Core Viewpoint - Shenzhen has introduced a new guideline to promote tolerance for failure in the technology innovation sector, aiming to create a supportive environment for innovation and investment [1][3][4]. Group 1: Guidelines and Implementation - The Shenzhen Municipal Science and Technology Innovation Bureau released the "Guidelines for Tolerance of Failure in the Field of Technological Innovation" which outlines the guiding principles and basic conditions for recognizing responsible performance [1][2]. - The guidelines specify that various fiscal special funds' administrative departments are responsible for implementing the tolerance for failure and responsible performance recognition work, detailing five diligence conditions and nine exemption scenarios [2]. Group 2: Capital Strategies - Shenzhen has proposed the concept of "Bold Capital" to encourage investment in high-risk frontier technology fields, promoting a culture of "daring to try and make mistakes" [4][5]. - The South District of Shenzhen has established a strategic direct investment seed fund and angel fund with a total scale of 500 million yuan, allowing for a 100% loss on individual projects [5]. - The Futian District has introduced a risk tolerance policy for government investment funds, permitting up to 80% loss on certain projects, with some projects allowed to incur a 100% loss [6]. Group 3: National Trends - Other regions, such as Wuhan and Sichuan, are also adopting similar tolerance mechanisms for investment losses, indicating a growing trend among local governments to accept full losses in venture capital [7][8]. - The national government has emphasized the need for a sound tolerance mechanism for government investment funds, encouraging a supportive environment for innovation and risk-taking [10][11]. Group 4: Fund Development and Performance - Shenzhen aims to establish a "double ten thousand" structure by 2026, targeting a trillion-level "20+8" industry fund group and over 10,000 registered equity investment and venture capital funds [11][12]. - The city plans to create three new mother funds to enhance its existing fund system, focusing on cross-border cooperation and specialized investment [12][15]. - Shenzhen's national leadership in venture capital is reflected in its comprehensive fund ecosystem, which includes over 500 funds with a total scale exceeding 700 billion yuan, primarily directed towards strategic emerging industries [15][20]. Group 5: Innovative Measures - Shenzhen has introduced a risk compensation scheme for technology innovation seed funds, integrating insurance to mitigate risks associated with project failures [19]. - The city has also established local standards for venture capital and innovation ecosystems, showcasing its commitment to fostering a robust investment environment [17][18].

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1] - The total scale of the newly established merger fund and S fund in a province is 10 billion RMB, with the goal of supporting enterprise mergers and acquisitions [4][5] - The "Zhongjin Yaosheng Mother Fund" is seeking quality sub-fund management institutions, with a total scale of 5 billion RMB, focusing on strategic emerging industries [6][7] Group 2 - The "Changjiang Industry Group" has established a specialized automotive fund with a total scale of 5 billion RMB, aimed at supporting the development of specialized vehicles and components [9] - The "Henan Investment Group" and the National Local Center signed an agreement to build the first heterogeneous humanoid robot training ground in Central China, enhancing regional innovation capabilities [10][14] - "Wanhua Hongyuan" and "Zhongji Capital" are collaborating to promote the implementation of an equipment manufacturing industry fund in Xi'an, focusing on regional industrial development [15][20] Group 3 - The "Hami Municipal Government" delegation visited "Yuzhi Holdings Group" to discuss deepening industrial cooperation, showcasing the group's achievements in technology innovation and capital operation [22][25] - "Xu Jiayi" led a team to the "Guian Guokong Intelligent Computing Park" to explore cooperation paths, emphasizing the potential of the intelligent computing industry in the region [27][30] - The upcoming "Fourth Davos Global Mother Fund Summit" and the "Sixth China Mother Fund Summit" are set to take place, highlighting the growing importance of mother funds in the investment landscape [31]

ETF 日报 2025.07.29 市场概况： 今日 A 股上证综指上涨 0.33%，收于 3609.71 点，深证成指上涨 0.64%，收于 11289.41 点，创业板指上涨 1.86%，收于 2406.59 点， 两市 A 股成交金额为 18296 亿元。涨幅靠前的行业有：通信 （3.29%）、钢铁（2.59%）、医药生物（2.06%），跌幅靠前的行业有： 农林牧渔（-1.36%）、银行（-1.19%）、美容护理（-0.71%）。 股票 ETF： 今日成交金额靠前的股票 ETF 为：华夏上证科创板 50ETF 上涨 1.35%，贴水率为 1.37%；华夏中证 A500ETF 上涨 0.59%，贴水率为 0.60%；南方中证 A500ETF 上涨 0.56%，贴水率为 0.62%。 债券 ETF： 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 下跌 0.00%， 贴水率为-0.02%；华夏中证 AAA 科技创新公司债 ETF 下跌 0.14%， 贴水率为-0.31%；富国中债 7-10 年政策性金融债 ETF 下跌 0.25%， 贴水率为-0.28%。 2025 年 07 月 29 日 ET ...

