Core Viewpoint - The implementation details of the cross-border asset management pilot program in Hainan Free Trade Port have been released, allowing foreign investors to use funds from both domestic and international sources to purchase pilot asset management products [1] Group 1 - Foreign investors can use funds from both domestic and international sources to purchase pilot asset management products [1] - Foreign individual investors using funds from domestic sources must provide proof of residence, employment, or study in Hainan Free Trade Port for at least one year, along with proof of RMB income from domestic sources [1] - Issuing institutions are required to fulfill active management responsibilities and are prohibited from providing channel services to foreign institutions or individuals [1]

Core Viewpoint - The implementation details of the cross-border asset management pilot business in Hainan Free Trade Port have been released, establishing a management scale for the pilot program [1] Group 1: Pilot Program Details - The pilot scale refers to the net inflow of funds from foreign investors purchasing pilot asset management products, which must not exceed the total scale limit at any point [1] - The total pilot scale is the sum of the pilot scales approved by the People's Bank of China Hainan Branch for each issuing institution [1] - The People's Bank of China Hainan Branch will set and dynamically adjust the total scale limit based on economic and financial development, international balance of payments, and market demand, with updates published on their official website [1] Group 2: Initial Scale Limit - The initial total scale limit for the pilot program is set at 10 billion RMB [1]

Core Viewpoint - The article emphasizes the growing importance of multi-asset allocation strategies in the current volatile equity markets and low interest rate environment, highlighting Morgan Asset Management's expertise in this area [1][2]. Group 1: Investment Strategy - Morgan Asset Management (China) is focusing on multi-asset diversified allocation to meet the demand for stable returns from both institutional and individual investors [1][2]. - The firm has developed globally allocable Fund of Funds (FOF) products and promotes scientific asset allocation concepts through regular professional reports [1][2]. - The investment philosophy is shifting from single product purchases to comprehensive asset management solutions, with FOF and advisory services playing a crucial role [2][3]. Group 2: Team Competence - The ability to manage asset portfolios is evaluated through three dimensions: research capability across asset classes, a robust investment framework, and effective risk management [3]. - Morgan Asset Management's investment framework is based on macroeconomic factors, valuation, technical analysis, and fundamentals, ensuring disciplined decision-making [3][4]. - The firm benefits from a global platform that supports investment decisions through comprehensive research and real-time market insights [4][5]. Group 3: Market Insights - The domestic market is gradually moving towards a more mature understanding of asset management, with a growing awareness of the importance of portfolio diversification [2][4]. - Current market conditions indicate that domestic asset valuations have returned to historical averages but remain relatively inexpensive compared to other global assets [8][9]. - The firm anticipates a neutral to slightly positive risk appetite for the domestic market in the second half of the year, supported by recent policy improvements [8][9]. Group 4: Global Perspective - Morgan Asset Management's global research teams maintain consistent judgment logic across major markets and asset classes, enhancing the accuracy of market assessments [6][7]. - The firm has observed that global risk appetite is improving, with expectations of rising inflation in the U.S. and a cautious approach from the Federal Reserve regarding monetary policy [9].

Economic Performance - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, showing a year-on-year growth of 5.3% at constant prices, indicating a stable and positive economic trend [1] - Strong export activities have been a key driver of this growth, supported by China's efforts to diversify its export markets since 2018 [2] Foreign Investment Sentiment - Multiple foreign institutions have expressed optimism about China's economic outlook, leading to increased attractiveness of Chinese assets, including A-shares [1][4] - Wellington Management highlighted that China's long-term prospects are optimistic due to resilient economic models and deepening trade relations outside the U.S. [4] Policy and Market Dynamics - Deutsche Bank's chief economist for China expects continued monetary and fiscal policy support, with resilient performance in the service sector and retail [3] - The stability of the global trade environment is crucial for China's economic growth, with China accounting for approximately 41% of global value chain activities [3] Investment Opportunities - Investors are increasingly looking at China as a potential investment target, with reasons including attractive valuations, improving fundamentals, and policy support for the private sector [4] - The long-term investment value of the Chinese stock market is becoming more apparent, driven by improving corporate quality and lower domestic interest rates [5] Market Trends - Despite recent stock market gains, Chinese stocks remain relatively attractive compared to global and regional markets, with expectations of further stimulus measures in the second half of the year [6]

The provided content does not contain any information about quantitative models or factors, their construction, evaluation, or testing results. It primarily discusses the performance, fund flows, and market trends of U.S. public funds, as well as the views of overseas asset management institutions. Therefore, there is no relevant information to summarize regarding quantitative models or factors.

