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]

海富通中证 A100 指数证券投资基金（LOF） 基金管理人：海富通基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：二〇二五年八月三十日 海富通中证 A100 指数证券投资基金（LOF）2025 年中期报告 海富通中证 A100 指数证券投资基金（LOF）2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以上独 立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 29 日复核了本报告中 的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容不存 在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基 金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 海富通中证 ...

Group 1 - The article discusses the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It highlights the role of US dollar bond funds as a significant component of investment diversification [2] - A free course is offered to provide systematic knowledge on investing in US dollar bond funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The article explains the separation between index companies and index fund companies, noting that they are typically distinct entities [5] - Historically, there was a time when index companies and fund companies were the same, allowing fund companies to create their own indices and issue corresponding funds [6] - The separation is primarily driven by conflict of interest concerns, where a fund company might manipulate indices to benefit its own actively managed funds [8][9]

Core Viewpoint - The REITs market in China has experienced a notable adjustment in August, with the CSI REITs Total Return Index showing a cumulative monthly decline of 2.61% [2][6]. Market Performance - During the week of August 25-29, the CSI REITs Total Return Index increased by 1.06%, although trading activity decreased compared to the previous week [4]. - 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, particularly in the consumer, energy, and warehousing sectors [4][6]. Notable REITs Performance - The top-performing REIT for the week was Guotai Junan Jinan Energy Heating REIT, with a weekly increase of 5.70%. Other notable performers included China Aviation Easy Business Warehousing Logistics REIT and Harvest Wumart Consumer REIT, both with over 4% weekly gains [5][6]. - Only 8 REITs experienced declines, with the largest drop being 2.62% for ICBC Mengneng Clean Energy REIT [6]. Market Outlook - CITIC Securities 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 three short-term negative factors nearing resolution and three long-term positive factors remaining unchanged [6]. New Developments in REITs - The Huaxia Kaide Commercial REIT received approval from the Shanghai Stock Exchange and the CSRC for a total fundraising of 400 million units, marking a significant step towards internationalization and diversification in China's public REITs market [7]. - Guotai Junan Dongjiu New Economy REIT's expansion application was approved, and it plans to acquire infrastructure projects in Nantong and Chongqing [8]. - Guotai Junan Lingang Innovation Industrial Park REIT successfully expanded its listing, raising approximately 1.723 billion yuan, reflecting strong market investor recognition [8]. Market Size and Growth - The public REITs market has issued a total of 74 units, with a cumulative fundraising scale reaching 202.066 billion yuan, indicating a trend towards normalized issuance and quality expansion in the market [8].