Fund Overview - The fund is named "Huashang Hong Kong Stock Connect Value Return Mixed Securities Investment Fund" and is a mixed-type securities investment fund [10][15] - The fund's initial offering price is set at 1.00 RMB per share [15] - The fund aims to primarily invest in stocks listed under the Hong Kong Stock Connect mechanism, focusing on value investment strategies to achieve long-term stable asset growth [15][16] Fund Management and Custody - The fund is managed by Huashang Fund Management Co., Ltd., and the custodian is China Merchants Bank Co., Ltd. [43][44] Fund Offering Details - The fund's offering period is from September 8, 2025, to September 24, 2025, with a maximum fundraising limit of 1 billion RMB [6][7] - If the fundraising amount reaches or exceeds 1 billion RMB, the fund may close early [7] - Investors must open a fund account or a trading account with designated sales institutions to subscribe to the fund [8][20] Investment Strategy and Risk - The fund will invest in a variety of financial instruments, including stocks, bonds, financial derivatives, and asset-backed securities, with a stock investment ratio of 60%-95% [16][17] - The fund will maintain at least 80% of its non-cash assets in Hong Kong Stock Connect stocks [17] - The fund is subject to various risks, including credit risk, interest rate risk, liquidity risk, and market risk associated with the investment environment and trading mechanisms [2][3] Subscription and Fees - The fund adopts a front-end fee model for subscriptions, with specific fee rates for different types of investors, including pension clients [21][22] - Investors can subscribe multiple times during the offering period, with a minimum subscription amount of 1.00 RMB [9][21] Refund and Fund Activation - If the fund fails to meet the necessary conditions for activation by the end of the offering period, all funds will be returned to investors with interest [41][42] - The fund will be activated once it meets the conditions of raising at least 200 million RMB and having a minimum of 200 investors [42]

南方财经记者 吴佳楠 深圳报道 美国学者雅各布斯曾说："当我们面对城市时，我们面对的是一种生命，一种最为复杂、最为旺盛的生 命。" 那么城市的生命力源自何处？ 在深圳，企业不仅是这座城市产业史诗的参与者，更是创新生态持续奔涌、城市活力永远年轻的深层叙 事。 在深圳经济特区成立45年间，一批批年轻人来到深圳，从工商注册成长为上市公司或独角兽企业创始 人，华为、比亚迪、腾讯、大疆等企业在这里诞生、壮大，推动深圳的企业创新从"三来一补"向"硬核 科技"变迁。 当新赛道接踵而来时，"新茶饮第一股""中国人形机器人第一股""全球智能影像第一股"等接连在深圳诞 生，深圳企业的创新活力再一次释放。 现如今，在深圳，民营经济贡献了全市约50%以上的税收、近60%的增加值、90%以上的就业，民营企 业还为深圳贡献了"6个90%"，凸显创新主体地位。截至今年6月底，深圳共有A股上市公司425家，市值 10.39万亿元，分别居全国大中城市第三、第二。 面向城市未来，深圳还有多家硬科技领域的独角兽竞相追逐，企业与深圳将再次共同续写未来有关春天 的故事。 企业迭代，创新不息 "开山第一炮"在蛇口炸响，如同春雷唤醒了南方小渔村，也拉开了 ...

