创金合信竞争优势混合A/C成立于2021年1月25日，截至2025年8月12日，其今年来收益率为11.85%、 11.58%，成立来收益率为-34.38%、-35.56%，累计净值为0.6562元、0.6444元。 | 基金名称 | 创金合信竞争优势混合型证券投资基金 | | --- | --- | | 基金简称 | 创金合信竞争优势混合 | | 基金主代码 | 011206 | | 基金管理人名称 | 创金合信基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理 办法》 | | 基金经理变更类型 | 解聘基金经理 | | 新任基金经理姓名 | | | 离任基金经理姓名 | 李崇 | | 共同管理本基金的其他基金经理姓名 | 陆迪 | 李 2012年4月加入兴业证券股份有限公司研究所，担任地产行业研究员，主要从事地产行业跟踪和股票 推荐等工作，2015年6月加创金合信基金管理有限公司，历任研究部研究员、基金经理助理，现任基金 经理。 中国经济网北京8月13日讯今日，创金合信基金公告，李 离任创金合信竞争优势混合。 ...

Core Viewpoint - The A-share market has been performing strongly, with the Shanghai Composite Index reaching new highs for the year, leading to significant performance gains for certain fund companies, particularly GF Fund, which has seen many of its products achieve substantial returns [2] Group 1: Active Management - Among the 131 products of GF Fund that have gained over 30% in the past year, active management products account for a significant portion, showcasing the company's ability to capture both specific styles and overall market alpha [4] - Notable active equity products include GF Growth Navigator A, GF North Exchange Selection A, and GF Growth Start A, which achieved returns of 147.19%, 121.24%, and 112.73% respectively over the past year [4] - The performance of active equity products reflects GF Fund's diverse investment style and research capabilities, with a focus on deep value, balanced growth, and various industry themes [5] Group 2: Passive Tools - GF Fund positions its passive tools as efficient vehicles for capturing market beta, complementing its active management strategies to meet diverse investor needs [7] - The company has developed a comprehensive index product line since 2008, covering various asset classes including A-shares, Hong Kong stocks, US stocks, bonds, and commodities [8] - Several passive products have also performed exceptionally well, with GF North Exchange 50 Component A achieving a return of 123.87%, and GF Hong Kong Innovative Drug ETF reaching 118.71% [9] Group 3: Future Outlook - GF Fund aims to create sustainable and high-quality profit experiences for clients, focusing on enhancing professional capabilities and product competitiveness to better meet wealth management needs [10]

7月，全球非美股票基金创下四年半以来最大资金净流入，因投资者担忧美国经济前景、股市估值过高 及美元走弱而调整资产配置。 根据LSEG Lipper的数据，全球非美股票基金7月净流入136亿美元，创2021年12月以来新高;而专注美国 市场的股票基金同期遭遇63亿美元赎回，已连续三个月呈现资金外流。 自今年初特朗普的经济政策削弱美国市场吸引力以来，这类基金已持续获得资金青睐。 但7月资金的加速流入表明多元化配置趋势正在强化，特别是流向欧洲和新兴市场——这些地区正受益 于宽松货币环境和改善的增长前景。 Shelton Capital Management首席投资官Derek Izuel表示："虽然关税缓和在二季度形成利好，但未决的贸 易谈判和第三季度初的政策期限仍构成持续风险。如果增长差异持续收窄或美联储维持限制性货币政 策，不确定性可能再度引发美股资金外流。" 区域市场表现分化成为资金撤离美股的另一个关键因素。今年以来，MSCI亚太(除日本)指数上涨约 14%，MSCI欧洲指数涨幅超19%，均显著跑赢标普500指数7.2%的涨幅。叠加美元年内贬值约10%，更 放大了美国投资者从国际市场获得的回报。 SEI首席投 ...

Group 1 - The core viewpoint of the article emphasizes the Guangdong provincial government's proactive measures to support venture capital and private equity, particularly through the establishment of a large-scale mother fund system [2][3][4] - Guangdong's mother fund initiative includes the selection of 15 sub-fund management institutions, with a total scale of 25.206 billion, which is considered rare and beneficial for the primary market [2] - The provincial government has issued several significant policies aimed at enhancing the quality of venture capital development, focusing on the entire investment chain from fundraising to exit mechanisms [3][4] Group 2 - The measures proposed by Guangdong aim to create an integrated industrial fund system with a total scale exceeding 1 trillion, leveraging state capital to attract social capital for various investment types [4][5] - The establishment of regional mother funds is intended to strengthen local industries and promote collaboration across cities, creating a unified provincial strategy [6] - The introduction of inter-provincial collaborative mother funds is a unique initiative that encourages cross-regional cooperation and resource sharing [6] Group 3 - Guangdong's recent actions reflect a shift in investment focus from attracting external projects to nurturing local industries, integrating fund attraction into the performance evaluation of investment promotion [8][9] - The province is also enhancing the regulatory framework for venture capital, including the establishment of long-term investment funds and improved exit channels for investors [7][9] - The implementation of a differentiated performance evaluation system for state-owned venture capital funds aims to encourage higher-risk investments, thereby stimulating market activity [9]

