Report Industry Investment Rating - Not provided Core Viewpoints - CFAMCI's 1H25 net profit is expected to increase up to 16.3% yoy to RMB6.2bn, with growth mainly due to core business revenue increase, financing cost reduction, and despite asset impairment charges. The higher net profit is expected to boost capital adequacy and lower the leverage ratio. CFAMCIs remain top picks in the Chinese AMC space [7][8][9] - Hongqiao announced a buy - back of 10.2mn shares, which is positive for its CBs and largely neutral for straight bonds. The company maintains a neutral stance on HONGQIs based on valuation [12] Summary by Directory Trading Desk Comments - Asia IG space was unchanged to 3bps tighter yesterday. In Chinese IG, WB 30s tightened by 2bps, TENCNT 38 - 51s/HAOHUA 30/49 were 1bp tighter. Korea IG HYNMTR/LGENSO belly was 1 - 3bps tighter. In financials, HK CHIYBK 32 was 0.4pt higher, JP MUFG 44s were 0.6pt lower. TH banks were unchanged to 2bps tighter. There were small selling on BBLTB 34/40s T2 and better buying on BBLTB senior. STANLN 36s were 2bps wider. In lifers, SHIKON 35 was 1 - 2bp tighter, TYANLI 35 was 0.1pt lower. In HK, CTFSHK 29 was 1.6pt higher, NWDEVL 5.25 Perp/6.25 Perp were 0.3 - 0.4pt higher, HYSAN 4.85 Perp up 0.7pt. In Chinese HY, BTSDF 28 down 0.4pt, WESCHI 26 was 0.1pt lower. In Chinese properties, CHJMAO 29 and CHJMAO Perp were 0.1 - 0.6pt higher, LNGFOR 28/32 were 0.1 - 0.2pt lower, ROADKG 29 - 30 and ROADKG Perps down 0.2pt. In SEA, VLLPM 27 - 29s were 0.2 - 0.9pt higher, VEDLN 29 - 33s were 0.1 - 0.2pt higher, GLPSP Perps down 0.3 - 0.6pt [2] - This morning, the belly of HYNMTR were 2 - 3bps tighter. There were selling in STANLNs, JP lifers/HYSAN/CPREIT. HYSAN 4.85 Perp down 0.7pt, CDBFLC 30 was 1 - 2bps wider, NWDEVL 30 was 0.3pt higher. CFAMCI: 1H25 net profit to increase up to 16.3% yoy to RMB6.2bn, CFAMCI 5.5 47 down 0.5pt this morning while the rest were unchanged. HONGQI: Buy - back of 10.2mn shares, HONGQI 7.05 28 down 0.1pt this morning [3] Top Performers and Underperformers - Top Performers: CTFSHK 4 1/4 06/27/29 up 1.6, TENCNT 3.68 04/22/41 up 1.0, VLLPM 9 3/8 07/29/29 up 0.9, HYSAN 4.85 PERP up 0.7, CHJMAO 4 1/4 07/23/29 up 0.6 [4] - Top Underperformers: GARUDA 6 1/2 12/28/31 down 1.4, TSIVMG 1.55 12/17/29 down 1.0, TAISEM 3 1/8 10/25/41 down 0.6, GLPSP 4.6 PERP down 0.6, MUFG 4.7 03/10/44 down 0.6 [4] Macro News Recap - Macro: S&P (-0.01%), Dow (-0.08%), and Nasdaq (+0.03%) were mixed on Monday. UST yield was higher, with 2/5/10/30 yield at 3.77%/3.86%/4.34%/4.94% [6] Desk Analyst Comments - CFAMCI's 1H25 net profit growth is due to core business revenue increase, financing cost reduction, and despite asset impairment charges. The company's focus on high - quality investments and diverse funding channels support profit growth, and the higher net profit is expected to boost capital adequacy and lower the leverage ratio [7][8] - The company maintains a buy on CCAMCL 4.4 Perp and a neutral stance on GRWALL 7.15 Perp. It prefers CFAMCI 3.875 11/13/29, CFAMCI 3.375 02/24/30, and CFAMCI 3.625 09/30/30 within the CFAMCI curve [9] Hongqiao Analysis - Hongqiao announced a buy - back of 10.2mn shares for cHKD234mn, with a latest mandate of no less than HKD3bn. The buy - back aims to minimize dilution as its o/s USD300mn CB due Jan'26 will be converted into shares. It is positive for CBs and largely neutral for straight bonds. The company maintains a neutral stance on HONGQIs [12] Offshore Asia New Issues - Priced: DBS Bank issued USD2000mn with a 3 - year tenor at 3.989%, Zhangzhou Yuanshan Development issued USD22mn with a 3 - year tenor at 7.0% [13] - Pipeline: Ganzhou Urban Investment Holding plans a 3 - year issue at 5.4%, Tongling State - owned Capital Operation Holding Group plans a 3 - year issue at 5.1% [14] News and Market Color - Onshore primary issuances: 97 credit bonds were issued yesterday with an amount of RMB69bn. Month - to - date, 1,208 credit bonds were issued with a total amount of RMB1,081bn, a 0.2% yoy decrease - Other news: COGARD extended RSA fee deadlines, FUTLAN/FTLNHD obtained bourse approval for onshore ABS offering, HYSAN completed the redemption of USD850mn HYSAN 4.1 Perp, HYUELE repaid KRW3.4tn loans, LGELEC started a voluntary retirement program [15] - Other corporate news: NIO to expand into Singapore, Uzbekistan, and Costa Rica; PTTGC eyes THB30bn from non - core assets monetization; Rakuten to start satellite - based services; Road King's loss to widen; SoftBank to acquire a stake in Intel; Tongyang Life to redeem USD300mn TYANLI 5.25 Perp; Vedanta Ltd to consider second interim dividend; Hindustan Zinc to set up a tailings reprocessing plant [21]

