Core Viewpoint - Ant Group's subsidiary, Ant Technology, has made significant progress in Real World Asset (RWA) business development over the past year, particularly in the context of the Hong Kong Monetary Authority's Ensemble sandbox initiative [2][4]. Group 1: RWA Business Development - Ant Technology's RWA technology platform and business model have matured, leading to new explorations in computing power and broader financial assets [2][6]. - The company has linked over 15 million new energy devices, creating the world's largest on-chain new energy device network [6]. - The RWA platform utilizes a "two chains, one bridge" architecture to efficiently connect domestic assets with global capital [6]. Group 2: Technological Innovations - Ant Technology has introduced the Layer 2 blockchain Jovay, which significantly enhances RWA transaction throughput and reduces user response time to under one second [6]. - The company employs advanced technologies such as AI models, homomorphic encryption, and zero-knowledge proofs to ensure asset privacy and compliance [6]. Group 3: Market Engagement and Compliance - Ant Technology is actively engaging with the Hong Kong market through open-source code, ecosystem openness, tool sharing, and industry-academic collaboration [7]. - The company has established a comprehensive tokenization issuance ecosystem by collaborating with licensed institutions in Hong Kong, covering all aspects from securities trading to digital asset custody [11]. Group 4: Strategic Focus - Ant Technology has selectively pursued RWA projects, focusing on stable value assets with clear legal rights and verifiable off-chain data, while rejecting less stable asset classes [9]. - The company aims to set industry standards for asset tokenization, with a technical specification for on-chain asset standards expected to be released soon [11].

Core Viewpoint - The collaboration between FAW Audi and Huawei's QianKun aims to break the technological barriers of fuel vehicles in supporting advanced driver assistance systems, marking a significant step in the smart transformation of traditional luxury car brands [2][4][10]. Group 1: Traditional Luxury Car Brands and Smart Transformation - Traditional luxury car brands are facing challenges in adapting to smart technologies, particularly in fuel vehicles that cannot support high-level driver assistance, hindering their "oil-electric intelligence" strategy [4][9]. - Audi has developed new platforms (PPE for electric and PPC for fuel) and a shared electronic architecture (E³1.2) to enhance control capabilities for both fuel and electric vehicles [7]. - The competition among traditional luxury car brands is shifting from mechanical quality and luxury features to a new standard based on the level of intelligence [9]. Group 2: Huawei's Role in the Automotive Industry - Huawei's QianKun is a smart automotive solution brand that aims to penetrate the core of traditional luxury car brands, marking a transition from "market for technology" to "technology export" in the Chinese smart automotive sector [10][12]. - Huawei has invested over 10 years in automotive intelligence, with a projected R&D investment exceeding 10 billion yuan in 2024 [12]. - As of July 2025, vehicles equipped with Huawei QianKun have traveled a total of 4.05 billion kilometers, with the parking assistance feature used 260 million times, indicating significant adoption of smart technologies [12].

Core Viewpoint - Guosen Securities is undergoing significant branch closures as part of its strategy to optimize operations and enhance customer service, with a total of 12 branches being shut down recently, following the closure of 9 branches announced last month [2][3][4]. Summary by Sections Branch Closures - Guosen Securities announced the closure of 12 branches, including locations in Jilin, Foshan, Qingdao, and Xiamen, effective September 5 [2]. - This follows a previous announcement to close 9 branches starting August 1, 2025 [3]. - Some of the closed branches are being relocated to local subsidiaries or other branches [4]. Industry Trends - A total of 68 branches have been closed across the industry this year, indicating a trend among brokerages to consolidate their branch networks [5][6]. - The closures are primarily aimed at optimizing regional layouts, reducing costs, and transitioning towards wealth management services [7]. Financial Performance - Guosen Securities has experienced a significant decline in revenue, with net profit in 2023 being approximately 60% of that in 2021 [9]. - The company has reduced its number of branches from 263 in 2022 to 238 in 2023, with further reductions planned [10]. - The user base for Guosen's mobile trading platform has grown from 12.8 million in 2019 to 29 million in 2024, reflecting a compound annual growth rate of 18% [10]. - The company expects net profit for the first half of 2025 to be between 4.78 billion and 5.53 billion yuan, representing a year-on-year growth of 52% to 76% [12]. Business Strategy - Guosen Securities is focusing on enhancing its online and offline customer acquisition and service capabilities, with a strong emphasis on wealth management and high-net-worth client services [13].

