新华财经北京6月6日电以基金成立日统计，2025年5月公募基金市场合并发行规模约为657.59亿元，环比下降29.56%。 从产品发行结构来看，5月债券型基金发行规模最大，超过300亿元。股票型基金发行规模紧随其后。汇安裕宏利率债、国泰中债优选投资级信用债指数发行 规模居前。 5月共有7只基金宣布延募，涉及广发上证科创板100ETF、广发智选启航、博时中证A50ETF等基金。 合并发行规模约为657.59亿元环比下降29.56% 以基金成立日统计，2025年5月公募基金市场合计发行基金产品95只（初始基金口径并剔除转型基金和后分级基金，下同），合并发行规模约为657.59亿 元，发行规模同比下降34.93%，环比下降29.56%。 图1：5月新发基金类型统计 从产品发行结构来看，5月债券型基金发行规模最大，超过300亿元；股票型基金发行规模紧随其后，达到265.87亿元；FOF基金发行规模相对较小，约为0.1 亿元。 | 代码 | | | | --- | --- | --- | | 561750.OF | 博时中证A50ETF | 2025-1 | | 024033.OF | 嘉实上证科创板综合联接A | 2 ...

持仓分布的偏离与策略差异将使得债券 ETF 业绩出现阶段性分化。 即便是同一跟踪指数下的不同产品， 也会呈现出一定程度的分化。其核心在于，大部分债券指数基金面临底层资产流动性制约，因而多采用抽 样复制法，并具备一定的主动管理特征。一方面为了应对流动性监管所致的现金拖累，指数基金可能会在 特定的市场环境下选择一定程度上（久期 / 评级）的主动偏离或是可能基金本身也存在一些 Smart Beta 策略的加持，另一方面，由于某些特定的优质属性使得部分个券存在一定的稀缺性，无法有效购得也会使 指数基金发生对于指数的被动偏离。考虑到在纳入质押库后需满足担保品的持续管理，在评级上选择大幅 偏离的空间有限，因此未来的差异将更多体现在久期与期限摆布及相关策略的应用上。 报告导读： 通用质押式回购的准入有望拉平信用债 ETF 与底仓资产在回购功能性上的差 异，更低的预期折算率波动水平有望降低正回购方的欠库风险与实际综合融资成本，使得 投资者进一步增厚收益。 首批 9 只基金已获同意函，信用债 ETF 开展通用质押式回购即将落地。 截至 2025 年 5 月末，包括平 安、大成、博时、广发、天弘、南方、易方达、海富通、华夏等 9 ...

权益类基金中，ETF基金分红大幅加码。据同花顺数据，近百只权益ETF（含联接基金）今年以来累计 分红119.43亿元，较去年同期增长了456.36%，分红次数也从30次提升至215次。单只基金方面，分红超 过10亿元的6只权益基金均为ETF，其中华夏沪深300ETF、嘉实沪深300ETF分红超20亿元，南方中证 500ETF、易方达沪深300ETF发起式、华泰柏瑞上证红利ETF、华泰柏瑞鼎利混合等分红10亿元。 国寿安保基金指出，基金分红主要有现金分红和红利再投资这两种方式。现金分红是基金公司将分红的 金额直接以现金的形式打入投资者的账户，适合需要现金流的投资者，或者希望将分红用于其他投资或 消费的投资者；红利再投资则是基金公司将应分红的金额自动转换为基金份额，并增加到投资者的基金 持有份额数中，更适合那些看好基金未来表现、希望增加持有份额的投资者。投资者在投资基金时，应 该充分了解基金的分红机制，根据自己的需求和目标选择合适的分红方式；同时也要注意，分红并不是 基金投资的唯一目标，投资者还需要关注基金的整体表现和投资风险，做出理性的投资决策。 有业内人士认为，公募基金分红金额的增加，反映了公募基金行业的稳健 ...

