Worked as engineer. Filed 7 patents. Became fascinated with EMT. Started hedge fund from scratch. After 20 years still welcome at family Thanksgiving dinners. Markets are mostly efficient but not always, knowing the difference...priceless. Investment process is looking for top shelf management that operates a business with an enduring competitive advantage with catalysts to drive earnings. Regular guest speaker, finance department, Iowa State University.Analyst’s Disclosure:I/we have a beneficial long posit ...

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Core Insights - The total scale of bond ETFs in China has surpassed 300 billion yuan for the first time, marking a significant milestone since the market first crossed the 200 billion yuan mark in February 2024 [1] - The bond ETF market has seen rapid growth, with the total scale increasing from 200 billion yuan to 300 billion yuan in just four months, highlighting a robust development trajectory since the inception of the first bond ETF in 2013 [1] Market Performance - Bond ETFs have become a crucial asset allocation tool for investors due to their advantages such as good liquidity and diversified risk [2] - In the past year, certain bond ETFs have shown remarkable performance, with the Bosera SSE 30-Year Treasury ETF and Pengyang Zhongzhai 30-Year Treasury ETF rising by 14.52% and 14.40% respectively [2] Product Classification - Credit bond ETFs, long-duration interest rate bond ETFs, and convertible bond ETFs are currently the most popular types in the bond ETF market, with credit bond ETFs accounting for over half of the total scale [3] - As of June 6, the total scale of credit bond ETFs reached 156.5 billion yuan, representing 51.45% of the total bond ETF market [3] Industry Trends - The bond ETF market is experiencing a "Matthew Effect," with eight bond ETF products managing over 10 billion yuan, indicating a growing head effect [4] - The total management scale of bond ETFs increased by over 40 billion yuan in May 2025 alone, reflecting strong market dynamics [4] Company Landscape - Sixteen fund companies are currently involved in the bond ETF sector, with Haifutong Fund leading with a management scale of 86.5 billion yuan [5] - The bond ETF market has seen a significant increase in scale, with a growth of 101.4 billion yuan in 2025 compared to 2024, indicating a positive outlook for future development [5]

《清华金融评论》观察 为加快补齐乡村地区新能源汽车消费使用短板，构建绿色低碳、智能安全的乡村居民出行体系，工业和信息化部、国家发展改革 委、农业农村部、商务部、国家能源局组织开展2025年新能源汽车下乡活动。推动车网互动技术在乡村地区应用，提升乡村绿色 发展水平。活动还将选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市，举行若干场专场活动，并以此为中心辐 射周边乡镇；鼓励各类新能源汽车生产、销售、金融、充换电及售后服务等领域经营主体共同参与，定制"购车优惠+用能支持+服 务保障"一体化促销方案，健全覆盖购车、用车、养车全周期售后服务网络。（观察员/周茗一） Financial Weekly 每周金融评论 目录 CONTENTS 热点聚焦 FOCUS ◎ 国家发展改革委、商务部等部门开展2025年新能源汽车下乡活动 MEETINGS ◎ 欧洲央行施纳贝尔:当前是提升欧元地位的恰当时机 重大政策 POLICIES ◎ 国务院国资委印发《中央企业发展规划管理办法》 重大事件s ◎ 我国公募基金管理总规模首次突破33万亿元,2024年初以来 第七次刷新历史 ◎ 中央汇金旗下券商已达8家，有望推动证券行业新一 ...

