support for Enterprises - Banks like China Construction Bank (CCB) and Shanghai Pudong Development Bank (SPDB) are providing comprehensive financial services to support companies in their international expansion efforts [3][4] - CCB has developed a financial service solution for companies like Bright Dairy, helping them manage funding challenges during international operations [3] - SPDB has facilitated cross-border mergers and acquisitions for companies like Shanghai Xirui Technology, significantly improving transaction efficiency [4] Group 4: Future Prospects - The FT account innovation is expected to play a crucial role in stabilizing foreign investment and supporting the internationalization of the RMB [5] - Companies are increasingly looking to expand their operations in markets like Indonesia, with expectations of doubling their business scale in the next 3-5 years [5]

红利+：红利价值和自由现金流因何更优 20250612 摘要 华富新华中证红利价值指数通过多因子模型（低波动、低估值等）筛选， 侧重防御性，旨在提供高于传统红利指数的收益，更及时反映上市公司 基本面，避免估值陷阱。 华富中证全指自由现金流 ETF 跟踪自由现金流指标，专注于企业财务健 康状况，确保投资组合公司具有强劲的财务状况，在市场调整期间保持 稳定并提供持续增长潜力。 市场对红利类资产需求强劲，主要因为低利率环境，投资者寻求替代债 权类资产以获得较高收益，即使风险偏好提升，对红利资产配置需求依 然强劲。 新华中证红利价值指数采用创新方法，在传统高股息率基础上引入多因 子模型，增强对上市公司基本面的及时反映能力，避免估值陷阱，提升 整体投资组合质量，自 2013 年以来年化超额收益约 5%。 新华中证红利价值指数样本空间筛选要求现金分红总额大于再融资总额， 股息支付率大于 20%，提高筛选效果，确保上市公司有较强的回报股东 意愿和能力。 Q&A 请介绍华富新华中证红利价值指数和华富中证全指自由现金流 ETF 的独特优势 及二者之间的联系和区别。 华富新华中证红利价值指数和华富中证全指自由现金流 ETF 均为 ...

作 者丨陈思琦 编 辑丨孙超逸 图 源丨IC p h o t o "她同意全职来SMART那一刻，我对SMART的未来充满信心。"颜宁的期待，折射出深圳对全 球顶尖人才的独特磁吸力。 事实上，近年来顶尖学者加盟深圳的消息并不少见。去年，920名深圳学者入选全球前2%顶尖 科学家榜单，深圳研究与试验发展人员全时当量达46.1万人年、居全国城市之首。 6月首周，国际神经生物学专家陆伟、丹扬相继宣布全职加盟深圳医学科学院（SMART）。 6月10日，中办、国办印发《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》 （以下简称《意见》）。 深圳新一轮综改试点明确四方面改革任务，"教育科技人才体制机制一体改革"被置于首位，堪 称"置顶"。 这一改革远非简单的区域试点试验，随着以人工智能为代表的第四次科技革命的 到来，其深层价值在于回答时代命题：科研自由与举国体制如何兼容，市场效率 与基础研究如何平衡。 深圳理工大学校长樊建平接受南方财经记者采访时表示，如今的科技创新不再简单遵循从科学 到技术、从技术到产业的"0-1-10-∞"线性传导，而是演化为一个复杂多维的动态网络，高校、 科研机构、企业等各个节点的创新主体 ...

Gold Royalty (GROY) 2025 Investor Day June 12, 2025 09:00 AM ET Speaker0 want to welcome everybody here that's live today and also many online participants that are here for the gold royalty presentation. Our Capital Markets Day, as we like to call it, it's our Investor Day, if you will. And it's an auspicious time because we are approaching all time highs in the gold price again. We're approaching a little over $3,400 an ounce and not far from the all time highs we achieved earlier in the year. And gold ha ...