Group 1 - The fund is named "Huaxia Anbo Warehousing Logistics Closed-End Infrastructure Securities Investment Fund" and is approved for issuance by the China Securities Regulatory Commission [9][14] - The total number of fund shares approved for issuance is 400 million, with 280 million shares allocated for strategic placement, 84 million for offline issuance, and 36 million for public investors [10][14] - The fund primarily invests over 80% of its assets in infrastructure asset-backed securities, aiming to obtain stable cash flows from infrastructure projects [2][10] Group 2 - The fund operates on a closed-end basis, meaning it does not allow subscription or redemption, and shares can be traded on the Shenzhen Stock Exchange [3][14] - The pricing for the fund's shares will be determined through an offline inquiry process, with a price range set between 5.103 yuan and 6.235 yuan per share [12][43] - Strategic investors must hold their shares for a minimum of 12 to 60 months, depending on the portion of shares held [17][24] Group 3 - The fund's management emphasizes the unique risk-return characteristics of infrastructure funds compared to traditional public funds [2][4] - Investors are required to understand the specific risks associated with infrastructure projects, including operational risks and market conditions [5][6] - The fund's expected risk and return profile is higher than bond funds but lower than equity funds [2][4]

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][2][5]. Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][5]. - This FOF product is a mixed bond type, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [5]. - The fund adopts a low volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [5][10]. Market Trends - There has been a notable trend this year in the issuance of mixed bond-type FOF products, attracting substantial capital. For instance, the Fortune Yinghe Zhenxuan 3-Month Holding and the Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [6]. - Other FOF products, such as the Southern Stable 3-Month Holding and the Ping An Yingxiang Multi-Asset Configuration 6-Month Holding, also reported initial subscription scales exceeding 2.7 billion yuan [6][8]. Asset Allocation and Diversification - The performance benchmarks of these large-scale mixed bond-type FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, overseas stocks, gold, and deposits [9]. - The Huatai-PineBridge Fund emphasizes the importance of constructing diversified "income support points" to reduce reliance on single markets, expanding investment opportunities across commodities, REITs, and global categories [10].

Core Insights - The annual "Double Eleven" shopping festival has prompted banks to launch various promotional activities to boost consumer spending and capture market share [1][10] - Banks are offering tailored discounts and incentives for credit and debit card users, aiming to stimulate business growth during the shopping season [1][10] Group 1: Bank Promotions - Banks are introducing diverse credit card offers, including "full reduction" discounts and interest-free installment plans for high-value purchases [1][2] - China Bank's "Installment Enjoy Discount" campaign provides tiered discounts based on purchase amounts on platforms like Taobao and JD [2] - Huishang Bank's promotion offers discounts up to 400 yuan for purchases on mobile Taobao, valid until November 20 [3] Group 2: Consumer Loan Expansion - Banks are actively expanding consumer loan services to compensate for declining housing loan growth, as the real estate market is still recovering [5] - The continuous reduction in interest rates, including the LPR remaining at historical lows, is facilitating the growth of consumer loans [6][7] Group 3: Policy Support - The Ministry of Commerce and other departments have issued measures to promote service consumption, including financial support for consumer loans [9][10] - The policies encourage financial institutions to innovate products tailored to service consumption needs, combining government subsidies with financial support and merchant discounts [9][10]