Group 1 - The Federal Reserve may consider cutting interest rates in September 2025, which could positively impact fixed income investments [1] - There are various ETFs and closed-end funds (CEFs) that focus on fixed income, providing potential investment opportunities [1] Group 2 - The investment group "Hidden Dividend Stocks Plus" seeks solid income opportunities with dividend yields ranging from 5% to over 10%, supported by strong earnings [2] - The portfolio managed by "Hidden Dividend Stocks Plus" can include up to 40 holdings at a time, along with additional resources like a dividend calendar and trade alerts [2] Group 3 - Robert Hauver, known as "Double Dividend Stocks," has extensive experience in finance and investing, focusing on undercovered and undervalued income vehicles [3]

Market Overview - Blackrock views the current investment environment as the best ever, though not necessarily meaning everything is going up [2] - Equity technicals are strong due to the amount of cash on the sidelines and buybacks relative to the IPO calendar, indicating high demand versus supply [3] - Equity volatility is low, making it cheap to own equities and hedge portfolios [5] - Markets tend to overreact to news flow, particularly in August, creating opportunities for investors [18] Fixed Income & Interest Rates - Fixed income portfolios can generate yield levels of 65% to 7% [4] - The speaker anticipates the Federal Reserve can cut rates, especially with signs of slack in the labor market [4][6] - The speaker believes the Fed funds rate can be lowered by 100 basis points, considering core CPI is running under 3% and five-year inflation break-evens are at 25% [8] - High interest rates are hurting low-income borrowers and increasing the cost of government debt [11][12] Economic Factors - Significant productivity gains are occurring due to technology investments and data utilization by large companies [13] - Inflation volatility has been incredibly low for the last 25 years, except for the pandemic period [14] - Complacency in the market is a concern, particularly in credit markets [16][17]

