李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 | 概要 | | --- | | 市场认为联储还会在7月减息的机率从四周前的76.4%跌至上周五的25.2%。9月息率维持不变的几 | | 率亦从6.2%升到43.8%。 | 美国评级被下调后，美国债券拍卖行清冷清，债券息率继续向上(价格下跌)。换作以前的情况，如 果美国经济衰退，会出现美股下跌，但美汇及美债受惠资金涌入而上升(这也是为什么笔者原本不 敢太过看好金价的原因，因为美国经济衰退会导致美汇强势)；不过由于近期曾出现美股债汇三杀 的现象，以前的投资常识可能有所改变，因此大家要随时做好两手准备。但以目前情况来看，金 价依然强势。 LSEG Workspace用户可以搜寻CFTC寻找最新数据： | | | COMEX黄金 | | COMEX白银 | | ...

Core Insights - The total trading volume of non-monetary ETFs reached 177.379 billion yuan, with 39 ETFs exceeding 1 billion yuan in trading volume [1] - The Short-term Bond ETF, Policy Financial Bond ETF, and Credit Bond ETF led the market in trading volume, with respective volumes of 8.868 billion, 7.223 billion, and 6.270 billion yuan [1] - The S&P 500 ETF, Benchmark Treasury ETF, and S&P Consumer ETF had the highest turnover rates, at 552.15%, 262.01%, and 239.41% respectively [1][7] - The Short-term Bond ETF's latest share size is 3.88 million, tracking the China Securities Short-term Bond Index, which reflects the overall performance of investment-grade short-term bonds [1][2] - The Policy Financial Bond ETF's latest share size is 4.10 million, closely following the China Bond 7-10 Year Policy Financial Bond Index [2] - The S&P 500 ETF's latest share size is 3.47 million, tracking the S&P 500 Index, which includes 500 leading companies representing about 80% of the available market capitalization [2] Trading Volume Insights - The Short-term Bond ETF saw a trading volume increase of 20.87% compared to the previous trading day, with a turnover rate increase of 21.58% [1] - The Policy Financial Bond ETF's trading volume increased by 5.24% compared to the previous trading day, with a recent average trading volume of 10.957 billion over the last 5 days [2] - The S&P 500 ETF had an average trading volume of 1.395 billion over the last 5 days, indicating significant activity [3] Turnover Rate Insights - The S&P 500 ETF had a turnover rate of 552.15%, indicating high trading activity [7] - The Benchmark Treasury ETF and S&P Consumer ETF had turnover rates of 262.01% and 239.41% respectively, reflecting strong investor interest [7] Sector and Theme Insights - The industry-themed ETFs include the Hang Seng Technology Index ETF, which had a trading volume of 3.959 billion yuan [1] - The recent trading activity in the private enterprise ETF, information technology ETF, and Xinchuang ETF index showed significant volatility, with respective amplitudes of 11.70%, 9.86%, and 9.14% [8][11] - The private enterprise ETF's latest share size is 2.06 million, tracking the Private Enterprise 100 Index, which includes major companies in the power equipment sector [8] Performance Insights - The Short-term Bond ETF experienced a slight decline of 0.01% today, with a 5-day increase of 0.03% and a 20-day increase of 0.17% [1] - The Policy Financial Bond ETF saw a minor increase of 0.02%, with a 5-day increase of 0.23% and a 20-day increase of 0.18% [2] - The S&P 500 ETF increased by 3.22% today, with a 5-day increase of 0.28% and a 20-day increase of 6.81% [3]

朱永明，1999 年 7 月至 2002 年 9 月在中国银行总行营业部 工作，2004 年 4 月至 2018 年 1 月在中国民 生银行总 行工作，先后就职于公司银行部、小企业金融事业 部、董事会战略发展与投资管理委员会办 公室。2018 年 1 月加入民生加银基金管理有限公司，历任总经理助理、财务负责人兼综合管理部总 监、董事会秘书等职务，现任副总经理。 丁辉，2002 年 8 月至 2009 年 9 月在毕马威华振会计师事 务所任审计师、经理，2009 年 10 月至 2012 年 2 月 在毕马威企业咨询（中国）有限公司任高级经理， 2012 年 3 月至 2012 年 5 月在北京华远智和 管理有 限公司任高级经理，2012 年 5 月至 2022 年 11 月在 中国民生银行总行历任副处长、处长等职 务。2022 年 11 月加入民生加银基金管理有限公司，历任风险 管理部总监，现任董事会秘书。 | 基金管理人名称 | 民生加银基金管理有限公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管理人员及 从业人员监督管理办法》、《公开募集证券投资基金 | | | ...

