Core Viewpoint - The article emphasizes the importance of active management and deep research in asset management, highlighting Morgan Asset Management's commitment to these principles over the past two decades, which has led to sustained performance and investor trust [1][2]. Group 1: Active Management and Investment Culture - Morgan Asset Management has built a strong investment culture and a stable research team, focusing on long-term value rather than short-term gains, which has resulted in consistent performance [1][2]. - The firm has achieved the highest inflow of active management funds globally in 2024, reflecting its successful strategy and investor confidence [1]. Group 2: Research and Team Experience - As of Q2 2023, the average tenure of Morgan's global equity fund managers is approximately 20 years, with many analysts having over 15 years of experience [2]. - The research team has covered around 4,700 companies and conducted nearly 11,000 on-site visits and communications in the past year, providing unique market insights for investment decisions [2]. Group 3: Long-Term Performance - Morgan Asset Management's active equity investment team has maintained a long-term investment culture, focusing on steady growth and avoiding short-term market volatility [3]. - As of August 2025, the annualized return for the company's active equity investment over the past 20 years is 13.03%, ranking in the top 10 of the industry [3]. Group 4: Performance of "Double Ten" Funds - The "Double Ten" funds, which have been established for over 10 years, have shown resilience through various market cycles, achieving annualized returns of over 10% [3][10]. - Specific funds like Morgan Emerging Power Fund and Morgan Core Growth Fund have demonstrated strong performance, with annualized returns of 15.75% and over 11%, respectively [5][7][8]. Group 5: Global Perspective and Research Advantage - Morgan Asset Management has established a robust talent development mechanism, with nearly 70% of its equity fund managers being internally promoted from research roles [11]. - The firm leverages its global platform to access extensive research information, integrating global insights with local market knowledge for informed investment decisions [11]. Group 6: Future Outlook - The recent regulatory push for high-quality development in public funds aligns with Morgan's long-term investment philosophy, suggesting a favorable environment for sustained growth [12]. - Morgan Asset Management aims to continue blending global perspectives with local insights to pursue sustainable value for investors amid China's economic transformation [12].

Core Viewpoint - The article emphasizes the importance of active management and deep research in asset management, highlighting Morgan Asset Management's commitment to these principles over the past two decades, which has led to sustained performance and investor trust [2][3]. Group 1: Active Management and Investment Culture - Morgan Asset Management has built a strong investment culture and a stable research team, focusing on long-term value rather than short-term gains, which has resulted in consistent performance [2][3]. - The average tenure of stock fund managers at Morgan Asset Management is approximately 20 years, with many research analysts having over 15 years of experience, contributing to unique market insights through extensive company research [3][4]. Group 2: Long-Term Performance - As of August 2025, Morgan Asset Management's active equity investment team has achieved an annualized return of 13.03% over the past 20 years, ranking in the top 10 of the industry [5][6]. - The "Double Ten" funds, which have been established for over 10 years and achieved annualized returns exceeding 10%, demonstrate strong resilience through various market cycles [6][18]. Group 3: Fund Performance Highlights - The Morgan Emerging Power Fund has an annualized return of 15.75% since its inception in 2011, while the Morgan China Advantage Fund has achieved a return of 13.51% since 2004 [7][9]. - The Morgan Core Growth Fund and Morgan Technology Frontier Fund have also shown significant returns, with annualized rates of 11.61% and 10.40%, respectively, showcasing the effectiveness of their investment strategies [11][12]. Group 4: Team Development and Global Perspective - Approximately 70% of Morgan Asset Management's equity fund managers are internally promoted, ensuring a cohesive team culture and deep market understanding [14]. - The firm leverages its global platform to access extensive research resources, integrating global insights with local market knowledge to enhance investment decision-making [14][16].

