Group 1 - The announcement from Shanghai Everbright Securities Asset Management Co., Ltd. indicates a change in senior management, with the resignation of Chairman Xiong Guobing due to job adjustments on August 21, 2025 [1] - The company expressed high appreciation for Xiong Guobing's contributions to the development of the firm during his tenure [1] - To ensure a smooth transition, General Manager Qiao Zhen will temporarily assume the role of Chairman until a new chairman is appointed, starting from August 21, 2025 [1] Group 2 - Qiao Zhen holds a master's degree and has extensive internal experience within the company, having served in various roles since joining in August 2012 [1] - The impact of this senior management change on the company's business development and strategic layout is expected to be significant and warrants ongoing market attention [1]

Group 1 - Billionaire investor Peter Thiel is betting on Ethereum becoming the preferred platform for Real World Assets (RWA) on Wall Street, with his investment firm significantly investing in Ethereum-related assets [1] - Ethereum's price surged 15% recently, reaching a historical high not seen in four years, and has increased over 250% since its low in April [1] - Thiel's Founders Fund holds a 7.5% stake in ETHZilla, which has transitioned to focus on purchasing Ethereum, and a 9.1% stake in Bitmine, which raised $250 million for Ethereum purchases, with its stock price rising over 1000% since June [1] Group 2 - Ethereum is an open-source platform for developers to build and operate applications for trading and lending digital currencies, with a projected market for RWA expected to reach $16 trillion by 2030 [2] - Major financial institutions like BlackRock and Franklin Templeton have launched tokenized money market funds on the Ethereum network, indicating a growing interest in Ethereum as a settlement alternative [2] - Apollo Global Management has also issued a diversified credit securitization fund via Ethereum, with total trading activity on Ethereum exceeding $1.2 trillion this year, up from $960 billion year-over-year [3] Group 3 - Despite the positive trading activity, there are concerns regarding Ethereum's widespread adoption in the financial industry, as traditional financial giants are developing their own platforms [4] - Some trading activities on Ethereum may not stem from genuine financial demand, raising questions about the authenticity of network data [4] - The recent price surge of Ethereum may reflect speculative behavior rather than true recognition of its future potential [5]

此次高级管理人员的变更事项已经上海光大证券资产管理有限公司股东审议通过，并将按照法律法规履 行备案程序。后续该公司的业务发展和战略布局是否会因此次高层变动产生影响，值得市场持续关注。 乔震拥有硕士学历，自 2012 年 8 月加入光证资管任职，从业经验丰富。他历任公司产品与机构业务部 总经理、公司总经理助理、副总经理等职务，现任公司董事、总经理。乔震具备证券公司高级管理人员 资格和基金从业资格，拥有中国国籍。其丰富的公司内部履历和专业资格，为他代任董事长一职奠定了 基础。 离任高管：熊国兵另有安排 原董事长熊国兵于 8 月 21 日离任，离任原因为工作职务调整，且不会转任本公司其他工作岗位。公告 中提到，熊国兵先生在公司任职期间，为推动公司业务发展做出了重要贡献，公司对此给予高度评价并 深表感谢。 点击查看公告原文>> 2025 年 8 月 22 日，上海光大证券资产管理有限公司发布基金行业高级管理人员变更公告。公告显示， 公司董事长一职出现变动，熊国兵因工作职务调整于 8 月 21 日离任，在新任董事长履职前，暂由公司 总经理乔震代为履行董事长职务。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三 ...

BCG中东地区金融机构主管卢卡什·雷表示："GCC地区2024年9%的AUM增长，凸显了其在机构与零售资本领域 的重要地位。" 他认为，随着沙特和阿联酋引领区域发展，GCC正通过多元化战略和主权财富基金实力，为本地资产 管理公司未来与全球巨头抗衡奠定基础。 （原标题：沙特、阿联酋推动海湾资产管理总规模持续增长） Zawya新闻8月14日消息，据波士顿咨询公司（BCG）报告，2024年海湾合作委员会（GCC）地区的资产管理总规 模（AUM）增长了9%，达到2.2万亿美元。这一增长显示该地区正日益成为全球金融中心，海湾地区的资产管理公司 有望未来与国际巨头竞争。 报告指出，沙特阿拉伯和阿联酋在零售互惠基金领域推动了市场扩张；科威特和阿布扎比则在主权财富基金领域 占据领先地位。 沙特公共投资基金（PIF）宣布，其2024年底的管理资产增长19%，达9130亿美元，自2017年以来年均投资回报率 为7.2%。阿布扎比全球市场（ADGM）也报告称，2024年第三季度总资产管理规模同比增长215%。 ...

