智通财经7月1日电，中非央行将基准利率维持在4.5%。 ...

路透调查：波兰央行预计将在周三将基准利率维持在5.25%的水平不变。 ...

公募新规下，主动权益基金如何应对？20250627 摘要 证监会在 2025 年 5 月发布的推动公募基金高质量发展的行动方案中，主要强 调了三个方面的内容。首先是强化业绩基准的重要作用，包括制定相应的监管 指引，明确业绩基准的设定、修改、披露，以及评估和纠偏机制。其次是以投 资收益为核心的考核体系，其中包含基金产品业绩和投资者盈亏情况，这两个 部分都会涉及到与业绩比较基准相关的收益表现。这不仅影响基金公司对基金 经理进行绩效考核和薪酬管理，同时也涉及监管对公募基金整体分类评价。此 外，对于三年以上产品业绩低于基准超过 10 个百分点的基金经理，其绩效薪 酬应明显下降。最后一点是浮动费率机制，该机制挂钩于相较于业绩基准表现， 从而进一步实现与投资者利益绑定。 当前国内公募权益基金采用业绩基准情况如何？存在什么问题？ 国内公募权益基金业绩基准设定存在问题，重市场认可和公司布局，轻 投资风格适配，导致基准高度集中于沪深 300 和中证 800，未能有效区 分产品赛道。 主动权益产品年化超额跟踪误差较高，稳定性欠佳，中位数维持在 10%~15%区间，三年期正超额收益产品占比远低于指数增强和被动指 数基金。 截至 2 ...

特朗普宣布停止与加拿大所有贸易谈判。 特朗普表示，鉴于这项令人震惊的税收，美国特此终止与加拿大的所有贸易谈判，立即生效。美国将在7 日内告知加拿大与美国开展贸易所适用的关税税率。 目前，美国正与加拿大等贸易伙伴谈判，以在特朗普设定的最后期限前达成协议。美国一直反对加拿大征 收数字服务税的计划，并试图施压阻止。 特朗普4月2日宣布开征所谓"对等关税"，引发美国金融市场暴跌。在多方压力下，特朗普又在4月9日宣 布暂缓对部分贸易伙伴征收高额"对等关税"90天，但维持10%"基准关税"，同时威胁美贸易伙伴需在7月 8日前完成与美谈判。 美国总统特朗普27日在社交媒体上宣布，由于加拿大坚持推出针对美国科技公司的数字服务税，美国决定 立即停止与加拿大的所有贸易谈判。 特朗普称，这是对美国的"直接且赤裸裸的攻击"，称加拿大显然是在效仿欧盟。 同一天，美国财长贝森特表示，考虑从加拿大追加征收20亿美元的"数字服务税"。 对此，加拿大方面尚未作出回应。 此前，加拿大财政部长商鹏飞26日宣布，不会推迟向科技公司征收数字服务税的计划，数字服务税将自6 月30日生效。根据计划，加拿大政府将针对科技公司向加拿大用户提供数字服务或出售加 ...

哥伦比亚中央银行将基准利率维持在9.25%不变。(智通财经) ...

智通财经6月28日电，哥伦比亚中央银行将基准利率维持在9.25%不变。 ...

近日，国家互联网信息办公室发布《网信部门行政处罚裁量权基准适用规定》（以下简称《规定》）， 自2025年8月1日起施行。国家互联网信息办公室有关负责人表示，出台《规定》，旨在规范网信部门行 政处罚行为，保护公民、法人和其他组织的合法权益。 《规定》明确，行政处罚裁量权基准是指网信部门在实施行政处罚时，按照裁量涉及的违法行为的事 实、性质、情节、社会危害程度、当事人主观过错等因素，对法律、法规、规章中的原则性规定或者具 有一定弹性的执法权限、裁量幅度等内容进行细化量化而形成的具体执法尺度和标准。明确网信部门适 用行政处罚裁量权基准，应当遵循法制统一、公平公正、过罚相当、处罚与教育相结合等原则。 《规定》提出，网信部门行政处罚裁量权基准划分为不予处罚、减轻处罚、从轻处罚、一般处罚、从重 处罚等裁量阶次。明确不予处罚、减轻处罚、从轻处罚、从重处罚等具体适用情形。规定违法行为不具 有不予处罚、减轻处罚、从轻处罚或者从重处罚情形的，应当给予一般处罚。 《规定》明确，省、自治区、直辖市和设区的市、自治州网信部门可以结合工作实际制定本行政区域内 的行政处罚裁量权基准。上级网信部门应当通过行政执法情况检查、行政执法案卷评查等 ...

