【导读】君创基金、君创资管被出具警示函 中国基金报记者 李智 近日 ，中国证监会深圳证监局披露 了两份 行政监管措施决定书，深圳君创私募股权基金管 理有限公司（以下简称君创基金） 、 深圳前海君创资产管理有限公司（以下简称君创资 管）、朱峰 均被 采取出具警示函的行政监管措施。 君创基金、君创资管被出具警示函 7月21日，中国证监会深圳证监局披露的行政监管措施决定书显示，经查，君创基金在从事私 募基金业务活动中，存在未按规定为私募基金办理基金备案手续的情形。 | 索 | bm56000001/2025-00008745 | સે 彩 | 行政执法;行政监管措施 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年07月21日 | | 名 称 | 深圳证监局关于对深圳君创私募股权基金管理有限公司采取出具警示函措施的决定 | | | | 文 ਛੋ | 行政监管措施决定书〔2025〕103号 | 主题词 | | 相关行为违反了《私募投资基金监督管理暂行办法》（证监会令第105号，以下简称《私募管 理办法》）第八条第一款的规定。依据《私募管理办法》第三十三条的规定，深 ...

一、证券市场回顾 南财金融终端数据显示，上周(7月14日-7月18日,下同)，上证综指周内上涨0.69%，收于3534.48点，最 高3536.01点；深证成指周内上涨2.04%，收于10913.84点，最高10946.4点；创业板指周内上涨3.17%， 收于2277.15点，最高2296.91点。在全球市场中，大部分主要指数上涨。纳斯达克综指上涨1.51%，道 琼斯工业指数下跌0.07%，标普500上涨0.59%。亚太地区，恒生指数上涨2.84%，日经225指数上涨 0.63%。 二、ETF市场表现1、股票型ETF整体市场表现 | 类别 | 代码 | 基金名称 | 涨跌幅(%) | | --- | --- | --- | --- | | 股票型 | 159246.SZ | 富国创业板人工智能ETF | 10.95% | | 股票型 | 159363.SZ | 华宝创业板人工智能ETF | 10.69% | | 股票型 | 159382.SZ | 南方创业板人工智能ETF | 10.59% | | 股票型 | 159381.SZ | 华夏创业板人工智能ETF | 10.53% | | 股票型 | 560660 ...

新增江苏银行股份有限公司融联创同业交易平台为代销机构及参加费率优惠的公告 根据东海基金管理有限责任公司（以下简称"本公司"）与江苏银行股份有限公司（以下简称"江苏银 行"）签署的销售协议和相关业务准备情况，自2025年7 月 21 日起，本公司旗下部分基金新增江苏银行 股份有限公司融联创同业交易平台（以下简称"江苏银行融联创平台"）为代销机构及参加费率优惠，具 体情况如下： 一、适用基金 东海基金管理有限责任公司关于旗下部分基金 ■ 二、基金开户、申购等业务 自2025年7 月 21 日起，投资者可在江苏银行融联创平台办理上述基金的开户、申购、赎回及其他业 务。具体的业务流程、办理方式和办理时间等以上述机构网站或平台的相关规定为准。 三、参加费率优惠 自 2025 年7月21日起，投资者通过江苏银行融联创平台申购上述基金，在不违反法律法规和基金合同的 相关要求下，可享受费率优惠，具体费率优惠和业务办理规定以上述机构网站或平台的相关规定和公告 为准。 费率优惠期间，如本公司新增通过江苏银行融联创平台代销的基金，则自该基金开放申购当日起，将同 时开通该基金上述优惠活动，届时本公司不再另行公告（如该基金适用不同于上 ...

Picking stocks and staying on top of them can turn into a time-consuming project. But if you don't want to do that, the good news is that a simple buy-and-hold investing strategy can yield great returns all on its own. As long as you diversify your position and focus on top growth stocks, it can be a way to drastically simplify your investing process while still potentially setting you up for some massive gains in the process.What if you were to invest $50,000 into an exchange-traded fund (ETF) that holds g ...

根据万家基金管理有限公司（以下简称"本公司"）与中国人寿保险股份有限公司（以下简称"中国人 寿"）签订的销售协议，本公司自2025年7月21日起新增中国人寿办理万家稳宁债券型证券投资基金（简 称:万家稳宁；A类基金代码：023477；C类基金代码：023478）的销售业务。万家稳宁自2025年7月7日 至2025年7月25日通过基金管理人指定的销售机构公开发售，投资者可在中国人寿办理万家稳宁的开户 及认购业务，待基金成立后也可办理申购、赎回、转换及定投等业务，具体费率以中国人寿公告为准， 具体办理程序请遵循中国人寿的相关规定。 投资者可以通过以下途径咨询有关详情： 客服传真：021-38909778 网址： www.wjasset.com 风险提示：敬请投资者于投资前认真阅读各基金的《基金合同》和《招募说明书》等法律文件，基金管 理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不承诺基金投资最低收益、也不保证基 金投资一定赢利，请投资者在充分考虑风险的情况下谨慎做出投资决策，在做出投资决策后，基金运营 状况与基金净值变化引致的投资风险，由投资者自行负担。 特此公告。 万家基金管理有限公司 二〇二五年七 ...

