Group 1 - The core point of the announcement is that Dongfang Fund Management Co., Ltd. will adjust the valuation method for the suspended stock held by its funds, specifically for Huahong Company (688347) [1] - Starting from August 18, 2025, the valuation method for Huahong Company will change to the "index income method," using the AMAC industry index as the reference [1] - The fund will consider various influencing factors and negotiate with the custodian bank, and will revert to using the closing price for valuation once the stock demonstrates active market trading characteristics [1]

Core Insights - A total of 10 mutual funds have been identified with style drift in Q2 2025, with some funds from major asset management firms like Harvest Fund, Huatai-PineBridge Fund, and China Merchants Jinling Fund [2][3] - The China Securities Regulatory Commission (CSRC) has emphasized the need for clear performance benchmarks for each fund to prevent deviations from their stated investment objectives [2][12] - As of August 18, 2025, five of the identified funds have underperformed their benchmarks over the past three years, indicating potential issues with their investment strategies [2][9] Fund Performance and Characteristics - The largest fund among those identified is the China Merchants Jinling Fund's "Innovation Leading" mixed fund, with a scale of 2.067 billion yuan, which has shown a significant style drift towards banking stocks [5][11] - Other funds with notable style drift include "Smart China 2025" and "Modern Service Industry," which have concentrated holdings in sectors that do not align with their thematic names [7][11] - The performance of the identified funds varies, with some achieving positive returns over the last three years, while others have recorded significant losses, such as the "Modern Service Industry" fund with a return of -55.17% [9][11] Regulatory Context - The CSRC has been actively addressing the issue of style drift in mutual funds, implementing measures to enhance the stability of fund investment behaviors and ensure that investors receive what they expect based on fund names [12][13] - Recent regulatory actions include the introduction of clearer guidelines for fund performance benchmarks and restrictions on excessive trading behaviors that may lead to style drift [12][13]

Core Viewpoint - The public REITs market in China continues to show strong issuance momentum, with the recent application for the "Hubei Jiaotou Chutian Expressway REIT" indicating ongoing interest and activity in this sector [2][4]. Group 1: Product Information - The newly submitted public REIT is named "Hubei Jiaotou Chutian Expressway Closed-End Infrastructure Securities Investment Fund" [3]. - The initiators of this REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Jiaotou Construction Group Co., Ltd. [5]. - The management of the REIT is handled by Huaxia Fund Management Co., Ltd. [3]. Group 2: Project Status and Background - The project has been officially submitted for approval and is currently awaiting acceptance [6]. - The underlying assets for this REIT include the toll rights and associated facilities of the Hubei section of the Daqing-Guangzhou Expressway, specifically the segment from Macheng to Xishui, which spans 147.115 kilometers [7]. - The toll collection period for this project is set from April 1, 2009, to June 18, 2039 [7]. Group 3: Market Overview - As of August 17, there are a total of 73 public REITs listed in the market [8]. - The market has seen a recent adjustment, with the total market capitalization of public REITs dropping below 220 billion yuan, currently at 212.619 billion yuan [13]. - The year-to-date performance of the market indices shows a rise of 9.78% for the CSI REITs Total Return Index and 6.27% for the CSI REITs Closing Index [13]. Group 4: Future Outlook - Analysts express optimism regarding the REITs market in a low-interest-rate environment expected in 2025, suggesting three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of existing REITs alongside new issuances [14].

