Core Viewpoint - Current market uncertainty and volatility in traditional equities make funds like John Hancock Preferred Income Fund III (NYSE: HPS) an attractive option for hedging investor portfolios [1] Investment Strategy - HPS offers investors exposure to a diverse range of assets, which can enhance portfolio stability [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can effectively boost investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Group 1 - Wang Xiaoqing, the Vice President of China Merchants Bank, has resigned due to work reasons, effective from August 4, 2025, and has been appointed as the Party Secretary and prospective General Manager of China Merchants Jin Kong [1][2] - China Merchants Jin Kong, established in September 2022, is the third financial holding company approved in China, with total assets reaching 13 trillion yuan and managed assets exceeding 23 trillion yuan as of the end of 2024 [1] - Under Wang Xiaoqing's leadership, China Merchants Jin Kong reported an operating income of 507.5 billion yuan and a net profit of 160.28 billion yuan for the year 2024 [1] Group 2 - Wang Xiaoqing joined China Merchants Bank in 2020 and has held multiple leadership roles, including Chairman of several asset management subsidiaries [2] - The resignation of Wang Xiaoqing will lead to adjustments in the leadership of the subsidiaries he managed, including China Merchants Fund and China Merchants Life Insurance [2] - The independent director of China Merchants Bank, Tian Hongqi, has also resigned after completing a six-year term [3]

Core Viewpoint - Xinhua Fund Management Co., Ltd. has officially announced the cancellation of its Zhejiang branch, marking a trend of strategic contraction among small and medium-sized public funds in China [2][7]. Company Summary - Xinhua Fund was established in 2004 and is headquartered in Chongqing, being the first public fund management company in Southwest China. The company has a registered capital of 628 million yuan and manages 46 public funds with an asset management scale of 53.206 billion yuan as of the second quarter of 2025, ranking 84th in the industry [5]. - In March 2023, Xinhua Fund underwent a significant capital increase of 188%, raising its registered capital from approximately 218 million yuan to 628 million yuan, with contributions from shareholders totaling nearly 800 million yuan [5]. - The company plans to use the newly raised funds to strengthen operational capital, explore new business areas, and delve into ESG investments and cross-border asset allocation [5]. Industry Summary - The cancellation of local branches by public fund companies has become increasingly common, with several firms such as Guotou Ruijin Fund, Jinying Fund, and others also shutting down branches in various regions, indicating a broader trend of resource reallocation from less efficient areas to core economic zones [7][8]. - The trend of branch cancellations is primarily observed among small and medium-sized public funds, with a notable increase in the number of cancellations in 2023 compared to previous years [7][8]. - Industry experts suggest that the cancellation of branches does not equate to exiting the market but rather reflects a strategic optimization of resources to enhance competitiveness in core markets [8].

【导读】新华基金注销浙江分公司。自去年6月以来，已有多家公募机构注销分公司 日前，新华基金宣布已注销旗下浙江分公司。据统计，自去年6月以来，已有8家公募基金公司宣布注销 部分地区的分公司，这一数量较以往明显增加。 对于注销分公司的原因，多数公司表示此举是为了顺应自身业务发展需求。值得注意的是，部分公司在 注销原有分公司的同时，也新设立了其他分公司。业内人士认为，这一现象背后，反映出在"提质增 效"的行业大环境下，公募基金行业正加快资源整合的步伐。 除新华基金外，自去年6月至今的一年多时间里，已有九泰、宏利、金鹰、中银、国投瑞银、银华等至 少8家公募基金公司注销了部分地区的分公司。其中，金鹰基金在两个月内接连注销了深圳分公司与海 南分公司。 而对比来看，2023年仅中金基金注销了厦门分公司，2022年也仅有汇安基金注销海南分公司、德邦基金 注销江苏分公司，可见近一年注销分公司的公募数量显著增多。 从具体情况来看，各公司注销地方性分公司的原因不尽相同。部分公司表示，注销某一分公司是为了配 合整体战略布局调整，且在注销前后会在其他地区增设新的分公司。 正如一位知情人士所说："虽然此前我们在A城市设立了分公司，但近年 ...