Group 1 - The A-share market showed a strong performance on July 29, with the Shanghai Composite Index rising to 3609.71 points, an increase of 0.33% [1] - The CSI A500 index, a new flagship index, also saw a gain of 0.5%, with the A500 ETF managed by Harvest (159351) achieving a daily trading volume of 3.162 billion yuan and a turnover rate of 24.73%, the highest among similar ETFs in the Shenzhen market [1] - As of July 28, the average daily trading volume of the A500 ETF over the past month was 3.114 billion yuan, with the latest fund size reaching 12.786 billion yuan [1] Group 2 - The fund manager of A500 ETF, Zhang Chaoliang, highlighted the investment value of the CSI A500 index, which employs a balanced "barbell strategy" that includes both mature industry leaders with good historical dividends and high-growth companies in emerging sectors [2] - The A500 ETF is positioned as an optimal choice for investors looking to balance growth and value, providing a straightforward way to track market trends and strengthen equity positions [2]

Group 1 - The core viewpoint of the report indicates a positive upward trend in major indices, with the coal industry leading the gains [1][6]. - The A-share market showed a strong performance, particularly the ChiNext index, which rose by 2.76% [3][6]. - Among the major asset classes, industrial products outperformed others, while bonds, gold, and oil experienced declines [3][6]. Group 2 - In the fund market, the average stock position of all funds was 78.49%, a decrease of 0.40 percentage points from the previous week [3][10]. - Equity products showed varied performance, with passive index funds averaging a 2.53% increase, while ordinary stock funds rose by 1.75% [11][12]. - The report highlights that 27 out of 31 industries experienced gains, with construction materials and coal showing the highest increases [6][11]. Group 3 - The report notes that 47 new funds were established this week, raising a total of 17.765 billion, a decrease from the previous week [22][24]. - The total number of public funds reached 12,990, with a net asset value of 33.80 trillion [24][25]. - The report emphasizes the increasing allocation of public funds to the Sci-Tech Innovation Board, with a record high in stock allocation [26][27].

证券研究报告｜基金配置周报 2025 年 07 月 29 日 | | 世界人工智能大会亮点纷呈，如何布局？ | | | --- | --- | --- | | | 【20250721-20250727】 | | | ◼ | 市场回顾：上周权益市场主要指数大幅走高，科创 50 涨幅最 | | | | 大，上涨 4.63%；债券市场长短端利率均有所上行，其中十年 | 大同证券研究中心 | | | 期国债上行 6.72BP ，一年期国债上行 3.45BP,期限利差有所 分析师：杨素婷 | | | | 走阔，长短端 AAA 信用利差均大幅走阔；基金市场中偏股基金 执业证书编号： | | | | 指数和二级债基指数均周度收涨，中长期纯债基金指数和短期 S0770524020002 | | | | 纯债基金指数均大幅回调；申万 31 个行业涨多跌少，周期板 | 邮箱：yangst@dtsbc.com.cn | | | 块集体反弹。 | | | ◼ | 权益类产品配置策略： | 地址：山西太原长治路 111 号山 | | ➢ | 事件驱动策略：（1）十部门联合印发 《促进农产品消费实施 西世贸中心 | A 座 F12、F1 ...

