Core Viewpoint - The announcement highlights the termination of liquidity services for the Jiashi National Communication ETF and the potential termination of the Jiashi Pension Target Date 2055 Fund if its net asset value falls below 200 million RMB by November 21, 2025 [1][3][6]. Group 1: Fund Termination and Liquidity Services - Jiashi Securities will cease providing liquidity services for the Jiashi National Communication ETF (code: 159695) starting November 20, 2025 [1]. - The Jiashi Pension Target Date 2055 Fund may trigger contract termination if its net asset value is below 200 million RMB by November 21, 2025, as per the fund contract [5][6]. - The fund's contract became effective on November 21, 2022, and has a five-year lock-up period for subscriptions [4][5]. Group 2: Fund Management and Operations - The fund management company is Jiashi Fund Management Co., Ltd., with the custodian being Bank of Communications Co., Ltd. [5]. - The fund has suspended subscription and regular investment services since November 14, 2025, and will enter liquidation if the termination condition is met [6][7]. - Investors will not be able to redeem or subscribe to the fund once it enters the liquidation process [7]. Group 3: Market Conditions and Risks - The Jiashi Nasdaq 100 ETF has been trading at a significant premium over its net asset value, prompting the fund management to warn investors about potential risks [11]. - The fund management emphasizes that market supply and demand, systemic risks, and liquidity risks can affect the trading price of the fund [11].

Core Viewpoint - The company announced the dissolution and liquidation of a cornerstone fund in which it participated, as the fund's duration has expired [1] Group 1: Investment Details - The cornerstone fund's partners contributed a total of 58,375,000 yuan, with the company contributing 25,150,000 yuan, representing 43.08% of the total [1] - The company has recovered its investment and received cumulative dividends amounting to 19,341,520 yuan [1] Group 2: Financial Performance - In the past 12 months, the company received dividends totaling 5,817,290 yuan [1] - The company provided a loan of 178,000,000 yuan to Beijing Investment Company [1] Group 3: Board Approval - The company's board of directors approved the proposal for dissolution on November 10, 2025 [1]

Core Insights - The China Securities Military Industry Index has surged by 58.96% from 8154.35 to 12961.76 points since September 24, 2024, reaching a two-year high, driven by geopolitical tensions and national strategic advancements [2] - The announcement of a commemorative event for the 80th anniversary of the victory in the Chinese People's Anti-Japanese War has further fueled market enthusiasm for the military industry sector [2] - Despite the booming military market, the Huabao High-end Equipment Stock Fund has initiated liquidation, raising questions about its performance amidst the industry's growth [2] Fund Performance and Management - The Huabao High-end Equipment Stock Fund, established on August 16, 2022, has entered liquidation due to its net asset value falling below 200 million RMB, triggering termination clauses in its contract [5][6] - The fund's current manager, Zhuang Haoliang, took over in November 2023 and adjusted the portfolio to focus on core military assets, achieving a total return of 8.54% during his tenure, but still underperforming its benchmark by 6.93 percentage points [6] - Since its inception, the fund has recorded a cumulative loss of -14.56%, indicating poor performance despite the military sector's overall growth [6] Manager's Track Record - Zhuang Haoliang's management history shows a pattern of negative returns across most funds he has managed, including significant losses in other products such as Huabao Wisdom Industry Mixed Fund and Huabao Third Industry Mixed Fund [7][10] - The Huabao High-end Equipment Stock Fund's liquidation reflects broader issues in Zhuang's investment strategy, which has not adapted well to varying market conditions, leading to underwhelming performance across different sectors [10] Industry Context - The liquidation of the Huabao High-end Equipment Stock Fund marks the fifth fund liquidation by Huabao since 2025, highlighting ongoing challenges within the firm and the broader market for funds with low asset levels [10][11] - The trend of fund liquidations, including those triggered by low asset values, suggests a difficult environment for certain investment strategies within the industry [11]

Core Viewpoint - The report from Furong Fund indicates that the Furong Medical Health Mixed Fund will enter liquidation if its total fund size is below 200 million yuan by June 28, 2025, which is the end of its last operation day [1][3]. Fund Performance Summary - As of the last operation day, the total fund shares amount to 12,369,681.57 shares, with A-class shares valued at 0.7920 yuan and C-class shares at 0.7825 yuan, reflecting cumulative losses of 20.8% and 21.75% respectively since inception [3]. - The fund has been managed by Li Huanghai since its establishment, who has extensive experience in various investment roles across multiple firms [3][4]. Management Performance - Li Huanghai currently manages three other funds: Furong Fuqian Bond, Furong Fuyou Mixed, and Furong Value Selection Mixed. Except for Furong Fuyou Mixed, which slightly outperformed its peers, the other two funds have shown poor performance, particularly Furong Value Selection Mixed, which has declined over 38% in the past two years under his management [4][5].