Market Overview - The A-share market is experiencing a significant rally, with the Shanghai Composite Index surpassing 3800 points, attracting substantial capital inflow [1] - In July 2025, new A-share accounts reached 1.9636 million, marking a year-on-year increase of 70.54% and a month-on-month increase of 19.27% [2] Bank Strategies for Securities Account Opening - Major banks like Bank of China, China Merchants Bank, CITIC Bank, and Industrial Bank are actively promoting securities account openings through their mobile apps [4] - Bank of China has launched a "Silver and Securities Signing Goodies" campaign, allowing customers to access brokerage account openings directly through the bank's app [4] - China Merchants Bank is promoting its securities services with a theme of "New Start for Silver and Securities," collaborating with seven brokerages [4] - Industrial Bank is diversifying its approach by showcasing brokerage account openings across different app pages [4] Customer Engagement and Financial Products - Banks are also focusing on managing customers' idle funds, promoting their own wealth management products under slogans like "Waiting to Invest" and "Idle Funds Never Rest" [5] - The strategy aims to enhance customer retention and attract new clients by providing additional services [5] - The current market conditions are seen as an opportunity for banks to capitalize on the influx of new accounts and associated middle-income business growth [5] Market Sentiment and Future Outlook - Institutional investors are optimistic about the market's future, anticipating continued upward movement as deposits shift into equities [7] - Analysts from招商证券 suggest that the current market phase aligns with historical bull market patterns, indicating potential for further gains [7] - The创业板综合指数 is highlighted for its strong growth characteristics and focus on high-tech sectors, with expectations for significant investment opportunities in areas like carbon reduction and technology advancements [8] Investment Trends and Market Dynamics - The创业板综合指数 has shown strong performance, with net profit and revenue growth rates generally exceeding those of larger indices since 2018 [8] - The A-share market is witnessing a resurgence in risk appetite among investors, leading to increased trading volumes and a notable rise in margin financing balances, which have surpassed 2.1 trillion yuan [8]

Core Insights - China Merchants Bank (CMB) has announced that its retail AUM (Assets Under Management) has surpassed 16 trillion yuan, making it the first domestic joint-stock commercial bank to reach this milestone [1][2] - The growth in AUM has accelerated significantly, with the bank achieving its first 5 trillion yuan in 9 years, the second in 5 years, and the latest in just over 3 years [2][3] - CMB's wealth management strategy has shown resilience through market cycles, with a focus on enhancing customer service capabilities and building an open platform ecosystem [1][4] AUM Acceleration - CMB's retail AUM reached 14.93 trillion yuan by the end of 2024, with significant growth from 12.12 trillion yuan in 2022 and 13.32 trillion yuan in 2023, indicating a strong upward trend [2] - The bank's AUM increased by 1.2 trillion yuan in 2023 and 1.61 trillion yuan in 2024, showcasing a notable increase in retail AUM increments [2][3] Product Category Breakthrough - CMB maintains the leading position in the industry for public non-monetary funds and wealth management products, with retail insurance premiums surpassing 1 trillion yuan [4] - The bank has developed a comprehensive service system called "TREE Asset Allocation Service System," catering to diverse customer financial needs and achieving over 10 million clients served [4] Customer Management - CMB serves over 200 million individual clients, enhancing its service offerings to meet diverse financial needs, including retirement planning and cross-border investments [5] - The bank has upgraded its AI wealth assistant, "AI Xiao Zhao," to improve customer service efficiency and effectiveness [6] Cross-Border Financial Services - CMB has launched upgraded cross-border investment services, including the "Cross-Border Wealth Management Connect 2.0" and new cross-border payment products [6] - The bank's digital initiatives aim to simplify wealth management for clients, providing a one-stop financial service experience through its app [7] Partnership Expansion - CMB collaborates with over 160 partners to build a comprehensive wealth management ecosystem, emphasizing cooperation and shared growth [8] - The bank's achievements in retail AUM reflect its strong operational capabilities and commitment to building a robust wealth management ecosystem with partners [8]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 743.75%, Hongye Futures (03678) at 241.98%, and Andeli Juice (02218) at 236.37% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -16.43%, Heng Rui Medicine (01276) at 1.82%, and Midea Group (00300) at 4.90% [1] - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Andeli Juice (02218) at 32.29%, Jinli Permanent Magnet (06680) at 22.19%, and Beijing Machinery (00187) at 20.80% [1] - The companies with the lowest deviation values include BYD Company (01211) at -98.36%, Northeast Electric (00042) at -64.84%, and Longpan Technology (02465) at -51.92% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Viewpoint - The A-share market has shown strong performance recently, with the margin trading balance reaching 21,467.95 billion yuan, indicating increased investor confidence and market activity [2][11]. Margin Trading Balance - As of August 21, the A-share margin trading balance reached 21,467.95 billion yuan, with a financing balance of 21,319.52 billion yuan, marking a significant increase over the past nine weeks [2][4]. - The margin trading balance surpassed the 20 trillion yuan mark for the first time since July 2015, reflecting a notable shift in market dynamics compared to ten years ago [2][11]. Industry Performance - From August 18 to August 21, 30 out of 31 industries saw an increase in financing balances, with the electronics, computer, and communication sectors leading in net buying amounts of 23.30 billion yuan, 11.63 billion yuan, and 7.62 billion yuan, respectively [4][6]. - The coal industry was the only sector to experience net selling, amounting to 0.02 billion yuan [4]. Investor Behavior - Investors have shown a preference for popular stocks, with 251 stocks receiving over 100 million yuan in additional financing during the specified period [8]. - The top five stocks with the highest net buying amounts included SMIC, Cambrian, Zhongji Xuchuang, Northern Rare Earth, and Zhinan Compass, with net buying amounts of 1.87 billion yuan, 1.73 billion yuan, 1.56 billion yuan, 1.25 billion yuan, and 1.16 billion yuan, respectively [8][9]. Market Dynamics - The current market structure is considered more optimized and mature compared to ten years ago, with a more stable influx of funds and a preference for emerging industries and growth styles [11][12]. - Analysts suggest that the increase in margin trading balance reflects a structural activity and a recovery in risk appetite, with a more rational financing structure and improved regulatory framework compared to 2015 [12].

