【大河财立方 记者 孙凯杰】随着《推动公募基金高质量发展行动方案》（以下简称《方案》）的出炉，市场动作频繁。 近日，《方案》出台后的首批26只新型浮动费率基金正式获批。5月24日，多只基金公布了招募说明书、基金合同、基金产品资料概要和基金托管协议；5月 27日，部分基金正式开启发售，发售期截至6月30日。 上一批集体发行的浮动费率基金， 大部分收益为正 从规模来看，这20只基金问世近两年来，并未形成太多的水花：除交银瑞元三年定开规模超18亿元外，其余19只基金规模均在6亿元以下。景顺长城价值发 现A1在发售时规模曾一度突破10亿元，如今也已经滑坡至5.48亿元。 但是从表现来看，他们普遍好于市场的相当一部分主动权益基金，绝大多数产品都跑赢了沪深300指数，18只都取得了正收益。 其中嘉实创新动力A1成立以来回报达到41.68%，区间收益最高；中欧时代共赢A1、富国核心优势A1、大成至信回报三年定开也都取得了超过30%的回报。 本次新型浮动费率基金显现出了"闪电"速度：从上报至获批，仅用时不到10天，充分贯彻了《方案》中提到的"要建立与基金业绩表现挂钩的浮动管理费收 取机制"和"对主动管理权益类基金和场外成熟宽 ...

终于开了！5月27日，易方达、华夏、南方、富国、广发、嘉实、汇添富基金等16只新型浮动费率基金 开始募集，多数产品将于6月中下旬结束认购。此前，5月23日，证监会官网显示，首批共有26只新型浮 动费率基金正式获批。仅一周时间，这批基金就完成了从申报到获批的流程。此次募集距离5月7日证监 会发布《推动公募基金高质量发展行动方案》，仅隔了20天。 青岛老基民：基金买了5年多，还亏着20%多 在过去，主动管理的权益类基金通常设定为每年1.2%的固定管理费率 ，这一模式被广泛质疑，因为无 论基金表现如何，基金公司都能稳定收取费用，因此被广泛质疑。 李先生购买的基金至今亏损20.97% 青岛"老基民"李先生便是一位"受害者"。"2020年3月，经兴业银行工作人员推荐，我购买了一笔华夏混 合型证券投资基金，如今5年过去了，我还亏着20%多呢！"李先生家住青岛辛家庄，他告诉记者，这只 基金于2020年3月18日成立，他投了几万块钱进去，申购费率1.5%。 | | | | | 首批发售的16只新型浮动费率基金基本情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The first batch of 26 new floating rate funds has officially launched, with 16 funds from companies like Huatai-PB, GF, and Ping An leading the way [1] - The performance benchmarks for these floating rate funds primarily target mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, and CSI 800, with a focus on equity investments [3] - The equity portion of these funds typically maintains a stock allocation around 80%, with A-shares accounting for 55% to 80% of the performance benchmarks and Hong Kong stocks ranging from 5% to 20% [3] Group 2 - The new floating rate funds feature a more refined management fee structure, which is expected to be charged based on each investor's holding time and annualized return [3] - The floating management fee mechanism is designed to be linked to fund performance, with specific conditions for fee increases and decreases, emphasizing the need for significant outperformance against benchmarks [4] - For example, the management fee for the Jiashi Growth Win-Win Mixed Fund can only increase if it significantly exceeds the performance benchmark and achieves positive absolute returns [4]

截至2025年5月26日收盘，公司债ETF(511030)上涨0.02%， 实现6连涨。最新价报105.8元。拉长时间看，截至2025年5月26日，公司债ETF近半年累计上涨 1.13%。 流动性方面，公司债ETF盘中换手13.81%，成交20.76亿元，市场交投活跃。拉长时间看，截至5月26日，公司债ETF近1月日均成交16.67亿元。 规模方面，公司债ETF最新规模达150.30亿元，创近1年新高。 份额方面，公司债ETF最新份额达1.42亿份，创近1月新高。 从资金净流入方面来看，公司债ETF近9天获得连续资金净流入，最高单日获得3.23亿元净流入，合计"吸金"13.41亿元，日均净流入达1.49亿元。 市场数据显示，5月26日利率债二级交易，大行-244亿，股份行-116亿，城商行-236亿，农商行-76亿；券商自营+32亿，险资+122亿，债基+201亿。其中， 20-30Y利率债，大行-234亿，股份行-78亿，券商自营+131亿，债基+107亿，险资+64亿。债基及券商自营拉长久期，农商行买不动了。年初以来农商行已净 买入利率债1.07万亿，超过去年全年。 此外，5月份重要城市二手房成交量为近5 ...