Fund Overview - The fund in question is the Zhongyin Securities Huize Progress 3-Month Holding Period Mixed Fund of Funds (FOF), which is categorized as a fund of funds [1] - The fund was established on July 7, 2022, and is managed by Zhongyin International Securities Co., Ltd. with the custodian being Industrial and Commercial Bank of China [1] Termination Trigger - The fund contract stipulates that if the net asset value (NAV) falls below 200 million yuan after three years from the contract's effective date, the fund must be liquidated without convening a meeting of fund shareholders [2] - As of July 7, 2025, the fund's NAV is below 200 million yuan, triggering the termination clause of the fund contract [2] Business Operations - From May 28, 2025, the fund has suspended subscription, conversion, and regular investment activities, but shareholders can still redeem or transfer their holdings [3] - A redemption period is set from July 8 to July 14, 2025, during which shareholders can redeem their shares without incurring the minimum holding period restrictions [3] Redemption Fees - During the redemption period, Class C shares will not incur redemption fees, while Class A shares will have specific redemption fee rates based on the holding period [4] Liquidation Process - A liquidation team will be established within 30 working days after the termination of the fund contract, supervised by the China Securities Regulatory Commission (CSRC) [5] - The liquidation team will consist of members from the fund management and custody companies, as well as certified public accountants and lawyers [5] Liquidation Steps - The liquidation process includes taking control of the fund's assets, confirming debts, valuing and liquidating assets, and preparing a liquidation report [6] - The liquidation report will be audited by an external accounting firm and reviewed by a law firm before being submitted to the CSRC [6] Distribution of Remaining Assets - After deducting liquidation costs and settling any debts, the remaining assets will be distributed to shareholders based on their shareholding proportions [8] Announcement of Liquidation - Major events during the liquidation process will be announced promptly, and the liquidation report will be published within five working days after CSRC approval [10]

Group 1 - The core observation is that there has been a significant acceleration in fund liquidations in the first half of the year, with 115 funds liquidated by June 16, representing a 21% increase compared to the same period last year [1][4] - Poor performance leading to fund asset sizes falling below critical thresholds has triggered the liquidation clauses in fund contracts [1][4] - A notable number of funds, including both initiated and non-initiated types, have reported liquidations due to insufficient asset sizes, with many funds failing to meet operational standards [3][4] Group 2 - Among the liquidated funds, 59 were equity funds and 43 were bond funds, with a significant portion being actively managed equity funds [4] - The primary reasons for liquidation include "miniaturization" of fund sizes and poor performance, with 95 funds having asset sizes below 50 million yuan prior to liquidation, accounting for nearly 83% of the total [4]

Core Points - The company announced the completion of the liquidation and deregistration of the investment fund "Qiongqing City Ruihong No. 1" [1][4] - The fund was established to optimize capital allocation and leverage professional investment capabilities [1][3] - The company held a 43.956% stake in the fund, contributing 8 million RMB out of a total of 18.2 million RMB [1][3] Fund Overview - The fund was established on May 10, 2022, in collaboration with Sichuan Huati Lighting Technology Co., Ltd. and Shenzhen Qianhai Ruihong Kaiyin Asset Management Co., Ltd. [1][2] - The fund completed its registration with the Asset Management Association of China on May 18, 2022 [2] Liquidation and Deregistration Details - During its operation, the fund invested in Zhuhai Chuntian Machinery Technology Co., Ltd. and generated some investment returns [3] - The decision to liquidate the fund was made to control investment risks and improve capital efficiency [3][4] Impact on the Company - The liquidation and deregistration of the fund will not have a substantial impact on the company's financial status or daily operations [5] - There are no adverse effects on the interests of the company or its shareholders, particularly minority shareholders [5]

