登录新浪财经APP 搜索【信披】查看更多考评等级 泰信汇鑫三个月定期开放债券型证券投资基金开放申购、赎回业务公告（第十一个开放期） 公告送出日期：2026年1月8日 1公告基本信息 ■ 2日常申购、赎回(转换、定期定额投资)业务的办理时间 本基金自封闭期结束之后第一个工作日（含）起进入开放期，开放期不少于两个工作日、不超过二十个 工作日，期间可以办理申购与赎回业务，开放期的具体时间以基金管理人届时公告为准。自2026年1月 12日起（含当日）至2026年1月13日（含当日），本基金进入开放期。 如封闭期结束之后的第一个工作日因不可抗力或其他情形致使基金无法按时开放申购与赎回业务的，开 放期自不可抗力或其他情形的影响因素消除之日起的下一个工作日开始。如在开放期内发生不可抗力或 其他情形致使基金无法按时开放申购与赎回业务的，开放期时间中止计算，在不可抗力或其他情形影响 因素消除之日下一个工作日起，继续计算该开放期时间，直至满足开放期的时间要求。具体时间以基金 管理人届时公告为准。 基金管理人不得在基金合同约定之外的日期或者时间办理基金份额的申购、赎回或者转换。在开放期 内，投资人在基金合同约定之外的日期和时间提出 ...

旷世芳香(01925)发布公告，于2025年12月10日，本公司的间接全资附属公司宁波旷世向基金管理人发 出书面通知，要求赎回其于该基金(霁海智泽磐石私募证券投资基金)的部分权益。赎回事项的所得款项 为人民币3000万元。 ...

"投资中国" 基金全面赎回工作的开展，承载着规范基金市场、保障创业者权益的重要使命。上一轮赎 回中，违规投资行为的出现，让基金运营秩序受到冲击，合规创业者的利益面临威胁。为了扭转这一局 面，"投资中国" 品牌战略工作领导小组果断启动全面赎回，而 "投资中国全球专属卡" 作为赎回结算的 专用载体，其丰富的权益内容，成为了守护创业者每一份期待的关键利器。 从资金结算的安全性与专业性来看，"投资中国全球专属卡" 具备无可替代的优势。本次基金赎回工作 严格执行 "专卡专项" 管理要求，所有赎回款项均通过该卡进行发放，这一规定从制度层面确保了资金 流转的安全性和可追溯性。在金融市场中，资金挪用、截留等问题时有发生，普通的资金结算方式往往 难以完全规避这些风险。而 "投资中国全球专属卡" 由中国人民银行特别发行，并经过国家金融监督管 理总局审批，其发行与管理都遵循严格的监管标准。每一笔赎回资金从基金账户划拨到持卡人账户的过 程，都将受到央行的全程监管，确保资金能够精准、及时地到达创业者手中，不会出现任何中途流失的 情况。同时，该卡独立于银联支付体系，采用单独的监管机制，进一步降低了资金在支付环节可能面临 的风险，让创业者 ...

Group 1 - Company Biostar Pharma, Inc. subscribed to LFM Stable Income Fund SP with an investment of $5 million, completed on November 28, 2024, and the investment is expected to mature on November 29, 2025 [1] - The company submitted a redemption request on January 21, 2025, but has not received a timely response regarding the redemption process [2] - Legal action is being pursued to expedite the redemption process, with Conyers Dill & Pearman LLP appointed as legal counsel to initiate liquidation proceedings for LFM Fund under Cayman Islands law [2] Group 2 - A petition was submitted to the Cayman Islands Grand Court on September 12, 2025, seeking the appointment of a liquidator for LFM Stable Income Fund SP, with a court hearing scheduled for November 19, 2025 [2] - If a liquidator is appointed, the current management will lose control of LFM Fund, and US-Biostar will become a creditor of the fund [2] - A statutory demand for repayment was issued to LFM Oversea Investment Limited, the sole shareholder of LFM Fund, requiring it to assume joint liability for the redemption under the subscription agreement [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 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》、《银华中证国新 央企科技引领交易型开放式指数证券投资基金联接基金基金合同》（以下简称"《基金合同》"）的有关 规定，银华中证国新央企科技引领交易型开放式指数证券投资基金联接基金（以下简称"本基金"，A类 份额基金代码：019508，C类份额基金代码：019509）连续30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，现将相关事宜公告如下。 一、可能触发基金合同终止的情形说明 根据《基金合同》的规定，《基金合同》生效后，连续50个工作日出现基金份额持有人数量不满200人 或者基金资产净值低于5,000万元情形的，本基金《基金合同》将终止并进行基金财产清算，且不需要 召开基金份额持有人大会进行表决。截至2025年11月24日，本基金已连续30个工作日基金资产净值低于 5000万元，特此提示。 二、其他需要提示的事项 1、若出现基金合同终止的情形，基金管理人将根据相关法律法规的规定和《基金合同》的约定成立基 金财产清算小组，履行基金财产清算程序。本基金进入清算程序后将不再 ...