文|天峰 来源|财富独角兽 近期，两市维持高位震荡格局。笔者发现，即便是在市场较高位置时，富国基金旗下经理张富盛的业绩表现却急转直下。数据显示，富国清洁能源产业混合 A基金，任职3年又60天，任期回报亏了37.91%。整体而言，在富国基金的这段时间里，张富盛管理的基金业绩与此前在上投摩根时形成鲜明反差，业绩下 滑严重，投资成果未能达到市场预期，饱受投资者质疑。 01 17.51亿元理成8.55亿元 据天天基金网显示，张富盛自2007年8月至2010年3月,在德勤华永会计师事务所担任高级税务咨询;自2010年3月至2011年2月,在中国国际金融有限公司担任分 析师;自2011年2月至2015年8月在北京高华证券有限责任公司担任投资研究部经理。 自2018年3月至2021年10月29日担任上投摩根转型动力灵活配置混合型证券投资基金基金经理。曾任上投摩根动力精选混合型证券投资基金基金经理。2015 年08月至2021年10月任上投摩根基金管理有限公司行业专家、基金经理助理、权益基金经理。 2021年11月加入富国基金管理有限公司。2022年2月16日起任富国价值增长混合型证券投资基金基金经理。2022年5月27日起 ...

【导读】昨日股票ETF资金净流出超44亿元 7月28日，股票ETF（含跨境ETF）整体资金净流出达44.17亿元，最新规模达3.81万亿元。 7月28日，易方达旗下香港证券ETF净流入8.7亿元，科创板50ETF净流入2.4亿元，人工智能ETF净流入1.6亿元，恒生红利低波ETF净流入1.1亿元，机器人 ETF净流入0.6亿元。 华夏基金旗下科创50ETF和恒生科技指数ETF单日净流入居前，分别净流入8.83亿元和3.43亿元，最新规模分别达916.7亿元和317.61亿元，对应跟踪指数 近一月日均成交额分别为33.12亿元和41.5亿元。 7月28日，三大指数集体收涨，电子元件、军工概念等轮番演绎。股票ETF（含跨境ETF）整体资金净流出超44亿元。其中，香港证券ETF、港股通互联网 ETF、港股通非银ETF等港股相关ETF产品成为"吸金"主力；中证1000ETF、上证50ETF、沪深300ETF、中证500ETF等宽基ETF成为"失血"大户。 港股相关ETF产品成为"吸金"主力 昨日股票ETF资金净流出超44亿元 7月28日，三大指数均上涨，截至收盘，沪指涨0.12%，深证成指涨0.44%；创业板指涨0. ...

Group 1 - Recent capital inflow into gold ETFs has exceeded 250 million yuan over two consecutive days, indicating strong investor interest [1] - Gold prices are currently fluctuating around 3,330 USD, with recent trade agreements between the US, Japan, and the EU temporarily suppressing gold [1] - Despite short-term pressures, the long-term narrative for gold remains intact, supported by structural and sticky long-term capital from central banks [1] Group 2 - Gold prices have been oscillating within the range of 3,200 to 3,400 USD for several months, with a gradual narrowing of the volatility range, indicating a digestion of previous overbought conditions [1] - The gold ETF tracks the spot gold (Au99.99 contract) launched by the Shanghai Gold Exchange, representing high-purity gold with a minimum content of 99.99% [1] - The ETF serves as a standardized tool for investors to directly participate in the gold market, focusing on physical delivery and investment hedging needs [1]

【 导读 】 昨日股票ETF资金净流出超44亿元 中国基金报记者 曹雯璟 7月28日，三大指数集体收涨，电子元件、军工概念等轮番演绎。股票ETF（含跨境ETF）整 体资金净流出超44亿元。其中， 香港证券ETF、港股通互联网ETF、港股通非银ETF等港股 相关ETF产品成为"吸金"主力； 中证1000ETF、上证50ETF、沪深300ETF、中证500ETF 等宽基ETF成为"失血"大户。 昨日股票ETF资金净流出超44亿元 7月28日，三大指数均上涨，截至收盘，沪指涨0.12%，深证成指涨0.44%；创业板指涨 0.96%，再创年内新高。盘面上看，固态电池、国防军工、保险、医药等板块涨幅居前。 7月28日，股票ETF（含跨境ETF）整体资金净流出达44.17亿元，最新规模达3.81万亿元。 从大类型来看，港股市场ETF净流入居前，达34.61亿元，宽基ETF净流出居前，达84.87亿 元；规模变化方面，港股市场ETF规模上升62.01亿元。 具体到指数维度，7月28日，沪深300指数单日净流出居前，达21.03亿元。从近5个交易日 角度观测，资金流入港股通互联网指数超45亿元，流入香港证券指数超40亿元。 ...