报告导读： 四季度债市或"前不弱，后不强"。 在 9 月末债市跌幅较大的情况下，虽然债市长期走弱趋势难以逆转，但跨季债市反而可能趋于平稳甚至局部修复。 过去一周内，虽然 10 年期国债利率走 稳，但债市实际上出现了全面回调。以中债到期收益率口径来看，利率债中相对高弹性的品种如 30 年国债、 10 年期国开等有回调，信用债也演绎补跌行 情，其中基金持仓较重的二永债跌幅更深。从历史规律来看，四季度债市往往呈现"先弱后强"。但 2025 年的情况可能有所不同，我们认为四季度大概率不 会有新增政策出台，债市可能是"前不弱，后不强"。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 跨季前后的阶段性平台期；报告日期：2025.09.28 报告作者： 唐元懋（分析师），登记编号：S0880524040002 杜润琛（研究助理），登记编号：S0880123090079 孙越（分析师），登记编号：S0880525080004 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 为更好地满足投资者的投资需求，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》等法律法规的规定和《景顺长城景颐辰利债券型证券投资基金基金合同》（以下简 称"《基金合同》"）的有关约定，景顺长城景颐辰利债券型证券投资基金（以下简称"本基金"，基金代 码：A类018214/C类018215）的基金管理人景顺长城基金管理有限公司（以下简称"本公司"）经与本基 金的基金托管人中国建设银行股份有限公司协商一致，决定对本基金的管理费率和托管费率进行调整， 并相应修改基金合同和其他法律文件相关内容。具体修改内容如下： 一、修改内容要点： 将本基金的管理费率由0.70%年费率调整为0.40%年费率，将本基金的托管费率由0.20%年费率调整为 0.10%年费率。 《基金合同》具体修改详见附件。此外，本公司根据上述修订对本基金的托管协议涉及前述内容的章节 进行了更新和修订，并将在更新的招募说明书、基金产品资料概要等文件中对上述内容进行相应修改。 二、重要提示 1、上述基金管理费率和托管费率的调整，自2025年9月17日起生效，本基金基金合同及托管协议、 ...

Core Viewpoint - Ant Fund's operating performance in the first half of 2025 showed significant growth, with net profit increasing nearly fourfold year-on-year, driven by a recovering A-share market and increased investor activity [1][3][7]. Financial Performance - Ant Fund's revenue for the first half of 2025 exceeded 9.25 billion yuan, representing a year-on-year growth of 22.46% [3][6]. - The net profit reached 434 million yuan, a staggering increase of 360.66% compared to the same period last year, nearly matching the total net profit for the entire previous year [3][6]. - The net profit margin for the first half of 2025 was 4.69%, up from 2.76% in 2024 [6]. Market Position - Ant Fund maintained its leading position in the industry, with significant growth in non-monetary fund, equity fund, and stock index fund holdings, all ranking first in their respective categories [9]. - The non-monetary fund, equity fund, and stock index fund holdings reached 1.45 trillion yuan, 738.8 billion yuan, and 320.1 billion yuan respectively in the second half of 2024, with substantial growth in absolute terms [9]. Industry Outlook - The recovery of the capital market is expected to further boost fund sales, enhancing the operational performance of fund sales institutions [10]. - However, challenges may arise from upcoming regulatory changes that could lower sales fees for public funds, potentially impacting revenue for third-party fund sales institutions [11].

Group 1 - Tianhong Fund Management Co., Ltd. has announced a fee waiver for the A-class fund shares of the Tianhong ChiNext Index Enhanced Securities Investment Fund during the promotional period from August 18, 2025, to December 1, 2025, for investors using the Hong Wallet or One-Click Purchase through the online direct sales system [1][3][15] - The applicable sales channels include Tianhong Fund's online direct sales system, such as the Tianhong Fund APP and WeChat public account [2][14] - The original subscription fee rate for the A-class fund shares can be found in the fund's legal documents, including the fund contract and prospectus [3][15] Group 2 - The management fee for the Tianhong ChiNext Index Enhanced Securities Investment Fund has been reduced from 0.50% to 0.15% per annum, effective from August 15, 2025 [8][20] - The custody fee for the fund has also been lowered from 0.10% to 0.05% per annum, effective from the same date [9][22] - The changes to the management and custody fees have been documented in the revised fund contract, custody agreement, and prospectus, which are effective from August 15, 2025 [10][23]

Core Insights - E Fund announced a reduction in the custody fee rates for two of its bond funds starting from July 11 [1] Group 1 - The custody fee for E Fund's Zhongzhai New Composite Index (LOF) will decrease from 0.10% to 0.05% annually [1] - The custody fee for E Fund's Investment Grade Credit Bond Fund will also be reduced from 0.10% to 0.05% annually [1]

Meeting Overview - The meeting of the fund's shareholders will be held via communication method from June 12, 2025, to July 8, 2025, with the counting date on July 9, 2025 [1][5][10]. Voting Process - Shareholders must submit their votes in written form, and the voting ballot can be obtained from the fund management's website or relevant newspapers [6][9]. - The voting ballot must be sent to the designated location, and the deadline for submission is July 8, 2025, at 17:00 [9][28]. Agenda Items - The main agenda item is the proposal to adjust the sales service fee rate and redemption fee rate for Class C fund shares [4][19]. Rights Registration - The rights registration date for participating in the meeting is June 12, 2025, and only those registered by the end of trading on that day can vote [5][12]. Proposal Details - The proposal includes a reduction in the sales service fee for Class C shares from 0.35% to 0.20% and maintains the redemption fee structure [24][25]. - The redemption fee for Class C shares will remain the same, with specific conditions for fees based on the holding period [24]. Decision Validity - The meeting will be considered valid if at least half of the total fund shares are represented in the voting [12][22]. - The resolutions passed will take effect immediately upon approval and must be reported to the China Securities Regulatory Commission [13][22]. Contact Information - The fund management company is 建信基金管理有限责任公司, and inquiries can be directed to their customer service [15][27].