经深圳证券交易所确认，根据国联安基金管理有限公司（以下简称"本公司"）与东方证券股份有限公司 （以下简称"东方证券"）签署的申购、赎回业务代理协议，本公司决定自2025年5月26日起增加东方证 券为国联安中证全指证券公司交易型开放式指数证券投资基金（场内简称：证券ETF基金，二级市场交 易代码：159848，一级市场申购、赎回代码：159848）、国联安中证消费50交易型开放式指数证券投资 基金（场内简称：消费ETF基金，二级市场交易代码：159670，一级市场申购、赎回代码：159670）、 国联安创业板科技交易型开放式指数证券投资基金（场内简称：创科技ETF基金，二级市场交易代码： 159777，一级市场申购、赎回代码：159777）、国联安国证ESG300交易型开放式指数证券投资基金 （场内简称：ESG300ETF，二级市场交易代码：159653，一级市场申购、赎回代码：159653）的申购 赎回代办券商。 投资者可通过以下途径咨询有关详情： 1、东方证券股份有限公司： 客户服务电话：95503 网址：www.dfzq.com.cn 2、国联安基金管理有限公司： 客户服务电话：021-38784766， ...

根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年5月21日 起，本公司将下列证券投资基金的主流动性服务商调整为一般流动性服务商： 1、南方中证科创创业50交易型开放式指数证券投资基金(159780)： 广发证券股份有限公司 特此公告。 南方基金管理股份有限公司 2025年5月26日 南方基金管理股份有限公司关于以通讯方式 召开南方浩升稳健优选6个月持有期混合型 基金中基金（FOF）基金份额持有人大会的公告 一、召开会议基本情况 本次大会的权益登记日为2025年5月26日，权益登记日当天下午交易时间结束后，在登记机构登记在册 的本基金全体基金份额持有人均有权参加本次基金份额持有人大会并投票表决（注：权益登记日当天申 请申购的基金份额不享有本次会议表决权，权益登记日当天申请赎回的基金份额享有本次会议表决 权）。 南方基金管理股份有限公司（以下简称"基金管理人"）依据中国证监会2022年8月19日证监许可 [2022]1895号文注册募集的南方浩升稳健优选6个月持有期混合型基金中基金（FOF）（以下简称"本基 金"）于2023年5月18日成立。 根据《中华人民共和国证券投资基金 ...

Fund Overview - The fund is named Qianhai Kaiyuan Research-Driven Mixed Securities Investment Fund, with two classes: A and C [13][14] - The fund is a mixed-type open-ended securities investment fund with an indefinite duration [14] Fundraising Details - The fundraising period is from May 26, 2025, to June 6, 2025, with a maximum fundraising limit of 8 billion RMB [2][18] - If the total subscription amount exceeds 8 billion RMB, a proportional confirmation method will be used to control the scale [2][3] - The fund manager can adjust the fundraising scale limit as necessary [3] Subscription Regulations - The minimum subscription amount for both initial and additional subscriptions is 10 RMB [4] - There is no limit on the total subscription amount for individual investors, but a single investor cannot hold more than 50% of the fund's shares [4] - The subscription fee for Class A shares is capped at 1.20%, decreasing with larger subscription amounts, while Class C shares have no subscription fee [20] Fund Management and Custody - The fund manager is Qianhai Kaiyuan Fund Management Co., Ltd., and the custodian is CITIC Securities Co., Ltd. [1][40] Investor Information - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [14] - Investors can inquire about subscription matters through the fund manager's customer service or sales institutions [5] Fund Operation - The fund's net value may fluctuate due to market volatility, and investors should understand the product characteristics and risk-return profile before investing [7][8] - The fund may invest in Hong Kong stocks through the Stock Connect mechanism, which carries specific risks [9]

