为了更好的满足投资者的理财需求，华商基金管理有限公司(以下简称"本公司"或"本基金管理人")决定 自2026年1月5日至2026年1月23日15时，对使用天利宝赎回转认购业务，认购华商品质甄选混合型证券 投资基金A类基金份额（以下简称"本基金"）的个人投资者实行认购费率1折优惠，现将有关事项公告 如下： 一、适用范围 1、适用基金 "天利宝赎回转认购"是指，投资者通过本公司网上直销系统认购本公司处于募集期的基金时使用天利宝 进行支付，提交认购申请后相当于提交了天利宝的赎回业务申请，并约定将该笔赎回资金直接用于认购 处于募集期的证券投资基金。 本次"天利宝赎回转认购"业务及网上直销系统费率优惠活动仅适用于赎回华商现金增利货币市场基金A 类基金份额（基金代码：630012）转认购本公司旗下华商品质甄选混合型证券投资基金A类基金份额 （基金代码：026177）。 2、适用对象及渠道 本次认购费率优惠仅对个人投资者通过本公司网上直销系统使用天利宝办理本基金的认购申请有效。 3、优惠活动期间 2026年1月5日至2026年1月23日15时。 4、优惠费率 个人投资者通过本公司网上直销系统（包括网上交易渠道、APP交易渠 ...

Group 1 - The core viewpoint of the articles highlights the increasing influence of southbound funds in the Hong Kong stock market, with cumulative net purchases surpassing 5 trillion HKD, indicating a significant rise in pricing power [1][2] - Southbound funds accounted for 23.6% of the total trading volume in the Hong Kong stock market by the third quarter of 2025, with total holdings exceeding 6.3 trillion HKD, reflecting a year-on-year growth of over 90% [2] - The influx of mainland capital has become a crucial driver of liquidity in the Hong Kong market, with the net purchase amount for the year exceeding 1.37 trillion HKD as of November 24, 2025 [2] Group 2 - There are emerging risks associated with the evolving market structure, particularly the systematic capital operations by mainland speculators using the Hong Kong Stock Connect mechanism for cross-market arbitrage [1][8] - A complete operational chain has been established by mainland speculators, characterized by selecting targets, aggressive price increases, facilitating inclusion in the Stock Connect, and ultimately offloading shares to passive funds [8][12] - The stock of Yaojie Ankang-B (02617.HK) serves as a case study, showing a price increase of over 136% before being included in the Stock Connect, followed by extreme volatility, including a single-day drop of 53.73% [1][13] Group 3 - The investment style of southbound funds is primarily focused on fundamentals, contrasting with the short-term trading behavior typical of individual investors in the A-share market [4][7] - Institutional investors dominate the southbound fund structure, with insurance funds holding over 1.4 trillion HKD and public funds holding approximately 1.01 trillion HKD in the third quarter of 2025 [5][6] - The recent trend shows that newly included stocks in the Stock Connect, particularly in the pharmaceutical sector, are often small-cap stocks with high volatility, making them susceptible to speculative trading [13]