Core Viewpoint - Changshu Bank reported a net profit of over 1.969 billion yuan for the first half of 2025, marking a year-on-year increase of over 13% [2][4]. Financial Performance - For the first half of 2025, Changshu Bank achieved an operating income of 6.062 billion yuan, a year-on-year growth of 10.1% [4][6]. - The net profit attributable to shareholders was 1.969 billion yuan, reflecting a 13.51% increase compared to the same period in 2024 [4][6]. - The total assets of Changshu Bank reached 401.23 billion yuan by the end of June 2025, representing a growth of 9.45% from the end of the previous year [4][6]. Loan and Deposit Growth - The total loan amount stood at 251.47 billion yuan, with a year-on-year increase of 4.4% [4]. - Total deposits amounted to 310.78 billion yuan, showing an increase of 8.46% compared to the end of the previous year [4]. - Personal loans accounted for 54.20% of total loans, while personal operating loans made up 37.56% [4]. Asset Quality - As of June 30, 2025, the non-performing loan ratio was 0.76%, a slight decrease of 0.01 percentage points from the beginning of the year [4]. - The provision coverage ratio was 489.53%, down by 10.98 percentage points from the end of the previous year [4]. Capital Adequacy - The core Tier 1 capital adequacy ratio was 10.73%, and the total capital adequacy ratio was 10.78%, both showing a decline of 0.45 and 0.46 percentage points respectively from the end of the previous year [5].

Core Viewpoint - The cryptocurrency market experienced a significant surge following the announcement that U.S. President Trump will sign an executive order allowing cryptocurrencies to be included in 401(K) accounts, indicating a move towards mainstream acceptance of digital assets [2][12]. Market Performance - Bitcoin's price surpassed $116,000, marking an increase of over 2% [3]. - Ethereum rose by more than 5%, with its price exceeding $3,800 [5]. - Other cryptocurrencies, including Solana, Dogecoin, and Sui, also saw gains of over 5% [7]. Market Data - Bitcoin: Price at $116,289, 24H change +1.81%, 7-day change -1.98%, Market Cap $2.31 trillion, 24H Volume $56.53 billion [8]. - Ethereum: Price at $3,813.93, 24H change +5.00%, 7-day change -1.35%, Market Cap $459.63 billion, 24H Volume $26.83 billion [8]. - XRP: Price at $3.0695, 24H change +4.21%, Market Cap $181.72 billion [8]. - Solana: Price at $172.836, 24H change +5.29%, Market Cap $92.92 billion [8]. - Dogecoin: Price at $0.212060, 24H change +5.21%, Market Cap $31.75 billion [8]. Liquidation Data - Over 90,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $261 million, including $63.26 million in long positions and $200 million in short positions [8][9]. Stock Market Reaction - U.S. stocks related to Ethereum reserves saw pre-market gains, with BTCS rising over 12% and BMNR and SBET increasing by over 7% [10].

【 导读 】浦银金科正式开业，银行系科技子公司再添一家 中国基金报记者 马嘉昕 8月7日，记者从浦发银行获悉，浦银金融科技有限公司（以下简称浦银金科）日前在上海开业。这意味着银行系科技子公司再添一家。 近年来，商业银行积极通过设立科技子公司来培育金融科技核心竞争力。据悉，自2015年兴业银行率先设立金融科技子公司以来，多家银 行纷纷布局。 据不完全统计，目前，银行系金融科技子公司数量已达24家，包括平安集团旗下平安壹账通、光大集团全资子公司光大科技、控股股东已 由浙商银行变更为浙金控股的易企银科技等。 同时，各大商业银行不断加大金融科技投入。例如，2024年，工商银行金融科技投入占该行营业收入的3.63%，金融科技人员占全行员工 总人数的8.6%。 再添一家银行系科技子公司 据悉，浦发银行党委副书记、行长谢伟出席了浦银金科的开业仪式。谢伟表示，该行将今年确定为"战略提升年"，以数字金融为核心驱动 力，全面打造银行业"数智化"转型新标杆。 " 浦银金科正式运作是满足战略要求、顺应客户期待、把握技术机遇的重要选择。 "谢伟表示，浦银金科要敢闯敢试、勇于探索，推动全集 团转型破局。 记者了解到，作为浦发银行集团的科 ...

Core Viewpoint - The article emphasizes the importance of diversified asset allocation strategies in response to market volatility and uncertainty, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area's investment landscape [1][3]. Group 1: Investment Strategies in Volatile Markets - In uncertain market conditions, investors are advised to focus on asset allocation and portfolio management to achieve a balanced investment approach [3]. - Asset allocation involves diversifying funds across various asset types such as stocks, bonds, gold, and commodities to create a multi-faceted portfolio [3][4]. - The analogy of a football team is used to illustrate the need for a diverse investment strategy, where different asset classes play distinct roles in achieving overall success [3]. Group 2: Advantages of Using Funds for Asset Allocation - Public funds offer a wide variety of investment options, covering major asset classes like A-shares, Hong Kong stocks, U.S. stocks, gold, and bonds, allowing investors to tailor their portfolios according to their risk preferences [5]. - The operational diversity of public funds, including active and passive management styles, provides investors with flexible choices based on their investment goals [5]. - High transparency in public funds, through regular reporting, enhances investor confidence and aids in informed decision-making [5]. Group 3: Asset Selection and Characteristics - Investors should classify and select assets based on their functions and risk-return characteristics, considering the unique attributes of each asset type [7]. - The complementary nature of different assets can help reduce overall portfolio volatility and improve adaptability to varying market conditions [8]. - Specific asset classes, such as commodities and gold, can serve as hedges against inflation and economic downturns, providing stability in turbulent times [7][8]. Group 4: Detailed Asset Classification - Within major asset classes, further segmentation can enhance investment choices, such as distinguishing between growth and value stocks in the A-share market [9]. - Fixed income assets can also be subdivided, with convertible bonds offering a blend of equity and bond characteristics, potentially outperforming traditional stocks in certain market conditions [9]. Group 5: Asset Allocation Principles - Investors should adhere to principles such as portfolio rebalancing to align with their risk tolerance and investment objectives, avoiding impulsive trading behaviors [18]. - The impact of currency fluctuations on returns should be considered in cross-border investments, as exchange rate movements can significantly affect overall investment performance [19].

