Export Data Insights - In July, dollar-denominated exports increased by 7.2% year-on-year, while imports rose by 4.1%, both significantly exceeding expectations and reaching new highs since May 2025 and August 2024 respectively[11] - The strong export performance is attributed to four main factors: low base effect, robust exports to non-US economies, a surge in transshipment activities, and the restructuring of supply chains leading to increased demand for capital goods[3] - From a price perspective, refined oil (+0.82%) was the main driver, while mobile phones (-0.42%) and steel (-0.21%) were the main constraints; in terms of quantity, automobiles (+0.61%) were the primary driver, while refined oil (-0.84%) was the main constraint[34] Global Economic Context - The global manufacturing PMI fell to 49.3 in July, indicating a contraction in the manufacturing sector and a lack of reversal signals in the global manufacturing cycle[39] - The US market is a critical variable affecting external demand; a slowdown in US demand could lead to a downward shift in global export growth rates[43] - Recent US data indicates that tariffs have impacted corporate capital expenditures and employment demand, increasing the probability of an economic recession in the US[43] Inventory and Trade Dynamics - Unlike previous cycles, US wholesalers and retailers are experiencing declining inventory levels, with inventory-to-sales ratios at 1.30 and 1.31, below the central levels of 2023-2024[58] - The current inventory accumulation is likely occurring at the consumer level rather than the corporate level, suggesting a longer adjustment period when the cycle reverses[58] Risks and Uncertainties - Domestic policy effectiveness may fall short of expectations, and international geopolitical developments could introduce unexpected changes[63] - There is a potential for measurement errors in monthly import and export growth rates due to various variables in the models used[63]

金御曾在洛阳银行股份有限公司、中原银行股份有限公司工作。2023年2月加入财通证券资产管理 有限公司，曾任固收公募投资部基金经理助理、固收公募投资部基金经理，现任固收多策略公募投资部 基金经理。 财通资管新聚益6个月持有期混合A/C成立于2021年12月24日，截至2025年5月12日，其今年来收益 率为1.96%、1.80%，累计收益率为9.88%、8.45%，累计净值为1.0988元、1.0845元。 中国经济网北京5月13日讯 今日，财通证券资产管理有限公司公告，财通资管新聚益6个月持有期 混合增聘金御。 （责任编辑：康博） | 基金名称 | 财通资管新聚益6个月持有期混合型发起式证券 | | --- | --- | | | 投资基金 | | 基金简称 | 财通资管新聚益6个月持有期混合 | | 基金主代码 | 012052 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 金御 | | 共同管理本基金的其他基 | 马航 | | 金经理姓名 | | ...

中国经济网北京5月13日讯 今日，财通证券资产管理有限公司公告，朱红离任财通资管鸿运中短债 债券。 朱红2016年1月加入财通证券资产管理有限公司，曾任交易部交易助理，固收公募投资部基金经理 助理，现任固收公募投资部基金经理。 财通资管鸿运中短债债券A/C成立于2019年1月21日，财通资管鸿运中短债债券E成立于2020年5月8 日，财通资管鸿运中短债债券I成立于2024年7月4日，截至2025年5月12日，其今年来收益率为0.41%、 0.25%、0.26%、0.38%，累计收益率为22.36%、19.29%、13.60%、1.58%，累计净值为1.2193元、 1.1893元、1.1337元、1.1616元。截至2025年3月31日规模37.65亿元。 | 基金名称 | 财通资管鸿运中短债债券型证券投资基金 | | --- | --- | | 基金简称 | 财通资管鸿运中短债债券 | | 基金主代码 | 006799 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他 ...

中国经济网北京5月22日讯 今日，财通证券资产管理有限公司公告称，财通资管宸瑞一年持有期混 合(A类010413；C类010414)增聘基金经理李响。 李响曾在东方证券股份有限公司、上海东方证券资产管理有限公司工作。2023年5月加入财通证券 资产管理有限公司，现任权益研究部总经理。 财通资管宸瑞一年持有期混合A、C成立于2021年1月20日，截至2025年5月21日，其今年来收益率 为6.14%、5.89%，成立来收益率为-20.11%、-22.16%，累计净值为0.7989元、0.7784元。 | 基金名称 | 财通资管宸瑞一年持有期混合型证券投资基金 | | --- | --- | | 基金简称 | 财通资管宸瑞一年持有期混合 | | 基金主代码 | 010413 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 李阿 | | 共同管理本基金的其他基 | 姜永明 | | 金经理姓名 | | （责任编辑：李荣） ...