Core Viewpoint - The wealth management division of China Merchants Bank (CMB) has reached a significant milestone, with its retail insurance distribution premium surpassing 1 trillion yuan, showcasing its strong position in wealth management and asset selection capabilities [1][7]. Group 1: Wealth Management Strategy - CMB's insurance distribution business has seen substantial growth, with a 40% year-on-year increase in insurance distribution revenue in 2021, making it one of the fastest-growing categories for the bank [3]. - The bank's retail assets under management (AUM) have exceeded 16 trillion yuan, positioning it as a leader among joint-stock banks in China [9]. - CMB has integrated insurance distribution into its core strategy, alongside funds, wealth management, and trusts, creating a diversified asset allocation tool [3][4]. Group 2: Market Trends and Customer Needs - The current economic landscape has shifted residents' asset allocation decisions from yield-focused to value preservation, with insurance emerging as a preferred option due to its long-term benefits and risk coverage [4]. - There is a growing trend among residents for diversified, customized, and digital insurance solutions, moving away from single product offerings to comprehensive risk planning [5]. - The demand for family-oriented insurance solutions is increasing, with households evaluating their protection gaps through a family asset-liability perspective [5]. Group 3: Competitive Landscape - The insurance industry faces challenges in meeting the diverse and digital expectations of consumers, with smaller firms struggling to provide a comprehensive product range and larger firms lacking agility in innovation [6]. - CMB's approach to insurance distribution, characterized by a rigorous selection process and a focus on customer needs, sets a new benchmark in the industry [6][12]. - The bank's strategy emphasizes the importance of value creation over mere sales, aiming to enhance customer experience through tailored products and services [10][12]. Group 4: Future Outlook - CMB's ability to adapt to evolving customer needs and market dynamics will determine its future success in the wealth management sector [8]. - The bank's innovative digital capabilities and proactive customer engagement strategies are expected to further strengthen its position in the insurance distribution market [11]. - CMB's practices in insurance distribution may serve as a model for the industry, promoting a shift from zero-sum competition to collaborative value creation among banks and insurance companies [12].

