Group 1 - The fund is named "Jia Shi Zhong Zheng A500 Index Enhanced Securities Investment Fund" and has been approved for registration by the China Securities Regulatory Commission on August 4, 2025 [1] - The fund is a contractual open-end stock index enhanced fund [2] - The fund manager is Jia Shi Fund Management Co., Ltd., and the custodian is China Postal Savings Bank Co., Ltd. [3] Group 2 - The fund will be publicly offered from September 1, 2025, to September 19, 2025 [4] - The minimum subscription amount is RMB 1 for online direct sales or non-direct sales institutions, and RMB 20,000 for direct sales center counter subscriptions [5][16] - Investors can subscribe multiple times during the fundraising period, but if a single investor's total subscription reaches or exceeds 50% of the total fund shares, the fund manager may restrict further subscriptions [5][17] Group 3 - The fund aims to effectively track the benchmark index (CSI A500 Index) while enhancing and optimizing the index portfolio management and risk control to achieve excess returns [20] - The fund does not set a fundraising target [21] - The fund's initial share value is RMB 1.00 for both A and C class shares [19][28] Group 4 - The fund's investment scope includes stocks, stock index futures, and other financial derivatives, with a focus on the CSI A500 Index [11][20] - The fund's investment strategy involves selecting stocks based on market capitalization and liquidity, with a sample of 500 securities reflecting the overall performance of representative listed companies [11][13] Group 5 - The fund will be registered and managed by Jia Shi Fund Management Co., Ltd., which will also handle the fund's registration and transfer [70][72] - The fund's legal advisor is Shanghai Yuan Tai Law Firm, and the accounting firm is Rong Cheng Accounting Firm [73]

Group 1 - Huatai Securities Asset Management Co., Ltd. plans to invest up to 32 million yuan of its own funds in its equity public funds, with a holding period of no less than one year [1] - The investment decision is based on confidence in the long-term healthy and stable development of the Chinese capital market and the company's active investment management capabilities [1] - The aim of using its own funds for investment is to adhere to the long-term investment philosophy, sharing risks and returns with investors and fund holders [1] Group 2 - Huatai Securities Asset Management is a subsidiary of Huatai Securities and obtained a public fund license in 2016, with a public fund management scale of 138.669 billion yuan as of the end of 2024 [1] - In August, multiple public funds, including Southern Fund, ICBC Credit Suisse Fund, and Taikang Fund, have announced their own purchase plans [1]

Core Viewpoint - The company plans to transfer its 5% stake in Steel Research Dahui Private Fund Management Co., Ltd. to Steel Research Investment Co., Ltd. for a price of 16.3987 million yuan, aiming to focus on its core business and enhance competitiveness [1][2][3] Summary by Sections Transaction Overview - The company intends to transfer its 5% stake in Steel Research Dahui for 16.3987 million yuan based on an asset evaluation report [1][2] - The company will no longer hold any equity in Steel Research Dahui after the transaction [1] - The transaction is classified as a related party transaction due to the common control by China Steel Research Technology Group [2][3] Related Party Information - Steel Research Investment holds 80% of Steel Research Dahui, while other stakeholders include Antai Technology (6.67%), Steel Research High-Tech (5%), and New Metallurgy High-Tech Group (3.33%) [2][3] - The company has decided to waive its right of first refusal regarding the transfer of shares by other stakeholders [2][3] Financial Data - The evaluation report indicates that as of May 31, 2025, Steel Research Dahui's total assets are valued at 36.35179 million yuan, with liabilities of 3.55443 million yuan and equity of 32.79735 million yuan [19][20] - The company’s decision to divest is based on strategic planning and operational considerations, with no adverse impact on its financial status or operational results [20][21] Approval Process - The transaction has been approved by the independent directors, supervisory board, and board of directors, and is pending approval from the shareholders' meeting [21][22] - The independent directors have confirmed that the transaction aligns with the company's operational needs and does not harm the interests of shareholders, particularly minority shareholders [21][22]

