Core Insights - The China Securities Investment Fund Association reported significant growth in private asset management products, with a total of 1,874 products registered by securities and futures institutions as of July 2025, marking a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [1] - The total establishment scale of these products reached 105.972 billion yuan, reflecting a month-on-month increase of 93.58% and a year-on-year increase of 95.02% [1] - As of the end of July 2025, the total scale of private asset management products by securities and futures institutions amounted to 12.48 trillion yuan (excluding social security funds and corporate annuities), which is an increase of 385.384 billion yuan from the previous month, representing a month-on-month growth of 3.19% [1]

Core Insights - The China Securities Investment Fund Association reported a significant increase in private asset management products, with a total of 1,874 products registered as of July 2025, marking a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [1] - The total established scale of these products reached 105.97 billion yuan, reflecting a month-on-month increase of 93.58% and a year-on-year increase of 95.02% [1] - As of the end of July 2025, the total scale of private asset management products by securities and futures institutions amounted to 12.48 trillion yuan, excluding social security funds and corporate annuities, which is an increase of 385.38 billion yuan from the previous month, representing a month-on-month growth of 3.19% [1]

Core Insights - The global economic landscape is undergoing unprecedented changes, with China entering a new development stage, presenting both challenges to traditional models and opportunities for transformation [2] - Leaders with unique insights and foresight, such as Li Ting, are positioned to seize new opportunities in this evolving environment [2] Group 1: Investment Philosophy - Li Ting's investment philosophy is shaped by her experiences, particularly the 9/11 crisis, which taught her to view events through a long historical lens [3][4] - She emphasizes the importance of understanding the deeper historical and macroeconomic contexts behind seemingly random events, which aids in making informed investment decisions [4] - Her investment approach is structured into three levels: company financials, industry landscape, and future insights, with a focus on qualitative judgments over mere quantitative predictions [11][13] Group 2: Current Economic Opportunities in China - Li Ting believes that the Chinese economy is not in a downturn but rather in a transformation phase, driven by its resilience and potential [15] - Key areas of investment opportunity include the consumption potential of the aging population, underappreciated markets, and the rise of inland provinces due to new trade routes [16][17] - The infrastructure achievements in China, particularly in ensuring equitable access to resources, are seen as foundational for social stability and economic growth [15] Group 3: Emerging Trends and Challenges - The re-evaluation of the Renminbi's value amidst geopolitical shifts is highlighted, with Li Ting suggesting that the currency is undervalued based on purchasing power parity [17] - The ongoing wave of digitalization and the necessity for traditional businesses to embrace smart technologies are identified as critical for survival in a rapidly changing market [17][18] - Li Ting posits that China's advanced hydropower infrastructure will play a crucial role in supporting the energy demands of the AI industry [18] Group 4: Advice for the Younger Generation - Li Ting encourages the younger generation to embrace opportunities abroad, particularly in emerging markets, as a means to expand their horizons and career prospects [20][21] - She stresses the importance of having a deep understanding of investment principles and maintaining a self-consistent investment framework to achieve long-term success [21][25]

Core Viewpoint - Mirae Asset Management has established itself as a benchmark enterprise in the global asset management field, leveraging nearly 200 years of history and focusing on sustainable and global investment strategies, particularly after obtaining QFII/RQFII qualifications from the China Securities Regulatory Commission [1] Group 1: Equity Investment - The company focuses on "long-term value creation" in equity investments, emphasizing three key capabilities: capital allocation, balance sheet health, and cash generation ability [3] - Capital allocation capability is crucial for long-term growth potential, with a preference for companies that invest in high-potential areas, such as technology firms with forward-looking R&D plans [3] - Balance sheet health serves as a core barrier against risks, with a focus on companies with low debt ratios and sufficient cash reserves to maintain stability during market fluctuations [3] - Cash generation ability is directly linked to investor returns, prioritizing companies with stable revenue and strong cash flow, such as consumer goods firms [3] - The company constructs a highly concentrated equity portfolio, focusing on a few high-quality companies rather than diversifying broadly [3] Group 2: Fixed Income - Mirae employs an "unconstrained strategy" in fixed income, allowing flexibility to adjust portfolios in response to market changes [5] - The team quickly adjusts holdings based on interest rate expectations, reducing long-term bond holdings when rates are expected to rise and increasing them when rates are expected to fall [5] - ESG factors are deeply integrated into fixed income analysis, prioritizing issuers with strong environmental practices and governance, which reduces default risk and enhances portfolio returns [5] Group 3: Private Assets - Private asset investment is a key differentiator for Mirae, focusing on three areas: real estate, agriculture, and lifestyle & consumption [7] - In real estate, the company has launched three distinctive projects, including the Grand Paris project, sustainable city projects, and a real estate club trading project, aimed at providing stable cash flow and capitalizing on urban development opportunities [8] - In agriculture, Mirae collaborates with specialized firms to invest in modern planting technologies and efficient breeding facilities, addressing global population growth and rising agricultural demand [8] - The lifestyle & consumption sector targets innovative companies in digital technology and consumer upgrades, aiming to capture market trends and provide differentiated returns [8] Group 4: Strategic Support - The investment strategy of Mirae is supported by its core values and team collaboration mechanisms [9] - The company emphasizes independent thinking and collaboration, ensuring diverse perspectives are considered in investment decisions to enhance accuracy [9] - ESG principles are integrated throughout the investment process, promoting improvements in ESG practices among portfolio companies to achieve both investment returns and social responsibility [9] - With nearly 200 years of experience, Mirae's strategies in equities, fixed income, and private assets reflect a deep understanding of market dynamics and a commitment to long-term and responsible investing [9]

