黄善文透露，在民生金融与金融科技方面，澳门金管局在有关部门支持下，将进一步优化跨境支付结算 与数据系统对接，夯实跨境金融科技底座。 黄善文表示，澳门将与湾区城市在营商制度、法律结构、税务优惠与人才配套等方面同向发力，降低跨 境投融资与支付的制度性成本，提升市场化、法治化、国际化水平，助力大湾区在债券、基金、金融科 技与民生金融等领域走深走实、协同共赢。 8月30日，第七届粤港澳大湾区金融发展论坛在广州南沙举行。澳门金融管理局代主席黄善文表示，澳 门将以制度完善与平台互联为抓手，推动一批国内外头部基金在澳门落户，做强长期资本管理与跨境资 产配置能力。 黄善文介绍，近期，财政部及广东省先后在澳门完成发债，市场反应良好。下一步，澳门将鼓励更多大 湾区企业利用澳门市场融资，并借助"港澳—CMU"互联优势，吸引葡语国家与国际投资者，发挥"中国 —葡语国家金融服务平台"作用。在基金业方面，澳门已完成《投资基金法》修订，将于明年1月1日生 效。澳门金管局将联动粤港澳相关机构，完善营商制度、法律架构、税务与人才配套，推动一批国内外 头部基金落地，带动私募股权、母基金与跨境资管协同发展。 ...

Core Insights - A selection of outstanding fund managers has been identified, with only six meeting strict criteria for performance and risk management [1] - The selected funds are primarily equity mixed, ordinary stock, and flexible allocation types, with annualized returns exceeding 10% and maximum drawdowns below -40% [1] Fund Manager Performance - The top fund managers include Wu Guoqing, Mo Haibo, Liu Yuanhai, Liu Xu, Wang Ping, and Zhou Yun, with Zhou Yun managing two funds that made the list [1][2] - Wu Guoqing's fund focuses on the non-ferrous metals industry, while Mo Haibo and Liu Yuanhai's funds emphasize technology and communication sectors [2][3] Zhou Yun's Investment Strategy - Zhou Yun has demonstrated a maximum drawdown of only -26.93% over a tenure of more than nine years, showcasing strong risk management [3] - His investment style is centered on value investing, with a diversified industry allocation and low turnover rates [3] Market Outlook and Fund Recommendations - Zhou Yun maintains an optimistic long-term outlook for the Chinese economy and markets, advocating for a balanced portfolio of stable assets and growth stocks [4] - Investors interested in Zhou Yun's strategies may consider his new fund, Oriental Red Core Value Mixed, which encourages long-term holding through a floating fee structure [4]

8月30日，兴银基金管理有限责任公司正式发布董事长变更公告，宣布经股东会及董事会审议通过，自 2025年8月29日起，黄德良正式出任公司董事长，原总经理易勇不再代行董事长职务。 公开资料显示，黄德良拥有近30年金融行业经验，职业生涯横跨银行、信托、证券三大领域。其履历始 于1996年的兴业银行体系，历任福州分行财务会计部职员、重庆分行筹建组核心成员，并在重庆分行计 划财务部、同业业务部、公司部及投行部担任负责人，后升任分行行长助理、党委委员。2012年，黄德 良转任兴业国际信托党委委员、副总裁，深度参与信托业务转型与行业布局。 2014年起，黄德良加入华福证券，担任党委副书记、总裁，并于2025年7月升任党委书记、董事长，成 为华福证券历史上首位同时兼任总裁与董事长的核心管理者。在其主导下，华福证券2024年完成47.57 亿元增资扩股，创当年证券行业最大融资纪录，推动公司总资产突破900亿元、净资产达190亿元，资产 管理规模与客户资产规模均实现历史性跨越。 兴银基金此次高层调整正值公募行业格局深度重构之际。数据显示，截至2025年6月末，兴银基金公募 管理规模为1097.28亿元。2025年以来，公司面临 ...

