Core Insights - The report indicates that the environmental protection sector performed well during the period, with QDII funds showing an average return that outperformed other fund types [1][7][17] - The Shanghai Composite Index experienced a slight decline of 0.03%, while the Shenzhen Component Index fell by 0.91% during the same period [1] - Among various fund types, QDII funds increased by 1.04%, contrasting with declines in actively managed stock funds, mixed funds, and bond funds [1] Fund Performance Summary - The environmental and pharmaceutical sectors were highlighted as strong performers in the recent 12 periods, with banks and beauty care also showing good performance [7] - Active stock funds focusing on the pharmaceutical sector yielded higher returns, with notable funds such as Hongtu Innovation Healthcare Stock Fund achieving a return of 9.67% [12][13] - In the bond market, convertible bond funds led with an average return of 3.90% year-to-date, while traditional bond funds showed mixed results [15][16] QDII Fund Insights - REITs QDII funds led the performance with a return of 2.41%, followed by equity funds focused on Europe and the US, which returned 1.70% [17][18] - The report notes that alternative asset classes, particularly gold-related QDII funds, have shown significant year-to-date growth of 25.91% despite a recent decline of 1.39% [17][18] - Representative QDII funds such as Morgan China Biopharmaceutical A and GF CSI Hong Kong Innovative Medicine ETF reported returns of 4.72% and 4.56%, respectively, during the period [19]

Group 1 - The company has signed a sales agreement with Ningbo Bank to sell the "Invesco Great Wall Conservative Pension Target One-Year Holding Period Mixed Fund of Funds (FOF) Y Class" starting from May 30, 2025 [1] - The announcement includes details about the applicable funds and the opening of fund business, indicating that the ability to conduct regular investment, conversion, and fee rate discounts will depend on the sales institution's arrangements [1][2] - Investors can inquire about details through the customer service of both Invesco Great Wall Fund Management Co., Ltd. and Ningbo Bank [4][5] Group 2 - The company has also signed a sales agreement with Huatai Securities to sell the "Invesco Great Wall Jing Tai Pure Profit Bond Fund" starting from May 30, 2025 [8] - Similar to the agreement with Ningbo Bank, the announcement specifies that the ability to conduct various fund operations will depend on the sales institution's regulations [8][9] - Investors can also consult details through Huatai Securities' customer service [10] Group 3 - The company announced the suspension of subscription and conversion for the "Invesco Great Wall National Standard New Energy Vehicle Battery ETF Initiated Fund" starting from May 30, 2025, while other operations like redemption will continue [12][13] - The fund's contract stipulates that if the net asset value falls below 200 million yuan after three years, the fund will automatically terminate and enter liquidation without a meeting of fund shareholders [12][13] Group 4 - The company has announced the addition of Ningbo Bank's "Same Industry Easy Manager Platform" as a sales platform for the "Invesco Great Wall China Government Bonds 0-3 Year Index Fund" starting from May 30, 2025 [17] - The announcement outlines that the ability to conduct various fund operations will depend on the platform's regulations [17][19] - Investors can inquire about details through the customer service of both Invesco Great Wall Fund Management Co., Ltd. and Ningbo Bank [21] Group 5 - The company has decided to terminate its sales cooperation with Minsheng Fund Sales (Shanghai) Co., Ltd. starting from June 3, 2025, and will no longer accept related sales through Zhongmin Wealth [27] - Investors are advised to make appropriate trading arrangements following this termination [27][28] Group 6 - The company has announced the addition of China Postal Savings Bank as a sales institution for certain funds starting from May 30, 2025 [30][31] - The announcement specifies that the ability to conduct various fund operations will depend on the bank's regulations [31][33] - Investors can consult details through the customer service of both Invesco Great Wall Fund Management Co., Ltd. and China Postal Savings Bank [34]

Group 1 - The company has signed a sales agreement with China Merchants Bank to start selling certain funds from May 28, 2025 [1] - The announcement includes details about the applicable funds and their business opening status, indicating that the listed funds will be available for regular investment and conversion services [1][2] - Investors can consult the company or China Merchants Bank for further details regarding the fund sales and services [3][8] Group 2 - The company has also signed a sales agreement with Dongxing Securities to sell the "Invesco Great Wall Quality Evergreen Mixed Securities Investment Fund" starting from May 28, 2025 [5][6] - Similar to the agreement with China Merchants Bank, this announcement outlines the applicable funds and their business opening status, including regular investment and conversion services [5][6] - Investors are advised to follow the specific rules and procedures set by the sales institutions for fund transactions [2][7] Group 3 - The company has reported on related party transactions involving the "Invesco Great Wall Jingyi Helix Bond Fund," indicating that it sold securities issued by a related party under proper approval procedures [9][10] - The transactions were conducted in accordance with legal regulations and the fund's investment strategy, prioritizing the interests of the fund holders [9][10] - The company emphasizes that the transaction prices were fair and aligned with the fund's investment objectives [9]

