近期，华宝基金拆分了旗下金融科技ETF份额(每1份基金份额拆为2份)，此举将该基金场内交易门槛从 约173元降至约86元，显著降低了中小投资者参与成本。记者梳理发现，今年以来，已有华宝中证军工 ETF、博时科创板人工智能ETF、广发恒生科技(QDII—ETF)、广发上证科创板人工智能ETF等6只产品 相继实施份额拆分，大幅提升中小投资者的参与便利性。晨星(中国)基金研究中心分析师崔悦认 为："基金份额拆分一定程度上回应了投资者'净值恐高'心理。通过将单位净值从较高水平降至较低水 平，使得基金单价变得更便宜，从而降低中小投资者的购买门槛。"(证券日报) ...

广发基金管理有限公司已于2025年7月11日在规定披露媒介发布了《关于以通讯方式召开广发稳宏一年 持有期混合型证券投资基金基金份额持有人大会的公告》。为使本次基金份额持有人大会顺利召开，现 发布关于以通讯方式召开广发稳宏一年持有期混合型证券投资基金基金份额持有人大会的第一次提示性 公告。 一、会议基本情况 广发稳宏一年持有期混合型证券投资基金（基金主代码：016528，基金简称：广发稳宏一年持有混合， 以下简称"本基金"）于2022年8月10日经中国证监会证监许可〔2022〕1760号文准予募集注册，并于 2023年4月6日正式成立运作。本基金的基金管理人为广发基金管理有限公司（以下简称"基金管理 人"），基金托管人为浙商银行股份有限公司（以下简称"基金托管人"）。根据《中华人民共和国证券 投资基金法》《公开募集证券投资基金运作管理办法》等法律法规的规定和《广发稳宏一年持有期混合 型证券投资基金基金合同》（以下简称《基金合同》）的有关约定，基金管理人经与基金托管人协商一 致，决定以通讯方式召开本基金的基金份额持有人大会，审议《关于广发稳宏一年持有期混合型证券投 资基金持续运作的议案》，会议的具体安排如下： 1 ...

Meeting Overview - The meeting will be held in a communication format to discuss the proposal for the continuous operation of the "Zhaoshang Anfu 1-Year Regular Open Bond Fund" [2][5] - The voting period for the meeting is from July 8, 2025, 0:00 to August 8, 2025, 17:00 [3] Voting Process - Voting ballots must be sent to the designated address of the fund management company [4][10] - Fund holders can authorize others to vote on their behalf, with specific requirements for documentation [11][12] Registration and Participation - The record date for rights to participate in the meeting is July 8, 2025 [6] - All registered fund holders on this date are entitled to participate in the meeting [6] Proposal Details - The main agenda item for the meeting is the proposal regarding the continuous operation of the fund [5][25] - The proposal aims to enhance the efficiency of fund asset management and protect the interests of fund holders [25] Authorization Methods - Fund holders can authorize others to vote via paper or telephone, with specific guidelines for each method [14][11] - The effectiveness of the authorization is determined by the latest valid authorization submitted [15] Voting Rights and Conditions - Each fund share grants one voting right [17] - A valid resolution requires at least half of the total shares held by those who provide valid voting opinions [21] Meeting Logistics - The meeting is organized by Zhaoshang Fund Management Co., Ltd., with specific contact details provided for inquiries [23][24] - The fund custodian is Huaxia Bank Co., Ltd., and a notary public will supervise the voting process [24][16]

Summary of Key Points Core Viewpoint - The company, Xiangpiaopiao Food Co., Ltd., has announced its participation in an investment fund, contributing 100 million RMB, which represents 13.29% of the total subscribed capital. This investment is not expected to significantly impact the company's operating performance in 2025 [1][25]. Group 1: Investment Overview - The investment target is the Changsha Quanzhong Venture Capital Partnership (Limited Partnership) [1]. - The company signed the partnership agreement on July 7, 2025, with Suzhou Weitili New Venture Capital Management Co., Ltd. and other limited partners [1]. - The fund primarily invests in growth and mature enterprises, with a focus on early-stage consumer companies with clear development prospects [1]. Group 2: Fund Structure and Management - The fund's initial fundraising scale is 652 million RMB, with a target total scale of 1 billion RMB [14]. - The fund will have a management fee of 2% per year, calculated based on the subscribed capital of each limited partner [15]. - The fund's duration is set for six years from the first closing date, with the possibility of extending the exit period up to three times, each not exceeding one year [24]. Group 3: Financial Impact and Strategic Alignment - The investment will be funded from the company's own capital and is aligned with the company's strategic development needs [25]. - The agreement is expected to help the company leverage professional investment resources and experience, enhancing its competitive strength [25].

