Core Viewpoint - The retirement of Zhu Yongqiang, the General Manager of Xinda Australia Fund, marks a significant leadership change in the public fund industry, with his tenure resulting in substantial growth for the company [2][4]. Group 1: Leadership Change - Zhu Yongqiang officially retired on September 5, 2025, due to reaching retirement age, and Fang Jing will temporarily take over the role of General Manager [4][5]. - Zhu Yongqiang has over 30 years of experience in the asset management industry, having held various senior positions before joining Xinda Australia Fund in December 2019 [5][6]. Group 2: Company Growth - Under Zhu Yongqiang's leadership, Xinda Australia Fund experienced a remarkable growth of over 7 times in total management scale, transitioning from a hundred billion to a thousand billion level public fund [8][9]. - As of the end of 2019, the net asset scale of Xinda Australia Fund was 12.76 billion, ranking 82 out of 145 in the industry; by the second quarter of 2025, the management scale reached 103.01 billion, ranking 61 out of 183 [9][10]. Group 3: Investment Strategy and Performance - The company focused on enhancing its equity research capabilities, investing in experienced researchers and building a diverse talent structure across key sectors such as technology and consumer goods [10][11]. - In the fixed income sector, Xinda Australia Fund emphasized risk control and established a rigorous credit rating system, optimizing its product matrix to manage various risks effectively [10][11]. - As of August 31, 2025, 41 of the company's fund products achieved a return rate exceeding 30% over the past year, with 34 products rising over 50%, showcasing strong performance [11].

Core Viewpoint - Shanghai Longyu Data Co., Ltd. (Longyu) has been severely penalized by regulators for significant financial fraud, including inflated revenue and profits over four consecutive years [2][6][10]. Summary by Sections Financial Misconduct - Longyu inflated its operating revenue and profits in its annual reports from 2019 to 2022, using fictitious trade chains and artificially increasing business links to conduct false trades in metals, oil products, and ethylene glycol [6][7]. - The inflated figures are as follows: - 2019: Revenue inflated by 2.242 billion, 16.61% of reported revenue; profit inflated by 5.73 million, 60.48% of reported profit [7]. - 2020: Revenue inflated by 3.986 billion, 44.57% of reported revenue; profit inflated by 11.1369 million, 10.36% of reported profit [7]. - 2021: Revenue inflated by 4.024 billion, 50.46% of reported revenue; profit inflated by 9.5195 million, 7.48% of reported profit [7]. - 2022: Revenue inflated by 4.288 billion, 42.95% of reported revenue; profit inflated by 10.9332 million, 23.92% of reported profit [7]. Non-Disclosure of Related Transactions - Longyu failed to disclose non-operating fund occupation related to transactions with 13 associated companies controlled by its actual controller, Xu Zengzeng, from June 2021 to November 2023 [8][9]. - The fund occupation amounts were: - 2022: 333 million, 9.19% of net assets [9]. - 2023: 875 million, 23.64% of net assets [9]. - 2024: 882 million, 26.53% of net assets [9]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) proposed a fine of 11.5 million for Longyu and additional fines for responsible individuals, including Xu Zengzeng, who faces a 10-year market ban due to the severity of the violations [9][10]. - Longyu's stock was terminated from listing and will be transferred to the National SME Share Transfer System for management [12][13].

Group 1 - The article discusses President Trump's executive order to adjust the scope of import tariffs, allowing for potential reductions to zero on certain goods after agreements with foreign trade partners [4][6] - Goods eligible for zero tariffs include products that cannot be produced in the U.S. or are insufficient to meet domestic demand, specific agricultural products, aircraft and parts, and non-patented pharmaceuticals [7] - The U.S. Department of Commerce and other relevant agencies will monitor trade partner compliance and trade deficits, reporting to Trump for further adjustment recommendations [7] Group 2 - The article mentions upcoming discussions between the U.S. and the EU regarding new sanctions against Russia, with Trump indicating that tariffs on Indian goods are a response to their purchase of Russian oil [8][9] - Trump announced potential candidates to replace Federal Reserve Chairman Powell, including Kevin Hassett, Christopher Waller, and Kevin Warsh, indicating a selection process is underway [12][13] - Trump criticized the EU's $3.5 billion fine on Google, labeling it as unfair and a form of financial exploitation, warning of potential retaliatory measures under Section 301 if such actions continue [15]

