中国经济网北京8月22日讯 今日，平安基金发布关于平安中证全指自由现金流交易型开放式指数证 券投资基金联接基金基金合同生效公告。 募集期间净认购金额1,029,071,522.47元，认购资金在募集期间产生的利息714,006.96元，募集份额 合计1,029,785,529.43份。 基金经理刘洁倩曾先后担任国泰基金管理有限公司产品研究主管。2018年8月加入平安基金管理有 限公司，曾任ETF指数投资中心指数研究员、基金经理助理，2019年10月11日任基金经理。 目前，刘洁倩管理着20只（各份额分开计算，下同）基金，但从任职回报看，平安中证光伏产业指 数A、平安中证光伏产业指数C、平安中证新材料主题ETF、平安中证光伏产业ETF这4只基金在管理4年 后的任职回报收益率分别为-44.64%、-45.21%、-42.35%、-35.11%，远远跑输同类均值水平。 | 基金募集申请获中国证监会核准的文号中国证券监督管理委员会证监许可[2025]1370 号文 | | | --- | --- | | 甚全募集期间 | 自 2025 年7月30日 至2025年8月19日止 | | 险费机构名称 | 安永华明会计师事 ...

Core Insights - The total trading volume of the CSI 300 Index ETFs reached 9.637 billion yuan today, an increase of 3.145 billion yuan from the previous trading day, representing a growth rate of 48.43% [1] Trading Volume Analysis - Huatai-PB CSI 300 ETF (510300) had a trading volume of 5.938 billion yuan, up by 2.590 billion yuan, with a growth rate of 77.37% [1] - E Fund CSI 300 ETF (510310) recorded a trading volume of 1.118 billion yuan, increasing by 256 million yuan, with a growth rate of 29.73% [1] - Harvest CSI 300 ETF (159919) saw a trading volume of 979 million yuan, up by 207 million yuan, with a growth rate of 26.81% [1] - Notable increases in trading volume were observed in Guotai CSI 300 Enhanced Strategy ETF (561300) and Guolianan CSI 300 ETF (515660), with increases of 323.32% and 95.06% respectively [1] Market Performance - As of market close, the CSI 300 Index (000300) rose by 1.14%, while the average increase for related ETFs was 1.24% [1] - The top performers included Huazhang CSI 300 Enhanced Strategy ETF (561000) and Guotai CSI 300 Enhanced Strategy ETF (561300), which increased by 1.67% and 1.55% respectively [1] Additional Trading Data - A detailed table of various ETFs shows their trading volumes and percentage changes, highlighting significant movements in the market [2]

Fund Overview - The fund is named "Guolian An Zhongzheng A500 Dividend Low Volatility Exchange-Traded Open-End Index Securities Investment Fund" [13] - The fund type is an equity securities investment fund, and it operates as an exchange-traded fund (ETF) [11][13] - The fund's investment objective is to closely track the underlying index while minimizing tracking deviation and tracking error [14] Fund Issuance Details - The fund will be available for subscription from August 25, 2025, to September 5, 2025 [19] - Investors can choose between online cash subscription and offline cash subscription methods during the issuance period [19][26] - The minimum total subscription amount for the fund is set at 200 million units [18] Subscription Process - For online cash subscriptions, investors must apply for a minimum of 1,000 units or multiples thereof [3][26] - For offline cash subscriptions, the minimum subscription is 50,000 units when applying through the fund manager, and 1,000 units when applying through sales agents [3][26] - Investors must have a valid A-share account or a securities investment fund account with the Shanghai Stock Exchange to subscribe [28] Fund Management and Custody - The fund is managed by Guolian An Fund Management Co., Ltd., and the custodian is China Merchants Securities Co., Ltd. [1][49] - The fund's management company has a registered capital of 150 million RMB [49] - The custodian company has a registered capital of 8.697 billion RMB [50] Fund Registration and Effectiveness - The fund contract will become effective once the fund meets the required conditions, including a minimum of 200 million units subscribed and at least 200 investors [20][48] - The fund will be registered with the China Securities Regulatory Commission (CSRC) after the verification of the subscription amount [20][48] Investor Information - Investors are advised to read the fund's prospectus and related documents carefully before subscribing [12] - The fund's subscription price is set at 1.00 RMB per unit [14] - Investors can contact the fund management company for inquiries regarding the subscription process [54]

截至2025年8月15日 13:29，科创创业50指数(931643)强势上涨1.14%，成分股阳光电源(300274)上涨 7.15%，大全能源(688303)上涨4.68%，润泽科技(300442)上涨4.08%，天合光能(688599)，澜起科技 (688008)等个股跟涨。 资金流向方面，截至2025年8月14日，科创创业50指数近5个交易日内有3日资金净流入，合计"吸 金"152.13亿元，日均净流入30.43亿元。 融资方面，截至2025年8月14日，科创创业50指数连续4天获杠杆资金净买入，最高单日获得22.52亿元 净流入，最新融资余额达960.78亿元。 与此同时，截至2025年8月14日，泰康中证科创创业50指数A交易拥挤度（以指数与沪深300指数月日均 换手率构建）处于近1年28.4%的分位，低于历史上71.60%的时间。 截至2025年8月14日，泰康中证科创创业50指数A单位净值为1.12元，较前一交易日上涨0.10%，创近1 年新高。 截至2025年8月14日，泰康中证科创创业50指数A(017495)自成立以来，最高单月回报为28.08%，最长连 涨月数为3个月，最长连涨涨幅33 ...