每经记者｜肖芮冬 每经编辑｜叶峰 ｜2025年5月12日星期一｜ NO.1 韩勇离任华泰柏瑞总经理 5月9日晚间，指数大厂华泰柏瑞基金发布了高管变更公告，显示因工作调整，韩勇不再担任总经理。在 总经理空缺期间，暂由董事长贾波代行总经理职务。 此次离任的韩勇是一名非常资深的资管老兵，有着超过30年的证券从业经验。曾任职于君安证券、华夏 证券和中国证监会，2007年7月~2011年9月任华安基金副总经理；2011年底，他加入华泰柏瑞基金，担 任总经理一职超过13年。 据统计，今年4月底开始，易方达、广发、华夏、平安等多家头部基金公司也在频繁调研各大连锁药店 上市公司。 NO.4 国泰基金调整旗下一只ETF最小申购赎回单位 而贾波是一名老"华泰"人了，2001年就加入华泰证券工作，并在2016年底开始担任华泰柏瑞董事长，对 行业和公司的发展有着深刻理解。 NO.2 信达澳亚基金魏庆孔转任首席市场官 5月8日，信达澳亚基金公告，魏庆孔于5月7日离任公司副总经理，转任公司首席市场官。 履历显示，魏庆孔2020年2月加入信达澳银基金（现信达澳亚基金），任首席市场官。2021年11月起， 任信达澳亚基金副总经理，分管公司市 ...

Group 1 - The company, Huabao Fund Management Co., Ltd., has announced a fee discount activity for certain open-end funds starting from May 12, 2025, in collaboration with Postal Savings Bank of China [1] - The fee discount is applicable to individual investors who subscribe and invest in designated fund products through Postal Savings Bank [1] - Specific funds and the corresponding discount rates will be detailed in the fund's legal documents [1][2] Group 2 - The promotional activity is limited to the front-end fees for the specified fund products purchased through Postal Savings Bank [3] - Investors are encouraged to read the fund contract, prospectus, and product summary for detailed information about the fund products [2][4]

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" is a significant regulatory innovation in China's capital market, aimed at shifting the public fund industry from a "scale-driven" model to a "performance-driven" model, enhancing investor satisfaction and aligning fund managers' interests with those of investors [1] Group 1: Optimizing Evaluation System - The plan requires fund companies to establish a performance evaluation system centered on fund investment returns, incorporating metrics such as fund profitability and the proportion of profitable investors into the assessment of executives and fund managers [2] - By adjusting the evaluation system, the plan aims to guide fund managers and managers to prioritize shareholder returns, thereby improving investor satisfaction and avoiding practices that may harm investor interests [2] Group 2: Emphasizing Performance Benchmarks - The plan highlights the "anchoring" role of performance benchmarks, proposing regulatory guidelines for public fund performance comparison benchmarks and integrating these benchmarks into the performance evaluation of fund managers [3] - This approach is intended to clarify product positioning, reduce style drift, and discourage speculative investment behaviors, ultimately benefiting investors by facilitating risk matching and long-term holding [3] Group 3: Encouraging Equity Product Innovation - The plan promotes innovation in equity products, aiming to create a diverse range of investment tools that align with national development goals and provide long-term benefits to investors [4] - Additionally, the plan supports the development of floating fee rate funds, which will further align the interests of fund managers with those of investors, fostering a positive cycle of returns, capital inflow, and market stability [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, introducing a performance-based compensation mechanism for fund managers that links their pay to long-term performance, addressing the industry's longstanding issue of "scale over performance" [1][7]. Summary by Sections Regulatory Changes - The new action plan specifies that if a fund manager's product underperforms its benchmark by more than 10 percentage points over three years, their performance pay will be significantly reduced; conversely, if they outperform, their pay may be increased [1][7]. Fund Manager Performance - Data shows that among 111 fund managers with over 10 billion yuan in assets, 45 underperformed their benchmarks, with 24 of them lagging by more than 10 percentage points [3][5]. - Notable underperformers include Zheng Chengran from GF Fund, whose three-year return was -45.12%, trailing the benchmark by 45.14 percentage points [4][5]. Impact on Fund Companies - Major fund companies like E Fund and GF Fund have multiple managers facing potential pay cuts due to underperformance, indicating a significant performance disparity within the industry [6][7]. - The new regulations may encourage fund companies to strengthen their research teams and reduce reliance on individual star managers, as evidenced by mid-tier managers like Lu Bin and Zhao Yi, who have substantial assets but significant underperformance [6][7]. Long-term Implications - The new rules are expected to push the industry back to its asset management roots, making long-term performance a critical factor for fund managers' careers and potentially reducing risks for investors [7].