Core Viewpoint - The recent introduction of new merger and acquisition regulations has led to increased interest and investment in ST stocks, particularly those with restructuring expectations, despite the need for cautious observation in the long term [1][2]. Group 1: Market Activity and Trends - The ST sector index has risen by 5.11% as of May 21, driven by expectations of restructuring [1]. - *ST赛隆 has seen a significant price increase of 60.23% from April 29 to May 22, reflecting heightened market speculation regarding its potential restructuring [2]. - The new merger and acquisition regulations have revitalized interest in ST stocks and micro-cap stocks, particularly after the disclosure of annual reports, which often reveal poor performance leading to valuation declines [2]. Group 2: Institutional Investment - In the first quarter, several public funds, including those from 易方达, 景顺长城, and 博时, have heavily invested in ST stocks, indicating a strategic focus on these assets [1][4]. - As of the end of last week, 21 public institutions participated in 31 A-share companies' private placements, with a total allocation of 9.785 billion yuan and a floating profit of 1.695 billion yuan, representing a floating profit ratio of 17.32% [3]. Group 3: Company-Specific Developments - Companies like *ST华通 and 东方通 have been highlighted for their significant presence in public fund portfolios, with 东方通 facing severe audit issues leading to risk warnings [4]. - *ST松发 has received approval for restructuring through major asset swaps, indicating ongoing interest from public funds despite the overall decline in interest in ST stocks due to stricter delisting regulations [5].

Core Viewpoint - The departure of Bao Wuke, a prominent fund manager at Invesco Great Wall Fund Management, raises questions about the future performance of the funds he managed and the potential for the emergence of new star fund managers within the company [2][3][5]. Group 1: Fund Manager Departure - Bao Wuke resigned from all products managed at Invesco Great Wall, confirming market speculations from April 2023 [2][5]. - His managed products achieved an annualized return of 15.29%, with notable performance over the past two and three years at 15.54% and 42.12%, respectively [2][3]. - The company has seen a peak fund size of 615.15 billion yuan, although it experienced a decline in 2022 and 2023 before recovering in 2024 [2][18]. Group 2: Fund Performance and Management Transition - Following Bao's departure, the company appointed four experienced fund managers to take over his products, all of whom have over 15 years of investment experience [12][17]. - The funds managed by Bao Wuke have seen a significant decline in size, dropping from a peak of 271.86 billion yuan to 162.07 billion yuan, a decrease of 40.38% [9][10]. - The new fund managers include Liu Su, Zhang Zhongwei, Zou Lihu, and Wang Yong, each with distinct investment styles and backgrounds [14][15][17]. Group 3: Market Context and Future Outlook - The overall equity market has faced a downturn, impacting the performance of Invesco Great Wall's equity funds, which have seen substantial losses [2][21]. - The company aims to stabilize investor confidence through effective communication and by ensuring continuity in investment strategies during the transition to new fund managers [8][9]. - The future performance of the funds will depend on the new managers' ability to maintain or improve upon the previous performance levels established by Bao Wuke [7][12].

Summary of Key Points Group 1: Company Listings - Company 001390 Guqi Fur Materials is set to announce its online subscription rate on May 20, 2025 [1] - Company 301590 Youyou Green Energy will begin its preliminary inquiry on May 20, 2025, with the inquiry period ending on the same day [1] - Company 603049 Zhongce Rubber will also start its preliminary inquiry on May 20, 2025, concluding on the same day [1] Group 2: Trading Suspension Announcements - The Invesco Great Wall S&P Consumer Select ETF (QDII) will be suspended from trading on May 20, 2025, until 10:30 AM to protect investor interests [2] - The Guotai S&P 500 ETF will also be suspended on May 20, 2025, until 10:30 AM for the same reason [2] - Company 000151 Zhongcheng Co., Ltd. is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [2] - Company 000584 *ST Gongzhi is suspended due to a risk warning regarding potential delisting, effective from April 28, 2025 [2] - Company 000622 *ST Hengli is suspended for failing to disclose periodic reports within the statutory deadline, effective from May 6, 2025 [2] - Company 000627 Tianmao Group is suspended for the same reason as *ST Hengli, effective from May 6, 2025 [2] - Company 000878 Yunnan Copper is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 13, 2025 [2] - Company 002336 *ST Renle is suspended due to a risk warning regarding potential delisting, effective from April 30, 2025 [2] - Company 002708 Guangyang Co., Ltd. is suspended due to plans for issuing shares and cash to acquire assets and raise matching funds, effective from May 19, 2025 [2] - Company 002750 *ST Longjin is suspended due to a risk warning regarding potential delisting, effective from April 25, 2025 [2]

