Market Overview - As of May 19, the total ETF margin balance in the two markets is 99.924 billion yuan, a decrease of 0.343 billion yuan from the previous trading day [1] - The financing balance is 94.763 billion yuan, down by 0.547 billion yuan, while the securities lending balance is 5.161 billion yuan, an increase of 0.205 billion yuan [1] - In the Shanghai market, the ETF margin balance is 65.881 billion yuan, a decrease of 2.1608 million yuan from the previous trading day [1] - The financing balance in Shanghai is 61.423 billion yuan, down by 2.19 billion yuan, and the securities lending balance is 4.458 billion yuan, an increase of 1.97 million yuan [1] - In the Shenzhen market, the ETF margin balance is 34.043 billion yuan, a decrease of 3.21 billion yuan from the previous trading day [1] - The financing balance in Shenzhen is 33.34 billion yuan, down by 3.29 billion yuan, while the securities lending balance is 0.703 billion yuan, an increase of 769.9 thousand yuan [1] ETF Margin Balance - The top three ETFs by margin balance on May 19 are: - Huaan Yifu Gold ETF (8.617 billion yuan) - E Fund Gold ETF (6.955 billion yuan) - Huaxia Hang Seng (QDII-ETF) (5.135 billion yuan) [2] - The top ten ETFs by margin balance include: - Huatai-PB CSI 300 ETF (4.77 billion yuan) - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (3.757 billion yuan) - Bosera Gold ETF (3.716 billion yuan) - E Fund Hang Seng China Enterprises (QDII-ETF) (3.387 billion yuan) - Huaxia Shanghai Stock Exchange 50 ETF (3.043 billion yuan) - E Fund CSI Overseas China Internet 50 (ODII-ETF) (2.842 billion yuan) - Haifutong CSI Short Bond ETF (2.73 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on May 19 are: - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (691 million yuan) - Huaxia Hang Seng Technology (QDII-ETF) (542 million yuan) - Haifutong CSI Short Bond ETF (518 million yuan) [3] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on May 19 are: - Pengyang Zhongzai - 30-Year Treasury ETF (71.4929 million yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (21.6947 million yuan) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (18.5045 million yuan) [5] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on May 19 are: - Southern CSI 500 ETF (97.0612 million yuan) - Southern CSI 1000 ETF (89.2203 million yuan) - Huatai-PB CSI 300 ETF (12.9906 million yuan) [7]

Core Insights - The public fund industry is undergoing a process of elimination, with an increase in fund liquidations due to intense competition and market saturation [1][4][7] - A total of 91 funds have been liquidated this year, marking a 15.19% increase compared to the same period last year, with the majority being equity mixed funds [4][6] - The rise in fund liquidations is attributed to the poor performance of many actively managed equity products, leading to continuous redemptions and eventual closures [7] Fund Liquidation Details - On May 19, multiple fund managers announced the termination and liquidation of several products, including a mixed FOF and two mixed funds [2][3] - The West China Fund's FOF was automatically terminated due to its net asset value falling below 200 million yuan, triggering a liquidation process without a holder meeting [2][3] - Other funds, including those from FuGuo and RuiDa, also faced liquidation for similar reasons, primarily due to asset sizes below 200 million yuan after three years of operation [3] Market Trends - The majority of liquidated funds this year belong to 51 different fund management companies, with ChunHou Fund having the highest number of liquidations at six products [4][6] - There are over 1,041 "mini funds" in the market with assets below 50 million yuan, indicating a significant number of funds are on the brink of liquidation [5][6] - The competitive landscape is pushing fund managers to enhance product competitiveness and service capabilities to avoid being eliminated [7]

新经济e线 浮动费率基金布局之战再次拉开序幕。 新经济e线获悉，5月16日晚间，共26家基金管理人率先上报旗下浮动费率产品，包括基金管理规模居行业前列的管理人21家、中小管理人4家、外 商独资管理人1家。而这也是继《推动公募基金高质量发展行动方案》（以下简称《方案》）下发后首批申报的浮动费率产品。 根据此前公开信息，《方案》要求基金管理人建立与基金业绩表现挂钩的浮动管理费收取机制，符合基准的适用基准档费率，明显低于基准的适 用低档费率，显著超越基准的适用升档费率。同时，在未来一年，引导管理规模居前的行业头部机构发行此类基金数量不低于其主动管理权益类 基金发行数量的60%。 实际上，此次产品创新不仅是费率结构的变革，更是公募行业从规模扩张向质量提升转型的关键一步。随着头部机构产品落地，头部机构的示范 效应带动下，浮动费率基金有望成为主动权益类产品主流。 对此，有观点认为，浮动管理费率机制的常态化，将使得基金持有人与基金管理人之间的长期业绩保持一致，改善运作机制，激励资管机构注重 长期投资并且提升自身的投资能力，打破传统固定管理费率基金旱涝保收的收费模式，直击"基金赚钱，基民不赚钱"的行业痛点。 26家管理人率先 ...

