Core Insights - The report focuses on the macroeconomic environment, endowment characteristics, industrial structure of the UAE, and its comparative position in the Middle East, particularly in relation to China and the Gulf Cooperation Council (GCC) [1][2] Economic Overview - The UAE has a strategic geographical location and a stable political environment, contributing to its role as a major trade and logistics hub in the Middle East [1] - The UAE's economy is significantly supported by its oil and gas resources, ranking sixth and seventh globally in reserves, respectively. As of Q4 2024, the oil sector accounts for 20% of the UAE's GDP, making it the second-largest economy in the Gulf region and one of the highest per capita GDPs worldwide [2][3] Economic Diversification - Recent years have seen the UAE actively pursuing economic transformation, resulting in a notable increase in the share of non-oil sectors. The service industry has become a significant contributor to economic growth, with domestic demand and private consumption driving this expansion [3] - The UAE has established itself as a key commercial and financial logistics center in the Gulf, with a competitive business environment and rapid development in re-export trade and financial services [3] Demographics and Consumption - The UAE has a favorable demographic structure, with a high percentage of foreign immigrants (88%) and a well-educated workforce, which supports industrial transformation and domestic market expansion [4] - The UAE's consumption patterns reflect a coexistence of high income and inequality, but ongoing urbanization and economic diversification are expected to further expand the non-oil economy and stimulate consumer market growth [4] Trade Relations with China - The UAE is a crucial energy supplier to China and the largest export market in the Middle East. Recent years have seen strengthened trade cooperation, with a growing preference for importing machinery, automobiles, and home goods from China [4] - The energy sector remains a cornerstone of UAE-China relations, with a shift from traditional oil purchases to clean energy collaborations and an expansion into new economic and digital infrastructure projects [4]

Core Insights - The event "DCE·Industry Action - Corn Industry Training Activity 2025" emphasized the importance of financial tools in empowering the agricultural sector, particularly in managing risks and stabilizing operations amid market fluctuations [1][3]. Group 1: Industry Context - The current global grain price volatility necessitates enterprises to implement risk management through futures and spot market linkage [3]. - The corn industry is facing a complex international supply-demand landscape, highlighting the need for enhanced data analysis capabilities among companies [5]. Group 2: Company Strategies - Jilin Provincial Agricultural Development Grain Group leverages its operational scale of 2 million tons to design personalized hedging solutions, successfully locking in corn procurement costs and sales profits [3]. - The company has integrated high-standard farmland construction, digital trading platforms, and financial tools into a unified ecosystem, achieving an asset scale of 20 billion [3]. Group 3: Financial Tools and Innovations - Guotai Junan Futures provides customized hedging services using derivatives like futures and options to effectively manage risk exposure [3][5]. - The Dalian Commodity Exchange promotes new negotiation mechanisms for futures to enhance delivery convenience, reduce costs, and improve market efficiency [5]. Group 4: Future Outlook - The collaboration through the production-finance base aims to expand participation in the futures market, contributing to national food security and rural revitalization [5].

发行人：上海友升铝业股份有限公司 保荐人（主承销商）：国泰海通证券股份有限公司 2025年9月18日 保荐人（主承销商）：国泰海通证券股份有限公司 上海友升铝业股份有限公司（以下简称"友升股份"、"发行人"或"公司"）首次公开发行股票并在主板上 市的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督管 理委员会（以下简称"中国证监会"）证监许可〔2025〕1616号文同意注册。《上海友升铝业股份有限公 司首次公开发行股票并在主板上市招股说明书》在上海证券交易所网站（http://www.sse.com.cn）和符 合中国证监会规定条件网站（中国证券网，网址www.cnstock.com；中证网，网址www.cs.com.cn；证券 时报网，网址www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网，网址www.jjckb.cn）披露， 并置备于发行人、本次发行保荐人（主承销商）国泰海通证券股份有限公司的住所，供公众查阅。 ■ ...