Core Viewpoint - The early closure of the China Europe Core Select Mixed Fund, which raised over 20 billion yuan, indicates a strong market acceptance of floating fee rate funds, reflecting a shift in the public fund industry towards performance-based fee structures [1][2][3]. Group 1: Floating Fee Rate Fund Overview - The China Europe Core Select Mixed Fund became the first product in the second batch of new floating fee rate funds to exceed 20 billion yuan, closing its fundraising period ahead of schedule [1][3]. - This fund was initially set to raise funds from August 4 to August 15, with the final fundraising day moved to August 12 due to high demand [3]. - The floating fee rate mechanism links management fees directly to investor returns, promoting a shared interest between fund managers and investors [2][3][5]. Group 2: Market Dynamics and Competition - The second batch of 12 new floating fee rate funds was approved on July 24, with five being first-time applicants and seven having participated in the first batch [4]. - The early closure of the China Europe Core Select Fund suggests that competition among these new products has intensified [4]. - Analysts believe that as floating fee rate mechanisms gain acceptance, these funds may establish a stable audience among long-term investors [4]. Group 3: Advantages of Floating Fee Rate Products - The floating fee rate structure is designed to align the interests of fund managers and investors more closely, encouraging better risk management and performance [5][6]. - This new fee model emphasizes investor protection and aims to shift the focus of fund companies from merely expanding scale to enhancing investment returns [6][7]. - The mechanism allows for differentiated fee structures based on holding periods, promoting long-term investment while managing liquidity [6]. Group 4: Regulatory Context and Future Outlook - The China Securities Regulatory Commission (CSRC) initiated a reform of public fund fees, introducing floating fee rate products as part of a broader strategy to enhance fund performance and investor returns [7]. - The CSRC's action plan aims for at least 60% of new floating fee rate products to be issued by leading institutions within a year, indicating a significant shift in the industry [7].

Core Viewpoint - The news highlights the performance and characteristics of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a mixed performance among constituent stocks and a favorable outlook for coal sector investments due to supply constraints [2][3][4]. Group 1: ETF Performance - As of August 12, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a net value increase of 19.80% over the past year, ranking first among comparable funds [4]. - The ETF's highest single-month return since inception was 15.11%, with an average monthly return of 3.38% and a historical one-year profit probability of 100% [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [4]. Group 2: Market Activity - The ETF has experienced continuous net inflows over the past 14 days, with a total of 1.52 billion yuan in net inflows, averaging 10.83 million yuan per day [3]. - The ETF's latest financing buy amount reached 156.49 million yuan, with a financing balance of 2.289 billion yuan [3]. Group 3: Index Composition - The Zhongzheng Dividend Low Volatility 100 Index selects 100 stocks with good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [6]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 20.43% of the total index weight, including companies like Shanxi Coking Coal and China Petroleum [6]. Group 4: Coal Sector Insights - According to Zhongtai Securities, the initiation of "super production verification" by the National Energy Administration has led to self-regulated production limits in coal mines, raising expectations for supply contraction [2]. - If policies continue to tighten, coal production capacity utilization may decline further, providing upward price potential for coal [2].

【导读】QDII基金限购不断加码 今年6月底，多家合格境内机构投资者获批新的QDII额度，不少QDII基金一度恢复正常申购业务或提升申购限制金额。 不过，近期QDII基金限购再现加码之势，多只基金降低大额申购限额，最低降至500元。 就在一周前，该基金刚公告，自8月7日起将大额申购限额调整为2000元，而在7月初时，这一门槛刚调整到10000元。 无独有偶。同日，华宝基金旗下华宝纳斯达克精选股票（QDII）、华宝标普美国品质消费股票指数基金（LOF）、华宝标普石油天然气上游股票指数 （LOF）也发布调整大额申购金额上限的公告，最新限额在500元—1000元不等。 跟华宝海外科技股票（QDII-LOF）一样，上述基金自7月初以来也多次调整限购门槛，自10000元—20000元限额水平持续下调。 | 基金名称 | | 华宝海外科技股票型证券投资基金(QDII-LOF) | | --- | --- | --- | | 基金简称 | | 华宝海外科技股票(QDII-LOF) | | 基金主代码 | | 501312 | | 基金管理人名称 | | 华宝基金管理有限公司 | | 公告依据 | | 《华宝海外科技股票型证 ...

