招商证券股份有限公司、万家财富基金销售 （天津）有限公司为销售机构的公告 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司分别与招商证券股份有限公司、万 家财富基金销售（天津）有限公司签署的销售协议，从2025年6月3日起，上述销售机构开始销售融通增 元债券型证券投资基金。现将有关事项公告如下： 一、 适用基金 ■ 公司网址：www.rtfund.com 融通增元债券型证券投资基金新增 三、风险提示 本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，也不保 证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。投资有风险，敬请投资者在投资 基金前认真阅读《基金合同》《招募说明书》等基金法律文件，了解基金的风险收益特征，并根据自身 的风险承受能力选择适合自己的基金产品。敬请投资者在购买基金前认真考虑、谨慎决策。 特此公告。 融通基金管理有限公司 2025年6月3日 二、咨询方式 1．招商证券股份有限公司 客户服务电话：95565 网址：www.cmschina.com.cn 2．万家财富基金销售（天津）有限公司 客户服务电话：021-38909613 网址： ...

Macro Dynamics - The Chinese Ministry of Commerce urges the U.S. to completely eliminate unilateral tariffs, emphasizing that trade wars have no winners and protectionism leads to negative outcomes [1] - The Chinese Ministry of Foreign Affairs firmly opposes the U.S. decision to unjustly cancel Chinese student visas, stating it harms the legitimate rights of Chinese students and disrupts normal cultural exchanges between the two countries [2] Market Data - On May 29, the A-share market saw the ChiNext Index rise by 1.37%, with significant gains in digital currency and EDA concepts, as well as autonomous driving and innovative drug sectors [7] - The total market turnover reached 1.2 trillion yuan, an increase from the previous day's 1 trillion yuan, with over 4,400 stocks rising [7] - As of May 28, the total margin balance in the two markets increased by 2.95 billion yuan, with the Shanghai Stock Exchange's margin balance at 909.99 billion yuan and the Shenzhen Stock Exchange's at 883.23 billion yuan [8] Company Dynamics - Tesla's CEO Elon Musk announced that the Model Y autonomous driving vehicle will be delivered to customers in June, with successful testing on public roads in Austin [10] - Ideal Auto reported a total revenue of 25.9 billion yuan for Q1 2025, a year-on-year increase of 1.1%, and a net profit of 647 million yuan, up 9.4% year-on-year, with total vehicle deliveries of 92,900 units, reflecting a 15.5% increase [12]

Core Viewpoint - Multiple public fund companies have announced the termination of cooperation with Minshang Fund Sales (Shanghai) Co., Ltd, reflecting a broader trend of fund companies ending partnerships with various distribution agencies due to intensified competition in the fund distribution market [1][2][4]. Group 1: Termination of Cooperation - On May 27, several public fund companies announced the termination of Minshang Fund's ability to handle their fund-related business, including companies like Debon Fund, Yinhua Fund, and Dongwu Fund [1][2]. - The termination of cooperation is aimed at protecting investor interests, with funds held through Minshang Fund being transferred to direct sales channels of the respective fund companies [2][3]. - The termination dates vary, with some companies ending cooperation by the end of May and others by June [2]. Group 2: Market Competition - The fund distribution market is experiencing intensified competition, leading to many distribution agencies facing termination of cooperation, including notable firms like Yixin Puzhe and Xiamen Xinding Sheng [1][4]. - Minshang Fund, established in 2016, has a significant presence with 2,753 funds distributed and partnerships with 72 fund companies as of May 26 [3]. - The trend of fund companies terminating partnerships is not limited to smaller agencies; even mid-tier agencies like Minshang Fund are affected, indicating a shift in the competitive landscape [4][5]. Group 3: Performance and Challenges - Many distribution agencies, despite having a large number of funds and partnerships, are struggling with declining sales volumes, which is a common reason for termination of cooperation [4][5]. - Some agencies have proactively chosen to withdraw from the market by canceling their distribution qualifications, highlighting the challenges faced by smaller and mid-tier agencies in maintaining long-term partnerships [5].

