21世纪经济报道记者 易妍君 广州报道 ETF市场呈现"冰火两重天"。 这背后，在ETF市场马太效应凸显的当下，公募基金公司争夺市场资金的"暗战"愈发激烈，一些ETF产 品开始增加流动性服务商的数量，以谋求突围。 受访人士向21世纪经济报道记者指出，流动性是ETF的生命线，直接影响其交易效率、成本和市场吸引 力。新增流动性服务商有助于提升ETF产品的竞争力。 流动性欠佳背后 对于ETF投资而言，规模小是一个重要的警示信号，它可能意味着更高的流动性风险、清盘风险以及较 大的跟踪误差。今年以来，资产净值长期低于5000万元的ETF数量继续增加。 6月10日，工银瑞信基金公告称，截至2025年6月9日，工银中证1000增强策略ETF的基金资产净值已连 续30个工作日低于5000万元人民币，可能触发《基金合同》终止情形。 同时，5月以来，还有景顺长城MSCI中国A股国际通ETF、工银国证2000ETF、国泰中证智能汽车主题 ETF、银华中证1000增强策略ETF等多只ETF发布公告，分别提示基金资产净值连续低于5000万元，可 能触发基金合同终止。这意味着，上述基金存在清盘的风险。 另一方面，从二级市场看，部分ETF ...

来源： 甘肃省人民政府 近日，甘肃省人民政府办公厅发布关于促进政府投资基金高质量发展的管理办法 。其中明确提 出，需要强化政府引导，各级财政部门负责统一管理本级政府投资基金，严控新设基金，推动优化 整合已设基金，明确直接管理或委托管理的职责划分，强化统一运作管理。《办法》还指出，需要 培育壮大长期资本、耐心资本，合理确定政府投资基金存续期。各地需要严格落实建设全国统一 大市场部署要求， 建立健全激励容错体系， 不以招商引资为目的设立政府投资基金。 以下为办法原文： 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 ...

Group 1 - The largest equity ETF in the market, Huatai-PB CSI 300 ETF, announced a cash dividend plan of 0.880 yuan per 10 fund shares, with a total dividend amount expected to exceed 8 billion yuan, potentially setting a record for the highest single dividend in domestic ETF history [1] - Since its establishment on May 4, 2012, the Huatai-PB CSI 300 ETF has distributed dividends 13 times, with a total dividend amount expected to surpass 16 billion yuan, maintaining a stable record of returning profits to shareholders [1] - Other ETFs under Huatai-PB, including Huatai-PB CSI Hong Kong Stock Connect High Dividend Investment ETF, Huatai-PB CSI Central Enterprises Dividend ETF, and Huatai-PB SSE Dividend ETF, also announced dividend plans, contributing to a total of 14.5 billion yuan in dividends from four major ETFs, accounting for 70% of all ETF dividends [1] Group 2 - The A-share market's dividend ecosystem has been continuously optimized due to regulatory guidance on cash dividends, with a significant increase in cumulative dividend amounts for ETFs since 2025 compared to the previous year [2] - Major "giant" broad-based ETFs, including Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, Huaxia CSI 300 ETF, and Harvest CSI 300 ETF, received substantial increases in holdings from the "national team," indicating a supportive stance towards the capital market [2]

Group 1 - The article reviews Eagle Point Income Co (NYSE: EIC), a fund primarily investing in CLO Debt with a minor allocation in CLO Equity [1] - The fund has experienced a decline due to a recent cut in its distribution [1]

6月1 0日，《甘肃省人民政府办公厅关于促进政府投资基金高质量发展的实施意见》（以下简 称《实施意见》）发布。 母基金研究中心关注到，《实施意见》是对今年 1月7日国务院办公厅印发的《关于促进政府 投资基金高质量发展的指导意见》（国办发〔2 0 2 5〕1号）的贯彻落实，其中许多相关举措与 国办文件要求一致。 此外，《实施意见》中有较为值得注意的提法： " 各级财政部门负责统一管理本级政府投资基 金，严控新设基金 ， 推动优化整合已设基金，明确直接管理或委托管理的职责划分，强化统 一运作管理。各地要严格落实建设全国统一大市场部署要求，不以招商引资为目的设立政府投 资基金。 " 今年的国办 1号文是首次国家层面出台促进政府投资基金发展的重要文件，其中提出"不以招商 引资为目的设立政府投资基金"，这对此前业内十分火热的"基金招商"模式无疑产生深远影 响。随着国令7 8 3号《公平竞争审查条例》从去年8月起正式施行，"税收优惠"式、"奖补"式招 商引资模式走到了尽头，我国各地的招商模式正在发生变革，"基金招商"模式兴起。在此过程 中，许多地区的政府投资基金越来越强调投资与招商的联动，设立了专门的招商基金，母基金 也 ...