Group 1 - The management fee rate of the fund is adjusted from 0.70% to 0.40%, and the custody fee rate is adjusted from 0.20% to 0.10% [1][2] - The adjustments will take effect on September 17, 2025, and relevant documents such as the fund contract and prospectus will be updated accordingly [2][5] - The changes are not expected to have any substantial adverse impact on the interests of fund shareholders, and there is no need to hold a shareholder meeting [2][4] Group 2 - The company will publish the modified fund contract and custody agreement on its official website and the China Securities Regulatory Commission's fund electronic disclosure website [2][6] - Investors can consult details through the company's customer service center or official website [2][12] - The company has signed a sales agreement with Northeast Securities to expand the distribution of its funds starting from September 17, 2025 [9][10]

Group 1 - The company has decided to suspend large purchases of its fund A and C class shares for individual investors starting from September 17, 2025, with a limit set at 10,000,000 yuan per single transaction or cumulative purchases [2][3][5] - Institutional investors are not subject to the same purchase limits, allowing them to proceed with transactions without restrictions [2][3] - The specific date for the resumption of large purchases for individual investors will be announced later [2][3] Group 2 - The fund holds infrastructure assets including two solar power projects, one in Yulin and another in Hubei, generating revenue through electricity sales [7][8] - The fund plans to engage in factoring business with Huaxia Bank, involving the transfer of government subsidy receivables, with a total borrowing amount of 194,099,262.31 yuan, which represents 7.42% of the fund's net assets [8][9] - The borrowing will be used to supplement the working capital of the project companies, with repayment expected from government subsidy receivables [10][13] Group 3 - The borrowing interest rate is set at 2.45% per annum, with a maximum financing term of two years [8][9] - The fund's total assets to net assets ratio is projected to increase from approximately 110.13% to 117.55% post-borrowing, remaining below the 140% threshold [9][12] - The fund's management emphasizes that the borrowing aligns with the fund's operational strategy and aims to ensure stable cash flow for distribution to fund shareholders [13]

■ 根据博远基金管理有限公司（以下简称"本公司"）与广发证券股份有限公司（以下简称"广发证券"）签 署的销售服务协议，本公司将自2025年9月17日起增加广发证券为博远增睿纯债债券型证券投资基金 （以下简称"本基金"，基金代码：A类份额016451，C类份额019803）的销售机构。销售机构具体信息 如下: 客服电话：0755-29395858 网 址：www.boyuanfunds.com 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金财产，但不保证基金一定盈 利，也不保证最低收益。基金的过往业绩并不代表其将来表现。投资有风险，敬请投资者认真阅读基金 的基金合同、招募说明书、基金产品资料概要等相关法律文件及销售机构业务规则等信息，全面认识基 金的风险收益特征和产品特性，并充分考虑自身的风险承受能力，理性判断市场，谨慎做出投资决策， 并自行承担投资风险。本公告的解释权归本公司所有。 特此公告。 自2025年9月17日起，投资者可按照广发证券提供的方式办理本基金的开户、申购、赎回等业务。关于 本基金的基本情况、费率等重要事项，详见本基金基金合同、招募说明书及本公司发布的其他相关公 告。 投资 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has reduced its stake in Tiger Med (03347.HK) by selling 4.1744 million shares at an average price of HKD 44.3362 per share, amounting to approximately HKD 185 million [1][2] - After the reduction, E Fund's total shareholding in Tiger Med is now 12.3703 million shares, which represents a decrease in ownership from 13.44% to 10.05% [1][2]