财通证券是一家总部在杭州的特色型综合型证券控股集团。公司前身为创立于1993年的浙江财政证券公司，2017年10月在上交所挂牌上市，为浙江唯一省直 属券商。截至2025年3月底，公司合并报表总资产1389.22亿元，归属于母公司净资产约366.27亿元。 2024年，财通证券营业收入为62.86亿元，同比减少3.55%；归母净利润23.4亿元，同比增长3.9%。 应朝晖的履历显示，2021年1月，其以浙江省农信联社党委组织部（人力资源部）部长身份参加湖州农信党建工作述职评议会，负责干部管理与党建组织工 作；2022年4月浙江省农信联社改制为浙江农商联合银行后，被核准担任党委委员、副行长；2022年9月，被浙江省政府任命为浙江担保集团党委书记、董事 长，任职期间主导了与海盐县的战略合作以助力破解科技型企业融资难题，在深化全省担保机构体系改革、推进数智化建设等领域提出具体要求。 公开信息显示，财通证券与浙江担保集团均是浙江省创新投资集团有限公司的参股成员企业。此番应朝晖履新属于省属金控集团内部的人事调配。 值得注意的是，财通证券总经理一职已空缺11个月。2024年9月6日，财通证券公告：原总经理黄伟建因到退休年龄 ...

财通资管价值发现混合A成立于2020年3月23日，财通资管价值发现混合C成立于2021年7月21日， 截至2025年7月15日，其今年来收益率为5.07%、4.85%，成立来收益率为49.37%、-29.32%，累计净值 为1.4937元、1.4709元。 财通资管价值成长混合A成立于2019年3月25日，财通资管价值发现混合C成立于2021年12月23日， 截至2025年7月15日，其今年来收益率为4.55%、4.37%，成立来收益率为101.46%、-37.10%，累计净值 为2.0148元、1.9931元。 中国经济网北京7月16日讯 今日，财通证券资产管理有限公司公告，财通资管价值发现混合、财通 资管价值成长混合增聘李响。 李响曾在东方证券股份有限公司、上海东方证券资产管理有限公司工作。2023年5月加入财通证券 资产管理有限公司，现任权益研究部总经理。 | 基金名称 | 财通资管价值发现混合型正般投资基金 | | --- | --- | | 基金简称 | 财通资管价值发现很合 | | 基金主代码 | 008276 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开幕集 ...

| 基金名称 | 财通资管博宏积极6个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 财通资管博宏积极6个月持有混合发起式(FOF) | | 基金主代码 | 017864 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 张文君 | | 共同管理本基金的其他基 | 陈迪 | | 金经理姓名 | | （责任编辑：康博） 张文君曾在恒安标准人寿保险有限公司、上海博鸿投资咨询（合伙）有限公司、上海苍石资产管理 有限公司、平安基金管理有限公司工作。2022年7月加入财通证券资产管理有限公司，现任FOF投资部 副总经理（主持工作）。 财通资管博宏积极6个月持有混合发起式（FOF）A/C成立于2023年5月23日，截至2025年7月23 日，其今年来收益率为9.48%、9.24%，成立来收益率为4.01%、3.11%，累计净值为1.0401元、1.0311 元。 中国经济网北京7月28日讯 近日，财通证券资产管理有限公司公告 ...

