特此公告。 华西基金管理有限责任公司 二〇二五年十二月二十六日 MACD金叉信号形成，这些股涨势不错！ 根据《中国证监会关于证券投资基金估值业务的指导意见》（中国证券监督管理委员会公告[2017]13 号）等有关规定，华西基金管理有限责任公司（以下简称"本公司"）经与基金托管人协商一致，自2025 年12月25日起，本公司旗下基金采用"指数收益法"对持有的停牌股票中微公司（证券代码:688012）进 行估值。 本公司将综合参考各项相关影响因素并与基金托管人协商，自上述股票复牌且其交易体现活跃市场交易 特征后，将恢复为采用当日收盘价格进行估值，届时将不再另行公告。 投资者可拨打本公司客户服务热线（400-062-8028）或者登录本公司官方网站（www.hxfund.com.cn） 了解有关信息。 ...

风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。投资者投资本公司旗下基金时应认真阅读各基金的基金合同、招募说明书。敬请投资 者留意投资风险。 根据中国证券监督管理委员会《中国证监会关于证券投资基金估值业务的指导意见》（中国证券监督管 理委员会公告[2017]13号）、中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值 指数的通知》(基金协发[2013]13号)等有关规定，经与基金托管人协商一致，东兴基金管理有限公司 （以下简称"本公司"）决定自2025年12月24日起，对旗下基金所持有的下列停牌股票采用"指数收益 法"进行估值，其中所用指数为中基协基金行业股票估值指数（简称"AMAC行业指数"）。 ■ 本公司将综合参考各项相关影响因素并与基金托管人协商，待上述股票交易复牌且体现了活跃市场交易 特征后，将恢复采用当日收盘价格进行估值，届时不再另行公告。 特此公告。 东兴基金管理有限公司 2025年12月25日 MACD金叉信号形成，这些股涨势不错！ ...

风险提示 二〇二五年十二月二十五日 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金财产，但不保证基金一定盈利，也不保 证最低收益和本金安全。基金的过往业绩并不代表其将来表现。投资有风险，敬请投资人认真阅读基金 的法律文件及相关公告，关注基金特有风险，并选择适合自身风险承受能力的投资品种进行投资。 MACD金叉信号形成，这些股涨势不错！ 根据《中国证监会关于证券投资基金估值业务的指导意见》（中国证券监督管理委员会公告[2017]13 号）等有关规定，中信保诚基金管理有限公司（以下简称"本公司"）经与基金托管人协商一致，自2025 年12月24日起，对本公司旗下部分基金持有的停牌股票"中微公司"（证券代码：688012）采用"指数收 益法"进行估值。 特此公告。 本公司将综合参考各项相关影响因素并与基金托管人协商，自上述股票复牌且其交易体现活跃市场交易 特征后，将恢复为采用当日收盘价格进行估值，届时将不再另行公告。 中信保诚基金管理有限公司 投资者可以登录基金管理人网站（www.citicprufunds.com.cn）或拨打基金管理人的客户服务电话（400- 666-0066）咨询有关详情。 ...

中国经济网北京12月24日讯 今日，东方基金管理股份有限公司发布关于调整旗下部分基金持有的 停牌股票估值方法的提示性公告。 (责任编辑：康博) 公告称，根据《中国证监会关于证券投资基金估值业务的指导意见》（中国证券监督管理委员会公 告[2017]13号）的规定，经与托管银行协商，东方基金管理股份有限公司决定自2025年12月23日起，对 旗下基金所持有的中微公司采用"指数收益法"进行估值，其中所用指数为中基协基金行业股票估值指数 （简称"AMAC 行业指数"）。 该公司将综合参考各项相关影响因素并与托管银行协商,待该股票交易体现了活跃市场交易特征 后，将恢复采用当日收盘价格进行估值，届时不再另行公告。 ...

公告称，根据中国证券监督管理委员会《中国证监会关于证券投资基金估值业务的指导意见》（证 监会公告〔2017〕13 号）、中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值 指数的通知》（中基协发[2013]13号）的有关规定，为使持有长期停牌股票的基金估值更加公平、合 理，更好的维护持有人利益，经宏利基金管理有限公司与基金托管人协商一致，决定自2025年12月23日 起对旗下基金所持有的"中微公司"（股票代码：688012）采用"指数收益法"予以估值。在上述股票复牌 且其交易体现了活跃市场交易特征后，按市场价格进行估值，届时不再另行公告。 中国经济网北京12月24日讯 今日，宏利基金管理有限公司发布关于旗下基金调整长期停牌股票估 值方法的公告。 (责任编辑：康博) ...

Core Viewpoint - The market showed mixed performance with the brokerage ETF fund experiencing a decline, while the cultivated diamond and lithium battery sectors led the gains [2] Group 1: Market Performance - The three major indices opened high but closed lower, with the brokerage ETF fund (515010) down by 0.90% at midday [2] - The financial technology ETF (516100) fell by 1.42%, with most of its constituent stocks declining [2] - The brokerage ETF fund saw a net outflow of 14.32 million yuan, although there were three days of net inflow over the past five trading days, totaling 46.13 million yuan [2] Group 2: Fund Details - The brokerage ETF fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are the lowest among comparable funds [2] - The latest financing buy-in amount for the brokerage ETF fund reached 2.4877 million yuan, with a financing balance of 46.7848 million yuan [2] Group 3: Valuation Metrics - The price-to-earnings ratio (PE-TTM) of the index tracked by the brokerage ETF fund is currently 17.99, which is in the 2.8% percentile over the past year, indicating a valuation lower than 97.2% of the time in the last year [2] Group 4: Top Holdings - As of October 31, 2025, the top ten weighted stocks in the index include Dongfang Caifu, CITIC Securities, Guotai Junan, Huatai Securities, and others, collectively accounting for 59.88% of the index [3]

