费率改革第三阶段即将落地 公募基金正在进入以回报为导向、高质量转型的新阶段。 5月7日，证监会发布《推动公募基金高质量发展行动方案》(以下简称《行动方案》)，通过浮动费率、 考核机制、利益绑定等25条举措，推动行业从"规模导向"转向"回报导向"，为公募基金行业的高质量发 展转型锚定方向。 《行动方案》)出台之后，一系列改革举措及配套规则也在陆续落地。 21世纪经济报道记者了解到，近期业内召开了《行动方案》相关培训，对浮动费率基金审批常态化、调 降销售服务费率、发起式基金的运作要求等均有最新指导意见。 "进一步降低基金销售费率，目前方案细节暂未明确。"东吴证券分析师孙婷表示，随着第三阶段规范基 金销售环节收费及其他配套措施逐步落地，将降低投资者基金投资成本，推动行业机构更加关注投资者 服务和回报，聚焦投研能力建设，专注提升客户服务能力。同时，基金公司及相关代销机构也需要降本 增效，在行业变化中保持竞争力。审批将常态化 《行动方案》发布以来，浮动费率机制成为行业重点试点方向。 公募基金费率改革实施两年以来，对行业的影响正逐步深入。 2023年7月，证监会启动了公募基金行业费率改革工作，印发了《公募基金行业费率改革 ...

Group 1 - Gold prices experienced a pullback last week, with London spot gold closing at $3,335 per ounce (down 1.9% week-on-week) and domestic AU9999 gold at 774 yuan per gram (down 1.2% week-on-week) [1] - U.S. inflation continues to rise, with July CPI showing a month-on-month increase of 0.2% and a year-on-year increase of 2.7%, slightly below the expected 2.8%. Core CPI, excluding food and energy, rose 0.3% month-on-month and 3.1% year-on-year, reaching a new high since February [1] - The upcoming Jackson Hole meeting from August 21 to 23 will be crucial, with a focus on Federal Reserve Chairman Powell's speech, which may pave the way for interest rate cuts in September [1] Group 2 - The potential for the Federal Reserve to restart interest rate cuts could benefit gold, especially given the current high interest rates and debt levels leading to increased costs for U.S. government debt [2] - The upcoming week will see key signals for gold ETFs, including Powell's speech at the Jackson Hole meeting, results from the U.S. semiconductor and pharmaceutical 232 investigations, and July inflation data [2]

【环球网财经综合报道】Wind数据显示，截至8月18日，ETF总规模高达4.77万亿元，年内增长1.04万亿元，相较 去年底增幅高达27.88%。从各类产品表现来看，宽基ETF成为"压舱石"，其规模与增速均表现突出。 目前，沪深300主题ETF总规模为1.1万亿元，年内增长规模为1167亿元。沪深300ETF华夏、嘉实沪深300ETF、沪 深300ETF易方达和华泰柏瑞沪深300ETF等4只产品年内规模增长均超过百亿元，其中沪深300ETF华夏年内规模增 长更是高达424亿元。 除了沪深300主题ETF，中证A500和中证1000主题ETF在年内也有较好表现，当前总规模分别约为1817亿元和1676 亿元。科创50、上证50和中证A500等主题ETF，虽然目前总规模不高，但年内也均有不同程度的增长。 此外，其他主题或类别的部分产品也呈现较强"吸金"态势。从单只产品来看，有多达47只产品规模增长均超过100 亿元。其中，富国港股通互联网ETF以近470亿元的规模增长位列榜单第一名，沪深300ETF华夏、沪深300ETF易 方达、华安黄金ETF、海富通中证短融ETF等规模增长也均超过270亿元。 与此同时，年内债 ...

存款利率走低但投资市场走热，沪指突破10年新高，公募基金规模也持续刷新历史新高。根据中国基金 业协会官网，公募基金最新规模突破34万亿元，上半年，开放式基金规模增长了1.6万亿，并且近7成由 债券基金、货币基金的规模增长所贡献，另外权益基金也增长2772亿。 ...

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 代码 | 簡称 | 易内简称 | 托管人 | 规模(亿) | 近1周奏 | 近1周均贴 近1周涨跌 | | 质押率 | 本轮词整 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 手塞 | 水率 | E | | 最大回搬 | Calmark | | 511030.SH | 平安中债-中高等级公司债利差因子ETF | 公司 代ETF | 干支聚打废分有限公司 | 223.51 | 53.55% | -0.06% | -0.128% | 63.00 | -0.5018 | 3.8937 | | 511220 SH | 海富通上证城投债ETF | 城投價ETF | 中国银行股份有限公司 | 245.55 | 14.17% | 0.01% | -0.145% | 0.00 | -0.7288 | 2.3420 | | 511070 SH | 南方上证基准做市公司 债ETF | 上证公司 to CIF | 中信证券股份有 ...

Core Insights - The Western Asset Global High Income Fund (NYSE: EHI) has maintained a relatively stable discount since the last update, despite a prior rights offering that had widened the discount [2]. Group 1: Fund Management and Strategy - The CEF/ETF Income Laboratory manages portfolios targeting safe and reliable yields of approximately 8% to simplify income investing [2]. - The service offers managed portfolios, actionable income and arbitrage recommendations, and in-depth analysis of closed-end funds (CEFs) and exchange-traded funds (ETFs) [2]. - The community consists of over a thousand members focused on identifying the best income ideas, catering to both active and passive investors [2]. Group 2: Analyst Background - Nick Ackerman, a former financial advisor with over 14 years of personal investing experience, provides coverage on CEFs and ETFs [3].