Core Insights - In June 2025, a total of 245 ETF funds experienced net buying from major funds, while 298 ETF funds faced net selling. Notably, 86 ETF funds had net purchases exceeding 10 million yuan, with the Ten-Year Treasury ETF (511260) leading with a net inflow of 3.234 billion yuan [1][3][5]. Group 1: Major Net Buyers - The top five ETFs with the highest net buying amounts include: 1. Ten-Year Treasury ETF (511260) with 3.233 billion yuan 2. National Development ETF (159650) with 1.521 billion yuan 3. 0-4 Year Local Debt ETF (159816) with 1.093 billion yuan 4. Treasury ETF (511010) with 909.9 million yuan 5. Hong Kong Innovative Drug ETF (513120) with 848.5 million yuan [1][3][5]. Group 2: Major Net Sellers - A total of 104 ETFs experienced net selling exceeding 10 million yuan, with the top five being: 1. Credit Bond ETF Guangfa (159397) with 522 million yuan 2. Credit Bond ETF (511190) with 480 million yuan 3. A500 Index ETF (159351) with 419 million yuan 4. Hang Seng Technology Index ETF (513180) with 334 million yuan 5. Shanghai 50 ETF (510050) with 306 million yuan [5][7][9]. Group 3: Continuous Net Buying - Over the recent period, 168 ETFs have seen continuous net buying, with the leading ones being: 1. Entrepreneur Large Cap ETF (16 days) with 144 million yuan 2. Ten-Year Local Debt ETF (12 days) with 4.342 billion yuan 3. CSI 2000 ETF (12 days) with 341 million yuan 4. National Development ETF (11 days) with 1.689 billion yuan 5. Biotechnology ETF (11 days) with 23.4 million yuan [11][13]. Group 4: Continuous Net Selling - A total of 101 ETFs have experienced continuous net selling, with the top five being: 1. Transaction Currency ETF (13 days) with 32.37 million yuan 2. Bank ETF Preferred (9 days) with 20.5 million yuan 3. Dividend Low Volatility ETF (8 days) with 46.67 million yuan 4. CSI A500 ETF Morgan (7 days) with 123 million yuan 5. Data ETF (7 days) with 17.04 million yuan [15][16]. Group 5: Recent Trends - In the last five days, 62 ETFs have seen net buying exceeding 100 million yuan, with the top five being: 1. Credit Bond ETF Guangfa (159396) with 5.728 billion yuan 2. Credit Bond ETF (511190) with 5.450 billion yuan 3. Ten-Year Treasury ETF (511260) with 4.624 billion yuan 4. National Development ETF (159650) with 4.336 billion yuan 5. 5-Year Local Debt ETF (159972) with 4.034 billion yuan [18][20]. - Conversely, 19 ETFs have seen net selling exceeding 100 million yuan, with the top five being: 1. Yin Hua Daily ETF (511880) with 5.750 billion yuan 2. Hua Bao Tian Yi ETF (511990) with 3.822 billion yuan 3. Credit Bond ETF Tian Hong (159398) with 2.705 billion yuan 4. A500 ETF Fund (512050) with 825 million yuan 5. Shanghai Company Bond ETF (511070) with 823 million yuan [22][24].

