Group 1 - The core point of the article is that Dacheng Fund Management Co., Ltd. announced a commitment to invest at least 10 million yuan in the Dacheng Insight Advantage Mixed Securities Investment Fund, reflecting confidence in the high-quality development of China's capital market and the company's investment management capabilities [1] Group 2 - The company and its senior management, along with the proposed fund manager, will jointly contribute no less than 10 million yuan to subscribe to the fund [1] - There is a commitment to hold the investment for at least one year, with the final subscription amount to be confirmed by the fund registration and settlement agency [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week, the performance of major broad - based indices in the A - share market was divergent. The ChiNext Index, Shanghai Composite Index, and CSI 300 Index had relatively high returns of 0.22%, - 0.25%, and - 0.25% respectively, while the STAR 50, CSI 1000, and SME Board Index had relatively low returns of - 1.89%, - 0.76%, and - 0.65% respectively [1]. - In terms of trading volume, the trading volume of major broad - based indices increased last week. In the industrial sector, non - ferrous metals, petroleum and petrochemicals, and pharmaceuticals had the highest returns of 3.95%, 3.31%, and 1.54% respectively, while food and beverages, computers, and building materials had the lowest returns of - 4.42%, - 2.25%, and - 2.16% respectively [1][20]. - As of last Friday, the central bank had a net reverse - repurchase fund withdrawal of 72.7 billion yuan, with reverse - repurchase maturities of 930.9 billion yuan and a net open - market injection of 858.2 billion yuan. The yields of government bonds with different maturities declined, and the yield spread narrowed by 0.07 BP [1]. - This year, alternative funds have had the best performance, with a median return of 12.15%. The median returns of active equity, flexible allocation, and balanced hybrid funds are 3.23%, 1.15%, and 0.41% respectively [2]. - As of last weekend, there were 240 ordinary FOF funds, 119 target - date funds, and 154 target - risk funds among open - end public funds. This year, target - date funds have had the best median performance, with a cumulative return of 2.81% [3]. 3. Summary According to the Directory 3.1 Market Review 3.1.1 Fund Declaration and Distribution Dynamics - Last week, 24 funds were declared, a decrease from the previous week. The declared products included 2 FOFs, such as the Harvest Hang Seng Consumption ETF, Penghua China Securities Hong Kong Stock Connect Innovation Pharmaceutical ETF, etc. [2][9] - On June 11, Huatai - PineBridge Fund announced that the Huatai - PineBridge CSI 300 ETF would implement a cash dividend. The dividend plan is 0.880 yuan per 10 fund shares. If there are no significant changes in the product shares before the ex - dividend date, the total dividend may exceed 8 billion yuan [10]. - As of June 15, 7 public funds have self - purchased their newly issued floating - rate funds, with a total self - purchase amount of 110 million yuan [11] 3.1.2 Stock Market - Last week, the performance of major broad - based indices in the A - share market was divergent. The ChiNext Index, Shanghai Composite Index, and CSI 300 Index had relatively high returns, while the STAR 50, CSI 1000, and SME Board Index had relatively low returns. In the past month, the CSI 1000 Index had the highest return of 0.81%, and the STAR 50 Index had the lowest return of - 2.80%. Since the beginning of the year, the CSI 1000 Index has had the highest cumulative return of 2.49% [14] - In terms of trading volume, the trading volume of major broad - based indices increased last week. On a monthly basis, except for the Shenzhen Component Index, ChiNext Index, CSI 500, and CSI 1000, the average daily trading volume of major broad - based indices increased in the past month [17][18] - In the industry, non - ferrous metals, petroleum and petrochemicals, and pharmaceuticals had the highest returns last week, while food and beverages, computers, and building materials had the lowest returns. In the past month, the pharmaceutical industry had the highest cumulative return of 7.72%, and the food and beverage industry had the lowest cumulative return of - 8.34%. Since the beginning of the year, non - ferrous metals, comprehensive finance, and banks have had relatively high cumulative returns [20] 3.1.3 Bond Market - As of last Friday, the central bank had a net reverse - repurchase fund withdrawal of 72.7 billion yuan, with reverse - repurchase maturities of 930.9 billion yuan and a net open - market injection of 858.2 billion yuan. The 7D pledged repurchase rate increased by 2.97 BP compared to the previous week, and the 2W SHIBOR decreased by 4.50 BP [24] - The yields of government bonds with different maturities declined, and the yield spread narrowed by 0.07 BP. The yields of credit bonds with different ratings for 5 - year, 7 - year, and 10 - year maturities also declined [25] 3.1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index fell 0.02%, with a cumulative trading volume of 346.5 billion yuan, an increase of 90.2 billion yuan from the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 30.36%, an increase of 0.92% from the previous week, and the median pure bond premium rate was 14.94%, a decrease of 0.89% from the previous week [27] 3.2 Open - end Public Fund Performance 3.2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 0.07%, 0.02%, and - 0.28% respectively. This year, alternative funds have had the best performance, with a median return of 12.15%. The median returns of active equity, flexible allocation, and balanced hybrid funds are 3.23%, 1.15%, and 0.41% respectively [29][30] 3.2.2 Quantitative Public Funds - Last week, the median excess return of index - enhanced funds was 0.23%, and the median return of quantitative hedging funds was - 0.06%. This year, the median excess return of index - enhanced funds is 2.38%, and the median return of quantitative hedging funds is 0.87% [31] 3.2.3 FOF Funds - As of last weekend, there were 240 ordinary FOF funds, 119 target - date funds, and 154 target - risk funds among open - end public funds. Last week, 1 new FOF fund was established. In general, target - date funds have a higher equity position, mainly distributed in the 50% - 65% range. Most target - risk funds have an equity position of less than 50%, and the equity positions of ordinary FOF funds are mainly distributed in the ranges of less than 25% and 65% - 100% [34] - Last week, the median returns of ordinary FOF, target - date, and target - risk funds were 0.40%, 0.64%, and 0.37% respectively. This year, target - date funds have had the best median performance, with a cumulative return of 2.81% [34] 3.3 Fund Manager Changes - Last week, the fund manager situations of 46 fund products of 28 fund companies changed, including 4 products of Huaan Fund, 4 products of Chunhou Fund, and 4 products of China Merchants Fund [37] 3.4 Fund Product Issuance 3.4.1 Newly Established Funds Last Week - Last week, 16 new funds were established, with a total issuance scale of 8.934 billion yuan, a decrease from the previous week. Among them, equity funds were issued at 1.155 billion yuan, hybrid funds at 0.127 billion yuan, and bond funds at 7.653 billion yuan. There were no new issuances of alternative funds and money funds [39] - The types of newly established funds with a relatively large number were partial - equity hybrid (6) and passive index (4), with issuance scales of 0.606 billion yuan and 0.549 billion yuan respectively [40] 3.4.2 Funds Launched for the First Time Last Week - Last week, 34 funds entered the issuance stage for the first time, among which the AVIC Smart Selection Leading A has completed issuance and been established [43] 3.4.3 Funds to be Issued This Week - This week, 17 funds will enter the issuance stage, including 10 passive index funds, 2 enhanced index funds, and 2 passive index bond funds [45]