西藏东财中证沪港深创新药产业交易型开放式指数证券投 资基金 基金管理人:西藏东财基金管理有限公司 基金托管人:广发证券股份有限公司 报告送出日期:2025年07月19日 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人广发证券股份有限公司根据本基金基金合同规定，于2025年07月16日 复核了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在 虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基 金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应 仔细阅读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自2025年04月01日起至2025年06月30日止。 | §2 | 基金产品概况 | | --- | --- | | 基金简称 | 创新药ETF沪港深 | | 场内简称 | 创新药ETF沪港深 | | 基金主代码 | 159622 | | 基金运作方式 | 契约型开放式 | | 基 ...

Group 1 - The fund is named Ping An CSI Artificial Intelligence Theme ETF Linked Fund, with a main code of 023384, and it operates as a contractual open-end fund [2] - The fund aims to closely track the performance of the underlying index and achieve returns similar to its performance benchmark [2][3] - The fund's investment strategy primarily involves investing in the target ETF, without participating in its management, and aims to maintain a daily tracking deviation of no more than 0.2% under normal market conditions [2][3] Group 2 - As of the end of the reporting period, the total fund shares amounted to 70,730,747.46 [2] - The fund's performance benchmark is calculated as 95% of the return of the CSI Artificial Intelligence Theme Index and 5% of the after-tax bank demand deposit rate [2] - The fund's risk-return characteristics indicate that it is a stock fund with a long-term average risk and expected return higher than mixed, bond, and money market funds [2] Group 3 - The net asset value (NAV) of Ping An CSI Artificial Intelligence Theme ETF Linked Fund A at the end of the reporting period was 1.0444 yuan, with a net value growth rate of 4.44%, while the benchmark return was 8.41% [9] - For Fund C, the NAV was 1.0439 yuan, with a growth rate of 4.39%, and for Fund E, the NAV was 1.0444 yuan, with a growth rate of 2.27% [9] - The fund has completed its initial investment allocation as per the fund contract, and the asset allocation ratios comply with the contract's stipulations [5][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance of the first batch of Sci - tech Innovation Bond ETFs has landed, empowering the continuous expansion of the Sci - tech Innovation Bond market. As of July 15, 2025, 10 Sci - tech Innovation Bond ETFs have raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. - Through the analysis of the underlying component bonds of the tracking indices of Sci - tech Innovation Bond ETFs, it is found that there are differences in the term structure, issuer structure, coupon rate, and yield distribution among the three major indices, and the excess spread of Sci - tech Innovation Bonds varies due to the issuer's qualifications [1]. - The issuance of Sci - tech Innovation Bond ETFs will increase the allocation demand for Sci - tech Innovation Bonds, improve market liquidity, and attract medium - and long - term funds into the Sci - tech Innovation Bond market [1][8]. 3. Summary by Relevant Catalogs 3.1 First Batch of Sci - tech Innovation Bond ETFs Issued, Empowering the Continuous Expansion of the Sci - tech Innovation Bond Market - On June 18, 2025, the first batch of 10 Sci - tech Innovation Bond ETFs were submitted collectively, approved on July 2, and scheduled for issuance on July 7. Among them, 6 products track the CSI AAA Sci - tech Innovation Corporate Bond Index, 3 track the SSE AAA Sci - tech Innovation Corporate Bond Index, and 1 tracks the SZSE AAA Sci - tech Innovation Corporate Bond Index [1][13]. - As of July 15, 2025, these 10 ETFs raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. 3.2 Analysis of the Component Bond Structure of the Tracking Indices of Sci - tech Innovation Bond ETFs - **Component Bond Quantity and Scale**: As of July 4, 2025, the number of component bonds of the CSI, SSE, and SZSE AAA Sci - tech Innovation Corporate Bond Indices was 825, 678, and 146 respectively, with outstanding scales of 107.4735 billion yuan, 93.0605 billion yuan, and 14.183 billion yuan respectively [1][16]. - **Remaining Term Structure**: The remaining term structures of the three indices are basically the same, mainly short - and medium - term within 5 years. The Shenzhen index has a relatively lower component bond term center, and the term distribution of the index component bonds is consistent with that of the existing Sci - tech Innovation Corporate Bonds [1][17]. - **Issuer Structure**: The issuers of the component bonds of the three indices are all AAA - rated with high credit quality, mainly central and local state - owned enterprises. The Shenzhen index has a more diverse issuer structure in terms of enterprise nature and industry distribution [1][22]. - **Coupon Rate Distribution**: The coupon rates of the component bonds of the three indices are mainly concentrated in the 2 - 2.5% range. The coupon rate center of the Shenzhen index has shifted upward [1][26]. - **Yield Distribution**: The yield distribution of the CSI and SSE indices is more balanced, while the yield of the Shenzhen index shows significant polarization [1][28]. - **Excess Spread**: The excess spread of perpetual and non - perpetual Sci - tech Innovation Bonds of the top ten issuers by market value in the index component bonds is between - 2.45 and 23.94BP and between - 7.78 and 32.97BP respectively. The compression space of the excess spread of the Shenzhen index is relatively large [1][29]. 3.3 Impact of the Issuance of Sci - tech Innovation Bond ETFs on the Sci - tech Innovation Bond Market - **Increase Allocation Demand for Sci - tech Innovation Bonds**: Sci - tech Innovation Bond ETFs have advantages such as low fees, high position transparency, and efficient trading mechanisms. With the issuance of the first batch of ETFs, the scale is expected to continue growing, bringing about allocation demand for component bonds. The market of Sci - tech Innovation Corporate Bonds may have started [1][34][35]. - **Improve Market Liquidity of Sci - tech Innovation Bonds**: The launch of ETFs will strengthen the market liquidity of Sci - tech Innovation Corporate Bonds, facilitate investors' participation, compress liquidity premiums, and improve pricing efficiency [1][8][38]. - **Attract Medium - and Long - Term Funds into the Sci - tech Innovation Bond Market**: The launch of Sci - tech Innovation Bond ETFs can match the allocation needs of institutional investors such as social security funds, pensions, and insurance funds, attracting medium - and long - term funds into the market [8][43].