Group 1 - The core point of the article is the launch of the Huabao CSI Agricultural, Animal Husbandry, and Fishery ETF, which is a passive index fund that aims to track the CSI All-Share Agricultural, Animal Husbandry, and Fishery Index [4][10]. - The fund is registered with the China Securities Regulatory Commission and will be open for subscription from September 8 to September 19, 2025 [1][16]. - The maximum fundraising limit for the fund is set at 3 billion RMB, and if the total subscription exceeds this amount, a proportional confirmation method will be applied [11][12]. Group 2 - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to subscribe to the fund [27][6]. - The fund will be managed by Huabao Fund Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank [1][45]. - The fund will utilize a combination replication strategy to track its benchmark index, which is expected to have a higher risk and return profile compared to mixed, bond, and money market funds [4][6]. Group 3 - Subscription methods include online cash subscription and offline cash subscription, with specific requirements for each method [17][22]. - The fund's subscription price is set at 1.00 RMB per share, and investors can subscribe in multiples of 1,000 shares [11][19]. - The fund's net asset value may fluctuate due to market volatility, and investors are encouraged to read the prospectus carefully before investing [8][4].

| 基金名称 | 华宝沪深300自由现金流交易型开放式指数证券投资基金 | | --- | --- | | | 联接基金 | | 基金简称 | 华宝沪深 300 自由现金流 ETF 联接 | | 基金主代码 | 024367 | | 基金运作方式 | 契约型开放式 | | 基金合同生效日 | 2025年7月23日 | | 基金管理人名称 | 华宝基金管理有限公司 | | 基金托管人名称 | 中国建设银行股份有限公司 | | 公告依据 | 《中华人民共和国证券投资基金法》及配套法规、《华宝 | | | 沪深 300自由现金流交易型开放式指数证券投资基金联接 | | | 基金基金合同》、《华宝沪深 300 自由现金流交易型开放式 | | | 指数证券投资基金联接基金招募说明书》 | | 下属基金的基金份额类别 | 华宝沪深 300 自由现金流 华宝沪深 300 自由现金流 | | | ETF 联接 A ETF 联接 C | | 下属基金的交易代码 | 024367 024368 | | 基金募集申请获中国证监会核准的 | | 证监许可【2025】1056号 | | | | --- | --- | --- | -- ...

Core Viewpoint - The trading volume of the SSE 50 Index ETFs increased significantly today, indicating heightened market activity and investor interest in these funds [1]. Trading Volume Summary - The total trading volume of SSE 50 Index ETFs reached 2.437 billion yuan, an increase of 736 million yuan from the previous trading day, representing a growth rate of 43.25% [1]. - Specifically, the Huaxia SSE 50 ETF (510050) had a trading volume of 2.099 billion yuan, up 716 million yuan from the previous day, with a growth rate of 51.74% [1]. - The E Fund SSE 50 ETF (510100) recorded a trading volume of 307 million yuan, an increase of 13.29 million yuan, with a growth rate of 4.54% [1]. - The Jianxin SSE 50 ETF (510800) saw a trading volume of 6.0386 million yuan, up 3.028 million yuan, with a growth rate of 100.58% [1]. - Other notable increases in trading volume included Tianhong SSE 50 ETF (530000) and SSE 50 ETF Dongcai (530050), which saw increases of 128.30% and 111.47%, respectively [1]. Market Performance Summary - As of market close, the SSE 50 Index (000016) rose by 0.77%, while the average increase for related ETFs was 0.76% [1]. - The Tianhong SSE 50 ETF (530000) and Wanji SSE 50 ETF (510680) were among the top performers, with increases of 1.02% and 0.82%, respectively [1].

Core Insights - The public fund industry in China reached a historic milestone in 2025, with a total scale exceeding 34 trillion yuan, marking an increase of 3 trillion yuan compared to the previous year [1] - Index funds, particularly the newly launched CSI A500 Innovation Index, played a significant role in this growth, with a net increase of 2.17 trillion yuan [1] - The market dynamics shifted significantly in 2025, with the leading position of Guotai Fund's CSI A500 ETF diminishing rapidly due to a decline in scale and liquidity issues [2][3] Fund Performance - The CSI A500 ETF by Guotai Fund peaked at 281 billion yuan at the end of 2024 but saw its scale shrink to 184 billion yuan by mid-2025, making it the largest declining broad-based ETF in the first half of 2025 [1][2] - In June 2025, Huatai-PB Fund's A500 ETF surpassed Guotai Fund's product, increasing its scale by over 13 billion yuan to reach 220 billion yuan [2] - Guotai Fund's overall performance in the index fund sector has deteriorated, dropping from fourth place in Q2 2023 to ninth place by Q2 2025 [2][3] Market Dynamics - The index fund market exhibits a "winner-takes-all" phenomenon, where larger products attract more institutional funds, reinforcing their scale advantage [2] - Guotai Fund's A500 ETF struggled with low average trading volume compared to competitors, revealing a mismatch between scale and liquidity [2] - The fund's recent strategic choices, including cuts to client maintenance fees, have negatively impacted its market competitiveness [4][5] Strategic Considerations - Guotai Fund faces a critical decision on whether to continue competing aggressively in the broad-based ETF market or to refocus on its core strengths in specialized sectors [5] - The failure of the A500 scale strategy presents an opportunity for Guotai Fund to reassess its competitive advantages and market positioning [5]

