NO.1 Vanguard Fund's newly appointed Inspector General, Wang Zhongkun

Recently, Vanguard Fund announced that the former Inspector General Huang Jinsong has retired and resigned, and Wang Zhongkun has been appointed as the new Inspector General.

According to his resume, Wang Zhongkun has served as a member of the Regulatory Department and Secretary of the Secretariat of China Construction Bank Co., Ltd., Secretary of the President's Office of China Cinda Asset Management Co., Ltd., Secretary of the Board of Directors of Hongyuan Securities Co., Ltd., Marketing Director, Deputy General Manager, and General Manager of the Marketing Department of Cinda Australia Bank Fund Management Co., Ltd., Vice Chairman and Chairman of the Strategic Planning Committee of Leading Biological Agriculture Co., Ltd., Investment Manager of Fengtu Beikong (Ningbo) Investment Management Co., Ltd., and Deputy General Manager of Tianyi Xingchen (Beijing) Technology Co., Ltd.

No.2: Yuan Qingwei, the newly appointed General Manager of Bank of Communications Schroder Fund

Recently, Bank of Communications Schroder Fund announced that Yuan Qingwei has been appointed as the company's general manager.

According to his resume, Yuan Qingwei has served as the Deputy Director of the Finance and Accounting Department and Senior Manager of the Accounting and Settlement Department at the Urumqi Branch of the Bank of Communications; Vice President and President of the Asset Custody Business Center (Asset Custody Department) of the Head Office of Bank of Communications; Positions such as General Manager of the Financial Institutions Department and President of the Asset Management Business Center at the Head Office of Bank of Communications.

In addition, Xie Wei will no longer serve as the General Manager of Bank of Communications Schroder Fund and will be transferred to the position of Senior Expert. It is understood that Xie Wei will retire at the age of retirement this year.

NO.3 E Fund's sales subsidiary officially approved

The China Securities Regulatory Commission recently issued a statement approving the establishment of a wholly-owned subsidiary, E Fund Wealth, by E Fund. It is reported that the subsidiary is registered in Guangzhou, Guangdong Province, with a registered capital of 100 million yuan and a business scope of securities investment fund sales.

Public information shows that E Fund applied to establish the sales subsidiary in 2023. On June 30th of that year, the fund company submitted application materials to the China Securities Regulatory Commission and received feedback on July 21st. With the approval of the establishment application of the subsidiary, new members have been added to the large team of public fund wealth management.

According to Wind statistics, as of now, public funds such as Jiashi Fund, Huaxia Fund, China Europe Fund, and Boshi Fund have all established wealth management companies.

NO.4 Over 100 ETFs face liquidity crisis

Recently, several ETFs have issued notices reminding of the risk of liquidation due to their relatively small size. For example, the Jingshun Great Wall MSCI China A-share International Connect ETF recently announced that the fund's net asset value has been below 50 million yuan for 50 consecutive working days, which may trigger the termination of the fund contract.

Since May, similar announcements have been made by funds such as ICBC Credit Suisse CSI 2000 ETF and Yinhua CSI 1000 Enhanced Strategy ETF.

According to Choice data, as of June 5th, out of 1179 ETFs, 147 had a size below 50 million yuan.

It is worth noting that from the trading situation of ETFs, some ETFs have almost lost liquidity. Taking the ETF trading situation on June 6th as an example, a total of 582 ETFs had a trading volume of less than 10 million yuan, and 186 ETFs had a trading volume of less than 1 million yuan.

NO.5 Multiple public funds adjust the valuation methods of suspended stocks

Recently, more than 20 public fund companies including E Fund, Huaxia Fund, Southern Fund, and Boshi Fund announced that starting from June 5th, they will use the "index return method" to value suspended stocks held by their funds (excluding ETF funds). When the relevant stocks resume trading and their trading reflects active market trading characteristics, they will be valued at market prices.

The suspended stocks mentioned this time are mainly focused on Haiguang Information and Zhongke Shuguang. Among them, Huaxia Fund and Jiashi Fund have adjusted their valuations of two stocks to "index return method" valuation; Some companies only adjust the valuation of Haiguang Information held by funds, such as Southern Fund, Boshi Fund, Jingshun Great Wall Fund, Dacheng Fund, Qianhai Open Source Fund, etc.

NO.6 Zhou Sicong: 2025 is the 'Three First Years' of China's Innovative Pharmaceutical Industry

Ping An Fund Manager Zhou Sicong recently publicly stated that 2025 is the "three first years" of the domestic innovative drug industry - the year of increased revenue, the year of breakthrough profits, and the year of rising valuations. Chinese innovative drugs will usher in a "Davis double click".

Domestic innovative pharmaceutical companies have gone through three important stages in the past decade, from rule abiding, to rule challenger, and then to rule maker. In recent years, domestic innovative pharmaceutical companies have begun to open up new tracks in the existing treatment field and collectively cross the breakeven line, which is similar to the development trajectory of mature international pharmaceutical companies. Once this key node is broken, it is expected to start a long-term upward trend.

On the previous trading day, the ETF market resumed trading

On the previous trading day (June 9th), the market fluctuated and rose throughout the day. As of the close, the Shanghai Composite Index rose 0.43%, the Shenzhen Component Index rose 0.65%, and the ChiNext Index rose 1.07%. The total transaction volume of the Shanghai and Shenzhen stock markets for the day was 1.29 trillion yuan, an increase of 134.4 billion yuan compared to the previous trading day. In terms of sectors, chemical pharmaceuticals, biological products, medical services, and other sectors saw the highest gains, with only a few sectors such as railways and highways and precious metals experiencing a pullback.

Specifically, the Hong Kong stock innovation drug ETF continues to be strong, with a maximum increase of 4.72%.

In terms of decline, gold related ETFs saw a complete pullback, with a maximum drop of 1.26%.