重要提示 1、东方红消费研选混合型发起式证券投资基金（以下简称本基金）的募集申请经中国证券监督管理委 员会（以下简称中国证监会）2025年12月19日证监许可[2025]2831号文准予注册。中国证监会对本基金 的注册并不代表中国证监会对本基金的风险和收益做出实质性判断、推荐或者保证。 2、本基金是契约型开放式、发起式、混合型证券投资基金。 3、本基金A类基金份额的基金代码为026495，C类基金份额的基金代码为026496。 登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：上海东方证券资产管理有限公司 基金托管人：中国工商银行股份有限公司 二〇二五年十二月三十一日 4、本基金的基金管理人和基金登记机构为上海东方证券资产管理有限公司（以下简称"本公司"、"基金 管理人"或"东方红资产管理"），基金托管人为中国工商银行股份有限公司。 5、本基金的募集期为2026年1月7日。基金管理人有权根据基金募集的实际情况按照相关程序延长募集 期，此类变更适用于所有销售机构。基金募集期若延长，最长不得超过3个月。 6、本基金的销售机构包括基金管理人的直销机构和代销机构。直销机构包括基金管理人的直销中心和 网上交 ...

Core Viewpoint - Investment-linked insurance and variable annuities combine insurance protection with investment functions, featuring a separate account that reflects investment performance, thus mitigating inflation impacts [2][4]. Group 1: Legal Interpretation of Investment-linked Insurance - Investment-linked insurance possesses both traditional insurance attributes and innovative design, with variable payouts based on investment performance rather than fixed amounts [4]. - The independent account in investment-linked insurance resembles a contractual securities investment fund, sharing characteristics such as pooled funds for investment purposes and risk-sharing among investors [5][6]. - The independent account's structure allows for asset segregation, ensuring that funds are not mixed with other insurance products, thus providing legal protection for policyholders in case of insurer bankruptcy [7]. Group 2: Institutional Arrangements for Investment-linked Insurance - The relationship between the insurance component and the independent account should be understood as a contractual linkage, allowing for the application of different legal rules to each component [9]. - Comparative legal frameworks, such as those in the U.S. and Japan, recognize the dual nature of investment-linked insurance, suggesting that it should be regulated under securities law to protect investor rights [10][11]. - The legal classification of investment-linked insurance should avoid rigid categorization as either insurance or securities, as this could lead to regulatory gaps and misapplication of laws [12]. Group 3: Legislative Improvements for Independent Accounts - Legislative improvements should include provisions in the Insurance Law to address the unique characteristics of investment-linked insurance and its independent accounts, reflecting the regulatory experience accumulated over the years [13]. - Expanding the definition of "asset management products" in the Securities Law is necessary to encompass investment-linked insurance, ensuring that it aligns with current market practices [14]. - Regulatory focus should address specific risks associated with independent accounts, including sales fraud, information asymmetry, and fiduciary duties of insurers [15]. Group 4: Risk Management and Regulatory Obligations - Financial institutions should adhere to suitability obligations to prevent mismatches between product risks and customer capabilities, thereby reducing sales fraud risks [16]. - Information disclosure obligations must be strengthened to ensure transparency in investment-linked insurance products, drawing from securities governance rules [18]. - Insurers, as fiduciaries, must fulfill their duties diligently, managing independent account assets in the best interest of policyholders, with legal consequences for breaches of trust [19].

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：招商基金管理有限公司 基金托管人：光大证券股份有限公司 登记机构：招商基金管理有限公司 重要提示 1、招商医药量化选股混合型发起式证券投资基金（以下简称"本基金"）的发售已获中国证监会证监许 可〔2025〕2060号文准予注册。 2、本基金类型为契约型开放式、混合型证券投资基金。 3、本基金的管理人为招商基金管理有限公司（以下简称"招商基金"或"本公司"），托管人为光大证券 股份有限公司，登记机构为招商基金管理有限公司。 4、本基金自2025年12月17日至2025年12月26日（具体办理业务时间见各销售机构的相关业务公告或拨 打客户服务电话咨询）通过销售机构公开发售。基金管理人根据认购的情况可适当调整募集时间，并及 时公告，但最长不超过法定募集期限。 5、募集规模上限 本基金首次募集规模上限为30亿元人民币（不含募集期利息，下同）。 基金募集过程中，募集规模接近、达到或超过30亿元时，基金可提前结束募集。 在募集期内任何一日（含首日），若当日募集截止时间后基金份额累计有效认购申请金额（不包括利 息，下同）合计超过30亿元，基金管理人将采取末日比例 ...