Group 1 - The company has signed a sales agreement with Ningbo Bank to sell the "Invesco Great Wall Conservative Pension Target One-Year Holding Period Mixed Fund of Funds (FOF) Y Class" starting from May 30, 2025 [1] - The announcement includes details about the applicable funds and the opening of fund business, indicating that the ability to conduct regular investment, conversion, and fee rate discounts will depend on the sales institution's arrangements [1][2] - Investors can inquire about details through the customer service of both Invesco Great Wall Fund Management Co., Ltd. and Ningbo Bank [4][5] Group 2 - The company has also signed a sales agreement with Huatai Securities to sell the "Invesco Great Wall Jing Tai Pure Profit Bond Fund" starting from May 30, 2025 [8] - Similar to the agreement with Ningbo Bank, the announcement specifies that the ability to conduct various fund operations will depend on the sales institution's regulations [8][9] - Investors can also consult details through Huatai Securities' customer service [10] Group 3 - The company announced the suspension of subscription and conversion for the "Invesco Great Wall National Standard New Energy Vehicle Battery ETF Initiated Fund" starting from May 30, 2025, while other operations like redemption will continue [12][13] - The fund's contract stipulates that if the net asset value falls below 200 million yuan after three years, the fund will automatically terminate and enter liquidation without a meeting of fund shareholders [12][13] Group 4 - The company has announced the addition of Ningbo Bank's "Same Industry Easy Manager Platform" as a sales platform for the "Invesco Great Wall China Government Bonds 0-3 Year Index Fund" starting from May 30, 2025 [17] - The announcement outlines that the ability to conduct various fund operations will depend on the platform's regulations [17][19] - Investors can inquire about details through the customer service of both Invesco Great Wall Fund Management Co., Ltd. and Ningbo Bank [21] Group 5 - The company has decided to terminate its sales cooperation with Minsheng Fund Sales (Shanghai) Co., Ltd. starting from June 3, 2025, and will no longer accept related sales through Zhongmin Wealth [27] - Investors are advised to make appropriate trading arrangements following this termination [27][28] Group 6 - The company has announced the addition of China Postal Savings Bank as a sales institution for certain funds starting from May 30, 2025 [30][31] - The announcement specifies that the ability to conduct various fund operations will depend on the bank's regulations [31][33] - Investors can consult details through the customer service of both Invesco Great Wall Fund Management Co., Ltd. and China Postal Savings Bank [34]

Core Viewpoint - The West Asset Management Fund announced the termination of its "West Asset Management Seasonal Fund" due to its net asset value falling below 200 million yuan, triggering automatic termination as per the fund contract [1][2][4]. Fund Termination and Liquidation Process - The fund was established on May 17, 2022, and will automatically terminate on May 17, 2025, as its net asset value has dropped below the stipulated threshold of 200 million yuan [1][2]. - The last operational day for the fund was May 17, 2025, and it officially entered the liquidation process on May 18, 2025 [4]. - During the liquidation period, the fund will cease to charge management, custody, and sales service fees to protect investor interests [4]. Liquidation Procedures and Investor Rights - A liquidation team will be established within 30 working days, operating under the supervision of the China Securities Regulatory Commission [4]. - The liquidation process is expected to take approximately six months, with potential extensions in special circumstances [5]. - All related costs during liquidation, including transaction fees, legal fees, and accounting fees, will be prioritized for payment from the remaining fund assets [5]. - The liquidation team will manage the fund's assets, clear debts, and prepare a liquidation report, which will be audited and submitted to the regulatory authority [5]. Market Impact and Industry Trends - The termination of the West Asset Management Seasonal Fund is indicative of a broader trend in the fund industry, where smaller or underperforming funds are increasingly being liquidated due to market changes and regulatory adjustments [5]. - The performance of fund-of-funds (FOF) is influenced by various factors, including market volatility and investor behavior, which can lead to challenges in maintaining adequate asset sizes [5]. - Investors are advised to pay close attention to fund management announcements regarding liquidation progress and asset distribution, and to consider fund size, investment strategy, and risk management when selecting funds in the future [5].

Group 1 - The core point of the announcement is that Huaxia Wealth has been approved by the China Securities Regulatory Commission to sell open-end mutual funds from Hai Futong Fund Management Co., Ltd, starting from May 22, 2025 [1][2][4] - Investors can open accounts, subscribe, and redeem the mentioned open-end funds through Huaxia Wealth starting from May 22, 2025, with specific procedures and timings as per Huaxia Wealth's regulations [2][4] - The fee discount activity allows investors to subscribe to the funds without discount limits, except for those with fixed subscription fees, with specific discount rates determined by Huaxia Wealth's promotional activities [4][5][6] Group 2 - The announcement includes important reminders for investors to read the fund contracts, prospectuses, and related legal documents for detailed information about the funds [7][8] - The fee discount activity applies only to the front-end fee model of the funds during the normal subscription period at Huaxia Wealth and does not include redemption fees or other service fees [8][9] - Investors can consult for more details through Huaxia Wealth and Hai Futong Fund Management Co., Ltd's official websites and customer service [11][12]