Group 1 - The core viewpoint of the article highlights that public fund dividend enthusiasm continues to rise in 2025, with a total dividend amount of 93.55 billion yuan in the first five months, marking a 40% increase compared to the same period last year, and reaching a three-year high [1][4] - Bond funds and stock index funds accounted for the majority of dividends, with 71.40 billion yuan and 12.91 billion yuan respectively, representing 76.32% and 13.80% of the total dividends [2][5] - The number of funds distributing dividends, the frequency of distributions, and the total dividend amount have all reached new highs in nearly three years, with 2,635 public funds distributing dividends 3,823 times in the first five months of 2025 [3][4] Group 2 - The significant increase in dividend amounts for equity funds, which reached 17.57 billion yuan, represents a 157.15% increase compared to 6.83 billion yuan in the same period last year [4] - The trend of high dividend payouts is supported by the performance of bond and stock index funds, which have seen price increases and strong profit bases from the previous year [8][10] - Future public fund reforms are expected to enhance the frequency and scale of dividends, with a focus on improving investor returns and diversifying dividend models [10]

Core Viewpoint - 180 Degree Capital Corp. is progressing with its proposed all-stock merger with Mount Logan Capital Inc., with expectations to seek shareholder approval in the third quarter of 2025 [1][3][5] Financial Statements and Regulatory Filings - An amended preliminary proxy statement was filed on May 6, 2025, containing audited financial statements of Mount Logan, converted to U.S. GAAP from IFRS to meet SEC requirements [2] - Yukon Parent, the legal acquirer in the merger, filed an amended registration statement on Form S-4 to register the issuance of shares to shareholders of both companies [2] SEC Review Process - Both the proxy statement and Form S-4 are undergoing the standard SEC review process, with plans to set record and meeting dates for a special shareholder meeting once SEC comments are cleared [3] - The company aims to commence the proxy solicitation process and hold the special meeting for shareholder voting during the third quarter of 2025 [3] Stock Performance and Market Context - Since the announcement of the proposed merger, 180 Degree Capital's common stock price has increased by 5.6%, contrasting with a 4.9% decline in the Russell Microcap Index [4] - The company believes that transitioning to an operating company will establish its net asset value as a price floor rather than a ceiling, which is typical for closed-end funds [4] Shareholder Support and Voting Agreements - Approximately 14% of non-insider shareholders have signed voting agreements or provided non-binding indications of support for the merger [5] - The voting agreement represents the entirety of the agreement related to the Business Combination, with no separate agreements with those providing non-binding support [5] Company Overview - 180 Degree Capital Corp. is a publicly traded closed-end fund focused on investing in undervalued small public companies, aiming for significant turnarounds through constructive activism [6]

Core Viewpoint - Waterdrop Inc. reported strong financial and operational growth in the first quarter of 2025, with significant increases in revenue and profit compared to previous periods [3][10]. Financial and Operational Highlights - Net operating revenue for Q1 2025 increased by 7.0% year-over-year to RMB 753.7 million (US$ 103.9 million) and by 9.7% quarter-over-quarter [9]. - Net profit attributable to ordinary shareholders reached RMB 108.2 million (US$ 14.9 million), marking a 34.2% year-over-year increase [10][15]. - First-year premiums generated through the insurance business reached RMB 2,092.4 million (US$ 288.3 million), representing a 19.3% year-over-year increase [10]. - Insurance-related income amounted to RMB 658.0 million (US$ 90.7 million), an increase of 8.4% year-over-year [11]. - Digital clinical trial solution income grew by 11.5% year-over-year to RMB 23.0 million (US$ 3.2 million) [12]. Insurance Business Performance - The insurance business saw a 30.1% year-over-year increase in short-term insurance premiums [4]. - Long-term insurance premiums grew by 27.6% quarter-over-quarter, indicating operational resilience despite product iteration challenges [4]. Crowdfunding and Risk Management - Waterdrop Medical Crowdfunding expanded its verification platform to cover 92% of domestic cities, enhancing risk control and campaign validation processes [5]. - Cumulatively, around 475 million people donated an aggregate of RMB 68.8 billion to 3.47 million patients through the crowdfunding platform [10]. AI and Technology Integration - The penetration of 'AI Insurance Expert - Medical Insurance' facilitated over RMB 2 million in monthly premiums [7]. - The 'AI Service Quality Copilot' improved unit operational efficiency by 83% since its launch [7]. Shareholder Value and Cash Position - The company distributed approximately US$ 7.3 million in cash dividends and repurchased around 54.2 million ADSs for a total consideration of approximately US$ 106.6 million as of May 31, 2025 [8][18]. - As of March 31, 2025, the cash position was RMB 3,543.3 million (US$ 488.3 million) [17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to promote the regularization of fund share transfer business and expand the pilot program for physical stock distribution to investors, focusing on nurturing long-term capital and optimizing private equity fund mechanisms [1] Group 1 - The CSRC emphasizes the importance of cultivating and expanding long-term and patient capital [1] - There is a push to guide private equity funds in optimizing long-cycle assessment mechanisms to better align with the development characteristics of technology innovation enterprises [1] - The development of secondary market funds (S Funds) is supported, along with the transition of fund share transfer from pilot to regular practice [1] Group 2 - The initiative includes expanding the pilot program for physical stock distribution to investors, promoting a healthy cycle of fundraising, investment, management, and exit [1] - Continuous guidance for medium- and long-term capital to enter the market is highlighted, along with the improvement of the "long money, long investment" system [1] - The CSRC aims to adhere to the basic legal principles of equity investment, fostering a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises and their founding shareholders [1]

