Group 1 - China Orient Asset Management announced the resignation of Wang Zhanfeng as chairman and executive director due to work changes, with Liang Qiang elected as the new chairman pending regulatory approval [1] - Liang Qiang has extensive experience in the four major national AMCs, having held senior positions in China Huarong, China Cinda, and China Great Wall, showcasing his expertise in crisis management [2] - The current leadership positions in the three major AMCs are experiencing dynamic adjustments, with several key roles remaining vacant, including the chairman position at China Great Wall [4][6] Group 2 - Liang Qiang's career includes significant contributions to risk resolution and business transformation at China Cinda, where he served as executive director and president before his recent appointment at China Orient [2][3] - The chairman position at China Great Wall has been vacant for seven months following the resignation of Li Junfeng, with the role currently being temporarily filled by the president [4] - Following Wang Zhanfeng's resignation, his future career path remains uncertain, and the search for a new president at China Cinda is ongoing [6]

美国最新通过的减税与支出法案预期将为经济带来额外财政刺激。而就业市场稳健，家庭消费意愿持续 强劲，反映对商品与服务的稳定需求。尽管美股目前估值偏高，且市场已悄然下调盈利预测，贸易关税 不确定性仍构成潜在风险。惟投资者应密切留意美国经济会否出现'金发女孩情境'——即政策刺激有效 推动经济，且不引发通胀压力，从而让美联储有空间重启减息周期。 欧洲方面，欧洲央行利率已接近中性水平，除非经济进一步恶化，否则进一步减息空间有限。欧盟与美 国的贸易谈判持续，未来几个月的财政政策走向亦将对宏观经济格局产生深远影响，特别是在国防支出 预期大幅上升的背景下。 亚太区方面，美元走弱为亚洲及新兴市场创造投资机会。在货币升值带动下，这些市场的总回报表现更 为亮眼。加上亚太区整体货币环境趋向宽松，印度、澳洲及泰国加快减息步伐，而中国台湾省则因新台 币升值而出现相对紧缩的金融状况。日本内需稳健、企业盈利强劲及相对吸引的估值为当地股市提供支 持。然而，出口价格下跌及汽车出口放缓等外部因素仍对整体表现构成压力。此外，投资者应留意市场 已推迟对加息的预期，但薪资上升及日元走强可能使日本央行难以转向鸽派立场，进而影响整体盈利前 景。" 香港强积 ...

提要 1、"投资资本市场，大多数时候最好还是以农民的心态长期耕种，而不是以猎人的 心态，打猎的水平要求挺高，难度非常大。" 2、"价格的波动有时非常剧烈，但是企业本身的内在价值，其实它并没有像价格表 现的那么大的变化，尤其一些优秀企业，他们持续地创造着丰厚的自由现金流。" 3、"乐观的一面，现在正在慢慢地展现给全球的投资人，我们相信，随着时间的推 移可能会有越来越多的投资人，尤其是海外投资人会意识到中国长期发展的潜力巨 大。" 4、"投资的关键在于能够客观评估真正的价值，当市场波动导致价格偏离价值时， 要利用这些波动，而非被它们击败。" 5、"长期、耐心地致力于投资，比试图猜测未来，然后进出市场要成功得多。把握 市场时机非常困难，长期参与市场才是创造长线财富的方法。" 日前，睿远基金创始人陈光明先生与橡树资本联席创始人及联席董事长霍华德•马克斯先生展 开了一场对话交流。 霍华德·马克斯是橡树资本联席创始人及联席董事长，他所执掌的橡树资本以逆向价值与卓越 的风险管理能力，是全球最知名的另类资产管理公司之一。陈光明是睿远基金创始人及投资经 理，他深耕中国资本市场超过25年，可以说是价值投资理念在中国本土化的实践者 ...

