责任编辑：杨喜亭 在本次合作中，中国银河资产凭借在特殊资产管理处置领域的丰富经验与专业团队，以咨询顾问模 式为中汇人寿提供定制化管理服务，践行差异化资产处置路径，以收购处置、资源对接、资产管理及增 值运作等方式，协助中汇人寿处置特殊资产，充分促进存量资产价值提升和资源优化配置，为保险公司 防范化解金融风险提供强有力的支撑。 近日，中国银河资产与中汇人寿保险股份有限公司（以下简称"中汇人寿"）正式签订委托管理业务 协议，为中汇人寿旗下特殊资产提供管理处置咨询服务。此次合作标志着双方在深化系统协同、服务国 家战略上迈出了重要一步。 ...

我国地方资产管理公司（以下简称"AMC"）近日迎来监管新规，行业迈向更加规范、可持续发展 的新阶段。 近年来，地方AMC作为专业的不良资产经营处置机构，在服务实体经济、改革化险等方面发挥了 重要作用，但也出现了一些高风险甚至违规行为，如偏离主业、违规跨区域经营、帮助金融机构虚假出 表等乱象。金融监管总局近日发布《地方资产管理公司监督管理暂行办法》（以下简称《办法》），规 范地方AMC经营行为，对业务边界、风险管理和监管机制进行全面规范，明确了"哪些能做、哪些不能 做"，进一步夯实行业风险管理和合规经营底线。 当前，地方AMC发展情况如何？《办法》如何强化风险管理？将给地方AMC行业带来哪些影响？ 对此，兴业研究金融业研究部高级研究员陈昊在接受《金融时报》记者采访时表示，《办法》出台后， 将引导地方AMC聚焦主责主业，有效服务地方。同时，《办法》设置了过渡期，将推动地方AMC稳 妥、顺畅地转型发展。 引导地方AMC聚焦主责主业 2022年3月，原银保监会公布地方AMC名单，彼时名单中共有59家地方AMC。在经历了数年发展 后，截至2024年底，名单中已有1家地方AMC注销，另有1家地方AMC获批在所在省份开展企 ...

Core Viewpoint - The article highlights the significant achievements and strategic direction of China Galaxy Financial Holdings Co., Ltd. (Galaxy Financial Holdings) over its 20 years of operation, emphasizing its role in supporting China's financial reform and development, as well as its commitment to high-quality development and risk management [1][2]. Group 1: Company Development and Achievements - Over the past 20 years, Galaxy Financial Holdings has evolved alongside China's capital market, achieving notable milestones such as the successful A+H share listing of New Galaxy Securities and the transformation of its problem assets into specialized investment institutions [2][3]. - The company has established a comprehensive business structure encompassing securities, non-performing assets, public funds, and private equity, contributing to the preservation and appreciation of state-owned assets [2][3]. Group 2: Political Leadership and Party Building - Galaxy Financial Holdings emphasizes the integration of political leadership into its corporate governance, ensuring that the principles of the Communist Party guide its operations and decision-making processes [3][4]. - The company has implemented strict measures for party governance and anti-corruption, fostering a culture of integrity and accountability within its operations [3][4]. Group 3: Financial Services and Risk Management - The company has established a service framework that channels resources into key national strategic areas, effectively supporting the real economy and addressing financial risks [5][6]. - Galaxy Financial Holdings has successfully managed over 70 billion yuan in risk mitigation projects since its establishment, focusing on areas such as real estate, local debt reduction, and corporate restructuring [5][6]. Group 4: Future Strategic Development - The company aims to enhance its core business by focusing on asset value reconstruction and providing comprehensive financing services throughout the lifecycle of enterprises, from startup equity investment to crisis management [6][7]. - Galaxy Financial Holdings is committed to developing a specialized asset management approach, emphasizing a light asset model and differentiated strategies in its non-performing asset sector [6][7]. Group 5: Risk Control and Compliance - The company has established a robust risk management framework that includes a comprehensive risk control system and a focus on asset allocation and risk limit management [7][8]. - Galaxy Financial Holdings promotes a culture of compliance, ensuring that all operations adhere to strict regulatory standards and internal controls to support sustainable development [8].

