Core Viewpoint - The article highlights the exceptional performance of Cao Jin, a fund manager specializing in technology growth, who has achieved significant alpha in the A-share market, challenging the common perception of technology stocks as high-beta and volatile investments [4]. Group 1: Performance Metrics - Cao Jin manages the Fu Guo Small and Medium Cap Select Fund, which has a latest net value of 4.9250 and a ten-year return rate of 435.9%, significantly outperforming the benchmark return of 34.6% during the same period [5][12]. - Over the past five complete years (2020-2024), the fund's net value growth rates were 83.69%, 8.91%, -21.92%, -5.06%, and 10.11%, compared to the benchmark returns of 23.06%, 9.53%, -17%, -5.28%, and 8.62% respectively [5][12]. Group 2: Risk Management and Investment Strategy - Cao Jin has demonstrated effective risk management, particularly during market downturns, such as the tariff storm on April 7, where his fund recovered faster than major indices like the CSI 300 and ChiNext [6]. - His investment framework focuses on technology stocks while avoiding extreme concentration in specific sectors. He has consistently identified emerging investment opportunities across various technology trends over the past decade [6][7]. Group 3: Investment Philosophy - Cao Jin emphasizes the importance of independent thinking and continuous learning in investment, maintaining a balance between long-term vision and short-term performance [8][21]. - He believes that understanding the essence of a business is crucial, as many industries share common operational principles, which can be leveraged for investment decisions [41][42]. Group 4: Market Insights - The article discusses the significant growth premium in the A-share market, with data showing that from 2003 to 2023, the CSI 300 index yielded 219.2%, while the total A-share index yielded 387.0%, indicating a notable growth premium [29]. - Cao Jin argues that China's competitive advantage lies in advanced manufacturing and technology, rather than consumer spending, which is often misperceived [30][31]. Group 5: Lessons and Quotes - Several key investment insights from Cao Jin are shared, including the idea that short-term performance is as important as long-term results, and that investment should be approached as a personal journey of improvement rather than competition with others [10][18]. - He stresses the importance of avoiding forced trades and making decisions based on thorough research rather than market pressure [21][49].

Macroeconomic Overview - US consumer inflation continues to rise, with the August CPI increasing by 2.9% year-on-year, up from 2.7% previously and in line with expectations [1] - Core CPI year-on-year growth remains at 3.1%, matching the previous value and expectations [1] - The August PPI year-on-year growth decreased to 2.6%, below the expected 3.3% and previous 3.1% [1] - Consumer confidence in the US remains low, with the September Michigan Consumer Sentiment Index at 55.4, below the expected 58 and previous 58.2 [1] Market Performance - The S&P Oil & Gas Index rose by 0.33% over the week, while the Nasdaq 100 Index increased by 1.86% and the S&P 500 Index rose by 1.59% [2][3] - Among the 11 sectors covered by the S&P 500, 10 sectors saw gains, with Information Technology leading at 3.09% and Consumer Staples declining by 0.15% [2][3] Investment Outlook - The recent non-farm employment data and moderate inflation figures have led the market to anticipate interest rate cuts starting in September, contributing to the rise in US stocks [2] - The market's expectation for rate cuts has slightly decreased compared to the previous week, but there remains a strong belief that cuts will commence in September [2] - The upcoming FOMC meeting is expected to signal the beginning of a series of rate cuts, which could support US growth in Q4 [2]

Core Viewpoint - Dongcai Fund Management Co., Ltd. has officially changed its legal name from "Tibet Dongcai Fund Management Co., Ltd." to "Dongcai Fund Management Co., Ltd." as of September 15, 2025, with no impact on legal entity or existing contracts [1][2]. Group 1 - The name change is aimed at unifying brand recognition and facilitating collaboration within the "Dongfang Caifu" ecosystem, which includes securities, fund sales, and data segments [2][3]. - Dongcai Fund was established in October 2018, fully funded by Dongfang Caifu (300059), and is registered in Lhasa, Tibet, with its office located in Shanghai [2]. - As of June 30, 2025, Dongcai Fund's management scale is approximately 37.1 billion yuan, with a total of 53 funds under management [2]. Group 2 - The company will apply to the China Securities Regulatory Commission for a change in its securities and futures business license following the name change [1]. - The change will not affect the rights of account holders, contracts, or existing legal documents [1][3]. - The transition of product and system display names will occur in phases, and investors are advised to pay attention to subsequent product announcements and trading displays [3].