Core Viewpoint - The Guangdong Securities Regulatory Bureau emphasizes the importance of enhancing the financial cooperation and development of the Guangdong-Hong Kong-Macao Greater Bay Area, particularly in supporting high-quality technology enterprises for listing and financing [1][4]. Group 1: Financial Market Developments - The three major exchanges play a core role in the construction of the international financial hub in the Greater Bay Area, with the Shenzhen Stock Exchange enhancing support for innovation and the Hong Kong Stock Exchange reforming its issuance system to facilitate Guangdong enterprises going public [2]. - As of July 2023, 165,000 individual investors participated in the "Cross-Border Wealth Management Connect," with cross-border remittance exceeding 120 billion yuan [2]. - Since the start of the 14th Five-Year Plan, Guangdong has seen the establishment of 10 new industry legal entities and subsidiaries, with a total of 31 securities companies, 36 fund companies, and 23 futures companies [2]. Group 2: Technology Enterprise Financing - Guangdong leads the nation in technology enterprise listings, with 249 new domestic listed companies since the beginning of the 14th Five-Year Plan, raising 233.5 billion yuan, of which 95% are technology enterprises [3]. - In the past five years, Guangdong enterprises have issued over 560 innovative bond types, raising more than 220 billion yuan, and 14 public REITs products raising over 40 billion yuan [3]. - By the end of July 2023, Guangdong had 2,364 private equity fund managers, managing a total of 2.4 trillion yuan, with investment cases and amounts remaining among the highest in the country [3]. Group 3: Future Initiatives - The Guangdong Securities Regulatory Bureau plans to enhance services for high-quality technology enterprises seeking to go public, optimizing the listing service system in collaboration with exchanges and local government [4]. - There will be increased efforts to support various enterprises in expanding direct financing, particularly through the issuance of technology innovation bonds and public REITs [5]. - The Bureau aims to promote mergers and acquisitions among listed companies and foster the growth of "patient capital" to facilitate a virtuous cycle between technology, industry, and finance [5].

Core Viewpoint - The article discusses the increasing global debt levels over the past two decades and emphasizes the importance of understanding the composition of sovereign debt holders, which has been underexplored in existing literature [3][5]. Group 1: Research Background and Data Construction - The paper constructs a dataset of sovereign debt holders across 101 countries from 1991 to 2018, categorizing investors into six types: domestic banks, private non-banks, official investors, foreign banks, foreign private non-banks, and foreign official investors [5][4]. - The dataset integrates data from multiple sources, including the IMF, World Bank, and central banks, covering 24 developed countries, 48 emerging markets, and 29 developing countries [5][4]. Group 2: Marginal Holders of Government Debt - The study finds that private non-bank investors hold 62% of newly issued debt on the margin, despite averaging only 44% of total sovereign debt holdings [7]. - In developed, emerging, and developing countries, private non-bank investors are the most active marginal investors, with emerging markets showing significant contributions from both domestic and foreign private non-banks [7]. Group 3: Analysis of Private Non-Bank Institutions - The paper segments private non-bank investors into domestic and foreign categories, revealing that in the U.S. Treasury market, 70% of marginal holdings by domestic private non-banks come from money market funds and hedge funds [9]. - In the UK, insurance and pension funds account for 50% of domestic private non-bank marginal holdings, while in the Eurozone, investment funds dominate with 78% of marginal holdings in foreign sovereign debt [9]. Group 4: Demand Elasticity Analysis of Sovereign Debt - The paper develops a framework to analyze the demand elasticity of sovereign debt, focusing on how price changes affect investor demand [10][12]. - It finds that private non-bank institutions exhibit higher demand price elasticity compared to banks, with foreign private non-bank investors showing a demand price elasticity of -9.74, indicating a strong sensitivity to price changes [12].

兴银基金前身为华福基金管理有限责任公司，成立于2013年10月，由华福证券与国脉科技共同出资设立，目前注册资本 为1.43亿元。截至2025年6月30日，兴银基金公募管理规模1096.85亿元，其中公募非货规模较年初增长近100亿元。 又一家千亿公募换帅！ 8月30日，兴银基金发布董事长变更公告，任命黄德良为兴银基金管理有限责任公司董事长，总经理易勇不再代为履行公 司董事长职务。 在此之前，3月29日，兴银基金发布公告，吴若曼不再担任兴银基金董事长职务，同时，公司总经理易勇代为履行公司董 事长职务。 黄德良兼任兴银基金董事长 公开资料显示，兴银基金新任董事长黄德良，曾在兴业银行股份有限公司、兴业国际信托有限公司工作，现任华福证券 有限责任公司董事长、总裁，兴银基金管理有限责任公司董事长。他在银行、信托、证券等多元金融领域深耕近三十 载，对金融业经营管理具有独到见解，其跨界履历堪称行业范本。 业内人士表示，黄德良作为兴银基金控股股东——华福证券的党委书记、董事长，兼任基金子公司董事长，这类情况在 业内十分常见。例如汇添富基金董事长鲁伟铭为控股股东东方证券副董事长、华夏基金董事长张佑君为控股股东中信证 券董事长等 ...

