Market Overview - The A-share market has shown a bullish trend in 2023, with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2] - The Wind data indicates that the Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2] Star Fund Managers Performance - Approximately 20 star fund managers managing over 20 billion yuan have shown mixed performance during the bullish market, with some outperforming the market while others lagged behind [2] - Notable fund managers include Ge Lan and Fu Pengbo, who have achieved significant returns through their investment strategies [3] Sector Performance - Ge Lan's funds, particularly in the healthcare sector, have performed exceptionally well, with returns of 26.60% and 67.85% for her medical-themed funds [3] - Fu Pengbo's "Ruiyuan Growth Value" fund has a year-to-date return of 32.11%, focusing on sectors like PCB and new energy [3][4] Balanced Investment Style - Xie Zhiyu has shown a balanced investment style with returns of 12.84%, 27.54%, and 37.65% across his three funds, benefiting from diversified sector exposure [5] - In contrast, Zhu Shaoxing's single fund has underperformed with a return of 9.29%, primarily due to poor performance in consumer stocks [6] Challenges in Consumer Sector - Liu Yanchun's funds, focused on consumer stocks, have struggled with returns ranging from 0.13% to 2.43% due to weak performance in the consumer sector, particularly in the liquor industry [7] - Xiao Nan's consumer-themed funds have shown significant performance disparity, with one fund down 3.45% while another is up 15.97% [8] Market Dynamics and Reflections - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9] - There is a growing sentiment within the industry to redefine what constitutes a "star fund manager," focusing on long-term performance and risk management rather than short-term gains [9]

Market Performance - On August 14, all three major A-share indices closed lower, with the Shanghai Composite Index down 0.46% at 3666.44 points, the Shenzhen Component Index down 0.87% at 11451.43 points, and the ChiNext Index down 1.08% at 2469.66 points [1] - Sectors that performed well included AI chips, Kirin batteries, and Ant Group concepts, while sectors such as PCB, photolithography (glue), and CPO concepts saw declines [1] Fund Manager Changes - In the past 30 days (July 15 to August 14), 507 fund products experienced changes in fund managers, with 23 announcements made on August 14 alone [3] - Reasons for fund manager changes included work transitions for 3 managers across 8 funds, product expirations for 2 managers across 4 funds, and personal reasons for 2 managers across 11 funds [3] Fund Manager Performance - Longsheng Fund's Wang Guijun currently manages assets totaling 38.702 billion yuan, with the highest return product being Changsheng Shengyu Pure Bond A (003102), which achieved a 32.28% return over 4 years and 241 days [4] - Xinda Australia Fund's Zhu Ran manages assets totaling 2.184 billion yuan, with the highest return product being Hongtu Innovation New Technology Stock (006265), which achieved a 342.81% return over 2 years and 324 days [5] Fund Research Activity - In the past month, Huaxia Fund conducted the most company research, engaging with 56 listed companies, followed by Penghua Fund, Bosera Fund, and Southern Fund with 53, 51, and 49 companies respectively [8] - The telecommunications equipment sector was the most researched, with 294 instances, followed by the chemical products sector with 217 instances [8] Recent Company Focus - In the last month, the most researched company by public funds was Defu Technology, with 79 fund management companies participating in the research, followed by Zhongji Xuchuang and Zhongchong Co., with 75 and 71 companies respectively [8] - In the past week (August 7 to August 14), the most researched company was Nanwei Medical, with 60 fund institutions conducting research, followed by Baiji Shenzhou, Xin Qiang Lian, and Anke Biological with 55, 51, and 38 institutions respectively [9]

Company Overview - Chengdu Xinyisong Communication Technology Co., Ltd. was established in 2008 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 7.09 billion RMB [1]. Stock Performance - On August 14, Xinyisong's stock closed down by 2.32% [1]. - The performance of E Fund's ETFs shows varied returns: - E Fund's ChiNext ETF has a year-to-date return of 17.71%, ranking 954 out of 3421 in its category - E Fund's CSI 300 ETF has a year-to-date return of 8.29%, ranking 2363 out of 3421 - E Fund's CSI Artificial Intelligence Theme ETF has a year-to-date return of 26.17%, ranking 441 out of 3421 [1]. Fund Holdings - Three E Fund ETFs are among the top ten shareholders of Xinyisong: - E Fund ChiNext ETF reduced its holdings in Q2 of this year - E Fund CSI 300 Initiated ETF also reduced its holdings in Q2 - E Fund CSI Artificial Intelligence Theme ETF entered as a new shareholder in Q2 [1]. Fund Manager Profiles - The fund managers for the mentioned ETFs include: - Cheng Xi, Liu Shurong, Yu Haiyan, Pang Yaping, and Zhang Zhan [4]. - Cheng Xi has been managing the E Fund ChiNext ETF since May 7, 2016, with a cumulative return of 17.71% this year [5][6]. - Liu Shurong has been managing the E Fund CSI 300 ETF since July 18, 2017, with a cumulative return of 8.29% this year [6]. - Yu Haiyan has been managing the E Fund CSI Artificial Intelligence Theme ETF since September 23, 2013, with a cumulative return of 26.17% this year [7].