钢研投资、安泰科技股份有限公司（以下简称"安泰科技"）、北京钢研高纳科技股份有限公司（以下简 称"钢研高纳"）和新冶高科技集团有限公司（以下简称"新冶集团"）分别持有大慧私募80.00%、 6.67%、5.00%和3.33%股权。安泰科技拟向中国钢研科技集团有限公司（以下简称"中国钢研"）转让大 慧私募6.67%股权；钢研高纳拟向中钢研（河北）科技有限公司（以下简称"中钢研河北"）转让其持有 的大慧私募5.00%股权；新冶集团拟向中国钢研转让其持有的大慧私募3.33%股权。结合公司整体战略 规划及实际经营情况，公司拟放弃上述转让股权的优先购买权。 根据《上海证券交易所股票上市规则》和《公司章程》等有关规定，本次股权转让及放弃优先购买权事 项受让方中的中国钢研为公司实际控制人，转让方钢研高纳、安泰科技、新冶集团和受让方中的中钢研 河北、钢研投资均受中国钢研控制，为公司的关联法人。因此公司本次转让参股公司股权并放弃优先购 买权事项属于关联交易。 格隆汇8月25日丨金自天正（维权）(600560.SH)公布，为进一步聚焦核心业务，专注提升主业竞争力， 公司拟向钢研投资有限公司（以下简称"钢研投资"）转让公司持有的参 ...

Core Viewpoint - The 15th Forbes-Fuguo China Preferred Financial Advisor Selection aims to set industry benchmarks and enhance service quality for investors, reflecting the evolving landscape of wealth management since its inception in 2009 [1][5]. Event Overview - The selection process has progressed to the semi-final stage, with regional competitions covering four major areas: Central and Western China, North China and Bohai Rim, South China, and East China [1]. - The first semi-final for the Central and Western region took place in Chongqing on August 23, involving 12 provinces and municipalities [1][12]. Judging and Evaluation - The competition includes multiple assessment formats, such as group discussions and debate sessions, focusing on candidates' professional skills, communication abilities, and logical thinking [8][9]. - Five debate topics were presented, covering fiscal policies, investment strategies, and the future of banking wealth management, showcasing participants' expertise and analytical skills [9]. Key Participants - Notable figures in attendance included executives from Forbes China and Fuguo Fund, as well as esteemed professors and analysts from various financial institutions [4][5]. Future Events - The next regional semi-final will occur on August 30 in Zhengzhou, leading up to the national finals and award ceremony in Beijing [12].

Group 1 - BlackRock announced the departure of fund manager Li Qian from three funds due to personal reasons, effective August 14, 2025 [1][2] - Li Qian previously managed a total of 11 funds at Hongde Fund with an asset scale exceeding 20 billion yuan [2] - The three funds managed by Li Qian had returns of 3.81%, 3.43%, and 2.23% respectively [2][3] Group 2 - The BlackRock Pu Yue Feng Li Mixed Fund and the BlackRock Xin Yue Feng Li Bond Fund have underperformed their benchmarks, with deficits of 11.1 percentage points and 8.22 percentage points since inception [3] - The BlackRock Pu Yue Feng Li Mixed Fund has a stock allocation of 16.95% and a bond allocation of 82.32%, with top holdings including Ningde Times and Kweichow Moutai [3] - The fund's strategy includes an overweight in credit duration and a preference for high-grade, high-liquidity credit bonds, while employing a quantitative stock selection strategy to manage volatility [3]

Group 1 - Goldman Sachs' recent report indicates that during the week of August 18 to 22, emerging markets in Asia (excluding mainland China) experienced significant institutional investor sell-offs, with a net sell amount of $4.8 billion [1] - In contrast, the Chinese market saw a reversal with a net inflow of funds, demonstrating strong attractiveness [1] - Data from EPFR shows that as of the end of July, emerging market funds had the highest overweight in Indonesia and Thailand, while the largest increase in allocation was observed in mainland China and India [3] Group 2 - As of July 31, China's share in global actively managed public fund portfolios was 6.6%, which is below the 15% percentile of the past decade and underweight by 320 basis points compared to previous benchmarks [3] - Hedge funds accelerated their net buying of Chinese stocks as of August 20, with the buying speed reaching the fastest pace in the past seven weeks, driven by both long positions and short covering [3] - From August 14 to August 20, the inflow of funds into Chinese stock funds turned positive, with an inflow of $1.2 billion, reversing the outflows of $1.1 billion, $1.2 billion, and $0.7 billion in the preceding weeks [3] Group 3 - Compared to active funds, passive funds acted more swiftly, with five out of the top ten net inflow products among over 130 Asia-Pacific ETFs listed in the US being Chinese ETFs [4] - The iShares MSCI China ETF (MCHI) saw a net inflow of $226 million during the week ending August 21, while the KWEB ETF, tracking the CSI Overseas China Internet Index, had a net inflow of $183 million [4]