Core Points - Shenzhen has introduced a new policy to support mergers and acquisitions (M&A) aimed at enhancing the quality of listed companies and achieving a total market capitalization of over 20 trillion yuan by the end of 2027 [1][6] - The policy targets strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging leading companies to engage in M&A to strengthen their supply chains and enhance technological capabilities [6][9] - The M&A market in Shenzhen has seen significant activity, with 414 M&A events reported this year, of which 208 have been completed, including 11 major restructuring cases [11][12] M&A Market Activity - The Shenzhen M&A market has been active, with a total of 414 M&A events occurring this year, and 208 of these have been completed [11] - Major ongoing transactions include the acquisition of stakes in companies like SiTeng HeLi and the planned acquisition by YiDao Information of LangGuo Technology [12][13] - The government aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan by 2027 [1][11] Stock Market Reaction - Following the announcement of the new policy, stocks related to Shenzhen's state-owned enterprises surged, with several companies seeing increases of over 10% [2][14] - Notable stock performances include JianKaoYuan, which rose by 20.02%, and ShenShuiGuiYuan, which increased by 14.04% [14][15] Potential High-Value Companies - The policy aims to cultivate 20 companies with a market capitalization of over 100 billion yuan, with several companies already identified as potential candidates [6][8] - Companies such as GuangQi Technology, Transsion Holdings, and China Merchants Shekou are among those nearing the 100 billion yuan mark [8][9] - The average market capitalization of these potential candidates exceeds 680 billion yuan, positioning them as key players in Shenzhen's economic growth [9] Strategic Focus Areas - The policy emphasizes the importance of focusing on new productivity and emerging industries, which is crucial for Shenzhen's economic development [6][7] - Key sectors identified for growth include artificial intelligence, robotics, new energy, and advanced manufacturing, with specific encouragement for M&A activities in these areas [9][16]

Core Viewpoint - The article highlights the rapid success of the Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF, which raised over 5.5 billion yuan in just one day, reflecting a growing interest in multi-asset allocation funds in a low-interest-rate environment [2][4][10]. Fund Performance and Characteristics - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF was launched on October 23, 2023, and completed its fundraising in one day, marking it as the fifth FOF product to achieve this feat in 2023 [2][4]. - The fund's total fundraising reached approximately 5.5 billion yuan, with China Merchants Bank serving as the main distributor and custodian [5][10]. - The fund employs a global allocation strategy, focusing on a scientifically balanced mix of low-correlation assets to capture opportunities in both domestic and international markets while aiming to balance returns and risks [7][10]. Market Trends - The public FOF market has seen a significant increase in activity, with 51 new FOF products launched in 2023, surpassing the total of 38 for the entire year of 2024, and raising a total of 44.83 billion yuan [10][14]. - The surge in FOF popularity is attributed to the push from large commercial banks and the increasing demand for diversified asset allocation strategies in a low-interest-rate environment [10][16]. Investment Strategy - The fund's investment strategy includes allocating 5% to 30% of its assets in equity-related assets such as stocks and equity funds, while maintaining a low volatility investment style [8]. - The bond allocation focuses on high-quality bond funds, emphasizing both domestic and international bond investment opportunities [8]. - The fund manager, Dou Xiaoman, has a decade of experience in the securities industry and has previously held positions in asset management [8]. Future Outlook - The introduction of new fund managers into the TREE Changying Plan by China Merchants Bank is expected to further enhance the scale and attractiveness of FOF products in the market [15].

Core Insights - The newly launched Huatai-PB Yingtai Stable 3-Month Holding Mixed FOF has raised over 5.5 billion yuan in just one day, marking it as the fifth FOF product to achieve "one-day fundraising" this year [2][3][4]. Fundraising and Market Trends - The fundraising for Huatai-PB Yingtai Stable 3-Month Holding Mixed FOF was completed in one day, with approximately 5.5 billion yuan raised, primarily distributed through China Merchants Bank [3][5]. - The public FOF market has seen a resurgence, with 51 new FOF products launched this year, raising a total of 44.83 billion yuan, surpassing the total for both 2023 and 2024 [8][12]. Investment Strategy and Composition - The fund employs a global asset allocation strategy, aiming to balance returns and risks through a diversified portfolio of low-correlation assets [7]. - The fund's investment in equity assets, including stocks and equity funds, will range from 5% to 30% of total assets, maintaining a low volatility investment style [7]. - The fund manager, Dou Xiaoman, has 10 years of experience in the securities industry and 5 years in investment management [7]. Industry Context - The low interest rate environment has increased investor interest in multi-asset allocation strategies, as traditional bond investments yield lower returns [8][12]. - The TREE Changying Plan by China Merchants Bank is a key driver for the distribution of these FOF products, providing a comprehensive asset allocation solution [8][12].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 關於召開2025年第三季度業績說明會的公告 招商銀行股份有限公司（「本公司」）擬於2025年10月29日（星期三）晚在香港交易 及結算所有限公司網站( www.hkex.com.hk )披露本公司2025年第三季度業績。為 了便於廣大投資者更全面深入地了解本公司2025年第三季度業績和經營情況，本 公司擬於北京時間2025年10月31日（星期五）上午9:30-11:00通過網絡音頻會議 方式召開業績說明會，就投資者普遍關注的問題與投資者進行交流。本公司副行 長、財務負責人兼董事會秘書彭家文先生，獨立非執行董事及總行有關部門負責 人等將參加業績說明會。 投資者可於北京時間2025年10月31日（星期五）上午9:30-11:00通過以下方式參加 業績說 ...