中国发展网讯 近日，中国人民大学国际货币研究所发布了《中国财富管理机构公募类产品保有规模指数报告 （2024）》。 报告基于2024年末数据，分析了财富管理行业竞争格局与各类机构发展趋势，聚焦公募类财富管理产品的保有规 模，包括非现金类银行理财产品以及非货币公募基金，以指数化形式呈现。 公募财富管理产品（非现金类）保有规模=银行理财产品（非现金管理类）保有规模+公募基金（非货币类）保有 规模。 在2024年指数排名前100家机构中，包括银行62家、券商21家、第三方机构12家、公募基金4家、保险公司1家，前 15家机构中有14家为银行。银行依然是财富管理行业的中流砥柱，其他机构则起到有益补充作用。 从机构类型来看，银行方面，招商银行财富管理优势显著，国有大行和头部股份制银行的财富管理规模也位于前 列。有4家城商行和农商行在2024年上半年进入了100强行列，但是在下半年又退出了，说明在激烈竞争的市场环 境下，其核心竞争力有待进一步加强。 券商方面，2024年有21家进入财富管理规模指数前100名，比2023年末增加了2家，且总体排名显著上升，这得益 于"强强联合"的行业改革，以及2024年9月以来的经济刺激政 ...

证监会：督促基金销售机构完善内部考核激励机制 加大对保有投资者盈亏情况的考核权重 智通财经5月7日电，中国证监会印发《推动公募基金高质量发展行动方案》，建立基金销售机构分类评 价机制。将权益类基金保有规模及占比、首发产品保有规模及占比、投资者盈亏与持有期限、定投业务 规模等纳入评价指标体系。对分类评价结果靠前的基金销售机构，在产品准入、牌照申请、创新业务等 方面依法优先考虑。督促基金销售机构完善内部考核激励机制，加大对保有投资者盈亏情况的考核权 重。 ...

根据上银基金管理有限公司（以下简称"本公司"）与上海中欧财富基金销售有限公司、腾安基金销售 （深圳）有限公司、北京度小满基金销售有限公司、中国中金财富证券有限公司、国泰海通证券股份有 限公司签署的销售协议和相关业务准备情况，自2025年4月24日起，上述机构将开始销售本公司旗下部 分基金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 2、腾安基金销售（深圳）有限公司 网站：www.txfund.com 客户服务电话：4000-890-555 3、北京度小满基金销售有限公司 二、投资者可通过以下途径咨询有关详情 1、上海中欧财富基金销售有限公司 网站：www.zocaifu.com 客户服务电话：400-100-2666 网站：www.ciccwm.com 客户服务电话：95521/95553 6、上银基金管理有限公司 网站：www.boscam.com.cn 网站：www.duxiaoman.com 客户服务电话：95055 4、中国中金财富证券有限公司 客户服务电 ...

Group 1 - Morgan Fund Management (China) Co., Ltd. has signed fund sales agency agreements with multiple institutions including Guotai Junan Securities, Haitong Securities, E-Hua Buy Fund Sales, and Lead Fund Sales to distribute the Morgan Dual Bond Enhanced Income Bond Fund Class D (Fund Code: 023813) [1] - Investors can conduct subscription, redemption, and regular investment through the aforementioned agencies, with specific procedures and timings determined by the agencies [1] - The announcement includes contact details for each agency for further inquiries [1] Group 2 - Morgan Fund Management (China) Co., Ltd. has added Hengtai Securities as a sales agency for the Morgan Dual Bond Enhanced Income Bond Fund (Class A Code: 000377; Class C Code: 000378; Class D Code: 023813) [3] - Investors can also perform subscription, redemption, and regular investment through Hengtai Securities, with specific procedures governed by Hengtai Securities [3][4] Group 3 - Starting from March 31, 2025, Morgan Fund Management (China) Co., Ltd. will lower the management and custody fees for certain funds and amend related legal documents [5] - The adjustments are made in accordance with relevant laws and fund contracts, and the changes will not adversely affect the interests of fund shareholders [5][6] - Updated fund contracts, custody agreements, and prospectuses will be published on the company's website and the China Securities Regulatory Commission's fund disclosure website [6]