Group 1 - A new floating rate fund, the交银施罗德瑞安混合, is being launched with a proprietary investment of 20 million yuan by交银施罗德, reflecting confidence in the long-term stability of China's capital markets [1] - Since the launch of the first batch of floating rate products on May 27, multiple public funds have announced self-purchases, with total subscriptions exceeding 100 million yuan as of June 9 [1] Group 2 - 15 fund companies have terminated their sales cooperation with民商基金销售公司 as of June 9, with 中欧基金 and 华泰保兴基金 being among the latest to announce this decision [2][3] - Additionally, 上银基金 has also announced the termination of its sales cooperation with海银基金销售有限公司 [4] Group 3 - As of June 9, the total scale of ETFs has reached 4.16 trillion yuan, with an increase of nearly 440 billion yuan this year, and the number of shares has risen to 2.74 trillion [5] - 14 ETFs have seen an increase in scale of over 10 billion yuan this year, with the highest individual increase exceeding 30 billion yuan [5] Group 4 - 26 new free cash flow strategy funds have been established this year, raising a total of 15.143 billion yuan, with several funds exceeding 1 billion yuan in issuance [6] - New products in this category are actively being reported, indicating ongoing interest and expansion in the free cash flow strategy fund segment [6] Group 5 - The 北证50成份指数 has shown strong performance, with all 20 available北交所主题基金 achieving positive returns this year, the highest increase being 72.29% [7][8] - Several北证50成份指数基金 have implemented purchase limits to protect the interests of fund holders [7] Group 6 - 兴证全球基金's manager, 陈聪, emphasizes four key investment directions: internet leading companies, innovative pharmaceuticals, new consumer trends, and technology hardware, particularly in the context of AI applications [9] - The innovative pharmaceutical sector is expected to continue its momentum into the second half of the year, with A-shares showing potential in niche markets like pet products and beauty [9] Group 7 - On June 10, the market experienced a decline, with the Shanghai Composite Index falling by 0.44% and the Shenzhen Component Index by 0.86% [10] - The trading volume reached 1.42 trillion yuan, indicating increased market activity compared to the previous trading day [10]

Core Viewpoint - The bond ETF market is experiencing significant growth driven by product innovation, with a total scale reaching 310.67 billion yuan as of June 9, 2025, representing a 78% increase compared to the end of 2024 [1] Group 1: Market Expansion - The total scale of bond ETFs has increased significantly, surpassing the growth rate of the entire year of 2024 [1] - Eight benchmark credit bond ETFs launched in January 2025 contributed approximately 77 billion yuan to the market, with a combined scale nearing 77 billion yuan [1][3] - The nine credit bond ETFs have attracted over 80 billion yuan in new funds, accounting for about 60% of the total new scale in bond ETFs [4] Group 2: Trading and Liquidity - The introduction of general pledge-style repurchase business for the nine credit bond ETFs has enhanced trading volumes, with a 65% increase in transaction amounts on the first day of implementation [6][7] - On June 9, the transaction amount for these ETFs approached 67 billion yuan, indicating strong market activity [1][7] - Credit bond ETFs are expected to improve liquidity in the market, providing a buffer against potential liquidity issues during downturns [5][8] Group 3: Investment Appeal - Credit bond ETFs offer multiple advantages, including higher liquidity due to the selection of high-quality bonds and clear investment targets [4] - The ability to conduct T+0 trading allows for flexible asset switching, making these ETFs attractive to investors [4] - The inclusion of credit bond ETFs in the pledge-style repurchase market is seen as a significant innovation in China's bond market, potentially attracting a broader range of investors [8]

Group 1 - Collateralized Loan Obligations (CLOs) are pools of debt categorized by rating and risk profile, known as tranches [1] - The current environment features higher interest rates, impacting the performance and attractiveness of CLOs [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

截至2025年6月10日 10:32，公司债ETF(511030)上涨0.02%，最新价报105.91元。拉长时间看，截至2025年6月9日，公司债ETF近1年累计上涨2.06%。 流动性方面，公司债ETF盘中换手11.8%，成交20.69亿元，市场交投活跃。拉长时间看，截至6月9日，公司债ETF近1周日均成交19.85亿元。 规模方面，公司债ETF最新规模达175.24亿元，创成立以来新高。 份额方面，公司债ETF最新份额达1.66亿份，创近1月新高。 虽然关税大降，但当前央行刻意宽松，与Q1判若两人，短期来看资金面无担忧，预计资金利率低位低波动。当前，我们对利率债中性，对信用偏多，看收 益率2%以上信用债利差压缩。 10Y国债不仅看资金面，更看经济预期。全A已新高，上证也涨回去了，港股银行屡创新高，恒生科技也涨回去大部分。我们看经济企稳，芬太尼关税也有 下调的可能，认为2025年利率债没有趋势性机会，如履薄冰。建议关注5Y信用债机会，攻守兼备，三五年定期存款利率低是支撑。重点跟踪后续央行是否 会收紧资金面。 平安基金债券ETF三剑客成员包括公司债ETF(511030)、国开债券ETF(159651)和国债 ...