Core Insights - The first batch of benchmark market-making credit bond ETFs has seen explosive growth, with three ETFs now exceeding 20 billion yuan in scale [1][3][8] - The total scale of the first eight benchmark market-making credit bond ETFs has surpassed 120 billion yuan, reflecting a growth of over 460% from the initial fundraising amount of 21.71 billion yuan [3][9] - The popularity of credit bond ETFs is attributed to their relatively lower credit risk and higher tracking efficiency, indicating significant future growth potential [2][9] Fund Performance - As of June 27, the scale of the E Fund Company Bond ETF reached 20.756 billion yuan, marking a historical high and a net inflow of approximately 1.6 billion yuan on June 26 alone [3][7] - The Southern Fund's Shanghai Stock Exchange Company Bond ETF also surpassed 20.507 billion yuan, achieving this milestone just one month after crossing the 10 billion yuan mark [4][7] - The Huaxia Fund's credit bond ETF reached 20.650 billion yuan as of June 27, having crossed the 10 billion yuan threshold less than two weeks prior [5][7] Market Trends - The current market now has three ETFs tracking the Shanghai benchmark market-making company bond index exceeding 20 billion yuan, with others like the Hai Futong Credit Bond ETF exceeding 13.569 billion yuan [6][9] - Credit bond ETFs have attracted over 130 billion yuan in net inflows this year, accounting for over 80% of the total net inflow into bond ETFs [9] - The total scale of credit bond ETFs has exceeded 215 billion yuan, representing an increase of over 160 billion yuan from the end of the previous year, and now constitutes over 57% of the total bond ETF market [9] Investor Participation - Various types of investors, including pension funds, bank wealth management, and insurance asset management, are actively participating in the investment of benchmark market-making company bond ETFs [10] - The introduction of credit bond ETFs as collateral for general repurchase transactions since June 6 has enhanced their appeal, allowing investors to leverage these products for more efficient capital use [10] - The growing variety of credit bond ETF products provides investors with more options for selection and duration, making bond ETFs a significant investment vehicle for both long-term allocation and short-term trading needs [9][10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Xingzheng Global Fund to establish a subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., with a registered capital of 10 million Singapore dollars, to be completed within 12 months [1][4]. Group 1: Company Establishment - Xingzheng Global Fund is required to complete the registration of its Singapore subsidiary within 12 months from the approval date [1]. - The proposed chairman of the Singapore subsidiary is Mr. Xie Zhiyu, who will focus on strategic planning while daily operations will be managed by the general manager and other operational staff [4]. Group 2: Management and Performance - As of the end of Q1 2023, Xingzheng Global Fund's public asset management scale was 651.945 billion yuan, ranking 16th in the industry, with non-monetary asset scale at 262.443 billion yuan, ranking 20th [5]. - Mr. Xie Zhiyu has been with Xingzheng Global Fund since July 2007, holding various positions and becoming the deputy general manager in January 2022 [5]. - Mr. Xie manages a total scale of 39.712 billion yuan across three public funds, with notable performance in the fund "Xingquan Helun," achieving a total return of 520.14% since taking over in January 2013 [7].

湖北日报讯（记者王艳华）6月26日，由证券时报社主办、长江证券协办的"2025金长江私募基金发展论坛"在武汉举行。活动揭晓第十届私募基金"金长 江"奖，并推出《2015-2025中国金长江私募基金发展白皮书》。 金长江私募基金"金长江"奖评选及"金长江私募基金发展论坛"创办于2015年，已连续举办九届。活动致力于寻找中国私募基金行业中的优秀管理人，挖掘年 度最具代表性的私募机构和基金经理。同时邀请知名机构、专家代表，为中国证券投资私募基金行业建言献策，支持私募基金行业高质量发展。 本届"金长江"奖活动成功报名机构达315家，其中百亿机构42家，50亿-99亿31家，20亿-49亿48家。来自全国各地的私募界人士共400多人出席当天论坛。 长江证券党委书记、董事长刘正斌在致辞中表示，近年来，中国私募行业加速从"量"的增长向"质"的提升转型。投资策略多元突破，量化与主观并驾齐驱， 数字经济、人工智能蓬勃发展，新质生产力成为布局重点，私募机构专业能力与服务水平持续提升。私募行业在促进资本形成、服务实体经济、满足居民财 富管理需求、提高市场定价效率等方面具有重要意义。 《白皮书》梳理了十年来中国私募基金高质量发展的进 ...