Core Viewpoint - The article announces the registration and upcoming public offering of the "Caitong Asset Management Hongyao 90-Day Holding Period Bond Fund," which is a bond-type securities investment fund approved by the China Securities Regulatory Commission (CSRC) [1][2]. Fund Overview - The fund is classified as a bond-type securities investment fund and operates as a contractual, open-ended fund [1][14]. - The fund's A-class and C-class share codes are 024303 and 024304, respectively [2]. Fund Management and Custody - The fund is managed by Caitong Securities Asset Management Co., Ltd., and the custodian is Agricultural Bank of China [2][45]. Fund Offering Details - The public offering period is set from October 9, 2025, to October 24, 2025 [3][20]. - The maximum fundraising limit for the initial offering is set at 3 billion RMB, excluding interest accrued during the fundraising period [4]. Subscription Process - Investors can subscribe to the fund through designated sales institutions, including the fund management company's direct sales platform [5][18]. - The minimum initial subscription amount at the direct sales counter is 50,000 RMB, while subsequent subscriptions can be as low as 1 RMB [6][25]. Subscription Confirmation and Fees - Subscription applications will be confirmed based on the total amount received, with a specific calculation method for last-day applications if the total exceeds the maximum limit [4][5]. - The fund will charge different subscription fees for pension clients compared to other investors, with C-class shares having no subscription fee [23][24]. Fund Holding Period - Each share of the fund has a minimum holding period of 90 days, during which investors cannot redeem their shares [11][14]. Fund Duration and Initial Value - The fund has an indefinite duration, and the initial value of each share is set at 1.00 RMB [15][16]. Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by law or the CSRC [2][17]. Fund Registration and Effectiveness - The fund's contract will become effective once the fundraising conditions are met, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB [20][43].

Group 1 - The frequent departure of high-profile fund managers, such as Yang Siliang from Baoying Fund to Yifangda, highlights a trend of talent loss in the public fund industry [2] - The A-share market operates differently from foreign markets, often reacting to news ahead of time, leading to challenges for retail investors who may miss opportunities [2][3] - The white wine sector experienced a significant drop, with an average decline of over 6% across 20 trading days, which many attributed to sudden negative news, but institutional withdrawal was already evident [3][5] Group 2 - Data analysis shows that institutional funds became less active after a rebound in the white wine sector, indicating that early warning signs were present [5] - The case of Nuotai Bio, which saw a significant price increase after being labeled as a "ST" stock, illustrates that institutional investors often position themselves ahead of market reactions [7] - The importance of understanding real trading behavior over merely following news is emphasized, with quantitative data serving as a valuable tool to uncover market truths [7][8] Group 3 - In an era of information overload, the ability to filter and interpret information is crucial, with quantitative data acting as an effective filter to identify valuable insights [8] - Establishing a personal investment methodology and utilizing tools that reveal market realities is essential for ordinary investors [7][8]

Group 1 - The Chinese government has officially released the industry standard for medical devices using brain-computer interface technology, marking the first standard of its kind in the country, which will take effect on January 1, 2026 [4] - Shenzhen Securities Regulatory Bureau has issued a warning letter to Shenzhen Qianhai Hongtai Fund Management Co., Ltd. for failing to complete fund filing procedures after fundraising, in violation of the Private Fund Management Regulations [5] - Wanxiang Qianchao is focusing on breakthroughs in key components such as planetary roller screws, precision shafts, and precision reducers [7] Group 2 - Tianpu Co., Ltd. has no plans for significant adjustments to its main business in the next 12 months following the asset injection plan from Zhonghao Xinying [7] - Huqin Technology has submitted an application for the issuance and listing of H-shares to the Hong Kong Stock Exchange [7] - Fuchuang Precision's shareholder, Guotou Chuangye Fund, plans to reduce its stake by no more than 3% [7] Group 3 - Vanke A has received a loan of no more than 2.064 billion yuan from Shenzhen Metro Group [7] - Hengwei Technology intends to acquire 75% of Shuheng Technology's shares, leading to a suspension of its stock [7] - Shanghai Construction Group has experienced a significant short-term stock price increase, indicating potential market overheating and irrational speculation [7] Group 4 - Houen Automotive Electric has received a product designation letter, estimating a total revenue of approximately 2.477 billion yuan over its lifecycle [7] - Huowei Group has entered NVIDIA's supply chain [7] - AVIC Optoelectronics has shipped UQD connectors and liquid cooling pipe components to overseas manufacturers [7]

智通财经APP获悉，香港联交所最新数据显示，9月11日，易方达基金管理有限公司增持东方证券 (03958)99.72万股，每股作价7.5662港元，总金额约为754.5万港元。增持后最新持股数目为1.34亿股， 持股比例为13%。 ...