8月8日，中国银行间市场交易商协会发布自律处分信息：经查，上海复熙资产管理有限公司（以下简 称"复熙资产"）作为相关资产管理计划管理人，通过自身管理的资管产品协助多家发行人非市场化发 行，并收取大额财务资助或代持服务费。相关行为违背了发行公平、公正、公开的原则，影响市场秩 序。根据银行间债券市场相关自律规定，经自律处分会议审议，对复熙资产予以严重警告。 ...

Core Insights - Xu Zhongxiang is a key figure in the international quantitative investment circle, known for his contributions to the RAFI fundamental quantitative strategy and Smart Beta strategies, demonstrating a strong strategic confidence in the Chinese market [1] - The investment philosophy emphasizes a "slow money" approach, advocating for sustainable profit rather than chasing quick returns, which aligns with the long-term growth of companies [2][4] Group 1: Investment Philosophy - Xu advocates for a "slow money" investment philosophy, arguing that true growth often comes from companies that do not experience explosive growth in the short term [4] - The belief is that the pursuit of quick profits is unsustainable, and the focus should be on continuous profitability [4][5] - The investment approach is based on the understanding that high returns without risk are a myth, and investors must choose between high-risk, high-reward or low-risk, low-reward options [5] Group 2: Market Analysis - The analysis of various market data indicates that no investment strategy can consistently outperform the market, and all popular investment methods carry inherent risks [5] - Xu emphasizes the importance of understanding market dynamics and the need for a diversified investment strategy to mitigate risks [7] - The Chinese market is viewed as being in a critical development phase, with regulatory improvements and a shift towards institutionalization and professionalism [10][12] Group 3: Quantitative Investment - The core of quantitative research lies in validating patterns through vast amounts of data, which is more reliable than anecdotal success stories [8][9] - Xu's firm focuses on fundamental quantitative and low-frequency quantitative strategies, which involve long holding periods and deep engagement with companies' growth cycles [9] - The firm leverages extensive data from both domestic and international markets to adapt investment strategies to local conditions [9][11] Group 4: Regulatory Environment - The regulatory environment in China is seen as increasingly sophisticated, with a focus on protecting investors and ensuring market stability [10] - Xu argues that the perception of "weak regulation" in overseas markets is misleading, as it is built on a foundation of market maturity that China is still developing [10][12] - The evolution of the Chinese market is expected to follow a natural progression towards maturity, similar to that of established overseas markets [12]

Core Insights - The article discusses the interpretation of the U.S. July non-farm employment data and the current employment situation, highlighting a slowdown in the job market and adjustments in previous employment figures [1][2][3]. Group 1: Employment Data Overview - In July, the U.S. added 73,000 non-farm jobs, with the unemployment rate slightly increasing from 4.12% to 4.25%. Additionally, the June non-farm employment figure was revised down from 147,000 to 14,000, and May's from 144,000 to 19,000, resulting in a total downward revision of 258,000 jobs, the largest since May 2020 [1][2]. - The three-month moving average for new non-farm jobs is only 35,000, with the private sector averaging 52,000 jobs, indicating a decline from earlier in the year. The education and healthcare sectors remain stable, contributing 50,000 to 100,000 jobs per month, while other sectors show weak growth [2]. Group 2: Sector-Specific Insights - The manufacturing sector saw an average job loss of 123,000, while construction added 23,000 jobs, indicating significant declines in cyclical industries. Government employment also recorded negative growth, with an average downward revision of 60,000 jobs from May to June [2]. - The labor market's supply-demand gap was revised from 698,000 to 201,000, suggesting a relatively balanced state despite the decline in non-farm employment numbers. The initial claims for unemployment benefits have been consistently declining since early June, indicating better-than-expected market conditions [3]. Group 3: Economic Implications - Despite the acceleration in job losses, the unemployment rate has not risen significantly, potentially due to immigration policies affecting labor participation rates. The labor participation rate for Black or African American individuals dropped from around 63% to 61% this year [3]. - The stability in wage growth and total income for U.S. residents suggests that a recession is not imminent, as the labor market remains relatively stable despite the challenges [3].