Summary of Key Points Core Viewpoint - The trading volume of non-monetary ETFs reached 322.23 billion yuan, with 63 ETFs exceeding 1 billion yuan in trading volume, indicating a significant increase in market activity [1]. Trading Volume and Performance - The top three ETFs by trading volume are Short-term Bond ETF (250.44 billion yuan), Credit Bond ETF (164.02 billion yuan), and Sci-Tech Bond ETF (119.60 billion yuan) [1]. - The average daily trading volume for the Short-term Bond ETF over the last 5 days is 28.98 billion yuan, showing a notable increase in activity [2]. - The Credit Bond ETF experienced a trading volume increase of 165.75% compared to the previous trading day, indicating heightened investor interest [2]. - The Sci-Tech Bond ETF also saw a significant trading volume increase of 310.59% compared to the previous trading day [3]. Turnover Rates - The highest turnover rates were recorded for 0-4 Year Local Debt ETF (180.59%), 5-Year Local Debt ETF (127.52%), and National Debt ETF (124.64%) [7]. - The turnover rate for the Sci-Tech Bond ETF reached 113.99%, reflecting strong trading activity [7]. ETF Characteristics - The Short-term Bond ETF tracks the China Bond Short-term Index, focusing on investment-grade short-term bonds [1]. - The Credit Bond ETF tracks the Shanghai Market Company Bond Index, reflecting the performance of liquid bonds listed on the Shanghai Stock Exchange [2]. - The Sci-Tech Bond ETF tracks the AAA Sci-Tech Bond Index, representing technology innovation company bonds [2]. Industry Themes - The industry-themed ETFs include Hong Kong Securities ETF and Hong Kong Innovative Drug ETF, indicating a focus on specific sectors within the market [1]. - The Gaming ETF and Aerospace ETF are also highlighted, with the Gaming ETF tracking the Animation and Gaming Index, which includes major companies in the media sector [8]. Volatility and Price Movements - The Gaming ETF experienced a price increase of 3.17% with a notable volatility of 72.10% compared to the previous trading day [8]. - The Aerospace ETF also showed a significant price increase of 3.45% with a volatility increase of 148.94% [9].

Core Viewpoint - Morgan Fund announced the early closure of its Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF, which began fundraising on August 4 and closed on the same day due to a fundraising scale of nearly 3 billion yuan [1] Group 1 - The fund's fundraising scale reached approximately 30 billion yuan [1] - The early closure was a result of Morgan Fund and China Merchants Bank actively limiting the initial fundraising scale [1]

规模方面，可转债ETF最新规模达459.78亿元，创近1年新高。 截至2025年8月4日 13:17，中证可转债及可交换债券指数(931078)上涨0.44%。可转债ETF(511380)上涨0.30%，最新价报12.8元。拉长时间看，截至2025年8 月1日，可转债ETF近2周累计上涨0.79%。 流动性方面，可转债ETF盘中换手10.84%，成交49.97亿元，市场交投活跃。拉长时间看，截至8月1日，可转债ETF近1周日均成交82.43亿元。 消息面上，近期，财政部、税务总局公告宣布自2025年8月8日起，对新发行的国债、地方政府债券、金融债券的利息收入恢复征收增值税。这一政策调整对 券商自营固收业务带来一定影响，但整体财务影响可控。 国泰海通证券指出，7月十大转债大幅跑赢中证转债指数及各类权益指数。当前权益和转债都在阶段性高位，转债条款压制会使部分价格区间转债弹性削 弱。若权益市场继续向上，不强赎转债性价比较高，收益来源于估值抬升和权益跟涨。8月十大转债组合可聚焦政策推动下的反内卷、边际好转的创新药、 关税缓和下的科技成长。 回撤方面，截至2025年8月1日，可转债ETF今年以来最大回撤6.04%，相对 ...