Core Viewpoint - Nanhua Fund reported a net loss of 6.18 million yuan in the first half of 2025, continuing a trend of financial struggles since its establishment in 2016, with cumulative losses nearing 120 million yuan [2][3][5]. Financial Performance - In the first half of 2025, Nanhua Fund's operating income was 24.02 million yuan, a decline of over 35% year-on-year, while the net profit was -6.18 million yuan compared to a slight profit of 337,900 yuan in the same period last year [2][4]. - Since its inception, Nanhua Fund has only reported a profit in 2023, with losses in all other years, totaling nearly 120 million yuan [3][5]. - The total assets and net assets of Nanhua Fund as of June 30, 2025, were 139 million yuan and 132 million yuan, respectively [4]. Business Structure and Management - As of the second quarter of 2025, Nanhua Fund's public fund management scale reached 21.51 billion yuan, a year-on-year increase of 45.4% [10]. - The company has no money market funds, with bond funds accounting for approximately 97% of the total public fund scale, while equity funds represent only about 3% [11]. - Despite the overall growth in management scale, most funds have experienced net redemptions, indicating challenges in attracting and retaining investors [15]. Recent Developments - On August 11, 2025, Nanhua Futures announced a capital increase of 100 million yuan for Nanhua Fund to enhance its capital strength, raising the registered capital from 250 million yuan to 350 million yuan [7][8]. - The reopening of the Nanhua Ruitai 39-month fixed-term fund on May 20, 2025, attracted significant interest, with subscription amounts exceeding the 8 billion yuan cap, leading to a high confirmation rate of 94% for effective subscription applications [12][13]. Product Performance - The performance of Nanhua Fund's products has been underwhelming, with bond funds showing minimal growth and equity funds lacking standout performers [14]. - Among the six actively managed equity funds, five have achieved a year-to-date net asset value growth rate exceeding 15%, while one fund has reported negative returns [14].

Group 1 - The core point of the news is the appointment of Luo Hao as the new fund manager for the Huatai-PineBridge CSI Information Technology Application Innovation Industry ETF Initiation Link (021602), effective from August 19, 2025, while Sun Hao will no longer serve in this role [1] - As of August 18, 2025, the net value of the Huatai-PineBridge CSI Information Technology Application Innovation Industry ETF Initiation Link was 1.4816, reflecting a daily increase of 2.48% and a yearly increase of 61.18% [1] Group 2 - Luo Hao holds a Bachelor's degree in Engineering from Shanghai Jiao Tong University and a Master's degree in Management from Northeastern University, USA, and has the qualification for securities investment funds [2] - Luo Hao has a history of managing multiple funds, including the Huatai-PineBridge CSI Information Technology Application Innovation Industry ETF, which has achieved a return of 70.62% since September 11, 2024 [4] - The funds managed by Luo Hao include various ETFs with significant returns, such as the Huatai-PineBridge National General Aviation Industry ETF, which has a scale of 3.18 billion and a return of 4.39% since July 16, 2025 [4]

| 基金代码 | 基金名称 | 规模(亿元) | 任职时间 | 任职回报 | | --- | --- | --- | --- | --- | | 002453 | 九泰久稳灵活配置混合A | 0.04 | 2020-09-02 ~ 2023-03-15 | -25.54% | | 002454 | 九泰久稳灵活配置混合C | 0.03 | 2020-09-02 ~ 2023-03-15 | -27.03% | | 008110 | 九泰科盈价值混合A | 0.09 | 2023-09-27 ~ 2024-11-14 | -1.74% | | 008136 | 九泰科盈价值混合C | 0.07 | 2023-09-27 ~ 2024-11-14 | -1.97% | | 014825 | 汇泉兴至未来一年持有混合A | 0.43 | 2025-06-10 ~ 至今 | 19.03% | | 014826 | 汇泉兴至未来一年持有混合C | 0.10 | 2025-06-10 ~ 至今 | 18.93% | | 015688 | 九泰泰富灵活配置混合(LOF)C | 0.00 | 2022-04-29 ~ 202 ...

