Core Viewpoint - The Chancheng District has officially launched a "1+1" industrial fund system aimed at fostering new industrial momentum through a combination of market-driven operations and policy guidance, targeting a total scale of no less than 8 billion yuan within 8 years [1]. Group 1: Fund Structure and Objectives - The industrial fund system consists of two main funds: the Qihang Fund and the Linghang Fund, designed to promote innovation and development in the region [1]. - The Qihang Fund, a government investment fund, has a total scale of 2 billion yuan, with an initial investment of 250 million yuan, focusing on advanced manufacturing, modern services, and technology innovation [4]. - The Linghang Fund, a state-owned enterprise fund, has a total scale of 3 billion yuan, with an initial investment of 1 billion yuan, aimed at supporting traditional industries and fostering new urban industries [4]. Group 2: Investment Strategies and Collaborations - The Qihang Fund employs a "direct investment + mother-son fund" model, collaborating with various partners to establish sub-funds targeting sectors like intelligent equipment and new materials [4]. - The Linghang Fund utilizes a combination of "direct investment + mother-son fund + special fund" strategies to enhance traditional industries and invest in key segments of local industrial chains [4]. - Several banks, including the Agricultural Bank and Industrial and Commercial Bank, have signed cooperation agreements with Chancheng to facilitate investment and loan linkage [10]. Group 3: Government Support and Infrastructure Development - The district government emphasizes the need for proactive measures to build a modern industrial system and transition from old to new growth drivers, with industrial funds serving as a foundational tool for high-quality development [10]. - Chancheng has implemented comprehensive land remediation and industrial carrier actions, freeing up over 2,000 mu of state-owned land and developing more than 7 million square meters of various industrial carriers [10].

Core Viewpoint - The establishment of the "1+1" industrial fund system in Zhancheng District aims to leverage government investment funds and state-owned enterprise funds to cultivate new productive forces over the next eight years, targeting a total scale of no less than 8 billion yuan [1][2]. Group 1: Fund Structure and Objectives - The "1+1" industrial fund system consists of the Zhancheng District Industrial Innovation Development Investment Fund (Qihang Fund) and the Zhancheng Leading Equity Investment Fund (Linghang Fund) [1]. - The Qihang Fund, with a total scale of 2 billion yuan and an initial investment of 250 million yuan, focuses on advanced manufacturing, modern services, industrial transformation mergers and acquisitions, and technological innovation [1][2]. - The Linghang Fund, a state-owned enterprise fund with a total scale of 3 billion yuan and an initial investment of 1 billion yuan, aims to support traditional industries' transformation and the development of emerging urban industries [2]. Group 2: Investment Strategies and Collaborations - The Qihang Fund has established partnerships with various entities, including the Guangdong Academy of Sciences, to create sub-funds focusing on sectors such as intelligent equipment, advanced manufacturing, and new energy, with a total scale of 100 million yuan [2]. - The Linghang Fund will utilize a combination of direct investments, sub-funds, and special funds to enhance local industrial chains and support key projects [2]. - Zhancheng District is also implementing a "three-year million" action plan to free up over 2,000 acres of state-owned land for industrial use, having already built over 7 million square meters of various industrial carriers [2].

2025年6月24日共204只ETF基金获资金净流入，474只ETF基金净流出。净流入金额超1亿元的有30只，上证公司债ETF(511070.SH)、中证A500ETF基金 (563360.SH)、沪深300ETF(510300.SH)、上证50ETF(510050.SH)、国债ETF东财(511160.SH)资金显著流入，分别净流入17.11亿元、14.84亿元、10.88亿元、 6.18亿元、5.79亿元（净申购份额*单位净值）。 | 排名 | 基金管理人 | 证券简称 | 证券代码 | 净流入金额(万元 | | --- | --- | --- | --- | --- | | l | 南方基金 | 上证公司债ETF | 511070 | 171057 | | 2 | 华泰柏瑞基金 | 中证A500ETF基金 | 563360 | 148352 | | 3 | 华泰柏瑞基金 | 沪深300ETF | 510300 | 108812 | | ব | 华夏基金 | 上证50ETF | 510050 | 6183 | | 5 | 西藏东财基金 | 国债ETF东财 | 511160 | 5794 | | 6 | 易 ...

券商中国记者注意到，年初集中上市的8只信用债ETF为这一轮规模扩容奠定基础。以华夏上证基准做市公司 债ETF、博时深证基准做市信用债ETF等为代表的首批产品，初始发行规模合计217.1亿元，而当前每只产品的 规模均已超过100亿元，总计规模突破千亿元。以华夏上证基准做市公司债ETF为例，其规模从年初的30亿元 迅速增长至逾200亿元，成为信用债ETF管理规模的核心增量之一。 政策面为信用债ETF发展提供了持续动能。华安证券分析称，1月26日，证监会发文称要支持基准做市信用债 ETF，并研究将信用债ETF纳入债券通用回购质押库，信用债ETF同步集中上市。3月21日，中国证券登记结算 公司发文，正式允许符合条件的信用债ETF产品试点开展交易所债券通用质押式回购业务。 截至6月23日，信用债ETF总规模首次突破2000亿元大关，成为今年ETF市场增长最迅猛的细分赛道之一。 在资金配置偏好转向稳健票息资产的背景下，信用债ETF迎来前所未有的发展机遇。年初，首批8只基准做市 类产品集中上市并迅速实现规模倍增，叠加政策支持持续落地，信用债ETF在产品设计、流动性管理和交易机 制上不断完善，推动整体市场迅速放量。 多家机构 ...