Group 1 - The first batch of 26 new floating rate funds has been launched, with 16 funds available for subscription today, indicating strong regulatory support for innovation in the public fund sector [1] - The rapid approval and issuance of these funds, with only one trading day between approval and launch, reflects a streamlined regulatory process aimed at enhancing market liquidity [1] - Investors can subscribe through various channels, which is expected to attract more capital into the fund management industry, positively impacting related sectors [1] Group 2 - China Merchants Securities has appointed two "post-70s" executives as vice presidents, showcasing the company's internal talent development capabilities [2] - The new vice presidents, Zhang Xing and Wang Zhijian, bring extensive experience in compliance risk management and investment banking, respectively, which may enhance the company's operational efficiency [2] - Frequent changes in senior management may raise short-term concerns about company stability, but the professional backgrounds of the new appointees are likely to bolster investor confidence in the long run [2] Group 3 - Western Securities is actively pursuing the acquisition of controlling stakes in Guorong Securities, indicating its intent to expand within the securities industry [3] - The acquisition process is currently under regulatory review, and the progress of this review will be a focal point for market observers, potentially affecting investor expectations regarding the company's future performance [3] Group 4 - Oriental Red Asset Management has announced a self-purchase of 10 million yuan in its floating rate fund, demonstrating confidence in its product and reinforcing the alignment of interests between fund managers and investors [4] - This self-purchase initiative is expected to enhance market trust in fund managers and could lead to increased capital inflows into related sectors, positively influencing overall market sentiment [4]

Core Viewpoint - The article discusses the evolving global investment landscape characterized by a shift towards technology-driven opportunities, particularly in AI and renewable energy sectors, as highlighted during the investment salon held in Hangzhou [3][5]. Group 1: Investment Environment - Since the second quarter of 2025, the global investment environment has shown a pattern of "East rising, West declining," influenced by tariff policies and geopolitical tensions, alongside breakthroughs in AI technology accelerating global industrial restructuring [3]. - The domestic landscape is driven by high-frequency policy initiatives and deepening technology, making emerging themes a focal point for investment [3]. Group 2: Event Overview - The "King of Small Two Club National Tour Investment Salon" was held in Hangzhou, focusing on the theme "Winds of Technology, Opportunities Hidden Within" [3]. - The event was supported by various partners, including博时基金 and nearly 30 securities firms, fostering discussions on investment opportunities in the context of the technology wave [3][5]. Group 3: AI Investment Opportunities - 博时基金's manager 尹浩 emphasized that the AI industry in 2025 resembles the PC internet era of 1995, with a closed-loop system driven by three core components: large models, computing power, and applications [11]. - 博时基金 has a diverse product layout in the泛AI theme, pharmaceuticals, and technology sectors, providing investors with a value map for the AI era [11]. Group 4: Solar Energy Sector Insights - 中国银河证券's star advisor 秦杰 discussed structural growth opportunities within the solar energy sector, analyzing industry policies, supply-demand dynamics, and value across the solar industry chain [15]. Group 5: Market Analysis and Strategies - 周澍铭 from 广发证券 presented insights on "Value Opportunities in 2025," analyzing the current macroeconomic situation and market structure through various dimensions such as policy, funding, and value [17]. - The salon included interactive discussions among advisors and guests, focusing on technology-driven investment opportunities for the latter half of the year [19][30].

Group 1 - The core viewpoint of the conference is the emphasis on the development of high-quality funds, with a focus on innovative investment strategies in the technology sector [1] - Huabao Fund has established a diversified ETF matrix consisting of 15 high-quality ETFs, with a total asset management scale of 42.9 billion yuan as of May 12, 2025 [2] - The company has launched the first "Entrepreneurial Board Artificial Intelligence ETF" and "Science and Technology Innovation Artificial Intelligence ETF," positioning itself as a leader in the AI ETF market [2] Group 2 - Anxin Fund's primary focus remains on active management, with plans to develop passive business in the future [3] - The company believes that active management has significant growth opportunities, as historical data shows that public funds have generally achieved positive returns outside of the last two years [3][4] - Anxin Fund asserts that with the right alpha strategies, the likelihood of achieving positive returns will increase significantly in the future [3]