Group 1 - The core viewpoint of the articles highlights the steady growth and positive performance of China Cinda Asset Management Co., Ltd. as of mid-2025, with total assets reaching 1.68 trillion yuan, a 2.62% increase from the previous year [1] - The company's total liabilities amounted to 1.46 trillion yuan, reflecting a 2.80% growth year-on-year, indicating stable business expansion [1] - Shareholder equity stood at 197.29 billion yuan, up 1.60% from the end of the previous year, demonstrating ongoing value creation for shareholders [1] - The net profit attributable to shareholders for the first half of 2025 was 2.281 billion yuan, representing a year-on-year increase of 5.78%, showcasing robust operational efficiency [1] Group 2 - In terms of risk management, China Cinda actively participated in the reform and risk mitigation of small and medium-sized financial institutions, acquiring nearly 60 billion yuan in non-performing loans from 54 local small banks, a year-on-year increase of 85.4% [2] - The company has been involved in real estate risk resolution, successfully implementing 19 projects in the first half of 2025, with an investment of 5.4 billion yuan, ensuring the delivery of 14,000 housing units and facilitating the resumption of projects worth over 75.7 billion yuan [2] - China Cinda established four real estate relief funds to support key projects in risk mitigation, while also providing intellectual support and tailored products for local government debt resolution, aiding in the transformation of local investment companies [2]

Group 1 - Gold prices have shown a significant increase, reaching a five-week high, with a closing price of $3417.07 per ounce, supported by a weaker dollar and safe-haven demand [2] - Analysts predict that the U.S. may experience stagflation, which could provide substantial upward potential for gold prices [1][2] - The upcoming U.S. Personal Consumption Expenditures (PCE) price index is anticipated to show a month-over-month increase of 0.3% and a year-over-year acceleration from 2.8% to 2.9% [2] Group 2 - Fidelity's multi-asset portfolio manager Ian Samson expresses optimism about gold prices, citing a potential slowdown in the U.S. economy and the likelihood of stagflation [2] - Factors such as declining interest rates, persistent inflation, and weak economic growth are expected to support gold prices, while the uncertainty surrounding tariffs adds to gold's appeal as a safe-haven asset [2] - Concerns over the large U.S. budget deficit and potential currency devaluation further enhance the long-term outlook for gold [2] Group 3 - Technical analysis indicates that gold prices have established a clear upward trend since mid-August, with current trading above the 20-day moving average [3] - The MACD indicator shows increasing momentum, while the RSI remains below the overbought threshold, suggesting continued upward potential for gold [3] - Key resistance levels are identified at $3450, with a potential target of $3500, while support levels are noted at $3380 and $3350 [3]

Core Viewpoint - President Trump's efforts to influence U.S. interest rates may ultimately depend on global bond market dynamics, as long-term borrowing costs are primarily driven by market forces rather than the Federal Reserve's short-term rate decisions [1][3]. Group 1: Global Bond Market Dynamics - Major economies, including the U.S., are experiencing rising long-term borrowing costs, leading to some of the highest yields in decades for investors [1]. - The G7 countries are facing similar fiscal challenges, with varying degrees of severity, as noted by Apollo Global Management's chief economist [1]. - Central banks, including the Federal Reserve, have lowered short-term rates from pandemic peaks, but global benchmark 10-year bond yields remain stubbornly high [1][3]. Group 2: Long-term Interest Rate Trends - Global central banks are seeking to normalize interest rates, contributing to rising long-term bond yields [3]. - Increased government spending and commitments to defense spending in Europe may lead to larger deficits and higher government bond issuance, pushing up the term premium [3]. - Japan's long-term bond yields are under upward pressure due to inflation concerns, with its 30-year bond yield reaching 3.21%, close to a 30-year high [3]. Group 3: Market Reactions and Investor Sentiment - Despite Trump's attempt to dismiss a Federal Reserve board member, the bond market showed little immediate reaction, indicating investor confidence in the Fed's independence [4]. - The U.S. 10-year bond yield is stable around 4.21%, higher than France's 3.48%, reflecting differing fiscal concerns [4]. - The U.K. is experiencing a typical case of rising yields due to budget deficits, with its 10-year bond yield nearing 4.70% [4][5]. Group 4: Implications for Fixed Income Investors - Investors are concerned about the potential loss of Federal Reserve independence, which could lead to a steeper yield curve and a weaker dollar [6]. - The yield curve has steepened as the market anticipates a potential rate cut by the Fed, with the spread between 2-year and 10-year yields widening to about 60 basis points [6]. - High bond yields present significant implications for fixed income investors, especially if economic turmoil prompts aggressive Fed actions [6].

