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% ...

文 | 银行螺丝钉 （转载请注明出处） 大家对美债的关注度日渐提高。 这里为大家准备了一门限时免费的课程，全面讲解美元债券基金投资。 比如： 长按识别下方二维码，添加@课程小助手，回复「 美元债券 」即可领取～ ◆◆◆ · 想投资美元债券类资产，有哪些方式？ · 美元债基金，当前投资价值如何？ · 投资美元债基金，会有哪些风险？ 在金融市场的竞技场中,散户与机构的较 量,常被视作"蚂蚁与大象的战争"。 相比散户,机构在投资的时候,通常会有 更加充沛的资金,并且能更早获取重要的 市场信息。 不过相对应的,个人投资者,在投资的时 候也有自己的优势。 (1) 资金量小 俗话说,规模是业绩的敌人。规模越大, 收益越难做。 在过去几年,国内规模超过300亿的基金经 理,整体收益是跑输沪深300的。 而散户的资金量小,很多投资机会都可以 介入。 (2) 拥有人力资产现金流 普通投资者有大机构没有的优质资产：人 力资产。例如工资等收入。 人力资产收入通常是非常稳定的,几乎每 个月都是正收益(毕竟上班发工资是天经 地义的）。 个人投资者也可以用新增现金流,在出现 投资机会的时候投入。 大多数金融机构,会按照每年考核投资业 绩 ...

分析师：李亭函 登记编号：S0890519080001 分析师：黄浩 登记编号：S0890524110001 投资要点 本周A股市场延续上周小幅回落后，企稳反弹，盘中接近2月底高点位置，随后进一步突破高点动力有限，未能 持续打开上升空间，权重整体呈现较强表现态势，上证综指全周收涨1.56%。海外市场方面，美股对于经济衰 退的担忧持续发酵，机构对于美国一季度经济预期的下调等多方面因素压制，美股市场进一步下挫。 量化策略配置观点： 常青低波策略 > 海外权益策略 > 股基增强策略 A股方面，对中短期保持中性偏谨慎态度，本周虽有所反弹，但是动力显著减弱，上证综指突破前期高点阻力 较大。前期多方面利好给芯片、半导体、港股等板块持续上涨的动力，强势突破10月份的高点。在当前市场充 分交易相关利好后，需要关注科技成长板块潜在过热情绪所隐藏的风险。反之，红利相关防御板块在春节后的 交易中关注度较低，相关行业表现较弱，但是银行等红利板块中长期维度的投资逻辑没有发生改变，回调下跌 后相比充分交易的热门板块依旧具有较高性价比，当前依旧推荐低波策略为更佳配置工具。 海外方面，美股在经历去年12月份以来的多轮下跌反弹博弈后，较长时间 ...

Core Viewpoint - The article discusses the recent decision by Zhonghang Fund to suspend large subscriptions for its "Mini Fund" due to concerns about maintaining investment strategy effectiveness and protecting existing investors' returns [1][3]. Group 1: Fund Suspension Details - Zhonghang Fund announced on March 6 that it would suspend subscriptions exceeding 500,000 yuan for both A and C class shares starting March 7 [3]. - As of the end of last year, the fund's total size was only 19 million yuan, categorizing it as a "mini fund" [3]. - The suspension is attributed to the fund manager's concerns that a sudden increase in scale could negatively impact the fund's performance and strategy [3][4]. Group 2: Performance and Market Context - From the beginning of the year to March 5, Zhonghang Fund achieved a growth rate of 11.55% [3]. - The fund's top holdings include companies like Zhongke Feimiao and Zhaoyi Innovation, indicating a focus on high-growth sectors [3]. - The article notes that many high-performing funds are currently under subscription limits, with 361 active equity funds in similar situations [5]. Group 3: Broader Market Trends - The article highlights that many funds benefiting from the recent AI-driven market rally are also facing subscription limits, particularly those focused on technology sectors like robotics and artificial intelligence [8]. - Analysts suggest that the current market logic is centered around industrial trends and micro-innovation, with significant opportunities in AI and robotics expected to continue [8][9]. - The article emphasizes the importance of balancing fund performance and scale, especially for smaller fund companies [4].

