Core Viewpoint - The well-known fund manager Zhai Xiangdong has officially announced his departure from the company due to personal reasons, which has drawn significant market attention [2][4][5]. Fund Management Changes - Zhai Xiangdong officially left the position of manager for the China Merchants Advantage Enterprises Mixed Fund on August 9, 2023, and will not take on any other roles within the company [4][5]. - The fund will now be managed solely by Lu Wenkai, who was recently appointed as a co-manager alongside Zhai [7][6]. Fund Performance - Under Zhai's management since April 29, 2022, the fund achieved a total return of nearly 125% and an annualized return rate of 27.96%, ranking 5th among nearly 2900 similar funds [7]. - The fund's scale grew from less than 40 million to over 10 billion, but recent reports indicate a decline to just over 8 billion, with a net value drop of 3.63% and over 300 million shares redeemed [7]. Future Management Strategy - Lu Wenkai, the new manager, holds a neutral to optimistic view on the A-share and H-share markets, believing that market confidence is recovering and that there will not be significant downward expectations [10]. - Lu plans to gradually increase allocations to consumer-related sectors, particularly those closely linked to domestic consumption, based on macroeconomic conditions and industry analysis [10][11]. Industry Insights - The consumer sector is expected to face limited growth opportunities due to a fixed population structure and an aging society, leading to a more competitive landscape [11]. - Many companies that survived the recent downturn have solidified their competitive advantages, presenting potential investment opportunities despite macroeconomic challenges [11]. - Valuation disparities exist, with many consumer stocks trading at lower PE ratios compared to their overseas counterparts, indicating potential for growth [11].

Core Viewpoint - The article discusses the recent surge in gold prices and the associated risks highlighted by the Shanghai Gold Exchange, as well as the implications of potential U.S. tariffs on gold imports [2][4]. Group 1: Market Dynamics - Gold prices have been rising significantly, with international gold reaching over $3,400 per ounce and COMEX gold futures hitting historical highs [6]. - The Shanghai Gold Exchange has issued multiple notifications regarding market risk control due to the volatility in gold prices [2]. - The U.S. government has imposed tariffs on imported gold bars, which could disrupt the global gold market and impact Switzerland's gold exports significantly [5]. Group 2: Demand and Consumption Trends - In the second quarter, global gold demand reached 1,249 tons, a 3% year-on-year increase, driven by strong investment inflows amid geopolitical uncertainties [16]. - Despite high gold prices, global gold jewelry demand fell by 14% year-on-year, with notable declines in China and India [17]. - The value of global gold jewelry consumption increased to $36 billion in the second quarter, indicating a shift in consumer behavior towards lighter-weight products to cope with rising prices [17]. Group 3: Price Trends in Jewelry - Domestic gold jewelry prices remain high, with prices for gold ornaments around 1,016 to 1,017 RMB per gram [10][16]. - The high gold prices have led to a trend of promoting lighter-weight jewelry products, which allows retailers to maintain profitability while offering consumers more affordable options [17]. Group 4: Future Outlook - Analysts predict that the ongoing geopolitical tensions and economic uncertainties will continue to support gold prices, with Citibank raising its gold price forecast from $3,300 to $3,500 per ounce [8]. - The White House plans to clarify the situation regarding gold tariffs to mitigate market confusion and stabilize prices [6].

【导读】宇树科技创始人王兴兴表示，未来2-5年智能机器人技术的重心是端到端智能机器人 大模型等 中国基金报记者 卢鸰 在8月9日上午举行的2025世界机器人大会主论坛上，宇树科技创始人、首席执行官兼首席技 术官王兴兴发表了题为"机器人产业规模化的机遇与挑战"的主题演讲。 据王兴兴介绍，今年上半年机器人行业最大的特点是，包括零部件厂商、整机厂商在内，行 业平均增长幅度在50%—100%，"增长非常吓人，非常少见"。 在王兴兴看来，智能体机器人当前虽然不是非常完美成熟，但当下已经够用了，未来主要是 持续完善硬件细节、降低成本、增加寿命和可靠性等；智能体机器人当下和未来最关键的挑 战，不是在数据方面，而是在机器人大模型（具身智能），该领域目前的发展进度，可能类 似于ChatGPT发布前1—3年左右的水平。 王兴兴预计，如果快的话，可能未来一两年或2—3年有可能实现，最慢的话，估计3—5年很 大概率能实现。 王兴兴认为，未来2—5年智能机器人技术的重心是在端到端智能机器人大模型，以及更低成 本、更高寿命的硬件及超大批量的制造，分布式的低成本、大规模算力。 校对：乔伊 制作：舰长 审核：木鱼 版权声明 《中国基金报》对 ...

