Core Viewpoint - The company has actively adjusted its fundraising, investment, and exit strategies to capitalize on industry recovery and a vibrant capital market, focusing on its core strengths and enhancing value potential [2][3][4] Fundraising and Investment Strategies - The company established two new funds with a total scale of RMB 2.5 billion, focusing on growth-stage projects in new energy, new materials, and intelligent manufacturing [2] - The company completed exits totaling HKD 2.018 billion, achieving a MOIC of approximately 2.78 times, which significantly boosted the performance of multiple funds [3] Performance and Financial Results - The company reported a revenue of HKD 2.801 billion, a decrease of 7.51% year-on-year, but achieved a profit attributable to shareholders of HKD 399 million, recovering from a loss of HKD 1.282 billion in the previous year [5] Strategic Focus on Technology Innovation - The company accelerated its investment pace in strategic emerging industries such as artificial intelligence, semiconductor chips, and biomedicine, investing approximately HKD 264 million [4] - It supported several leading technology enterprises, enhancing the strength of Chinese innovation [4] Operational Efficiency and Cost Management - The company optimized its financing structure, issuing RMB 3 billion in medium-term notes at a record low interest rate of 2.09%, resulting in a 133 basis point reduction in overall financing costs [4] Consumer Services and Community Engagement - The company enhanced product service quality to meet rising consumer demands, managing 18 shopping centers across nine cities and serving nearly 121 million consumers [6] - It provided over 30,000 elderly care beds in 49 cities, focusing on integrated healthcare and financial services for the elderly [6] ESG Initiatives and Sustainable Development - The company strengthened its ESG framework, maintaining an A-grade MSCI ESG rating and receiving the "BEST ESG(S)" award from HKIRA [7] - It implemented green initiatives in its operations and community projects, positively impacting local communities and promoting sustainable practices [7]

广发证券2025半年报披露，旗下控股子公司广发基金和参股子公司易方达基金经营业绩出炉，今年上半 年，广发基金营业收入38.98亿元，同比增长22.16%；净利润11.8亿元，同比增长43.55%；同期，易方 达基金实现营业收入为58.96亿元，同比增长9.8%；净利润18.77亿元，同比增长23.81%。两家基金公司 合计管理公募基金规模超过3.6万亿元，剔除货币市场型基金后，广发基金、易方达基金规模分别排名 行业第3、第1。 ...

Group 1 - The chairman of Nord Fund, Mr. Pan Fuxiang, has officially retired due to reaching retirement age, after serving the company for over 19 years [1] - Under Mr. Pan's leadership, the company's asset management scale increased nearly ninefold from the end of 2015 to the end of July 2025 [1] - The new chairman, Mr. Zheng Chengwu, has extensive experience in various leadership roles within companies associated with Tsinghua University and will take over the position [2] Group 2 - Nord Fund was established in 2006 and has undergone changes in its shareholder structure, currently being led by local state-owned assets [3] - The company emphasizes a core development philosophy centered on stable investment, value discovery, and long-termism, aiming to provide diverse product offerings to investors [3] - Nord Fund plans to enhance its investment research capabilities and improve its performance metrics while adhering to a culture of integrity and responsibility [3][4] Group 3 - The company aims to leverage its professional investment capabilities to support the transformation and upgrading of the real economy, contributing to national strategies and regional development [4]

Group 1 - The fund is named "Ping An Zhongzhai-0-3 Year National Development Bank ETF" and is managed by Ping An Fund Management Co., Ltd. It is a bond-type fund that operates as an exchange-traded fund (ETF) [2][3] - The fund's investment objective is to closely track the performance of its benchmark index, aiming for a growth rate that exceeds 3% [3] - The fund primarily invests in policy financial bonds with a maturity of 0-3 years, and can also invest in other financial instruments such as repurchase agreements and bank deposits, subject to regulatory changes [3][5] Group 2 - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, with additional operational costs that are deducted from the fund's assets [13][14] - Since the fund's contract became effective on September 1, 2022, it has shown a net value growth rate of 40% as of the end of 2024 [8][11] - The fund's investment strategy is passive management, aiming to minimize tracking error and maintain alignment with the benchmark index [5][3]