Core Points - The fund is named "CITIC Schroder CSI Smart Selection Hong Kong-Shenzhen Technology 50 ETF" and is a stock-type open-ended index fund [17] - The fund is registered with the China Securities Regulatory Commission (CSRC) under document number 2287, but this registration does not imply any judgment on the fund's investment value or market prospects [1] - The fund's management company is CITIC Schroder Fund Management Co., Ltd., and the custodian is Guotai Junan Securities Co., Ltd. [2][19] Fund Offering Details - The fund will be available for subscription from December 1, 2025, to December 5, 2025, with both online and offline cash subscription options [3][23] - The minimum subscription amount for online cash subscription is 1,000 shares, and the maximum is 99,999,000 shares [4][29] - For offline cash subscription, the minimum is 1,000 shares through sales agents and 1,000,000 shares directly through the fund management company [5][31] Subscription Process - Investors must have a Shanghai Securities Account to subscribe to the fund, which can be either an A-share account or a fund account [4][37] - Subscription fees will be borne by investors and are not included in the fund's assets, with specific fee rates applicable [27] - The fund's subscription funds will be held in a dedicated account until the end of the fundraising period, and any interest generated will be allocated to the fund's assets [25][55] Fund Management and Operations - The fund is designed to track the CSI Smart Selection Hong Kong-Shenzhen Technology 50 Index using a full replication method [11] - The fund has an indefinite duration and is classified as a stock-type fund, which typically has higher risk and return expectations compared to mixed or bond funds [17][11] - The fund will be subject to various risks, including market risk, management risk, and specific risks associated with the underlying index [10][12] Regulatory and Compliance - The fund's contract and prospectus will be published on the management company's website and the CSRC's fund disclosure website [13] - The fund must meet specific conditions, including a minimum of 200 investors and a total subscription amount of at least 200 million RMB, to become effective [56] - If the fundraising conditions are not met by the end of the subscription period, the management company will return the subscription funds to investors with interest [24][57]

Group 1 - The company announced the adjustment of the custody fee rate for the Huaxia Ding'an One-Year Regular Open Bond Fund from 0.10% to 0.05%, effective from September 29, 2025 [1][2][3] - The fund management company will revise the fund contract and related legal documents accordingly, ensuring compliance with regulations [1][2] - The announcement includes the appointment of Huaxia Securities Co., Ltd. as the main liquidity service provider for the Huaxia National Aerospace Industry ETF [1] Group 2 - The Huaxia Shanghai Stock Exchange 580 ETF Link Fund's public offering period has been adjusted to start from September 29, 2025, to October 29, 2025, with a total fundraising cap of RMB 2 billion [4][5] - The fund will adopt a "last day proportion confirmation" method to control the fundraising scale [4][5] - Investors can find detailed information about the fund's offering and related documents on the company's website [4][5] Group 3 - The company announced participation in the offline subscription for the IPOs of several companies, including Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. and Yunhan Chip City [8][9] - The subscription price for Ruili Kemi's shares is set at RMB 42.28 per share, while Yunhan Chip City's shares are priced at RMB 27.00 per share [9] - The company’s controlling shareholder, CITIC Securities Co., Ltd., is involved in the underwriting of these IPOs [9]

Meeting Overview - The Shanghai Haitong Securities Asset Management Co., Ltd. has announced a meeting for the holders of the Haitong Xinyi Bond Collective Asset Management Plan to be held via communication methods on September 15-16, 2025 [1][2] - The meeting aims to discuss the replacement of the management company to Shanghai Guotai Haitong Securities Asset Management Co., Ltd. and the corresponding changes to the fund [2][24] Meeting Details - The meeting will be conducted via communication methods, with voting open from September 17, 2025, to October 14, 2025, at 17:00 [2][3] - The voting will be conducted through various methods including paper ballots, online voting, SMS voting, and recorded phone voting, specifically for individual investors [4][11][14] Voting Rights and Procedures - The rights registration date for the meeting is September 17, 2025, allowing all registered holders to participate and vote [3][8] - Each share of the collective plan grants one voting right, and the voting results will be counted under the supervision of authorized personnel [18][17] Proposal for Management Change - The proposal includes changing the management from Shanghai Haitong Securities Asset Management Co., Ltd. to Shanghai Guotai Haitong Securities Asset Management Co., Ltd. and renaming the fund to Guotai Haitong Xinyi Bond Securities Investment Fund [41][42] - The proposal requires approval from at least two-thirds of the voting rights represented at the meeting [40][24] Fund Characteristics and Changes - The fund's duration will change from a fixed term ending on December 31, 2025, to an indefinite term [44] - The management fee will be reduced from 0.7% per year to 0.5% per year, and the redemption fee structure will be adjusted [47] - The investment scope will expand to include credit derivatives and other approved public offering securities investment funds [48] Implementation of Changes - Following the approval of the proposal, a redemption choice period will be provided for holders to decide on their investments without incurring redemption fees [53] - The changes will be formally implemented after the decision is made, with announcements regarding the effective date of the new fund contract to follow [54]