Core Viewpoint - The recent surge in public fund companies announcing self-purchases of their products reflects a combination of policy guidance, market bottoming, and industry transformation, signaling a shift from scale competition to investment research capability competition in the long term [1][6]. Group 1: Self-Purchase Activities - Numerous public fund companies have recently announced self-purchases, with nearly 100 companies implementing this strategy this year, indicating strong confidence in their products [1][4]. - Tianhong Fund announced a self-purchase of 10 million yuan for its floating-rate fund, while other companies like Harvest Fund and Oriental Red Asset Management also committed significant amounts to self-purchases [2]. - On June 3, China Europe Fund announced a self-purchase of 10 million yuan for its floating-rate fund, emphasizing the importance of aligning interests with investors [3]. Group 2: Market and Policy Context - The self-purchase trend has been particularly pronounced following market corrections, with several funds, including Anxin Fund and Fortune Fund, announcing self-purchases totaling nearly 400 million yuan [4]. - The China Securities Regulatory Commission has encouraged fund companies to allocate a portion of their profits to self-purchases, reinforcing the importance of self-investment in the industry [5][6]. - The "Action Plan for Promoting High-Quality Development of Public Funds" has increased the scoring weight for self-purchase metrics in fund evaluations, further incentivizing this behavior [6]. Group 3: Implications of Self-Purchases - Self-purchases serve multiple purposes, including sending positive signals to the market, enhancing liquidity, and demonstrating the fund companies' commitment to their investment capabilities [5]. - The actions of fund companies are viewed as a bottom signal in the context of historically low valuations, contributing to market stabilization [5]. - Despite the benefits, there are concerns about potential marketing-driven motives and style drift risks, necessitating a cautious approach from investors [6].

