8月29日，中国银行半年度业绩报告中披露的信息显示，中银基金在境内经营基金业务。6月末，中银基 金注册资本1.00亿元，资产总额72.56亿元，净资产59.58亿元；上半年，实现净利润4.20亿元。6月末， 资产管理规模7,459.45亿元，其中公募基金规模6,766.18亿元，非货币公募基金规模3,176.12亿元。 （中国银行） ...

专题：新浪仓石基金研究院 8月30日，工银瑞信基金发布高级管理人员变更公告，总经理高翀因 工作调动离任，公司党委书记、董事长，法定代表人 赵 桂才代任总经理职务，代任日期2025 年 8 月 28 日。 2025年8月30日，工银瑞信基金管理有限公司发布高级管理人员变更公告，宣布总经理高翀因工作调动离任。公司党委书记、 董事长、法定代表人赵桂才代任总经理职务，代任日期为2025年8月28日。 据公开信息，赵桂才于1990年加入中国工商银行，拥有超过30年的金融行业工作经验。他曾先后在工商银行总行多个部门担 任管理职务，2013年至2016年期间担任工银巴西执行董事、总经理，2016年至2020年任工银租赁党委书记、执行董事、总 裁，2020年加入工银瑞信基金管理有限公司。 离任总经理高翀于2021年7月加入工银瑞信基金，担任公司党委副书记。在其四年任期内（2021年7月22日至2025年8月28 日），公司资产管理规模实现稳健增长，公墓资产规模从7183.33亿元提升至7951.74亿元，增长768.41亿元，增幅达10.70%。 | 基金管理人名称 | 工银瑞信基金管理有限公司 | | --- | --- ...

Core Viewpoint - The report highlights the financial performance and operational developments of China Television Media Co., Ltd. for the first half of 2025, indicating a mixed performance with a decline in revenue but improvements in net profit and asset growth [1][2]. Financial Performance - The company's operating income for the first half of 2025 was approximately 229.18 million yuan, a decrease of 10.75% compared to the same period last year [2]. - The total profit for the period was approximately 16.79 million yuan, a significant recovery from a loss of about 15.30 million yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 19.98 million yuan, recovering from a loss of about 18.43 million yuan in the previous year [2]. - The net cash flow from operating activities was negative at approximately -201.15 million yuan, worsening from -135.26 million yuan in the previous year [2]. - The total assets increased by 1.77% to approximately 1.63 billion yuan, while the net assets attributable to shareholders grew by 6.18% to approximately 1.29 billion yuan [2]. Industry Overview - The film and television industry is experiencing growth driven by policy support, technological innovation, and capital investment, with a notable increase in box office revenue, which reached 29.2 billion yuan, up 22.91% year-on-year [3][4]. - The introduction of the "Micro Short Drama+" initiative by the National Radio and Television Administration aims to promote cross-field integration and innovation within the industry [3]. - The competition in the media landscape is intensifying, with traditional media companies and internet platforms vying for market share [3]. Business Segments - The company has diversified its operations across several segments, including television program production and sales, media advertising agency, and film and television technology services [5][6]. - The television program production segment focuses on high-definition documentaries and large-scale events, leveraging strong relationships with major broadcasting networks [5]. - The advertising segment has faced challenges, with revenue declining by 38.69% to approximately 69.74 million yuan due to a shrinking traditional television advertising market [10][11]. - The tourism segment, which includes the operation of film shooting bases, generated approximately 84.20 million yuan, reflecting a 7.47% decline compared to the previous year [11]. Strategic Initiatives - The company is actively exploring new business models and enhancing its marketing strategies to adapt to changing market conditions [12]. - It is focusing on content innovation and expanding its market reach by leveraging resources from major broadcasting networks [12][13]. - The company is also investing in fund management and has established partnerships to support its media investment initiatives [8][19].

新华财经上海8月29日电（记者杨溢仁）近日，中金重庆两江产业园封闭式基础设施证券投资基金（以 下简称：中金重庆两江REIT）披露了2025年中期报告及2025年第二次分红公告。 该基金于2025年8月20日披露了2025年第二次分红公告，收益分配基准日为2025年6月30日。而2025年1 月1日至6月30日，中金重庆两江REIT已实现可供分配金额约2732.55万元，较预期可供分配折算金额达 成率为100.84%；累计已分配金额约2731.42万元，实际分配金额约占可供分配金额的99.96%。 报告期内，基金项目公司实现营业收入4888.80万元。目前，基础设施项目整体出租率为88.11%，期末 已生效合同平均签约租金单价为51.21元／平方米／月（含税），报告期末加权平均剩余租期1265天， 基础设施项目整体运营保持稳健。 （文章来源：新华财经） 据记者了解，中金重庆两江REIT通过专项计划100%持有的基础设施资产合计由4个产业园区组成，分 别为位于重庆市两江新区两江数字经济产业园照母山研创核心区内的双鱼座项目、双子座项目、凤凰座 项目及拓D一期D2项目，合计建筑面积约24.37万平方米，可租赁面积18 ...

