Meeting Overview - The meeting for the fund holders of the Guangfa Stable Macro One-Year Holding Mixed Securities Investment Fund will be held via communication methods [1][2] - The fund was approved for registration on August 10, 2022, and officially commenced operations on April 6, 2023 [2] - The meeting aims to discuss the proposal for the continuous operation of the fund [4] Voting Details - Voting will take place from July 15, 2025, to August 18, 2025, at 15:00 [2] - Fund holders must submit their completed ballots and required documents to the designated recipient during the voting period [3][9] - Both paper and telephone voting options are available, with specific instructions for each method [10][11] Agenda Items - The main agenda item for the meeting is the proposal regarding the continuous operation of the fund [4][31] - The rights registration date for fund holders to participate in the meeting is set for July 14, 2025 [5] Authorization and Proxy Voting - Fund holders can authorize others to vote on their behalf, with specific requirements for both individual and institutional holders [13][14] - The authorization process includes providing necessary documentation and ensuring compliance with legal regulations [15][16] Voting Validity and Counting - The validity of votes will be determined based on specific criteria, including the completeness of ballots and timely submission [24][25] - The counting of votes will be supervised by authorized personnel and notarized [23] Conditions for Resolutions - A quorum requires that the votes represented by fund holders or their proxies exceed 50% of the total fund shares on the rights registration date [26] - If the meeting does not meet the quorum, a second meeting may be convened [27][28]

Group 1 - The core point of the announcement is that Rongtong Fund has signed a sales agreement with Founder Securities to add Founder Securities as a sales agency for its Rongtong Tongxin Flexible Allocation Mixed Securities Investment Fund starting from July 14, 2025 [1] - The announcement includes details about the applicable fund and business scope, indicating that the fund will offer regular investment and conversion services through the new sales channel [1] - A fee discount will be available for investors who subscribe to the fund through Founder Securities, with specific discount rates to be announced by the sales agency [1][2] Group 2 - The fee discount applies only to the front-end charging model during the normal subscription period and does not include back-end fees or fees during the fund's fundraising period [1] - Investors can only convert fund shares within the same charging model, meaning front-end shares can only be converted to other front-end shares, and back-end shares to other back-end shares [4] - For detailed information about the fund, investors are encouraged to read the fund's legal documents such as the Fund Contract and Prospectus [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年7月14日 1公告基本信息 ■ 注：根据浦银安盛基金管理有限公司（以下简称"本公司"或"本基金管理人"）于2023年10月14日公告的 《浦银安盛普兴3个月定期开放债券型证券投资基金暂停个人投资者申购、转换转入及定期定额投资业 务的公告》。浦银安盛普兴3个月定期开放债券型证券投资基金（以下简称"本基金"）于2023年10月14 日起暂停个人投资者的申购、转换转入和定期定额投资业务。本基金恢复办理个人投资者申购、转换转 入和定期定额投资业务的具体时间将另行公告。 2 日常申购、赎回、转换及定期定额投资业务的办理时间 2.1开放日及开放时间 本基金以定期开放方式运作，其封闭期为自《基金合同》生效之日（包括该日）起或自每一开放期结束 之日次日（包括该日）起3个月的期间，如果封闭期到期日的次日为非工作日的，封闭期相应顺延，以 此类推。本基金的第一个封闭期为自《基金合同》生效之日起至3个月后对应日的前一日（包括该日） 止。下一个封闭期为首个开放期结束之日次日起的3个月，以此类推。本基金封闭期内不办理申购、赎 回、转换及定期定额投资业务，也不上市交 ...

Core Viewpoint - The public fund industry is undergoing significant reforms, leading to a transformation in fund sales institutions as they adapt to shrinking income from trailing commissions and upcoming sales fee reductions [1][2][3]. Group 1: Impact of Fee Reductions - The first major impact on fund sales institutions is the reduction of trailing commissions, with management fees and trailing commissions both decreasing since the initiation of the public fund fee reform in July 2023. The management fee income is projected to be 124.73 billion yuan in 2024, down 8.1% from 2023, while trailing commissions are expected to be 35.48 billion yuan, a decrease of 8.7% [2]. - Many fund sales institutions, such as China Merchants Bank and Tonghuashun, reported a significant decline in their distribution income, with reductions around 20% [2]. - The second wave of impact is anticipated with the upcoming sales fee reductions, which are expected to be implemented by May 2025, further constraining the income potential for sales institutions [3]. Group 2: Transition Strategies - Fund sales institutions are shifting from a seller-driven model to a buyer service model in response to the fee reductions. This includes adjusting product offerings from fixed-income products to multi-asset and equity products to meet diverse investor needs [4][5]. - Companies like Yingmi Fund are focusing on deepening their buyer advisory model, moving towards a fee structure based on advisory services rather than sales commissions [5][6]. - The industry is also seeing a push towards enhancing investor experience and focusing on long-term performance, with institutions like Tencent Licai Tong implementing comprehensive advisory services to improve investor decision-making and outcomes [8][9]. Group 3: Evaluation and Performance Metrics - The regulatory framework is evolving to include a classification evaluation mechanism for fund sales institutions, emphasizing metrics such as investor returns and holding periods, which will guide internal assessment and incentive structures [6][7]. - Companies are increasingly focusing on aligning their performance metrics with investor outcomes, with organizations like Yingmi Fund integrating user satisfaction and trust into their performance evaluations [7][10]. - The emphasis on improving investor holding experiences is becoming a common goal across the industry, with strategies aimed at enhancing investor education and risk awareness to foster better long-term investment behaviors [10].