Core Viewpoint - The launch of the first batch of 26 new floating-rate funds has not met market expectations, with only 15 funds successfully established and a total fundraising of 156.07 billion yuan, indicating a lukewarm reception for this innovative product [1][9]. Fund Launch and Performance - Among the 15 established funds, only 5 achieved a fundraising scale exceeding 10 billion yuan, with the highest being 19.91 billion yuan for the "Oriental Red Core Value" fund [1][4]. - The "Oriental Red Core Value" fund was the most successful, completing its fundraising in just 6 trading days and achieving a final scale of 19.91 billion yuan [4][6]. - Other funds such as "E Fund Growth Progress" and "Tianhong Quality Value" also launched successfully, with fundraising scales of 17.04 billion yuan and 9.84 billion yuan respectively [6][7]. Investor Engagement and Market Dynamics - The number of effective subscriptions varied, with "E Fund Growth Progress" attracting the most investors at 47,300, followed by "Southern Wealth Enjoyment" with 24,700 [8]. - The overall investor enthusiasm for these new floating-rate funds has been low, attributed to cautious sentiment in the equity market and a lack of confidence in actively managed equity funds [9]. Challenges in Sales and Understanding - The complexity of the new fee structure, which includes multiple variables such as holding periods and performance benchmarks, has made it difficult for ordinary investors to understand, leading to reduced attractiveness [9]. - Sales channels are reportedly less motivated to promote these funds due to the uncertainty in management fees based on performance, contrasting with the fixed fees of traditional funds [9]. Company and Manager Participation - Despite the low investor enthusiasm, some fund companies and managers have shown commitment by investing their own funds, totaling over 1.1 billion yuan across six companies [10][11]. - Notable self-investments include 2 million yuan from "Jiaoyin Schroder Fund" and "Dacheng Fund," and several fund managers also invested significant amounts in their respective funds [12][13].

21世纪经济报道记者 黎雨辰 北京报道 一则人事变动消息，又一次将个人系公募的生存境遇带入行业视野。 近日，汇泉基金发布的公告显示，公司创始人兼总经理梁永强因"工作调整"离任，陈洪斌接任公司总经 理一职，柴玏则担任公司副总经理。 尽管在卸任高管职务后，梁永强当前仍作为基金经理管理着公司旗下的3只产品，但这位昔日的"金牛老 将"，在汇泉基金掌舵以来的业绩却也十分惨淡，其产品任职以来的亏损达到50%以上，且大幅跑输业 绩比较基准。 事实上，汇泉基金的困境并非孤例，更像是一批个人系公募处境的缩影。从2015年算起，个人系公募在 国内发展已走过10个年头，目前全市场共有机构23家。但过去一年来，近半数个人系公募总规模不升反 降，暴露出的业绩滑坡、股权矛盾、法律纠纷等问题同样层出不穷。 个人系公募问题频发 公开资料显示，汇泉基金成立于2020年6月，梁永强作为公司法人拥有30%的持股。在加入汇泉基金 前，梁永强曾因在华商基金的出色投资管理能力被业内熟知。 但自从担纲汇泉基金的掌门人以来，这位"长跑选手"的光环正在慢慢褪色。Wind数据显示，当前梁永 强仍管理着3只产品，不过总规模仅有10.4亿元，且任职回报全部为大幅亏 ...

Core Viewpoint - The establishment of the "1+1" industrial fund system in Chancheng District aims to enhance the quality and competitiveness of the urban center by leveraging government investment funds and state-owned enterprise funds to cultivate new productive forces [1][4]. Group 1: Fund Structure and Goals - The "1+1" industrial fund system consists of the Chancheng Industrial Innovation Development Investment Fund (Qihang Fund) and the Chancheng Linghang Equity Investment Fund (Linghang Fund), targeting a total scale of no less than 8 billion yuan within 8 years [1]. - The Qihang Fund, with a total scale of 2 billion yuan and an initial investment of 250 million yuan, focuses on advanced manufacturing, modern services, industrial transformation mergers and acquisitions, and technological innovation [1][2]. - The Linghang Fund, a state-owned enterprise fund with a total scale of 3 billion yuan and an initial investment of 1 billion yuan, aims to support traditional industries' transformation and the development of emerging industries [2]. Group 2: Strategic Partnerships and Collaborations - The Qihang Fund has partnered with the Guangdong Academy of Sciences to establish the Fenjiang Science and Technology Innovation Fund, focusing on sectors such as intelligent equipment and advanced manufacturing, with a total scale of 100 million yuan [2]. - Several banks, including the Agricultural Bank of China and Industrial and Commercial Bank of China, have signed cooperation agreements with Chancheng to address financing challenges for innovative enterprises through a combination of investment and loans [5]. - Leading securities firms like CITIC Securities and Guotou Securities have signed on as strategic partners to provide professional capital operation support for the fund system [5]. Group 3: Development Advantages - Chancheng has expanded its industrial space significantly, with plans to complete 10 million square meters of high-quality industrial space this year, and has already prepared over 3,149 acres of industrial land [4]. - The district benefits from comprehensive advantages, including integrated urban functions that reduce costs for innovation and attract talent [4]. - The fund system focuses on four centers: urban manufacturing, industrial services, commercial consumption, and Lingnan culture, aiming to create a balanced and dynamic modern industrial system [5].