Group 1: Satellite Communication Industry - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry [1] Group 2: ETF Market Growth - The total scale of ETFs in the market reached 5.07 trillion yuan as of August 25, marking the fastest time to cross the 5 trillion yuan threshold in history [2] - The E Fund ChiNext ETF surpassed 100 billion yuan, becoming the largest ChiNext ETF in the market [3] Group 3: Brokerage Performance - Major brokerages such as CITIC Securities reported significant growth in their mid-year performance, with CITIC Securities achieving an operating income of 33.039 billion yuan, a year-on-year increase of 20.44% [8] - The total assets of CITIC Securities exceeded 1.8 trillion yuan, reflecting a growth of 5.67% compared to the end of the previous year [8] Group 4: Fund Management Changes - Huang Deliang was appointed as the new chairman of Xingyin Fund, expected to enhance collaboration between the fund company and its stakeholders [5] - Tan Zhiyong was appointed as the deputy general manager of China Merchants Fund, part of ongoing efforts to optimize the management team [10] - Li Yongxing was appointed as the deputy general manager of Su Xin Fund, bringing 18 years of experience in the securities industry [11] Group 5: Financial Technology and Investment in Hong Kong - The Hong Kong Investment Promotion Agency highlighted opportunities in the financial services and fintech sectors, driven by a resurgence in IPO activities [6] - Many entrepreneurs are establishing family offices in Hong Kong to manage family assets, indicating a trend of expansion into international markets [6][7] Group 6: Private Equity Insights - Private equity firms are actively increasing their positions in the stock market, focusing on sectors such as technology, consumption, and biomedicine, as the market shows signs of a bullish trend [15]

Group 1 - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry [2][3] - The guidelines aim to deepen the reform of the satellite communication access system and facilitate high-quality development in the sector [3] Group 2 - The total scale of ETFs in the market reached 5.07 trillion yuan as of August 25, marking the fastest time to surpass the 5 trillion yuan milestone in history [4] - The growth in ETF scale reflects the accelerating trend of passive investment in various asset classes [4] Group 3 - The E Fund ChiNext ETF has surpassed 100 billion yuan in scale, becoming the largest ChiNext ETF in the market [6] - There are currently seven ETFs in the market with a scale exceeding 100 billion yuan, covering major indices such as CSI 300 and SSE 50 [6] Group 4 - Major securities firms, including CITIC Securities and China Galaxy Securities, reported significant growth in their mid-year performance for 2025, with CITIC Securities achieving a revenue of 33.04 billion yuan, a year-on-year increase of 20.44% [11] - CITIC Securities' net profit attributable to shareholders reached 13.72 billion yuan, up 29.80% year-on-year, marking its best mid-year performance in history [11] Group 5 - The Hong Kong Investment Promotion Agency is focusing on facilitating the establishment of family offices by mainland entrepreneurs and promoting investment in Hong Kong's innovative technology sector [9][10] - The establishment of a treasury center committee by the Hong Kong Chinese Enterprises Association aims to enhance collaboration with large enterprises setting up treasury centers in Hong Kong [10] Group 6 - The asset management industry is witnessing significant personnel changes, with major firms like China Merchants Fund announcing key management appointments to optimize their leadership teams [13][14] - The report indicates that several foreign-controlled wealth management companies have seen substantial growth in their product scales, with some exceeding 60% growth in the first half of 2025 [13]

Group 1 - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry [3] - The total scale of ETFs in the market reached 5.07 trillion yuan as of August 25, marking the fastest time to cross the 50 trillion yuan threshold in history [4] - The E Fund ChiNext ETF has surpassed 100 billion yuan, becoming the largest ChiNext ETF in the market [8] Group 2 - Major securities firms such as CITIC Securities and China Galaxy Securities reported significant growth in their mid-year performance for 2025, with CITIC Securities achieving a revenue of 33.04 billion yuan, a year-on-year increase of 20.44% [14] - The Hong Kong Investment Promotion Agency highlighted the opportunities in the financial sector, particularly with the return of IPOs and the establishment of family offices by mainland entrepreneurs [12] - The asset management industry is seeing a trend of significant growth, with some foreign-controlled wealth management companies reporting over 60% growth in their product scales for the first half of 2025 [17]

Core Insights - The Shanghai-Shenzhen 300 ETF has seen a significant expansion, with a total scale increase of nearly 400 billion yuan over the past year, making it one of the most notable categories in the broad-based ETF market this year [1] Group 1 - The Huatai-PineBridge Shanghai-Shenzhen 300 ETF and the E Fund Shanghai-Shenzhen 300 ETF have shown particularly strong performance, each increasing by over 100 billion yuan in scale this year, reaching 132.557 billion yuan and 105.683 billion yuan respectively [1] - The expansion of the Shanghai-Shenzhen 300 ETF is primarily driven by net asset value growth, which is a result of both the index rebound and net capital inflows, further amplifying the overall scale [1]