Core Viewpoint - The recent trend shows an increase in restrictions on QDII funds, with many funds lowering their large subscription limits to as low as 500 yuan, indicating a tightening of investment access despite previously approved new quotas [2][3][5]. Summary by Sections QDII Fund Subscription Limits - Several QDII funds have recently reduced their large subscription limits, with the minimum now set at 500 yuan [3][8]. - On August 13, the Hua Bao Overseas Technology Stock (QDII-LOF) announced a new limit of 1,000 yuan for single-day subscriptions, down from 2,000 yuan just a week prior [5][8]. - Other funds, including Hua Bao Nasdaq Select Stock (QDII) and Hua Bao S&P US Quality Consumption Stock Index Fund (LOF), have also adjusted their limits to between 500 and 1,000 yuan [8][10]. Performance of QDII Funds - QDII funds have shown strong performance this year, with many funds reporting positive unit net value growth rates. For instance, the Hui Tian Fu Hong Kong Advantage Selection (QDII) has a growth rate exceeding 135%, leading the market [11][12]. - The overall market sentiment is improving, with expectations of more certainty in global markets as risks are gradually released [12]. Market Trends and Future Outlook - The tightening of subscription limits may be a response to the influx of capital attracted by the strong performance of QDII funds [12]. - There is a potential shift in global capital allocation, with investors possibly reducing their exposure to US stocks in favor of high-quality non-US assets due to rising uncertainties in the US political and economic landscape [12].

在最新的一次路演中，国泰优质核心（A类：025060 C类：025061）拟任基金经理李海分享了他关于市 场的观点。 李海认为，当前的中国市场，可能会迎来类似于美国80年代之后的长期震荡向上的格局，这里非常核心 的一点就是我们的企业开始实现良好的现金流拐点。 一方面，现在距离市场冰点已经情绪显著回暖了，投资者对于认购主动权益基金是有热情的；另一方 面，现在市场并非牛市的泡沫高位，市场向上仍有坚实健康的上涨空间。这个时间进来的投资者，是有 比较大的概率能够赚到钱的。 在当前的时点上，新基金的建仓策略也比较积极。方向上，李海会重点关注港股的互联网的龙头公司， A 股的消费电子类公司，以及消费医药方向。 对于后续市场，李海短期看好修复，中长期看好中国核心资产重估。一方面，中国更成熟，制造业龙头 也完成全球化产能布局，具备应对贸易摩擦的经验与能力；另一方面，中国核心资产在全球仍被显著低 估，恒生科技等优质企业上涨只是中国核心资产重估起点，随着国力增强、经济恢复及政策发力，沪深 300、中证A500 等代表的优质企业仍有重估空间。 值得一提的是，国泰优质核心（A类：025060 C类：025061）是一只新型浮动费率产 ...

Group 1 - The core viewpoint emphasizes that technology has become a central battleground in global competition, with domestic technological breakthroughs, represented by DeepSeek, leading to a new wave of development in China's tech sector [1] - The launch of the Changcheng Shanghai Stock Exchange Science and Technology Innovation Board Composite Index aims to help investors capitalize on opportunities in technological innovation, tracking the performance of all stocks on the Sci-Tech Innovation Board, excluding ST and *ST securities [1] - As of August 6, 2025, the total number of companies listed on the Sci-Tech Innovation Board is 589, with a total market capitalization of 9.04 trillion yuan, while the index covers 570 stocks with a market cap of 8.72 trillion yuan, reflecting a coverage rate of 97% and 96% respectively [1] Group 2 - The Sci-Tech Innovation Index is characterized by significant innovation-driven features, with 86% of its constituent stocks belonging to strategic emerging industries and 42% classified as "specialized, refined, and innovative small giants," aligning with national development strategies [2] - The index has shown higher elasticity compared to other mainstream A-share indices, with a cumulative increase of 61.53% over the past year, outperforming the Shanghai Composite Index (26.74%), Shenzhen Component Index (32.06%), and ChiNext Index (44.96%) by 34.79%, 29.47%, and 16.57% respectively [2] - The proposed fund manager, Tao Shubin, indicates that the Sci-Tech Innovation Index can comprehensively represent the market performance of the Sci-Tech Innovation Board, which is expected to benefit from policy dividends and attract more quality tech innovation companies for listing [2]