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].

Group 1 - Collateralized Loan Obligation (CLO) funds are attractive to income investors due to high yields and compelling long-term returns [1] - CLO funds offer low duration exposure, making them appealing in a rising interest rate environment [1] - Recent market volatility has prompted a reassessment of investment strategies [1] Group 2 - Systematic Income provides Income Portfolios that focus on yield and risk management [1] - The company offers Interactive Investor Tools to assist in navigating various investment markets, including BDC, CEF, OEF, preferred, and baby bonds [1]

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 本期导读： 据不完全统计， 截止至2025年5月，我国地市级引导基金总计828支，累计注册资本约为2.34万 亿。而从近一年的情况来看，新设立的区县级引导基金则主要分布于浙江省、北京市、江苏省、 江西省、广东省。 作者丨FOFWEEKLY研究 本期推荐阅读5分钟 引言 为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一级市场各类LP进行了最新、最全 的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、银行系、 CVC、市场化LP、S基金、公共型LP等相对活跃的LP类型。希望本系列研究可以给到行业一些帮 助，也欢迎各同仁与我们交流。 区县级引导基金主要特征及优势 1） 单只基金规模较相对较小， 资金来源多元区县级基金规模通常在亿元级，如泾县基金规模3 亿 元，陵水县首期 10 亿元，远低于国家级基金。资金来源以地方财政、国企出资为主，例如泾县财 政出资 16%-20%，国企占 79%；绩溪县基金还 ...

Group 1 - The ARK Innovation ETF (ARKK) has reached a 52-week high, increasing by 89.28% from its 52-week low price of $36.85 per share [1] - ARKK is an actively managed ETF that primarily invests at least 65% of its assets in equity securities of companies related to disruptive innovation [2] - Recent performance of ARK ETFs, including ARKK, ARKW, and ARKF, saw a surge of about 8%, with standout holdings being Coinbase, Tesla, and Roblox [3] Group 2 - The near-term outlook for ARKK appears positive, indicated by a weighted alpha of 62.37, suggesting potential for further gains [4]

编者按：证监会《推动公募基金高质量发展行动方案》指出，坚持以投资者为本，督促行业机构牢固树立以投资者最佳利益为核心的经营理念，并贯穿于公 司治理、产品发行、投资运作、考核机制等基金运营管理全链条、各环节，恪守"受人之托、忠人之事"的信义义务，实现从重规模向重投资者回报转型。 面包财经结合基金公司财务数据和产品业绩表现，逐家透视基金公司高质量发展情况，本篇案例为中海基金。 中海基金2024年经营数据显示，公司全年实现营收营业收入1.25亿元，净利润365.14 万元。然而，中海基金旗下非货基产品2024年亏损超过3亿元。 投资者承受深度亏损的同时，中海基金2024年仍从上述基金产品中收取超8000万元的管理费。管理费收入与投资者回报背离，中海基金是否秉承"持有人利 益第一"的原则？ 2024年净利润约365万元 公开资料显示，中海基金成立于2004年3月18日，前身为国联基金管理有限公司。2006年7月，中国海洋石油总公司旗下中海信托股份有限公司入主成为中海 基金第一大股东，公司相应更名为"中海基金管理有限公司"。 公司现注册资本为1.47亿元人民币，各方股东持股比例为：中海信托股份有限公司41.591%、国联 ...

中经记者 郭婧婷 北京报道 昨日，深圳证监局发布最新一期《深圳私募基金监管情况通报》（以下简称"通报"）指出，部分私募基 金管理人利用其资质实施或配合开展违法犯罪活动。通报载明，部分私募机构为牟利肆意突破合规底 线，将管理人资质沦为非法集资、市场操纵、场外配资等犯罪活动的"通行证"，严重扰乱金融秩序。 此外，通报还披露了私募机构违规销售伪金交所产品、超范围开展债券融资中介服务、自媒体"卖课"、 办公场所混同开展"算命""知识付费"等花式搞"副业"操作。 深圳证监局分析，发生上述情形的核心原因在于，相关人员合规意识淡漠，将私募基金管理人视同为一 般企业，为追求经济利益主动偏离或者放弃主责主业，个别机构甚至沦为犯罪工具。 深圳证监局披露非法公开募资、"卖壳"参与非法集资、操纵市场、场外配资工具化、非法经营分仓交易 这五大违法犯罪典型案例。 一是设立大量未备案有限合伙企业公开募集资金。某股权类私募机构体内仅存1只备案基金，但设立数 十个未备案有限合伙企业公开募资，不仅募资规模巨大，还向投资者保本保收益，涉及人数众多，涉嫌 非法集资犯罪。 二是出借、出卖管理人资质，为不法分子非法吸收公众存款提供便利。辖区多家管理规模 ...