Summary of Key Points Core Viewpoint - The trading volume of the Shanghai Stock Exchange 180 Index ETFs increased significantly today, with a total trading volume of 161 million yuan, marking a 40.99% increase compared to the previous trading day [1]. Trading Volume Analysis - The Huazhang Shanghai 180 ETF (510180) had a trading volume of 85.96 million yuan, up by 31.58 million yuan, reflecting a 58.07% increase [1]. - The Ping An Shanghai 180 ETF (530280) recorded a trading volume of 5.21 million yuan, an increase of 4.41 million yuan, with a remarkable 550.54% rise [1]. - The Industrial Bank Shanghai 180 ETF (530680) saw a trading volume of 19.18 million yuan, up by 3.89 million yuan, which is a 25.42% increase [1]. - The top performers in terms of trading volume increase included the Ping An Shanghai 180 ETF (530280) and the Penghua Shanghai 180 ETF (510040), with increases of 550.54% and 169.04% respectively [1]. Market Performance - As of the market close, the Shanghai 180 Index (000010) fell by 1.69%, while the average decline for related ETFs was 1.58% [2]. - The Penghua Shanghai 180 ETF (510040) was the only ETF to show an increase, rising by 0.28% [2]. - The ETFs with the largest declines included the Ping An Shanghai 180 ETF (530280) and the E Fund Shanghai 180 ETF (530180), which fell by 2.50% and 1.95% respectively [2]. Detailed ETF Performance - A detailed breakdown of the ETFs shows the following trading volumes and changes: - Huazhang Shanghai 180 ETF (510180): -1.61%, 85.96 million yuan, +31.58 million yuan, +58.07% [2] - Ping An Shanghai 180 ETF (530280): -2.50%, 5.21 million yuan, +4.41 million yuan, +550.54% [2] - Industrial Bank Shanghai 180 ETF (530680): -1.47%, 19.18 million yuan, +3.89 million yuan, +25.42% [2] - Penghua Shanghai 180 ETF (510040): +0.28%, 6.07 million yuan, +3.81 million yuan, +169.04% [2] - Other ETFs also showed varying degrees of decline and trading volume changes [2].

Core Insights - The total scale of public funds is expected to exceed 34 trillion CNY by mid-2025, with index funds being the primary source of growth, netting an increase of 2.17 trillion CNY [1] - The most popular index product in 2024 was the CSI A500, which saw over 30 products launched and reached a record scale of over 1 trillion CNY within a month [1] - Despite initial success, Guotai Fund's A500 ETF saw a significant decline in scale, dropping from 281 billion CNY to 184 billion CNY within a year, losing its leading position to Huatai-PB and GF Fund [1][9] Fund Competition Dynamics - The index fund market operates under a "winner-takes-all" principle, where the largest fund benefits from liquidity, lower trading costs, and reduced tracking errors [2][3] - The competition for the largest A500 ETF is viewed as a strategic resource battle, testing the capabilities of fund companies in marketing, capital strength, and brand influence [4] Guotai Fund's Strategy and Performance - Guotai Fund aimed to establish dominance in the A500 ETF market, especially after new leadership took over in early 2024 [5] - Despite leading in scale for a time, Guotai's A500 ETF struggled with low trading volume, ranking third or fourth among peers [6] - The fund's leading position was characterized as "hollow," with high scale not reflecting active trading but rather strategic allocations from large institutions [7][8] Market Shifts and Challenges - By mid-2025, Huatai-PB's A500 ETF surged in scale, overtaking Guotai Fund, which faced significant redemptions amounting to 105 billion CNY in the first half of 2025 [9] - Guotai Fund's overall index fund scale increased from 1.32 trillion CNY to 2.04 trillion CNY, but its market share declined from 3.84% to 3.63% [10] - The fund's ranking in the index fund market has dropped from fourth to ninth, with significant competition from Huatai-PB, Southern, and others [12][13] Long-term Strategic Implications - Guotai Fund's heavy investment in the A500 ETF was seen as a gamble to overcome strategic weaknesses in broad-based indices, but it ultimately failed to deliver [16] - The fund's historical strength in thematic ETFs has diminished, with a lack of new successful products in recent years [19][21] - The decline in customer maintenance fees since 2020 has raised concerns about the fund's strategic direction and market competitiveness [24][25] Future Considerations - Guotai Fund faces a critical decision point: continue competing in the broad-based index space or refocus on its strengths in thematic ETFs, which may offer better profit margins and competitive advantages [26]