智通财经6月9日电，交银施罗德基金今日自购2000万元，让加入首批浮费基金自购行列的基金公司增加 至7家，合计自购总金额达到1亿元。具体来看，东方红资管、天弘基金、博时基金、中欧基金等基金公 司相继自购1000万元；兴证全球基金、大成基金以及交银施罗德基金自购金额为2000万元。强化与投资 者的利益绑定，自购成为基金公司表达对市场信心的重要方式。（智通财经记者 闫军） 7家基金公司自购浮费基金总额突破1亿元 ...

Core Viewpoint - The recent wave of self-purchases by major Chinese fund companies reflects their long-term confidence in the capital market, with amounts ranging from 10 million to 20 million yuan, particularly targeting floating fee rate funds [2][3]. Group 1: Fund Companies' Actions - Multiple leading fund companies, including Dongfanghong Asset Management and Bosera Funds, have announced self-purchases, with Dongfanghong committing 10 million yuan to its new floating management fee fund [3]. - Bosera Funds followed with a 20 million yuan self-purchase plan, indicating a positive outlook on equity products [3]. - Other companies like Xingzheng Global Fund and Zhongou Fund also participated, with commitments to hold investments for at least three years, showcasing a long-term investment strategy [3][4]. Group 2: Market Implications - The self-purchase actions are seen as a stabilizing force in the market, helping to avoid short-term speculative behaviors and reinforcing the bond between fund managers and investors [4][5]. - The self-purchases are particularly significant in the context of the recent issuance of floating fee rate funds, which are viewed as a major innovation in the industry [6]. Group 3: Strategic Considerations - The self-purchase trend is interpreted as a response to the need for "safeguarding" new fund launches, especially in a challenging market environment [6]. - Historical patterns suggest that self-purchase waves often coincide with market turning points, indicating institutional confidence in market bottoms [7]. Group 4: Investor Guidance - Investors are advised to analyze self-purchase behaviors critically, focusing on the proportion of self-purchase relative to fund size, the length of the lock-up period, and whether fund managers are also investing [8]. - While self-purchases can signal positive sentiment, they should not be the sole basis for investment decisions, as market trends are ultimately driven by fundamental factors [9].

Core Insights - The new floating management fee rate funds have raised approximately 2.6 billion yuan within five days of their launch, with significant sales concentration in a few products [1][2] - The Eastern Red Core Value Fund has led the fundraising efforts, reaching 1.5 billion yuan and is expected to end its fundraising early [2][3] - Several fund companies are actively purchasing their own floating rate funds to demonstrate confidence in the market and their products [4][6] Fundraising Performance - The overall fundraising for the new floating management fee rate products reached about 2.6 billion yuan, with at least six products exceeding 100 million yuan [2] - The Eastern Red Core Value Fund achieved nearly 400 million yuan in its first half-day of sales, making it the largest among the newly launched products [2] - Other notable funds include the Tianhong Quality Value Fund, which has raised over 200 million yuan, and the combined fundraising of E Fund and others reaching 760 million yuan [2][3] Market Dynamics - The issuance of floating management fee rate funds has been met with varying levels of success, with some products struggling to attract investment [1][2] - Banks are offering promotional discounts on fees to stimulate interest, such as the one offered by China Bank for certain funds [3] - The market is currently seeing a trend of increased investor inquiries about floating rate funds, indicating a growing interest [2] Fund Company Actions - Multiple fund companies have announced plans to invest their own capital into their floating rate funds, with amounts typically around 10 million yuan [4][5][6] - This self-investment strategy is seen as a way to align the interests of fund managers and investors, reinforcing the commitment to high-quality fund management [6] Equity Fund Trends - In May, the total fundraising for equity funds reached approximately 65.8 billion yuan, with equity products accounting for nearly 45% of the total [7] - Passive index funds have emerged as leaders in fundraising, with specific funds raising significant amounts, such as the Jianxin Science and Technology Innovation Fund at 1.96 billion yuan [7] - The market outlook for equity products is positive, driven by policy support and improving investor sentiment [7]

