Core Viewpoint - Guodian Nanzi has experienced a decline of 12.06% over five consecutive trading days, indicating potential concerns regarding its stock performance [1]. Company Overview - Guodian Nanzi, officially known as Guodian Nanjing Automation Co., Ltd., was listed on the Shanghai Stock Exchange on November 18, 1999, and is recognized as the first high-tech listed company in China's power system [1]. - The company is a subsidiary of China Huadian Corporation [1]. Financial Performance - The financial report indicates that the fund "Zhaoshang Quantitative Selected Stock A" under Zhaoshang Fund has increased its holdings in Guodian Nanzi, ranking among the top ten shareholders [1]. - The fund has achieved a year-to-date return of 25.77%, ranking 171 out of 978 in its category [1]. Fund Manager Profile - The fund manager of Zhaoshang Quantitative Selected Stock A is Wang Ping, who has a Master's degree in Management and is a certified Financial Risk Manager (FRM) [3]. - Wang Ping has been with Zhaoshang Fund since 2006 and has held various positions, including roles in investment risk management and quantitative analysis [3][4]. Fund Performance Metrics - The fund has shown significant performance metrics, with a year-to-date return of 25.7%, outperforming the average of its peers [2]. - The fund's performance ranks it 3rd in its category over the past year, with a quarterly ranking of 1023 [2].

Group 1 - Dalian Electric Porcelain has experienced a continuous decline for five trading days, with a cumulative drop of -4.32% [1] - Dalian Electric Porcelain Group Co., Ltd. was founded in 1915 and officially listed on the Shenzhen Stock Exchange in 2011 under the stock code 002606 [1] - In the second quarter of this year, the fund under China Merchants Fund, China Merchants Quantitative Selected Stock A, entered the top ten shareholders of Dalian Electric Porcelain, marking a new investment [1] - The fund has achieved a year-to-date return of 25.77%, ranking 171 out of 976 in its category [1] Group 2 - Wang Ping, a Chinese national with a master's degree in management and FRM certification, has been with China Merchants Fund since 2006 [3] - Wang Ping has held various positions, including assistant quantitative analyst and senior risk manager, and currently serves as the director of the quantitative investment department [3] - He has managed multiple funds, including the China Merchants Quantitative Selected Stock Fund since March 15, 2016, and the China Merchants CSI 300 Index Enhanced Fund since February 10, 2017 [3][4] - The total assets under management for the funds managed by Wang Ping amount to 166.87 billion yuan, with a return of 236.19% during his tenure [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the week from July 21 - 25, 2025, the bond market adjusted. The net value of benchmark market - making credit bond ETFs and science - innovation bond ETFs declined significantly, and the overall net subscription of science - innovation bonds was 5.56 billion yuan. Institutions may have redeemed ETF shares to cope with liquidity shocks [4]. - After the adjustment, some science - innovation bonds have fallen to a point where they offer value. For allocation portfolios, some exchange - traded science - innovation bonds with a remaining term of 4 - 5 years are worth considering; for trading portfolios, short - term index component science - innovation bonds are more attractive [4]. - The science - innovation bond ETF is expected to expand further. After the adjustment, index component science - innovation bonds with a widening relative spread have certain value, and investors can participate at the current adjusted points and wait for the spread to recover [46]. Summary by Directory I. First Batch of Science - Innovation Bond ETFs Expanded Rapidly in One Week after Listing - On July 17, 2025, 10 science - innovation bond ETFs were listed. By July 25, the total scale exceeded 100 billion yuan, with a growth rate of over 250% [15]. - The 10 products were all raised on July 7, 2025, and the total raised scale was about 29 billion yuan, indicating strong market demand [15]. - There are differences in product elements such as redemption methods, product durations, and component bond capacities among these 10 science - innovation bond ETFs [20]. II. Index Component Bonds of Science - Innovation Bond ETFs Led the Decline in this Adjustment - In terms of net value fluctuations, the net value of benchmark market - making credit bond ETFs and science - innovation bond ETFs declined by about 0.3% in a week [29]. - In terms of subscription and redemption data, the overall net subscription of science - innovation bonds was 5.56 billion yuan, while short - term financing ETFs and benchmark market - making credit bond ETFs with good liquidity were more affected by redemptions, suggesting that institutions may have redeemed shares for liquidity reasons [4]. - In terms of the performance of underlying component bonds, science - innovation bond index component bonds had a faster adjustment speed and a larger adjustment range. Exchange - traded non - science - innovation index component science - innovation bonds and inter - bank science - innovation bonds were relatively more resilient [35]. III. Which Science - Innovation Bonds Have Fallen to an Attractive Level? - After the adjustment, the overall yield of science - innovation bonds increased, and the inversion between the average valuation of short - term component bonds and the 1 - year AAA certificate of deposit yield improved significantly. However, the yields of 1 - year - below and 1 - 2 - year science - innovation bond index component bonds of AAA grade were still 1 - 2 BP lower than the 1 - year AAA certificate of deposit yield [39]. - The relative spread between exchange - traded and inter - bank science - innovation bonds of the same issuer showed differentiation. Index component science - innovation bonds with a widening relative spread have certain value, and investors can participate at the current adjusted points [44]. - For allocation portfolios, some exchange - traded science - innovation bonds with a remaining term of 4 - 5 years are worth considering due to the relatively large increase in valuation compared to their inter - bank counterparts and the attractive static coupon income [46]. - For trading portfolios, it is more advisable to focus on 1 - 2 - year index component science - innovation bonds that have adjusted significantly, have a large outstanding scale, and a valuation higher than 1.67% [49].

