根据公告，紫金黄金国际本次全球发售股份初步占公司发行后总股本的13.3%，其中香港公开发售占 10%，国际配售占90%。如承销商全额行使超额配售权，发行股份占总股本的比例将提升至15%。 紫金黄金国际表示，本次IPO募集资金将主要用于扩大公司在黄金资源勘探、矿山开发及精炼加工等产 业链的布局，并进一步强化公司在全球黄金市场的竞争力。公司为紫金矿业集团的控股子公司，上市后 仍将保持紫金矿业控股地位。 公告还显示，紫金矿业H股合资格股东将获得优先认购机会，每持有344股紫金矿业H股，可获分配1股 紫金黄金国际的预留股份，以保障母公司股东的利益。 香港联合交易所网站消息，9月19日，紫金矿业集团（02899.HK）旗下紫金黄金国际有限公司发布公告 称，公司拟全球发售3.49亿股股份，发售价为每股71.59港元。预计将于9月29日在联交所主板挂牌交 易。 根据计算，本次发行预计将为公司募集资金约250亿港元（约合人民币约228.6亿元），最终金额可能因 承销商行使超额配售权而有所调整。 根据彭博社9月18日报道，此次IPO被视为自2025年5月以来全球规模最大的公开募股（IPO），已吸引 多家重量级机构投资者参与。 ...

尊敬的投资者： 根据中国证券监督管理委员会（以下简称"中国证监会"）于2018年11月28日发布的《证券公司大集合资 产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》（证监会公告〔2018〕39 号，以下简称"《操作指引》"）的规定，东证融汇鑫享30天滚动持有中短债债券型集合资产管理计划 （以下简称"鑫享30天"）、东证融汇禧悦90天滚动持有中短债债券型集合资产管理计划（以下简称"禧 悦90天"）经中国证监会准予，由东北证券元伯1号集合资产管理计划、东北证券元伯2号集合资产管理 计划对标公开募集证券投资基金法律法规的要求整改规范及合同变更而来，变更后的《东证融汇鑫享30 天滚动持有中短债债券型集合资产管理计划资产管理合同》、《东证融汇禧悦90天滚动持有中短债债券 型集合资产管理计划资产管理合同》（以下合称"《集合计划合同》"）分别于2021年11月26日、2021年 12月15日生效。 根据《操作指引》及《集合计划合同》对鑫享30天、禧悦90天存续期限的约定，鑫享30天、禧悦90天自 合同变更生效日起存续至2025年11月30日。自2025年11月30日后，按照中国证监会相关规定执行。 东证 ...

Group 1 - The announcement pertains to the suspension of subscription and regular investment services for the "Xingzheng Asset Management Jin Qilin Xingxiang Zengli Six-Month Holding Period Bond Collective Asset Management Plan" [1] - The term "fund" in the announcement refers to the securities company collective asset management products that have been modified in accordance with the operational guidelines of the "Guiding Opinions on Regulating Financial Institutions' Asset Management Business" [1] - The interpretation rights of this announcement belong to Xingzheng Securities Asset Management Co., Ltd. Inquiries can be made through the customer service phone or website [1] Group 2 - The resumption of subscription services will be announced separately by the management [2]

Core Viewpoint - Blackstone (BX.US) has renewed interest in acquiring Hologic, which could become one of the largest healthcare privatization deals of the year [1] Group 1: Company Developments - Blackstone's stock rose nearly 3%, closing at $188.90 [1] - Hologic's CEO Steve MacMillan's compensation terms and the recent decline in Hologic's stock price may be motivating factors for the potential sale [1] Group 2: Transaction Insights - Blackstone and TPG are currently conducting due diligence on Hologic [1] - A transaction is not expected to be finalized within the next month [1]