证券之星消息，2025年8月19日，汇添富中证电信主题ETF（560300）发布公告，增聘何丽竹为基金经理，任职日期自2025年8月19日起，晏阳不 再担任该基金基金经理，离任日期为2025年8月19日，变更后汇添富中证电信主题ETF（560300）的基金经理为何丽竹。截止2025年8月18日，汇 添富中证电信主题ETF净值为1.6608，较上一日上涨3.46%，近一年上涨66.61%。 何丽竹女士：中国国籍，研究生学历、复旦大学金融学硕士。2021年7月起加入汇添富基金管理股份有限公司。2025年3月18日至今任汇添富中证 芯片产业交易型开放式指数证券投资基金发起式联接基金的基金经理。2025年3月18日至今任汇添富深证300交易型开放式指数证券投资基金联接 基金的基金经理。2025年3月21日至今任汇添富中证智能汽车主题交易型开放式指数证券投资基金的基金经理。2025年4月21日至今任汇添富中证 机器人交易型开放式指数证券投资基金的基金经理。2025年4月30日至今任汇添富中证800自由现金流交易型开放式指数证券投资基金的基金经 理。2025年5月13日至2025年7月28日任汇添富国证自由现金流指数型证 ...

Group 1 - The core point of the news is the appointment of Liu Xianzheng as a new fund manager for the Zhongyin Securities CSI 500 ETF, effective from August 19, 2025, alongside existing managers Ji Wei and Zhang Yimin [1] - As of August 18, 2025, the net value of the Zhongyin Securities CSI 500 ETF was 1.3851, reflecting a daily increase of 1.5% and a yearly increase of 43.67% [1] Group 2 - Liu Xianzheng holds a master's degree in Software Engineering from Peking University and has extensive experience in fund management, having worked in various financial institutions since 2014 [2] - His previous roles include positions at Zhongcheng Trust, Taiping Life Insurance, Taiping Fund Management, and Nord Fund Management, where he served as a fund manager assistant [2] - Liu has managed several public funds, with notable performance including a 119.28% return for the Nord New Enjoy Flexible Allocation Mixed Fund during his tenure [2]

Core Points - The announcement states that Hai Futong Fund Management Co., Ltd. has signed a sales agreement with Ningbo Bank to include Ningbo Bank as a sales institution for certain open-end mutual funds [1] - Investors will be able to open accounts, subscribe, and redeem the mentioned open-end funds at Ningbo Bank starting from August 20, 2025 [1] - Detailed information about the funds can be obtained by reading the fund contracts, prospectuses, and related legal documents [1] Applicable Funds - The specific funds applicable under this agreement are not listed in the announcement [1] Business Commencement Date - The business operations for the open-end funds at Ningbo Bank will commence on August 20, 2025 [1] Important Notes - Investors are advised to carefully read the fund's legal documents to understand the risks and characteristics associated with the funds [1] Contact Information - Investors can consult for more details through Ningbo Bank's website and customer service, as well as Hai Futong Fund Management Co., Ltd.'s official channels [1]

Fund Overview - The fund is named Qianhai Kaiyuan CSI A500 Index Enhanced Securities Investment Fund, with a fundraising period from September 1, 2025, to September 19, 2025 [9][13] - The fund type is classified as an equity securities investment fund, operating as a contractual open-end fund with an indefinite duration [10] Fund Management and Custody - The fund is managed by Qianhai Kaiyuan Fund Management Co., Ltd., and the custodian is Guangfa Bank Co., Ltd. [1][34] Fundraising Details - The maximum fundraising limit for the fund is set at 8 billion RMB, excluding interest accrued during the fundraising period [2] - The minimum subscription amount for both initial and additional subscriptions is 10 RMB [2][3] - There is no limit on the cumulative subscription amount for individual investors, but a single investor cannot hold more than 50% of the fund's shares [3] Subscription Process - Investors can subscribe through direct sales or non-direct sales institutions, with specific procedures outlined for each [11][29] - The fund allows multiple subscriptions during the fundraising period, and subscription fees vary based on the amount invested [14][15] Fund Contract and Effectiveness - The fund contract will become effective once the fundraising conditions are met, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB [32] - If the fundraising does not meet the required conditions, the management company will return the funds to investors along with accrued interest [33] Investor Information - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by law [10] - Investors are encouraged to read the fund's prospectus and related documents for detailed information [8]