Core Viewpoint - The Federal Reserve's meeting minutes indicate that a majority of participants believe it is appropriate to consider lowering the federal funds rate this year under suitable conditions [1] Group 1 - A significant number of Federal Reserve officials are open to the idea of rate cuts, reflecting a shift in monetary policy stance [1] - The discussion around potential rate cuts suggests a response to economic conditions that may warrant a more accommodative monetary policy [1] - The minutes highlight the Fed's ongoing assessment of economic indicators and their impact on future rate decisions [1]

Core Viewpoint - The Federal Reserve's meeting minutes indicate that all participants agree it is appropriate to maintain the federal funds rate within the current target range [1] Summary by Relevant Categories - **Monetary Policy** - All attendees of the meeting believe that keeping the federal funds rate steady is suitable [1]

Core Viewpoint - Chongqing Rural Commercial Bank has received approval from the China Securities Regulatory Commission for its securities investment fund custody qualification, marking it as the first financial institution to obtain this qualification in 2023 and the 37th commercial bank overall [1][2]. Group 1: Fund Custodian Expansion - The bank will strictly adhere to regulations and the approval document to conduct securities investment fund custody business, ensuring the integrity and independence of fund assets while protecting the legal rights of fund shareholders [3]. - As of May, there are 68 financial institutions listed as securities investment fund custodians, with commercial banks accounting for over 52% of this group [3]. - Among the qualified commercial banks, state-owned banks and national joint-stock banks dominate, with only a few rural commercial banks like Guangzhou Rural Commercial Bank and Shanghai Rural Commercial Bank having custody qualifications [3]. Group 2: Positive Impacts on Banking Operations - Obtaining the fund custody license can expand the bank's intermediary business income, enhancing revenue diversification and risk resilience through fees from custody and account services [4]. - The custody qualification can improve customer loyalty and comprehensive financial service capabilities, allowing the bank to serve various asset management institutions and connect with high-net-worth and institutional clients [4]. - The custody business can lead to increased fund settlement and retention, optimizing the bank's asset-liability structure and enhancing overall profitability [4]. Group 3: Quality Enhancement in Business Development - Commercial banks must enhance their operational quality in fund custody, addressing issues such as compliance and internal controls, as evidenced by recent regulatory warnings against certain banks [5]. - There is a need for banks to invest in IT systems to support custody operations, including valuation and clearing systems, to ensure compliance and operational stability [5]. - Banks should focus on professional talent development, IT infrastructure improvement, risk management, and building cooperative relationships with fund companies to enhance the quality of custody services [6].

公开资料显示，诺辉健康自去年3月份停牌以来，出现了被调出港股通标的证券名单、2024年财务报告 迟迟未能披露等情况，公募基金管理人也多次下调对其的估值，从停牌前的14.14港元/股一路下调至目 前估值价格。 举例来说，7月9日，财通基金发布公告称，自2025年7月8日起，对旗下投资组合所持有的停牌股票仕佳 光子采用"指数收益法"进行估值。待该股票复牌且其交易体现活跃市场交易特征，并经与基金托管人协 商后，基金管理人将恢复采用当日收盘价格进行估值。 前海开源基金首席经济学家、基金经理杨德龙在接受《证券日报》记者采访时表示："由于股票价格和 真实价值之间存在较大差异，公募基金管理人需要对股票进行估值调整，以更准确地反映基金净值。" "公募基金管理人对持仓股票进行估值调整，核心是为了确保基金净值的公允性和准确性以及保障投资 者公平。"晨星(中国)基金研究中心高级分析师李一鸣表示，当股票因停牌、重大事件导致二级市场价 格无法真实反映其内在价值时，若继续按市价估值可能误导投资者。例如，若股票突发重大利空后停 牌，停牌前的市价已不能代表其复牌后的合理价格，公募基金管理人需通过估值调整修正。此外，基金 净值是投资者申购、赎 ...

Core Viewpoint - The Bank of England warns of a potential forced selling wave in the UK bond market due to high leverage among hedge funds, highlighting the fragility of the market environment and the possible negative implications for Chancellor Rachel Reeves [1] Group 1: Market Dynamics - Hedge funds are increasingly influential in the UK bond market, with their rapid exit potentially leading to a repeat of the extreme sell-off seen during former Prime Minister Liz Truss's brief tenure [1] - Hedge funds have borrowed a record £77 billion (approximately $105 billion) through UK bond repurchase agreements, adding leverage to relative value strategies, including so-called basis trading [1]

在港股和北交所等行情带动下，截至7月9日，年内主动权益基金大幅跑赢了被动指数基金。 其中，业绩最好的主动权益基金，年内收益率接近100%，与收益率最高的指数基金拉开了近34个百分点。无 论是单只产品业绩排名还是整体平均业绩对比，主动权益基金均呈现出了优于被动指数基金的投资优势。 基金 业 人士对券商中国记者分析称，这是基于医药等行情启动之下基金经理在选股上发挥出了主观能动性。 但这并不意味着被动指数基金没有投资优势。下半年的市场机会也并不局限于创新药，科技、红利、新消费等 领域都具备投资机会。 主动权益基金霸榜 根据Wind数据统计，截至7月9日，全市场权益型基金今年以来业绩排名前十（以初始基金为统计对象）的， 均为主动权益产品，以港股、医药、北交所这三类主题产品为主。 其中，汇添富香港优势精选A以98.16%的业绩排名第一。紧跟其后的是长城医药产业精选A(81.45%)、中信建 投北交所精选两年定开A（80.95%）、中银港股通医药A（77.14%）、永赢医药创新智选A（76.76%）。 排名第六到第十的，有重仓港股的广发成长领航一年持有A（76.37%），以及重仓医药 股 的华安医药生物A （75.44% ...

智通财经APP获悉，一位业绩出众的法国资产管理公司经理表示，主动型投资经理别无选择，必须采用 对冲基金策略，以应对资金向低成本被动管理型投资组合的转移。Arkea Asset Management的奥利维耶· 诺比勒指出，主动型基金需要更多地运用数学模型、算法、衍生品和对冲等技术。他认为，这样做能提 高跑赢指数的可能性，并在市场低迷时为投资者提供更强的保护。Arkea Asset Management隶属于Credit Mutuel Arkea，管理着550亿美元的资产。 彭博收集的数据显示，诺比勒管理的两支大型基金——阿凯亚聚焦人类基金(Arkea Focus Human)和阿凯 亚聚焦欧洲经济基金(Arkea Focus European Economy)，今年的表现超过了近90%的同类基金，同时波动 性更低。这两支基金的涨幅分别为9%和18%，而欧洲斯托克50总回报指数同期涨幅为12%。 晨星资讯的数据显示，过去10年，欧洲仅有14.2%的主动型基金经理跑赢了被动型策略。截至5月底， 全球基金市场中主动型与被动型的占比约为56%和44%。 晨星资讯的被动策略分析师尤金·戈尔巴季科夫称："在股票市场中，当 ...

Core Viewpoint - The Governor of the Bank of England, Andrew Bailey, does not support mandatory pension fund investments [1] Group 1 - The Bank of England emphasizes the importance of voluntary investment decisions for pension funds rather than imposing mandatory requirements [1] - Bailey's stance reflects a broader concern regarding the autonomy of pension funds in managing their investments [1] - The discussion around pension fund investments is part of a larger dialogue on financial regulation and market stability [1]

英国央行行长贝利：不支持强制养老基金投资。 ...

智通财经7月9日电，印度国家证券存管有限公司(NSDL)数据显示，全球基金在上一交易日净购入28.4 亿卢比印度股票。 ...