5月19日，景顺长城量化港股通股票A（006106）下跌0.08%，最新净值1.06元，连续3个交易日下跌， 区间累计跌幅1.25%。 据了解，景顺长城量化港股通股票A成立于2019年6月，基金规模0.73亿元，成立来累计收益率6.39%。 从持有人结构来看，截至2024年末，景顺长城量化港股通股票A的基金机构持有0.50亿份，占总份额的 77.10%，个人投资者持有0.15亿份，占总份额的22.90%。 公开信息显示，现任基金经理周春泉先生:中国国籍,博士研究生、博士,曾先后担任海通国际证券集团资 产管理部量化分析师、股票衍生品部量化分析师、资产管理部分析师,中泰金融国际有限公司资产管理 部副总裁兼基金经理。2018年10月加入景顺长城基金管理有限公司,担任专户投资部投资经理,自2021年1 月起担任量化及指数投资部基金经理。2021年8月24日担任景顺长城泰阳回报混合型证券投资基金基金 经理。 截止2025年3月31日，景顺长城量化港股通股票A前十持仓占比合计38.15%，分别为：阿里巴巴-W （9.03%）、腾讯控股（8.34%）、汇丰控股（4.76%）、建设银行（3.33%）、小米集团-W （3.18 ...

Core Insights - Invesco Great Wall Fund announced the departure of fund manager Bao Wuke due to personal reasons, affecting all eight funds he managed, including notable ones like Invesco Great Wall Energy Infrastructure and Invesco Great Wall Hong Kong-Shanghai Select [2][3] Fund Manager Departure - Bao Wuke was a prominent fund manager with a track record of over 10 years and an annualized return exceeding 10%, known for his stable investment style [3] - His departure raises concerns about the research capabilities and investor confidence in Invesco Great Wall, although experienced managers Liu Su and Zou Lihua have been appointed to take over [5] Fund Performance - Invesco Great Wall Energy Infrastructure achieved a return of 374.75% with an annualized return of 15.37%, ranking 13th out of 372 funds [3] - Invesco Great Wall Hong Kong-Shanghai Select had a return of 185.82% with an annualized return of 12.42%, ranking 19th out of 167 funds [3] - Other funds managed by Bao Wuke also showed significant returns, with varying annualized returns and rankings [3] Investment Philosophy - Bao Wuke emphasized the importance of safety margins in value investing, focusing on high barriers to entry and reasonable valuations [5] - He expressed skepticism about the future of AI technology, suggesting that without new iterations, the capabilities of AI may stagnate, which could negatively impact many AI-related companies [5] Current Holdings - Bao Wuke's funds typically held long-term positions in companies with strong fundamentals and valuations, including major stocks like Midea Group, Haier Smart Home, Zijin Mining, China Mobile, and Tencent Holdings [4]

百亿基金经理鲍无可离职早有预兆。4月1 2日、2 6日，鲍无可管理的产品分两次增聘了基金经 理，这些产品由刘苏、邹立虎、张仲维、王勇分别接任。产品短期内密集增聘，就引发了投 资者对鲍无可职位可能变动的讨论。 | 离任基金经理姓名 | 鲍无可 | | --- | --- | | 离任原因 | 个人原因辞职 | | 离任日期 | 2025年5月16日 | | 转任本公司其他工作岗位 | 否 | | 的说明 | | | 是否已按规定在中国基金 | 是 | | 业协会办理注销手续 | | 作 者丨秦风 崔文静 实习生张长荣 编 辑丨姜诗蔷 巫燕玲 刘雪莹 纷纷扰扰"鲍无可离任"的市场传言终落地。 5月1 7日，景顺长城基金连发8则公告，鲍无可卸任了包括景顺长城能源基建在内的8只基金， 因个人原因辞职。 对于其职业生涯的下一程，业内猜测或为私募。 | 公告日期 | 证券代码 | 标题 | 公告类型 | | --- | --- | --- | --- | | 2025-05-17 | 260112.OF | 景顺长城基金管理有限公司关于景顺长城能源基建混合型证券投资基金 ... | 真余经理变更 | | 2025-05- ...

Group 1 - The core viewpoint of the news is the launch of the "Daka Dingtou" investor education activity by the Shenzhen Stock Exchange in collaboration with Ant Group, aimed at promoting understanding of ETF investment tools and strategies among investors [1][2] - The activity is guided by the Fund Management Department of the Shenzhen Stock Exchange and involves participation from several leading fund companies, including E Fund, Fuguo Fund, and Huaxia Fund, among others [1] - The event will run from May 15 to June 30, providing ample time for investors to participate and learn about the long-term and stable characteristics of ETF investment strategies [1] Group 2 - The investor education initiative represents an innovative practice in capital market education, combining authoritative guidance, platform technology, and industry collaboration to create a new paradigm for investor education [2] - The activity is expected to enhance investor awareness of the value of ETF regular investment, fostering a positive market atmosphere for medium to long-term capital inflow [2]