Investment Rating - The report indicates a positive sentiment towards the A-share market, suggesting that the short-term adjustment may have concluded, with a stable outlook for the medium-term trend [1][2]. Core Insights - The A-share market showed resilience with limited decline despite significant drops in US stocks, indicating a reduced correlation with US market movements [1]. - The manufacturing PMI and Caixin China manufacturing PMI both experienced a rebound in February, contributing positively to market sentiment [1]. - Major sectors such as semiconductors, military industry, and robotics saw significant gains, while sectors like solid-state batteries and liquor faced corrections [2][4]. Market Overview - On March 4, the market exhibited mixed performance with the Shanghai Composite Index rising by 0.22% and the Shenzhen Component Index increasing by 0.28%, while the ChiNext Index fell by 0.29% [2]. - Over 4,000 stocks in the market experienced gains, reflecting a generally positive market environment despite some sector-specific declines [2]. Fund Flow - On March 4, net inflows into the Shanghai and Shenzhen markets were 153.43 billion and 119.87 billion respectively, with significant capital flowing into sectors like semiconductors and automotive parts [4]. Industry Dynamics - The report highlights the initiation of a 20 billion yuan bond replacement program for 2025, aimed at mitigating local government debt risks and supporting fiscal stability [5]. - The rise of companies like DeepSeek in the AI sector showcases China's innovation and inclusivity in technology development, with implications for the broader tech landscape [6]. - The State-owned Assets Supervision and Administration Commission has revised rules to enhance the efficiency and regulation of state-owned asset transactions, aiming to prevent asset loss [8]. Sector Developments - The Hangzhou government is actively identifying local suppliers for Alibaba's cloud and AI investment plans, indicating a push for local ecosystem development [9]. - Hainan province is promoting the integration of the health and wellness industry into economic statistics, which may enhance investment opportunities in this sector [10][11]. - The National Energy Administration is accelerating major pipeline construction projects and revising management regulations for oil and gas infrastructure, which could impact the energy sector's growth trajectory [12]. Fund Activity - A total of 37 mutual funds were launched on March 3, with equity funds comprising over 60% of the new offerings, indicating strong investor interest in equity markets [13][14]. - Several funds focused on technology innovation bonds have been reported, reflecting a growing interest in financing tech advancements [15]. Buyer Perspectives - The report emphasizes that China has the foundational elements to nurture tech giants, with a comprehensive industrial chain in sectors like semiconductors and smart vehicles, driven by policy support and market demand [16].

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； 什么是「固收+」，有哪些品种? • 有法律问题，需要律师，律师也是顾问。 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。 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～ 『 银行螺丝钉 1420 07 5 - 1 - 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 und 银行螺丝钉 固收其实很好理解,就是固定收益。 例如纯债,就属于固收类品种。类似的, 还有像一些理财,也属于这一类。 在纯债的基础上，增加少量的股票、可转 债等资产,就属于「固收+」类基金。 「出版」、十年中世出或公如我· ' 凹拟「」） 工玄四鬥卧儿 ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ...

Core Viewpoint - The article discusses the recent trend of several high-performing hard technology-themed funds implementing purchase limits due to the surge in AI investments and the resulting revaluation of technology stocks driven by breakthroughs in domestic AI models like DeepSeek [1][5]. Group 1: Fund Performance and Purchase Limits - Multiple high-performing funds focused on the AI industry have announced purchase limits to protect the interests of existing investors and optimize their holding experience [2][3]. - The China Europe Fund's smart manufacturing mixed fund achieved a remarkable return of 75.66% over the past year, with an excess return of 47.97% [2]. - The Jiashi Technology Innovation fund reported a return of 59.90% over the past year, while the Ping An New Xin Pioneer fund achieved a return of 23.69%, significantly outperforming their benchmarks [3]. Group 2: Investment Trends in AI - The AI sector has become a hot spot for market funds, with the Wind data indicating a 38.9% increase in the humanoid robot index and a 27.4% increase in the artificial intelligence index year-to-date [5]. - Fund managers have been focusing on hard technology investment opportunities, with significant increases in allocations to AI hardware, semiconductor advancements, and intelligent driving technologies [5][6]. Group 3: Future Investment Strategies - Fund managers are looking to explore AI hardware industries with clear performance trends and are focusing on the commercial models where AI applications are first implemented [6][7]. - The AI market is projected to exceed $200 billion in 2023, with a compound annual growth rate of 39% expected in the AI smart terminal sector over the next five years [7]. - The potential for significant market growth in AR or AI glasses is highlighted, with the possibility of reaching a market size in the hundreds of billions if production scales up [7].