Core Viewpoint - The announcement from Qianhai Kaiyuan Fund Management Co., Ltd. indicates a change in the valuation method for long-term suspended stocks held by its funds, specifically for "Dongtu Technology" (stock code: 300353) starting from October 27, 2025 [1] Group 1 - The valuation for "Dongtu Technology" will be based on the AMAC industry index using the "index return method" as per the guidelines from the fund valuation working group [1] - Once "Dongtu Technology" resumes trading and demonstrates active market trading characteristics, the valuation will revert to using the closing price on the trading day, with no further announcements required [1]

Core Viewpoint - The article discusses the current state of global stock markets, the impact of tariffs and interest rates, and investment opportunities in gold and dollar-denominated bonds. Group 1: Global Stock Market Overview - Global stock markets experienced minor fluctuations recently, with a slight rebound noted on Friday [2][4]. - Trump's comments on tariffs and the increasing probability of interest rate cuts by the Federal Reserve have influenced market movements [3][7]. - The overall sentiment in the market remains cautious, with potential for continued volatility [9]. Group 2: Investment Opportunities - Gold has shown strong performance since 2022, but its current valuation may not be as attractive as before, leading to increased volatility [11][12]. - Dollar-denominated bonds have seen a rise in valuation since the tariff crisis began in October, with recent performance outpacing that of comparable RMB-denominated bond funds [14][18]. - The article suggests that dollar-denominated bond funds are generally low in valuation and may present good investment opportunities, especially during the Fed's rate-cutting cycle [12][18]. Group 3: Currency and Exchange Rate Risks - Investing in dollar-denominated bond funds in mainland China may expose investors to currency risks, particularly if the dollar depreciates against the yuan [22][23]. - The article highlights that while dollar-denominated bond indices have shown gains of 6-7% in USD terms, the returns in RMB terms are lower, around 3-5% [24][25]. Group 4: Global Stock Index and Investment Strategies - The article presents a star rating system for global stock markets, indicating periods of undervaluation and potential investment opportunities [29]. - Currently, the global stock market is rated around 3.0 stars, suggesting a moderate investment environment [30]. - The article mentions the absence of global stock index funds in mainland China, but suggests that a diversified investment strategy can be achieved through advisory combinations [32][33]. Group 5: New Book Release - A new edition of "The Long-Term Investment Guide" has been released, which includes updated data and new chapters, emphasizing the importance of stock assets for long-term wealth accumulation [38][39]. - The book is recognized for its comprehensive analysis of various asset classes and their long-term returns, reinforcing the notion that stocks are the best investment for wealth growth [40].

Core Viewpoint - The overall market is experiencing an upward trend, with the A-share market reaching a rating of 4.1 stars, indicating a positive investment environment [1][2]. Market Performance - All market caps (large, medium, and small) are rising, with large and medium caps showing slightly higher gains [3]. - Growth style stocks are outperforming, while value style stocks are also seeing increases [4][6]. - The Sci-Tech 50 and ChiNext indices are leading the gains in the market [5]. Hong Kong Market Insights - The Hong Kong stock market is experiencing a decline, particularly in technology and pharmaceutical indices, which are showing significant volatility [9][10]. - Despite recent fluctuations, the overall performance of the Hong Kong market this year has been better than that of the A-share market [13]. - The Hong Kong market rating has returned to around 3.5-3.6 stars [14]. Investment Strategies by Star Ratings - **5-Star Rating**: Represents the highest investment value stage for stock funds, characterized by a lack of investor confidence. It requires courage to invest during this phase [16][18]. - **4-Star Rating**: Indicates a return to normal valuations for some stock funds, with fewer undervalued options available. Investment is possible but should be balanced with stock asset proportions [20][26]. - **3-Star Rating**: Most funds are at normal or high valuations, with very few undervalued options. This stage is not ideal for large investments in stock funds, and investors should consider lower-risk assets [30][33]. Dividend and Cash Flow Indices - The article includes a valuation table for dividend and free cash flow indices, providing insights into their performance metrics such as earnings yield, P/E ratio, and dividend yield [37]. - Specific indices like the Shanghai Dividend Index and others are highlighted for their earnings yield and dividend rates, indicating potential investment opportunities [47]. Upcoming Events - A live session is scheduled to discuss market trends, leading stocks, and investment strategies in the current market environment [41].

Group 1 - The article discusses the concept of dollar-cost averaging in undervalued markets, suggesting that consistent investment during these periods can lower the average cost and enhance returns when the market improves [2] - It explains the structure of enhanced index funds, which typically invest about 80% in index components and 20% in enhancement operations, allowing them to follow index trends while also considering index valuations [3] - The challenges of actively managed funds are highlighted, particularly the lack of transparency regarding current holdings, as only quarterly reports reveal the stocks held [4] Group 2 - Several strategies for evaluating active funds are presented, including assessing the investment style or industry focus of the fund manager, such as value-oriented funds referencing value indices [5][6] - The article notes that active funds often have performance benchmarks, which may change to reflect the manager's actual investment direction, impacting their compensation if they underperform [7] - It suggests that constructing a diversified portfolio of actively managed funds across different styles and sectors can simplify valuation compared to evaluating individual active funds [8][9]