【导读】 特朗普与普京会谈前，乌克兰总统泽连斯基拒绝做出土地让步 中国基金报记者 泰勒 大家周末好，今晚简单关注一下俄乌冲突的最新进展。 8月9日，乌克兰总统泽连斯基强硬表示，在美国总统特朗普提出和平协议可能包括与俄罗斯"交换"领土的建议后，他的国民"不会把土地交 给占领者"。 泽连斯基当天凌晨上发文称："乌克兰领土问题的答案已经写在乌克兰宪法里。没有人会、也没有人能够偏离它。乌克兰人不会把土地交给 占领者。" 此前，特朗普在Truth Social上宣布，与俄罗斯总统普京的期待已久的会晤已定于下周五在阿拉斯加举行。 会晤的更多细节和安排仍不清楚，且随时可能变化，包括泽连斯基是否会参与。特朗普在宣布与普京会面的帖子中没有提到乌克兰总统。 周五晚些时候，特朗普在白宫暗示，俄乌可能会作为停火协议的一部分进行"某种领土交换"。他说："会有一些领土交换，对双方都有好 处……我们会在之后或者明天，或者什么时候谈这个问题。" 白宫一名官员周五还表示，俄方已提出一份可能停火的要求清单，美国正试图争取乌克兰和欧洲盟友的同意。 但泽连斯基周六在声明中称，任何不经过乌克兰同意作出的决定都是"反和平的决定"，并补充道："这些不会带 ...

8月9日晚，内蒙古自治区包头市联合调查组发布情况通报称，针对近期舆论关注的包头市讲师团 人才引进有关问题，包头市成立由市纪委监委、市委组织部等部门组成的联合调查组，进行全面 调查，现将调查结论和处理结果通报如下： 经查，讲师团人才引进中存在因人设岗、监督工作落实不到位、议事决策程序不规范等问题。 依 据调查结果，认定2025年讲师团人才引进招考结果无效，依规依纪对讲师团主要负责人予以免职 处理，并给予党内严重警告、降级处分；同时，对人才引进相关负责人给予诫勉处理。 来源 ：包头发布、人民日报客户端 此前报道 据媒体7月3日报道，近日，有网友质疑内蒙古自治区包头市委讲师团2025年1月面向社会公开引 进高层次和紧缺急需专业人才招考过程中，存在违规操作行为。 该网友表示"2023年12月，包头市委讲师团曾进行过一轮面向社会公开引进高层次和紧缺急需专 业人才，当时因被举报中止。今年2月份发布的公示名单中，3名通过面试的考生姓名，与此前因 举报被中止时入围面试的考生姓名居然一致。" 7月2日下午，记者就此事致电包头市委讲师团。相关工作人员证实，2023年和2025年两次招聘 中，确实各有3名通过面试的考生姓名一致。对 ...

【导读】多家私募竟然联手拍短剧，背后是什么原因？ 中国基金报记者 吴君 短剧的风，终于还是吹到了私募基金行业。 基金君获悉，一部《重生千禧年，我靠期货走上复仇之路》的短剧，于今年 8 月 5 日正式在 横店开拍， 9 月或将上映。 本周，该短剧的一张海报在网上流传，里面提到资本、霸总、重生、爱情、复仇等元素，非 常符合当下流行的爽剧风格。该剧出品方是三家私募基金管理人 —— 洼盈投资、山海基金、 深涵资本，据了解，该剧的剧本由某知名期货公司操刀。 根据相关海报信息，该短剧的剧情梗概是： 47 岁的盈顺（男主）原来是规模上百亿元的私募 基金的老板，他为人单纯，沉迷交易。 2025 年 4 月，特朗普宣布关税计划，国内外期货大 宗商品出现大幅波动，盈顺的资金巨亏。而盈顺妻子周雅（反派）早就出轨、借机离婚分割 财产，合作伙伴赵天阳（反派）挪用了资金，盈顺意识到被妻子和伙伴出卖，心力交瘁，突 发心梗去世。但后来盈顺重生了，并且靠期货走上复仇之路，报复害死自己的真凶赵天阳等 人。 这部短剧还是双女主设定，女主之一苏小曼是盈顺的初中同学和初恋，父亲因 "327" 国债期 货事件跳楼自杀，她深受其累未能考上大学，平日里和母 ...