Group 1 - Eight new fund managers have been appointed today, covering 25 funds, primarily from Bank of China Fund and Oriental Fund [1] - Two fund managers have resigned today [1] Group 2 - The newly appointed fund managers include Wang Yuening, Chen Fuzhong, and Liu Lisi, among others, with a focus on various fund types such as bond funds and mixed funds [2] - The departing fund managers include Yi Fangfei and Wang Haitao, with reasons for departure ranging from personal reasons to work arrangements [4]

| 基金名称 | 上银恒泰稳健养老目标一年持有期混合型发起 | | --- | --- | | | 式基金中基金(FOF) | | 基金简称 | 上银恒泰稳健养老目标一年持有混合发起式 (FOF) | | 基金主代码 | 013139 | | 基金管理人 | 上银基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 等 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 王振雄 | | 离任基金经理姓名 | 吴伟 | | 基金名称 | 上银恒容养老目标日期2045三年持有期混合型 | | --- | --- | | | 发起式基金中基金(FOF) | | 基金简称 | 上银恒容养老目标日期2045三年持有混合发起 式(FOF) | | 基金主代码 | 017004 | | 基金管理人 | 上银基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 等 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 王振雄 | | 离任基金经理姓名 | 吴伟 | 中国经济网北京9月16日讯昨日， ...

【导读】华泰柏瑞基金香港子公司获香港证监会核发牌照 华泰柏瑞基金香港子公司华泰柏瑞资管获批香港证监会1号、4号和9号牌照。 华泰柏瑞资管获批1号、4号和9号牌照 香港证监会官网显示，华泰柏瑞基金香港子公司华泰柏瑞资产管理（国际）有限公司近日获得香港证监会（SFC）核发的1号（证券交易）、4号（就证券 提供意见）及9号（提供资产管理）牌照。 华泰柏瑞基金现任副总经理柳军及前任副总经理田汉卿为香港子公司持牌负责人。 2024年末，证监会网站发布的批复文件显示，11月29日，证监会核准华泰柏瑞基金以自有资金在香港特别行政区设立华泰柏瑞资产管理（国际）有限公 司。公司于2025年1月成立，注册资本为1亿港元。 2023年10月，在递交境外设立、收购、参股经营机构审批申请时，华泰柏瑞基金表示香港子公司设立后，将主要考虑两类产品：一是为中国投资人提供全 球资产配置的工具；二是为海外投资人提供投资中国资本市场的配置工具。具体的产品会根据市场情况和投资人需求择机推出。 公募积极"出海" 近年来，公募基金公司积极"出海"，在中国香港、英国、美国和新加坡等地设立分支机构。 2023年，睿远基金、永赢基金旗下香港子公司正式开业，嘉 ...

Group 1 - The core viewpoint of the news is that Yingfeng Environment has seen a stock price increase of 5.01%, reaching 7.12 CNY per share, with a total market capitalization of 22.549 billion CNY [1] - Yingfeng Environment Technology Group Co., Ltd. was established on November 18, 1993, and listed on March 30, 2000. The company is based in Shunde District, Foshan City, Guangdong Province, and its main business includes manufacturing electrical appliances, ventilation equipment, environmental governance, sanitation equipment, and sanitation services [1] - The revenue composition of Yingfeng Environment is as follows: smart services account for 50.08%, intelligent equipment for 40.00%, and other products for 9.92% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bosera Fund holds a significant position in Yingfeng Environment. Bosera New Strategy Mixed A (001522) held 144,500 shares in the second quarter, accounting for 1.6% of the fund's net value, ranking as the eighth largest heavy stock [2] - Bosera New Strategy Mixed A (001522) was established on November 23, 2015, with a latest scale of 62.0633 million CNY. The fund has achieved a return of 10.45% this year, ranking 5724 out of 8174 in its category, and a return of 27.44% over the past year, ranking 5444 out of 7982 [2] Group 3 - The fund managers of Bosera New Strategy Mixed A (001522) are Li Chongyang and Luo Xiao. Li Chongyang has a tenure of 2 years and 223 days, with a total fund asset size of 380 million CNY, achieving a best return of 16.96% and a worst return of -19.59% during his tenure [3] - Luo Xiao has a tenure of 2 years and 353 days, managing a total fund asset size of 6.691 billion CNY, with a best return of 29.7% and a worst return of -0.96% during his tenure [3]