本周，道指跌 0.32% ，标普 500 指数涨 0.33% ，纳指涨 1.14% 。 【导读】美股三大股指小幅收跌；金价再创新高；大型科技股多数下跌 美东时间 9 月 5 日（周五），美国三大股指小幅收跌，非农数据强化了市场对于 9 月降息 的押注，同时引发了市场对美国经济的担忧。 WTI 跌至 5 月以来最低，金价再创新高。特斯 拉董事会提议为首席执行官马斯克制定新的薪酬方案。 经济数据面，美国劳工统计局周五盘前报告称， 8 月非农就业人数增加 2.2 万，低于预期， 进一步表明招聘放缓。接受道琼斯调查的经济学家平均预估 8 月非农就业人数将增加 7.5 万 人，失业率微升至 4.3% 。 非农数据引发衰退担忧 美国 8 月份的就业增长显著放缓，失业率攀升至自 2021 年以来的最高点，这引发了人们对 劳动力市场可能正面临更严重衰退的担忧。 周五早间，标普 500 指数最高上涨至 6532.65 点，刷新盘中历史最高纪录。截至收盘，道 指跌 0.48% ，报 45400.86 点；标普 500 指数跌 0.32% ，报 6481.5 点；纳指跌 0.03% ，报 21700.39 点。 哈里斯金融集团常务 ...

来源：央视新闻 联合国大会通过加强与上合组织合作的决议 决议提议秘书长通过现有机构间论坛和形式，包括通过联合国秘书长与区域组织和其 他组织负责人的高级别互动对话，持续与上海合作组织秘书长定期磋商；提议联合国 系统各专门机构、组织、方案和基金与上海合作组织合作，联合实施相关方案以实现 目标。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 当地时间9月5日，第79届联合国大会通过加强联合国与上海合作组织合作的决议。决 议草案由中国等国共同提出。 决议肯定上海合作组织在确保和平与可持续发展、促进区域合作、加强睦邻关系和相 互信任方面的建设性作用，强调联合国系统与上海合作组织加强对话、 ...

Core Viewpoint - Yihuatong has decided to terminate the major asset restructuring plan to acquire 100% equity of Danzhou Xuyang Hydrogen Energy Co., Ltd. due to the inability to reach a consensus on the final transaction plan with the counterparty [1][8]. Group 1: Termination of Restructuring - The termination of the transaction is not expected to have a significant adverse impact on the company's production operations and financial status [5]. - The restructuring was initially anticipated to enhance Yihuatong's layout in the hydrogen energy industry chain and improve business synergy [7][8]. Group 2: Departure of Key Personnel - Core technical personnel Yang Shaojun has left the company due to personal reasons, and he will no longer hold any position within Yihuatong [11]. - Following Yang's departure, the number of core technical personnel at Yihuatong is now four, and the company claims that its R&D team structure remains intact and capable of supporting ongoing projects [11]. Group 3: R&D Personnel and Financial Performance - Yihuatong has seen a significant decline in the number of R&D personnel, dropping from 346 in 2024 to 156, and further to 128 in the first half of 2025 [12][14]. - The total compensation for R&D personnel has also decreased, with the average salary rising from 25.17 thousand to 33.26 thousand, indicating a focus on cost management amid ongoing losses [13][14]. - The company reported a net profit attributable to shareholders of -1.67 billion, -2.43 billion, and -4.56 billion from 2022 to 2024, reflecting continuous financial struggles [14].

Core Viewpoint - Economic recession concerns overshadowed the benefits of interest rate cuts, leading to a significant drop in U.S. stock markets [2][5]. Market Performance - On September 5, major U.S. indices opened high but experienced a sharp decline, with the Dow Jones falling over 200 points and the Nasdaq erasing an initial gain of about 1% [2][5]. - The S&P 500 index and Nasdaq both reached historical highs earlier in the day, with the S&P 500 up approximately 0.5% and the Nasdaq up about 0.8% before the downturn [5]. Employment Data Impact - The U.S. economy added only 22,000 jobs in August, significantly below the expected 75,000, with the unemployment rate rising to 4.3% [5][6]. - This disappointing employment data has led traders to reassess the likelihood of the Federal Reserve implementing a 25 basis point rate cut in their upcoming meeting [5][6]. Market Repricing - Following the employment report, the market quickly adjusted expectations, with predictions of three rate cuts by the Federal Reserve by 2025 [6]. - Despite expectations of potential rate cuts, stock market investors remained cautious, as concerns grew over the Fed's ability to manage employment issues while inflation persists [6]. Technology Sector Performance - Major tech companies, including Nvidia and AMD, contributed to the market decline, with Nvidia dropping 3% and AMD falling 5% [7][9]. - Nvidia's stock was reported at $166.57, down 2.96%, while AMD's performance showed a significant drop [10][12]. Competitive Landscape - Broadcom's stock surged nearly 9% after reporting quarterly earnings that exceeded Wall Street expectations, indicating strong performance in the semiconductor sector [14][15]. - The market perceives Broadcom's robust results as a sign of increasing competition for Nvidia, a leading player in the AI sector [16]. Tesla's Performance - Tesla's stock rose by 2% following the announcement of an unprecedented $1 trillion compensation plan for CEO Elon Musk [17].