Group 1 - The core point of the announcement is that Changjin Hexin Fund Management Co., Ltd. will adjust the valuation method for its fund holdings in Huahong Semiconductor Co., Ltd. (stock code: 688347) starting from August 22, 2025 [1] - The new valuation method will utilize the "index return method" as per the guidelines from the China Securities Association Fund Valuation Working Group for suspended stocks [1] - Once the stock resumes trading and exhibits active market trading characteristics, the valuation will revert to using the closing price of the day without further announcements [1]

Group 1 - The announcement from Galaxy Fund Management indicates a change in the valuation method for stocks held by its funds due to long-term suspension of trading [1] - Starting from August 22, 2025, the "Hua Hong Company" (stock code: 688347) will be valued using the "index yield method" for the relevant securities investment funds, excluding ETFs [1] - The valuation will revert to using the closing price on the trading day once the stock exhibits characteristics of an active market, without further announcements [2]

Core Viewpoint - The recent announcement from Baoying Fund indicates the departure of Deng Dong from multiple bond funds, which may impact the management and performance of these funds moving forward [1][2][3][4] Fund Performance Summary - **Baoying Yingtai Pure Bond Fund**: - Established on June 20, 2018 - Year-to-date return: 1.41% (A), 1.32% (C) - Since inception return: 21.61% (A), 11.90% (C) - Cumulative net value: 1.2106 (A), 1.1763 (C) [1] - **Baoying Rongyuan Convertible Bond Fund**: - Established on September 4, 2019 - Year-to-date return: 21.25% (A), 21.03% (C) - Since inception return: 40.80% (A), 38.30% (C) - Cumulative net value: 1.4080 (A), 1.3830 (C) [1][2] - **Baoying Jufeng Two-Year Fixed Open Bond Fund**: - Established on September 27, 2019 - Year-to-date return: 1.53% (A), 1.34% (C) - Since inception return: 19.55% (A), 17.43% (C) - Cumulative net value: 1.1925 (A), 1.1717 (C) [2] - **Baoying Enhanced Income Bond Fund**: - Established on May 15, 2008 - Year-to-date return: -0.80% (A), -1.05% (B), 0.00% (C) - Since inception return: 156.18% (A), 129.77% (B) - Cumulative net value: 2.1390 (A), 2.0205 (B) [2][4] - **Baoying Xiangqing 9-Month Holding Mixed Fund**: - Established on August 3, 2021 - Year-to-date return: 0.77% (A), 0.50% (C) - Since inception return: -5.90% (A), -7.42% (C) - Cumulative net value: 0.9410 (A), 0.9258 (C) [2][4] - **Baoying Antai Short Bond Fund**: - Established on December 7, 2018 - Year-to-date return: 1.09% (A), 0.90% (C) - Since inception return: 23.45% (A), 21.01% (C) - Cumulative net value: 1.2286 (A), 1.2049 (C) [2][4] Management Changes - Deng Dong has been dismissed as the fund manager for multiple funds including Baoying Yingtai Pure Bond Fund, Baoying Rongyuan Convertible Bond Fund, Baoying Jufeng Two-Year Fixed Open Bond Fund, Baoying Enhanced Income Bond Fund, Baoying Xiangqing 9-Month Holding Mixed Fund, and Baoying Antai Short Bond Fund [1][3][4] - Other fund managers will continue to manage these funds alongside new appointments [3][4]