以下文章来源于公募排排网 ，作者日月辉 公募排排网 . | 排名 | 学校名称 | 基金经理数量 | 近半年平均收益% | 近1年平均收益% | | --- | --- | --- | --- | --- | | 1 | 北京大学 | 228 | 2.16 | 7.18 | | 2 | 复旦大学 | 171 | 2.48 | 8.94 | | m | 清华大学 | 161 | 2.17 | 8.64 | | ব | 上海交通大学 | 125 | 3.25 | 8.79 | | 5 | 上海财经大学 | 110 | 2.43 | 6.11 | | б | 中国人民大学 | 73 | 0.47 | 10.74 | | 1 | 南开大学 | 57 | 1.91 | 5.14 | | 8 | 厦门大学 | 46 | 0.13 | 7.71 | | --- | --- | --- | --- | --- | | 9 | 中央财经大学 | 42 | 1.37 | 4.67 | | 10 | 武汉大学 | 31 | 0.34 | 3.49 | | 11 | 中国科学院 | 28 | -1.04 | 4.39 | | 12 ...

■行业纵深 投顾配置ETF"开闸" 机构提前卡位新赛道 ◎记者 聂林浩 "丰富科创板指数及ETF品类，将科创板ETF纳入基金投顾配置范围"的政策指引，意味着"投顾+ETF"财 富管理新模式有望加速到来。近年来，伴随ETF市场的迅猛发展，将ETF纳入基金投顾配置范围的呼声 越来越高。而美国等成熟市场的实践表明，投顾与ETF的深度融合能有效拓宽投顾策略空间，提升投资 效率，更能进一步反哺ETF，实现协同发展。为迎接这一新模式的到来，不少机构已在投研、科技、策 略等多个维度积极备战。 投顾与ETF融合在即 ETF已成为中国资本市场的重要组成部分。Choice数据显示，截至6月19日，境内上市的ETF总数已达 1200只，资产规模约4.18万亿元，品类覆盖境内和境外的股票、债券、货币、商品等多种资产类型。 "在迅猛发展的同时，ETF也暴露出一些弊端。当前ETF行业步入转型关键期，传统的重规模轻服务、重 首发轻持营的销售模式已显疲态。与海外成熟市场相比，当前国内ETF市场缺乏专业的买方投顾力 量。"某基金研究分析师说。 据了解，目前基金投顾尚不能配置场内ETF产品，而业内关于将ETF纳入基金投顾配置范围的呼声由来 已久 ...

Core Viewpoint - The ARK Innovation ETF (ARKK), led by Cathie Wood, has shown significant recovery and outperformance compared to the S&P 500 Index, driven by a favorable market environment and strategic positioning in high-growth sectors [5][11]. Group 1: Performance Overview - ARKK shares surged from $33 to $160 during the post-COVID bull market, but subsequently fell to under $40 due to market corrections in 2022 [3]. - Over the past year, ARKK has gained 61.26%, significantly outperforming the S&P 500's 9.87% return [5]. Group 2: Market Conditions - The tech-heavy Nasdaq 100 Index ETF has risen from approximately $400 to over $500, indicating a strong bull market that benefits high-growth stocks like those in ARKK's portfolio [8]. - The current market environment is characterized by a robust IPO market, which presents new growth opportunities for ARKK [10]. Group 3: Strategic Positioning - ARKK is focused on industries with strong growth potential, such as artificial intelligence, robotics, and digital assets, which are expected to continue outperforming as these technologies mature [9]. - The team has capitalized on new IPOs, exemplified by their investment in Circle Group, which saw its stock price increase from $64 to $300 shortly after its debut [10].