Core Insights - As of August 1, the total inflow of funds into ETFs reached 224.95 billion, while outflows amounted to 200.83 billion, resulting in a net inflow of 24.13 billion [1] Fund Inflows and Outflows - The non-money market ETFs with the highest net inflows were E Fund CSI A500 ETF (159361) with 303 million, Hua Bao CSI Bank ETF (512800) with 180 million, and Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750) with 161 million [1] - The non-money market ETFs with the highest net outflows were Huaxia SSE STAR 50 ETF (588000) with 681 million, Huaxia SSE 50 ETF (510050) with 653 million, and Huatai-PineBridge CSI 300 ETF (510300) with 438 million [1]

Core Viewpoint - The "lying flat" mentality among fund managers is a result of multiple intertwined industry challenges, leading to a passive approach in investment management [5][19]. Group 1: Fund Manager Behavior - Fund managers are increasingly adopting a "lying flat" attitude, with some abandoning active management, resulting in historically low turnover rates in their portfolios [9][10]. - Many fund managers are not responding to market dynamics, missing structural opportunities due to a lack of timely adjustments in their holdings [10][11]. - The rise of index investing has led to a significant overlap between active and index funds, with many active funds effectively becoming index products [11][12]. Group 2: Market Environment - The A-share market has seen fleeting structural opportunities, making it increasingly difficult for fund managers to capture excess returns [20][21]. - The sentiment among fund managers is that efforts in research and active management may not yield proportional returns, leading to a preference for minimizing mistakes rather than seeking breakthroughs [22]. Group 3: Regulatory and Compliance Pressures - Stricter regulations and compliance pressures have limited the space for active management, with a prevailing industry culture favoring safety over risk-taking [23][25]. - The crackdown on insider trading and other malpractices has made "not doing anything wrong" a common survival strategy among fund managers [24]. Group 4: Industry Dynamics - The fixed management fee model has shifted the focus of fund companies towards maintaining scale rather than performance, leading to a lack of motivation among fund managers [27][28]. - Recent salary cap rumors in the public fund industry have further dampened the enthusiasm of fund managers, with reported caps ranging from 120 million to 500 million [29][30][35]. Group 5: Responses to "Lying Flat" - Some fund companies are implementing performance-based measures, including a "last in, first out" policy to address the "lying flat" issue [38]. - Regulatory bodies are also taking steps to link fund manager compensation to performance, with new guidelines introduced to ensure that underperforming managers face salary reductions [41][43].

Core Insights - The enthusiasm for subscribing to newly issued public funds remains high in July, driven by the floating fee rate reform, with a total of 135 new funds raising 104.87 billion yuan, marking the second-highest monthly fundraising scale this year [1] - The floating fee rate reform has significantly boosted the new fund market, with the first batch of 26 floating fee rate funds raising 25.87 billion yuan and achieving 261,500 subscriptions [1] - The issuance of mixed funds has also accelerated, with 23 new mixed funds raising a total of 10.18 billion yuan, indicating an increased willingness among investors to allocate to equity assets [2] Group 1 - In July, the new fund issuance reached a total of 135 funds with a combined fundraising of 104.87 billion yuan, making it the third month this year to exceed 100 billion yuan in fundraising [1] - The first batch of 26 floating fee rate funds raised 25.87 billion yuan, with 261,500 effective subscriptions, reflecting strong market interest [1] - The rapid fundraising of 10 exchange-traded funds (ETFs) focused on technology innovation bonds, which collectively raised 28.99 billion yuan in just one day, highlights the demand for quality credit bonds [1] Group 2 - The mixed fund category saw 23 new funds issued in July, raising a total of 10.18 billion yuan, with a shortened fundraising cycle indicating a growing investor interest in equity assets [2] - The July fund issuance is characterized by "structural differentiation and innovation leadership," with both bond and stock funds driving growth, particularly in technology innovation bonds and ESG themes [2] - The anticipated recovery in equity fund issuance is supported by effective stock market stabilization policies and a rebound in corporate earnings [2]