Core Viewpoint - The recent fund share split of the Huabao CSI Bank ETF is part of a broader trend among public funds to lower investment thresholds and enhance liquidity in the market [1][3][6]. Group 1: Fund Share Split Details - On July 7, Huabao Fund announced a 1:2 share split for its Huabao CSI Bank ETF, increasing the total shares from 69.55 billion to 139.11 billion and reducing the net value per share from 1.7779 yuan to 0.8889 yuan [3]. - The minimum subscription and redemption units were adjusted from 300,000 shares to 600,000 shares, requiring investors to transact in whole multiples of the new minimum [3]. - The Huabao CSI Bank ETF is currently the largest bank ETF in the A-share market, with a scale of 123.65 billion yuan as of July 6, compared to the second-largest bank ETF at 55.47 billion yuan [3][4]. Group 2: Market Trends and Implications - Multiple ETFs have undergone similar share splits this year, including the Huabao National Defense Industry ETF, which completed a 1:2 split on June 23, increasing its total shares from 5.12 billion to 10.24 billion [4]. - The trend of share splits is expected to attract more retail and institutional investors, thereby enhancing market liquidity and efficiency [6]. - The share split is seen as a strategy to lower the trading threshold, making it easier for investors to participate in the market, as evidenced by the reduction in trading costs from approximately 177 yuan to about 88 yuan per hand [3][6]. Group 3: Performance and Investor Sentiment - Data shows that ETFs that have undergone share splits this year have performed well, with five products achieving over 5% returns, and several exceeding the benchmark growth rate [7]. - The Huabao CSI Bank ETF, along with others like the GF Hang Seng Technology ETF, has recorded returns exceeding 10% since the beginning of the year, with specific figures of 19.76% and 14.41% respectively [7]. - The share split is primarily a numerical change that does not affect the actual benefits of fund shareholders, but it is expected to lower psychological barriers for investors and increase trading activity [7].

Group 1 - The announcement is regarding the convening of a communication-based meeting for the holders of the Huaxia Zhuo Xiang Bond Fund to discuss two proposals: the continuous operation of the fund and the modification of the income distribution principles [1][35]. - The meeting will take place via communication methods, with voting from July 2, 2025, to July 28, 2025, and the counting of votes on July 29, 2025 [2][3]. - The record date for rights is set for July 1, 2025, allowing all registered fund holders to participate in the voting [3][4]. Group 2 - Proposal one involves the continuous operation of the Huaxia Zhuo Xiang Bond Fund, which has seen its net asset value fall below 50 million yuan for 60 consecutive working days as of March 4, 2025 [35][38]. - Proposal two seeks to amend the income distribution principles of the fund to enhance its market competitiveness and better meet investor needs [35][41]. - The fund management company will be authorized to handle specific matters related to the continuous operation and the implementation of the revised income distribution principles [35][38]. Group 3 - Fund holders can authorize representatives to vote on their behalf, with specific requirements for documentation depending on whether the holder is an individual or an institution [8][9]. - The voting process will be supervised by designated personnel and notarized to ensure transparency [24]. - The effectiveness of the voting will depend on the participation of at least half of the total fund shares held by attendees [27][28].

Group 1 - The China Securities Regulatory Commission (CSRC) announced the establishment of a "Growth Layer" on the Sci-Tech Innovation Board to support high-quality technology companies in their listing and financing efforts [1][4] - The Shanghai Stock Exchange (SSE) has drafted guidelines for the Growth Layer, which includes 12 articles focusing on the layer's positioning, scope, delisting conditions, and enhanced information disclosure requirements [1][6] - The Growth Layer will include all unprofitable technology companies, with new companies needing to achieve either a biannual profit of 50 million or a single-year profit with revenue exceeding 100 million to graduate from this layer [3][4] Group 2 - CSRC aims to promote the participation of social security funds, insurance capital, and industrial capital in private equity investments to broaden funding sources [7][9] - The new measures will create a long-term funding supply system combining state-backed and market-driven capital, particularly improving the financing environment for hard-tech companies [9][12] - The optimization of the physical distribution of stocks and the introduction of a "reverse linkage" mechanism will facilitate smoother exit mechanisms for private equity funds [11][12] Group 3 - The People's Bank of China proposed a pilot program for comprehensive reforms in offshore trade finance services in the Shanghai Lingang New Area, aligning with international standards [13][15] - The offshore trade turnover in the Lingang New Area reached approximately $8.153 billion in Q1 2025, marking a year-on-year increase of 56.67% [17] - The pilot program aims to attract more global resources and enhance Shanghai's influence in global trade finance rule-making [19] Group 4 - The optimization of the Free Trade Account system aims to enhance the convenience of cross-border trade and investment [20][21] - By the end of 2024, Shanghai had opened 170,000 Free Trade Accounts, with an annual growth rate of over 30% in cross-border transactions [23] - The upgraded Free Trade Account functions will deepen cross-border financial policies and services, providing more financial support for cross-border enterprises [23][25]

