Core Viewpoint - The micro-cap stock index has shown strong performance this year, consistently outperforming other mainstream broad-based indices since 2010, with the exception of 2017 and 2020 [3][5]. Group 1: Micro-Cap Fund Performance - As of June 17, there are 240 micro-cap style funds, with an average return of 26.26% over the past year, significantly higher than the average return of 7.67% for 23,629 other funds during the same period [5]. - The average return for actively managed micro-cap funds is 28.73%, with 91.84% of these funds achieving positive returns [6]. - The North Exchange theme funds have performed particularly well, with the North Exchange 50 index rising over 80% in the past year [7]. Group 2: Top Performing Micro-Cap Funds - The top three actively managed micro-cap funds in terms of return over the past year are: 1. CITIC Construction North Exchange Selected Two-Year Open Mixed A (016303) with a return of 169.51% [8][10]. 2. Jingshun Longcheng North Exchange Selected Two-Year Open Mixed A (016307) with a return of 98.44% [8]. 3. Yongying Advanced Manufacturing Smart Selection Mixed Initiation A (018124) with a return of 89.79% [8]. Group 3: Index Fund Performance - Among the 57 micro-cap index funds, the average return over the past year is 28.08%, with only three funds showing negative returns, resulting in a positive return rate of 94.74% [14]. - The top three passive micro-cap funds based on return over the past year are: 1. Huatai-PB CSI 2000 Index Enhanced A (019923) with a return of 55.54% [15][17]. 2. CSI 2000 ETF Huaxia (562660) with a return of 49.42% [18]. 3. 2000 Enhanced ETF (159555) with a return of 47.83% [15].

Group 1 - The equity market has seen a significant influx of new capital, with a notable acceleration in fund allocation pace. From June 16 to June 19, the net subscription amount for equity ETFs reached 17.462 billion yuan, with broad-based ETFs being the main attraction [1] - Several newly launched equity funds have achieved substantial fundraising, with multiple products exceeding 900 million yuan in issuance scale. For instance, the E Fund Growth Progress Mixed Fund raised 1.704 billion yuan [1] - The investment pace of recently established funds is relatively high, with some funds reaching over 50% equity investment within a week of establishment. As of June 18, the equity investment proportion of the Hongde Dividend Preferred Mixed Fund (LOF) was 51.24% [1] Group 2 - Current market structural opportunities are highlighted, with sectors such as AI, consumer goods, and innovative pharmaceuticals receiving significant attention. Securities firms are focusing on consumer electronics opportunities in the second half of the year [2] - There is optimism regarding the AI application in traditional consumer electronics, particularly in the replacement cycle for devices, as well as in AI terminal hardware like headphones and glasses [2]

Core Insights - Closed-end funds (CEFs) provide financial security and the potential for early retirement with yields exceeding 8% [2][3] - The average retiree has a net worth of $1.79 million, which could generate significant income through CEFs [5][6] - Three specific CEFs are highlighted for their strong yields and potential for income generation [9][10][12] CEF Performance and Characteristics - The Adams Diversified Equity Fund (ADX) yields 8.8% and has a history of outperforming the S&P 500, currently trading at a 7.5% discount to NAV [9] - The Nuveen Core Plus Impact Fund (NPCT) offers a 12.2% yield, focusing on low-risk corporate bonds and benefiting from higher interest rates [10][11] - The Nuveen Real Asset Income and Growth Fund (JRI) yields 12.3% and invests in REITs, with a discount that has decreased from 15% to 3.1% [12] Income Potential from CEFs - A portfolio of the three highlighted CEFs could yield an average of 11.1%, potentially generating around $200,000 annually for an average retiree [13][14] - For median retirees with a net worth of $409,900, the income from these CEFs could reach approximately $3,798 per month, supplemented by Social Security benefits [14]

Group 1 - The core viewpoint of the news is the launch and successful fundraising of the Southern Rui Xiang Mixed Securities Investment Fund, which features an innovative floating fee rate model linked to performance benchmarks, enhancing alignment between investors and fund managers [1][2] - The fund has been included in the "CITIC Excellent Products" pool, which focuses on optimizing asset allocation tools by leveraging the expertise and resources of various CITIC financial subsidiaries [2] - The fund employs a dual fund manager system, with managers Li Jinwen and Yuan Li, who complement each other’s investment strategies, focusing on quality value and sustainable company growth [1] Group 2 - The innovative floating fee rate model aims to share profits and risks between investors and managers, responding to the demand for high-quality development in public funds [1] - The successful fundraising reflects market recognition of the innovative fee structure and the professional team behind the fund [2] - Southern Fund plans to continue collaborating with partners like CITIC Bank and CITIC Securities to prioritize investor interests and seek long-term value in volatile markets [2]