Core Viewpoint - The announcement indicates that the Caifeng Ansheng 90-Day Rolling Bond Fund will be publicly offered from September 8 to September 25, 2025, aiming for stable returns through active management while controlling risks [1] Fund Details - The fund is a long-term pure bond fund with an annual management fee of 0.2% and a custody fee of 0.05% [1] - The investment objective is to maintain a bond investment ratio of no less than 80% of the fund's assets, with at least 5% of the net asset value held in cash or government bonds maturing within one year [1] Fund Manager Profile - The proposed fund manager, Luo Xiaoqian, has a master's degree in investment from Fudan University and extensive experience in the financial industry [2] - Luo has held various positions in risk control, trading, and bond research across multiple financial institutions before joining Caifeng Fund Management in 2016 [2] Historical Performance - Luo Xiaoqian currently manages eight funds, with varying performance metrics [3][4] - The Caifeng Anrui Short Bond Fund has a return of 21.13% since July 3, 2019, compared to a peer average of 24.49% [3] - The Caifeng Juli Bond Fund has a return of 26.62% since September 26, 2018, with a peer average of 31.05% [3] - The Caifeng Anyu 30-Day Holding Period Short Bond Fund has a return of 11.05% since January 20, 2022, outperforming its peer average of 10.25% [3] Current Holdings - The main bond holdings of the funds managed by Luo Xiaoqian include various bonds from financial institutions, with specific percentages of net asset value allocated to each [5]

近期债券市场出现回调，7月中下旬至8月中下旬先震荡后下行，十年期国债利率上破1.7%，市场担忧 会重现2022年理财大规模赎回引发的债市负反馈循环，进而导致债市从牛转熊。但此轮回调并非源于基 本面，更多受情绪面驱动，核心是"股债跷跷板"效应，股市情绪得到提振，对债市形成短期情绪压制与 有限的资金分流，并非债市自身逻辑生变。 从"股债跷跷板"效应影响来看，其对债市中长期冲击有限。当前利率存在超调，回调后债市配置价值凸 显。资金面看，股市对债市资金分流实际有限，银行自营作为债市核心配置力量，受股市虹吸影响极 小；理财规模仍处净买入状态，不会重蹈2022年负循环覆辙；交易型资金虽降久期，但配置型资金正积 极逢低加仓。 回顾近20年四轮债券熊市均具备两大核心特征：一是央行收紧货币政策，二是实体经济修复强劲、融资 需求旺盛。而当前债市不具备牛熊转换基础：基本面方面，7月社零、固投、工业增加值增速下滑，信 贷罕见负增长，经济修复力度偏弱，下半年增速预期偏低；政策面方面，央行二季度货币政策执行报告 延续"保持流动性充裕"表述，下半年流动性宽松基调不变；资金面方面，资产荒逻辑未来有望延续，保 险、银行等仍有刚性配置需求，债市 ...

基金半年报显示，中央汇金大举增持股票ETF 中国基金报记者 张燕北 今年上半年，中央汇金首次明确其类"平准基金"定位，大举增持ETF，极大地提振了市场信心。随着公募基金2025年 半年报披露完毕，中央汇金持仓的ETF明细全部出炉。 Wind统计显示，截至6月末，中央汇金投资有限责任公司（以下简称中央汇金投资）及其子公司中央汇金资产管理有 限责任公司（以下简称中央汇金资产）等"国家队"合计持有股票ETF市值1.28万亿元，较去年底增加近23%。 上半年中央汇金投资基本"按兵不动"，但中央汇金资产大举加仓股票ETF，6月末持有的股票ETF数量是去年底的1.58 倍，多只宽基ETF获得10亿份级别以上的增持。 中央汇金大举加仓股票ETF 持仓市值达1.28万亿元 公募基金2025年半年报披露完毕，备受关注的"国家队"中央汇金今年上半年投资动向也浮出水面。 整体而言，中央汇金上半年继续大举加仓股票ETF。中央汇金投资和中央汇金资产上半年持有的股票ETF数量合计达 到3756.34亿份，较去年底的3098.41亿份增加了657.93亿份，增幅为21.23%。从金额看，期末持仓市值合计达到 12800.93亿元，相比去年 ...