Core Viewpoint - Guizhou Moutai's controlling shareholder, Moutai Group, has received a loan commitment letter from Agricultural Bank of China to support its stock buyback plan, with a maximum loan amount of RMB 2.7 billion [2][5]. Summary by Sections Loan Commitment and Buyback Plan - Moutai Group has obtained a loan commitment from Agricultural Bank of China, allowing for a maximum loan of RMB 2.7 billion, with a term of 3 years, specifically for the purpose of increasing its stake in Guizhou Moutai [5]. - The buyback plan was initially disclosed on August 29, with Moutai Group intending to buy back between RMB 3 billion and RMB 3.3 billion worth of shares from September 1, 2025, to February 28, 2026, using both self-owned and self-raised funds [5]. Implementation Details - There is no set price range for the buyback; Moutai Group will decide the timing based on market conditions and the company's stock price [8]. - Moutai Group has committed not to sell any of its shares during the buyback period and the statutory timeframe [8]. Current Shareholding and Performance - As of August 29, Moutai Group holds 678 million shares, representing 54.07% of the total share capital [9]. - On September 1, Moutai Group increased its holdings by 67,800 shares, amounting to approximately RMB 100 million [9]. - For the first half of 2025, Guizhou Moutai reported a revenue of RMB 91.094 billion, a year-on-year increase of 9.16%, and a net profit of RMB 45.403 billion, up 8.89%, both setting historical highs for the period [9]. - As of September 5, Guizhou Moutai's stock price was RMB 1,483 per share, with a market capitalization of RMB 1.86 trillion [10].

【导读】 深圳放出地产利好！ 中国基金报记者 泰勒 深夜重磅消息，深圳放出地产利好！ 深圳分区优化调整限购 9月5日深夜， 深圳市住房和建设局、中国人民银行深圳市分行发布关于进一步优化调整本市房地产政策措施的通知。 | | | 以下是重点内容。 以下是通知全文。 深圳市住房和建设局、中国人民银行深圳市分行发布关于进一步优化调整本市房地产政策措施的通知。 一、分区优化调整居民购买商品住房政策 （一）符合本市商品住房购买条件的居民家庭（包括本市户籍居民家庭、自购房之日前在本市连续缴纳社会保险或个人所得税满1年及以上的非本市户籍 第一，符合深圳市商品住房购买条件的居民家庭（包括本市户籍居民家庭、自购房之日前在本市连续缴纳社会保险或个人所得税满1年及以 上的非本市户籍居民家庭），在罗湖区、宝安区（不含新安街道）、龙岗区、龙华区、坪山区、光明区范围内购买商品住房不限套数。 第二，无法提供自购房之日前在本市连续缴纳社会保险或个人所得税满1年及以上证明的非本市户籍居民家庭，在罗湖区、宝安区（不含新 安街道）、龙岗区、龙华区、坪山区、光明区范围内购买商品住房限购2套。 第三，在盐田区、大鹏新区购买商品住房，不再审核购房资格。 ...

Group 1 - The core viewpoint of the article highlights that the China Securities REITs Total Return Index has shown a positive weekly growth for the second consecutive week, indicating a stabilization in the REITs secondary market after a period of adjustment [2][3][4]. Group 2 - In the first week of September, the China Securities REITs Total Return Index increased by 0.47%, with a trading activity decline compared to the previous week [4][5]. - On September 5, the index slightly dropped by 0.43%, closing at 1078.42 points, while 46 out of 74 listed public REITs experienced weekly gains, particularly in sectors like parks, consumption, and logistics [5][7]. - The top-performing REIT for the week was the Huaxia Hefei High-tech REIT, which rose by 3.60%, followed by Huazhong Bailing Consumption REIT and Huaxia Jinyu Smart Manufacturing REIT with increases of 3.41% and 2.95%, respectively [7]. - A total of 24 REITs saw declines, with four experiencing drops exceeding 1%. The largest decline was recorded by Bosera Jinkai Industrial Park REIT, which fell by 2.72% [7]. - Despite short-term adjustments, several REITs have shown significant annual growth, with 12 REITs increasing over 30% year-to-date, and some exceeding 40% [8]. Group 3 - Industry analysis suggests that if market risk appetite decreases, it could support a stable recovery in the REITs market, with a focus on sectors with strong fundamental resilience or marginal stabilization [9]. - The Huaxia Kaide Commercial REIT has completed its inquiry process, with the offline subscription amounting to 254 times the initial offering [10][11]. - The recent government policy aims to enhance sports consumption and infrastructure, which includes support for eligible projects to issue infrastructure REITs [12].