Core Viewpoint - The Chinese bond market is expected to maintain a bull market over the next 3 to 5 years, although short-term risks should be monitored [1][2]. Group 1: Market Outlook - The 10-year and 30-year government bond yields have been declining, leading to a rapid increase in the yields of financial products, which has created optimistic sentiments among investors [2]. - The anticipated bull market in the bond market is supported by the potential for continued global economic slowdown and relatively weak domestic economic growth [2]. Group 2: Short-term Risks - Current low levels of the 30-year government bond yield raise concerns about potential market corrections [2]. - The company will closely monitor bond market policies, data performance, and funding changes in the coming months to maintain a prudent and flexible asset allocation strategy [2]. Group 3: Product Development - The company has expanded its fixed-income product offerings, including the "Beiyu," "Beisheng," and "Beichun" series, and is on a fast track for development [3]. - Different investment strategies and personnel are allocated based on product types and client risk tolerance, ensuring alignment between product styles and investment manager capabilities [3]. Group 4: Management Experience - The transition from public fund investment management to bank wealth management has allowed the company to adopt a more diversified investment approach [4]. - The bank wealth management sector offers a broader range of asset allocation options, including derivatives and overseas investments, enhancing the company's investment strategies [5]. Group 5: Future Prospects - The company aims to establish fixed-income investment as a hallmark of its brand, leveraging advanced management practices from the global asset management leader [5].

Group 1 - The core viewpoint of the article highlights the performance and strategic focus of China Everbright Holdings, which has seen a stock price increase of 2.71% to 9.48 HKD per share, with a trading volume of 328 million HKD [1] - China Everbright Holdings specializes in cross-border asset management and private equity investment, offering diversified financial services through various fund products for both domestic and foreign investors [1] - The company owns several high-growth potential enterprises, including China Aviation Leasing, Everbright Stone, Everbright Pension, and Teslin, aiming to become a leader in China's cross-border investment and asset management industry [1] Group 2 - As of the 2024 annual report, China Everbright Holdings reported total operating revenue of 353 million HKD and a net profit of -1.768 billion HKD [1] - The company is set to disclose its interim report for the fiscal year 2025 on August 28 [1]

Core Viewpoint - The newly released "Interim Measures for the Supervision and Management of Local Asset Management Companies" aims to strengthen the supervision of local asset management companies, promote healthy industry development, and better prevent and resolve regional financial and real economy risks [1][2]. Group 1: Regulatory Framework - The measures specify the operational behaviors of local asset management companies, including business scope, business ratios, operational areas, and the types of assets that can be acquired [1]. - It prohibits local asset management companies from engaging in practices such as guaranteed principal and fixed income commitments, concealing non-performing assets, and creating new hidden debts for local governments [1][2]. Group 2: Risk Management - The measures enhance risk management by setting concentration risk regulations, limiting the investment balance in equity and debt for single clients and groups to no more than 10% and 15% of net assets, respectively [1]. - Liquidity risk management is also emphasized, requiring that high-quality liquid assets held by local asset management companies must not be less than the net cash outflow expected in the next 30 days [1]. - Related party transaction regulations are established, capping the total debt balance with all related parties at 50% of the previous quarter's net assets [1]. Group 3: Funding and Supervision - Local asset management companies can raise funds through loans from financial institutions, borrowing from shareholders, and issuing bonds, but cannot accept public deposits or indirectly absorb public deposits [2]. - The balance of funds raised must not exceed three times their net assets [2]. - The measures clarify the division of regulatory responsibilities, with provincial financial management institutions being primarily responsible for supervision and risk management of local asset management companies [2].

| 基金名称 | 财通资管优选回报一年持有期混合型证券投资 | | --- | --- | | | 非会 | | 基金简称 | 财通资管优选回报一年持有期混合 | | 基金主代码 | 009774 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 王浩冰 | | 金经理姓名 | | | 离任基金经理姓名 | 包毁文 | | 基金名称 | 财通资管行业精选混合型证券投资基金 | | --- | --- | | 基金简称 | 财通资管行业精选混合 | | 基金主代码 | 008277 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 王浩冰 | | 金经理姓名 | | | 离任基金经理姓名 | 包毁文 | 中国经济网北京5月12日讯 近日，财通资管公告，包斅文离任财通资管优选回报一年持有期混合、 财通资管行业精选混合。 包 ...

Core Viewpoint - The discussion emphasizes the importance of value investing and the role of market volatility in identifying undervalued assets, highlighting that a larger market fluctuation can create more opportunities for value investors [5]. Group 1: Investment Philosophy - The company does not experience anxiety about what to buy but rather about the decision-making process when considering an investment [4]. - The investment approach is not focused on popular or obscure stocks but on identifying assets that meet specific aesthetic and value criteria [3][4]. - The company believes that patience and a long-term perspective are crucial for realizing the value of investments, regardless of short-term market fluctuations [3]. Group 2: Market Volatility - Market volatility is viewed as a beneficial factor for value investing, as it can create opportunities to find undervalued stocks [5]. - The company suggests that significant upward or downward market movements can influence investment decisions, allowing for adjustments in portfolio management [5]. Group 3: Relationship with Investors - The importance of maintaining communication and support for investors during periods of market anxiety is highlighted, emphasizing the role of fund managers in addressing investor concerns [6]. - The company acknowledges that conveying investment philosophies accurately to investors is challenging, but it is essential to respond to their anxieties [6]. Group 4: Integrity and Consistency - The concept of aligning actions with words is stressed, indicating that a lack of consistency can lead to self-deception among fund managers [7]. - The company advocates for a disciplined approach to ensure that investment practices reflect stated principles, which is seen as a critical capability for long-term success [7][8].

