Group 1 - Citibank (China) has obtained fund custody qualifications in China, following Standard Chartered Bank (China) [1] - The fund custody service will cater to both public and private funds within China [1] - Industry experts suggest that foreign banks may face disadvantages compared to domestic banks due to fewer branches and a smaller existing client base [1][3] Group 2 - Citibank aims to target cross-border and international clients to differentiate itself in the fund custody market [2][4] - The total assets of public funds, wealth management products, and other asset management projects in China reached approximately $16 trillion by April 2020 [2] - Citibank has been investing heavily in local custody, clearing, and fund service capabilities to capture opportunities in the Chinese market [2] Group 3 - The number of institutions with fund custodian qualifications has reached 48, with 28 being commercial banks as of July this year [3] - The top 18 fund custodians are all domestic banks, with Industrial and Commercial Bank of China holding the most funds at 1,124, amounting to approximately ¥2.41 trillion [3] - Citibank's entry into the fund custody market coincides with a booming new fund issuance environment in China [5] Group 4 - HSBC and Deutsche Bank are also pursuing fund custody qualifications in China, indicating a trend among foreign banks [4][5] - The rapid increase in new fund issuance and the expansion of the fund custody market are seen as significant opportunities for foreign banks [5] - The Chinese market offers substantial opportunities for global participants, and Citibank aims to leverage its global platform and risk management framework to support the development of China's financial market [6]

在A股结构性行情背景下,公募基金赚钱效应令新基金发行市场异常火爆。截至9月8日,年内新成立基金 数量达到1005只,继2019年后再次突破千只。新成立基金发行份额则突破2万亿份,创年度历史纪录。 与此同时,基金销售价格战已从第三方平台、互联网电商巨头,蔓延到银行渠道、基金公司直销。可以想 见的是,未来一段时间,基金费率激战就此拉开序幕,基金代销行业的竞争格局也将发生巨变。继招商银行 率先对指数基金的认申购交易打1折优惠之后,《中国经营报》记者获悉,部分头部基金公司的APP已经将 申购费降到了0折。 8月28日,证监会出台了《公开募集证券投资基金销售机构监督管理办法》及配套规则(以下简称《基金 销售新规》),对客户维护费(尾随佣金)设置上限,这被视为针对基金销售机构"扶优劣汰"的新举措。 基金销售价格战升级 记者查询支付宝基金专区(蚂蚁基金)等互联网代销平台了解到,在这类以流量见长的平台上,其代销的权 益类基金的申购费(主动权益类基金的申购费为1.5%)基本上都是一折,即0.15%;而部分指数产品的申购费 为0。但在某银行APP上可以看到,其代销的主动权益类基金的申购费并不会打折,打折的多是被动的指数 产品。 ...

Core Viewpoint - The company Kailda (688255.SH) is facing significant financial challenges, with a notable decline in revenue and profit, leading to its first net loss in nearly a decade, primarily due to increased operational costs and reliance on external suppliers for robot components [3][4]. Group 1: Shareholder Changes - Yaskawa Electric (China) Co., Ltd., a major shareholder of Kailda, plans to transfer 5% of its total shares, which represents 36.36% of its current holdings [2]. - Yaskawa Electric has been a long-term supplier of robot components for Kailda, with a significant portion of Kailda's robot assembly still reliant on Yaskawa [2]. Group 2: Financial Performance - In the first half of 2025, Kailda reported revenue of 316 million yuan, a year-on-year decrease of 1.81%, and a net profit of 2 million yuan, down 89.94% [3]. - The company recorded a non-recurring net profit loss of 3 million yuan, marking a 114.60% decline compared to the previous year, which is the first loss in nearly ten years [3]. Group 3: Cost Structure - Increased management and R&D expenses contributed to the financial strain, with R&D costs rising to 21.11 million yuan and management costs to 22.75 million yuan, reflecting increases of 375,240 yuan and 612,680 yuan respectively [3][4]. - The company also reported a significant increase in stock price depreciation provisions, amounting to 813,000 yuan, which is an increase of 543.78% year-on-year [3]. Group 4: Procurement and Production - In the first half of 2025, 58.88% of the robot components used in Kailda's products were sourced externally, with 58.75% of these from Yaskawa Electric [5]. - Despite a decrease in reliance on external suppliers over the years, Kailda still sourced nearly 60% of its robot components externally as of mid-2025 [6]. Group 5: Executive Compensation - The company has seen an increase in compensation for management and R&D personnel, impacting overall management and R&D expenses [4]. - Specific compensation figures for key executives have shown a consistent upward trend from 2021 to 2024, indicating a focus on retaining talent amid financial challenges [4].