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation for high-quality development in the context of global economic changes, with a focus on the implementation of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) to enhance support for technology enterprises [1][2]. Group 1: Deepening the Reform of the Sci-Tech Innovation Board - The CSRC aims to enhance the inclusiveness and adaptability of the system by deepening reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market, leveraging the Sci-Tech Innovation Board as a "testing ground" [2]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier and the resumption of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, targeting high-quality tech enterprises with significant breakthroughs and substantial R&D investments [2]. - The "6" includes six specific reform measures, such as introducing a professional institutional investor system for applicable companies, expanding the fifth set of standards to cover more frontier technology sectors, and improving the refinancing system for Sci-Tech Innovation Board companies [2]. Group 2: Guiding Long-term Capital to Invest in Technology Enterprises - The CSRC will support the development of more technology innovation indices and public funds focused on Sci-Tech themes to attract long-term capital into technology investments [4]. - The introduction of long-term capital is seen as a key measure for deepening capital market reforms, aiming to reshape the market structure and promote long-term value investment [4]. - The focus will be on enhancing the regulatory framework for listed companies and fostering a more stable investment environment through the participation of social security funds, insurance funds, and industrial capital in private equity investments [4]. Group 3: Other Initiatives and Innovations - The CSRC plans to strengthen the linkage between equity and debt to support technological innovation, including the development of Sci-Tech bonds and related financial products [6]. - The commission will also promote the regularization of fund share transfer business and optimize mechanisms for physical stock distribution and reverse-linked products [6]. - New measures will be implemented to simplify the review process for mergers and acquisitions, enhancing the flexibility and convenience of equity incentive programs for listed companies [7].

中国基金报记者 晨曦 综合整理 2025陆家嘴论坛正在进行中，监管重磅发声来了！ 6月18日上午，中国证监会主席吴清出席2025陆家嘴论坛开幕式，并发表主题演讲。 来看吴清此次演讲的重点内容： • 深化科创板改革，推出"1+6"政策措施 吴清表示，证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手， 着力打造更具吸引力、竞争力的市场体系和产品服务矩阵。更好发挥科创板"试验田"作用， 加力推出进一步深化改革的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加 快构建更有利于支持全面创新的资本市场生态。 具体而言，"1"是在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上 市，更加精准服务于技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在 强化信息披露、加强投资者适当性管理方面作出安排。 "6"是在科创板创新推出6项改革措施，包括对适用于科创板第五套标准的企业，试点引入资 深专业机构投资者制度；面向优质科技企业试点IPO预先审阅机制；扩大第五套标准适用范 围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用；支持在审未盈利科 技企业面向老股东开 ...

Core Viewpoint - The defense and military industry sector is experiencing heightened interest due to recent geopolitical conflicts, leading to increased trading activity in related ETFs, particularly the Defense and Military ETF (512810) which saw a significant surge in trading volume [1][3]. Group 1: Market Activity - The Defense and Military ETF (512810) achieved a trading volume exceeding 300 million yuan last week, marking an over 80% increase compared to the previous week [1]. - On June 13, the ETF attracted over 18 million yuan in a single day [1]. Group 2: Fund Split Announcement - The Defense and Military ETF (512810) is set to implement a fund share split at a ratio of 1:2, which will halve the fund's net value and lower the trading threshold for investors [3][6]. - The split is scheduled for June 20, 2025, with the ex-rights date on June 23, 2025 [6]. Group 3: Benefits of Fund Split - The fund split aims to lower the investment threshold and enhance trading convenience, making it easier for more investors to participate [7]. - Post-split, the trading price is expected to decrease from approximately 1.2 yuan to around 0.6 yuan, reducing the minimum investment requirement from about 120 yuan to 60 yuan [7]. Group 4: Fund Performance - The Defense and Military ETF has consistently outperformed its benchmark, the CSI Military Index, with a five-year excess return exceeding 26% as of the first quarter of 2025 [8]. - As of June 16, the ETF's closing price was 1.220 yuan, making it the highest-priced military ETF in the market [8]. Group 5: Investor Considerations - The fund split will not affect the total asset value held by investors, ensuring that their holdings remain unchanged in terms of total value [11]. - Investors should note that the minimum subscription and redemption units will change from 1 million shares to 2 million shares starting June 23, 2025 [12].