智通财经6月5日电，6月4日23只新基金成立，今年以来单日成立基金数量仅次于4月29日的29只。6月4 日成立的23只新基合计首发募集超120亿元，其中权益类基金合计募集规模占一半以上。 23只新基同日成立 募集规模合计超120亿元 ...

公众号高阅读榜榜首作品——华夏基金27周年推文，联动视频号共同宣发，生态共振创造了较高的流量势能，为基金今年首篇10W+推文。其他作品主要以 红包福利为主。 本期为基金社交媒体指数（2025年4月）。 基金总榜延续稳定态势，榜单进出机构较少。具体来看，本期兴证全球基金、华富基金替换永赢基金（3月TOP18）、东方红资管（3月TOP19）上榜。 2025年以来，基金抖音高赞榜上榜题材随热点轮动，1月"春节"、2月"哪吒"、3月"机器人"、4月"关税"，充分体现了抖音财经板块热点驱动的流量特性。具 体来看，4月上榜作品中，国泰基金详细地讲述了关税的由来、关税战的发展脉络、事件影响等，帮助用户全面了解关税战全貌，作品从「美国鸡蛋价格飙 升」这一民生热点切入，有助于激发用户共鸣与讨论，收获过万点赞；嘉实基金则从避险资产——黄金切入，讨论在关税政策引发的市场波动和不确定性 下，黄金的投资价值，作品将宏观事件与微观投资工具结合，为用户提供即时、实用的投资建议。 视频号方面，本期上榜作品题材多样，包含泛财经解读、品牌宣传、活动宣传等内容，表明视频号用户对财经内容的需求走向多元。泛财经方面，中欧基金 剪辑小宇宙跨境投资风险相 ...

数据显示，杠杆资金持续布局中。公司债ETF最新融资买入额达330.14万元，最新融资余额达273.77万元。 据公告，自2025年6月6日起，平安中债-中高等级公司债利差因子交易型开放式指数证券投资基金(基金代码：511030；基金简称：平安中高等级公司债利差 因子ETF；扩位简称：公司债ETF)可申报作为质押券进行通用质押式回购交易。 截至2025年6月5日 10:44，公司债ETF(511030)上涨0.04%，最新价报105.88元。拉长时间看，截至2025年6月4日，公司债ETF近1年累计上涨2.13%。 流动性方面，公司债ETF盘中换手0.94%，成交1.46亿元。拉长时间看，截至6月4日，公司债ETF近1周日均成交18.24亿元。 规模方面，公司债ETF最新规模达155.29亿元，创成立以来新高。 份额方面，公司债ETF最新份额达1.47亿份，创成立以来新高。 从资金净流入方面来看，公司债ETF近15天获得连续资金净流入，最高单日获得3.23亿元净流入，合计"吸金"18.36亿元，日均净流入达1.22亿元。 流动性方面，国债ETF5至10年盘中换手0.06%，成交80.89万元。拉长时间看，截至6 ...