Core Insights - In the third quarter, actively managed equity funds experienced a significant redemption of 2,155 million units, a substantial increase compared to the second quarter, primarily due to the recovery of net asset values from the previous bull market [1] - The top three holdings in actively managed equity public funds during the third quarter were Ningde Times, Xinyiseng, and Zhongji Xuchuang, which accounted for the largest market value share [1] - The report by analysts, including Yao Pei, indicated that the new issuance of fund shares in the third quarter increased by 53% quarter-on-quarter, reaching the highest level since the third quarter of 2022 [1] Fund Issuance and Sector Allocation - The issuance scale for July, August, and September was 9.7 billion, 17 billion, and 29.4 billion units respectively, totaling 56.1 billion units [1] - In terms of sector allocation, public funds increased their positions in electronics and communications while reducing their holdings in banks and food and beverage sectors [1] - The industry showed an overweight position in electronics, communications, and electric new energy, while being underweight in non-bank financials, banks, and public utilities [1]

Core Viewpoint - The bankruptcy of First Brands Group, an automotive parts manufacturer, has triggered a chain reaction affecting a credit fund managed by Jefferies, leading to a wave of redemption requests from top investment institutions [1][2]. Group 1: Fund and Redemption Details - Jefferies' Point Bonita Capital fund, which manages approximately $3 billion, has about 25% of its assets tied to the receivables of the bankrupt First Brands Group [2][3]. - The redemption requests from investors, including Singapore's GIC, BlackRock, Morgan Stanley Asset Management, and Texas Treasury Safekeeping Trust Company, indicate a significant loss of confidence in the fund's future performance [3][4]. - Jefferies has stated that all redemption requests will take effect on December 31, with funds returned in four quarterly payments, the last of which is expected in October 2026, indicating a prolonged exit process for investors [4]. Group 2: Impact of First Brands' Bankruptcy - The sudden collapse of First Brands Group, which revealed nearly $12 billion in complex debt and off-balance-sheet financing issues, has heightened investor caution regarding the Point Bonita Capital fund [2][3]. - Jefferies has defended its relationship with First Brands, asserting that it was unaware of any fraudulent activities and that its exposure to First Brands' receivables is relatively small at $43 million, or 5.9% of the fund [4].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The bond market is currently facing adjustments due to the release of the draft for soliciting opinions on fund fee adjustments. The selling pressure from funds is testing the承接 capacity of allocation investors. However, the bond market does not need to be overly pessimistic as the fund redemption pressure has not spread to form a negative feedback loop. The 10Y Treasury bond rate is unlikely to reach the annual high of 1.90%, which can serve as a stable anchor for bond asset pricing. Meanwhile, medium - term credit bonds are facing a process of re - finding the peak after ultra - long bonds [5][30][31]. Summary by Related Catalogs 1. Recent Bond Market Adjustment: Fund Selling Pressure Tests the承接 Capacity of Allocation Investors - **Market Reaction to the Draft**: After the release of the draft for soliciting opinions on fund fee adjustments on September 5, the selling pressure from trading investors increased, testing the承接 capacity of allocation investors. The bond market declined continuously from Tuesday this week and rebounded strongly on Thursday afternoon. On September 25, the yield of the active 30Y Treasury bond reached a high of 2.1425%, approaching the annual high [1][8]. - **Expected Redemption by Institutions**: Insurance, bank self - operation, and wealth management may redeem some bond funds. Bank self - operation may increase its direct participation in the bond market, leaving only medium - and long - term pure bond funds with strong active management capabilities. For insurance, the upcoming implementation of the new accounting standards in 2026 and the draft for soliciting opinions reduce its willingness to allocate funds, but the redemption pressure is controllable. Bank wealth management is expected to have a more cautious and long - term allocation style for funds, and the short - term holding demand for medium - and short - term bond funds may shift to ETFs and inter - bank certificate of deposit funds [2][9][10]. - **Impact on Bond Types**: The change in the bond market investor structure means the repricing of various bond types, especially the bonds preferred by public funds (secondary and perpetual bonds, policy - financial bonds, and ultra - long bonds). From the perspective of institutional behavior, public funds have been continuously selling these bonds since September 5, and the selling continued from the 22nd to the 24th of this month, although the intensity has eased. In terms of interest rate changes, the bonds preferred by public funds have led the decline. As of September 24, the interest rates of 3 - 5Y secondary and perpetual bonds have increased by more than 20BP compared to September 5, and the interest rates of various maturities of China Development Bank bonds have also increased more than those of Treasury bonds and local government bonds [3][4][24]. 