Core Viewpoint - John Hancock has declared monthly distributions for several closed-end funds, with specific amounts per share and distribution rates highlighted for each fund [1]. Distribution Details - The Preferred Income Fund II (HPF) declared a distribution of $0.1235 per share, with a market price of $16.07 and an annualized current distribution rate of 9.22% [1]. - The Preferred Income Fund III (HPS) declared a distribution of $0.1100 per share, with a market price of $14.41 and an annualized current distribution rate of 9.16% [1]. - The Premium Dividend Fund (PDT) declared a distribution of $0.0825 per share, with a market price of $12.70 and an annualized current distribution rate of 7.80% [1]. - The Tax-Advantaged Dividend Income Fund (HTD) declared a distribution of $0.1580 per share, with a market price of $23.66 and an annualized current distribution rate of 8.01% [1]. Managed Distribution Plans - The Premium Dividend Fund operates under a managed distribution plan (PDT Plan), ensuring monthly distributions of $0.0825 per share until further notice [2]. - The Tax-Advantaged Dividend Income Fund operates under a managed distribution plan (HTD Plan), ensuring monthly distributions of $0.1580 per share until further notice [5]. Distribution Components - Distributions under both the PDT and HTD Plans may include net investment income, net realized long-term capital gains, net realized short-term capital gains, and potentially a return of capital [3][6]. - Additional distributions may be made to avoid federal income tax on taxable income and capital gains not included in regular distributions [4][7]. Tax Reporting - A portion of the current distribution may include sources other than net investment income, and a notice with estimated components will be sent to shareholders if the distribution does not consist solely of net investment income [8]. - Investors will receive a Form 1099-DIV at the end of each calendar year to report distributions for federal income tax purposes [9].

Core Viewpoint - DoubleLine Income Solutions Fund has declared a distribution of $0.11 per share for January 2026, with specific ex-dividend, record, and payment dates set by the Board of Trustees [1][2]. Distribution Details - The distribution declaration date is January 2, 2026, with the ex-dividend and record dates both on January 14, 2026, and the payment date on January 30, 2026 [2]. Fund Objectives and Investment Strategy - The primary investment objective of the Fund is to seek high current income, while the secondary objective is capital appreciation. The Fund aims to invest at least 80% of its net assets in debt securities and other income-producing investments globally, including emerging markets [3]. - The Fund may invest in various types of mortgage-backed securities and has no limit on investments in securities rated below investment grade, commonly referred to as "high yield" or "junk bonds" [3]. Fund Management - DoubleLine Capital LP serves as the investment adviser for the Fund, which is registered under the Investment Advisers Act of 1940 [4]. Tax Information - The Fund will provide shareholders with a Form 1099-DIV in early 2027, detailing the tax characteristics of the distributions for the previous calendar year [2][11]. As of December 31, 2025, the estimated return of capital component of the cumulative distribution for the fiscal year-to-date is $0.064 per share, representing 19% [11].

Core Viewpoint - The article highlights the exceptional performance of Yongying Technology Smart A Fund, managed by Ren Jie, which achieved a cumulative annual return of 239.78% as of December 30, 2025, surpassing the previous record held by Wang Yawei for 17 years [1][3][5]. Performance Metrics - As of December 30, 2025, Yongying Technology Smart A Fund recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3]. - In comparison, the average return of equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [5]. Fund Growth and Strategy - The fund was established on October 30, 2024, with an initial size of approximately 1.03179 million yuan, of which about 98% was subscribed by Yongying Fund and company employees. By the end of the third quarter of 2025, its size surged to 11.521 billion yuan, marking over a thousand-fold growth [5][6]. - Ren Jie made a pivotal decision in the second quarter of 2025 to shift the fund's holdings towards the overseas computing power industry chain, particularly focusing on key segments like optical communication modules and PCBs, which significantly contributed to the fund's performance [6][8]. Investment Framework - Ren Jie employs a systematic investment framework characterized by "research-driven, focus on change, and flexible response," emphasizing deep industry research and the importance of tracking changes in the market [10][11]. - The investment strategy is based on capturing both "performance changes" through high-frequency data and "valuation changes" driven by market dynamics, aiming for a dual impact on performance and valuation [11]. Market Challenges and Future Outlook - The fund faces challenges related to extreme concentration, high volatility, and limited capacity, especially as the market transitions from expectation-driven trading to profit verification in 2026 [15]. - The article discusses the phenomenon of "champion curse," where funds with extreme high returns often experience significant drawdowns in subsequent years, suggesting that the current success may not be easily replicable [12][15].