Core Viewpoint - The company has announced the addition of Dongfang Securities and Guotai Haitong Securities as agents for subscription and redemption services for specific exchange-traded funds (ETFs) starting from May 26, 2025 [1][5]. Group 1: Fund Details - Dongfang Securities will serve as the agent for the following ETFs: - Guolian An CSI All Share Securities Company ETF (Trading Code: 159848) - Guolian An CSI Consumer 50 ETF (Trading Code: 159670) - Guolian An ChiNext Technology ETF (Trading Code: 159777) - Guolian An Guozheng ESG 300 ETF (Trading Code: 159653) [1] - Guotai Haitong Securities will specifically act as the agent for the Guolian An Guozheng ESG 300 ETF [5]. Group 2: Investor Consultation - Investors can contact Dongfang Securities at 95503 or visit their website at www.dfzq.com.cn for more information [2]. - For inquiries regarding Guotai Haitong Securities, investors can call 95521 or visit www.gtht.com [6]. - The company encourages investors to read the relevant fund contracts, prospectuses, and product summaries before engaging in fund transactions [2][6].

根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年5月21日 起，本公司将下列证券投资基金的主流动性服务商调整为一般流动性服务商： 1、南方中证科创创业50交易型开放式指数证券投资基金(159780)： 广发证券股份有限公司 特此公告。 南方基金管理股份有限公司 2025年5月26日 南方基金管理股份有限公司关于以通讯方式 召开南方浩升稳健优选6个月持有期混合型 基金中基金（FOF）基金份额持有人大会的公告 一、召开会议基本情况 本次大会的权益登记日为2025年5月26日，权益登记日当天下午交易时间结束后，在登记机构登记在册 的本基金全体基金份额持有人均有权参加本次基金份额持有人大会并投票表决（注：权益登记日当天申 请申购的基金份额不享有本次会议表决权，权益登记日当天申请赎回的基金份额享有本次会议表决 权）。 南方基金管理股份有限公司（以下简称"基金管理人"）依据中国证监会2022年8月19日证监许可 [2022]1895号文注册募集的南方浩升稳健优选6个月持有期混合型基金中基金（FOF）（以下简称"本基 金"）于2023年5月18日成立。 根据《中华人民共和国证券投资基金 ...

Fund Overview - The fund is named Qianhai Kaiyuan Research-Driven Mixed Securities Investment Fund, with two classes: A and C [13][14] - The fund is a mixed-type open-ended securities investment fund with an indefinite duration [14] Fundraising Details - The fundraising period is from May 26, 2025, to June 6, 2025, with a maximum fundraising limit of 8 billion RMB [2][18] - If the total subscription amount exceeds 8 billion RMB, a proportional confirmation method will be used to control the scale [2][3] - The fund manager can adjust the fundraising scale limit as necessary [3] Subscription Regulations - The minimum subscription amount for both initial and additional subscriptions is 10 RMB [4] - There is no limit on the total subscription amount for individual investors, but a single investor cannot hold more than 50% of the fund's shares [4] - The subscription fee for Class A shares is capped at 1.20%, decreasing with larger subscription amounts, while Class C shares have no subscription fee [20] Fund Management and Custody - The fund manager is Qianhai Kaiyuan Fund Management Co., Ltd., and the custodian is CITIC Securities Co., Ltd. [1][40] Investor Information - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [14] - Investors can inquire about subscription matters through the fund manager's customer service or sales institutions [5] Fund Operation - The fund's net value may fluctuate due to market volatility, and investors should understand the product characteristics and risk-return profile before investing [7][8] - The fund may invest in Hong Kong stocks through the Stock Connect mechanism, which carries specific risks [9]