Core Viewpoint - DWS, a major asset management firm in Germany, plans to launch an ETF tracking the CSI A500 index in Europe this October, aiming to provide international investors with new opportunities to invest in Chinese assets [1][2]. Group 1: Company Overview - DWS currently manages approximately €1.01 trillion in assets and holds a 30% stake in Harvest Fund Management, with Deutsche Bank owning 79.49% of DWS [1]. - The CEO of DWS, Stefan Hoops, expresses strong confidence in the Chinese market and intends to deepen collaboration with Harvest Fund Management to meet the investment needs of global and Chinese institutional investors [1]. Group 2: Market Insights - Hoops believes that the current rebound in the Chinese market is sustainable, and international investors will realize their underexposure to this market within six months [1]. - There is a growing demand from global investors for exposure to the Chinese market, not only in successful enterprises but also in new economic sectors [2]. - DWS has previously issued an ETF tracking the CSI 300 index, which has gained widespread recognition among international investors [2].

Group 1 - The Federal Reserve announced a 25 basis point rate cut, adjusting the policy rate to 4.0–4.25%, with indications of potential further easing in the future [1] - Market strategist Zhao Yaoting noted that Powell's comments were somewhat "hawkish," as he did not explicitly commit to reaching a neutral rate, describing the current policy stance as "closer to neutral" [1] - Zhao expects the Federal Reserve to implement two more rate cuts of 25 basis points each by the end of the year, followed by another cut early next year [1] Group 2 - U.S. stock index futures rose in early Asian trading, reflecting a positive market reaction to the rate cut, while U.S. Treasury bonds fell, indicating some disappointment among market participants regarding the Fed's stance [1] - Historically, U.S. stocks tend to perform strongly in the 12-18 months following the start of a Fed easing cycle, provided the economy does not enter a recession [1] - Emerging market stocks are currently valued one-third lower than developed markets, presenting good investment opportunities according to Invesco [1] Group 3 - In the new round of Fed easing, investors are advised to maintain a diversified portfolio and selectively increase allocations to emerging market stocks and local currency bonds [2] - In a declining interest rate environment, real estate is expected to outperform the broader market [2]

Core Viewpoint - The active equity funds in the public offering market have performed exceptionally well this year, with over 98% achieving positive returns and 75% outperforming the market benchmark (CSI 300 Index up by 14.95%) [3][4]. Group 1: Performance of Active Equity Funds - More than 98% of active equity funds have recorded positive returns this year, with 75% surpassing the market performance [3]. - The top three active equity fund managers among licensed public funds are Dongzheng Asset Management, Caitong Asset Management, and Guotai Haitong Asset Management [3][4]. - Caitong Asset Management has a comprehensive product line in active equity funds, contributing to its strong performance in recent years [3]. Group 2: Caitong Asset Management's Fund Performance - Caitong Asset Management's 20 active equity funds have all achieved returns exceeding 20% this year, significantly outperforming the CSI 300 Index [5]. - Over the past year, all but one of Caitong's funds have returned over 50%, with four funds doubling their value [5]. - The firm has successfully positioned itself in various sectors, including technology, manufacturing, and consumption, leading to substantial returns [5][24]. Group 3: Investment Strategies and Fund Management - Caitong Asset Management employs a diverse range of investment strategies across its funds, focusing on sectors such as technology, advanced manufacturing, and consumer goods [6][20]. - The firm has adopted a structured approach to fund management, utilizing a three-tiered structure that balances core holdings with tactical positions [29]. - The investment philosophy emphasizes a combination of industry insights and rigorous research, enabling the team to identify trends and opportunities effectively [44][45]. Group 4: Research and Development - Caitong Asset Management's investment team consists of approximately 40 members, with 20 dedicated researchers focusing on various sectors [45]. - The firm integrates a comprehensive research approach into its investment strategy, enhancing the decision-making process and aligning with long-term absolute return goals [46][47]. - The success of Caitong's equity products is attributed to a systematic approach that combines industry perspective, research empowerment, and a focus on absolute returns [47].