Core Insights - By the end of 2025, China's public REITs market is projected to reach a total issuance of 79 products and a total issuance scale exceeding 210 billion yuan, establishing itself as the largest REITs market in Asia and the second largest globally [1][5] - The rapid growth of the market is driven by policy support and significant capital inflow, with institutional investors holding over 97% of the market [2] - The first half of 2025 saw a surge in subscription rates for new REITs, with some products experiencing subscription multiples exceeding 1,000 times, indicating strong market demand [3][5] Market Dynamics - The REITs market in 2025 is characterized by strong expansion, with 20 new products and 5 expansions, raising a total of 47.335 billion yuan [1] - The National Development and Reform Commission's policy changes have broadened the asset types eligible for REITs, enhancing market growth potential [2] - The market has diversified its underlying assets, covering ten categories including infrastructure, energy, and data centers, with new types of REITs being introduced [6] Performance and Trends - Consumer REITs have led the market with an average increase of over 30% in 2025, while industrial park REITs have faced negative returns due to underperforming underlying assets [8] - The market has shown significant differentiation, with the CSI REITs total return index rising nearly 10% in the first half of 2025 before experiencing a correction [8] Management Landscape - A concentration of management firms has emerged, with 26 institutions dominating the market, led by Huaxia Fund with nearly 49.5 billion yuan in managed assets, accounting for over 20% market share [10][11] - The trend of diversified management is evident, with nine managers covering both property and concession projects, indicating a shift towards more sophisticated asset management practices [10] Innovations in Fundraising - The expansion process of public REITs in 2025 has seen innovative breakthroughs, with new asset types and improved pricing mechanisms enhancing market efficiency [12] - The successful subscription of the Huaxia Fund's REIT, which achieved a 99.51% subscription rate, reflects strong market confidence in the value of expanded assets [12] Future Outlook - The public REITs market is expected to continue evolving, with anticipated improvements in liquidity, the introduction of REITs index funds, and further institutional participation [13] - The ongoing optimization of the regulatory framework, including the exploration of delisting mechanisms, is crucial for the sustainable development of the market [13]

2025年12 月 31 日，中国证监会正式发布《公开募集证券投资基金销售费用管理规定》（以下简称《管 理规定》），这一公募基金行业三阶段费率改革的收官之作，标志着我国基金行业费率体系的系统性重 塑正式落地。此次改革绝非简单的 "费用减法＂，而是一份撬动财富管理生态升级的战略蓝图：通过每 年为投资者让利超 500亿元的真金白银让利，不仅直接增厚投资者收益，更以费率为指挥棒，引导投资 者、机构与市场形成 "长期投资获回报、专业服务得收益、市场稳定促发展＂ 的正向循环，为资本市场 构建长牛慢牛的坚实基础。 转自：新华财经 降费方案概览：有真金白金的让利，也有引导良性生态的制度创新 作为贯彻新 "国九条＂ 精神的关键举措，《管理规定》共六章 29 条，聚焦销售环节费用的规范与优 化，核心通过六大举措实现生态赋能。从改革脉络看，这是 2023 年 7 月启动的费率改革 "三步走＂ 的 最终落子 —— 前两阶段已通过调降管理费、托管费及交易佣金，每年为投资者节省 200 亿元；第三阶 段则瞄准认购费、申购费、销售服务费等核心环节，再添每年 300 亿元让利，三阶段合计实现 500 亿元 年让利规模。 方案的制度设计精准 ...

Core Insights - The 2025 fund has seen a remarkable increase of 233% this year, indicating strong performance in the market [1] - Active equity funds have regained dominance in the investment landscape, reflecting a shift in investor preferences [1] - The total industry scale is approaching a new high of 36 trillion, showcasing significant growth in the fund management sector [1] Group 1 - The champion fund's performance of 233% this year highlights the potential for high returns in the current market environment [1] - The resurgence of active equity funds suggests a renewed confidence among investors in actively managed strategies [1] - The industry scale nearing 36 trillion indicates robust growth and increasing capital inflow into the fund management industry [1]

Group 1: Award Winners - The "Golden Bull Fund Management Company Award" was awarded to several companies including Dachen Fund Management Co., Ltd., Huatai-PB Fund Management Co., Ltd., and ICBC Credit Suisse Fund Management Co., Ltd. [1] - The "Active Equity Investment Golden Bull Fund Company Award" was given to Dachen Fund Management Co., Ltd., Huashang Fund Management Co., Ltd., and Guohai Franklin Fund Management Co., Ltd. [1] - The "Fixed Income Investment Golden Bull Fund Company Award" was awarded to Industrial Bank Fund Management Co., Ltd. and China Life Asset Management Co., Ltd. [1] Group 2: Continuous Excellence Awards - The "Continuous Excellence Golden Bull Fund" for seven-year open-end stock type was awarded to Dachen Gaoxin Stock Fund [1] - The "Continuous Excellence Golden Bull Fund" for five-year open-end stock type included Penghua Preferred Value Stock and Invesco Great Wall Growth Star Stock [2] - The "Continuous Excellence Golden Bull Fund" for seven-year open-end mixed type included Wanjiar Zhenxuan Mixed and Jiao Yin Trend Mixed [2] Group 3: Bond Fund Awards - The "Continuous Excellence Golden Bull Fund" for five-year open-end bond type included Penghua Fenglu Bond and Yinhua Credit Quarterly Bond [3] - The "Continuous Excellence Golden Bull Fund" for seven-year open-end bond type included Zhongyou Ruixin Enhanced Bond and Bank of China Zhaoli Bond [3]