2. Medium - Term Credit Bonds are Facing a Process of Re - finding the Peak after Ultra - long Bonds - **Market Outlook**: When allocation investors are absent, it is difficult to be bullish on the bond market, but there is no need to be bearish either as the negative feedback loop has not formed. The 10Y Treasury bond rate is unlikely to reach the annual high of 1.90%, which can stabilize the pricing of bond assets [5][30][31]. - **Ultra - long Bonds**: The supply - demand mismatch problem of ultra - long bonds persists. The key is to observe the stabilizing behavior of large banks to determine the "desirable range." The continuous progress of ultra - long bond issuance has put pressure on the interest rate risk of large banks, but as market - makers, they have the obligation to maintain market price stability and may increase their承接 capacity during market adjustments, as seen on September 25 [5][32]. - **Medium - Term Credit Bonds**: The buying power of 3 - 5Y credit bonds, especially 5Y secondary and perpetual bonds, is gradually weakening. The allocation investors' desirable entry points may be significantly raised. The main buying forces of credit bonds, funds and wealth management, are expected to be affected. Funds may shrink in scale due to the adjustment of redemption fees, and wealth management will face full - scale valuation rectification in the fourth quarter, reducing its acceptance of high - volatility bonds. Insurance is also gradually withdrawing from the secondary and perpetual bond market. In this adjustment process, 1 - 2Y bonds are expected to stabilize earlier than 3 - 5Y bonds [6][32].

Core Viewpoint - The article discusses the complexities of mutual fund redemption, emphasizing the importance of understanding the rules and timing involved to balance cash flow and profit protection. Group 1: Redemption Timing - The redemption time for mutual funds varies based on fund type, trading rules, and clearing processes [2] - Money market funds can achieve "instant redemption" with T+0 to T+1 timing [2] - Stock funds have a waiting period of T+1 to T+3 due to net asset value calculations and clearing processes [4] - Bond funds fall in between, with T+0 to T+2 redemption times [6] Group 2: Factors Affecting Redemption Timing - Redemption requests submitted before 15:00 on trading days typically result in next-day fund availability, while those submitted after are delayed by one day [12] - Legal holidays can extend redemption times to the next trading day [10] - Different sales channels can impact the speed of fund availability, with some platforms offering faster processing [11] Group 3: Strategies for Redemption - Investors are advised to submit redemption requests before 14:30 on trading days to avoid delays [8] - In cases of large redemptions exceeding 10% of fund size, companies may implement "delayed payment" clauses to protect remaining investors [14] - Emotional redemption during market volatility can lead to missed opportunities; a strategy of phased redemption can mitigate risks [16][18] Group 4: Cost Management - Redemption fees decrease based on the holding period, with significant savings for long-term holders [19] - Investors should be aware of "lock-up periods" and minimum holding requirements to avoid forced liquidation [20][22] - Understanding the fee structure and redemption rules can lead to more strategic investment decisions [23]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - Recent bond market fluctuations are mainly due to policy - related expectation changes. With the marginal easing of the "anti - involution" stance, the current bond market pressure has significantly eased [2][31]. - The adjustment of the bond VAT policy will push up the interest rate center of new bonds by 5 - 10BP, but the risk is relatively controllable. This policy adjustment does not affect the overall bond market trend, and the core logic of maintaining low interest rates to support the economy still holds. If there is no unexpected policy shock, the risk of a significant upward movement in interest rates is relatively limited. Coupled with the increased bond - allocation demand due to the reduction of the insurance predetermined interest rate, there are still opportunities in the bond market [2][31]. - In the short term, investors can focus on the gaming opportunities during the switch between new and old bonds after the VAT policy adjustment. In the medium - term, the fundamental performance and institutional demand determine that the bond market is generally in a positive trend. Investors can seize the opportunity to allocate assets at high points, but whether the yield can break through the previous low still depends on the monetary policy trends and fundamental data changes [3][31]. 3. Summary According to Relevant Catalogs 3.1 Redemption Mitigation and New Variables in Institutional Behavior 3.1.1 Improvement in Fund Redemption Pressure - Last week (7/21 - 7/25), due to multiple factors such as supply - demand policy efforts, positive stock market sentiment, and capital - market fluctuations, the bond market adjusted significantly, and funds faced redemption pressure, showing a net selling state for all bond types. However, this situation improved significantly this week (7/28 - 8/1) [15]. - This round of fund redemptions is characterized by "short - term, large - scale, and rapid" features. The single - week net selling of cash bonds by funds was large, second only to the level after September 24 last year. With the slowdown of the stock market rally and the stabilization of the bond market this week, funds have resumed net buying of cash bonds [15]. 