财通证券最新发布的公告显示，近日，公司收到中共浙江省委相关文件，决定应朝晖同志任公司党委副书记，提名应朝晖同志为公司总经 理人选。公司将按照相关法律、行政法规和《公司章程》等有关规定，尽快履行总经理聘任程序，并履行信息披露义务。 【导读】财通证券宣布应朝晖将任公司总经理 中国基金报记者 吴君 在总经理职位空缺11个月以后，财通证券宣布了新任总经理人选。 8月7日晚间，财通证券发布公告称，提名应朝晖为公司总经理人选，将尽快履行总经理聘任程序。应朝晖原为浙江省担保集团有限公司 （以下简称浙江担保集团）党委书记、董事长。 截至8月7日，财通证券最新股价为8.24元/股，总市值为383亿元。 财通证券宣布总经理提名人选 资料显示，应朝晖为浙江农信系统出身，2021年1月，他曾以浙江省联社党委组织部（人力资源部）部长身份，参加湖州农信党建工作述 职评议会；2022年4月，浙江省联社改制为浙江农商联合银行，应朝晖被核准担任党委委员、副行长；2022年9月，应朝晖被浙江省政府 任命为浙江担保集团党委书记、董事长。 任职期间，应朝晖曾主导了与海盐县的战略合作，助力破解科技型企业融资难题，并在深化全省担保机构体系改革、推进数智 ...

Core Viewpoint - The Bank of England has lowered the benchmark interest rate by 25 basis points from 4.25% to 4%, indicating a cautious approach to monetary policy amid economic challenges [4][16]. Summary by Sections Interest Rate Decision - The Monetary Policy Committee (MPC) voted 5 to 4 in favor of the rate cut, marking the first time in 28 years that a two-round vote was necessary to reach a decision [5][10]. - The decision reflects significant internal divisions within the Bank regarding how to address the dual challenges of slowing economic growth and rising inflation [7][10]. Economic Context - The UK economy is experiencing signs of weakness, with a reported loss of 185,000 jobs since the announcement of increased employer wage taxes and minimum wage by the Labour government [7]. - Despite a slight upward revision of the 2025 economic growth forecast to 1.25%, officials describe the overall economic situation as "still sluggish" [8]. Inflation Outlook - Inflation is expected to rise to 4% in September, higher than the previous forecast of 3.7%, driven by food price increases [7][16]. - The MPC remains vigilant about potential second-round inflation effects, particularly concerning wage pressures and consumer price inflation [7][16]. Future Monetary Policy - The MPC indicated that future rate cuts will depend on the progress made in reducing core inflation pressures [9][17]. - The market anticipates another rate cut by the end of the year, with projections suggesting a further decline to around 3.5% [9]. Market Reaction - Following the announcement, the UK stock market continued to decline, while the British pound appreciated [13].

Core Viewpoint - The article highlights the significant achievements of China Merchants Bank (CMB) in wealth management, emphasizing its retail assets under management (AUM) surpassing 16 trillion yuan and its insurance distribution scale exceeding 1 trillion yuan, while discussing the trends and future directions of the wealth management industry in China [2][5][4]. Group 1: Key Achievements - CMB's retail AUM has exceeded 16 trillion yuan, with total asset custody surpassing 24 trillion yuan and asset management nearing 4.5 trillion yuan [4]. - The bank serves over 200 million individual customers, showcasing its extensive reach and service capabilities [4]. - CMB's retail insurance distribution has crossed the 1 trillion yuan mark, indicating a strong position in the insurance market [5]. Group 2: Industry Trends - The wealth management industry in China is experiencing significant growth potential, with the asset management scale accounting for 17.4% of the global market and expected annual growth of 8-10% [8]. - The transition to a low-interest-rate environment poses challenges and opportunities for wealth management institutions, necessitating a focus on creating low-risk, stable-return products [8]. - Customer demand is evolving towards a more comprehensive and global approach, requiring wealth management firms to enhance their service capabilities [8]. Group 3: Development Initiatives - CMB emphasizes the need for transformation in wealth management, advocating for a shift from local competition to international development and from scale-oriented to investor-centric approaches [9]. - The integration of AI technology is seen as a transformative force in wealth management, reshaping service methods, operational models, and product offerings [9]. - CMB is committed to high-quality development in wealth management, focusing on long-term effectiveness, balanced business structure, improved customer experience, and efficient technological support [10][11][12]. Group 4: Strategic Proposals - CMB proposes five initiatives for the future of wealth management, including becoming builders of a financial powerhouse, creators of long-term value, service providers for global asset allocation, pioneers in AI and finance, and practitioners of market norms [14][15].