Core Viewpoint - The public fund market in China has reached a significant milestone, surpassing 37 trillion yuan in total assets, driven by strong growth in the ETF market and a continuous upward trend in public fund sizes over the past eight months [2][3][7]. Group 1: Public Fund Market Growth - As of November 2025, the total net asset value of public funds in China reached 37.02 trillion yuan, marking a historic breakthrough [3]. - The public fund market has shown a consistent upward trend, crossing key thresholds of 34 trillion, 35 trillion, and 36 trillion yuan throughout the year [3]. - The dominant segment within the public fund market is the money market fund, which holds 15.19 trillion yuan, followed by bond funds at 10.52 trillion yuan [4][5]. Group 2: ETF Market Expansion - The ETF market has experienced explosive growth, with the number of products reaching 1,391 and total assets surpassing 6 trillion yuan by the end of 2025, representing a year-on-year increase of 32.98% in product count and 61.66% in total assets [7][8]. - The growth of the ETF market has significantly outpaced the overall public fund market, with an increase of approximately 2.3 trillion yuan in 2025 alone [7]. - Since its inception in 2004, the ETF market has evolved from a nascent stage to a crucial component of the capital market, particularly accelerating since 2020 [7]. Group 3: Future Investment Trends - Looking ahead to 2026, artificial intelligence is anticipated to be a central theme in the market, with expectations of a "structural bull" market in A-shares [9][10]. - Key investment opportunities are expected in sectors such as autonomous driving, AI applications, and non-ferrous metals, while traditional sectors like consumer goods and liquor require close monitoring of policy changes [10][11]. - Analysts suggest that the semiconductor sector remains promising, driven by ongoing demand for AI-related chips and advancements in technology [10][11].

新华财经北京12月31日电（记者刘玉龙）12月31日，中国证监会发布《公开募集证券投资基金销售费用 管理规定》（以下简称《规定》）。作为费率改革的最后一步，此次公募基金销售费率改革方案的出 台，标志着我国公募基金行业费率改革平稳落地，为行业高质量发展注入强劲动力，也为建设规范透 明、有活力的资本市场贡献积极力量。 记者获悉，对各方比较关注的债券型基金与指数型基金的赎回费安排，《规定》区分不同投资者类型进 行适当优化，即对个人投资者持有期满7日的场外指数基金、债券型基金豁免赎回费要求；对机构投资 者持有期满30日的债券型基金豁免赎回费要求。公募基金行业三个阶段降费工作全部完成后，预计每年 为投资者节省约510亿元投资成本，公募基金综合费率水平下降约20%。 引导基金销售机构由"重首发"向"重保有"转变 《规定》着重解决认申购费率水平相对偏高、赎回费收取机制设计复杂、销售服务费缺乏有效规制等突 出问题，共有6章29条，主要包括以下6方面内容。 一是拉平并降低认申购费率收取上限。将主动偏股型基金、其他类型的混合型基金、指数型基金和债券 型基金的认申购费率上限分别调降至0.8%、0.5%、0.3%。 二是完善并优化赎 ...

记者丨黎雨辰 编辑丨巫燕玲 视频丨柳润瑛 12月31日，证监会发布《公开募集证券投资基金销售费用管理规定》（下称《管理规定》）， 标志着公募降费改革"三阶段"工作平稳落地。 此前在9月5日，证监会曾发布《管理规定》征求意见稿，并向社会公开征求意见。对比征求意 见稿，正式的《管理规定》在沿袭其核心内容的同时，也对债券型基金与指数基金的赎回费安 排等问题进行了进一步优化。 据业内人士测算，公募基金费率改革三阶段全部完成后， 预计每年会为投资者节省510亿元成 本 ，并让公募基金综合费率水平下降约20%。 受访机构向21世纪经济报道记者解读表示，《管理规定》将进一步督促销售机构牢固树立以投 资者为本的经营理念， 加速推动行业从"重销售规模"向"重投资者回报、重服务能力"转型。 费率直降、机制优化 据了解，正式的《管理规定》主要内容分为六个方面，着重解决了公募基金认购费、申购费率 水平相对偏高，赎回费收取机制设计复杂，销售服务费缺乏有效规制等问题。 五是明确基金行业机构投资者直销服务平台——FISP平台的法律依据及功能定位。 要求行业 机构积极对接平台，鼓励机构投资者通过对此平台申购赎回公募基金。这一数字基础设施为基 ...