Group 1 - The fund being launched is named "Ping An Xin Sheng Mixed Initiated Securities Investment Fund," which has been registered with the China Securities Regulatory Commission (CSRC) [1] - The fund is categorized as a mixed securities investment fund and operates as a contractual open-end fund [15][16] - The fund aims to achieve long-term stable appreciation of assets while strictly controlling risks through various investment strategies [15] Group 2 - The fund will be publicly offered starting from May 12, 2025, and the fundraising period will not exceed three months [19] - The minimum subscription amount for individual investors through other sales institutions is set at RMB 1, while the minimum for direct sales is RMB 50,000 [2] - There is no upper limit on the subscription amount for individual investors, but if an individual investor's total subscription reaches or exceeds 50% of the total fund shares, the fund manager may impose restrictions [8][28] Group 3 - The fund's management is handled by Ping An Fund Management Co., Ltd., with China Postal Savings Bank as the custodian [1][59] - Investors must ensure that the funds used for subscription are legally sourced and free from any legal or contractual obstacles [10] - The fund's sales institutions may adjust subscription limits based on market conditions, and any changes will be announced in accordance with regulations [7][19] Group 4 - The fund offers two classes of shares: Class A, which charges a subscription fee, and Class C, which does not charge a subscription fee but deducts a service fee from the fund's assets [22][24] - The subscription fee for Class A shares is calculated based on the subscription amount, while Class C shares are calculated based on the total amount including interest [26][27] - Investors can subscribe multiple times during the fundraising period, but once a subscription application is accepted, it cannot be revoked [9][28]

Group 1 - Multiple regions in China, including Zhejiang, Henan, Yunnan, Jiangsu, and Hubei, have announced the establishment or completion of registration for mother funds focusing on sectors such as artificial intelligence, integrated circuits, semiconductors, new materials, high-end equipment, optoelectronic information, new energy, biomedicine, and medical devices [1][2] - Wuhan has announced a plan to create a 300 billion yuan mother-son fund cluster, with a maximum allowable loss of 100% [2][30] - The Hangzhou Science and Technology Innovation Fund is seeking general partners to establish sub-funds aimed at supporting strategic emerging industries in the city [3][4] Group 2 - The Zhengzhou Aviation Port Emerging Industry Development Equity Investment Fund has officially launched its sub-fund management institution recruitment, with a total scale of 10 billion yuan [5][6] - The Zhejiang provincial government is preparing a 10 billion yuan future industry fund and a 10 billion yuan merger mother fund [6][7] - The Yunnan Province High-Quality Agricultural Equity Investment Fund is seeking sub-fund management institutions to invest in key agricultural sectors [7][8] Group 3 - The Luoyang Angel Fund has completed registration with a total scale of 1 billion yuan, focusing on early-stage enterprises in sectors like artificial intelligence and new materials [9] - The Nantong Baoyuehu Science and Technology Innovation Mother Fund has been established with a total scale of 5 billion yuan, targeting strategic emerging industries [10] - The Jiangsu Province has launched a 10 billion yuan AI industry fund to support the development of an AI ecosystem [29] Group 4 - The Chengdu High-tech Zone has established a fund cluster with a total scale exceeding 320 billion yuan, focusing on various industries including electronic information and healthcare [20][21] - The Long Triangle Digital Cultural Industry Fund has been signed with a total scale of 10 billion yuan, focusing on the digitalization of the cultural industry [22] - The Jilin Province Ginseng Industry Fund has been established with a scale of 1.2 billion yuan, focusing on the ginseng industry chain [27]

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 上周三鲍威尔表示，美国在新政策下，将会面对失业率上升、通胀存在上升压力，对央行来说会 是困难重重，因为大部分政策的影响在通胀和失业中只能选其一；鲍同时认为即使美股急跌，联 储局不会突然在非议息日中减息。 另一方面，联储内部曾讨论是否应停止销售债券(售卖债券的结果是将市场里的流动现金收走)，结 果他们维持销售但卖债量减少75%，所以联储局已经透过减少卖债来维持市场里较多的资金流 动。 美联储于5月7日维持息率不变的机率从三周前的55.4%升回至上周五的89%。市场认为联储还会在 6月减息的机率从两周前的73.7%跌至上周五的62.5% (即6月减息机会下降)。 特朗普想踢走鲍威尔，委任另一个自己人这样便可以立即降息。不过理论上联储运作独立于美政 府，所以 ...