中国经济网北京8月8日讯 今日，华泰证券（上海）资产管理有限公司发布华泰紫金智和利率债债 券型证券投资基金清算报告。 报告称，华泰紫金智和利率债债券型证券投资基金（以下简称"本基金"）经中国证券监督管理委员 会《关于准予华泰紫金智和利率债债券型证券投资基金注册的批复》（证监许可[2023]1265号）批准募 集，《华泰紫金智和利率债债券型证券投资基金基金合同》（以下简称《基金合同》或"基金合同"）于 2023年11月15日生效并正式运作。 截至2025年7月22日日终，本基金出现连续50个工作日基金份额持有人数量不满200人的情形，触发 基金合同约定的终止条款。本基金根据《基金合同》约定终止并进入清算程序，无需召开基金份额持有 人大会。本基金的最后运作日为2025年7月22日，自2025年7月23日起进入清算期。 来源：天天基金网 | 其金名称 | 草学类型 | 起始时间 | 截止时间 | 任职天教 | 任 | 同类平均 | | --- | --- | --- | --- | --- | --- | --- | | 华泰紫金添悦180天持有期 | 倩劳型-长债 | 2025/5/26 | ਵ ਦੇ | 74天 ...

Group 1 - The total value of asset and wealth management in Hong Kong is expected to exceed HKD 35 trillion by the end of 2024, representing a year-on-year growth of 13%, with net fund inflows increasing by 81% [1] - Private banking and private wealth management have shown significant growth, with managed assets increasing by 15% to HKD 10.4 trillion [1] - Hong Kong's private equity fund management capital has surpassed USD 237.4 billion, ranking second in Asia, only behind the mainland [1] Group 2 - Hong Kong ranks first globally in "investment management" and "financing" according to the latest Global Financial Centres Index, highlighting its status as a preferred wealth management center in Asia [1] - The city is also the largest hedge fund center in Asia and is expected to become the world's largest cross-border wealth management center in the coming years [1] Group 3 - The Hong Kong Financial Secretary emphasized the importance of strengthening cooperation with the mainland and the Guangdong-Hong Kong-Macao Greater Bay Area to maintain business growth [1] - The Greater Bay Area Development Plan supports Hong Kong's role as an international financial center and global offshore RMB business hub [1] Group 4 - As of June this year, Hong Kong banks have provided over 360 witness account opening service points, assisting residents in opening more than 430,000 mainland bank accounts [2] - The Cross-Border Wealth Management Connect allows residents of Hong Kong, Macau, and nine cities in Guangdong Province to invest in wealth management products across the Greater Bay Area [2] - Over 160,000 individual investors have participated in the Cross-Border Wealth Management Connect, with cross-border remittance amounts exceeding RMB 110 billion [2] Group 5 - The Hong Kong Financial Secretary aims to assist at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025, with current progress indicating that this target will be exceeded [3] - Hong Kong's unique advantages, including its connection to the mainland and the world, along with its mature financial infrastructure, make it a preferred location for wealth owners seeking investment opportunities [3] - The city is positioned as the largest offshore RMB business center globally, facilitating global investors to invest in the mainland market through its connectivity mechanisms [3]

Core Viewpoint - The newly proposed "Measures" aims to standardize information disclosure for three types of asset management products, ensuring investor rights and obligations are upheld throughout the product lifecycle [1][2][3]. Group 1: Regulatory Framework - The "Measures" address industry pain points by unifying information disclosure standards across various asset management products, enhancing regulatory consistency and investor protection [2][4]. - The implementation of the "Measures" is set for approximately six months after formal release, allowing institutions to adjust product documentation and systems accordingly [1][3]. Group 2: Information Disclosure Process - The "Measures" comprehensively regulate the information disclosure process during the product lifecycle, covering fundraising, ongoing management, and termination phases [5][6]. - Specific requirements include detailed disclosures during fundraising, regular performance reporting during the product's life, and clear communication of fees and profit distribution upon termination [5][6]. Group 3: Performance Benchmarking - The "Measures" stipulate that asset management products should maintain consistent performance benchmarks, with adjustments only permitted under strict internal approval processes [7][8]. - This regulation aims to enhance transparency and reduce misleading practices related to past performance disclosures, thereby protecting investor interests [7][8]. Group 4: Differentiated Standards for Public and Private Products - The "Measures" establish stricter disclosure requirements for public products, reflecting their broader audience and varying investor knowledge levels, while allowing for more flexibility in private product disclosures [9][10]. - This approach balances the need for transparency with the protection of sensitive information in private transactions [9][10].