Core Viewpoint - Dachen Fund Management Co., Ltd. announced a self-purchase of 20 million yuan in its newly launched floating rate fund, Dachen Zhi Zhen Return Mixed Securities Investment Fund, reflecting a growing trend of self-purchases in the public fund industry as firms respond to regulatory fee reforms and strengthen ties with investors [2][5][9]. Group 1: Company Actions - Dachen Fund's self-purchase of 20 million yuan demonstrates confidence in the long-term stability and healthy development of China's capital market and the company's proactive investment capabilities [5]. - The Dachen Zhi Zhen Return Mixed Fund is one of the first floating management fee products, managed by experienced fund manager Du Cong, who has a track record of significant returns [5][6]. - Other institutions, including Jiao Yin Schroder Fund and Zhong Ou Fund, have also announced self-purchases, indicating a trend where self-purchase has become a standard practice for newly issued floating rate funds [7][8]. Group 2: Fund Structure and Mechanism - The Dachen Zhi Zhen Return Mixed Fund has a wide investment scope, including domestic stocks, bonds, and asset-backed securities, and employs a floating fee structure linked to fund performance [6]. - The management fee structure varies based on the holding period and performance, with rates ranging from 0.60% to 1.50% depending on the fund's performance relative to benchmarks [6]. - The floating fee mechanism aims to align the interests of fund companies with those of investors, promoting long-term investment and enhancing active management capabilities [6][9]. Group 3: Industry Trends - The self-purchase actions by Dachen Fund and other institutions signify a shift in the public fund industry towards a focus on returns and long-term performance [9]. - The implementation of floating fee mechanisms represents not only an innovation in fee structures but also a reconfiguration of investment philosophies and assessment systems within the industry [9].

Summary of Key Points Core Viewpoint - The trading volume of the ChiNext 50 Index ETF reached 762 million yuan today, marking an increase of 199 million yuan from the previous trading day, with a growth rate of 35.28% [1]. Trading Volume Analysis - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 582 million yuan, up 125 million yuan from the previous day, reflecting a growth of 27.41% [1]. - The Invesco Great Wall ChiNext 50 ETF (159682) saw a trading volume of 123 million yuan, an increase of 61.67 million yuan, with a significant growth rate of 101.35% [1]. - The Chuang 50 ETF (159681) recorded a trading volume of 31.56 million yuan, up 5.59 million yuan, representing a growth of 21.55% [1]. - The top performers in terms of trading volume increase included the Chuang 50 ETF ICBC (159370) and the Fortune ChiNext 50 ETF (159371), with increases of 606.21% and 256.73% respectively [1]. Market Performance - As of market close, the ChiNext 50 Index (399673) rose by 1.03%, while the average increase for related ETFs tracking the ChiNext 50 Index was 0.87% [1]. - The top gainers among ETFs included the Guotai ChiNext 50 ETF (159375) and the Invesco Great Wall ChiNext 50 ETF (159682), which increased by 1.10% and 1.03% respectively [1]. - The Fortune ChiNext 50 ETF (159371) was the only ETF to decline, with a decrease of 0.11% [1].

Investment Rating - The report indicates a potential growth estimate for Korea below 2.0% from 2026 onwards, highlighting the urgency for structural reforms [5][26]. Core Insights - Korea is facing significant demographic challenges, with a fertility rate that fell to 0.75 in 2024, the lowest in the world, and a projected halving of the workforce by 2065 [7][9]. - The new government's commitment to structural reform is emphasized, with a focus on long-term solutions rather than short-term fixes [7][26]. - The pension reform legislated for the first time in 18 years aims to improve the financial sustainability of the pension fund in response to a rapidly aging population [26][32]. Summary by Sections Demographic Trends - Korea's total population began to decline in 2025 due to the fastest dropping fertility rate globally [9]. - The fertility rate has shown a slight rebound in 2024, providing a window of opportunity to support critical age groups [15][16]. Economic Reforms - The new government under President JM Lee is prioritizing economic recovery and addressing low birth rates as key agenda items [59]. - Labor market reforms are necessary to address dualism, gender wage gaps, and strict working hour regulations [71]. Pension and Consumption - The income replacement ratio is forecasted to fall to 40% by 2028, which is below the OECD recommended level [32][34]. - As aging accelerates, the number of pension recipients is expected to outpace contributors by 2047, impacting household consumption [44][45]. Capital Market Reforms - The government plans to mitigate the "Korea discount" through capital market and governance reforms, including changes to corporate transactional rules [72][74]. - The Commercial Code amendment bill is on a fast track for approval, aiming to enhance corporate governance and shareholder returns [78][79].