Core Viewpoint - The article highlights the significant milestone achieved by China Merchants Bank (CMB) in its wealth management sector, particularly in retail insurance distribution, with a total premium scale surpassing 1 trillion yuan, showcasing its competitive edge in the market [1][7]. Group 1: Wealth Management and Insurance Distribution - CMB's retail insurance distribution has become a key component of its wealth management strategy, contributing nearly 30% to its retail wealth management income in 2024, with agency insurance revenue exceeding 5 billion yuan [2]. - The bank's insurance distribution strategy has evolved to focus on customer needs, leading to upgrades in product selection, planning, and service experience, creating a competitive new paradigm in the insurance service market [2][5]. - CMB's insurance distribution business has seen a significant growth trajectory, with a 40% year-on-year increase in revenue following its strategic integration of insurance into its wealth management framework [1][8]. Group 2: Market Trends and Customer Needs - The current economic landscape presents challenges for residents, prompting a shift in asset allocation from yield-focused investments to value preservation, with insurance emerging as a preferred option due to its promise of long-term returns and risk coverage [3][4]. - There is a noticeable trend towards diversified, customized, and digitalized insurance needs among residents, moving from single product offerings to comprehensive risk planning that considers family dynamics and lifecycle needs [5][6]. - The insurance industry faces challenges in meeting the diverse and digital expectations of consumers, with smaller firms struggling to provide a complete product range and larger firms lacking agility in innovation [6]. Group 3: CMB's Competitive Advantage - CMB's core competitive advantage lies in its leading wealth management capabilities, with total retail assets under management (AUM) exceeding 16 trillion yuan, positioning it at the forefront of the industry [8][11]. - The bank has revamped its insurance distribution approach by enhancing its product offerings, streamlining processes, and improving service experiences, thereby creating a comprehensive protective network for families [9][10]. - CMB's rigorous selection standards for insurance products are aimed at aligning with customer needs and ensuring long-term stability, which could drive industry-wide improvements and reduce reliance on price competition [12][13].

Core Viewpoint - Shenzhen, celebrating its 45th anniversary, highlights the symbiotic relationship between local banks and the city's development, showcasing the innovative financial practices of institutions like China Merchants Bank and Ping An Bank [2][8]. Group 1: Historical Context and Development - Shenzhen's financial industry has evolved significantly since the 1980s, with local banks like China Merchants Bank and Ping An Bank serving as examples of successful financial innovation [2][8]. - China Merchants Bank was established in 1987 in Shenzhen, starting with 100 million yuan in capital and growing to over 12 trillion yuan in total assets by mid-2025 [8]. - As of June 2025, China Merchants Bank reported 1.16 trillion yuan in deposits and 536.3 billion yuan in loans in Shenzhen, serving 15.78 million retail customers and 310,000 corporate clients [8]. Group 2: Leadership and Management - Wang Liang, the long-serving president of China Merchants Bank, emphasizes a market-oriented approach and innovative service models as key to the bank's success [11]. - In contrast, Ji Guangheng, the relatively new president of Ping An Bank, brings extensive experience from other major banks and focuses on leveraging technology and industry support for growth [5][10]. Group 3: Strategic Innovations - China Merchants Bank's "Zhaoyin Model" includes a modern corporate governance structure and a competitive hiring process, fostering a dynamic work environment [11]. - Ping An Bank's strategy involves supporting technology-driven enterprises and enhancing industrial upgrades, with a focus on creating specialized financial products for key sectors [12][13]. Group 4: Financial Performance and Challenges - Both banks face challenges such as declining interest rates and consumer spending, with China Merchants Bank reporting a 2.08% decrease in net profit year-on-year for Q1 2025 [16]. - Ping An Bank's half-year report for 2025 showed a 10% decline in revenue and a 3.9% decrease in net profit, although some key performance indicators showed signs of recovery [16]. Group 5: Future Directions and Goals - The financial sector in Shenzhen aims to align with national goals for high-quality development, with China Merchants Bank focusing on a "value bank" strategy to maximize stakeholder benefits [18]. - Ping An Bank seeks to integrate with Shenzhen's growth, supporting the real economy and enhancing financial services for the community [18].

Group 1 - The article promotes various credit card offerings with attractive rewards for new customers, including brand luggage and membership benefits [4][5][6] - New customers can receive up to 50,000 yuan in spending limits and enjoy first-year fee waivers along with discounts on dining [9] - There are referral rewards for existing cardholders who recommend new users, with both parties eligible for gifts upon meeting certain criteria [12][14] Group 2 - The article emphasizes the convenience of managing multiple financial services through the bank's app, including payments, investments, and loans [18] - It encourages users to engage with the content by liking and sharing, indicating a focus on community interaction [20]