3.1.2 New Variables in Institutional Behavior - **Insurance Predetermined Interest Rate Cut**: On July 25, the insurance industry association announced that the second - quarter predetermined interest rate research value was 1.99%, 25BP lower than the current interest rate ceiling for two consecutive quarters. Life insurance companies have lowered their product predetermined interest rate ceilings. In the short term, this will promote premium income growth to some extent, increasing insurance's bond - allocation demand. Recently, the demand for ultra - long - term treasury bonds by insurance companies has increased significantly, suppressing the significant upward movement of yields. In the long term, as the cost of the liability side decreases, the return requirements of insurance on the asset side will also decrease, further limiting the future callback space of 30Y treasury bonds [20][21]. - **Bond VAT Policy Adjustment**: Starting from August 8, 2025, the interest income of newly issued treasury bonds, local government bonds, and financial bonds will be subject to VAT, while the previously issued bonds will continue to be tax - exempt until maturity. From the perspective of institutional behavior, asset management institutions such as public funds still have tax advantages, which is beneficial for their phased expansion. For the bond market, a 5 - 10BP spread will occur between new and old bonds, and volatility may increase [25][27]. 3.1.3 Summary The bond market pressure has eased. The VAT policy adjustment will push up the interest rate center of new bonds, but the overall bond market trend remains unchanged. There are still opportunities in the bond market. In the short term, investors can focus on the gaming opportunities during the new - old bond switch and the opportunities in credit bonds. In the medium - term, the bond market is generally positive, but the yield breakthrough depends on policy and data [31]. 3.2 Institutional Bond Custody There is no detailed analysis content provided in the text, only relevant figure references are given [33][35]. 3.3 Institutional Fund Tracking 3.3.1 Fund Prices This week, the cross - month liquidity tightened. R007 closed at 1.69%, up 19BP from last week; DR007 closed at 1.65%, up 15BP from last week; the 6 - month national - share transfer discount rate closed at 0.84%, up 7BP from last week [4][39]. 3.3.2 Financing Situation This week, the balance of pledged reverse repurchase in the inter - bank market was 128315.9 billion yuan, an increase of 16.2% from last week. From the perspective of broad - based asset management, fund companies and bank wealth management products had net financings of 1294.4 billion yuan and 2303.6 billion yuan respectively this week [42]. 3.4 Quantitative Tracking of Institutional Behavior 3.4.1 Measuring Fund Duration This week, the measured duration of high - performance interest - rate bond funds in the market was 6.87, a decrease of 0.03 from last week. The measured duration of general interest - rate bond funds was 5.86, an increase of 0.02 from last week [52]. 3.4.2 "Asset Shortage" Index There is no specific analysis content provided, only figure references and index explanations are given [60][61]. 3.4.3 Institutional Behavior Trading Signals - **Secondary Capital Bonds**: There are trading signals such as turnover rate, long - short difference, and momentum, with specific construction methods referring to relevant reports [61][62]. - **Ultra - long Treasury Bonds**: There are trading signals such as turnover rate, long - short difference, and momentum [64][65]. - **10Y Local Bonds**: There are trading signals such as institutional long - short difference and momentum [67][68]. 3.4.4 All - round Knowledge of Institutional Leverage This week, the overall market leverage ratio was 108.0%, an increase of 1.2 percentage points from last week. In terms of broad - based asset management, the leverage ratio of insurance institutions was 117.0%, an increase of 2.0 percentage points from last week; the fund leverage ratio was 104.2%, an increase of 2.7 percentage points from last week; the securities firm leverage ratio was 189.3%, an increase of 3.0 percentage points from last week [69]. 3.4.5 Bank Self - operation Comparison Table A comparison table of bank self - operation investment is provided, including nominal yields, tax costs, and returns after considering tax and risk capital for different investment products [73]. 3.5 Asset Management Product Data Tracking 3.5.1 Funds There are figures showing the weekly establishment scale of various types of funds and the 2025 fund yield distribution, but no specific analysis content is provided [75]. 3.5.2 Bank Wealth Management This week, the overall market product break - even rate of bank wealth management products increased compared with last week, reaching 1.6%. There are also figures showing the weekly issuance volume and 2025 yield distribution of bank wealth management products [78][79]. 3.6 Treasury Bond Futures Trend Tracking There are figures showing the inter - period spread trend and the basis level of the next - quarter T contract, but no specific analysis content is provided [83]. 3.7 Broad - based Asset Management Pattern A graph shows the scale changes of broad - based asset management, including private funds, securities firm asset management, public funds, bank wealth management, insurance, trust, and fund special accounts, but no specific analysis content is provided [85].