Core Viewpoint - The recent leadership change at Huaan Fund, with Xu Yong replacing Zhu Xuehua as chairman, is seen as a pivotal moment for the company amid ongoing industry restructuring and integration challenges following the merger of Guotai Junan Securities and Haitong Securities [1][2][3]. Company Overview - Xu Yong officially took over as chairman of Huaan Fund on August 28, 2025, after Zhu Xuehua's retirement on August 26, 2025 [3]. - Xu Yong has a diverse background, including experience in various sectors such as industry, government, insurance, and public funds, and previously served as the general manager of招商基金 (Zhaoshang Fund) [3][4]. - Under Xu's leadership at招商基金, the fund's management scale increased from 792.1 billion to 933.2 billion yuan from July 2022 to May 2025 [3]. Industry Context - Huaan Fund, established in 1998, is one of the first "old ten" fund companies in China but has faced challenges in total assets and profitability compared to招商基金 [4]. - As of the end of 2024, Huaan Fund reported total assets of 7.767 billion yuan and net assets of 5.687 billion yuan, with a revenue decline of 9.56% year-on-year [4]. - The leadership change is viewed as a strategic move by Guotai Haitong Securities to integrate its public fund resources and enhance business collaboration, particularly with Haitong Fund [4][6]. Integration and Restructuring - The integration of Guotai Junan Securities and Haitong Securities is a significant event in the Chinese securities industry, with the merger completed in March 2025 [6]. - Following the merger, Guotai Haitong Securities must consolidate its public fund resources to comply with regulatory requirements, with a specific integration plan due by February 2026 [6][7]. - The integration process has already begun with Haitong Fund, which has seen significant growth in its ETF offerings, surpassing 100 billion yuan in total scale as of August 21, 2025 [5][6].

头部银行系公募现高管调整。 2025年8月29日晚间，记者获悉，工银瑞信基金总经理高翀因"工作调动"自2025年8月28日起离任。工银 瑞信基金对高翀先生任职期间做出的卓越贡献深表感谢，并表示将暂由董事长赵桂才代任总经理职务。 据记者向工商银行（601398）集团知情人士了解，本次变更为集团内人事调整。"另有任用，为升 任。"该人士向记者表示。关于接替安排，目前暂无进一步信息。 数据显示，高翀在任期间，工银瑞信的资产管理总规模从1.7万亿元增长至超2.1万亿元。公司的公募基 金管理规模则整体在波动中呈小幅增长：截至2025年6月30日，工银瑞信总公募管理规模为7877.21亿 元，相较去年年末下行495亿元，相较2021年年中则提升了687亿元。 近年来，公募基金行业高管变动频繁。2024年全年高管离任人数创历史新高，达355位，涉及135家机 构，2025年更是一度呈现"高管变动潮"。 据数据，截至2025年8月27日，今年以来基金行业已发生超270人次高管变更，其中董事长63人次、总经 理54人次。业内人士认为，基金行业高管高频调整已成为行业常态，这既是公募基金行业经历27年发展 后新老交替常态化的必然结 ...

Group 1 - Nord Fund announced the retirement of Chairman Pan Fuxiang due to reaching the legal retirement age on August 29, 2025 [1][5] - Pan Fuxiang has been a significant figure in the investment industry, known for his long tenure as an investment professor at Tsinghua University since 1991 and for co-founding Nord Fund in 2004 [1][6] - Under Pan's leadership, the asset management scale of Nord Fund increased nearly ninefold from the end of 2015 to July 2025 [1] Group 2 - Zheng Chengwu, who also has a background from Tsinghua University, will succeed Pan Fuxiang as the new Chairman of Nord Fund [2][8] - Zheng Chengwu has extensive experience in various leadership roles across different companies, including Tsinghua Holdings and other enterprises [4][8] Group 3 - Nord Fund was established in 2006 and has undergone changes in its ownership structure, currently being led by local state-owned assets [9] - The company emphasizes a core development philosophy focused on stable investment, value discovery, and long-termism, with a commitment to providing diverse product offerings and sustainable investment returns [9][10] - Nord Fund currently manages 44 public mutual fund products across various categories, including money market funds, bond funds, mixed funds, stock funds, and FOF funds [9]