Core Viewpoint - The article discusses the growth and development of Yuanjie Technology in the optical chip sector, highlighting its transition from a startup to a leading domestic supplier, driven by market demand, technological advancements, and strategic positioning in both domestic and global markets [2][3][4]. Group 1: Company Development - Yuanjie Technology was established in 2013 and has focused on the optical chip field, adopting an IDM model that integrates various production processes [2]. - The company has successfully transitioned from primarily serving the telecommunications market to becoming a leading supplier in both the telecommunications and data communication markets [3]. - Yuanjie Technology's product range includes optical chips for 2.5G, 10G, 25G, 50G, and 100G applications, as well as CW light sources and automotive lidar light sources [2]. Group 2: Market Opportunities - The company benefits from China's largest single market for optical chips, with domestic companies capturing a significant share of the telecommunications market [4]. - The demand for optical chips in data centers has been increasing, providing opportunities for domestic companies to grow and compete globally [4][5]. - The global imbalance in supply and demand for optical chips, particularly in high-end markets driven by AI data centers, presents further opportunities for Chinese manufacturers to expand internationally [5]. Group 3: Competitive Strategy - Yuanjie Technology emphasizes the importance of long-term commitment to research and development in the rapidly evolving optical chip market [6]. - The company is increasing its investment in high-speed and high-power optical chips, as well as optimizing production processes to enhance efficiency and reduce costs [7]. - The company aims to leverage its global presence and partnerships with top-tier clients to stay ahead in technology trends and market demands [9]. Group 4: Global Integration - The article highlights the progress made by Chinese manufacturers in overcoming the "bottleneck" issues in the optical chip sector, with Chinese firms now occupying over half of the top positions in the global optical module market [8]. - Yuanjie Technology is focusing on globalizing its customer base and production capacity to mitigate risks and enhance its competitive edge [9]. - The company plans to deepen its global strategy to secure a more significant role in the international optical chip industry [9].

Core Viewpoint - The chairman of Dekoli, Gui Sang, emphasizes the rapid progress of China's optical chip industry and the importance of establishing an independent technological framework to enhance competitiveness in the global market [1][4][5]. Company Overview - Dekoli has never reported a loss since its establishment in 2000, maintaining stable operating profits, which supports its continuous innovation efforts [1][8]. - The company focuses on two types of chips: those that are unavailable in the market and those that are globally unique [3]. Investment Strategy - In the past five years, Dekoli has directly invested in five optical chip companies and indirectly invested in over ten semiconductor-related firms through an investment platform [3]. - The company aims to fulfill its industrial capital responsibilities while achieving technological advancements [3]. Technological Development - Dekoli has made significant achievements in optical technology, including being the first to apply thin-film lithium niobate chip technology in a single-wave 100G long-distance optical module in 2019 [3]. - The company plans to focus on key technological areas such as broadband light sources, optical amplification, and waveguide optical switching [1][7][8]. Industry Perspective - The optical communication industry is characterized as a truly global sector, necessitating an international standard and a global perspective for competitiveness [4][5]. - Gui Sang categorizes the evolution of optical communication into three eras: telecommunications, big data, and the current artificial intelligence era, predicting a 200-fold increase in computing power demand over the next decade [5][6]. Global Expansion - Dekoli has established a global presence with headquarters in Singapore, R&D in Canada, and manufacturing in Thailand, aiming to create an integrated global value chain [6]. - The company seeks to attract global talent and embrace international markets to enhance its competitiveness [6]. Research and Development Focus - Dekoli prioritizes R&D without blind investment, with a five-year annual growth rate of 38% in R&D spending, although it remains a small percentage of overall revenue [8]. - The company emphasizes original technology and aims to contribute to the industry while developing its core competencies [8].

Core Viewpoint - The core viewpoint emphasizes that technological breakthroughs, commercial logic, and resource integration are essential for Chinese optical chip companies to thrive in international competition [1][12]. Company Overview - Shijia Photonics is a high-tech enterprise focused on the research and production of passive and active optical chips, optical fiber connectors, and related products [3]. - The company achieved a significant milestone in 2012 by developing PLC chips, breaking foreign monopolies, and capturing over 50% of the global market share by 2015 [3]. Market Position and Achievements - In the gigabit network era, Shijia Photonics has become a key supplier of DFB chips, holding a substantial market share [3]. - The company has also emerged as the largest supplier in the AWG wavelength division multiplexing chip segment, contributing to advancements in high-speed optical modules [4]. Domestic Industry Landscape - The "bottleneck" issues in the domestic optical chip industry have largely been resolved, with most vacuum and testing equipment now domestically produced [5]. - The focus has shifted from merely breaking technological barriers to building ecological advantages within the optical electronics sector [5]. Global Competitive Strategy - Chinese optical chip manufacturers are increasingly gaining market share globally, with seven Chinese companies listed in the top 10 global optical module rankings [6]. - The advantages of Chinese firms include a strong engineering workforce, rapid response to customer needs, and a complete supply chain [6][7]. Future Directions - The future development focus includes silicon photonics and integrated optical chips, with significant investments planned in these areas [11][12]. - Shijia Photonics is also exploring applications in emerging fields such as lidar, gas sensing, quantum networks, and vehicle communication [12].

