Group 1: China Market Focus - The current "anti-involution" policies may adopt different approaches across various industries, with a focus on supply-side reforms and market mechanisms to encourage balance in supply and demand [10][12][19] - Overseas investors are showing high interest in the Chinese market, with notable attention on companies like Kehua Data and SMIC, although actual capital inflow may take time to materialize [13][15][20] - The upcoming third quarter is expected to see a resurgence in IPOs for technology companies, with AI and military sectors identified as key areas for structural investment opportunities [18][19] Group 2: US Market Focus - Core commodity prices are anticipated to reflect tariff impacts more significantly starting mid-year, with a focus on the performance of leading technology stocks like Nvidia and Meta Platforms [26][32][40] - The Federal Reserve's potential shift towards a more dovish stance will depend on economic data fluctuations, particularly in light of inflationary pressures and economic slowdown [28][29][36] - The earnings outlook for US stocks is showing signs of divergence, with technology and telecommunications sectors expected to remain strong despite broader economic challenges [37][40] Group 3: Korea Market Focus - New tariffs are expected to disrupt the economy, with significant implications for capital market reforms initiated by changes in commercial law [44][46] - Consumer confidence is improving, which may support the domestic economy, while export levels have remained robust due to preemptive export activities earlier in the year [46]

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年6月23日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 展望美股下半年震荡上行； Circle Internet； Robinhood ETF SPDR标普500指数ETF 债券 美国国债分析 (2) 澳大利亚市场焦点 预期RBA将维持今年每隔 一次会议降息的路径 股票 宽松周期释放 消费者购买力； 嘉民集团；澳洲航空 ETF iShares安硕MSCI 澳大利亚ETF (3) 韩国市场焦点 新总统新气象 上周环球 大类资产表现 (1) 美国市场焦点 核心商品价格在年中起 或更明显体现关税的提振 本周主要地区 经济数据公布日程 | | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | | 收盘价* | 1周变动 | 1个月变动 | 3个月变动 | 1年变 ...

Group 1 - WisdomTree Europe Defence UCITS ETF increased by 1.45%, closing at €28.655, marking a new closing high since its listing in Frankfurt on March 11 [1] - Future of Defence UCITS ETF listed in London rose by 0.96%, closing at £16.587, achieving a new closing high since its IPO on July 4, 2023 [1]

Core Viewpoint - Middlefield Canadian Income PCC and its Fund plan to propose a transaction allowing shareholders to exchange their shares for those in a newly established UCITS ETF, aimed at enhancing liquidity and addressing the discount to NAV [5][9][17] Group 1: Transaction Details - The proposed transaction involves the voluntary winding up of the Company and the Fund, with shareholders given the option to receive shares in the new ETF or cash close to the Company's NAV per share [5][6] - The ETF will be actively managed by Middlefield Limited and will maintain the existing investment objective focused on high-quality Canadian and US large-cap companies [5][10][14] - Shareholders can choose to retain their investment through the ETF, opt for a cash exit, or a combination of both [6][18] Group 2: Shareholder Engagement - The Company received a requisition notice from Saba Capital Management proposing a scheme for shareholders to transition to a UK-listed investment vehicle, which led to discussions and the temporary withdrawal of the requisition [7][8] - The Board consulted with major shareholders, including Saba, to formulate proposals that would best serve shareholder interests [8][9] Group 3: ETF Structure and Benefits - The ETF is expected to have a lower total expense ratio (TER) than the current Company TER, targeted to be below 1%, and will trade close to its NAV due to its structure [11][14] - The ETF aims to provide quarterly distributions similar to current dividends and may utilize financial derivative instruments to support its dividend policy [14][15] - Middlefield has a successful track record of rolling closed-end funds into ETFs, with several of its funds ranked among the top-performing Canadian ETFs [12] Group 4: Timeline and Future Steps - The establishment of the ETF and the circular relating to the transaction are expected to be sent to shareholders by August 2025, pending regulatory and tax approvals [16]