Core Insights - VCI Global Limited has entered into a definitive agreement to acquire V Capital Fund Management Limited, a licensed fund management company, at a nominal consideration, with the acquisition expected to close in Q3 2025, pending regulatory approvals [1][2] Group 1: Acquisition Details - The acquisition provides VCI Global with immediate access to a regulated asset management framework in Labuan, Malaysia, known for its efficient licensing and tax incentives [2] - VCI Global plans to leverage the acquired license to launch the VCIG Bitcoin Fund, aimed at providing qualified investors with institutional-grade exposure to Bitcoin [3] Group 2: Market Context - The global cryptocurrency market has surpassed approximately US$2.6 trillion in total market capitalization, with Bitcoin accounting for around US$1.2 trillion [4] - Many investors in Asia are underexposed to digital assets due to regulatory hurdles, and VCI Global aims to bridge this gap by offering a secure and transparent investment vehicle for Bitcoin [4] Group 3: Strategic Goals - The acquisition enables VCI Global to operate a fully licensed digital asset fund under a respected offshore regime, positioning Bitcoin as a strategic reserve asset for institutional investors [5]

Summary of Conference Call Company and Industry Overview - The conference primarily discusses **Guolian An Fund**, a well-established fund management company in China, founded in 2003 with a registered capital of approximately **150 million** [2][3]. - The fund's public offering management scale is around **130 billion**, with non-monetary fund scale at **107.2 billion**, ranking **43rd** among **163** public fund companies in China [2]. Key Points and Arguments Semiconductor Industry Insights - Global semiconductor sales reached nearly **$168 billion** in Q1 2025, showing a year-on-year growth of **18.8%** [4][5]. - In March 2025, global semiconductor sales were approximately **$56 billion**, also reflecting an **18.8%** year-on-year growth [5]. - The semiconductor industry is characterized by strong cyclicality, with the last downturn occurring in Q3 2013, followed by a continuous expansion phase [5]. - The demand for semiconductors is expected to grow due to the increasing need for smart devices, which rely heavily on semiconductor components [6]. Factors Driving Semiconductor Demand 1. **AI Demand**: The strong demand for AI-related hardware and chips is a significant driver, particularly for high-bandwidth memory (HBM) chips and servers [8]. 2. **Consumer Electronics Recovery**: The recovery in consumer electronics, especially smartphones and PCs, is expected to accelerate due to the introduction of AI features [9]. 3. **Industry Restructuring**: Adjustments in the revenue structures of international manufacturers are creating opportunities for domestic companies [10]. Domestic Semiconductor Development - In March 2025, China's semiconductor sales grew by **7.6%** year-on-year, reaching **$15.41 billion**, accounting for over **25%** of the global market [19]. - The **Big Fund Phase III**, established in May 2022, aims to support domestic semiconductor development, focusing on manufacturing equipment and materials [20][21]. - The fund's investment strategy emphasizes areas where China is currently lagging, such as photolithography equipment, while also supporting AI chip development [22][23]. Investment Opportunities - The semiconductor sector is viewed as a solid investment opportunity due to its robust fundamentals and growth prospects, particularly in AI and consumer electronics [35][36]. - The **semiconductor ETF** has gained popularity among retail investors, with over **400,000** holders, reflecting a strong interest in the sector [40][41]. - The ETF provides a diversified investment approach, reducing individual stock risk while capturing the overall growth of the semiconductor industry [42][43]. Additional Important Content - The conference highlighted the significance of the **HarmonyOS** and its integration with domestic hardware, showcasing advancements in China's semiconductor capabilities [25][30]. - The discussion included the impact of recent developments in AI technology and its implications for the semiconductor industry, emphasizing the need for continuous innovation and adaptation [11][12][38]. - The overall sentiment is optimistic regarding the future of the semiconductor industry in China, driven by government support and increasing domestic capabilities [24][39].