【协办单位】【文】浦银理财 （J 图 浦银安盛基金 【联合主办】 (3) 范发银行 【智库支持】 21世纪资管研究院 【数据支持】 ■DC 熟露空部落 SFC 前例金融各端 【特别支持】 >> 公道正版 《 > 明华重守。 点击图片查看特刊>> ...

人民币在国内市场的购买力远强于美元在美国市场的购买力，这也是支撑人民币长期升值的重要因素之 一。在美国，无论是教育、租房还是日常消费，价格普遍高于中国。这种购买力差异的存在，使得人民 币在国际市场上的价值被低估。随着中国经济的进一步发展和全球经济话语权的提升，这种购买力差异 将逐渐缩小，人民币兑美元的汇率也将随之调整。 人民币长期升值预期为中国资管行业带来全球影响力提升的新机遇。 随着中国经济的持续增长和国际地位的不断提高，市场普遍预期人民币将在长期内对美元升值。这一趋 势不仅影响着中国的外贸和金融市场，更为中国的资产管理行业在全球舞台上崭露头角提供了前所未有 的契机。 过去十年间，人民币兑美元汇率大致维持在1比7的水平。这一汇率水平意味着，当中国资管公司管理的 资产规模以人民币计价时，与美元计价的国际同行相比，其实际管理规模显得相对较小。例如，一家管 理500亿元人民币的中国基金公司，在国际市场上仅相当于管理约71亿美元规模的美国同行，这种差距 显然让中国资管从业者感到一定的压力。 然而，考虑到人民币的长期升值趋势，这种差距有望逐渐缩小。从历史经验来看，随着国家在国际舞台 上的崛起，其货币往往也会随之升值。 ...

Financial Data and Key Metrics Changes - Group normalized revenue increased by 3% to AUD 541.6 million, with normalized unpata at AUD 103.2 million, down 4.1% year-on-year [4][14][26] - Statutory net profit after tax rose by 6.4% to AUD 95.8 million, while normalized return on capital employed increased to 63.4% [6][14][26] - The cost to income ratio improved by 230 basis points in the second half compared to the first half, with a full-year ratio of approximately 58.7% [5][44][26] Business Line Data and Key Metrics Changes - Group Remuneration Services (GRS) segment saw normalized revenue slightly up to AUD 293.4 million, with novated lease sales growing by 4.1% [16][17] - Asset Management Services (AMS) revenue increased by 4.3% to AUD 185.5 million, with written down value up 6.4% [22] - Participant numbers in the Plan and Support Services (PSS) segment grew by 10.5% organically, with total customers increasing by 21.5% to over 42,600 [23][24] Market Data and Key Metrics Changes - The EV percentage of new novated sales reached 56% in Q3 before returning to around 45% in Q4, consistent with previous periods [18][19] - Demand and momentum remained strong, with order growth of 11.3% in June and July compared to the same period last year [18] - The company reported a strong customer growth across all segments, particularly in the SME segment [4][20] Company Strategy and Development Direction - The company aims to be a trusted partner providing solutions that simplify processes, focusing on customer experience, technology enablement, and broadening its ecosystem of partners [7][10] - Investments in digital solutions, AI, and automation are central to enhancing customer experience and operational productivity [8][10] - The Simply Stronger program has been completed, with expectations of improved customer experiences and productivity gains [13][29] Management's Comments on Operating Environment and Future Outlook - The company expects auto supply and used car values to remain stable, with continued growth in new client wins and NDIS participant growth supporting customer growth across all segments [33][35] - Management anticipates benefits from strategic investments and the removal of non-recurring costs in FY 2026 [35][36] - The company remains optimistic about growth opportunities despite the removal of setup fees impacting margins in the PSS segment [56][72] Other Important Information - The company executed a successful AUD 300 million private placement, enhancing investor diversity and lowering funding costs [6][21] - The Onboard Finance segment's normalization concluded in FY 2025, with expectations of neutral contributions in FY 2026 [47][52] - The company maintained a strong balance sheet with no maturities due in the next twelve months, providing flexibility for growth [31] Q&A Session Summary Question: Can you unpack the drivers for the improvement in novated yield? - The improvement was largely due to a higher proportion of plug-in hybrids at higher price points and improvements in insurance related to residual risk [39][40] Question: Is the 4.7% of novated leases through Olli incremental business? - Most of the new customers acquired through Olli are in employee brackets of 20 to 200, which was not previously targeted [41][42] Question: What should be expected for the cost to income ratio in FY 2026? - A fair assessment for FY 2026 would be around the 57% mark, with further benefits expected from productivity investments [44][46] Question: Will onboard finance be a positive contributor to NPATA for FY 2026? - It is expected to be neutral for FY 2026, with positive contributions anticipated thereafter [47][48] Question: How do you view margin within PSS with the new acquisition? - There will be a bit of downward movement on the margin in 2026, but automation and process improvements are expected to help recover margins over time [55][56] Question: What is the outlook for GRS contract renewals? - Approximately 10% of the portfolio is up for renewal over the next eighteen months, with a strong pipeline for new opportunities [86][87]