Core Viewpoint - The article discusses the disciplinary actions taken against Zhongzheng Pengyuan Credit Rating Co., Ltd. and Zhongyuan Futures for multiple violations in their operations, highlighting the need for compliance and rectification in the financial industry [2][8]. Group 1: Disciplinary Actions - Zhongzheng Pengyuan was warned and ordered to rectify due to sending rating upgrade proposals to potential rated entities and failing to maintain effective separation between rating analysts and marketing personnel [2][4]. - Zhongyuan Futures was warned for not prudently verifying the relationships between the managed asset products and the issuers, which led to assisting an issuer in self-financing [9][10]. Group 2: Violations by Zhongzheng Pengyuan - The violations included conducting rating work before signing the rating agreement and issuing ratings based on insufficient and unreliable evidence before the completion of necessary business registration changes [5][6]. - Zhongzheng Pengyuan has faced multiple regulatory penalties in recent years, including a warning and a fine of 6.00995 million yuan for six violations, such as not following legal rating procedures and failing to manage rating business archives properly [8][9]. Group 3: Background Information - Zhongzheng Pengyuan, established in 1993, is one of the earliest credit rating agencies in China and is controlled by Zhongzheng Credit Enhancement Co., Ltd. [8]. - Zhongyuan Futures, a subsidiary of Zhongyuan Securities, was founded in 1993 with a registered capital of 330 million yuan [10].

Core Viewpoint - *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business restructuring, aiming to protect the interests of minority shareholders [1][3]. Group 1: Delisting Announcement - On August 8, *ST Tianmao's board approved a resolution to withdraw its A-share listing and transfer to the national SME share transfer system after delisting [1]. - The company has a total share capital of 4.904 billion shares, with a market capitalization of 7.111 billion yuan as of July 18, with the stock price at 1.45 yuan per share before suspension [3]. Group 2: Cash Option for Shareholders - To protect investors, *ST Tianmao will provide a cash option to dissenting shareholders, facilitated by an affiliate of Liu Yiqian, the actual controller of the company [6]. - The cash option's exercise price is set at 1.60 yuan per share, representing a premium of approximately 10.34% over the last trading price [7]. Group 3: Shareholder Structure - The top three shareholders of *ST Tianmao are New Liyi Group (44.56%), Wang Wei (11.25%), and Liu Yiqian (10.47%) [6]. - Liu Yiqian is the actual controller of New Liyi Group, and Wang Wei is his spouse [6]. Group 4: Business Transition and Financial Performance - *ST Tianmao transitioned from a pharmaceutical focus to the insurance sector after Liu Yiqian took control in 2002, becoming the largest shareholder of Guohua Life Insurance [10][11]. - The company has faced continuous losses since 2020, with Guohua Life's revenue dropping to 49.8 billion yuan in 2023, resulting in a loss of 1.155 billion yuan [13]. - The company anticipates a loss of 500 million to 750 million yuan for the 2024 fiscal year due to increased reserve provisions [13]. Group 5: Regulatory Challenges - *ST Tianmao is under pressure to disclose its 2024 annual report, which has not been completed, leading to a risk of delisting [15]. - The company received a notice from the China Securities Regulatory Commission for failing to disclose periodic reports on time [17].

Core Viewpoint - China Taiping's subsidiary, Taiping Asset, has been approved to establish a private securities investment fund company, aiming to enhance long-term investment in the capital market and support the real economy [3][4]. Group 1: Company Overview - Taiping Asset, established in September 2006, is one of the first nine insurance asset management companies in China, with a shareholder structure of 80% from China Taiping Holdings and 20% from Belgium's Fortis Group [3]. - As of the end of 2024, Taiping Asset's total managed assets will exceed 1.5 trillion yuan [3]. Group 2: Industry Context - The establishment of private fund companies by insurance institutions is part of a broader trend encouraged by regulators to increase long-term capital market participation [5]. - Since 2025, several insurance companies have been actively setting up private fund companies, including Ping An Asset Management and Taikang Asset Management, with significant initial fund sizes [6]. Group 3: Investment Strategy - Taiping Asset plans to implement strict fund operation management and develop investment strategies that align with the characteristics of insurance funds, emphasizing long-term capital investment [3]. - The company aims to contribute to the stability of the capital market and support high-quality development of the real economy through its investment philosophy of "long-term investment, value investment, and prudent investment" [3].