Group 1 - The current market is transitioning from a stock market to an incremental market, with A-shares experiencing high volatility in certain sectors while manufacturing sectors remain undervalued [1] - The "anti-involution" narrative is compared to the "Belt and Road" initiative, suggesting that it will help stimulate low-performing sectors in the context of increased capital inflow [1] - The valuation gap in Hong Kong stocks is becoming apparent, with insurance funds likely to expand their investment scope, indicating a favorable time to increase allocations to Hong Kong stocks [1] Group 2 - The "anti-involution" policy is expected to anchor the basic expectations of the midstream manufacturing sector, with short-term investment opportunities becoming more apparent [2] - The passing of the "Big and Beautiful" bill in the U.S. is expected to enhance fiscal stimulus, reducing the risk of a deep recession and improving visibility for China's supply-demand dynamics by 2026 [2] - The market has already begun to reflect a "bull market atmosphere," with the Shanghai Composite Index breaking through key levels, enhancing risk appetite and spreading profit-making effects [2] Group 3 - A-share market performance has been strong, driven by the upward trend in U.S. stocks and the positive impact of technology leaders reaching new highs [3] - The "anti-involution" policy is expected to alleviate domestic price pressures, with the upcoming earnings season providing a favorable environment for stocks with positive earnings forecasts [3] - The overall earnings improvement rate for A-shares is higher than the same period last year, indicating structural opportunities in high-growth TMT sectors and competitive midstream manufacturing [3] Group 4 - The "transformation bull market" is gaining momentum, driven by a systematic reduction in market discount rates and a favorable shift in economic structure [4] - The willingness of investors to accept risk is increasing, suggesting that the market may consolidate before making new highs [4] - Short-term focus should be on the "anti-involution" theme, with a rotation towards growth sectors continuing [4] Group 5 - Investment strategies should focus on three main areas: AI technology breakthroughs, consumer stock valuation recovery, and the rise of undervalued assets [5] - The recovery cycle in consumer stocks is supported by low valuations, declining interest rates, and policy catalysts, indicating potential opportunities in the sector [5] Group 6 - The capital return in A-shares is expected to stabilize and recover due to the "anti-involution" policy and the cessation of debt contraction [6] - The combination of domestic manufacturing recovery and overseas capital return will enhance the attractiveness of A-shares compared to other markets [6] - Recommended investment strategies include focusing on upstream resource products and capital goods that benefit from both domestic and international trends [6] Group 7 - The current market conditions resemble those of 2014, with a significant disconnect between market performance and earnings [7] - The "anti-involution" policy is seen as a positive signal, although its impact may be weaker than previous real estate policy shifts [7] - The market is expected to experience a similar trend to the second half of 2014, but tactical breakthroughs may not be smooth [7] Group 8 - The A-share index has recently surpassed 3500 points, with financial sectors and technology themes driving market momentum [8] - The market's valuation has recovered from the bottom, indicating that further gains will require increased trading volume [8] - Structural opportunities are abundant, with a focus on stable dividend assets, resource products, and new technology sectors [8] Group 9 - The core drivers of the current market breakthrough include rising policy expectations, the "anti-involution" investment theme, and improved trading activity [9] - July is viewed as a favorable window for investment, with a focus on TMT, non-bank financials, and military sectors [9] - The AI computing sector's performance is closely tied to the strong results of benchmark U.S. stocks, influencing A-share valuations [9] Group 10 - The market is in a new bullish phase, with investor sentiment improving and incremental capital entering the market [10] - The "anti-involution" policy is expected to alleviate income stagnation, potentially leading to a new phase of market growth [10] - Investment strategies should focus on sectors related to the "anti-involution" theme, stable currencies, and sectors with positive earnings forecasts [10]