Core Points - China Construction Bank Shanxi Branch has signed an asset transfer contract with China Great Wall Asset Management Shanxi Branch, transferring its rights to certain borrowers and guarantors [1] - The announcement requires listed borrowers and guarantors to fulfill their repayment obligations immediately to China Great Wall Asset Management [1] Group 1: Asset Transfer Details - The asset transfer involves the main and subordinate creditor rights and other related rights held by China Construction Bank Shanxi Branch [1] - The announcement specifies that if borrowers or guarantors undergo changes such as name changes, restructuring, or bankruptcy, the relevant parties must still fulfill their obligations [1] Group 2: Debt Announcement List - The debt announcement list includes specific borrowers, their principal amounts, interest, and guarantors, with the total principal amount for the listed borrowers being significant [2] - For example, Shanxi Fuyuan New Energy Co., Ltd. has a principal of approximately 52.58 million yuan and interest of about 21.13 million yuan [2] - The list also includes other companies with varying amounts of debt, indicating a diverse portfolio of borrowers [2][3]

与会专家认为，指数与量化投资正在成为我国资本市场的重要力量。 今年以来指数与量化投资发展迅速。去年底，我国被动权益类指数基金规模首次超越主动权益基金；彭博研究显示，中国ETF规模在今年7月超越了日本， 成为亚洲最大的ETF市场。 8月22日，由上海资产管理协会（简称"协会"）主办"指数与量化投资专业委员会筹备工作暨指数与量化投资规范发展座谈会"在上海北外滩召开。协会相关 会员单位及邀请单位中的银行理财、保险资管、公募基金、私募基金、证券期货公司资管，财富管理、数智技术机构，上海、深圳、北京证券交易所及上海 期货交易所、中国金融期货交易所等50余位专业技术专家参加会议，大家踊跃发言、建言献策。中共上海市委金融委员会办公室及相关金融监管部门有关领 导专家到会指导。 协会党的工作小组组长、秘书长韩康作会议小结表示，高度重视投资管理"驱动"与风险管理"制动"的统一。专委会未来工作任务将聚焦四个方向：一是专业 新技术的学习应用与业内交流互助；二是强化受托责任与为投资者创造价值；三是合规自律、风险管理与监管政策建议；四是规范发展的生态建设与跨境交 流合作。同时，在"跨业交流与监管沟通""壮大机构投资者""配合证券期货交易 ...

Core Viewpoint - The rapid expansion of stablecoins is transforming them from mere crypto assets into key financial variables with macroeconomic implications, impacting traditional financial systems, particularly in areas like money supply, credit creation, and the U.S. Treasury market [2]. Group 1: Stablecoins as Financial Ecosystem Variables - Stablecoins have evolved from being used solely in the crypto market to broader applications, showcasing advantages in cross-border payments and crypto settlements due to their 24/7 availability and low costs [4]. - Global regulatory frameworks are being established to address the rapid development of stablecoins, with the U.S. implementing the GENIUS Act to set clear licensing and reserve requirements [4]. Group 2: Financial Institutions' Participation in the Stablecoin Ecosystem - Commercial banks are actively issuing on-chain deposits to counteract the risk of deposit erosion from stablecoins while also providing reserve custody services to stablecoin issuers [5]. - Asset management companies are managing the substantial reserves of stablecoins, particularly U.S. Treasury securities, recognizing the market opportunity as stablecoin reserves reach hundreds of billions [5]. - Payment companies are leveraging their networks to create closed ecosystems by issuing their own stablecoins or integrating third-party stablecoins to reduce payment costs and enhance transaction efficiency [5]. - Exchanges are capitalizing on the infrastructure benefits by providing low-cost fiat-stablecoin exchange channels and developing stablecoin derivatives to attract institutional investors [5]. Group 3: Impact of Stablecoins on Money Supply - The key to stablecoins not expanding the total M2 money supply lies in their adherence to a 1:1 reserve ratio, which results in structural changes in existing M2 rather than net expansion [7]. - If stablecoins begin to pay interest and expand into everyday payment scenarios, they could significantly compete with traditional banks, potentially eroding bank deposits and limiting credit creation [7]. - The introduction of a fractional reserve system for stablecoins could lead to actual M2 expansion, as stablecoin issuers would gain the ability to create new money through leverage [8]. Group 4: Stablecoins as a New Cornerstone for U.S. Treasury - Stablecoins are creating substantial incremental demand for U.S. Treasury securities, particularly short-term bills, as their reserves grow to hundreds of billions [9]. - However, the inherent risks associated with stablecoins could make them a "fragile fulcrum" for the Treasury market, particularly during liquidity crises when large-scale redemptions could lead to forced sales of Treasury holdings [9]. Group 5: Lessons from the Breakdown of the Bretton Woods System - The potential decoupling risks faced by stablecoins echo the trust crisis that led to the breakdown of the Bretton Woods system, particularly if regulators allow a shift to a fractional reserve model [10]. - The transition from a fully reserved system to a fractional reserve model for stablecoins could fundamentally alter their nature, transforming them from passive digital assets to active credit creators [10]. Group 6: Regulatory Landscape - The U.S. GENIUS Act establishes a federal regulatory framework for stablecoins, requiring issuers to hold reserves in high-quality liquid assets and undergo regular audits [31]. - Hong Kong has implemented the Stablecoin Ordinance, mandating that stablecoin issuers maintain 100% backing with high-quality assets and obtain licenses from the HKMA [32]. - Singapore's MAS has introduced a regulatory framework for single-currency stablecoins, ensuring that reserves equal at least 100% of the circulating stablecoin value [33]. - The EU's MiCA regulation categorizes different types of crypto assets and imposes reserve and disclosure requirements to protect consumers and maintain financial stability [34].

