公告履历显示，孙剑历任江西省交通厅航务管理局港航工程处打捞队副队长、团委书记，江西沃德律师 事务所律师，江西豫章律师事务所律师，国盛证券有限责任公司总裁办法律部经理、合规管理总部部 长、法律风险总部总经理、合规风险控制总部总经理、风险管理部总经理、合规法律部副总经理、合规 法律部首席律师（部门总经理级）、合规法律部总经理助理。 4月30日，江信基金管理有限公司发布高管变更公告：2025年4月29日起，孙桢磉因个人原因离任公司董 事长，暂无转任公司其他工作岗位的说明；原亮因工作安排离任总经理，保留其他现有职务；孙剑出任 公司董事长，并代任总经理。 ...

市场概况 4月29日两市ETF两融余额为1030.92亿元，较前一交易日增加5.07亿元。其中融资余额为983.37亿元， 较前一交易日增加5.1亿元；融券余额为47.55亿元，较前一交易日减少386.58万元。 分市场来看，沪市ETF两融余额为679.48亿元，较前一交易日增加5.11亿元。其中融资余额为638.82亿 元，较前一交易日增加5.15亿元；融券余额为40.67亿元，较前一交易日减少379.25万元。深市ETF两融 余额为351.44亿元，较前一交易日减少453.75万元。其中融资余额为344.55亿元，较前一交易日减少 446.43万元；融券余额为6.89亿元，较前一交易日减少7.32万元。 ETF融资融券余额 4月29日ETF两融余额前三位分别为：华安易富黄金ETF(87.81亿元)、易方达黄金ETF(70.57亿元)和华夏 恒生(QDII-ETF)(54.06亿元)，前10具体见下表： | 代码 | 基金名称 | 融资融券余额 | | --- | --- | --- | | 518880.SH | 华安易富黄金ETF | 87.81亿元 | | 159934.SZ | 易方达黄金ETF | ...

Group 1 - Company bond ETF (511030) increased by 0.06% to a latest price of 105.57 yuan, with a cumulative increase of 1.15% over the past six months as of April 29, 2025 [3] - The liquidity of the company bond ETF showed a turnover of 0.85% with a transaction volume of 113 million yuan, and the average daily transaction volume over the past month was 1.802 billion yuan [3] - The latest scale of the company bond ETF reached 13.258 billion yuan, with the latest share count at 12.6 million, marking a new high in the past month [3] Group 2 - The manufacturing PMI data from Huaxi Securities on April 30 and the central bank's announcement of a buyout repurchase scale may act as catalysts for market volatility [4] - High-frequency data suggests that enterprises may be transitioning from "grabbing exports" to "grabbing trans-exports," indicating a potential for manufacturing sentiment to exceed market expectations [4] Group 3 - The national debt ETF for 5 to 10 years (511020) showed a mixed market with a latest quote of 117.39 yuan, and a cumulative increase of 1.04% over the past month as of April 29, 2025 [7] - The liquidity of the national debt ETF indicated a turnover of 3.77% with a transaction volume of approximately 55.33 million yuan, and the average daily transaction volume over the past week was 470 million yuan [7] - The latest scale of the national debt ETF reached 1.47 billion yuan, marking a new high in the past three months [7] Group 4 - The national development bond ETF (159651) increased by 0.03% to a latest price of 105.91 yuan, with a cumulative increase of 2.36% over the past year as of April 29, 2025 [10] - The liquidity of the national development bond ETF showed a turnover of 3.98% with a transaction volume of approximately 54.41 million yuan, and the average daily transaction volume over the past year was 617 million yuan [10] - The national development bond ETF experienced a significant growth in scale by 388 million yuan over the past six months, ranking in the top half among comparable funds [10] Group 5 - The three main members of the Ping An Fund bond ETF include the company bond ETF (511030), national development bond ETF (159651), and national debt ETF for 5 to 10 years (511020), covering various types of bonds to assist investors in navigating the bond market cycle [11]

Core Insights - As of March 31, 2025, the total net asset value managed by domestic public fund management institutions reached 32.22 trillion yuan, with 163 institutions including 148 fund management companies and 15 asset management firms holding public qualifications [2] - The total public fund shares increased to 29.39 trillion shares in March, reflecting a 0.15% growth compared to February, indicating a stable overall change [2] Fund Type Analysis - Various fund types experienced net subscriptions in March, with QDII funds and equity funds showing significant enthusiasm, with shares increasing by 3.57% and 1.29% respectively; closed-end funds also saw a 1.41% increase [3] - The share of equity funds rose to 3.4 trillion shares by the end of March, marking a 1.29% increase, although the overall scale slightly decreased to 4.47 trillion yuan, down 0.41% due to corrections in growth sectors like the ChiNext and STAR Market [3] - Mixed funds showed a recovery in subscription strength, with shares growing by 0.75% to 3.05 trillion shares and scale increasing by 1.42% to 3.58 trillion yuan, marking the first consecutive month of growth since May of the previous year [3] - QDII funds were particularly favored in March, with shares increasing by 3.57% to 562.868 billion shares, driven by significant net subscriptions in products like the Hong Kong Stock Connect Internet ETF and Hang Seng Technology ETF [3] - Bond funds also performed well, with shares and scale growing by 1.1% and 1% respectively, reaching 5.56 trillion shares and 6.42 trillion yuan [3]

