Core Viewpoint - The asset management industry is undergoing significant changes in 2025, with a focus on holder experience and returns, driven by three long-term trends [1][3]. Group 1: Long-term Trends - The first trend is the decline in bond yields, with the 10-year government bond yield dropping to 1.74% [2]. - The second trend highlights the increasing volatility in equity markets, leading investors to realize that single assets cannot navigate macroeconomic cycles [2]. - The third trend emphasizes that investor returns have become a crucial indicator in the era of inclusive finance, with high volatility impacting returns, necessitating strategies to reduce single asset volatility [3]. Group 2: Shift in Investor Demand - There is a shift in investor demand from single asset return orientation to all-weather product solutions that provide returns while navigating macroeconomic volatility and reducing risk [3]. - The rise of multi-asset allocation is evident, as seen in Japan's increase in overseas asset allocation from 5% to 15% between 1990 and 2020 [3]. Group 3: Multi-Asset Investment Capabilities - Asset management institutions are required to enhance their investment capabilities across multiple asset classes and excel in global asset allocation [4]. - Morgan Asset Management is highlighted as a leading institution with significant multi-asset and multi-national investment capabilities [5]. Group 4: Importance of Diversification - The article discusses the limitations of traditional stock-bond allocation, noting that correlations can change, and both asset classes may perform poorly in certain macroeconomic conditions [8]. - A well-diversified portfolio should include low-correlation assets such as domestic and overseas bonds, gold, and equities to improve risk-return profiles [8][10]. Group 5: Morgan Asset Management's Offerings - Morgan Asset Management's multi-asset products, such as the Morgan Dual Season Bond FOF, have shown strong performance with a return of 3.72% since inception and a maximum drawdown of only -1.71% [10]. - The upcoming Morgan Yingyuan Stable Three-Month Holding Mixed FOF aims to provide a diversified investment solution focusing on stable returns and reduced volatility [12]. Group 6: Global Investment Team - Morgan Asset Management has a robust global investment team with over 600 investment strategies and more than 1,000 investment experts across 160 markets [23]. - The team emphasizes systematic and structured investment approaches, aiming for long-term sustainable results rather than short-term successes [27]. Group 7: Growth of FOF Products - The growth of FOF products indicates a rising awareness of the importance of multi-asset allocation, with a reported increase of 35.6 billion in FOF product scale in the first half of the year [29][31].

Core Viewpoint - Danaher Corporation has achieved remarkable long-term performance and a unique operational model, providing valuable insights on how to navigate uncertainty in the business world and achieve sustainable growth [1]. Group 1: Danaher's Performance and Strategy - Over 40 years, Danaher has completed 400 acquisitions, resulting in an 1800% increase in revenue, outperforming Berkshire Hathaway under Warren Buffett's leadership [1]. - Danaher's gross margin has expanded from approximately 30% to over 60% [4]. - The company’s former CEO, Larry Culp, successfully transformed General Electric, demonstrating Danaher's effective leadership and strategic capabilities [4]. Group 2: Key Principles of Danaher's Success - Danaher’s success is attributed to three main forces: the power of common sense, the power of systems, and the power of culture [4][8]. - The company’s acquisition strategy is guided by the principle of prioritizing market needs, ensuring that each acquisition adds value and avoids blind expansion [5]. - Danaher emphasizes the importance of compound growth, aligning with Warren Buffett's view that time is a friend to great companies [5]. Group 3: The Danaher Business System (DBS) - The Danaher Business System (DBS) is a dynamic management system that embodies the execution of common sense, continuously evolving through the integration of best practices from acquired companies [6]. - DBS serves as a vital framework for Danaher, promoting a culture of continuous improvement and adaptability [6]. Group 4: Cultural Aspects of Danaher - Humility is a core organizational trait at Danaher, fostering a culture of reflection and respect for human talent, which is essential for attracting and retaining top talent [7][8]. - Other key organizational traits include excellence, honesty, and focus, along with six behavioral principles that guide operations and decision-making [8]. - Danaher’s cultural success is fundamental to its overall achievements, suggesting that other companies can benefit from adopting similar cultural values [8].

Core Viewpoint - The Bank of Japan (BOJ) is maintaining a cautious stance, prioritizing stability over premature tightening, despite signs of rising inflation expectations and improving household demand [1] Group 1: Economic Conditions - Global central banks are at different stages of the economic cycle, with the BOJ facing domestic price pressures and a more volatile external environment [1] - The BOJ is concerned about the impact of rising inflation on consumption, while the Federal Reserve focuses on the persistence of inflation driven by tariffs [1] Group 2: Policy Challenges - There are challenges in translating stimulus measures into sustained growth and consumption, despite some signs of progress [1] - The market is beginning to anticipate significant policy measures to be taken around October, but the BOJ remains cautious [1] - Policymakers appear to be seeking time to assess the evolution of potential dynamics, given the slowdown in consumption recovery [1]

Group 1 - The announcement pertains to the management changes within Shenwan Hongyuan Securities Asset Management Co., Ltd. [2] - The departing senior executive is Gu Wei, who held the position of Deputy General Manager [2] - The reason for departure is stated as work arrangement, with the effective date being July 29, 2025 [2]