近日，兴华基金公告，截至2025年2月28日，兴华兴盛纯债基金基金募集期限届满，因未能满足基金备案条 件，故基金合同不能生效。这是进入2025年以来，首只公告发行失败的新基金，在债牛持续多个季度的背 景下，也是2023年以来首只发行失败的纯债基金。 发行端的"失宠"是年内债基回调行情的缩影。据Wind数据统计，纳入统计的近2400余只纯债基金中（仅统计 初始份额），共有1861只基金年内遭遇净值回撤，占比高达77.6%。 展望后市，有公募认为，受到债市波动的影响，债基的净值在短期的确可能出现回撤并且亏钱，但债券本身是 生息的，具备"固定收益"的特质，只要没有出现" 爆 雷"的情况，随着持有债券的逐步到期兑付，由于市场波 动造成的短期净值下跌也有望得以复原。 权益类板块的回暖是债基"失宠"的核心因素，广发基金表示，债券是典型的避险资产，大家不想承担较大风险 时，通常会偏好买入债券资产，而风险偏好提升时相反，债券就不再是"香饽饽"了。 广发基金解释称，在近期科技行情带动权益市场整体上涨的背景下，一些投资者或调整大类资产配置比例，将 部分债券持仓转换为权益类资产，这种资金迁徙也会造成债市的阶段性"失血"，出现一定的 ...

Investment Insights - The equity market experienced a rise followed by a decline, with A-shares showing significant pullback starting Friday, indicating a potential pause in the previously heated "spring offensive" [1] - The overall equity market fell by 2.53% for the week, while the Zhongzheng Active Equity Fund Index dropped by 2.70%. In contrast, the Evergreen Low Volatility strategy showed resilience with only a slight decline of 1.13% [1] - The U.S. stock market continued to exhibit risk-averse sentiment, experiencing a notable pullback, although a rebound occurred on Friday. Concerns regarding risk factors remain unresolved [1] Quantitative Strategy Allocation - The recommended strategy hierarchy is Evergreen Low Volatility Strategy > Overseas Equity Strategy > Enhanced Equity Strategy [2] - A cautious stance is maintained for the A-share market in the short to medium term, with the Evergreen Low Volatility strategy showing effectiveness early in the week. Attention is drawn to potential overheating risks in the technology growth sector [2] - Defensive sectors, such as banks, remain attractive for long-term investment despite recent underperformance, especially as the market approaches key political events [2] Overseas Market Analysis - The U.S. stock market has been in a prolonged range-bound phase since December, with recent risk factors leading to heightened risk-averse sentiment and a continued pullback [3] - Despite short-term uncertainties, some quality companies have reached attractive valuation levels, presenting potential investment opportunities [3] - The Evergreen Low Volatility Fund strategy recorded a weekly decline of 1.127%, outperforming the benchmark with an excess return of 1.572% [3] Fund Strategy Performance - The Evergreen Low Volatility Fund has demonstrated strong stability since its inception, maintaining low volatility and drawdown levels while achieving decent returns [4] - The Enhanced Equity Fund strategy has shown a close performance to the benchmark, with potential for stronger returns as market conditions improve [4] - The Cash Growth Fund strategy achieved a return of 0.032%, outperforming the benchmark, with cumulative excess returns since inception [4] Global Investment Strategy - The Overseas Equity Allocation Fund strategy recorded a decline of 2.217%, influenced by various market disturbances, but still holds potential for future growth as the U.S. economy remains stable [5] - The strategy aims to provide diversified global investment opportunities, particularly in the context of ongoing technological advancements and economic conditions [5] Fund Performance Tracking - The Evergreen Low Volatility Fund strategy has maintained a return of 7.158% since its inception, significantly outperforming the Zhongzheng Active Equity Fund Index [15] - The Enhanced Equity Fund strategy has shown a return of 8.016% since inception, indicating strong potential for future performance [15] - The Cash Growth Fund strategy has accumulated an excess return of over 0.29% since its launch, providing effective cash management solutions [19]