7月10日，睿远基金创始人陈光明与橡树资本创始人霍华德 马克斯在上海进行了一场对话交流。 【导读】陈光明对话霍华德 马克斯：持有或增配中国资产，有望持续获得回报 霍华德·马克斯是橡树资本联席创始人及联席董事长，他所执掌的橡树资本以逆向价值与卓越的风险管 理能力，成为全球最知名的另类资产管理公司之一。陈光明是睿远基金创始人及投资经理，他深耕中国 资本市场超过25年，是价值投资理念在中国本土化的实践者。 双方围绕经济与市场周期、全球市场波动时的应对、中国市场以及中国创新带来的投资机遇、价值投资 实践等话题展开了交流。 以下为本次对话的投资金句： "投资资本市场，大多数时候最好还是以农民的心态长期耕种，而不是以猎人的心态，打猎的水平要求 挺高，难度非常大。" "价格的波动有时非常剧烈，但企业内在价值的变化并不像价格表现得那么大，尤其一些优秀企业，它 们持续地创造着丰厚的自由现金流。" "乐观的一面，正在慢慢地展现给全球的投资人。我们相信，随着时间的推移，会有越来越多的投资 人，尤其是海外投资人，会意识到中国长期发展的潜力。" 我相信在过去80年到100年里，美国经济在世界上处于领先地位，其原因包括美国经济的活力、对 ...

Core Viewpoint - The report outlines the performance and investment strategy of the Debon New Return Flexible Allocation Mixed Securities Investment Fund for the second quarter of 2025, highlighting its focus on risk control and asset allocation to achieve long-term stable growth for investors [1][2]. Fund Overview - Fund Name: Debon New Return Flexible Allocation Mixed Fund [2] - Fund Code: 003132 [2] - Fund Type: Contractual open-end fund [2] - Effective Date of Fund Contract: January 13, 2017 [2] - Total Fund Shares at Period End: 82,428,178.48 shares [2] - Investment Objective: To achieve long-term stable asset appreciation through flexible allocation among various asset classes while strictly controlling risks [2]. Performance Metrics - Net Value Growth Rate for the Past Six Months: -0.40% [3] - Net Value Growth Rate for the Past Year: 16.63% [3] - Net Value Growth Rate for the Past Three Years: -23.92% [3] - Net Value Growth Rate for the Past Five Years: 1.00% [3] - Performance Benchmark: 40% of CSI 300 Index return + 60% of one-year bank deposit rate (after tax) [3]. Investment Strategy - The fund employs a diversified investment strategy, including asset allocation, stock investment, fixed income investment, and derivative strategies [2]. - The current investment strategy focuses on fixed income assets as a base and equity assets for enhancement, aiming for low volatility and low drawdown [6][8]. - The fund has incorporated convertible bonds into its portfolio to balance risk and enhance potential returns [8]. Economic Context - The economic data for the second quarter indicates stable performance, with production and consumption showing positive trends [5]. - The monetary policy has been adjusted with a reduction in the reserve requirement ratio and interest rates to support economic growth [6]. - The bond market has experienced fluctuations, with a decline in yields due to monetary easing and market expectations [7]. Fund Management - The fund management team adheres to legal regulations and internal policies to ensure fair trading practices and protect investors' interests [4]. - The fund manager's experience includes significant roles in research and investment management, contributing to informed decision-making [4]. Asset Allocation - As of the report date, the fund's asset allocation includes 6.62% in stocks and 71.31% in bonds [9]. - The fund has not invested in asset-backed securities or gold, focusing instead on high-quality bonds and diversified equity holdings [9][12].

【 导读 】 陈光明对话霍华德•马克斯 ：持有或 增配 中国 资产，有望持 续获得回报 中国基金报记者 若晖 7月10日，睿远基金创始人 陈光明与 橡树资本创始人 霍华德•马克斯 在上海进行 了一场对 话交流。 霍华德·马克斯是橡树资本联席创始人及联席董事长，他所执掌的橡树资本以逆向价值与卓越 的风险管理能力， 成为 全球最知名的另类资产管理公司之一。陈光明是睿远基金创始人及投 资经理，他深耕中国资本市场超过25年，是价值投资理念在中国本土化的实践者。 双方围绕经济与市场周期、全球市场波动时的应对、中国市场以及中国创新带来的投资机 遇、价值投资实践等话题展开了交流。 以下为本次对话的投资金句： "投资资本市场，大多数时候最好还是以农民的心态长期耕种，而不是以猎人的心态，打猎的 水平要求挺高，难度非常大。" "价格的波动有时非常剧烈，但企业内在价值的变化并 不 像价格表现 得 那么大，尤其一些 优秀企业， 它 们持续地创造着丰厚的自由现金流。" "乐观的一面，正在慢慢地展现给全球的投资人 。 我们相信，随着时间的推移，会有越来越 多的投资人，尤其是海外投资人，会意识到中国长期发展的潜力。" "投资的关键在于能够 ...