Group 1 - The global asset management industry is facing unprecedented opportunities and challenges due to the evolving economic landscape, ESG principles, and the integration of emerging technologies [1] - In China, ongoing capital market reforms, the introduction of high-quality public fund development plans, optimization of the pension system, and upgraded wealth management demands are creating broader development space for the asset management industry [1] - Investors' pursuit of long-term stable returns is prompting asset management institutions to focus more on innovative asset allocation strategies and enhanced risk management capabilities [1] Group 2 - The third Asset Management Institution Excellence Case Collection organized by Zhitong Finance aims to scientifically reflect the professional capabilities of asset management institutions and measure their core values through a comprehensive evaluation system [1] - This year's collection is not only targeting domestic asset management entities such as banks, insurance, trusts, and private equity but also includes cases from overseas institutions, broadening its scope and global perspective [1] - The evaluation system will continue to combine quantitative and qualitative analyses, ensuring a public, fair, and just assessment based on the institutions' multidimensional performance [1]

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。 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业不良资产批 量收购业务。由此来看，地方AMC总数仍维持在59家。 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 ...

据新华社报道，美国纽约市曼哈顿一座写字楼当地时间7月28日发生枪击事件，造成包括一名警察在内的4人死亡。枪手自杀身亡。 据中国基金报及每日经济新闻报道，黑石高管韦斯利·莱帕特纳（Wesley LePatner）在此次枪击事件中身亡，年仅43岁。韦斯利·莱帕特纳在黑石工作了10 多年。 黑石在一份声明中表示，对韦斯利·莱帕特纳的离世感到痛心。 公开资料显示，韦斯利·莱帕特纳是黑石集团核心房地产全球主管及黑石房地产收入信托基金（BREIT）首席执行官。她同时担任黑石房地产投资委员会 成员。此前，她曾担任核心+业务及BREIT的首席运营官。 韦斯利·莱帕特纳毕业于耶鲁大学。2014年加入黑石前，她在高盛工作超过十年，离职前为资产管理部房地产投资组董事总经理。 黑石办公室预计未来一周关闭 据悉，周一晚些时候黑石总裁乔纳森·格雷与CEO苏世民向员工致信，称发生的事件"难以想象"，这也是"公司历史上最糟糕的一天"。他们将在接下来的 一天内举办一次全公司范围的线上会议，与员工沟通。 知情人士透露，黑石集团的办公室将于周二关闭，预计未来一周内将继续关闭。 消息公布后，黑石股价一度出现跳水，截至周二收盘，报177.02美元，最 ...

据中国基金报报道，黑石高管韦斯利·莱帕特纳（Wesley LePatner）在周一的枪击事件中身亡。黑石在 一份声明中表示，对韦斯利·莱帕特纳的离世感到痛心。 公开资料显示，韦斯利·莱帕特纳是黑石集团核心房地产全球主管及黑石房地产收入信托基金 （BREIT）首席执行官。她同时担任黑石房地产投资委员会成员。此前，她曾担任核心+业务及BREIT 的首席运营官。 当地时间7月29日，美国纽约市长埃里克·亚当斯表示，根据初步调查，枪手在大楼大厅枪击数人后，试 图前往NFL总部办公室，却乘错电梯去到了错误的楼层，他去了鲁丁管理公司（Rudin Management）所 在的第33层，并在那里再次进行了枪击，然后自杀。 0:00 据央视新闻报道，当地时间7月28日，美国纽约警方通报曼哈顿枪击案最新伤亡情况，事件共造成6人死 亡，包括一名警员、4名平民及枪手本人。 ...

据中国基金报及每日经济新闻报道，黑石高管韦斯利·莱帕特纳（Wesley LePatner）在此次枪 击事件中身亡，年仅43岁。 韦斯利·莱帕特纳在黑石工作了10多年。 知情人士透露，黑石集团的办公室将于周二关闭，预计未来一周内将继续关闭。 消息公布后，黑石股价一度出现跳水，截至周二收盘，报177.02美元，最新市值为2178亿美 元。 据新华社报道，美国纽约市曼哈顿一座写字楼当地时间7月28日发生枪击事件，造成包括一名 警察在内的4人死亡。枪手自杀身亡。 黑石在一份声明中表示，对韦斯利·莱帕特纳的离世感到痛心。 公开资料显示，韦斯利·莱帕特纳是黑石集团核心房地产全球主管及黑石房地产收入信托基金 （BREIT）首席执行官。她同时担任黑石房地产投资委员会成员。此前，她曾担任核心+业务 及BREIT的首席运营官。 韦斯利·莱帕特纳毕业于耶鲁大学。2014年加入黑石前，她 在高盛工作超过十年，离职前为资 产管理部房地产投资组董事总经理。 黑石办公室预计未来一周关闭 据悉，周一晚些时候黑石总裁乔纳森·格雷与CEO苏世民向员工致信，称发生的事件"难以想 象"，这也是"公司历史上最糟糕的一天"。他们将在接下来的一天内举办一 ...

公告送出日期：2025年07月30日 1.公告基本信息 ■ 2.离任高级管理人员的相关信息 3.其他需要说明的事项 上述变更事项，已经申万宏源证券资产管理有限公司第一届董事会第二十九次会议审议通过，并将按规 定进行备案。 申万宏源证券资产管理有限公司 2025年07月30日 ■ ...