科技创新已成为推动经济高质量发展的核心驱动力。 "科创债市场的打开，不仅是资产配置的增量选择，更将为理财公司带来全新的业务契机。"平安理 财相关负责人对《金融时报》记者表示，科创债服务于硬科技企业及股权投资机构的融资需求，经过外 部增信或共同担保后，债券的安全性将明显增强。而特有的转股、回售和回购条款，使得科创债投资实 现收益的机制更为丰富，为债券投资提供成长收益空间，进一步提升了相关科创债的市场吸引力。 "对理财公司而言，可以将资金投向科创债，拓宽投资渠道，丰富资产配置。"中信证券首席经济学 家明明对《金融时报》记者表示，政策导向明确支持科创债发展，为理财公司提供了政策依据和信心， 通过投资科创债，理财公司可以支持科技创新企业，助力国家科技发展战略。 发挥资金优势赋能科创企业 近期，"多家头部理财公司密集推出科技主题理财产品""银行理财子公司加速布局港股IPO"等消息 引发市场关注。理财公司正加速布局，"抢跑"科技金融赛道，通过设立科技金融专班，加强专业能力建 设，提高科创债在资产组合中的占比、发行科技金融主题产品、对科技型企业进行股权投资等方式，探 索助力科技金融的新路径。 有业内人士预计，未来3至5年， ...

Core Points - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to enhance cross-border securities investment and foreign exchange convenience [1] - The pilot business supports foreign investors in investing in various financial products issued by financial institutions in Hainan Free Trade Port [1] - The rules provide specific arrangements regarding pilot institution conditions, product scope, investor suitability management, account opening, fund transfer, scale management, investor protection, and monitoring [1] Summary by Sections - **Pilot Business Overview** - The pilot business allows foreign investors to invest in wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products issued by Hainan financial institutions [1] - **Implementation Details** - The "Implementation Rules" detail conditions for pilot institutions, reporting procedures, product range, investor suitability management, account opening, fund transfer and exchange, scale management, investor protection, dispute resolution, and monitoring [1] - **Future Actions** - The People's Bank of China Hainan Branch and other departments will enhance policy promotion and guidance for eligible pilot institutions to ensure smooth implementation of the rules and promote healthy development of cross-border asset management [2]

Core Insights - China Great Wall Asset successfully issued the "Changxing No. 19 Asset-Backed Special Plan" on the Shanghai Stock Exchange, with a total issuance scale of 4.02 billion yuan [1] - The product attracted significant interest from various investors, including bank wealth management subsidiaries, brokerages, and fund companies, with a subscription multiple exceeding two times [1] - This issuance marks the fourth asset-backed security (ABS) product under a 50 billion yuan asset-backed plan framework established by China Great Wall Asset, achieving the lowest issuance rates in the history of the "Changxing" series for corresponding maturity tranches [1] Financial Details - The issuance includes two priority tranches: A1 with a term of 0.48 years and a coupon rate of 1.92%, and A2 with a term of 0.98 years and a coupon rate of 1.99% [1] - Both priority tranche issuance rates have entered the "1" range, reflecting strong market confidence in the brand and high-quality development of China Great Wall Asset [1]

黄连河景区是大关县文旅产业发展的重要项目，承载着打造标志性旅游景区、推动地方经济发展的 厚望。然而，受市场环境变化、资金链断裂等多重因素冲击，项目建设一度陷入停滞，优质资源"沉 睡"，沦为沉重负担。虽经多方努力，复杂的债务结构和单一的运营模式始终是难以逾越的障碍。 近日，云南省大关县黄连河景区核心配套项目成功落地，补齐景区获评国家4A级旅游景区的最后 一环。中国长城资产云南分公司以纾困盘活特色功能，精准破解定点帮扶地区低效资产困局，为产业振 兴注入强劲动能，成为金融助力乡村振兴的典型样本。 《金融时报》记者在采访中了解到，自2006年起，中国长城资产云南分公司结对定点帮扶大关县。 近20年来，中国长城资产云南分公司始终将履行政治责任、社会责任扛在肩上。在脱贫攻坚期间，先后 投入专项扶贫资金，助力吉利镇小寨村、天星镇绿南村提前脱贫摘帽。 迈入乡村振兴新阶段，中国长城资产云南分公司与大关县委县政府建立常态化沟通协调机制，在持 续推进基础设施援建、消费帮扶、爱心捐赠等工作的同时，坚守资产管理公司化解金融风险、服务实体 经济、助力国家战略的定位，将产业振兴作为帮扶工作重点，发挥纾困盘活的特色金融功能，将目光聚 焦于盘 ...