Core Viewpoint - The article highlights the growth and recognition of Xueqiu Fund as a leading independent fund sales platform in China, emphasizing its commitment to promoting high-quality index investment and asset allocation solutions for investors [1][2]. Group 1: Company Overview - Xueqiu Fund, established in 2016, focuses on providing diversified fund products and asset allocation solutions to meet varying risk-return needs of investors [1]. - The company has experienced rapid growth in user and asset retention, with non-money market fund scale reaching 38.6 billion and stock index fund retention scale at 12.7 billion by the second half of 2024 [1]. - Xueqiu Fund ranks sixth among 100 independent fund sales institutions in terms of equity fund retention scale and stock index fund retention scale [1]. Group 2: Investment Strategy and Tools - Over the past three years, Xueqiu Fund has seen steady growth in index fund sales and scale, with an increasing proportion of index funds within non-money market funds [2]. - The platform promotes a long-term investment strategy centered around index funds and multi-asset allocation, leveraging its community influence [2]. - Xueqiu Fund collaborates with mainstream fund advisory institutions to provide specialized index advisory strategies, utilizing index funds as foundational investment tools [2]. - The company has developed unique investment tools, such as index valuation tools and systematic investment simulators, to help investors optimize costs and reduce volatility [2]. Group 3: Industry Impact - Xueqiu Fund aims to establish index funds as a significant tool for inclusive finance, contributing to the healthy development of the fund industry and index funds [2]. - The company maintains a "buy-side" perspective, continuously optimizing products and services to enhance investor experience [2].

Core Insights - The latest public fund holding data shows a significant increase in the scale of stock index funds, with Ant Fund leading the growth by 101.7 billion yuan [1][3][11] Group 1: Overall Market Trends - The overall public fund holding scale has shown a rising trend, with equity fund holdings reaching 4.85 trillion yuan, an increase of 123.2 billion yuan, representing a growth rate of 2.6% [2] - Non-monetary public fund holdings increased to 9.54 trillion yuan, with a growth of 673.8 billion yuan, marking a 7.6% increase [2] - Stock index funds saw the most significant growth, with a total holding of 1.7 trillion yuan, an increase of 343.6 billion yuan, translating to a growth rate of over 25% [2] Group 2: Leading Institutions - Ant Fund ranked first in public fund holding growth, increasing by 101.7 billion yuan, followed by China Merchants Bank with an increase of 88.4 billion yuan [3] - Other notable growth in holdings includes Postal Savings Bank and Teng'an Fund, which grew by 41.1 billion yuan and 30.5 billion yuan, respectively [3] - In the equity fund category, Ant Fund's growth was 46.8 billion yuan, with China Life, Huatai Securities, and Galaxy Securities also exceeding 10 billion yuan in growth [3] Group 3: Institutional Dynamics - Among the top 50 institutions, brokerage firms hold the largest scale in stock index funds, totaling 826.9 billion yuan [5] - Banks lead in non-monetary and equity fund holdings, while third-party institutions rank second [6] - The growth rate of bank institutions in stock index funds was the highest at 43.8%, indicating a strong focus on passive investment products [8] Group 4: Specific Institutional Performances - China Merchants Bank and Industrial and Commercial Bank of China both saw significant increases in stock index fund holdings, with growth rates of 38.9% and 72.4%, respectively [9] - Citic Securities surpassed Huatai Securities to become the top brokerage in stock index fund holdings, with a growth of 22.2% [10] - Other brokerages like Haitong Securities and Galaxy Securities also reported growth exceeding 10 billion yuan [10] Group 5: Third-Party Institutions - Ant Fund's dominance in the market is evident, with substantial growth across various fund types, including 101.7 billion yuan in non-monetary funds and 554 billion yuan in stock index funds [11] - Other third-party platforms like Tiantian Fund also reported positive growth across all fund categories, maintaining a strong market position [11] - The increase in passive index fund holdings reflects a growing acceptance among clients for these investment products [12]