Group 1 - The global economic situation in 2025 is complex, with significant challenges and opportunities in the financial sector, including a notable increase in global economic volatility and a restructuring of international trade order [2] - The domestic economy is undergoing important adjustments, with a focus on stabilizing internal demand and managing the transition between old and new growth drivers, while preventing overheating in emerging industries and capacity excess [2] - Financial risks in areas such as the real estate market, local government debt, and small financial institutions remain key areas of concern [2] Group 2 - The 2025 "Excellent Financial Award" aims to comprehensively review the development of the financial system across various sectors, including banking, insurance, securities, and fintech, leveraging the influence of mainstream financial media [3] - The evaluation process will follow principles of independence, objectivity, and scientific rigor, ensuring fairness and social value through multiple layers of assessment, including market indicators and expert reviews [3][4] - Award categories include various segments such as annual bank awards, insurance company awards, and fintech awards, reflecting a wide range of financial services [4] Group 3 - Evaluation dimensions include policy responsiveness to financial supply-side structural reforms, industry leadership in financial metrics, innovation in financial technology, and support for the real economy, particularly in promoting inclusive finance for small and micro enterprises [4]

Market Overview - As of May 23, the total ETF margin balance in the two markets is 98.802 billion yuan, a decrease of 0.84 billion yuan from the previous trading day [1] - The financing balance is 93.599 billion yuan, down by 0.773 billion yuan, while the securities lending balance is 5.203 billion yuan, a decrease of 66.936 million yuan [1] - In the Shanghai market, the ETF margin balance is 65.107 billion yuan, down by 0.727 billion yuan, with a financing balance of 60.594 billion yuan, decreasing by 0.676 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 33.695 billion yuan, a decrease of 0.112 billion yuan, with a financing balance of 33.005 billion yuan, down by 96.778 million yuan [1] ETF Margin Financing Balances - The top three ETF margin financing balances on May 23 are: 1. Huaan Yifu Gold ETF (8.682 billion yuan) 2. E Fund Gold ETF (6.974 billion yuan) 3. Huaxia Hang Seng (QDII-ETF) (5.112 billion yuan) [2] - The top ten ETFs by margin financing balance include notable funds such as Huatai-PB CSI 300 ETF and Bosera Gold ETF [2] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on May 23 are: 1. Huatai-PB Southern East England Hang Seng Technology Index (QDII-ETF) (880 million yuan) 2. Huaxia Hang Seng Technology (QDII-ETF) (542 million yuan) 3. Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (495 million yuan) [3][4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on May 23 are: 1. Huaan Yifu Gold ETF (44.0389 million yuan) 2. Southern CSI 1000 ETF (42.9707 million yuan) 3. Huaxia Nasdaq 100 (QDII-ETF) (29.4153 million yuan) [5][6] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on May 23 are: 1. Huatai-PB CSI 300 ETF (17.8846 million yuan) 2. Southern CSI 500 ETF (14.9284 million yuan) 3. Southern CSI 1000 ETF (10.171 million yuan) [7][8]

在当前货币政策持续宽松、经济复苏动能温和的宏观环境下，短债基金凭借其久期较短、流动性较高、追求低波动的特点逐渐成为投资者闲钱理财优选。在 此背景下，摩根资产管理中国将于5月26日起发行摩根30天持有期债券型证券投资基金（A类：023315，C类：023316），该基金捕捉短债投资机遇，信用债 投资部分聚焦AA+(含)及以上高评级信用债，其中投资于AAA信用债的比例不得低于信用债资产的50%，力争兼顾组合的安全性和流动性需求，在追求低波 动的同时争取长期平稳回报。 该基金的拟任基金经理任翔拥有15年金融从业经验，擅长中短久期信用策略，在实际投资中注重对组合回撤的控制，通过多重债券策略争取组合超额收益。 以他管理的短债基金-摩根月月盈30天滚动持有发起式短债基金为例，该基金2025年一季报和万得数据显示，截至2025年3月31日，其A类份额近一年回报 2.35%，超盈业绩比较基准（1.91%）和同期万得短期纯债型基金指数（2.26%），2022-2024年最大回撤分别为-0.22%、-0.08%、-0.26%，远低于同期万得短 期纯债型基金指数（-0.55%、-0.15%、-0.37%）。这种表现源于其成熟的投资 ...