Core Viewpoint - The article reveals the latest U.S. stock holdings of Jinglin Asset Management Hong Kong Company as of the end of Q2 2025, indicating a total market value of $2.874 billion, a decrease of approximately 11% from the previous quarter [2][3]. Holdings Summary - Jinglin Hong Kong Company held 28 securities in the U.S. stock market, with a total market value of $2.874 billion, down from $3.228 billion in the previous quarter [2][3]. - The top 10 holdings accounted for 88.19% of the total portfolio, indicating an increase in concentration compared to the previous quarter [3][5]. Major Transactions - The company made 3 new purchases, added to 7 existing positions, sold out of 6 stocks, and reduced holdings in 13 stocks during Q2 [5][6]. - Notable new purchases included Nvidia, Atour, and Huazhu Group, while significant reductions included Apple and several pharmaceutical companies [8][9]. Key Holdings - Meta remains the largest holding with a market value of $731.7 million, representing 25.46% of the total portfolio, with an increase of 22,100 shares [6][7]. - Other significant holdings include NetEase ($469.1 million), Manbang Group ($340.1 million), and Pinduoduo ($336.9 million) [6][7]. Investment Strategy - The company is focusing on Chinese assets, particularly in emerging industries, and aims to identify companies with strong business models and robust free cash flow [2][10]. - Jinglin Asset Management emphasizes the importance of monitoring policy changes and emerging industries for potential investment opportunities [10].

Core Viewpoint - BMW plans to recall over 230,000 vehicles due to potential safety hazards related to starter generator connections and high-voltage system malfunctions [2][4][11] Recall Details - The recall includes various models, primarily the i series, such as the domestic i3, iX1, i5, and imported i4, i7, iX [4][6] - Specific recall numbers and details include: - S2025M0120V: 1 imported 5 series vehicle from November 26, 2024 [7] - S2025M0121V: 379 domestic X5 and 1,012 domestic 5 series vehicles produced between July 20, 2024, and December 19, 2024 [7] - S2025M0122V: 4,609 imported i4, 91 imported i5, 3,244 imported i7, and 7,730 imported iX vehicles produced between December 2, 2020, and December 12, 2023 [8] - S2025M0123V: 95,753 domestic i3, 5,657 domestic i5, 6,022 domestic iX1, and 106,000 domestic iX3 vehicles produced between May 26, 2020, and December 5, 2024 [9] - BMW will provide free inspections and necessary replacements or repairs to eliminate safety risks [7][10] Sales Performance - BMW's sales in China dropped by 15.5% in the first half of the year, with total sales of 317,900 vehicles [11][13] - The company has experienced a high recall frequency, with previous recalls including 16,813 domestic 5 series and 9,953 X5 vehicles [12] - Global sales for BMW Group's three brands (BMW, MINI, Rolls-Royce) were 1.207388 million vehicles, a slight decrease of 0.5% year-on-year [13] Strategic Measures - To address declining sales, BMW has made significant personnel changes, including the appointment of Birgit Böhm-Wannenwetsch as the first female CEO of Brilliance BMW starting August 1, 2025 [14] - BMW is enhancing its strategic partnerships, including a collaboration with Alibaba to develop AI engines for new models in the Chinese market [14]