来源：上海证券报·中国证券网 8月22日，由上海资产管理协会（简称"协会"）主办的"指数与量化投资专业委员会筹备工作暨指数与量化投资规范发展座谈会"在上海北外滩召开。来自协 会相关会员单位及邀请单位中的银行理财、保险资管、公募基金、私募基金、证券期货公司资管，财富管理、数智技术机构，上海、深圳、北京证券交易所 及上海期货交易所、中国金融期货交易所等的50余位专业技术专家参加会议，大家踊跃发言、建言献策。上海市委金融办及相关金融监管部门有关领导专家 到会指导。 协会副会长，国泰海通资管党委书记、董事长兼总裁陶耿代表主办方讲话指出，站位于上海国际金融中心和全球资产管理中心建设，指数与量化投资是资本 市场发展进程的必然阶段，是践行"理性、价值、长期"投资的重要业务领域，是资产管理业数字金融的重要技术构成，是服务实体经济、服务投资者的重要 金融工具。协会根据今年工作计划，按照"成熟一家再建一家"的专委会组建原则，即将成立"指数与量化投资专业委员会"，与会专家的真知灼见将指导支持 协会办好这个新的重要的专委会。筹建专委会，将助力推动投资者结构优化，强化受托责任和风险控制，促进资产管理业、指数与量化投资的规范发展。 上证 ...

清华大学物理系副教授安海鹏表示，清华物理系的发展离不开校内师生的努力，也得益于社会各界的长 期支持；期待与财通资管增进交流互动，促进学生职业探索与能力塑造，持续提升学生在就业市场的竞 争力。 财通资管权益投资、量化及多资产投资、固收多策略投资、创新投资等投研部门负责人分别围绕各自领 域的市场情况与实践经验，与来访师生分享思考与心得，为有志从事金融事业的物理学子提供有益参 考。 在金融行业高质量发展新阶段，强大的金融人才队伍是实现金融强国目标的关键要素。新形势下，加深 高校与金融机构的融合协作显得尤为重要：一方面，高校的前沿研究能为金融创新提供理论基石与复合 型人才；另一方面，金融行业实践需求可反哺学科建设，推动科研与市场深度融合。这种双向赋能有助 于提升金融服务实体经济质效。 近日，清华大学物理系博士师生代表参访财通资管，围绕金融求职、投资研究、市场热点等多个话题， 与财通资管与会人员展开深入的交流互动，成为促进"产-学-研"协同发展的又一生动实践。 图：参访活动现场(于财通证券上海总部职场) 财通资管党委副书记郑杰指出，财通资管经过十余年发展，构建了"一主两翼"的业务版图，近年来公司 核心竞争力已位居同业前 ...

Core Viewpoint - China Smart Technology (00464) has entered into a non-binding memorandum of understanding with De Kun Asset Management (Hong Kong) Limited regarding a potential subscription for up to 30% of the expanded share capital of the target company [1] Group 1: Company Overview - The target company is an investment holding company registered in Hong Kong, primarily providing virtual digital product trading services through its wholly-owned subsidiaries [1] - The indirect wholly-owned subsidiary of the target company sells online virtual recharge products via its e-commerce platform and offers sales and recharge services for such products [1] Group 2: Investment Details - The potential investment consideration and other terms are subject to further negotiations between the parties involved in the memorandum [1] - Prior to making the potential investment, the company will conduct further due diligence on the target company to ensure compliance with all relevant laws and regulations [1]