Market Overview - As of May 16, the total ETF margin balance in the two markets is 100.267 billion yuan, a decrease of 0.0526 billion yuan from the previous trading day [1] - The financing balance is 95.31 billion yuan, down by 0.0529 billion yuan, while the securities lending balance is 4.956 billion yuan, an increase of 3.6604 million yuan [1] - In the Shanghai market, the ETF margin balance is 65.902 billion yuan, a decrease of 0.0301 billion yuan, with a financing balance of 61.641 billion yuan, down by 0.0285 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 34.364 billion yuan, a decrease of 0.0224 billion yuan, with a financing balance of 33.669 billion yuan, down by 0.0244 billion yuan [1] ETF Margin Balance - The top three ETFs by margin balance on May 16 are: - Huaan Yifu Gold ETF (8.634 billion yuan) - E Fund Gold ETF (6.966 billion yuan) - Huaxia Hang Seng (QDII-ETF) (5.399 billion yuan) [2] - The top ten ETFs by margin balance include: - Huatai-PB CSI 300 ETF (4.757 billion yuan) - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (3.786 billion yuan) - Bosera Gold ETF (3.723 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on May 16 are: - Haifutong CSI Short Bond ETF (845 million yuan) - Huatai-PB Southern East England Hang Seng Technology Index (QDII-ETF) (679 million yuan) - Huaxia Hang Seng Technology (QDII-ETF) (561 million yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on May 16 are: - GF Nasdaq 100 (QDII-ETF) (81.5318 million yuan) - Huatai-PB Southern East England Hang Seng Technology Index (QDII-ETF) (42.5431 million yuan) - E Fund Hong Kong Securities Investment Theme ETF (36.2626 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on May 16 are: - Southern CSI 1000 ETF (56.9146 million yuan) - Huaxia CSI 1000 ETF (20.2667 million yuan) - Huatai-PB CSI 300 ETF (11.9076 million yuan) [7][8]

根据易方达基金管理有限公司（以下简称"本公司"）与长江证券股份有限公司、中泰证券股份有限公司 签署的销售协议，本公司自2025年5月19日起增加上述证券公司为易方达上证科创板200交易型开放式指 数证券投资基金（以下简称"本基金"，认购代码：588273，场内简称：科创200F，扩位简称：科创 200ETF易方达）的网下现金发售代理机构。 特别提示：本基金网下现金认购的日期为2025年5月19日至2025年5月30日，本公司根据认购的情况可适 当调整募集时间，并及时公告，但最长不超过法定募集期限。 投资者可通过以下途径咨询有关详情： 1.长江证券股份有限公司 注册地址：湖北省武汉市江汉区淮海路88号 办公地址：湖北省武汉市江汉区淮海路88号 联系人：奚博宇 联系电话：027-65799999 客户服务电话：95579或4008-888-999 网址：www.95579.com 2.中泰证券股份有限公司 注册地址：济南市市中区经七路86号 办公地址：山东省济南市经七路86号 法定代表人：王洪 联系人：刘洋 法定代表人：刘正斌 联系电话：021-20315085 客户服务电话：95538 网址：www.zts.c ...

Group 1 - The departure of star fund manager Bao Wuke from Invesco Great Wall Fund has raised market attention, as he resigned from managing eight funds with a total scale exceeding 15 billion yuan [1][2] - Bao Wuke's resignation is part of a broader trend in the industry, with 138 fund managers leaving their positions in 2025, significantly higher than the same period last year [1][3] - The fund management industry is experiencing rapid growth, leading to an increase in both the number of fund managers and the rate of departures, with many notable managers leaving for larger firms or private equity [1][3] Group 2 - Bao Wuke, who joined Invesco Great Wall in December 2009 and became a prominent figure in value investing, managed funds with a total scale of 16.207 billion yuan before his departure [2][3] - His largest fund, Invesco Great Wall Value Marginal A, achieved a return of 62.60% since his tenure, ranking in the top 2% among similar products [2] - The trend of increasing fund manager departures is not isolated, as other notable managers like Zhou Keping and Zhou Haidong have also left their positions for personal reasons [4][5]

重大改革。 基金业协会近日发布的《公开募集证券投资基金管理人参与上市公司治理管理规则》（下称《规则》），是《推动公募基金高质量发展行动方案》（下称 《方案》）后首份落地的配套实施规则，也是业内首份聚焦基金管理人参与上市公司治理（简称"参与治理"）的系统性规定。《规则》指明了公募基金参与 治理所关注的8大行为、行使股东权利的9种方式，还特别指出了持股5%以上基金股东"积极行使"表决权的13类事项，明确了公募基金"积极股东"角色。 从制度供给角度看，这是公募基金史上一次重要的制度创新。公募基金早期曾有过在招商银行和格力电器等代表性公司上的"联名治理"实践。受访人士对证 券时报·券商中国记者表示，从近些年治理实践来看，公募参与治理的积极性仍需进一步提升。上市公司财务造假、诉讼乃至退市等事件时有出现，但少见基 金管理人代表投资者利益采取法律行动。在高质量发展背景下，期待新规能成为公募高质量公司治理参与的新起点。 明确"积极股东"角色 《规则》呼应《方案》里面的"出台公募基金参与上市公司治理规则，助力提升上市公司质量"，从理念、原则、实操等维度，全方位指明了公募基金参与治 理的方向和具体内容。 《规则》规定，基金管理人 ...