| 2000 | | | | 144666 | 国资国企改革政坚 | | | ****** | | | | 3625/04/07 19:25 36 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 00 MKGB | | | | | | | | | | (2) 粒值评价 | | | | | · 重要保休 | | | | 印度 (Entitle) | 明 压降雪铁道 | 48 食艺新型分值 | | IN @200000 | | | | | | | | | | | 基层后从模工 S | ●〔0％保(1)) | PERMILE | R.M | 年度日時期： 午前的球員： | OCN | | SERNO | 日前身份 | | | MAAMARK | | 美味附加班期 | | 电波型式型: | | | | | | | сима крилания | | | | 8 | | 100 | | | | | | | | | | | | | | | | | | | ERNE | | | | ... ...

Group 1: Company Overview - Renqiao Asset recently conducted research on a listed company, Langzi Co., which showed varied performance among its medical beauty brands in Q1 2025, with Jingfu Medical Beauty's net profit increasing by 633.07% while other brands like Milan Baiyu and Wuhan Wuzhou experienced declines [1] - Langzi Co. aims to focus on technological innovation, customer needs, marketing channel optimization, and data governance in its medical beauty business, adhering to the philosophy of "safe medical beauty, reputation medical beauty, and quality medical beauty" without engaging in price competition [1] - The company has reduced its holdings in Ru Yuchen and accounted for the difference between the book value and the proceeds from the sale as investment income [1] Group 2: Financial Performance - In Q1, the revenue distribution among medical beauty departments was 45.14% for minimally invasive, 39.95% for dermatology, and 14.57% for surgery [1] - The sales expense ratio for medical beauty was 35.53%, with major marketing channels including local life platforms and short video platforms [1] - Online sales in the women's clothing segment increased by 14.31%, raising its revenue share to 42.62% of the women's clothing business [1]

Core Viewpoint - The announcement details a partnership between Taikang Fund Management Co., Ltd. and Ping An Bank, effective from July 11, 2025, allowing Ping An Bank to sell certain open-end funds and participate in fee discount activities [1]. Group 1: New Fund Products - Investors will be able to subscribe, redeem, convert, and set up regular investment plans for the mentioned funds through Ping An Bank, with specific procedures governed by the sales institution's regulations [2]. Group 2: Discount Methods - Starting from July 11, 2025, Ping An Bank will offer fee discounts for fund subscriptions (including regular investments) and conversions, subject to relevant legal documents and regulatory requirements. The specific discount rates will be publicly announced by Ping An Bank [3]. Group 3: Consultation Methods - Contact information for Ping An Bank and Taikang Fund Management is provided for investor inquiries, including customer service numbers and websites [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：上海东方证券资产管理有限公司 基金托管人：中国建设银行股份有限公司 二〇二五年七月十一日 2、本基金是契约型开放式、股票型证券投资基金。 3、本基金A类基金份额的基金代码为024227，C类基金份额的基金代码为024228。 4、本基金的基金管理人和基金登记机构为上海东方证券资产管理有限公司（以下简称本公司、基金管 理人或东方红资产管理），基金托管人为中国建设银行股份有限公司。 5、本基金的募集期为2025年7月28日（含）至2025年8月15日（含）。基金管理人有权根据基金募集的 实际情况按照相关程序延长或缩短募集期，此类变更适用于所有销售机构。基金募集期若延长，最长不 得超过3个月。 6、本基金的销售机构包括基金管理人的直销机构和代销机构。直销机构包括基金管理人的直销中心和 网上交易系统。代销机构具体名单请见基金管理人网站披露的基金销售机构名录。 7、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 重要提示 1、东方红中证港股通高股息投 ...