【导读】深度访谈：灵均投资危机后的系统性重构 中国基金报记者 任子青 国内量化行业风雨发展十余载，在资本市场改革与科技创新的双重驱动下，既经历了爆发式 增长的黄金期，也面临着行业格局的深度重构。在量化行业发展的大潮中，作为头部量化机 构的代表，灵均投资同样经历了"阵痛期"。在过去一年多的时间里，灵均投资在风控体系、 合规管理、公司治理、策略迭代等方面做了彻底且系统性的重构。 近日，灵均投资两位核心人物——董事长蔡枚杰、首席投资官马志宇共同出面，与中国基金 报记者做了坦诚且深入的交流。 涅槃重生：公司治理实现彻底且系统性重构 2024年2月20日，沪深交易所通报，因灵均投资旗下产品在2月19日开盘短时间内集中下 单，沪深交易所对相关产品证券账户采取限制交易三天的自律措施。 在经历该事件后，灵均投资对公司治理结构进行重大优化，并形成"36要义"和"1+5"工作思 维的企业文化体系。蔡枚杰表示，这套体系的形成，与去年"2·19事件"后公司治理结构的重 大优化直接相关。 过去，灵均投资坚持投研和服务"双引擎"模式，马志宇负责投研，蔡枚杰负责投研之外的所 有事务。但蔡枚杰表示，去年的事件反映出公司在投研、交易等核心环节 ...

Core Viewpoint - Huaan Securities Asset Management has announced a change in the management of several public collective investment products to Huafu Fund, aiming to protect the interests of shareholders and ensure the long-term development of the collective plans [2][4]. Group 1: Management Change Details - On August 9, Huaan Securities Asset Management announced the registration change of multiple public collective investment products, including 5 bond-type and 1 flexible allocation-type products [4]. - The management of these products will transition from Huaan Securities Asset Management to Huafu Fund, with corresponding changes in product names [4][5]. - The collective plans are set to expire on November 30, 2025, as per the asset management contract and relevant regulations [4]. Group 2: Product Name Changes - Specific product name changes include: - Huaan Securities He Win Nine-Month Holding Period Bond Collective Asset Management Plan to Huafu An Yi Nine-Month Holding Period Bond Fund - Huaan Securities He Win Six-Month Holding Period Bond Collective Asset Management Plan to Huafu Fu Ze Six-Month Holding Period Bond Fund - Huaan Securities He Win Three-Month Holding Period Bond Collective Asset Management Plan to Huafu An Kang Three-Month Holding Period Bond Fund - Huaan Securities He Win Add Profit Bond Collective Asset Management Plan to Huafu An He Bond Fund [4]. Group 3: Fund Performance and Management - Huafu Fund, established in April 2004, is a subsidiary of Huaan Securities, holding 49% equity. As of June 2025, Huafu Fund's public offering scale reached 94.319 billion, with nearly 60 billion in non-monetary funds and over 50 billion in bond funds [9]. - The fund experienced rapid growth from 2020 to 2023, with its public offering scale increasing from over 60 billion to nearly 112.5 billion, but has since fluctuated between 80 billion and 90 billion [9]. - As of the end of 2024, Huafu Fund reported total assets of 856 million and net assets of 686 million, with a revenue of 314 million, down 12.84% year-on-year, and a net profit of 31.34 million, down 20.63% year-on-year [9]. Group 4: Leadership Changes - In April 2024, Huafu Fund underwent a leadership change with the appointment of Yu Haichun as the new chairman, marking his second tenure at the fund [10]. - Huaan Asset Management, a wholly-owned subsidiary of Huaan Securities, was established on September 1, 2023, and began operations on July 22, 2024, reporting total assets of 164.689 million and net assets of 73.676 million by the end of 2024 [10].