Core Insights - Despite a volatile overall market in the first quarter of 2025, public funds demonstrated strong resilience, with a notable recovery in the performance of actively managed equity funds [3][4] - The report indicates that 74.97% of the 8097 funds achieved positive returns, with 166 funds exceeding a 20% return and 989 funds surpassing a 10% return [3] - Growth style funds outperformed in the first quarter, with median returns of 14.49% for mid-cap growth and 13.31% for small-cap growth, while large-cap value funds lagged with a median return of approximately 1.50% [3] Fund Performance - The first quarter saw a strong correlation between fund performance and changes in fund size, with better-performing funds attracting more investment [4] - As of the end of the first quarter, the total market fund management scale reached 31.61 trillion yuan, a 9.60% increase year-on-year, while the scale of actively managed equity funds decreased by 5.16% to 3.49 trillion yuan [4] Billion Club Changes - The number of actively managed equity funds with assets exceeding 100 billion yuan decreased from 27 to 26 in the first quarter, with new entrants replacing some previous members [5] - Notable new members include the Yongying Advanced Manufacturing Select and Penghua Carbon Neutrality Theme funds, which have shown strong performance [5][8] Top Performing Funds - The Penghua Carbon Neutrality Theme fund achieved a remarkable return of 60.26%, leading the performance rankings, while the Yongying Advanced Manufacturing Select fund recorded a return of 52.32% [8][10] - The net subscription amounts for these funds were estimated to exceed 7 billion yuan, with significant increases in their total assets [10] Fund Manager Rankings - The top ten fund managers in the actively managed equity fund sector maintained relative stability, with slight internal ranking changes [14] - As of the end of the first quarter, the largest actively managed equity fund was the E Fund Blue Chip Select, managed by Zhang Kun, with a total asset value of 389.08 billion yuan [10][14] Scale Growth - Several fund managers, including those from Fortune Fund and China Europe Fund, reported significant net increases in fund management scale, indicating a positive trend in the sector [15][16] - The scale of the China Europe Medical Health fund, managed by Ge Lan, reached 311.79 billion yuan, making it one of the largest actively managed equity funds [16]

| 基金名程 | 国联航空3个月直開开放播费型发起式证券股点基金 | | --- | --- | | 基金诚房 | 因胚聚安置期开发债券 | | 基金主代列 | 006723 | | 基金运营方式 | 製药劑、室期丹加式 | | 圣全名陵非波日 | 2018年04月10日 | | 圣会管理人名称 | 因跃圣含管理有限公司 | | 圣会托管人名称 | 宁波图片最好有限公司 | | -基金注册登记机构招标 | 国政委会管理有限公司 | | 公含值播 | the started to the station and the submit of the may be the may be may be may of the 安3个月空院开放情景图及起式是身投座基金基金公司>< 国装服安3个月定期升级盛顿型波配合法 微投资基金招惠 假期书》 | | 商假招聘日 | 2025-9-06 月 07日 | | 时组名给日 | 2026年06月07日 | | 得换样人影如日 | 2022年06月02日 | | 网换线出影响日 | 2026年06月07日 | | 基金的額持有时间(Y) | destations 时图图集 | | ...

Core Viewpoint - The performance of cryptocurrency spot ETFs in Hong Kong has shown a stark contrast between Bitcoin and Ethereum, with Bitcoin ETFs yielding positive returns while Ethereum ETFs have experienced significant losses [3][4]. Group 1: Performance of ETFs - The Bitcoin ETFs launched by major fund companies in Hong Kong have shown strong performance, with returns of 47.1% for Bosera Bitcoin ETF, 46.19% for Harvest Bitcoin ETF, and 46.76% for Huaxia Bitcoin ETF since their inception [3]. - In contrast, the Ethereum ETFs have underperformed, with returns of -44.22% for Bosera Ethereum ETF, -46.76% for Harvest Ethereum ETF, and -44.53% for Huaxia Ethereum ETF [3]. Group 2: Market Dynamics - The performance of cryptocurrency spot ETFs is closely tied to the underlying assets, with Bitcoin's price fluctuating from over $60,000 to nearly $110,000, and currently below $100,000, while Ethereum's price has dropped from $2,200 to around $1,600, reflecting a 40% decline [4]. - Investors have shown a preference for Bitcoin ETFs over Ethereum ETFs, leading to higher trading volumes and profitability for Bitcoin-related products [5][6]. Group 3: Regulatory Environment - The Hong Kong Securities and Futures Commission has set regulations that restrict the sale of virtual asset products to retail investors from mainland China, although residents with Hong Kong ID can still participate under certain conditions [6][7]. - The trading rules for Bitcoin ETFs in Hong Kong set a minimum trading lot of 100 shares for Harvest and Huaxia Bitcoin ETFs, while Bosera requires only 10 shares [7]. Group 4: Innovation and Future Outlook - Major fund companies in Hong Kong are innovating in the virtual asset space, with new products like the Bosera HashKey Ethereum ETF, which is the first in the Asia-Pacific region to support Ethereum staking [8]. - The Hong Kong government is supportive of the virtual asset sector, with plans to release a policy declaration to enhance the development of Web3 and digital asset technologies [9].

