政府投资基金高质量发展再提速！ 6月10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，其中 "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" 的提法引发关注。这是地方层面贯彻落实今年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》（以下简称 "国办一号文"）的又一举措，也折射出当前地方政府投资基金领域的政策走向。 据证券时报记者不完全统计，国办一号文印发后，包括广东、河南平顶山、黑龙江、成都、山西等多地已相继出台相关政策文件。其中，严控新基金设立、存量基 金管理、调整出资比例和返投政策等成为各地促进政府投资基金高质量发展的重要举措。 严控新设基金、整合存量基金 上述《实施意见》提出，"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。"该举措与国办一号文的相关指引基本一致。 但值得注意的是，今年1月发布的国办一号文对新基金设立的管理范围仅限于区县级政府，提出"严格控制区县政府设立政府投资基金，财力、资源足以设立的，审 批 ...

Group 1 - The core viewpoint is that China's financial industry has made significant progress in opening up, with substantial relaxation of market access and deepening interconnectivity between domestic and foreign financial markets [1][2] - The People's Bank of China and other regulatory bodies have jointly issued an action plan to enhance cross-border financial services, focusing on improving settlement efficiency, optimizing hedging services, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [1][2] - The removal of foreign ownership limits in banking, securities, fund management, futures, and life insurance sectors marks a major step in financial service market access [2] Group 2 - The "Bond Connect" program achieved a total trading volume of 10.4 trillion yuan in 2024, facilitating foreign investors in allocating Chinese assets and managing risks through various hedging tools [2] - The concept of institutional opening is emphasized, transitioning from the flow of goods and factors to the opening of rules and systems, which aids in international cooperation and aligns with high international standards [2][3] - The State Administration of Foreign Exchange has implemented reforms to streamline foreign exchange business processes, enhancing the experience for quality clients by reducing documentation requirements [3] Group 3 - There is a strong emphasis on balancing openness with security, with plans to enhance regulatory capabilities and risk prevention measures in the context of increased openness [3] - The establishment of a robust risk prevention system is crucial to avoid systemic risks, including the improvement of macro-prudential policy frameworks and monitoring systems for cross-border capital flows [3]

Core Points - Priority Income Fund has declared monthly cash "base" and "bonus" distributions for June, July, and August 2025, consistent with prior distributions [1][2] - The annualized total cash distribution is $1.34016 per share, with Class R at a 17.4% annualized rate and Class I at an 18.7% annualized rate [2] - Cumulative cash distributions since inception in January 2014 total $16.39 per common share through August 2025 [5] Monthly Cash "Base" Distribution - The cash "base" distribution is $0.08056 for June and July 2025, and $0.10070 for August 2025, payable monthly [3] - These distributions represent the 138th, 139th, and 140th consecutive monthly "base" distributions [3] Monthly Cash "Bonus" Distribution - The cash "bonus" distribution is $0.024167 for June, July, and August 2025, representing the 57th, 58th, and 59th monthly "bonus" distributions [4] Preferred Stock Distributions - The Fund has declared distributions on various series of preferred stock, including Series D, I, J, K, and L, with amounts ranging from $0.37500 to $0.43750 per share [6][7] Fund Overview - Priority Income Fund is a registered closed-end fund focused on acquiring and growing an investment portfolio primarily consisting of senior secured loans and collateralized loan obligations (CLOs) [9] - The Fund is managed by Priority Senior Secured Income Management, LLC, which has a team of investment professionals from Prospect Capital Management L.P. [9]

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]