Core Viewpoint - The Federal Reserve's recent decision to lower interest rates by 25 basis points marks a shift in focus from combating inflation to boosting employment, reflecting growing concerns about job market slowdowns [4][7][11]. Group 1: Federal Reserve's Decision - The Federal Reserve announced its first rate cut since December 2024, reducing rates by 25 basis points [4]. - Newly appointed board member Stephen I. Miran voted against the decision, advocating for a more aggressive 50 basis point cut, representing a significant political stance [4][16]. - The Fed's statement indicated a clear shift in policy focus, acknowledging a slowdown in job growth and rising unemployment risks [7][11]. Group 2: Economic Predictions - Barclays Research predicts a slight increase in the unemployment rate and heightened employment risks, forecasting two additional 25 basis point cuts in October and December, with further cuts in 2026 if unemployment rises unexpectedly [5][15]. - The Fed's "dot plot" suggests a median expectation of a total rate reduction of 0.5 percentage points by the end of the year, indicating a dovish shift among committee members [7][14]. Group 3: Market Reactions - Following the Fed's announcement, U.S. stock markets initially rose, but later retreated as concerns about economic fundamentals resurfaced [22][24]. - Analysts express mixed views on market reactions, with some warning of potential bubbles and others suggesting that gradual rate cuts may maintain market confidence [23][24]. Group 4: Inflation and Employment Dynamics - The Fed's inflation forecasts have been adjusted, with the core Personal Consumption Expenditures (PCE) inflation expected to remain at 2.6% in 2026, indicating a longer path to achieving the 2% target [10][11]. - Employment indicators show signs of cooling, with job vacancies decreasing and unemployment rates slightly rising, prompting the Fed's decision to lower rates [11][12][13]. Group 5: Future Outlook - The Fed's internal divisions on future rate cuts reflect a complex economic outlook, with varying predictions among officials regarding the number and magnitude of future cuts [18][19]. - The market anticipates continued pressure on the dollar and a favorable outlook for gold as a hedge against economic uncertainty [24][25].

Group 1 - Morgan Asset Management's Chief Market Strategist for Asia Pacific, Xu Changtai, predicts that with the Federal Reserve entering a rate-cutting cycle and the expectation of a depreciating US dollar, funds may flow into emerging markets, benefiting the Hong Kong A-share market [1] - Xu estimates that the Hong Kong Interbank Offered Rate (HIBOR) will continue to have room for decline, potentially more than expected, which will positively impact the Hong Kong residential property market, with a better environment anticipated in 2026 compared to this year [1] - The Federal Reserve is expected to cut rates by 0.25% in both October and December of this year, with further cuts of 2-3 times in 2026, bringing the long-term federal funds rate down to a neutral level of 3% [1] Group 2 - Historical data suggests that during previous rate-cutting cycles, such as in 2019, US stock performance was strong, leading to a preference for technology-related sectors, while retail and industrial stocks are expected to be more volatile [2] - The US dollar is currently stable, but with the US facing fiscal and trade deficits and entering a rate-cutting cycle, alongside Europe nearing the end of its rate cuts and Japan potentially raising rates, a depreciation of the dollar is anticipated, estimated at 5-7% over the next 12-18 months [2]

Core Points - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 4.00%-4.25%, resuming the rate cuts that were paused since December of the previous year [1] - Ray Sharma-Ong from Abbot Investment noted that the dollar may show resilience in the short term, despite market overselling prior to the Federal Open Market Committee meeting [1] - The Fed's focus on stabilizing the labor market reduces the likelihood of significant rate cuts being implemented ahead of 2026 [1] Summary by Sections Federal Reserve Actions - The Federal Reserve's recent decision to cut rates aligns with market expectations and marks a shift in its monetary policy approach [1] - The average expected rate cut among committee members is around 25 basis points, with only one member advocating for a 50 basis point cut [2] Market Reactions - The market's anticipation of rate cuts in early 2026 may be overly optimistic, as further cuts could still occur in the remaining meetings of 2025 [1] - The potential for a cautious approach to further easing was emphasized by Powell during the press conference, indicating a shift in the Fed's response mechanism [1] Political Context - The independence of the Federal Reserve remains intact, despite potential political pressures in the coming year [2] - The possibility of a more dovish successor to the current Fed Chair under a Trump administration could influence future monetary policy [2]