| 基金名称 | 招商瑞安 1年持有期混合型证券投资基金 | | --- | --- | | 基金间称 | 招商瑞安 1年持有期混合 | | 基金主代码 | 011190 | | 基金管理人名称 | 招商基金管理有限公司 | | 公告依据 | 《基金管理公司投资管理人员管理指导意 见》《公开募集证券投资基金信息披露管理办 | | | 法》《证券期货经营机构投资管理人员注册登 | | | 记规则》 | | 基金经理变更类型 | 增聘基金经理,解聘基金经理 | | 新任基金经理姓名 | 林謝 | | 共同管理本基金的其他基金经理姓名 | 杜亮 | | 离任基金经理姓名 | 余芽芳 | | 基金名称 | 招商瑞泰1年持有期混合型证券投资基金 | | --- | --- | | 基金简称 | 招商瑞泰 1年持有期混合 | | 基金主代码 | 012965 | | 基金管理人名称 | 招商基金管理有限公司 | | 公告依据 | 《基金管理公司投资管理人员管理指导意 见》《公开募集证券投资基金信息披露管理办 法》《证券期货经营机构投资管理人员注册登 | | | 记规则》 | | 非令经理变更类型 | 增聘基金经理,解聘基 ...

中国经济网北京7月29日讯 今日，招商基金公告，招商丰益混合增聘姚飞军，张磊离任。 | 基金名称 | 招商丰益灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 招商丰益混合 | | 基金主代码 | 002514 | | 基金管理人名称 | 招商基金管理有限公司 | | 公告依据 | 《基金管理公司投资管理人员管理指导意 见》《公开募集证券投资基金信息披露管理办 | | | 法》《证券期货经营机构投资管理人员注册登 | | | 记规则》 | | 非令经理变更素型 | 增鹏非金经理,解聘非金经理 | | 新任基金经理姓名 | 姚飞车 | | 离任基金经理姓名 | 张磊 | （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 姚飞军2007年3月加入国泰基金管理有限公司，曾任交易员及交易主管；2012年8月加入长信基金管 理有限公司，曾任交易总监及投资决策委员会委 ...

Group 1 - The core point of the article is the appointment of Yao Feijun as the new fund manager for the Zhaoshang Fengyi Mixed Fund (002514), effective from July 29, 2025, replacing Zhang Lei [1] - As of July 28, 2025, the net value of Zhaoshang Fengyi Mixed Fund was 1.6223, reflecting a daily increase of 0.08% and a yearly increase of 3.19% [1] - Yao Feijun holds a master's degree in economics and has extensive experience in fund management, having worked with various fund management companies since 2007 [1] Group 2 - Yao Feijun's previous fund management experience includes managing several public funds with notable returns, such as a 58.40% return for Zhaoshang Zengrong Mixed Fund (LOF) since June 3, 2016 [1] - The article lists several funds managed by Yao Feijun, highlighting their performance and management duration, indicating his successful track record in the industry [1] - A significant achievement mentioned is the estimated return of 253.52% from the investment in Zhuoshengwei, showcasing Yao's capability in identifying high-performing stocks [1]

