Group 1 - The Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) experienced a decline of 1.96% with a trading volume of 47.07 million yuan on December 29 [1] - The fund's shares increased by 5 million, bringing the total shares to 1.815 billion, with an increase of 186 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.455 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Stock Connect Innovative Drug ETF is the National Index for Hong Kong Stock Connect Innovative Drugs, adjusted for valuation exchange rates [1] - The fund is managed by Southern Fund Management Co., Ltd., with fund managers Zhang Qisi and Ye Zhenan [1] - Since its establishment on September 12, 2025, the fund has reported a return of -19.85%, with a one-month return of -10.93% [1]

Group 1 - The core point of the news is that Guangming Real Estate has seen a significant stock price increase, rising 5.31% to 3.77 CNY per share, with a total market capitalization of 8.402 billion CNY and a cumulative increase of 13.29% over three days [1] - Guangming Real Estate's main business revenue composition includes 91.24% from real estate development and supporting services, 6.96% from property and leasing, and 1.77% from other sources [1] - The company is located in Shanghai and was established on January 4, 1993, with its listing date on June 6, 1996 [1] Group 2 - The Southern Fund's Southern CSI Real Estate ETF has reduced its holdings in Guangming Real Estate by 12.86 thousand shares, now holding 14.0841 million shares, which is 0.63% of the circulating shares [2] - The fund has gained approximately 2.676 million CNY in floating profit today and 5.9153 million CNY during the three-day increase [2] - The Southern CSI Real Estate ETF was established on August 24, 2017, with a current size of 202 million CNY and a year-to-date return of 2.3% [2]

Group 1 - The core point of the article highlights the recent performance of Lakala, which saw a 5.25% increase in stock price, reaching 24.86 yuan per share, with a trading volume of 1.009 billion yuan and a turnover rate of 5.65%, resulting in a total market capitalization of 19.308 billion yuan [1] - Lakala Payment Co., Ltd. is based in Haidian District, Beijing, and was established on January 6, 2005, with its listing date on April 25, 2019. The company primarily provides acquiring services for small and micro enterprises and personal payment services for individual users, along with value-added services based on its extensive experience in third-party payment operations. The main business revenue is entirely derived from payment services, accounting for 100% [1] Group 2 - From the perspective of Lakala's top ten circulating shareholders, data shows that a fund under Southern Fund ranks among the top shareholders. The Southern CSI 1000 ETF (512100) reduced its holdings by 66,500 shares in the third quarter, now holding 5.0471 million shares, which represents 0.69% of the circulating shares. The estimated floating profit today is approximately 6.2584 million yuan [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date returns are 29.41%, ranking 1878 out of 4197 in its category; the one-year return is 25.16%, ranking 2056 out of 4180; and the return since inception is 14.52% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 54 days. The total asset scale under management is 122.76 billion yuan, with the best fund return during the tenure being 207.47% and the worst being -15.93% [2]

Core Viewpoint - The Southern CSI Battery Theme Exchange-Traded Fund (ETF) is set to launch for subscription from January 5 to January 16, 2026, with a total fundraising cap of 8 billion RMB [11][16]. Fund Overview - Fund Name: Southern CSI Battery Theme ETF [11] - Fund Code: 159147 [11] - Fund Type: Stock-type open-ended index fund [11] - Fund Duration: Indefinite [12] Subscription Details - Subscription Period: January 5 to January 16, 2026 [27] - Subscription Methods: Online cash subscription and offline cash subscription [18] - Minimum Subscription Amount: 1,000 shares or multiples thereof for online subscriptions; 100,000 shares or more for offline subscriptions [10][32] Fees and Costs - Subscription Fee: Not exceeding 0.8% [10][18] - Calculation of Subscription Amount: Includes subscription price, number of shares, and commission rate [19][23] Fund Management and Custody - Fund Manager: Southern Fund Management Co., Ltd. [11] - Custodian: Bank of Communications Co., Ltd. [11] Sales Institutions - Offline Cash Sales Institutions: Direct sales by Southern Fund Management and agents like China Galaxy Securities [14] - Online Cash Sales Institutions: Various qualified member units of the Shenzhen Stock Exchange [14][44] Fundraising Control - Maximum Fundraising Limit: 8 billion RMB, with a "last day proportion confirmation" method for managing subscriptions [16][17] - Early Closure: Fundraising may close early if the cumulative valid subscription reaches or exceeds the limit [16] Investor Requirements - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to participate in subscriptions [24][26] - New investors must open accounts before subscription [25] Interest and Fund Shares - Interest generated during the fundraising period will be converted into fund shares for the holders [20][22] - Calculation of interest shares is based on the interest accrued divided by the subscription price [21][23]