Core Viewpoint - The A-share market has shown signs of recovery this year, leading to improved performance for many actively managed equity funds, although some funds have lagged due to structural market conditions, prompting fund managers to express apologies in their semi-annual reports [1][2]. Fund Performance and Apologies - Fund types expressing apologies include underperforming pharmaceutical funds, dividend funds, and growth funds, indicating a need for fund managers to reassess their investment frameworks and for investors to discern between short-term market style mismatches and long-term managerial capabilities [2][5]. - A pharmaceutical fund manager acknowledged underperformance relative to industry indices and expressed regret for not achieving absolute returns, attributing the poor performance to premature shifts in investment strategy and missed opportunities in the "new drug + new consumption" sector [4][5]. - A dividend fund manager reported negative returns in the first half of 2025, citing both objective market conditions and subjective misjudgments as reasons for underperformance, particularly in avoiding high-recognition sectors while focusing on low-recognition ones [7][8]. Market Trends and Future Outlook - The pharmaceutical sector has seen significant activity, particularly in innovative drug companies, with some funds achieving substantial gains, while others have struggled due to conservative positioning [4][5]. - Fund managers are optimistic about future performance, highlighting potential in low-positioned sectors within the pharmaceutical industry, such as AI healthcare and medical devices, and committing to a more proactive investment approach [5][10]. - Some fund managers reflected on missed opportunities due to early profit-taking and emphasized the importance of maintaining a long-term investment perspective despite short-term challenges [10][11]. Performance Data - Data from Wind indicates that several funds that apologized for their performance have rebounded in the second half of the year, with some achieving net value growth rates of 20% to 30%, significantly outperforming their benchmarks [14][15]. - Specific fund performance metrics show that a dividend mixed fund had a net value growth rate of -3.31% in the first half but rebounded to 11.40% in the second half, while other funds also demonstrated similar recovery trends [14].

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a frontier for China's opening up to the world, with increasing numbers of enterprises from the region moving towards international markets, supported by Hong Kong's advantages as an international and market-oriented platform [1][2] Group 1: Financial Development and Cross-Border Cooperation - The Hong Kong Monetary Authority (HKMA) has made significant progress in cross-border credit cooperation in the Greater Bay Area over the past two years, enabling banks in Shenzhen and Hong Kong to establish credit information for cross-border enterprises, thus providing a more reliable basis for cross-border financing [1] - The HKMA encourages mainland enterprises to establish overseas business headquarters and treasury centers in Hong Kong to effectively manage overseas funds [1] Group 2: Payment Systems and Technological Advancements - Current global payment systems face challenges such as multiple intermediaries and high costs, but these issues are expected to be gradually resolved with technological advancements [1] Group 3: Investment Connectivity and Market Response - The HKMA and mainland regulatory bodies are enhancing the "Southbound Pass" initiative, expanding the range of investors from banks to include major securities firms, funds, insurance, and wealth management institutions, injecting new momentum into the program [2] - As of June this year, over 160,000 individual investors participated in the "Cross-Border Wealth Management Connect," more than double the number during the previous version [2] - The market value of holdings under the Southbound Pass has exceeded 16 billion RMB, doubling compared to the previous version of the program [2]

【导读】表现不及预期，跑输业绩比较基准，多位基金经理诚挚道歉 中国基金报记者 青山 今年以来A股市场回暖，带动一大批主动权益基金业绩回升，但结构性行情下，也有部分基金 没有踏准板块节奏，业绩表现暂时落后，部分基金经理在基金半年报中表达歉意。 从致歉的基金类型来看，既有业绩阶段性跑输的医药基金，也有红利基金、成长型基金等。 在业内人士看来，"道歉"这一举动对基金经理而言，是展示职业操守、重新审视投资框架的 机会。对投资者而言，需要关注基金业绩阶段性不佳是短期不适应市场风格还是基金经理长 期投资能力较弱。 红利基金阶段性跑输业绩基准 除了医药基金之外，红利基金中也有基金经理因阶段性跑输业绩基准，向持有人表达歉意。 归根结底，基金经理道歉需要落实到实际行动，凭借长期业绩赢得持有人信任。 医疗基金经理因表现不及预期道歉 今年以来，创新药企巨额BD交易大单捷报频传，带领创新药板块强势爆发，成为资本市场中 的"领头羊"，多只主投创新药的基金登上"翻倍基"榜单，但也有部分医药基金年内业绩表现 欠佳，基金经理在基金中报中致歉。 一位管理某医疗健康股票基金的基金经理在中报中表示，本基金在今年上半年相对表现不 佳，大幅跑输了A股 ...