中国母基金行业一周资讯（ 6 . 1 4 - 6 . 2 0） 【资讯解读】 本周资讯涉及的母基金管理规模达 2 3 0 0 亿元，主要分布在 江苏、浙江、广东、福建、河北、 重庆、广西 等地区，投资 生物医药、未来新兴产业、半导体等 。以下是内容提要和具体资 讯。 【内容提要】 1、广东： 千亿母基金年度考评揭晓，有子基金创2 8倍返投 2、河北：这个新区，打造两支百亿基金 3、浙江：财通资本中标 3 0 0亿政府产业母基金 4、湖北： 湖北省政府投资引导基金 招 GP 5、重庆： 西部（重庆）科学城高新启航创业投资基金 招 GP 6、江苏： 江苏无锡低空经济和空天产业专项母基金 招 GP 7、江苏： 徐州智能制造 产业专项 母基金招 GP 8、江苏： 无锡集成电路产业专项母基金 招 GP 9、浙江： 台州市合成生物产业基金 招 GP 1 0、浙江： 温州市国创股权投资基金 设立 11、安徽： 无为福城股权投资母基金 招 GP 1 2、福建： 厦门海洋高新产业发展基金 设立 1 3、河南： 郑州经开区首支产业创投母基金完成备案 1 4、广西： 广西科技成果转化基金管理办法 发布 1 5、湖北： 武汉支持科技 ...

注：基金净值与业绩已经托管行复核。余志勇当前在管4只公募基金(不同份额基金只统计A类)：融通通 鑫成立于2015年6月15日，2020年-2024年的业绩分别为15.39%、7.22%、12.51%、2.24%、5.02%，同期 业绩比较基准分别为13.50%、-1.20%、-10.80%、-4.68%、10.35%。余志勇自2015年6月15日开始管理至 今，2023年8月5日增聘刘舒乐共同管理至今；②融通新机遇成立于2015年11月17日，2020年-2024年的 业绩分别为17.47%、8.24%、18.38%、0.46%、4.70%，同期业绩比较基准分别为 13.50%、-1.20%、-10.80%、-4.68%、10.35%。余志勇自2015年11月17日开始管理至今，2023年7月22日 增聘刘舒乐共同管理至今；③融通通慧成立于2016年9月20日，2020年-2024年的业绩分别为23.28%、 7.98%、-3.96%、-0.69%、2.70%，同期业绩比较基准分别为6.68%、0.54%、-5.19%、-1.31%、7.78%。 余志勇自2019年5月16日开始管理至今，2024年9月28日 ...

2025年6月19日共267只ETF基金获资金净流入，337只ETF基金净流出。净流入金额超1亿元的有42只，短融ETF(511360.SH)、信用债ETF基金(511200.SH)、 公司债ETF(511030.SH)、恒生科技指数ETF(513180.SH)、政金债券ETF(511520.SH)资金显著流入，分别净流入12.48亿元、10.82亿元、7.93亿元、7.45亿元、 7.20亿元（净申购份额*单位净值）。 | 排名 | 基金管理人 | 证券简称 | 证券代码 | 净流出金额（万元 | | --- | --- | --- | --- | --- | | l | 华泰柏瑞基金 | 沪深300ETF | 510300 | 4635. | | 2 | 易方达基金 | 沪深300ETF易方达 | 510310 | 32706 | | 3 | 华夏基金 | A500ETF基金 | 512050 | 3193. | | प | 南方基金 | 中证500ETF | 510500 | 23761 | | 5 | 富国基金 | 中证A500ETF富国 | 563220 | 21638 | | 6 | 嘉实基金 | ...