Core Viewpoint - The article discusses the recent penalty imposed on fund manager Li Dan for engaging in insider trading, highlighting the regulatory scrutiny and consequences faced by financial professionals involved in such activities [3][4][7]. Summary by Sections Case of Li Dan - Li Dan, a former fund manager at Guoshou Anbao, was fined 600,000 yuan for using undisclosed information to conduct trades, resulting in significant losses [4][7]. - The Tianjin Securities Regulatory Bureau concluded the investigation into Li Dan's trading activities, which involved a total of 33.12 million yuan in transactions, with a loss incurred [7][8]. Fund Performance - During her tenure, the fund managed by Li Dan, Guoshou Anbao Core Industry Fund, experienced a loss of 7.77%, ranking 716th out of 789 similar products [8]. - Other funds managed by Li Dan also showed poor performance, with most of them ranking in the lower half of their respective categories [8]. Regulatory Context - The article emphasizes the strict penalties imposed by regulatory bodies on fund managers involved in insider trading, regardless of whether the trades resulted in profits [10][12]. - Similar cases are mentioned, illustrating a pattern of enforcement against fund managers who engage in insider trading practices, reinforcing the regulatory environment's focus on maintaining market integrity [10][12].

去中介化一直是公募行业的愿景，基金公司们也一直试图通过直销模式减少对银行、第三方销售平台等渠道的依赖，从而降低销售成本、增强客户黏性、 掌握用户数据。 但现实情况是，去中介化进展缓慢的同时，被基金公司们寄予厚望的直销APP反而成了拖累。 近几年的风向是，不少小型基金陆续下架或停止维护自家直销APP，同时选择将直销业务转至微信。小型基金公司本就有些自顾不暇，再去运营代价高昂 且产出可忽略不计的APP，就显得不那么明智了。 就在最近，关停潮从中小基金蔓延至6000亿级以上的基金公司。上个月末， 管理规模超过6400亿元的平安基金称要暂停运营自家APP。这意味着更多同 规模或更大规模的基金公司正在对自身APP运营情况进行审视和评估。 市场观点认为，之后将会有更多公募基金公司选题关停直销APP。只是将业务从APP迁移至微信后，基金公司们依赖微信自有的用户，可触达海量潜在用 户，无需依赖用户主动下载 APP，极大降低获客门槛。 事实上，即便是一些还未放弃APP渠道的头部基金公司们，也早已上线微信小程序。可以说，微信承载基金公司直销渠道与用户运营升级的双重功能。而 深耕微信生态后，基金公司们从代销机构手中夺回一些渠道话语 ...

Core Viewpoint - The A-share market has shown strong performance, with the total market capitalization surpassing 100 trillion yuan for the first time, indicating a significant milestone in the market's history [1][4]. Market Performance - On August 18, the A-share market continued its strong performance, with major indices opening high and the Shanghai Composite Index reaching a nearly 10-year high [1]. - By midday, the Shanghai Composite Index rose by 1.18%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.63% [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.75 trillion yuan, with nearly 4,500 stocks rising [1]. Sector Performance - Sectors such as film and television, liquid cooling servers, CPO (Chip-on-Board), and financial technology saw significant gains, while a few sectors like coal experienced declines [2][3]. Economic Insights - Notable economist Pan Helin indicated that the current market rally began at the start of the year, driven by China's technological innovation and its increasing attractiveness to global investors [4]. - The internal factors of the bull market are innovation, while external factors include foreign capital's recognition of China's economy and innovation capabilities, leading to increased investments [4]. Future Market Outlook - Pan Helin believes that the upward trend of the Shanghai Composite Index will continue for several months following its breakthrough of a 10-year high, suggesting that investors should actively participate, especially in stocks related to the new economy [4]. - Furuong Fund highlighted that the core driving factors for the current market rally are "policy support and liquidity easing," with expectations for continued upward trends [4]. - Tianfeng Securities cautioned that after reaching new highs, the market may experience increased volatility and suggested focusing on three main investment lines: AI and its industrial chain, consumer sector recovery, and undervalued dividend stocks [5].

Core Viewpoint - The article discusses the transition in the public fund industry from a "star manager" era to a more diversified approach, highlighting the challenges and opportunities that arise in this new landscape [1] Group 1: Industry Trends - The public fund industry is experiencing a shift as traditional star managers face increased competition and scrutiny, leading to a need for new strategies and approaches [1] - There is a growing emphasis on multi-strategy funds and diversified investment approaches to mitigate risks and enhance returns [1] - The article notes that the performance of public funds has become more volatile, prompting investors to seek alternative options beyond the top-performing managers [1] Group 2: Company Strategies - Companies are adapting by focusing on team-based management structures rather than relying solely on individual star managers [1] - Investment firms are increasingly investing in technology and data analytics to improve decision-making and portfolio management [1] - The article highlights that firms are also looking to enhance their marketing strategies to attract a broader range of investors in this evolving market [1]