Group 1 - The core point of the news is the appointment of Lin Shu as the new fund manager for the China Merchants Rui'an 1-Year Holding Mixed Fund (011190), effective from July 29, 2025, while Yu Yafang will no longer serve in this role [1] - As of July 28, 2025, the net value of the China Merchants Rui'an 1-Year Holding Mixed Fund was 1.1329, reflecting a decrease of 0.16% from the previous day and an increase of 9.44% over the past year [1] - Lin Shu has a strong background, having worked as a senior macroeconomic researcher at China Merchants Securities and held various positions at Invesco Great Wall Fund Management before joining China Merchants Fund Management in December 2022 [1] Group 2 - The performance of the fund managed by Lin Shu, specifically the China Merchants Rui Ze 1-Year Holding Mixed A Fund, shows a significant estimated return of 76.03% since acquiring shares of Kaiying Network at an average price of 58.41 in Q3 2024, with the latest average price being 102.82 [3]

Group 1 - The core point of the news is the appointment of Wang Gang as the new fund manager for the Zhaoshang Stable Growth Mixed Fund (012998) effective from July 29, 2025, alongside existing managers Hou Jie, Sun Lushen, and Yang Ruijia [1] - As of July 28, 2025, the net value of the Zhaoshang Stable Growth Mixed Fund was 1.1722, reflecting a decrease of 0.12% from the previous day, while it has increased by 15.66% over the past year [1] Group 2 - Wang Gang holds a master's degree and has extensive experience in asset management, having worked at various firms including China Insurance Asset Management, Taikang Asset Management, and Zhaoshang Fund Management [2] - His management history includes several funds, with notable performance metrics such as a return of 67.34% for Zhaoshang Fengze Mixed A since July 28, 2017, and 68.92% for Zhaoshang Fengmei Mixed A over the same period [3] - Wang Gang's management of Zhaoshang Fengze Mixed A involved a significant investment in Zhuosheng Microelectronics, yielding an estimated return of 253.52% from the initial purchase price [3]

Group 1 - The announcement regarding the change of fund manager for the "Zhaoshang Ruitai 1-Year Holding Period Mixed Securities Investment Fund" has been made, with the change procedures completed as per regulations [1][4] - The "Zhaoshang Shengxin Preferred 3-Month Holding Period Mixed Fund of Funds (FOF)" held a shareholders' meeting via communication, but the meeting failed due to insufficient participation, with less than half of the total fund shares represented [2][3] - The costs associated with the failed shareholders' meeting, including notarization and legal fees, will be borne by the fund management company [2][3] Group 2 - The announcement regarding the change of fund manager for the "Zhaoshang Anfu 1-Year Regular Open Bond Fund" has also been made, with the necessary procedures completed [4]

Core Viewpoint - Shenzhou Cell has experienced a decline for seven consecutive trading days, with a cumulative drop of -11.84% [1] Company Overview - Beijing Shenzhou Cell Biotechnology Group Co., Ltd. is an innovative biopharmaceutical and vaccine research and development company founded by Dr. Xie Liangzhi, a renowned expert in biopharmaceutical R&D and industrialization [1] - The company aims to develop products with differentiated competitive advantages, providing high-quality and low-cost options for patients domestically and internationally, establishing a leading biopharmaceutical brand [1] Financial Performance - The financial report indicates that the招商国证生物医药指数(LOF)A, managed by招商基金, is among the top ten shareholders of Shenzhou Cell and has reduced its holdings in the second quarter of this year [1] - The year-to-date return for the fund is 15.49%, ranking 801 out of 3422 in its category [1][2] Fund Performance Comparison - The fund's performance over various periods shows a year-to-date increase of 15.49%, compared to the average of 11.94% for similar funds [2] - In the same timeframe, the CSI 300 index has only increased by 5.11% [2] Fund Management - The fund is managed by two managers: Hou Hao and Xu Rongman, both of whom have extensive experience in investment management [3][5] - Hou Hao has been with招商基金 since 2009 and has held various positions, focusing on risk management and quantitative investment strategies [3] - Xu Rongman joined招商基金 in 2015 and has progressed through roles in brand promotion and research, currently managing the招商国证生物医药指数 fund since March 2021 [5][6] Company Structure - 招商基金 was established in December 2002, with major shareholders being 招商银行股份有限公司 (55%) and 招商证券股份有限公司 (45%) [6]