调研基本信息 此次投资者关系活动类别为特定对象调研，于2025年9月17日在南京市鼓楼区集庆门大街270号公司49楼 会议室举行 。参与单位包括国泰海通证券的曾佳敏、国盛证券的夏陶等多家机构及相关人员。苏宁环 球接待人员有董事、副总裁、董事会秘书蒋立波，财务负责人刘得波，医美集团马国义以及证券部王 燕、赵亚洲、刘艳。 9月17日，苏宁环球接待了包括国泰海通证券、国盛证券、西南证券等在内的20家机构的调研。本次调 研就公司整体业务、地产业务、医美板块等方面展开交流，透露了苏宁环球地产、医美双主业发展的诸 多要点。 责任编辑：小浪快报 点击查看公告原文>> 苏宁环球业务发展要点双主业发展战略：苏宁环球以房地产开发与销售为主营业务，持续推进地产、医 美双主业发展战略。地产业务布局全国，深耕长三角区域；同时大力拓展医美领域，推进双主业协同发 展。地产业务经营情况：2025年房地产行业承压，但苏宁环球凭借三十年深耕，具备较强战略决策与规 划能力。公司持续深耕长三角，聚焦产品与服务，升级项目品质，构建全梯度产品体系，保障交付品 质。公司土地储备充足，总建面约155多万平方米，多位于长三角经济发达地区，土地成本低，抗风险 ...

Meeting Overview - The Shanghai Haitong Securities Asset Management Co., Ltd. has announced a meeting for the holders of the Haitong Xinyi Bond Collective Asset Management Plan to be held via communication methods on September 15-16, 2025 [1][2] - The meeting aims to discuss the replacement of the management company to Shanghai Guotai Haitong Securities Asset Management Co., Ltd. and the corresponding changes to the fund [2][24] Meeting Details - The meeting will be conducted via communication methods, with voting open from September 17, 2025, to October 14, 2025, at 17:00 [2][3] - The voting will be conducted through various methods including paper ballots, online voting, SMS voting, and recorded phone voting, specifically for individual investors [4][11][14] Voting Rights and Procedures - The rights registration date for the meeting is September 17, 2025, allowing all registered holders to participate and vote [3][8] - Each share of the collective plan grants one voting right, and the voting results will be counted under the supervision of authorized personnel [18][17] Proposal for Management Change - The proposal includes changing the management from Shanghai Haitong Securities Asset Management Co., Ltd. to Shanghai Guotai Haitong Securities Asset Management Co., Ltd. and renaming the fund to Guotai Haitong Xinyi Bond Securities Investment Fund [41][42] - The proposal requires approval from at least two-thirds of the voting rights represented at the meeting [40][24] Fund Characteristics and Changes - The fund's duration will change from a fixed term ending on December 31, 2025, to an indefinite term [44] - The management fee will be reduced from 0.7% per year to 0.5% per year, and the redemption fee structure will be adjusted [47] - The investment scope will expand to include credit derivatives and other approved public offering securities investment funds [48] Implementation of Changes - Following the approval of the proposal, a redemption choice period will be provided for holders to decide on their investments without incurring redemption fees [53] - The changes will be formally implemented after the decision is made, with announcements regarding the effective date of the new fund contract to follow [54]

上海海通证券资产管理有限公司（以下简称"管理人"）已于2025年9月15日、2025年9月16日在《中国证 券报》和管理人网站（www.htsamc.com）发布了《上海海通证券资产管理有限公司关于以通讯方式召 开海通策略优选混合型集合资产管理计划份额持有人大会的公告》、《上海海通证券资产管理有限公司 关于以通讯方式召开海通策略优选混合型集合资产管理计划份额持有人大会的第一次提示性公告》。为 了使本次集合计划份额持有人大会顺利召开，现发布《上海海通证券资产管理有限公司关于以通讯方式 召开海通策略优选混合型集合资产管理计划份额持有人大会的第二次提示性公告》。 一、召开会议基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于2018年11月28日发布的《证券公司大集合资 产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》（证监会公告〔2018〕39 号，以下简称"《操作指引》"）的规定，海通策略优选混合型集合资产管理计划（以下简称"本集合计 划"）经中国证监会《关于准予海通半年升集合资产管理计划合同变更的回函》（机构部函[2022]1650 号）准予，由海通半年升集合资产管理计划参照《 ...

Core Viewpoint - Shanghai Haitong Securities Asset Management Co., Ltd. is convening a meeting for the holders of the Haitong Anyue Bond Collective Asset Management Plan to discuss the change of management to Guotai Haitong Securities Asset Management Co., Ltd. and related matters [1][2][39]. Meeting Details - The meeting will be held via communication methods, with voting starting from September 17, 2025, to October 14, 2025 [2][3]. - The meeting aims to protect the interests of the holders and is in accordance with the relevant laws and regulations [2][39]. Voting Process - Holders can vote through various methods including paper ballots, online voting, SMS voting, and recorded phone voting, specifically for individual investors [5][9][11][14]. - The voting rights are based on the number of shares held, with each share granting one vote [18]. Proposal for Change - The main proposal involves changing the management from Shanghai Haitong Securities Asset Management Co., Ltd. to Guotai Haitong Securities Asset Management Co., Ltd. and renaming the fund to Guotai Haitong Anyue Bond Securities Investment Fund [41][42]. - The proposal requires approval from at least two-thirds of the voting rights represented at the meeting [40][24]. Fund Management Changes - The fund's duration will change from a fixed term ending on December 31, 2025, to an indefinite term [44]. - Changes in fee structures and investment strategies are also proposed, including adjustments to subscription and redemption fees [45][46][48]. Legal and Regulatory Compliance - The meeting and proposed changes comply with the guidelines set forth by the China Securities Regulatory Commission [39][40]. - The management is authorized to handle the necessary adjustments and legal documentation following the approval of the proposal [53].