Core Viewpoint - Swire Properties (1972.HK) reported strong mid-year results for 2025, with revenue of HKD 87.23 billion, a 20% year-on-year increase, and a net profit attributable to shareholders of HKD 44.2 billion, up 15% [1] Group 1: Financial Performance - The company achieved a basic earnings per share of HKD 0.76 and declared an interim dividend of HKD 0.35 per share [1] - Despite a 4% decrease in recurring net profit attributable to shareholders, from HKD 35.7 billion in the first half of 2024 to HKD 34.2 billion in the first half of 2025, the overall performance remained robust [1] Group 2: Market Conditions - The retail market in Hong Kong showed weakness due to increased outbound tourism, changing consumer habits, and economic uncertainty from U.S. tariff policies [1] - However, Swire Properties' shopping malls maintained high occupancy rates, with retail sales rebounding in the second quarter, outperforming the market [1] Group 3: Mainland China Operations - In mainland China, government measures and policy relaxations positively impacted retail sales, with notable occupancy rates and sales growth in key locations: - Beijing Sanlitun Taikoo Li: 99% occupancy, 6.8% sales growth - Shanghai Xinyi Taikoo Hui: 94% occupancy, 13.5% sales growth - Shanghai Qiantan Taikoo Li: 98% occupancy, 4.0% sales growth [2] - Swire Properties has committed to investing HKD 100 billion over the next decade in core markets, with 50% allocated for mainland investments [2] Group 4: New Projects and Developments - The company is set to commence construction on the largest Taikoo Li project in Xi'an in November 2023, aiming for completion in 2027 [3] - The Taikoo Place project in Beijing is expected to start completion in mid-2026, focusing on sustainability and community development [3] - Swire Properties acquired stakes in two companies from Lujiazui Group for HKD 9.70997 billion to develop new landmark projects in Shanghai [3] - The company is also advancing projects in the Greater Bay Area, including the expansion of Guangzhou Taikoo Hui and the first Taikoo Li project in Liwan District [4]

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to strengthen self-regulation in underwriting pricing in the interbank bond market, addressing concerns over low-price underwriting practices [1][2]. Group 1: Strengthening Self-Regulation - The notification outlines six key areas to enhance self-regulation in underwriting pricing, including internal management, cost measurement, data reporting, self-discipline in cost measurement, selection management of lead underwriters, and increased handling of violations [1][2]. - The association will conduct key investigations and interviews if the reported underwriting costs are deemed unobjective or unfair [1]. Group 2: Specific Requirements - Lead underwriters must establish internal management systems for underwriting pricing and cannot participate in bidding with quotes below cost [2]. - Underwriters are required to accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, based on the previous year's actual expenditures [2]. - Lead underwriters must report their underwriting costs to the association within 10 working days after the annual financial report disclosure [2]. - The association will focus on verifying and publicly addressing any reported underwriting costs that appear unobjective [2]. - Issuers are encouraged to maintain fair competition and set reasonable selection criteria for lead underwriters, considering their professional level and market reputation [2]. - Market participants can report violations such as underwriters quoting below cost or issuers interfering with pricing decisions to the association [2].

Core Insights - The external skeleton robot market is shifting from industrial applications to consumer-level products, with prices dropping from tens of thousands to around six to seven thousand yuan [1][4]. Company Developments - Aoshark Intelligent has launched multiple external skeleton products in a community healthcare setting, targeting caregivers and the elderly [1][3]. - The company completed a multi-million yuan Series B financing round in May 2023 and has participated in significant events like the 2023 Hangzhou Asian Games [2][3]. Product Features - Aoshark's external skeleton robots provide leg assistance through AI gait algorithms, significantly reducing physical exertion during activities like walking, climbing stairs, and cycling [3]. - The newly launched consumer-grade external skeleton robot, VIATRIX, marks Aoshark's entry into the civilian market, with a focus on appealing to younger consumers through diverse color options [4]. Market Trends - The external skeleton robot market is expected to see accelerated production and a surge in consumer applications by 2025, driven by advancements in AI technology and lightweight materials [5]. - The company aims to replicate its successful model in community healthcare to other brands in the elderly care sector, indicating a strategic focus on the "enjoyable aging" market [3][4].

合伙人信息显示，该基金由中湾私募基金管理有限公司、粤港澳大湾区科技创新产业投资基金（有限合 伙）、合肥东城产业投资有限公司、安徽省人工智能主题投资基金合伙企业（有限合伙）共同出资。 中经实习记者 孙小琴 记者 夏欣 北京报道 8月7日，天眼查App显示，近日，安徽中湾徽智创业投资基金合伙企业（有限合伙）成立，执行事务合 伙人为中湾私募基金管理有限公司，出资额10亿元人民币，经营范围为以自有资金从事投资活动，以私 募基金从事股权投资、投资管理、资产管理等活动。 （编辑：夏欣 审核：何莎莎 校对：颜京宁） ...