Group 1 - Renowned fund manager Zhai Xiangdong officially announced his resignation from China Merchants Fund on August 9 due to personal reasons, with speculation about his next move possibly being in private equity [1] - Dongwu Fund appointed Xue Zhen as the new chairman, succeeding Ma Zhenya, who transitioned to a senior supervisory role [2] - The public REITs market remains robust, with two newly listed data center REITs achieving a 30% limit-up on their debut, reflecting strong investor interest [3] Group 2 - Guangfa Asset Management withdrew its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [4] - The trend of fund managers publicly sharing their real-time trading results is growing, with many achieving positive returns, which may encourage more rational long-term investment from investors [5] - The China Europe Digital Economy Mixed Fund announced a suspension of large subscriptions over 1 million yuan, reflecting its strong performance with over 150% returns in the past year [6][7] Group 3 - The A-share market showed slight declines, with the Shanghai Composite Index down 0.12% and the Shenzhen Component Index down 0.26%, amidst a mixed performance of individual stocks [7] - Convertible bond funds have performed exceptionally well, with over ten thematic funds achieving net value growth rates exceeding 15% this year [9][10] - Huaxia Fund reported a significant increase in revenue and net profit for the first half of 2025, with total assets under management surpassing 2.85 trillion yuan [11] Group 4 - North Trust Fund's general manager Liu Xiaoling announced her resignation amid internal conflicts, with a new general manager appointed to address ongoing challenges [12][13] - The bond ETF market welcomed a new product surpassing 10 billion yuan in scale, contributing to a total market size of nearly 520 billion yuan [14][15] - New public REITs products have been approved, indicating continued growth in this investment vehicle [16][17] Group 5 - The Hong Kong stock market has seen strong performance this year, with the Hang Seng Index and Hang Seng Tech Index rising 22.17% and 20.80% respectively, although recent volatility has raised concerns [19] - Quantitative private equity funds have shown impressive performance, with several firms surpassing 10 billion yuan in assets under management, indicating a positive outlook for future excess returns [20] - The China Interbank Market Dealers Association issued self-regulatory penalties to three private equity firms for non-compliance in market practices [21][22]

Core Viewpoint - Multiple high-performing funds managed by China Europe Fund have announced purchase limits to ensure stable fund operations and protect the interests of fund shareholders [2][3][10]. Fund Purchase Limits - On August 9, China Europe Fund announced that the China Europe Medical Innovation Fund would limit single-day purchases to 100,000 yuan starting August 11 [4][5]. - The China Europe Digital Economy Fund had already suspended large purchases over 1 million yuan starting August 6 [2][5]. - The China Europe Science and Technology Innovation Fund, managed by Shao Jie, will also suspend large purchases over 1 million yuan from August 11 [7]. Fund Performance - As of the end of Q2, the China Europe Medical Innovation Fund had a scale of 8.114 billion yuan, a nearly 20% increase year-on-year [5]. - The fund achieved a one-year return of 80.12%, ranking in the top 2% of its category as of August 8 [5]. - The China Europe Science and Technology Innovation Fund had a one-year return of 84.33%, also ranking in the top 2% of its category [7]. Market Context - The trend of fund purchase limits has been observed across approximately 50 actively managed equity funds since July, particularly among high-performing products [10][11]. - Industry insiders indicate that the recent wave of purchase limits is aimed at controlling fund size to maintain the effectiveness of investment strategies and protect existing shareholders from potential losses due to market volatility [11].

Core Viewpoint - Lio Co. plans to invest up to 3 billion yuan in securities, including stock investments, aiming to enhance capital efficiency and returns [2][7][17]. Group 1: Investment Plans - Lio Co. intends to use no more than 3 billion yuan of its own funds for securities investment, with an authorization period of 12 months from the board's approval [2][7]. - The investment methods include new stock placements, stock and depositary receipt investments, bond investments, and entrusted financial management [7][9]. - Heshun Petroleum also announced plans to invest up to 200 million yuan of idle funds in securities, with a similar 12-month authorization period [4][9]. Group 2: Market Reactions - Investors have expressed mixed reactions, with some questioning why companies are investing in stocks instead of repurchasing their own shares [16][18]. - The stock prices of Lio Co. and Heshun Petroleum showed a decline and slight increase, respectively, indicating market sentiment towards these investment decisions [22]. Group 3: Financial Performance - Lio Co.'s financial performance has been volatile, with net profits of -441 million yuan in 2022, 1.966 billion yuan in 2023, and -259 million yuan in 2024 [21][22]. - Heshun Petroleum has also faced declining profits, with net profits of 104 million yuan in 2022, 52 million yuan in 2023, and 29 million yuan in 2024 [23][24].