Group 1 - The core viewpoint of the news is that Huakai Yibai's stock price increased by 5.92% to 11.98 CNY per share, with a trading volume of 174 million CNY and a turnover rate of 4.26%, resulting in a total market capitalization of 4.844 billion CNY [1] - Huakai Yibai Technology Co., Ltd. is based in Changsha, Hunan Province, and was established on February 23, 2009, with its listing date on January 20, 2017 [1] - The company's main business focuses on spatial environment art design, providing comprehensive exhibition services for large exhibition halls, and cross-border export e-commerce [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Xinda Australia has a significant holding in Huakai Yibai, specifically the Xinao Industrial Preferred One-Year Holding Mixed A Fund (013495), which held 463,200 shares, accounting for 5.84% of the fund's net value, ranking as the sixth-largest heavy stock [2] - The Xinao Industrial Preferred One-Year Holding Mixed A Fund was established on March 11, 2022, with a latest scale of 82.739 million CNY, and has achieved a return of 19.78% this year, ranking 4248 out of 8174 in its category [2] - The fund's one-year return is 42.22%, ranking 3964 out of 7982, while it has experienced a loss of 43.81% since its inception [2] Group 3 - The fund manager of the Xinao Industrial Preferred One-Year Holding Mixed A Fund is Zeng Guofu, who has a cumulative tenure of 17 years and 53 days, with the fund's total asset scale at 481 million CNY, achieving a best return of 113.95% and a worst return of -57.43% during his tenure [3] - The co-manager, Dong Xuan, has a tenure of 1 year and 13 days, with a total asset scale of 89.296 million CNY, achieving a best return of 37.14% and a worst return of 36.01% during his tenure [3]

Group 1 - The core viewpoint of the news is that Fuxin Technology has seen a stock price increase of 5.5%, reaching 46.20 yuan per share, with a total market capitalization of 4.077 billion yuan [1] - Fuxin Technology, established on June 6, 2003, is located in Shunde High-tech Zone, Guangdong Province, and was listed on April 1, 2021. The company specializes in the production and operation of household appliances and semiconductor electronic devices [1] - The main business revenue composition of Fuxin Technology includes: thermoelectric complete machines 33.90%, semiconductor thermoelectric devices 31.24%, semiconductor thermoelectric systems 21.21%, and other categories 13.65% [1] Group 2 - From the perspective of fund holdings, Fuxin Technology is a significant investment for GF Fund, with the GF CSI Household Appliances ETF Linked A (005063) holding 2 shares, ranking as the third-largest holding [2] - The GF CSI Household Appliances ETF Linked A (005063) has a current scale of 212 million yuan and has achieved a year-to-date return of 12.48%, ranking 3443 out of 4222 in its category [2] - The fund has a one-year return of 41.98%, ranking 2674 out of 3804, and a cumulative return since inception of 60.93% [2]

北京商报讯（记者 李海媛）9月16日，西藏东财基金管理有限公司公告称，公司法定名称于9月15日变 更，变更后的基金管理人法定名称为东财基金管理有限公司（以下简称"东财基金"）。 东财基金表示，公司变更法定名称，已完成工商变更登记手续。公司将按照相关法律法规的规定，向中 国证监会申请更换经营证券期货业务许可证。同时，公司法定名称变更后，法律主体和对外法律关系不 变，原以"西藏东财基金管理有限公司"名义签署的合同及法律文件的条款、效力及履行均不受影响。另 外，公司后续将对旗下公募基金产品名称进行相应变更，请投资者关注公司官网和其他规定媒介披露的 各产品项下相关公告。 | 基金管理人名称 | 东财基金管理有限公司 | | --- | --- | | 公告依据 | 《中华人民共和国证券投资基金法》、《公开 | | | 募集证券投资基金信息披露管理办法》及公司 | | | 相关股东决议等 | | 法定名称变更日期 | 2025年9月15日 | | 变更前基金管理人法定名称 | 西藏东财基金管理有限公司 | | 变更后基金管理人法定名称 | 乐财基金管理有限公司 | | | 图片来源：公告截图 | ...