Core Viewpoint - The recent surge in small-cap cross-border ETFs has raised concerns about the risks associated with high premium rates, particularly highlighted by the Invesco Great Wall S&P Consumer ETF, which saw a premium exceeding 40% [4][5][10] Group 1: Market Performance - On March 25, the Invesco Great Wall S&P Consumer ETF was suspended due to significant premium rates, which later resumed trading with a daily increase of 4.94% and a premium rate of 42% [5][6] - Other ETFs, such as the Guotai Fund's S&P 500 ETF and the Southern Fund's Saudi ETF, also experienced high premium rates of 22.9% and 11.7%, respectively, with notable daily increases of 6.25% and 2.37% [5][6] - As of March 25, 19 cross-border ETFs had premium rates exceeding 2%, indicating a broader trend of high premiums in the market [4][5] Group 2: Investor Risks - Historical data shows that high premium ETFs typically maintain their premium for an average of only 1.7 days, leading to potential risks of "premium evaporation + net value decline" for investors [10] - Analysts warn that the high premium phenomenon is closely linked to the performance of the A-share market, with increased volatility driving funds into perceived "safe-haven" cross-border ETFs [8][9] - The limited foreign exchange quotas for Qualified Domestic Institutional Investors (QDII) hinder the arbitrage opportunities that could stabilize premium rates, contributing to the persistent high premiums [9] Group 3: Investment Strategy - Investors are advised to be cautious and avoid blindly investing in high premium ETFs, particularly those with premium rates exceeding 10%, and to prioritize larger, more liquid ETFs [9][10] - The Invesco Great Wall Fund has indicated that investors can trade its S&P Consumer ETF in the secondary market, but the Guotai Fund's S&P 500 ETF has suspended subscription services, limiting investor options [9]

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门免费课程，详细介绍了基金投顾的相关知识。 长按识别下方二维码，添加@课程小助手，回复「 基金投顾 」即可领取～ l | 银行螺丝钉 假 时间： er 2 5 前说 快速了解基金投顾 课程介绍 ·基金投顾是什么 · 基金投顾有哪些优势 · 如何通过「投」和「顾」帮你 获得好收益 #螺丝钉小知识 /////// 银行螺丝钉 基金波动大，会导致清盘吗? 有朋友问，有的基金波动比较大，有可能 会清盘吗? 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 假设一个基金,熊市的时候下跌比较多, 但是规模很大,这种公募基金是不会清盘 的。 般是规模小于5000万以下的基金，会 有清盘的风险。 比如基金的规模为5000万，对于一个基 金公司来讲，肯定会亏钱。 其实，公募基金 ...

Core Viewpoint - The article discusses the performance and management of Y-share personal pension funds in China, highlighting the growth and competitive landscape of these funds as well as specific fund managers' strategies and results [3][5][16]. Fund Company Overview - As of March 18, 2025, a total of 56 fund companies have launched Y-share personal pension funds, with a total scale of 9.143 billion yuan. Among these, 14 companies have a management scale exceeding 100 million yuan [3]. - The top five fund companies by management scale for Y-share personal pension funds are: 1. 华夏基金管理有限公司: 1.384 billion yuan 2. 兴证全球基金管理有限公司: 1.162 billion yuan 3. 易方达基金管理有限公司: 1.088 billion yuan 4. 中欧基金管理有限公司: 1.005 billion yuan 5. 工银瑞信基金管理有限公司: 750 million yuan [4]. Fund Performance and Selection Criteria - A total of 9 Y-share funds were selected based on criteria including a scale exceeding 200 million yuan, returns over 15% since the beginning of 2024, and a maximum drawdown not exceeding 15%. Seven of these funds reached new highs within the specified period [6]. - The selected funds include: - 东方红颐和积极养老目标五年持有Y - 广发安诚养老目标2040三年持有Y - 工银养老2055Y - 嘉实养老2040五年Y - 国泰君安善音养老目标2045五年持有Y - 鹏华养老2045一年Y - 中欧预见养老2050五年Y [7]. Fund Manager Strategies - The fund manager of 东方红颐和积极养老目标五年持有Y employs a dual approach focusing on selecting fund managers and identifying investment opportunities [7][12]. - The fund manager of 广发安诚养老目标2040三年持有Y prefers using ETFs and maintains a balanced FOF strategy, holding various ETFs and bond funds to mitigate drawdowns during market declines [9]. - 工银养老2055Y has shown strong performance, with a net value curve surpassing the 万得偏股混合型基金指数, and experienced smaller drawdowns during market downturns [10][16]. Market Outlook and Asset Allocation - The fund manager 徐心远 believes that A-share valuations are currently attractive, with a focus on maintaining a neutral to slightly high equity position. The strategy includes increasing allocations to cyclical sectors and dividend-paying assets [13][15]. - The fund's asset allocation strategy is dynamic, adjusting equity exposure as market conditions change, with a long-term goal of reducing equity exposure to no more than 25% by 2050 [16].