Group 1: Executive Changes - Han Yong has stepped down as the General Manager of Huatai-PB Fund, with Chairman Jia Bo temporarily taking over the role [1] - Wei Qingkong has transitioned from Vice General Manager to Chief Marketing Officer at Xinda Australia Fund [2][3] Group 2: Market Trends and Investment Opportunities - Public funds are increasingly focusing on the chain pharmacy sector, viewing it as a strategic opportunity after two years of store closures [4] - Major fund companies have been actively researching listed chain pharmacy companies, with some funds allocating a significant portion of their holdings to this sector [5] Group 3: Fund Adjustments and Market Activity - Guotai Fund has adjusted the minimum subscription and redemption unit for its ETF from 1 million to 2 million shares [6] - Guangfa Fund has added Guohai Securities as a primary dealer for several ETFs, enhancing trading options for investors [7][8] Group 4: Consumer Sector Outlook - Zhang Yuxiang from Penghua Fund indicates a potential recovery in the consumer sector in the second half of the year, driven by fiscal and consumption stimulus policies [9] - Specific segments such as liquor, beer, dairy products, and frozen foods are highlighted as promising investment areas [9] Group 5: Stock Holdings - Zhu Shaoxing's fund has significantly increased its stake in Puyuan Precision Electric, now holding 156.96 million shares, marking a substantial increase from previous holdings [10] Group 6: Market Performance - On May 9, the market experienced a decline, with the Shanghai Composite Index down 0.3% and the Shenzhen Component down 0.69%, amidst a total trading volume of 1.19 trillion yuan [11]

Group 1 - The company, Huabao Fund Management Co., Ltd., has announced a fee discount activity for certain open-end funds starting from May 12, 2025, in collaboration with Postal Savings Bank of China [1] - The fee discount is applicable to individual investors who subscribe and invest in designated fund products through Postal Savings Bank [1] - Specific funds and the corresponding discount rates will be detailed in the fund's legal documents [1][2] Group 2 - The promotional activity is limited to the front-end fees for the specified fund products purchased through Postal Savings Bank [3] - Investors are encouraged to read the fund contract, prospectus, and product summary for detailed information about the fund products [2][4]

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" is a significant regulatory innovation in China's capital market, aimed at shifting the public fund industry from a "scale-driven" model to a "performance-driven" model, enhancing investor satisfaction and aligning fund managers' interests with those of investors [1] Group 1: Optimizing Evaluation System - The plan requires fund companies to establish a performance evaluation system centered on fund investment returns, incorporating metrics such as fund profitability and the proportion of profitable investors into the assessment of executives and fund managers [2] - By adjusting the evaluation system, the plan aims to guide fund managers and managers to prioritize shareholder returns, thereby improving investor satisfaction and avoiding practices that may harm investor interests [2] Group 2: Emphasizing Performance Benchmarks - The plan highlights the "anchoring" role of performance benchmarks, proposing regulatory guidelines for public fund performance comparison benchmarks and integrating these benchmarks into the performance evaluation of fund managers [3] - This approach is intended to clarify product positioning, reduce style drift, and discourage speculative investment behaviors, ultimately benefiting investors by facilitating risk matching and long-term holding [3] Group 3: Encouraging Equity Product Innovation - The plan promotes innovation in equity products, aiming to create a diverse range of investment tools that align with national development goals and provide long-term benefits to investors [4] - Additionally, the plan supports the development of floating fee rate funds, which will further align the interests of fund managers with those of investors, fostering a positive cycle of returns, capital inflow, and market stability [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, introducing a performance-based compensation mechanism for fund managers that links their pay to long-term performance, addressing the industry's longstanding issue of "scale over performance" [1][7]. Summary by Sections Regulatory Changes - The new action plan specifies that if a fund manager's product underperforms its benchmark by more than 10 percentage points over three years, their performance pay will be significantly reduced; conversely, if they outperform, their pay may be increased [1][7]. Fund Manager Performance - Data shows that among 111 fund managers with over 10 billion yuan in assets, 45 underperformed their benchmarks, with 24 of them lagging by more than 10 percentage points [3][5]. - Notable underperformers include Zheng Chengran from GF Fund, whose three-year return was -45.12%, trailing the benchmark by 45.14 percentage points [4][5]. Impact on Fund Companies - Major fund companies like E Fund and GF Fund have multiple managers facing potential pay cuts due to underperformance, indicating a significant performance disparity within the industry [6][7]. - The new regulations may encourage fund companies to strengthen their research teams and reduce reliance on individual star managers, as evidenced by mid-tier managers like Lu Bin and Zhao Yi, who have substantial assets but significant underperformance [6][7]. Long-term Implications - The new rules are expected to push the industry back to its asset management roots, making long-term performance a critical factor for fund managers' careers and potentially reducing risks for investors [7].