Group 1 - The fund being launched is the "Zhaoshang CSI 500 Enhanced Strategy ETF Linked Fund" with a registration approval from the China Securities Regulatory Commission [1][2] - The fund is an open-ended ETF linked fund, managed by Zhaoshang Fund Management Co., Ltd. and custodied by Guotou Securities Co., Ltd. [2][3] - The public offering period for the fund is from August 18, 2025, to August 29, 2025, with the possibility of adjustments based on subscription conditions [4][5] Group 2 - The fund is categorized into two classes: Class A and Class C, with different fee structures for subscriptions [26][27] - The minimum subscription amount for Class A through direct sales is 500,000 RMB, while for non-direct sales, it is 1 RMB [3][39] - The fund aims to raise at least 1 billion RMB in total subscriptions, with the initiators required to contribute at least 10 million RMB [29][30] Group 3 - Investors must ensure that the funds used for subscription are legally sourced and cannot use borrowed funds [3][8] - The fund's initial share price is set at 1 RMB, and subscription fees will be calculated based on the amount subscribed [33][34] - The fund will generate interest on effective subscription amounts during the fundraising period, which will be converted into fund shares for the investors [62]

Company Overview - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The registered capital of the company is approximately 37.645 billion RMB [1] Stock Performance - On August 14, BOE A shares closed down by 2.01% [1] - The Huatai-PineBridge CSI 300 ETF, a major shareholder of BOE A, reduced its holdings in the second quarter of this year [1] - Year-to-date return for the ETF is 8.24%, ranking 2378 out of 3421 in its category [1][2] Fund Management - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management since joining Huatai-PineBridge in 2004 [3][4] - Liu Jun has managed various funds, including the Huatai-PineBridge CSI 300 ETF since May 2012 [3][4] Fund Performance Comparison - The performance of the Huatai-PineBridge CSI 300 ETF shows a year-to-date return of 8.24%, compared to the average return of 14.61% for similar funds [2] - The ETF's performance over the past year is lower than the average returns of its peers and the CSI 300 index [2]

中国经济网北京8月14日讯 今日，上海海通证券资产管理有限公司发布海通红利优选一年持有期混 合型集合资产管理计划清算报告。 报告称，海通红利优选一年持有期混合型集合资产管理计划（以下简称"本集合计划"）由海通海蓝 内需价值优选集合资产管理计划变更而来，并经中国证券监督管理委员会（以下简称"中国证监会"）机 构部函〔2021〕1856号批准。《海通红利优选一年持有期混合型集合资产管理计划资产管理合同》（以 下简称"《资产管理合同》"）自2021年7月27日起生效。 根据《资产管理合同》"第五部分 集合计划的存续"中的约定："本集合计划自本资产管理合同变更 生效日起存续期至2025年7月26日。本集合计划到期后，按照中国证监会相关规定执行。如本集合计划 到期后，不符合法律法规或中国证监会的要求而须终止本集合计划的，无须召开集合计划份额持有人大 会。" 本集合计划《资产管理合同》自2021年7月27日起生效，存续期至2025年7月26日。存续期届满后， 本集合计划应当终止，并无需召开集合计划份额持有人大会。本集合计划的最后运作日为2025年7月26 日。 海通红利优选一年持有混合B累计收益率走势 该基金此前由郭新宇 ...

Core Viewpoint - Increasing number of A-shares listing in Hong Kong is expected to attract foreign investment, with the Hang Seng Index target set between 28,000 to 30,000 points for this year [1] Group 1: Market Performance - The Hang Seng Index rose over 600 points recently and increased by 152 points this morning, reaching a new high of 25,766 points for the year [1] - Factors supporting the performance of Hong Kong stocks include the extension of US-China trade negotiations, positive earnings reports from recent earnings season, and rising expectations for US interest rate cuts [1] Group 2: Capital Flows - There is still an inflow of capital into Hong Kong, with the Hong Kong dollar interbank offered rate remaining low despite the Hong Kong Monetary Authority's recent interventions [1] - The current higher interest rates in the US are prompting investors to sell Hong Kong dollars in favor of US dollars, but this situation may reverse following potential US interest rate cuts [1]