Core Viewpoint - The public fund industry is experiencing a significant wave of fund manager changes, driven by various factors including market conditions, industry competition, incentive mechanisms, the trend of "de-starring," and personal career planning [2][12]. Group 1: Fund Manager Changes - As of June 24, nearly 200 public fund products have announced fund manager changes this month, indicating a trend of frequent adjustments within the industry [2][5]. - The changes in fund managers can be categorized into three main types: new appointments, simultaneous appointments and dismissals, and departures [6][10]. - The increase in fund manager dismissals is attributed to work needs and performance evaluations, with companies adjusting their fund manager assignments based on product style and performance benchmarks [9][11]. Group 2: Industry Changes - The public fund industry is gradually moving away from reliance on "star fund managers" and is transitioning towards a team-based and institutionalized approach [14]. - Talent mobility within the industry is accelerating, with competition shifting from mere salary comparisons to diverse dimensions such as equity incentives and differentiated assessments [14]. - The industry is evolving from extensive growth to high-quality development, emphasizing long-term performance, risk management, and effective communication with investors [14]. Group 3: Team Management Model - The implementation of a team management model for fund managers is expected to increase, as highlighted in the new regulations aimed at enhancing core investment research capabilities [15]. - The team management model allows for resource integration and improved investment quality, while also posing challenges such as decision-making conflicts and coordination costs [16][17]. - This model reduces dependency on individual fund managers and enhances the stability of performance, but it requires careful management to avoid potential pitfalls [17].

在降本增效的背景下，千亿级体量公募基金公司也开始逐步退出APP直销业务。 随着公募行业资源与流量的头部效应，以及第三方基金代销巨头的赢家通吃，中小基金在APP直销业务上正面 临着运营维护费用高、长期投入却难以覆盖成本的压力，这使得公募基金暂停或终止运营基金APP的现象，已 从前期的百亿级小公募逐步延伸到千亿级体量的中型公募上，甚至在今年也出现超3000亿体量的公募宣布终止 运营基金APP。 中小公募降本增效纷纷关停APP 又一家中型公募宣布暂停基金APP的运营。 前海开源基金日前发布公告表示，公司将暂停 APP 的运营及维护服务，如有恢复运营计划，将另行通知，并 将于2025年7月14日将"前海开源基金"APP的功能及服务正式迁移至"前海开源基金"微信小程序及微信公众 号。截至2024年12月末，前海开源基金公司的资产管理规模超过1000亿元。 券商中国记者注意到，最近一年来已有包括国寿安保基金、财通基金、光大保德信基金、长盛基金等多家公募 终止运营旗下移动客户端APP的业务。如国寿安保基金于2025年3月31日起终止移动客户端"国寿安保基 金"APP的运营及维护服务。规模更小的基金公司在此方面的动作更早，比 ...

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has highlighted significant violations among private fund managers, including engaging in unrelated business activities, using managed funds for profit transfer, and participating in illegal activities, prompting increased regulatory scrutiny [1][2][3]. Summary by Relevant Sections Violations Identified - Private fund managers are involved in activities unrelated to fund management, such as selling pseudo-gold exchange products and providing consulting services [2][3]. - Specific cases include a private equity firm promoting a real estate company's debt products and charging over 1.5 million yuan in consulting fees [2]. - Some firms derive most of their income from unrelated activities, such as selling investment courses through social media [2]. Profit Transfer and Illegal Activities - Violations include using managed funds to provide liquidity support for designated bonds and charging large consulting fees not included in fund assets [3]. - Notable illegal activities involve unregistered partnerships soliciting funds and using management qualifications to facilitate illegal fundraising [3][4]. - Instances of market manipulation and illegal margin trading using private fund assets have been reported [4]. Regulatory Requirements - The Shenzhen Securities Regulatory Bureau has set forth four key requirements for private fund managers: focus on core business, enhance compliance and internal controls, prevent illegal activities, and ensure sustainable operational capacity [5]. - Firms must avoid engaging in unrelated business activities and prioritize investor interests while strengthening compliance mechanisms [5]. - Continuous investment in resources is necessary to maintain compliance with regulatory standards, and firms lacking operational capacity should consider voluntary deregistration [5].