Core Viewpoint - The recent appointment of additional fund managers for funds managed by Bao Wuke has sparked discussions about potential changes in his position, although the company has confirmed that no such changes have been communicated yet [1][11]. Group 1: Fund Manager Profile - Bao Wuke has 17 years of experience in the securities and fund industry, having joined Invesco Great Wall Fund in December 2009 and becoming a fund manager in June 2014 [2]. - Since becoming a fund manager, Bao Wuke has achieved an annualized return of 15.18%, with six out of eight funds under his management yielding over 10% [3]. - His investment style is characterized by a focus on risk control, with a maximum drawdown of only 15% over the past three years, particularly during the volatile A-share market from 2022 to 2024 [6]. Group 2: Investment Philosophy - Bao Wuke emphasizes the importance of "safety margin" in his investment philosophy, stating, "I would rather gain less than lose more" [9]. - He prefers a steady investment approach, likening it to "warm water" that values consistent returns over fleeting market trends [6]. Group 3: Fund Manager Appointments - The recent appointments of four experienced fund managers to Bao Wuke's funds are seen as a strategy to enhance management capabilities, with all new appointees having over 14 years of experience in the securities industry [10]. - The new managers have diverse investment styles, which may lead to potential strategy conflicts, raising questions about how the company will maintain its investment approach [10]. Group 4: Industry Trends - The trend of co-managing funds and appointing additional fund managers is becoming more common in the public fund industry, reflecting the need for adaptability in a competitive market [11]. - This co-management model is believed to mitigate investment risks, enhance management flexibility, and provide a more diversified investment strategy [11].

导语 众所周知，在基金的定期报告，如中报和年报中，会披露期末基金管理人的从业人员持有该 基金的情况，其中涵盖基金经理的自购情况。 基金经理持有自己管理的基金，这是否说明了 该基金具备较高的投资价值呢？ 如同一个厨师吃了自己做的菜，是否就说明了这个厨师做的 菜比较好吃或者更加干净卫生呢？ 晨星美国研究发现，除了基金费用之外，基金经理是否持有自己管理的基金也是影响基金能否 取得良好业绩的重要因素。 同时，基金经理是否持有自己管理的基金也是晨星基金定性评价体 系中在投研团队层面重点考量的因素之一。通常而言， 基金经理持有自己管理的基金，表明他 们对自身投资能力和投资流程满怀信心，进而对基金的长期前景充满期待。 01 从制度层面促进基金经理与投资者的利益一致性 在美国，自2004年以来，资产管理公司就被要求披露基金经理在基金中的持仓情况。而在国 内，针对市场热议的基金行业"旱涝保收"的现象，证监会从2012年开始推动建立基金管理人和 投资者利益绑定的机制。 2012年6月，证监会发布《关于基金从业人员投资证券投资基金有关事项的规定》，其中鼓励 基金管理公司针对高级管理人员、基金投资和研究部门负责人、基金经理等购买本公 ...

Group 1 - The core point of the news is the retirement of Tian Hanqing, the Deputy General Manager of Huatai-PB Fund, who has stepped down from managing 10 funds, marking the end of her over 11-year career as a fund manager [1][2] - Tian Hanqing is recognized as a leading figure in the domestic public quantitative fund sector, having previously worked at Barclays Global Investors (BGI) before joining Huatai-PB Fund in 2012 to establish its quantitative investment team [1][5] - The quantitative team at Huatai-PB Fund focuses on a "fundamental-based quantitative investment model," utilizing multi-factor models to achieve stable excess returns, with the Huatai-PB Quantitative Enhanced Mixed A fund returning 205.13% since Tian took over on August 2, 2013, outperforming the CSI 300 Index's 136.71% during the same period [5] Group 2 - The retirement of Tian Hanqing is part of a broader trend in the industry, with 174 new fund managers entering the market this year, bringing the total number of fund managers in the public fund sector to over 4,000 [1][8] - The industry is experiencing a generational shift, with veteran fund managers retiring, which may lead to adjustments in product strategies and a potential transition period for the funds they managed [8] - To adapt to this transition, fund companies are encouraged to establish a "de-starization" research and investment system and improve their fund manager training mechanisms, focusing on company culture as a core competitive advantage rather than individual personalities [8][9]