Interest Rate Expectations - The market is pricing in a 100% chance of a rate cut at the September meeting [1] - PIMCO anticipates the Fed will likely resume cutting rates by 25 basis points in September [1] - The pace and extent of rate cuts will be dictated by incoming data [2] - There are differing views within the Fed regarding whether they are already behind the curve [4] Labor Market and Inflation - The recent unemployment report provided new information about the labor market's velocity and job creation [2] - Inflation data was largely as expected, offering no significant new insights to the Fed [2] - The pass-through from tariffs has not been as onerous as initially anticipated [3] Fixed Income Market Opportunities - Starting yields are a good indicator of returns in fixed income, currently around 5% [8] - Active management in fixed income can yield returns higher than 5% [9] - Fixed income offers a good return relative to risky assets [9] - Fixed income could potentially yield double-digit returns if the economy performs unexpectedly and the Fed responds forcefully [10]

Inflation Impact - Inflation poses challenges for individuals on fixed incomes [1] - Social Security benefits are designed to account for inflation [1] Retirement Strategies - Retirees can explore strategies to cope with rising prices [1]

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Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and reduces volatility using well-priced options [1] - The Enhanced Equity Income Solutions Portfolio aims to generate yields of 7-9% while minimizing volatility [1] - Prologis Inc. (NYSE: PLD) has been highlighted as facing valuation challenges due to the unwinding of the Zero Interest Rate Policy (ZIRP) era [2] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience in generating options income and focusing on capital preservation [3] - The investing group Conservative Income Portfolio collaborates with Preferred Stock Trader to offer two income-generating portfolios and a bond ladder [3] - The Covered Calls Portfolio is designed for lower volatility income investing with an emphasis on capital preservation [2]

Portfolio Strategy - Brown Brothers Harryman focuses on finding and growing value for clients managing money on a generational basis [3] - The firm's portfolio construction includes approximately 30% in fixed income, 40-45% in public equities diversified globally, and a significant focus on alternative investments [4] Alternative Investments - The firm is finding value in structured credit within fixed income, including asset-backed securities, CLOs, CNBS, and RMBBS, which are typically accessed privately [6] - Single A rated tranches of structured credit vehicles are delivering 200 basis points (2%) more return than corporate equivalents, with historical capital preservation [8] Municipal Bonds - High-quality municipal bonds with a duration of four to five years, funding America's infrastructure, can generate returns around 7% on a tax-equivalent basis for high-income earners in high-income tax jurisdictions [9][10] Stock Selection - The firm invests in long-term durable businesses with massive competitive advantages, including some of the "Mag Seven" companies [11] - Specific companies mentioned include Microsoft (due to Azure's growth in AI), Mastercard, Visa, and Transdime [11][12] - Transdime, an aerospace aftermarket company that IPOed in 2006, has compounded in excess of 30% since then [13][14]

Company Overview - Treehouse, supported by VCs like Lightspeed, Yzi Labs, Wintermute, and Jump, launched on Binance spot market [1] - Treehouse positions itself as the "Fixed Income Layer for DeFi", aiming for a more stable, transparent, and predictable on-chain interest rate market [1] Product Analysis - tAsset is a modified LST (Liquid Staking Token) model, allowing users to earn staking and arbitrage returns by staking ETH, stETH, and other assets [1] - DOR (Decentralized Offered Rates) is Treehouse's decentralized interest rate consensus system, generating standardized interest rate indicators, which has been included by DeFiLlama [1] Strategic Direction - Treehouse aims to bring TradFi's fixed income structure to the blockchain, including staking yields, arbitrage opportunities, and interest rate benchmarks [1]

Core Insights - Oxford Lane Capital (NASDAQ: OXLC) released its financial report for Q2 2025 on July 23, 2025, highlighting its status as a preferred investment choice in fixed-income securities [1] Financial Performance - The financial report details the performance metrics for the second quarter, which are crucial for assessing the company's investment potential [1] Investment Strategy - The company is recognized for its fixed-income securities, which are considered go-to investment picks, indicating a strategic focus on stable income generation [1]