【导读】蚂蚁、美团，抢滩入局 " 机器人 " 中国基金报记者 含章 蚂蚁、美团，抢滩入局 " 机器人 " ！ 近日，北京灵巧手创企灵心巧手官宣，完成数亿元天使轮融资，本轮融资由蚂蚁集团领投。 此外，天眼查信息显示，星海图（北京）人工智能科技有限公司发生工商变更，新增美团旗 下成都龙珠股权投资基金合伙企业（有限合伙）等为股东。 美团入股具身智能机器人企业星海图 蚂蚁集团领投灵心巧手 8 月 7 日，北京灵巧手创企灵心巧手官宣，完成数亿元天使轮融资。 据了解，本轮融资由蚂蚁集团领投，中金资本、首发展创投、上海半导体装备基金、澄凯基 金、德同资本、可可资本跟投，老股东红杉中国种子基金继续加注。 本轮资金将主要用于灵心巧手在高自由度灵巧手方向上的技术提升与具身智能数据采集场建 设。在此轮融资前，灵心巧手已于今年 6 月完成股东变更，新增上海云玚与中金观博为公司 股东，注册资本由 661.5 万元增至 720.8 万元。其中，上海云玚为蚂蚁集团 100% 控股子 公司。 灵心巧手表示，近年来，具身智能投融资逐步进入产业链深水区，产业发展呈现出深化趋 势。根据产业链各人形机器人企业产量预测，具身智能行业将迎来人形机器人量 ...

Group 1 - The total box office for the summer movie season in 2025 has surpassed 8 billion yuan as of August 9 [2] - Several notable films have been released, contributing to the box office success [2] - The film "Nanjing Photo Studio" has achieved a box office of over 2 billion yuan, highlighting the popularity of anti-war themed films [3] Group 2 - Upcoming film releases include "Mountains and Rivers as Evidence" on August 15, "731" on September 18, and several others throughout August and September [5] - The summer movie season features a variety of genres, including documentaries and animated films, indicating a diverse offering for audiences [5]

Core Viewpoint - Haosai and its former chairman Dai Baolin have been prosecuted for suspected unit bribery, which has raised concerns about the company's governance and future performance [2][8]. Group 1: Legal Issues - On August 8, Haosai announced that it and former chairman Dai Baolin were prosecuted for suspected unit bribery [2][8]. - The case is currently awaiting trial, and the prosecution was initiated following an investigation by the Wuhan New District Supervisory Committee [11][12]. - Prior to the prosecution, Haosai did not disclose relevant information regarding Dai Baolin's legal troubles, including his detention and arrest [14][25]. Group 2: Management Changes - Dai Baolin resigned from his positions as chairman and general manager shortly before his arrest, citing reaching the legal retirement age [16][19]. - Following his resignation, Dai Baolin's son, Dai Congqi, was appointed as the new general manager, and the legal representative of Haosai changed to him [19][23]. - Dai Baolin transferred his voting rights associated with 23.36% of Haosai's shares to Dai Congqi, establishing a unified action relationship among the family members [21][23]. Group 3: Financial Performance - Haosai is expected to report a significant loss in the first half of 2025, with projected net losses ranging from 30.39 million to 38.51 million yuan, a decline of 495.35% to 600.95% year-on-year [27][29]. - The anticipated losses are attributed to a slowdown in infrastructure and real estate investments, leading to reduced demand in the lighting engineering sector and increased competition [29].

【导读】薛臻履新 东吴基金迎来新任董事长 中国基金报记者 若晖 又一家基金公司董事长迎来新人选。 | 新任人员职务 | 董事长 | | --- | --- | | 新任人员姓名 | 醉葵 | | 任职目期 | 2025年8月7日 | | 过往从业经历 | 历任苏州市农村干部学院教师、团 | | | 总支书记、培训处副处长、干部培 | | | 训处处长、办公室主任、院长助理 | | | 兼科研开发处处长、副院长、纪委 | | | 书记;苏州创元投资发展(集团) | | | 有限公司党委副书记、工会主席; | | | 苏州资产管理有限公司总裁、党委 | | | 副书记、党委书记、董事长。现任 | | | 东吴证券股份有限公司党委副书 | | | 记、总裁,东吴基金管理有限公司 | | | 董事长。 | 截至其离任，马震亚担任东吴基金董事长时间接近 7 年，东吴基金表示，对马震亚在担任公 司董事长期间为公司作出的贡献表示衷心的感谢。 与过去前几任董事长类似，新任董事长出自东吴基金大股东 —— 东吴证券。 8 月 8 日晚间，东吴基金发布公告称，董事长马震亚因到龄转任公司高级督导，任命薛臻为 公司新董事长。 Wind ...