进一步来讲，以基金成立日为统计口径，5月共有20只新发债券型基金，合计募集362.11亿份，占公募基金总发行 份额的55.07%，单只平均规模达18.11亿份。其中，利率债、政策性金融债、中高等级信用债等低风险产品备受青 睐，占比超八成。 除了发行端资金踊跃外，5月份债券基金规模增量仍然来源于存量产品的资金"加购"，5月份权益市场震荡，债券 基金依然是机构类客户避险的首选。 【环球网财经综合报道】近日，中国证券投资基金业协会公布数据显示，截至2025年5月底，我国境内公募基金资 产净值合计达33.74万亿元，较4月末增长0.62万亿元。 货币基金方面，继4月份规模大涨后，5月份货基规模再度增超4000亿元。在利率下行的大背景下，降准降息政策 使得银行存款利率处于下行通道。相比之下，货币基金能够配置短期流动性较高的国债、同业存单、央行票据及 商业票据等，收益来源也更加多元，涵盖利息收入、回购交易收益和投资组合优化收益等。 除了混合基金规模稍有下降外，股票基金、债券基金、货币基金和QDII基金的规模均较4月底有不同程度的增 长。其中，货币基金和债券基金延续了4月的增长势头，担当规模增长的主力。5月，货币基金净值环 ...

Group 1 - The fund will set a total scale limit of RMB 10 billion starting from June 30, 2025, to maintain the interests of fund shareholders and ensure stable fund operations [1][2] - If the total scale exceeds RMB 10 billion on a given day, the fund manager will confirm subscription applications on a pro-rata basis [1][2] - The calculation method for the subscription confirmation ratio is provided, ensuring transparency in the process [1][6] Group 2 - The fund will resume large subscriptions, including regular investment plans, starting from June 30, 2025, lifting the previous limit of RMB 100 on single-day subscriptions [4][5] - A new total scale limit of RMB 8 billion will be implemented, with similar pro-rata confirmation principles applied if the limit is exceeded [4][5] - Investors can consult the fund manager's website for information on confirmation ratios and any adjustments to scale control measures [2][6] Group 3 - The announcement includes the addition of Everbright Securities as a sales agent for the Wanji Stable Bond Fund, effective from July 7, 2025 [9][10] - The fund will be publicly offered from July 7 to July 25, 2025, allowing investors to subscribe through Everbright Securities [9][10]

MONTCLAIR, N.J., June 27, 2025 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”) today provides notice to its shareholders that the date of the previously announced special meeting of shareholders for the sole purpose of electing directors (“Director Election Special Meeting”) has been moved to September 15, 2025. This change of date resulted from constructive conversations with the shareholders who submitted a demand request on June 17, 2025 (the “Demand Letter”), who acknow ...

Core Viewpoint - The C-REITs market in China is experiencing a robust growth driven by favorable policies and a strong demand-supply dynamic, with a focus on fundamental changes in products before making investment decisions [1][2][5]. Market Dynamics - The C-REITs market has seen a significant increase in trading activity, with instances of funds being suspended due to hitting the price limit, indicating a strong demand for these investment vehicles [2][3]. - As of June 17, 2025, 37 announcements related to price limit suspensions were made across 66 listed public REITs, highlighting the market's volatility and investor interest [3]. Investment Trends - The underlying assets of C-REITs have expanded to include twelve categories, such as elderly care facilities and market-oriented rental housing, reflecting a diversification in investment opportunities [4]. - C-REITs have shown impressive returns, with consumption infrastructure REITs leading the market with over 30% growth year-to-date, while housing-related REITs have seen nearly 20% growth [5][6]. Policy Impact - Regulatory support, including tax incentives and improved investor protection mechanisms, has created a positive feedback loop in the C-REITs market, contributing to its growth [6]. - The average increase of the CSI REITs total return index was 12.31% in 2024 and 12.46% as of June 20, 2025, indicating a sustained upward trend in the market [6]. Strategic Recommendations - Investment strategies should focus on 'first projects' in various asset classes, high-premium secondary market assets, and those with anti-cyclical properties [7]. - Investors are advised to consider dividend strategies during the upcoming distribution window and to focus on quality assets with stable cash flows [8].