智通财经6月27日电，国家互联网信息办公室发布《网信部门行政处罚裁量权基准适用规定》，自2025 年8月1日起施行。《规定》明确，行政处罚裁量权基准是指网信部门在实施行政处罚时，按照裁量涉及 的违法行为的事实、性质、情节、社会危害程度、当事人主观过错等因素，对法律、法规、规章中的原 则性规定或者具有一定弹性的执法权限、裁量幅度等内容进行细化量化而形成的具体执法尺度和标准。 明确网信部门适用行政处罚裁量权基准，应当遵循法制统一、公平公正、过罚相当、处罚与教育相结合 等原则。《规定》提出，网信部门行政处罚裁量权基准划分为不予处罚、减轻处罚、从轻处罚、一般处 罚、从重处罚等裁量阶次。明确不予处罚、减轻处罚、从轻处罚、从重处罚等具体适用情形。规定违法 行为不具有不予处罚、减轻处罚、从轻处罚或者从重处罚情形的，应当给予一般处罚。《规定》明确， 省、自治区、直辖市和设区的市、自治州网信部门可以结合工作实际制定本行政区域内的行政处罚裁量 权基准。上级网信部门应当通过行政执法情况检查、行政执法案卷评查等方式，对下级网信部门行使行 政处罚裁量权工作进行监督。 国家互联网信息办公室发布《网信部门行政处罚裁量权基准适用规定》 ...

Report Industry Investment Rating - The report is optimistic about the investment value of the non - banking financial sector, believing it can enjoy both Beta and Alpha [4]. Core Viewpoints of the Report - Policy interpretation: Since 2022, reform measures for public funds have been gradually implemented, focusing on fees, assessment, and compensation. Future reforms are expected to be fully rolled out in the next three years. Floating fees will expand coverage, and fee reform phases are about to be implemented. Benchmark constraints and assessment will influence industry allocation and investment focus [4]. - Impact on public funds: The industry pattern will be optimized, with benchmark constraints potentially forcing active equity funds to become "quasi - passive". Investment research will first follow the benchmark and then pursue excess returns. Passive products will continue to develop, and channels, talent, and back - end operations will face corresponding adjustments [4]. - Impact on securities companies: The profit contribution of publicly - held funds by securities companies will show greater differentiation, and the advantage of securities companies in selling equity index funds will expand [4]. - Investment analysis opinion: The non - banking financial sector is a sector that can enjoy both Beta and Alpha, and its investment value is promising [4]. Summary by Relevant Catalogs 1. Policy Interpretation: Promote the High - quality Development of the Public Fund Industry in Multiple Dimensions - Regulatory roadmap: Since 2022, the roadmap and schedule for the high - quality development of public funds have become clearer. Reforms started with fee reduction and are now being comprehensively rolled out. The "Action Plan" covers aspects not implemented in the 2022 "Opinions" [8][10][12]. - Comparison of 2022 and 2025 reform requirements: The 2025 requirements are more detailed and quantitative, covering aspects such as overall requirements, differentiated development, long - term incentive constraints, and product innovation [13]. - Key points of the "Action Plan": It includes establishing a floating management fee mechanism, reducing investor costs, increasing the scale and proportion of equity investment, establishing a performance - based assessment system, strengthening regulatory classification evaluation, and enhancing compensation management [14][15][16][18][19][20]. - Reasons for the "Three - Year Goal": Investor risk preferences have declined, leading to a slowdown in the growth of public funds, especially new equity funds. The "Long - term Capital Market Entry" has set a 10% quantitative requirement for public fund capital entry [27][25]. - Fee reform: It aims to establish a floating fee mechanism linked to performance and reduce investment costs. It also expands the scope of fee reduction and promotes the development of floating - rate funds [31][32][36]. - Differentiated competition: Fee reduction and classification supervision will optimize the industry pattern, benefiting public funds strong in equity and index products [44][48]. - Benchmark constraints and long - term assessment: In the short term, industry allocation will be adjusted; in the long term, the focus will return to fundamental research, and turnover will decrease [49][50]. - Product innovation: The development of equity and fixed - income + products will be promoted to meet market demand [53][57]. - Research and investment capabilities: The co - management model may become the future development trend of the industry [58]. 2. Impact on Public Funds: Analysis from Research and Investment, Products, Channels, Talent, and Back - end Operations - Research and investment: Benchmark constraints may force active equity funds to become "quasi - passive". The co - management model may be adopted to improve research and investment capabilities [63][58]. - Products: The passive trend will continue, and equity index products and fixed - income + products will have development opportunities [69][74]. - Channels: Public funds should strengthen self - sales and investment advisory channels to reduce dependence on代销 channels. The combination of fund investment advisory and direct sales platforms may bring opportunities for large public funds to enter the wealth management market [78][84]. - Talent: For researchers, the "department wall" between research and investment should be broken; for fund managers, hierarchical management should be implemented [90][93]. - Back - end operations: Fee reduction will raise the break - even point, and financial technology may be an effective means to cope with fee reduction in the short term [94][95]. 3. Impact on Securities Companies: Analysis from Public Fund Business, Sales, and Allocation - Public fund business: The "Action Plan" will directly impact the income of publicly - held funds by securities companies, potentially compressing their profit contribution in the short term [102]. - Sales: The similar classification evaluation mechanism will benefit securities companies' sales, and they will maintain their advantage in selling equity index funds [106]. - Allocation: Securities companies should strengthen research on high - weight benchmark targets and explore non - public fund customers [4]. 4. Investment Analysis Opinion - The non - banking financial sector can enjoy both Beta and Alpha, and its investment value is promising. The Beta logic lies in the promotion of the transformation of household savings into investments and the entry of long - term funds into the market. The Alpha logic is that the non - banking financial sector is under - allocated and has low valuations [4].

泰国央行维持基准利率在1.75%不变，符合市场预期。 ...