Fund Overview - The fund is named "Oriental Red Research Selected Mixed Securities Investment Fund" with codes A: 025428 and C: 025429 [11][11] - It is a mixed-type open-ended securities investment fund [11] - The fund aims for long-term stable appreciation of net asset value while strictly controlling investment portfolio risks [12] Fund Offering Details - The fundraising period is from September 8, 2025, to September 19, 2025, with a maximum extension of 3 months [15][15] - The minimum total fundraising amount is 200 million units (excluding interest) and the minimum fundraising amount is 200 million RMB [14][14] - The fund can set a fundraising scale limit, which will be announced later if applicable [4] Subscription Process - Investors can subscribe through direct sales and distribution institutions, with a minimum subscription amount of 10 RMB for direct sales [19][19] - Investors must use the company's open-end fund account for subscription, and those without an account can open one through sales institutions [20][20] - Subscription fees vary by fund share class: A shares incur subscription fees, while C shares do not [3][22] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and others permitted by laws and regulations [7][13] - Each investor's total subscription cannot exceed 50% of the total fund shares [10] Fund Management and Custody - The fund is managed by Shanghai Oriental Securities Asset Management Co., Ltd., and the custodian is Huatai Securities Co., Ltd. [4][54] - The fund's net value may fluctuate due to market conditions and other factors [6] Risk Management - The fund may invest in various securities, including A-shares, Hong Kong stocks, and asset-backed securities, each carrying specific risks [7][8][9] - The fund may also invest in financial derivatives, which can amplify gains or losses [9]

Group 1 - The fund name is "Southern Ruijing Mixed Securities Investment Fund" with A and C class shares [11] - The fund is a mixed-type open-ended securities investment fund [12] - The fund's initial share value is set at 1.00 RMB [13] Group 2 - The fundraising period is from August 25, 2025, to September 12, 2025 [5][16] - The minimum subscription amount for both initial and additional subscriptions is 1 RMB [6] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [5][14] Group 3 - The fund management company is Southern Fund Management Co., Ltd. [55] - The fund custodian is Industrial and Commercial Bank of China [57] - The fund will be sold through various sales institutions including banks and securities firms [15] Group 4 - The subscription fee for A class shares is up to 1.2%, decreasing with larger subscription amounts, while C class shares have no subscription fee [19] - The fund allows multiple subscriptions during the fundraising period, and once confirmed, subscriptions cannot be revoked [24] - Interest generated from valid subscription funds during the fundraising period will be converted into fund shares for the holders [52] Group 5 - The fund will be subject to a verification process to ensure it meets the conditions for registration, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB [16][53] - If the fundraising conditions are not met, the fund management will return the funds to investors with interest [54]

Group 1 - The fund being launched is the "Zhaoshang CSI 300 Enhanced Strategy ETF Linked Fund" with a maximum fundraising limit of 1 billion RMB [3][32] - The fund will be open for subscription from August 18, 2025, to August 29, 2025, with the possibility of adjustments based on subscription conditions [36][29] - The fund is managed by Zhaoshang Fund Management Co., Ltd., and the custodian is China Minsheng Bank Co., Ltd. [2][4] Group 2 - The fund is categorized as a contract-type open-end ETF linked fund [2][26] - The initial offering price for the fund shares is set at 1.00 RMB per share [30][38] - The fund will have two classes of shares: Class A, which incurs subscription fees, and Class C, which does not [28][39] Group 3 - The fund's fundraising target includes a minimum of 1,000 million shares and a total fundraising amount of at least 1,000 million RMB [31][32] - Investors can subscribe multiple times during the fundraising period, with specific minimum subscription amounts depending on the sales channel [43][39] - The fund will utilize a "last day proportion confirmation" method if the total subscription amount exceeds the limit, ensuring effective control of the fundraising scale [33][4]

Group 1 - The fund name is "招商瑞锦回报债券型证券投资基金" (招商瑞锦回报债券) with A and C share classes [29][30] - The fund type is a contract-based open-end bond fund [2][29] - The fund's management company is 招商基金管理有限公司, and the custodian is 上海浦东发展银行股份有限公司 [2][4] Group 2 - The fund will be publicly offered from August 1, 2025, to August 14, 2025, with the possibility of adjusting the fundraising period [4][39] - The maximum fundraising scale is set at 50 billion RMB, excluding interest during the fundraising period [3][34] - If the fundraising amount reaches or exceeds 50 billion RMB, the fund may close early [4][35] Group 3 - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [6][36] - Single institutional investors are limited to a daily subscription amount of no more than 10 million RMB [5][37] - The fund does not sell to financial institutions' proprietary accounts, except for the management company's own funds [5][37] Group 4 - The fund has two share classes: A class, which charges subscription fees, and C class, which does not charge subscription fees [30][44] - The initial subscription price for each share is set at 1.00 RMB [32][42] - Investors can subscribe multiple times during the fundraising period, with specific minimum subscription amounts depending on the sales channel [8][49]