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Group 1 - Recent fluctuations in precious metal prices have led several banks to raise the investment threshold for gold accumulation business to above 1000 RMB [1] - On October 21, Industrial Bank announced an increase in the minimum purchase amount for its gold accumulation business from 1000 RMB to 1200 RMB, while the weight-based purchase threshold remains unchanged at 1 gram [1] - Ping An Bank also adjusted its gold accumulation business, raising the minimum investment amount for its regular investment plan from 900 RMB to 1100 RMB starting October 24, 2025 [1] Group 2 - A number of banks had already issued risk warnings regarding precious metal market fluctuations in early October, with China Construction Bank issuing its third warning since late September on October 17 [2] - Other banks, including China Merchants Bank, Minsheng Bank, Everbright Bank, and CITIC Bank, have also joined in issuing risk alerts related to gold prices [2] - Bank staff have been actively informing clients about price volatility risks, emphasizing the importance of rational investment in gold products [2] Group 3 - In addition to adjustments in gold accumulation business, several banks have ceased to provide personal precious metal business services, with Postal Savings Bank announcing the termination of its related services [3] - On October 21, international precious metal markets experienced significant adjustments, with notable declines in gold and silver prices due to various factors, including profit-taking and shifts in macroeconomic policy expectations [3] - Despite the volatility, gold retains its status as a safe-haven asset, and investors are advised to monitor market changes closely and allocate assets wisely without impulsively chasing price movements [3]

Market Performance - The banking sector saw an increase of 0.79% on October 23, with Minsheng Bank leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Bank Performance - Minsheng Bank's stock price rose by 2.72% to 4.16, with a trading volume of 9.1 million shares and a transaction value of 374.2 million [1] - Industrial Bank's stock increased by 1.76% to 20.76, with a trading volume of 1.29 million shares and a transaction value of 2.669 billion [1] - China Everbright Bank's stock rose by 1.14% to 3.54, with a trading volume of 4.34 million shares and a transaction value of 1.529 billion [1] - Ping An Bank's stock price increased by 0.95% to 11.63, with a trading volume of 1.37 million shares and a transaction value of 1.593 billion [1] - China Merchants Bank's stock rose by 0.69% to 42.24, with a trading volume of 713,200 shares and a transaction value of 3.005 billion [1] Fund Flow Analysis - The banking sector experienced a net inflow of 170 million from institutional investors, while retail investors saw a net outflow of 80.92 million [1] - The detailed fund flow for individual banks shows varying levels of net inflow and outflow among different banks [2] Individual Bank Fund Flow - Ping An Bank had a net inflow of 11.5 million from institutional investors, but a net outflow of 61.34 million from retail investors [2] - China Merchants Bank saw a net inflow of 73.01 million from institutional investors, with a net outflow of 84.46 million from retail investors [2] - Minsheng Bank had a net inflow of 40.1 million from institutional investors, while retail investors contributed a net inflow of 62.56 million [2] - Industrial Bank experienced a net outflow of 37.22 million from institutional investors and a net outflow of 71.06 million from retail investors [2]