Global and A-share Market Overview - The A-share market experienced an overall increase last week, with the CSI 500 index showing the largest gain of 4.03% [12] - The Hang Seng Index in the Hong Kong market rose by 0.50% [12] - The performance of ETFs tracking the new energy sector was notably strong [12] ETF New Issuance Statistics - A total of 18 stock ETFs were reported in the A-share market last week, with 8 new stock ETFs established [17][19] - In the US market, 5 equity ETFs were newly established, including 2 active ETFs [17][23] Fund Flow in A-share Market - The top 10 ETFs with net inflows were primarily those tracking the CSI A500 index, while the top 10 with net outflows included ETFs related to the CSI 300 index, military industry, and TMT sectors [2][24] - The CSI A500 ETF saw a net inflow of approximately 106.75 million yuan, making it the leading ETF in terms of net inflow [28] - Conversely, the CSI 300 ETF experienced a net outflow of 34.08 million yuan [25] Fund Flow in US Market - In the US market, resource management-themed ETFs had the highest net inflows, while multi-tech themed ETFs saw the largest net outflows [3] - A total net outflow of 1.10 million USD was recorded for ETFs investing in A-shares and Hong Kong stocks [3] ETF Strategy Performance - The RRG ETF rotation strategy yielded a return of 3.84%, outperforming the CSI Equal Weight and CSI 300 indices by 1.66% and 1.89% respectively [4] - The 50% base + intraday momentum strategy showed varying returns across different ETFs, with the CSI 1000 ETF achieving a return of 2.05% [4]

南方基金管理股份有限公司 2025年12月27日 根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、《南方安睿混合 型证券投资基金基金合同》的有关规定，截止2025年12月25日，南方安睿混合型证券投资基金（A类基 金代码：004648，基金份额简称：南方安睿混合A，C类基金代码：023013，基金份额简称：南方安睿 混合C）（以下简称"本基金"）已连续40个工作日基金资产净值低于5000万元，可能触发基金合同终止 情形，特此提示投资者注意。 投资者欲了解本基金的详细情况，请认真阅读本基金《基金合同》及《招募说明书》等法律文件。投资 者可访问南方基金管理股份有限公司网站(www.nffund.com)或拨打客户服务电话（400－889－8899）咨 询相关情况。 ...

Group 1: Competitive Advantages in Overseas Operations - The company has over 40 years of experience in overseas operations, with projects in more than 100 countries and regions, establishing a core competitive advantage through a differentiated competition strategy [3] - It has set up over 70 overseas offices, focusing on traditional markets in Southeast Asia, South Asia, the Middle East, Central Asia, and Latin America, while also expanding into new markets like Guyana and Nicaragua [3] - The company emphasizes high-standard, sustainable projects that can stimulate local economies and create jobs, targeting projects with high technical barriers and good payment capabilities [3] - A diversified financing model supports project implementation, backed by stable cash flow and a good debt-to-asset ratio [3] - The company integrates ESG principles into its strategy, enhancing its position as an industry leader in sustainable development [3] Group 2: Overseas Investment Plans and Layout - During the 14th Five-Year Plan, the company aims to cover environmental engineering, clean energy engineering, and cableway engineering, transitioning to an integrated investment and operation model [4] - Two waste-to-energy projects in Uzbekistan have been initiated with a total investment of approximately $475 million, expected to yield a post-tax internal rate of return of no less than 8% [5] - The company has increased its wastewater treatment capacity to 280,000 tons per day, positioning itself within the medium scale of the industry [5] Group 3: Core Technologies - The company aims to become a technology-driven professional engineering firm, leveraging its international business development network and financing advantages [6] - It has established over 70 overseas branches and has a professional international operation and financing team [6] - The company is involved in high-value sectors such as healthcare, digital infrastructure, airport logistics, and energy engineering, supported by strong design and manufacturing capabilities [6] - It has participated in the formulation of numerous international and national standards, receiving over a thousand awards at various levels [6] Group 4: Future Outlook and Strategic Goals - The company has set a strategic goal to enhance the quality of the listed company, focusing on transformation, integration, and high-quality development [6] - It aims to improve its engineering value chain and core competitiveness while better serving national strategies and focusing on industrialization [6] - The company plans to transition its business layout towards high-end manufacturing and international operations [6] Group 5: Market Value Management - The company maintains a high dividend policy, ensuring cash dividends are no less than 40% of the distributable profits for the year [7] - It has received the highest A-level rating from the Shenzhen Stock Exchange for 15 consecutive years, indicating strong disclosure quality [7] - The company has allocated between 50 million to 100 million yuan for share repurchases, with 550,000 shares already repurchased as of December 1 [7]