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has released the top 100 public fund sales institutions for the first half of 2025, showing a total non-monetary fund holding scale of 10.2 trillion yuan, reflecting a 7% quarter-on-quarter growth, primarily driven by bond funds and strong performance in stock index funds [1][6]. Group 1: Fund Sales Performance - The top 100 institutions' non-monetary fund holding scale reached 10.2 trillion yuan, with a 7% increase compared to the second half of 2024 [1][6]. - Bond funds contributed significantly to the growth, with a holding scale of 5.06 trillion yuan, up 8.05%, accounting for 57% of the non-monetary fund growth [6][13]. - Stock index funds also showed robust growth, with a holding scale of 1.95 trillion yuan, reflecting a 14.57% increase [6][8]. Group 2: Distribution Channel Dynamics - The fund distribution landscape is characterized by a "stronger gets stronger" trend, with Ant Group, China Merchants Bank, and Tiantian Fund leading the non-monetary fund holding scale [1][6]. - Securities firms, represented by CITIC Securities and Huatai Securities, have become the fastest-growing institutions in non-monetary fund holdings, driven by their advantages in the ETF market [1][8]. - The sales holding scale of securities firms reached 2.09 trillion yuan, with a 9.4% quarter-on-quarter growth, primarily fueled by stock index funds [8][9]. Group 3: Future Outlook and Trends - The future focus for fund distribution may shift towards equity holdings, with ETFs expected to see further development [2][16]. - Third-party distribution channels have reached a non-monetary fund holding scale of 3.56 trillion yuan, growing by 8.9%, with bond funds contributing significantly [15][16]. - The upcoming regulatory changes may reshape the competitive landscape and business models within the fund distribution industry, emphasizing investor interests and service-driven approaches [17][18].

Core Viewpoint - The recent Shanghai Leading Industry Conference and the 14th Pharmaceutical CEO Forum, along with the 5th Artificial Intelligence Conference, successfully highlighted the forefront trends and cross-industry opportunities in the biopharmaceutical and technology sectors [2][8]. Group 1: Conference Overview - The conference gathered nearly 100 industry leaders, representatives from around 200 listed companies, and close to 1,000 investors, creating a platform for deep industry insights and investment value [2]. - Chen Zhongyi, Vice President of Guotai Junan, emphasized the company's role as a "witness and companion" in the leading industry since the first Pharmaceutical CEO Forum in 2012, which has evolved alongside China's innovative drug industry [4]. Group 2: Key Themes and Discussions - The biopharmaceutical sessions focused on three main themes: innovative drug development, medical technology innovation, and global layout, featuring nearly 10 roundtable discussions with executives from about 50 leading pharmaceutical companies [5]. - The technology sessions concentrated on the disruptive impact of AI on industries, discussing breakthroughs in large-scale AI chips, intelligent computing centers, and high-performance switches, as well as innovative applications in gaming, video content generation, and health management [5]. Group 3: Future Directions - The conference is recognized as a significant platform for understanding trends in biopharmaceuticals and technology, aiming to further promote the integration of these sectors [8]. - Guotai Junan Research Institute plans to leverage its professional strengths and company resources to contribute to the high-quality development of leading industries [8].

Core Viewpoint - The article discusses issues faced by investors during the transition of accounts due to the merger of Guotai Junan and Haitong Securities, specifically related to account functionality and trading capabilities [1] Group 1: Account Issues - An investor reported that their Guotai Junan account was unable to execute trades, with several sell orders being rejected as "invalid account" [1] - The problems arose during the planned transition of legal entities and customer accounts set to take place on September 12, which involves switching the legal entity of Haitong Securities to Guotai Haitong [1] Group 2: Resolution and Analysis - The investor later confirmed that the issue was resolved, indicating that the trading would return to normal the following day due to the T+1 settlement process with the China Securities Depository and Clearing Corporation [1] - Industry analysts suggest that the trading issues are likely linked to the unique account system at the China Securities Depository, which may have been affected by the merger [1]