Market Overview - The A-share market showed mixed performance last week, with the North Securities 50 Index rising the most by 2.82%, while the Hong Kong market saw a decline, with the Hang Seng Index dropping by 1.32% [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 19.41 billion yuan, with bond ETFs seeing a net inflow of 15.364 billion yuan, while stock ETFs experienced a net outflow of 20.024 billion yuan and commodity ETFs a net outflow of 1.663 billion yuan [2] - From an index perspective, the credit bond index attracted the most capital, with net inflows of 8.792 billion yuan and 4.123 billion yuan for Shanghai and Shenzhen market corporate bonds, respectively, and 1.048 billion yuan for the China Bond Short-term Bond Index [2] - In terms of stock indices, the CSI 300, ChiNext, STAR 50, and others saw net inflows of 1.719 billion yuan, 1.321 billion yuan, 800 million yuan, and 659 million yuan, respectively [2] - Conversely, the China Bond 1-5 Year National Development Bank Bond Index and the China Bond 0-3 Year National Development Bank Bond Index experienced net outflows of 1.218 billion yuan and 342 million yuan, respectively [2] ETF Performance - The median weekly return for stock ETFs was -0.30%, with the CSI 1000 ETF showing the highest median return of 0.76% among broad-based ETFs [5] - By sector, the consumer ETF had the highest median return of 1.01%, while the military industry ETF had a median return of 2.07%, leading among thematic classifications [5] New ETF Products - Last week, seven stock ETFs were reported in the domestic market, with six new stock ETFs established. This week, six ETFs are set to be issued, including the ICBC CSI A500 Enhanced Strategy ETF and others [7] Notable News - BlackRock's IBIT saw a net inflow of over 4 billion USD in the past 10 days, with a total of 4.26 billion USD in net inflows, of which IBIT accounted for 96% [8][9] - HSBC plans to inject 4 billion USD into its private credit fund, aiming to attract additional external capital [9]

Group 1 - The company plans to use its own funds of 20 million yuan to subscribe to the Xingzheng Global Hexi Mixed Fund, reflecting confidence in the long-term stable and healthy development of the Chinese capital market and the company's active investment capabilities [1]

Group 1 - The core viewpoint of the articles highlights the resurgence of the A-share market and the significant role of fund companies' self-purchases in boosting investor confidence and market stability [1][2][6] - In 2023, new fund issuance has exceeded 400 billion yuan, with a notable increase in equity fund offerings, reflecting a recovery in the market [1][2] - The "national team," represented by China Chengtong Holdings, has invested 600 million yuan in three newly launched ETFs, signaling strong confidence in the long-term value of state-owned enterprises [1][3] Group 2 - The first five months of 2023 saw 517 new funds established, with a total issuance scale of 408.22 billion yuan, of which over 40% were equity funds [2] - The three ETFs launched on May 30 collectively raised 2.091 billion yuan, with the highest being 982 million yuan for the Industrial Bank ETF [2][3] - Institutional investors accounted for 77.51% of the holdings in the 嘉实中证诚通国企数字经济 ETF, indicating strong institutional interest [3] Group 3 - The trend of self-purchases by fund companies has continued, with over 2 billion yuan net subscription in equity products in the first five months of 2023 [1][4] - Several fund companies, including 嘉实基金 and 东方红资管, have announced self-purchases to enhance market confidence, particularly during market downturns [5][6] - Regulatory support has been evident, with the China Securities Regulatory Commission promoting the development of equity funds and increasing the investment ratio in A-shares [6]

Group 1 - Multiple fund companies have submitted applications for science and technology bond index funds, with 12 companies applying this year as of May 27 [1] - Bosera Fund announced a self-purchase of floating rate funds, investing 10 million yuan each in two newly launched equity funds, reflecting confidence in the long-term stability of China's capital market [2] - Several North China 50 index funds have implemented purchase limits to protect the interests of existing fund holders, with varying daily purchase limits set by different funds [3][4] Group 2 - Fund companies have been actively increasing new share classes for their products, with C, D, and E share classes being introduced in May [5] - Cai Leping has been appointed as the general manager of the index and quantitative investment department at Yongying Fund, bringing 8 years of experience in the securities industry [6] - Fund managers are optimistic about investment opportunities in the innovative pharmaceutical sector, predicting a significant growth phase in 2025 for the industry [7][8] Group 3 - The stock market experienced a rebound on May 29, with major indices showing gains and a notable increase in trading volume, particularly in sectors like computer equipment and biotechnology [9]