文 | 银行螺丝钉 （转载请注明出处） 过去几年，人民币债券是一轮小牛市。 到了2024年，长期债券在上涨后，波动也逐渐变大。 很多朋友都会关心： 这里为大家准备了一门限时免费的课程，详细介绍了债券指数基金的相关问题。 长按识别下方二维码，添加@课程小助手，回复「 债券基金 」即可领取～ ▼点击阅读原 文，免费学习大额家庭资产配置课程 · 债券基金的收益和风险，有哪些特点？ · 为何普通投资者，更适合投资债券指数基金？ · 当前哪些债券指数基金，投资价值较高？ ◆◆◆ ...

彭博与香港中资基金业协会共同揭晓 年度"离岸中国基金大奖" 得奖名单，并庆祝此项业 界盛事成立十周年。今年活动共评选出3 7项大奖，颁发予表现出众并对离岸中资基金行 业发展作出卓越贡献的基金及管理团队。基金表现奖项根据彭博统计数据及专属方法计算 所得。 来自政府、监管机构及业界的代表出席颁奖典礼，探讨香港离岸基金市场机遇，分享真知 灼见，并就当前的监管环境及行业未来发展展开深入讨论，为离岸中国基金管理业持续发 展及合作奠定基础。 香港特别行政区政府署理财经事务及库务局局长陈浩濂 于20 2 5年3月2 0日在颁奖典礼上致 辞时表示： 香港所管理的资产规模印证了香港作为国际投资者首选的亚洲资产及财富管理枢纽的地 位。承接近年的强劲增长，我们会继续通过不同措施推动香港资产及财富管理的发展。 香港要把握好'三中心、一高地'的战略定位，用好'一国两制'的优势，在国家的坚实支持 下，巩固提升优势产业。我期望中资基金业的同仁可在促进香港与内地金融巿场的交流 合作中发挥桥梁作用，将香港的金融巿场继续做大做强，协助香港进一步巩固和提升国 际金融中心地位。" 香港特别行政区政府署理财经事务及库务局局长陈浩濂 香港证券及期货事务 ...

Core Viewpoint - The article discusses the recent performance of government bond futures and their impact on bond funds, highlighting the decline in bond prices and the resulting negative effects on fund yields [2][3]. Group 1: Government Bond Futures Performance - The 30-year government bond futures reached a high of 121.75 points on February 7, 2025, but closed at 113.70 points on March 18, 2025, reflecting a drop of 805 basis points over a month [2]. - The 10-year government bond futures experienced a decline of 195 basis points during the same period [2]. Group 2: Impact on Bond Funds - The average yield for 878 short-term pure bond funds was -0.18%, while 3,407 medium to long-term pure bond funds had an average yield of -0.79% from February 10 to March 17, 2025 [3]. - Mixed-level bond funds showed a slightly better performance, with first-level mixed bond funds averaging -0.35% and second-level mixed bond funds averaging +0.20% [3]. Group 3: Selection of Bond Funds - Among the short-term pure bond funds, only 23.69% (208 funds) achieved positive returns, while 10.68% (364 funds) of medium to long-term pure bond funds did so [4]. - The top-performing short-term bond funds included 博时月月兴30天 and 招商招财通理财, while the leading medium to long-term funds included 银河睿鑫 and 国泰睿元一年定开 [5]. Group 4: Investment Strategies - For cautious investors, the article suggests selecting short-term and medium to long-term pure bond funds, while those with a moderate risk appetite may consider second-level bond funds with equity allocations [4][7]. - The article emphasizes the importance of analyzing bond fund reports to understand the underlying bond compositions and strategies, particularly in the context of current market conditions [6][7].