Group 1 - The core viewpoint of the article highlights that the performance of innovative drug funds is expected to continue, with a focus on overseas licensing and domestic sales growth in the third quarter [1][5] - The first public fund semi-annual report for 2025 has been released, showcasing the investment strategies of high-performing fund managers [2][3] - The Longcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, achieved a net value growth rate of 75.18% in the first half of the year, ranking second among equity funds [3][4] Group 2 - The top three holdings of the Longcheng fund include Sanofi Pharmaceutical, Innovent Biologics, and Hotgen Biotech, with respective market values of 110 million, 104 million, and 104 million [4] - Significant increases in positions were noted for several companies, including a 2794.14% increase for Nocera Biopharma and 1751.97% for Yifang Biotech [4] - The report indicates that the innovative drug sector is expected to see continued development, with a focus on clinical data, overseas licensing, and domestic sales [5] Group 3 - Several short- and medium-term bond funds have seen a surge in total shares during the second quarter, indicating a shift in investor interest [6][7] - The total shares of Debang Short Bond Fund increased by over 30 billion to 54.82 billion, a growth of over 125% [8] - The Huian Yongfu 90-day holding short bond fund exhibited the most significant growth, with total shares rising from 1.84 billion to 18.2 billion, an increase of 889.13% [10]

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1、金融要闻 本期看点：东莞推出22项政策便利企业融资；东莞科创接续S基金完成首单投资；天元股份子公司终止 设立柬埔寨合资公司；仕佳光子拟购买东莞福可喜玛通讯科技股权；银禧科技上半年净利同比预增64% —83%；汇景控股2024年亏损约8亿元；鼎通科技上半年净利约1.14亿，同比预增131.75%。 东莞推出22项政策便利企业融资 近日，《东莞市便利企业融资赋能高质量发展若干措施》发布，通过强化金融资源供给、创新重点领域 金融服务、完善融资服务体系、加大财政金融协同力度、健全保障机制五个方面22条举措为东莞企业提 供便利融资。如用好"莞企转贷"专项扶持资金，推动更多中小微企业纳入"莞企转贷"企业名录，为名单 内企业提供最长10个工作日、单笔最高2亿元的资金支持。 创投风投机构是金融市场的重要组成部分。东莞将加快推动松山湖科技金融集聚区建设，支持松山湖出 台风投创投发展扶持政策，完善私募基金会商机制，用好合格境外有限合伙人（QFLP）试点，畅通风 投创投机构落户渠道，并依托市园两级母基金构建完善产业基金体系，吸引知名风投创投机构和社会资 本在松山湖集聚发展。 东莞科创接续S基金完成首单投资 近日，市属国企东莞科 ...

Core Viewpoint - The current A-share market is experiencing a shift from a stock market dominated by existing shares to one driven by new capital inflows, with a potential for structural opportunities despite short-term consolidation needs [1][3]. Group 1: Market Trends and Strategies - The "623" market rally is distinct from last year's "924" rally, as the A-share market valuation has risen from the bottom to above the historical median, indicating that further index gains require volume support [1][3]. - The strategy outlook suggests a high probability of a market trend similar to the comprehensive bull market of the second half of 2014, driven by low interest rates and potential increases in resident capital inflows [2][4]. - The current 10-year government bond yield is approximately half of what it was in 2014, with a significant decline over the past two years, indicating a favorable environment for market growth [4]. Group 2: Sector Performance and Opportunities - Sectors expected to perform well in the upcoming earnings season include high-growth TMT areas such as semiconductors, software development, and gaming, as well as midstream industries with global competitive advantages like automotive parts and defense [2][3]. - The ongoing domestic demand expansion policies are likely to benefit sectors such as home appliances, beauty care, and agriculture, while other sectors like precious metals and pharmaceuticals are also anticipated to show performance improvements [2][3]. - The market is expected to see better stock performance in July and August for industries with strong mid-year earnings reports, particularly in consumer sectors and technology [3][5].

Market Review - The domestic market shows a clear "stock-bond seesaw" effect, with rising market risk appetite driven by the ongoing "anti-involution" trend and expectations from important real estate meetings, leading to an increase in stock and commodity markets while the bond market remains under pressure. Major A-share indices saw a broad increase, with the Shanghai Composite Index surpassing 3500 points, led by real estate, steel, and non-bank financial sectors. The banking index reached a historical high on Thursday but adjusted on Friday [1][2]. Market Outlook - The "stabilizing fund" is seen as a stabilizer for A-shares, with three main lines expected to perform well. The Shanghai Composite Index has reached 3500 points for the first time this year, with large financials, "anti-involution," and technology themes showing alternating upward trends. The proportion of financing funds and northbound trading funds in the market has significantly increased, reflecting a recovery in market risk appetite driven by profit-making effects. Unlike the previous "924" rally, the current A-share market valuation has risen from the bottom to above the historical median, indicating that further index gains will require volume support, and short-term market consolidation may be needed. However, the policy support for capital markets remains strong, and the influx of medium- to long-term funds like the "stabilizing fund" suggests limited downside even if the market experiences pullbacks, presenting numerous structural opportunities in a "stable yet rising" environment [2][3]. Industry Allocation - Focus on three main lines for industry allocation: 1) In a low-interest-rate environment, stable dividend assets will continue to be an important direction for medium- to long-term fund allocation 2) Beneficiaries of price increases in related resource sectors, such as minor metals and industrial metals 3) New technology and growth sectors, including military industry, marine economy, AI computing power, and solid-state batteries [2][3].