Report Summary 1. Market Overview - On December 25, 2025, the Shanghai Composite Index rose 0.47% to close at 3959.62 points, the Shenzhen Component Index rose 0.33% to close at 13531.41 points, and the ChiNext Index rose 0.30% to close at 3239.34 points. The trading volume of A-shares in the two markets was 1944.1 billion yuan [2][6]. - The top - performing sectors were National Defense and Military Industry (2.91%), Light Industry Manufacturing (1.59%), and Machinery and Equipment (1.51%). The under - performing sectors were Comprehensive (-1.12%), Non - ferrous Metals (-0.77%), and Commerce and Retail (-0.47%) [2][6]. 2. Stock ETFs - The top - traded stock ETFs were Huatai - Peregrine CSI A500 ETF (up 0.16%, discount rate 0.25%), China Asset Management CSI A500 ETF (up 0.25%, discount rate 0.31%), and Southern CSI A500 ETF (up 0.08%, discount rate 0.21%) [3][7]. 3. Bond ETFs - The top - traded bond ETFs were Haifutong CSI Short - term Financing Bond ETF (up 0.01%, discount rate -0.01%), China Asset Management CSI AAA Sci - tech Innovation Corporate Bond ETF (up 0.17%, discount rate -0.05%), and Southern Shanghai Stock Exchange Benchmark Market - making Corporate Bond ETF (up 0.03%, discount rate -0.04%) [4][9]. 4. Gold ETFs - Gold AU9999 fell 0.47% and Shanghai Gold fell 0.61%. The top - traded gold ETFs were Huaan Gold ETF (down 0.79%, discount rate -0.66%), E Fund Gold ETF (down 0.76%, discount rate -0.63%), and Bosera Gold ETF (down 0.74%, discount rate -0.60%) [12]. 5. Commodity Futures ETFs - Dacheng Non - ferrous Metals Futures ETF fell 0.56% with a discount rate of 0.44%, Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.16% with a discount rate of 0.26%, and China Asset Management Feed Soybean Meal Futures ETF rose 0.05% with a discount rate of 3.52% [13]. 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.60%, the Nasdaq rose 0.22%, and the S&P 500 rose 0.32%. German stocks were closed, and Hong Kong stocks were closed on this day. The top - traded cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.29%, discount rate -0.16%), Huatai - Peregrine CSI KRX Korea - China Semiconductor ETF (up 0.28%, discount rate 2.92%), and GF CSI Hong Kong Innovative Drugs ETF (up 0.08%, discount rate -0.22%) [15]. 7. Money ETFs - The top - traded money ETFs were Yin Hua Day - Profit ETF, Huabao Tianyi ETF, and Money ETF [17].

智通财经12月25日讯（记者 吴雨其）在资管版图上，公募基金似乎有些"反直觉"。最新披露数据显 示，全公募基金行业从业人员约33688人，相较于银行、券商的庞大编制，基金公司在人力规模上更像 是金融体系里的"轻骑兵"。 在人员规模明显小于其他类金融机构的同时，公募基金的管理资产体量却已经站上了新的台阶。最新口 径下，公募基金管理规模已逼近37万亿元，年内增长超4万亿元，这也让公募基金在金融行业的人力结 构中呈现出独特的高人效特征。 从公司层面看，头部机构的人数分布格局同样颇有代表性。目前全行业共有易方达、华夏、南方基金三 家基金公司员工人数突破1000人。除此之外，员工人数在500到1000人区间的公司还有12家，其中就包 括富国基金、博时基金、广发基金、汇添富基金和嘉实基金等老牌公募在这些平台上，投研、销售、运 营、风控等岗位相对完备，形成了覆盖全业务链条的集团军。 这一类平台的特征，在业内人士看来有几个共性。其一，岗位更加精细化，同样是权益投资岗，可能进 一步细分为行业组、主题组、量化选股组等，相应的研究支持、行业数据库与内部交流机制也更为完 备。其二，组织结构层级清晰，新人通常有明确的培养路径和晋升节点 ...

Core Insights - Haimuxing's stock price increased by 5.03% to 50.92 CNY per share, with a trading volume of 666 million CNY and a turnover rate of 5.42%, resulting in a total market capitalization of 12.616 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 13.48% during this period [1] Company Overview - Haimuxing Laser Technology Group Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on April 3, 2008. The company went public on September 9, 2020. Its main business involves the research, design, production, and sales of laser and automation equipment across various industries, including consumer electronics, power batteries, and sheet metal processing [1] - The revenue composition of Haimuxing's main business includes: 60.28% from laser and automation equipment for power batteries, 18.04% from laser and automation equipment for 3C consumer electronics, 10.52% from sheet metal laser cutting equipment, 7.98% from the photovoltaic industry, and 3.17% from other industries [1] Shareholder Information - Among Haimuxing's top ten circulating shareholders, a fund under Southern Fund ranks as a significant holder. The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders in the third quarter, holding 1.8003 million shares, which accounts for 0.73% of the circulating shares. The estimated floating profit today is approximately 4.3927 million CNY, with a total floating profit of 10.3698 million CNY during the three-day increase [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date returns are 27.71%, ranking 1906 out of 4197 in its category; one-year returns are 23.44%, ranking 2053 out of 4170; and since inception, returns are 13.02% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 50 days, managing total assets of 122.76 billion CNY. The best fund return during this period is 197.57%, while the worst return is -15.93% [2]