以下文章来源于晨星投资说 根据晨星最新发布的《全球公募基金及中国主题基金资金流观察》报告，截至2024年底，全球 前25大ETF提供商中超过一半来自美国： | 14 | VanEck 范达 | 1,104 | | --- | --- | --- | | 15 | WisdomTree | 1,095 | | 16 | Fidelity 富达 | 1,068 | | 17 | Daiwa 大和 | 1,048 | | 18 | BM0 蒙特利尔银行 | 922 | | 19 | 夜直電影 | 002 | | 20 | Global X | 806 | | 21 | 易同达县金 | 804 | | 22 | ProFunds/ProShares | 776 | | 23 | 华泰柏瑞基金 | 643 | | 24 | American Century | 569 | | 25 | MUFG 三菱日联 | 493 | 全球25强中，美国公司占14席，前5大ETF提供商均来自美国。 贝莱德（iShares/BlackRock）、先锋（Vanguard）、道富（State Street）包揽前三，三家公 司市占率合计6 ...

Core Viewpoint - Mingya Fund Management Co., Ltd. announced the appointment of Xie Bin as Deputy General Manager and Xiao Hong as Chief Information Officer [1] Group 1: Appointments - Xie Bin has a diverse background, having served in various roles including client manager at Minsheng Bank, product manager at the Wealth Management Department, and Deputy General Manager at Fuyuan Fund Management Co., Ltd. [1] - Xiao Hong has experience with the China Securities Regulatory Commission, working in multiple departments related to regulatory oversight [1] Group 2: Company Background - Xie Bin joined Mingya Fund in November 2024 and currently holds the position of Deputy General Manager [1] - Xiao Hong has been with Mingya Fund since June 2019 and serves as both Chairman and Chief Information Officer [1]

Core Viewpoint - The article discusses the recent surge in the launch of free cash flow ETFs in the Chinese market, highlighting the growing interest from public funds and the potential for increased capital inflow into the A-share market [3][10]. Group 1: New ETF Launches - On March 18, 12 fund companies submitted applications for the first batch of the CSI All Share Free Cash Flow ETFs, marking a significant addition to the growing family of free cash flow ETFs [2][4]. - The CSI All Share Free Cash Flow Index, which will be launched on December 11, 2024, selects 100 listed companies with high free cash flow rates to reflect the overall performance of companies with strong cash flow generation capabilities [5][8]. Group 2: Market Impact - The newly launched free cash flow ETFs are expected to bring more incremental capital to the A-share market, with initial fundraising exceeding 2.1 billion yuan for the first batch of ETFs launched in February [10]. - The two ETFs that were first launched have shown strong capital attraction, with significant increases in their share volumes since listing [11]. Group 3: Investment Strategy and Market Trends - Public funds are increasingly focusing on free cash flow-related themes due to the innovative and clear logic of the indices they track, which emphasize high-quality stocks with cash flow growth potential [12]. - The free cash flow strategy is considered suitable for the current A-share market environment, especially during market corrections and stable periods, as it aligns with the ongoing recovery of the macro economy and corporate earnings [13]. Group 4: ETF Market Development - The year 2024 is projected to be a year of rapid development for ETFs, with the number of listed ETFs expected to reach 1,033 by the end of the year, a 16% increase from the previous year [15]. - Despite the growth, the ETF market faces challenges such as product homogeneity, indicating a need for further innovation in ETF offerings [16][18].

2024 年全球金融市场动荡不断：主要发达市场的货币政策发生重大转向，技术革新催生新的投资 热潮，特朗普胜选、韩国政坛动荡等政治事件也在持续影响投资者信心和市场波动…… 尽管面临诸多挑战，全球投资者的热情却未因此减退，依然借道基金积极寻找着新的投资机会、 对家庭资产进行配置。 晨星最新发布的 《晨星全球公募基金及中国主题基金资金流观察》 报告显示， 2024年全球共同 基金与ETF共吸引了近2.98万亿美元的净流入资金，推动全球公募基金管理规模突破60万亿美 元，较2015年翻倍增长。 与此同时，全球基金市场的格局正随着投资者偏好的转变而悄然重塑。 2024年，ETF不仅在中国市场备受追捧，全球范围内也迎来了 "史诗级"胜利——全年净流入资金 高达1.7万亿美元，创下历史新高。 使用低成本、高透明度工具进行投资和配置，已经渐渐成为 全球投资者的共识。 在经历了连续三年遭遇净赎回后，主动基金也在 2024 年重新获得投资者的喜爱，全年获得681亿 美元的净流入。 尽管如此，从市场份额的变化来看，被动基金势不可挡，主动基金依然面临着日益严峻的挑战。 从全球的维度来看，被动基金的市场份额从 2015 年的 23% ...