Group 1 - The total scale of public funds in China has rebounded to over 33 trillion yuan, reaching historical highs in April and May 2025 after dipping to 31 trillion yuan earlier this year [3] - The growth in the scale of public funds is primarily driven by bond funds and money market funds, which contributed significantly to the overall increase [2] - The People's Bank of China and other regulatory bodies have issued guidelines to support consumption and promote long-term capital market stability, indicating a favorable environment for public funds [3] Group 2 - As of May 31, 2025, the number of closed-end funds is 1,336 with a total share of 34,393.79 million and a net value of 37,585.62 billion yuan [2] - Open-end funds have increased to 11,436 with a total share of 272,498.39 million and a net value of 299,821.03 billion yuan [2] - The number of bond funds has risen to 2,667, with a total share of 57,916.50 million and a net value of 67,798.05 billion yuan, reflecting strong growth in this category [2]

Group 1 - The A-share market experienced a slight decline on June 26, with the three major indices showing a small drop, while the military industry sector remained strong and bank stocks performed well [1][3] - There was a significant net outflow of over 7.6 billion yuan from the stock ETF market, with the CSI 300 index and other broad-based indices seeing the largest outflows [2][3] - The total scale of all stock ETFs in the market reached 3.59 trillion yuan, with a reduction of 3.586 billion units in total shares on the same day [3] Group 2 - In contrast to the outflows in stock ETFs, bond ETFs and Hong Kong market ETFs saw net inflows of 5.926 billion yuan and 450 million yuan, respectively [3] - The CSI A500 index and the CSI Bank index attracted significant inflows, with over 6.1 billion yuan and 1.9 billion yuan, respectively, in the recent five trading days [3][5] - The Huatai-PineBridge CSI A500 ETF led the inflows with over 2.055 billion yuan on June 26, making it the top performer in the industry [4][3] Group 3 - The broad-based ETFs experienced the largest net outflows, totaling 5.525 billion yuan, with the CSI 300 index leading the outflows at 3.23 billion yuan [8][9] - The Huatai-PineBridge CSI 300 ETF saw a net outflow of nearly 1.4 billion yuan, ranking first in the industry for outflows [9][8] - Other ETFs such as the SSE 50 ETF and the CSI 500 ETF also experienced significant outflows, exceeding 500 million yuan each [9] Group 4 - Despite the short-term net outflows, several institutions recommend focusing on investment opportunities in related sectors, particularly in the brokerage sector, which is expected to benefit from public fund allocation and high growth [10] - The brokerage sector is currently trading at a price-to-book ratio of 1.4, indicating a potential investment window as historical percentiles suggest a favorable entry point [10]

Group 1 - The latest scale of corporate bond ETFs reached 21.063 billion yuan, marking a new high since its establishment [3] - In terms of net fund inflow, corporate bond ETFs have seen continuous inflows over the past 15 days, with a maximum single-day net inflow of 1.538 billion yuan, totaling 5.495 billion yuan, and an average daily net inflow of 366 million yuan [3] - Agricultural commercial banks significantly increased their purchases, with a net buying of 41.8 billion yuan on June 26, while large banks, joint-stock banks, and city commercial banks had net sales of 32.7 billion yuan, 18.4 billion yuan, and 28.3 billion yuan respectively [3] Group 2 - As of the end of May, the scale of open-end bond funds was 6.78 trillion yuan, with an increase of 221.9 billion yuan that month, still below the end of the previous year at 6.84 trillion yuan; money market fund scale reached 14.4 trillion yuan, a historical high, driven by a reduction in deposit interest rates [3] - The interest rate bonds are expected to experience narrow fluctuations, with a focus on the central bank's liquidity behavior, which may adjust by 10 basis points if tightened; the short-term deliberately loose pattern may remain unchanged but is unlikely to become more accommodative [3] - The company bond fund (511030) has a contract stipulating coupon replenishment on T1 day, which is more efficient compared to other eight companies that have T2 day replenishment agreements, resulting in lower replenishment costs [3]