Group 1: Core Insights - The global financial market is undergoing profound changes, with the erosion of dollar dominance and the rise of gold prices, which have surpassed $3,500 per ounce, marking a historical high [1] - The "golden+" asset allocation concept is reshaping investment strategies, positioning gold not just as a safe haven during crises but as a "value anchor" in a multipolar world [1] Group 2: Changes in Gold Pricing Logic - Traditionally, gold prices have been negatively correlated with the real interest rates of the dollar, but this relationship has been disrupted since the escalation of the Russia-Ukraine conflict in 2022 [3] - Despite the rise of U.S. real interest rates to 1.5%, gold prices have increased, driven by strong expectations of a restructuring of the global monetary system [3] - The share of the dollar in global central bank foreign exchange reserves has decreased from 73% in 2001 to 54% in 2024, while gold reserves have been increasing, with China's central bank increasing its gold holdings to 2,500 tons [3] Group 3: Rise of "Gold+" Products - Asset management institutions are rapidly developing "gold+" products, allocating over 5% of their portfolios to gold to smooth volatility and enhance returns [4] - In the first half of 2025, numerous "gold+" products emerged in the public fund and bank wealth management markets, with some products allocating up to 30% to gold [4] Group 4: Long-term Advantages of Gold - Gold has a low correlation with stocks and bonds, evidenced by a net inflow of $12 billion into gold ETFs during the U.S. stock market correction in 2024, highlighting its independent risk asset characteristics [5] - Over the past 20 years, gold has achieved an annualized return of 10%, with a 28% increase in 2024 and a further 24% rise in the first half of 2025, significantly outperforming most mainstream assets [5] Group 5: Challenges and Opportunities for Gold - Despite the promising outlook for "gold+", short-term volatility risks remain, influenced by potential easing of U.S. tariff policies and de-escalation of geopolitical conflicts [6] - Long-term structural issues, such as the U.S. debt-to-GDP ratio rising to 8.5% and a trade deficit of $1.2 trillion, continue to raise questions about fiscal sustainability [6] - The approval of pilot programs for insurance companies to invest in gold in China could lead to an incremental demand of 200 billion RMB if the first ten pilot institutions fully allocate their assets [6]

Group 1 - UBS Asset Management's China equity head, Shi Bin, emphasizes that the current market conditions present an excellent opportunity for participation in the Chinese market, driven by a complex economic outlook, cautious investor sentiment, and government support [2] - Global institutional investors are regaining confidence in the Chinese market, particularly those focused on emerging markets, although international capital inflow remains slow due to unmet structural reform needs and a still-unstable real estate market [2] - The current valuation of Chinese stocks is attractive, with estimates suggesting that U.S. stock valuations are approximately double those of Chinese stocks, indicating potential for further market upside [2] Group 2 - Shi Bin expresses a preference for technology companies that have achieved or are on the verge of market leadership, particularly in sectors like online gaming, which possess both domestic dominance and global competitiveness [3] - Interest is also noted in biopharmaceutical companies with innovative drug pipelines, especially those that have expanded internationally and are providing innovative drugs to the U.S. market, benefiting from significantly lower R&D and manufacturing costs in China [3] Group 3 - Capital Group's analyst, Johnny Chan, highlights the emergence of DeepSeek's open-source AI training model as evidence of China's innovative capabilities, even under strict restrictions [4] - The growth of China's biopharmaceutical industry is noted, with significant collaborations between international companies and Chinese firms for cancer drug licensing agreements, reflecting a robust development in this sector [4] Group 4 - Federated Hermes' Sandy Pei asserts that despite challenges in the real estate sector, China is establishing itself as a global technology leader, particularly in consumer electronics, electric vehicles, renewable energy, drone technology, and shipbuilding [8] - The share of the real estate sector in GDP has decreased from over 25% to the low teens, while high-tech and advanced manufacturing are becoming increasingly significant [8] - Recent data indicates a net inflow of foreign capital into the Chinese stock market, with passive funds contributing $3.9 billion in July, contrasting with a $1.2 billion outflow from active funds [8]