发展银行股份有限公司、AXA Investment Managers S.A. 及上海国盛集团资产有限公司，公 司总部设在上海，注册资本为 120,000 万元人民币，股东持股比例分别为 51%、39%和 10%。公司 主要从事基金募集、基金销售、资产管理、境外证券投资管理和中国证监会许可的其他业务。 截至 2025 年 6 月 30 日止，浦银安盛旗下共管理 108 只基金，即浦银安盛价值成长混合型证 券投资基金、浦银安盛优化收益债券型证券投资基金、浦银安盛精致生活灵活配置混合型证券投 资基金、浦银安盛红利精选混合型证券投资基金、浦银安盛沪深 300 指数增强型证券投资基金、 浦银安盛货币市场证券投资基金、浦银安盛稳健增利债券型证券投资基金（LOF）、浦银安盛战略 新兴产业混合型证券投资基金、浦银安盛 6 个月持有期债券型证券投资基金、浦银安盛消费升级 灵活配置混合型证券投资基金、浦银安盛日日盈货币市场基金、浦银安盛新经济结构灵活配置混 合型证券投资基金、浦银安盛盛世精选灵活配置混合型证券投资基金、浦银安盛增长动力灵活配 第 7 页 共 52 页 浦银安盛创业板 ETF2025 年中期报告 浦银安盛创业板交 ...

Core Viewpoint - The REITs market in China has experienced a notable adjustment in August, with the China Securities REITs Total Return Index showing a cumulative monthly decline of 2.61% [2][3]. Market Performance - During the week of August 25-29, the China Securities REITs Total Return Index increased by 1.06%, although trading activity decreased compared to the previous week [3]. - As of August 29, the index slightly fell by 0.29%, closing at 1073.33 points. Out of 74 listed public REITs, 65 recorded a week-on-week increase, with the top performers being in the consumer, energy, and warehousing sectors [3]. - The best-performing REIT for the week was Guotai Junan Jinan Energy Heating REIT, which rose by 5.70%. Other notable gainers included China Aviation Easy Business Warehousing Logistics REIT and Harvest Wumart Consumer REIT, both exceeding 4% weekly growth [3]. - Only 8 REITs experienced declines, with the largest drop being 2.62% for ICBC Mengneng Clean Energy REIT [3]. Market Outlook - CITIC Construction Investment recently published a report indicating that the REITs market is at a turning point, with expectations for stabilization and potential new highs by the end of the year. The report highlights that three short-term negative factors are nearing exhaustion, while three long-term positive factors remain unchanged [4]. New Developments - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, has received approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission to raise a total of 400 million units. This marks a significant step towards the internationalization and diversification of China's public REITs market [6]. - The initial assets of Huaxia CapitaLand Commercial REIT include two properties in Guangzhou and Changsha, with a total construction area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [6]. - Guotai Junan Dongjiu New Economy REIT's expansion application has been approved, marking the eighth expansion project in the public REITs market [7]. - Guotai Junan Lingang Innovation Industrial Park REIT successfully completed its expansion listing, raising approximately 1.723 billion yuan (around 17.23 million) and demonstrating strong market investor interest [8]. - The total fundraising scale of the public REITs market has reached 202.066 billion yuan (approximately 2020.66 million), indicating a shift towards normalized issuance and quality expansion in the market [8].

Group 1 - The core viewpoint of the report indicates that the ChiNext Composite Index has outperformed the ChiNext Index, All A, and CSI 300 in terms of risk-return ratio, with an annualized return of 5.97% compared to 4.47% for the ChiNext Index, 4.25% for All A, and 2.02% for CSI 300 [2][11] - The long-term performance of the ChiNext Composite Index is primarily driven by profit contributions, with a cyclical characteristic of "valuation first, then profit digestion" observed during different industrial trends, notably in 2013 and 2019 [2][15][17] - The composition of the ChiNext Composite Index has evolved to include over one-third of listed companies, predominantly in emerging industries such as TMT, electric power, and pharmaceuticals, reflecting policy support for new industries during China's economic transformation [2][21][22] Group 2 - Historical phases of the ChiNext Composite Index's outperformance show a clear cyclical pattern, with major cycles lasting approximately six years, including the mobile internet boom from 2012 to 2016 and the emerging manufacturing trend from 2018 to mid-2024 [3][29] - The macroeconomic environment during the ChiNext Composite Index's outperformance phases typically features economic growth slowdowns, loose monetary policy, weak credit, and declining inflation, which correlate with increased market activity and reduced risk premiums [3][33][34] - Future performance of the ChiNext Composite Index is expected to transition from valuation-driven gains to profit-driven contributions, necessitating validation of industrial trends, particularly in AI and innovative pharmaceuticals [3][42][48] Group 3 - The report suggests that despite the ChiNext Composite Index's long-term return elasticity, current market attention remains relatively low, with passive index fund sizes below 1 billion and enhanced index funds around 1.4 billion [4][54][55] - The upcoming launch of the Yinhua ChiNext Composite ETF is recommended for investors looking to capitalize on the technological growth elasticity under current industrial trends [4][54]