Core Viewpoint - The ETF industry, valued at $11 trillion, is transitioning from a focus on ultra-low fees and passive management to higher-fee active management strategies, aiming to improve profitability and escape the revenue drought experienced in recent years [2][3]. Group 1: ETF vs. Mutual Funds - The U.S. mutual fund market, with a size of $19 trillion, primarily employs active management and generated approximately $82 billion in management fee revenue last year, significantly surpassing the $17 billion revenue of ETFs [3]. - Active mutual funds generate five times the revenue of ETFs, despite having slightly less than double the asset size of ETFs, highlighting the potential for revenue growth in the ETF sector [3]. Group 2: Revenue Disparity in ETFs - There is a significant imbalance between asset allocation and revenue contribution within the ETF industry; ETFs with fees below 10 basis points account for 60% of total ETF assets but only 16% of industry revenue, while those with fees above 50 basis points represent 6% of assets but contribute 28% of revenue [5]. - The inflow of funds into low-fee ETFs remains strong, but growth is beginning to slow, indicating a willingness among investors to pay more for specialized or differentiated investments [6]. Group 3: Future Trends in ETF Fees - The average fee for ETFs launched in 2025 has risen to 65 basis points, the highest level in history, reflecting a shift towards higher-margin products as the ETF market matures [6]. - Despite the popularity of ETFs, their revenue remains far below that of mutual funds, suggesting significant untapped revenue potential within the ETF industry [6]. - The top five ETF issuers have an average fee of only 22 basis points, while other issuers average 64 basis points, indicating a trend towards higher fees among smaller issuers as the market evolves [6].

Core Points - The upcoming Singapore forum on June 11 marks a new beginning for China-Singapore financial cooperation and showcases achievements over the past decade [2] - By 2025, the China-Singapore (Chongqing) Strategic Connectivity Demonstration Project will celebrate its 10th anniversary, with significant progress in financial innovation and cooperation [2][5] - Chongqing has emerged as a leader in financial policy innovation in the central and western regions of China, enhancing financial interactions with ASEAN countries [2][5] Financial Cooperation Mechanisms - Since the launch of the China-Singapore connectivity project in November 2015, a comprehensive cooperation mechanism has been established at multiple levels [3] - A memorandum was signed between the Monetary Authority of Singapore and Chongqing's financial regulatory authority to explore innovative regulatory cooperation models [3] - Various cooperation mechanisms have facilitated the implementation of financial innovation policies, enhancing the financial reform landscape in Chongqing [3][5] Key Projects and Achievements - As of May 2025, 74 financial innovation policies have been launched, covering cross-border investment, settlement, and insurance cooperation [5][11] - The recent signing of 23 cooperation projects, totaling approximately $2.4 billion, highlights ongoing collaboration in various sectors, including finance [5][6] - The establishment of the China-Singapore (Chongqing) Equity Investment Fund in 2016, with a total scale of 100 billion yuan, aims to support national strategic deployments [6] Financial Institutions and Market Expansion - Chongqing has successfully attracted over 20 financial institutions from Singapore, including private equity and leasing companies [9][10] - The city has also seen the establishment of 17 foreign bank branches, with a significant presence from ASEAN banks [10] - Chongqing's financial institutions have engaged in cross-border financing exceeding $23 billion, with notable achievements in bond issuance [11][12] Impact on Regional Connectivity - The China-Singapore financial cooperation has enhanced Chongqing's financial influence and connectivity with ASEAN countries [12] - The China-Singapore Financial Summit has become a key platform for financial exchanges between Western China and ASEAN nations, facilitating numerous project agreements [12]

近期，富国基金管理有限公司（以下简称"基金管理人"）旗下富国国证信息技术创新主题交易型开放式 指数证券投资基金（场内简称：信创ETF富国；产品代码：159538，以下简称"本基金"）规模变动较 大，本基金标的指数权重股停牌，基金管理人无法及时调整投资组合，可能导致本基金跟踪误差及跟踪 偏离度扩大。特此提示投资者关注相关风险并谨慎做出投资决策。 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。投资者投资于本基金前应认真阅读本基金的基金合同和招募说明书（更新）、 基金产品资料概要（更新）等相关法律文件。 特此公告。 富国基金管理有限公司 2025年6月9日 华西证券股份有限公司 客服电话：95584 公司网站：www.hx168.com.cn 富国基金管理有限公司关于新增华西证券股份有限公司为部分基金申购赎回代理券商的公告 根据富国基金管理有限公司（以下简称"本基金管理人"）与华西证券股份有限公司签署的基金销售协 议，新增上述券商担任富国深证50交易型开放式指数证券投资基金（场内简称：深证50ETF富国；二级 市场交易代码：159350）、富国中证8 ...