Core Viewpoint - The establishment of various mother funds across multiple provinces in China is aimed at supporting strategic emerging industries such as artificial intelligence, new energy, advanced materials, and biotechnology, reflecting a strong governmental push towards innovation and technology-driven economic growth [1][25]. Fund Establishments - Multiple regions including Sichuan, Zhejiang, Hunan, Fujian, and Guangdong have announced the establishment or registration of mother funds focusing on sectors like artificial intelligence, new energy, and semiconductor industries [1]. - The Sichuan Higher Education Technology Achievement Transformation Fund has a total scale of 10 billion yuan, with an initial scale of 3 billion yuan, targeting investments in artificial intelligence and other strategic sectors [2]. - The Huzhou Industrial Mother Fund has a total scale of 30 billion yuan, focusing on major projects in new energy and biotechnology [3]. - The Foshan New Momentum Industry Fund aims to create a fund matrix with a total scale of no less than 120 billion yuan over five years, with an initial scale of 20 billion yuan [5]. - The Fujian provincial government plans to establish a 100 billion yuan merger fund and a 100 billion yuan S fund to support technology-driven enterprises [7]. - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund has a registered capital of 3.6 billion yuan [15]. Specific Fund Initiatives - The Qingdao Embodied Intelligent Robot Fund aims for a target scale of 10 billion yuan, focusing on robotics and related technologies [13][14]. - The Nanning Angel Fund has a total scale of 31.3 million yuan, targeting investments in artificial intelligence and smart manufacturing [21][22]. - The Suzhou Agricultural Science and Technology Innovation Fund has a total scale of 2 billion yuan, focusing on high-end agricultural technology [23]. - The Xiamen National Trade and Guotai Junan Innovation M&A Fund aims to enhance the healthcare industry through strategic acquisitions [24]. National Policy Support - The recent policy measures from seven departments emphasize the establishment of a National Venture Capital Guiding Fund, which is expected to attract nearly 1 trillion yuan in local and social capital, focusing on cutting-edge fields like artificial intelligence and quantum technology [25].

Group 1 - On May 17, the public fund industry experienced a significant wave of personnel changes, with multiple fund managers resigning from their positions, including notable figures like Bao Wuke and Zheng Peng, which has drawn considerable market attention [2][3] - As of May 17, a total of 138 fund manager changes have occurred in the year, indicating a notable acceleration in talent mobility within the industry [2][5] - Specifically, on May 17 alone, 27 funds announced changes in fund managers, involving 14 fund companies, highlighting the scale of the personnel shifts [2][3] Group 2 - Bao Wuke resigned from all eight funds he managed, with a total management scale of 16.207 billion yuan, and his departure is seen as a significant event given his long tenure and past performance [3] - Zheng Peng, with nearly 20 years of overseas investment experience, also left two funds, which is viewed as a critical adjustment for the QDII business of Huaxia Fund [3][4] - The trend of increasing fund manager departures is evident, with a 22.1% year-on-year increase in the number of fund managers leaving the industry in 2025 [5][6] Group 3 - The departure of fund managers is attributed to both external market pressures and internal incentive mechanism adjustments, with increased performance pressures leading to higher turnover rates [6] - The industry is witnessing a trend towards "de-starring," with a renewed focus on professional capabilities as evidenced by senior fund managers returning to frontline investment roles [6] - Fund companies are encouraged to enhance their research and investment systems to improve the depth and breadth of investment target research and responsiveness to market events [6]

红星资本局5月17日消息，今日，景顺长城基金连发8则公告，鲍无可卸任了包括景顺长城能源基建在内的8只基金，因个人原因辞职。 红星资本局注意到，鲍无可是市场少有的公募投资管理年限超过10年且平均年化回报率超10%的"双十"基金经理。他于2009年12月加入景顺长城基金，历任 研究部研究员、高级研究员，自2014年6月起担任股票投资部基金经理，此前担任股票投资部执行总监、基金经理。 从公告看，鲍无可离职后，接管其产品的四位基金经理均是从业经验超过15年的老将。 高年化同时保持低回撤 曾表示"天生厌恶亏钱" 鲍无可 截图自景顺长城官方账号 百亿基金经理鲍无可离职早有预兆。4月12日、26日，鲍无可管理的产品分两次增聘了基金经理，这些产品由刘苏、邹立虎、张仲维、王勇分别接任。产品 短期内密集增聘，就引发了投资者对鲍无可职位可能变动的讨论。 | 离任基金经理姓名 | 鲍无可 | | --- | --- | | 离任原因 | 个人原因辞职 | | 离任日期 | 2025年5月16日 | | 转任本公司其他工作岗位 | 否 | | 的说明 | | | 是否已按规定在中国基金 业协会办理注销手续 | 是 | wind数据显示 ...