新华财经北京6月20日电（记者闫鹏）中国证监会18日发布《关于在科创板设置科创成长层增强制度包 容性适应性的意见》，其中提出丰富科创板指数及ETF品类，将科创板ETF纳入基金投顾配置范围，促 进更多中长期资金向发展新质生产力集聚。 业内人士认为，此举有助于打通服务科技创新企业与居民财富管理之间的桥梁，是健全投资和融资相协 调的市场功能具体体现。基金投顾产品可基于科创板ETF构建更灵活和丰富的策略组合，为投资者提供 更适配其特点和需求的组合投资服务。 引导居民财富奔赴"新"高地 据中证指数官网，截至6月18日，沪市科创板ETF总数78只，产品总规模近2500亿元。科创板已成为A股 指数化投资比例最高的板块，已形成覆盖宽基、行业主题及策略等类型的全方位多层次科创板指数以及 ETF产品生态。 其中，科创板宽基ETF投资标的已覆盖科创50、科创100、科创200、科创综指，形成完整的科创宽基 ETF产品链，能充分满足投资者对科创板大盘、中盘、小盘、综合的投资需求。同时，科创板人工智 能、新能源、芯片设计、半导体材料设备、创新药等新质生产力关键领域的ETF也在持续丰富。 "科创板ETF的纳入拉开了基金投顾组合直接投资E ...

【大河财立方 记者 孙凯杰】6月18日，证监会主席吴清在2025陆家嘴论坛上表示，将进一步强化股债联 动服务科技创新的优势。大力发展科创债，加快推出科创债ETF，积极发展可交换债、可转债等股债结 合产品。 Wind数据显示，截至发稿前，境内债券型基金总规模已经突破10万亿元。科创债ETF的问世，将为债券 市场、债券基金市场带来新的活力。 以中证AAA科技创新公司债指数为例，该指数选取主体评级AAA、隐含评级AA+及以上的债券作为指 数样本。中证指数公司公开资料显示，截至5月30日，该指数的样本数量为767只，总市值10176亿元， 超70%的成分券评级为AAA，信用资质较好；成分券权重基本在1.00%以下，分散性较高；从期限结构 来看，成分券分布在1～3年、3～5年较多，占比分别为39%、34%。从历史表现来看，Wind数据显示， 该指数自2022年6月30日基日以来截至2025年6月17日，年化收益率为4.62%，年化波动率为1.54%。 易方达债券指数投资部总经理李一硕表示，易方达基金上报的科创债ETF作为工具型产品，具有交易便 利、成本低廉、分散风险等优势，可以为投资者一键布局沪深交易所高等级科技创新公 ...

Group 1 - The core viewpoint of the articles is the strong policy support for the development of technology innovation bonds (科创债) and the introduction of technology innovation bond ETFs (科创债ETF) to enhance the capital market's role in supporting technological innovation [1][2][6] - On June 18, 2025, the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, announced the acceleration of the development of technology innovation bonds and the launch of technology innovation bond ETFs, indicating a clear direction for capital market support for technological innovation [2][6] - Ten leading public funds have simultaneously submitted applications for the first batch of technology innovation bond ETFs, marking a significant step in providing tools for the capital market to support technological innovation [1][2] Group 2 - The first batch of technology innovation bond ETFs includes products that closely track various indices, such as the CSI AAA Technology Innovation Company Bond Index, which represents a significant portion of the technology innovation bond market [4][5] - The CSI AAA Technology Innovation Company Bond Index has a scale of 1.02 trillion yuan, accounting for 91.9% of the total technology innovation bond market, indicating its comprehensive representation of the sector [4] - The introduction of technology innovation bond ETFs is expected to enhance market liquidity and attract long-term funds, such as social security and pension funds, to support the development of technology innovation companies [1][6][8] Group 3 - The technology innovation bond market has seen rapid growth since its pilot launch in 2021, with a total of 1,273 bonds issued and a balance exceeding 1.3 trillion yuan, reflecting increasing market liquidity [6][7] - The CSRC has relaxed the thresholds for including technology innovation bonds in benchmark market-making securities, which is expected to further expand the issuance scale of these bonds [6][7] - The technology innovation bond ETFs are designed to provide a convenient investment tool for investors, allowing them to participate in the technology innovation bond market efficiently [6][8] Group 4 - The launch of technology innovation bond ETFs fills a gap in the bond index products for the technology sector, offering investors a more diversified fixed-income asset allocation choice [8] - The ETFs are expected to lower financing costs and improve financing efficiency for technology innovation companies by attracting a broader range of investors, including retail and institutional investors [8] - The first batch of technology innovation bond ETFs employs a strategy that combines broad coverage with focused selection, aiming to capture both high-quality technology bonds and specialized assets [8]