Core Insights - The BoShi Convertible Bond ETF (511380) has surpassed 50 billion yuan in scale as of August 13, 2024, reflecting its growth from a niche product to a favored investment tool in a low-interest-rate environment [1][5][11] Group 1: Performance and Growth - Since its inception on March 6, 2020, the BoShi Convertible Bond ETF has achieved a cumulative return of 24.02%, outperforming its benchmark return of 22.79% and the CSI Convertible Bond Index's return of 21.29% [6][12] - The ETF's performance over the past six months, one year, and since inception shows returns of 6.93%, 12.81%, and 24.02% respectively, indicating strong performance relative to its benchmarks [3][6] Group 2: Market Position and Strategy - The BoShi Convertible Bond ETF fills a gap in the passive investment market for convertible bonds, with only two such ETFs available in mainland China [5][11] - The ETF closely tracks the CSI Convertible Bond and Exchangeable Bond Index, with a market capitalization-weighted methodology that adjusts monthly [5][6] Group 3: Advantages of Convertible Bond ETFs - Convertible Bond ETFs offer a superior risk-return profile, combining equity-like growth potential with bond-like protection, making them attractive in both bull and bear markets [7][8] - They simplify asset allocation for investors by integrating both stock and bond characteristics into a single product, reducing the complexity of managing separate stock and bond ETFs [8][10] - The liquidity of Convertible Bond ETFs is generally higher than that of individual convertible bonds and some stock ETFs, making them suitable for both institutional and retail investors [9][10] Group 4: Broader ETF Landscape - In addition to the Convertible Bond ETF, BoShi has successfully launched other bond ETFs, with total bond ETF assets exceeding 90 billion yuan, showcasing its strong management capabilities [11][12] - The current market dynamics, influenced by stock-bond interactions and external uncertainties, highlight the importance of stable bond assets in investment portfolios [11]

Core Points - The Norwegian Sovereign Wealth Fund, known as the "Oil Fund," is the largest wealth fund globally, with a size of $1.9 trillion, primarily funded by Norway's energy export revenues [1] - The fund announced a significant decision to adjust its investments in Israel due to the deteriorating situation in the West Bank and Gaza, necessitating enhanced due diligence on companies operating in conflict-prone areas [1][3] - The fund plans to divest from 11 Israeli companies that are not included in the Norwegian Ministry of Finance's stock benchmark index, citing unacceptable risks associated with their operations in the West Bank [1][3] - Future investments in Israel will be limited to companies that comply with the stock benchmark index, and all investments in Israeli companies managed by external managers will be transitioned to internal management [3] - The Norwegian Ministry of Finance has requested a comprehensive review of investments in Israeli companies, emphasizing adherence to ethical guidelines that prohibit investments in companies contributing to violations of international law [4] - The fund has previously divested from Israeli energy and telecommunications companies for ethical reasons and is currently reviewing its holdings in five banks [4] - Recent reports indicated that the fund increased its stake in a company producing parts for Israeli fighter jet engines amid ongoing conflicts, prompting scrutiny from the Norwegian Prime Minister [4][5] - Another Norwegian pension fund, KLP, also excluded an Israeli company from its investment list due to its involvement in supplying components for military drones used in the Gaza conflict, reflecting a broader trend of ethical investment considerations among major institutions [5]

Core Insights - The recent market recovery has led to an increase in the number of non-monetary funds exceeding 10 billion yuan, with 226 such funds reported as of the end of Q2, representing approximately 0.98% of the total, an increase of 34 funds from Q1 [4][5] - The number of active equity funds with over 10 billion yuan has stabilized at 20, with the new addition being the "Yongying Advanced Manufacturing Select C" fund managed by Zhang Lu [4][5] - The performance of these large-scale funds has improved significantly this year, with the average return of active equity funds being 14.31%, outperforming the CSI 300 index [5] Fund Performance - As of June 30, the total share of active equity funds was 31.2 trillion shares, a decrease of 129.7 billion shares (approximately 4%) from the end of last year [5] - The top-performing active equity fund this year is "Yongying Advanced Manufacturing Select C," with a return of 57.65% as of August 1, significantly higher than its benchmark return of 9.77% [9] - The largest active equity fund is "E Fund Blue Chip Select," managed by Zhang Kun, with a size of 34.943 billion yuan as of the end of Q2 [5] Key Holdings - The top five holdings of "Yongying Advanced Manufacturing Select C" include companies in the humanoid robot industry, such as Zhejiang Rongtai and Lingyun Shares, indicating a strong focus on this sector [9][10] - The "Zhongou Medical Health A" fund, managed by Guo Lan, has a significant holding in WuXi AppTec, which has seen a price increase of 31.14% since the end of Q2 [11][12] Investment Outlook - Zhang Lu from Yongying Fund emphasizes the importance of production ramp-up in core robotics companies and the supportive domestic policies for the robotics industry in the upcoming quarter [10] - Guo Lan highlights the potential for innovation drugs and structural opportunities in the consumer healthcare sector, particularly in medical aesthetics and home medical devices, as the economy recovers [13][14] - Xie Zhiyu from Xingzheng Global Fund suggests that sectors like innovative drugs, smart driving, and new consumption are more suitable for value investors due to their realistic performance support [17]