Core Viewpoint - Haiguang Information plans to conduct a stock swap merger with Zhongke Shuguang, marking the first merger under the new restructuring regulations. The merger aims to strengthen their core businesses and capitalize on opportunities in the information technology industry [1][2]. Company Overview - Haiguang Information is a significant player in computing chips, while Zhongke Shuguang is a leading server enterprise. Their main businesses are closely linked within the industry chain [1]. - Zhongke Shuguang is the largest shareholder of Haiguang Information, holding approximately 28% of its shares, indicating a pre-existing close relationship between the two companies [1]. Merger Details - The merger will involve Haiguang Information issuing A-shares to all A-share shareholders of Zhongke Shuguang, along with raising supporting funds. Trading for both companies' stocks has been suspended since May 26, with an expected suspension period of no more than 10 trading days [1]. - This merger is the first to occur following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16, which supports the integration of leading enterprises in the industry [1]. Market Impact - If the transaction is completed, Zhongke Shuguang will be delisted. Such mergers typically lead to stock price fluctuations, potentially creating arbitrage opportunities for funds holding related stocks [2]. - According to the first-quarter holdings data, two funds managed by Jiashi have significant positions in both Haiguang Information and Zhongke Shuguang, nearing the 10% limit for individual stocks [2]. Fund Performance - Jiashi's actively managed fund, established on November 29, 2022, has a scale of 279 million yuan and reported a one-year return of 38.55% as of May 23, 2025. The fund holds 426,621 shares of Zhongke Shuguang and 189,689 shares of Haiguang Information, representing a combined holding of 22.54% of its net asset value [3][4]. - Another fund, Jiashi Information Industry Fund, has a total scale of 1.155 billion yuan and reported a one-year return of 20.97%. As of May 23, 2025, it holds 797,565 shares of Haiguang Information and 1,645,292 shares of Zhongke Shuguang, totaling 19.21% of its net asset value [4][5]. Potential Gains - As of May 23, Haiguang Information's stock price was 136.13 yuan, with a market capitalization of 316.41 billion yuan, while Zhongke Shuguang's stock price was 61.9 yuan, with a market capitalization of 90.57 billion yuan. If both stocks rise by 20% post-resumption, the combined market value of the funds' holdings could increase significantly [6].

Core Insights - LOF (Listed Open-end Fund) has seen a significant decline in market interest and product launches compared to ETFs (Exchange-Traded Funds), with no new LOF products introduced in nearly two years and its total scale being less than 20% of that of ETFs [1][2] - The lack of demand for LOF products is attributed to their lower investment transparency, inefficient trading mechanisms, and insufficient liquidity compared to ETFs, which have become increasingly popular and have shown substantial growth in recent years [1][3][4] Group 1: Market Performance and Comparison - As of May 15, 2025, there are 398 LOF products, with a total scale of approximately 629.1 billion yuan, which is only about 15% of the ETF market size exceeding 4.1 trillion yuan [2][3] - The ETF market has over 1,100 products, with a growth rate of over 80% from 2023 to 2024, while LOF has not seen significant new product launches since 2016 [2][3] Group 2: Challenges Facing LOF - LOF products face three main challenges: lower investment transparency, inefficient trading mechanisms, and higher management fees compared to ETFs, which affects investor participation [3][4] - LOF's trading efficiency is hampered by the lack of real-time updates on net asset values, leading to lower liquidity and trading volumes, with some LOF products having daily trading amounts below 1,000 yuan [3][4] Group 3: Future Development and Strategies - Industry experts suggest that the future of LOF may lie in adopting active management strategies, as there are currently no active strategy products in the ETF space, potentially providing a differentiation advantage [1][6] - Despite some LOF products showing positive performance this year, the overall market sentiment remains cautious, with concerns about liquidity and pricing volatility due to low trading volumes [5][6]

大概是在19年的时候，分级基金还没退市，有几只分级基金每日限购1000元，二级市场溢价3% 左右持续了好几个月。 我也注意到这个情况了，但是，我一直没操作，因为我是这样想的。 基金限购1000元，溢价3% 相当于申购成本1000元，二级市场可以卖1030元（1000*1.03），毛利30元 但是需要扣除申购费用15元（费率1.5%），分级基金B类5元卖出费用，然后要券商软件操作申 购，分拆，卖出，A类还要攒着一起卖，每天这么麻烦操作一番下来只挣10多元，不太值得吧。 这么些年过去了，每每我看见小区的阿婆在垃圾桶里翻纸箱子，我都会为我年少轻狂的决定而悔 恨万分。 然后，集思录社区有人专门发帖说套利这些基金，我也并没仔细看，但后来不知怎么，一些用户 吵了起来。然后有用户就联系我，说希望删帖这个套利的讨论，我还很奇怪，说这就1,20块钱的 事，你们因为什么吵呢？ 加上微信他说了说我还太明白，他就给我打了个语音。 接了他电话我才明白，原来这个套利里面有几个我不知道的知识点： 1，每户限购1000元，但每人可以有6个户，所以每人每天可以申购1000*6也就是6000元 2，基金卖出可以免5，所以卖出仅需要1毛钱 3，基 ...