Group 1 - Changjiang Securities has completed a major shareholder change, with Changjiang Industrial Group becoming the largest shareholder, holding 15.6% of the shares [1] - The transfer of shares from Hubei Energy and Three Gorges Capital, which accounted for 9.58% and 6.02% respectively, has been finalized [1] - This change is expected to strengthen the company's state-owned background, enhance capital strength, and improve business synergy, potentially leading to a reshaping of valuations in the brokerage sector [1] Group 2 - Caitong Securities has nominated Ying Chaohui as the new general manager, with a background in the financial system, including roles at Zhejiang Rural Credit Union and Zhejiang Guarantee Group [2] - The general manager position at Caitong Securities has seen four different leaders since early 2015, indicating a period of instability [2] - The management change may serve as an opportunity for strategic adjustments as Caitong Securities has been outperformed by its provincial competitor, Zheshang Securities, in terms of market value and performance [2] Group 3 - Xie Honghe has been appointed as the head of the research institute at Great Wall Securities, previously serving as the deputy head at Zhongtai Securities [3] - Xie brings over ten years of experience in the non-ferrous metals industry, having worked with several prominent securities firms [3] - His appointment is expected to enhance Great Wall Securities' research capabilities, particularly in the non-ferrous metals sector, and may accelerate talent movement within the brokerage industry [3] Group 4 - Private equity funds are venturing into the entertainment industry by producing short dramas, with a new series titled "Rebirth in the Millennium: My Path to Revenge through Futures" being launched [4] - The series is produced by three private equity firms and reflects a trend of financial institutions exploring innovative brand marketing strategies [4] - This initiative may increase brand exposure for the involved private equity firms and attract potential investors, indicating a growing trend of content innovation within the financial sector [4]

Group 1 - The core point of the news is the appointment of Ying Chaohui as the Deputy Secretary of the Party Committee and the proposed General Manager of Caitong Securities, following a decision by the Zhejiang Provincial Committee of the Communist Party of China [2] - Ying Chaohui has a background in various financial institutions, including serving as the Minister of the Party Organization Department of the Zhejiang Rural Credit Union and as the Deputy President of the Zhejiang Rural Commercial Bank [2] - The previous General Manager, Huang Weijian, will retire on September 6, 2024, due to reaching retirement age, and the Chairman, Zhang Qicheng, will temporarily assume the responsibilities of the General Manager until the new appointee takes office [2] Group 2 - Caitong Securities and Zhejiang Guarantee Group are both state-owned financial institutions in Zhejiang Province and share a common parent company, Zhejiang Innovation Investment Group Co., Ltd., which facilitates personnel exchanges between the two [2] - The announcement of Ying Chaohui's appointment was made during a staff meeting on the morning of August 6 [2]

Core Viewpoint - The appointment of Ying Chaohui as the new general manager of Caitong Securities is expected to bring a fresh leadership dynamic to the company, which has faced challenges during the 11-month vacancy in the general manager position. This change is anticipated to enhance the company's performance and strategic direction in the financial services sector [4][9][11]. Group 1: Leadership Changes - Caitong Securities announced the appointment of Ying Chaohui as the new general manager, following the vacancy that lasted for 11 months after the retirement of the previous general manager, Huang Weijian [4][6]. - Ying Chaohui previously held significant positions within Zhejiang Province's financial institutions, including as the chairman of Zhejiang Guarantee Group, which has established a strong relationship with Caitong Securities [8][9]. - The company emphasized the importance of this leadership transition in improving its operational performance and strategic initiatives [11]. Group 2: Company Performance - Caitong Securities reported a decline in revenue, with operating income of 6.286 billion yuan in 2024, down 3.55% from 6.517 billion yuan in the previous year, and a net profit of 2.34 billion yuan, reflecting a modest growth of 3.9% [9]. - In the first quarter of 2025, the company experienced a significant drop in performance, with operating income of 1.069 billion yuan, a decrease of 24.16%, and a net profit of 290 million yuan, down 36.52% year-on-year [10]. - The decline in performance was attributed to adjustments in the bond market and changes in the company's self-operated investment strategies, although the company noted improvements in its core business and wealth management services [10][11]. Group 3: Strategic Initiatives - The company plans to focus on enhancing its customer-centric operations and leveraging AI technology to improve its service offerings and operational efficiency [11]. - Caitong Securities aims to strengthen its collaboration with Zhejiang Guarantee Group and explore new financial service models, particularly in bond credit enhancement [8][11]. - The new leadership is expected to drive the company's strategic initiatives to reverse the current performance downturn and deepen its market presence in Zhejiang Province [11].