【导读】遭遇赎回、销售遇冷，此前大热的QDLP产品降温了？记者一线调查来了 日前，有市场传闻称过去两年火热的QDLP产品，近期遭遇赎回，渠道承压。记者采访多家渠道和管理 人了解到，传闻有夸大成分。近期，部分QDLP产品的确有被赎回，但赎回的规模有限，完全在正常范 围内。 机构人士表示，随着市场变化，投资者偏好变化实属正常，没有一种策略或产品类型可一直享受"高光 时刻"。外资机构需做好投资者服务等工作，持续推出能满足客户需求、可真正分散组合风险的产品， 为投资者提供多元化的选择。当前，具有差异性的优质产品依然受到投资者的欢迎。 记者调查：赎回规模有限 过去一两年QDLP产品热销，份额难求，时常被"秒光"。此前记者了解到，QDLP最火热的时候，听闻 管理人获批额度，渠道立马"上门"，产品上架前就被订购一空。在此背景下，今年"QDLP产品遭赎 回"的市场传闻格外引人关注。 QDLP全称为合格境内有限合伙人，在相关制度安排下，其允许机构从境内合格投资者处募资投向海外 市场。自2012年在上海试点以来，QDLP制度已有超过10年的发展历史。一批外资机构借由QDLP制度 进入中国市场，触达中国投资者，满足其多元化配置需求 ...

日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 数据显示，该基金近3个月收益率0.61%，近一年收益率2.06%，成立以来收益率为11.73%。 天眼查商业履历信息显示，上海国泰君安证券资产管理有限公司成立于2010年8月，位于上海市，是一 家以从事资本市场服务为主的企业。注册资本200000万人民币，法定代表人为陶耿。 截至2025年6月30日，国泰君安资管旗下国泰君安30天滚动持有中短债C（013282）期末净资产13.90亿 元，比上期减少13.01%，该基金经理为杜浩然。 简历显示，杜浩然先生:复旦大学金融硕士,2014年7月入职上海国泰君安证券资产管理有限公司,历任固 定收益投资部助理研究员、投资经理;基金投资部基金经理;现任固定收益投资部(公募)副总经理,主要负 责固定收益类产品的投资研究工作。自2 ...

Core Insights - BlackRock's asset management scale reached a record high of approximately 12.53 trillion USD, equivalent to about 89.70 trillion RMB, as of June 30, 2025, marking an 18% year-on-year growth that exceeded market expectations [1] Group 1: Financial Performance - In Q2 2025, BlackRock attracted a net inflow of 68 billion USD, a decrease of approximately 19% from the previous quarter's 84 billion USD [1] - The total asset growth in Q2 was 943.66 billion USD, reflecting an increase of 8.15% [1] - The growth was driven by net inflows, a rebound in global stock markets, and an increase in risk asset allocation due to expectations of interest rate cuts by the Federal Reserve [1] Group 2: Business Segments - The iShares segment, a core business for BlackRock, attracted 14 billion USD in net inflows during Q2, primarily from digital asset ETFs [1] - The Bitcoin ETF, IBIT, saw a net inflow of 14 billion USD, a 366% increase compared to the previous quarter's inflow of about 3 billion USD [1] Group 3: Market Trends - There was a surge in short-term risk aversion demand in Q2, leading to a net inflow of 22 billion USD into BlackRock's money market funds [2] - Fixed income ETFs experienced a net outflow of 4.66 billion USD during the same period, influenced by an unstable interest rate environment and stock market rebound [2] Group 4: Strategic Acquisitions - BlackRock completed several acquisitions in 2025, including the purchase of private data platform Preqin for approximately 3.2 billion USD, significantly contributing to the growth of its technology services revenue, which increased by 26.3% to 499 million USD in Q2 [4] - The acquisition of HPS Investment Partners and the completion of the acquisition of GIP also led to a significant expansion of BlackRock's alternative asset scale [4] Group 5: Fundraising Achievements - GIP's fifth flagship fund raised 25.2 billion USD, setting a record for private infrastructure fund fundraising [5] - BlackRock has developed customized target date funds that allocate assets between public and private markets, enhancing its diversified client base [5]

Core Viewpoint - BlackRock's asset management scale reached a record high of approximately 89.70 trillion RMB, with a total of 12.53 trillion USD as of June 30, 2025, reflecting an 18% year-on-year growth, exceeding market expectations [1] Group 1: Financial Performance - In Q2 2025, BlackRock attracted a net inflow of 68 billion USD, a decrease of about 19% from the previous quarter's 84 billion USD [1] - The asset management scale increased by 943.66 billion USD in Q2, representing a growth rate of 8.15% [1] - The growth was driven by net inflows, a rebound in global stock markets, and expectations of interest rate cuts by the Federal Reserve [1] Group 2: ETF Business - iShares, a core business of BlackRock, attracted a net inflow of 14 billion USD in Q2, primarily from digital asset ETFs [2] - The Bitcoin ETF IBIT saw a net inflow of 14 billion USD, a 366% increase from the previous quarter's inflow of approximately 3 billion USD [2] - The money market funds of BlackRock experienced a net inflow of 22 billion USD due to a surge in short-term risk aversion [2] - Fixed income ETFs faced a net outflow of 4.66 billion USD in Q2 [2] Group 3: Acquisition Strategy - BlackRock completed several acquisitions in 2025, including the purchase of the private equity data platform Preqin for approximately 3.2 billion USD [4] - The acquisition of HPS Investment Partners and GIP significantly expanded BlackRock's alternative asset scale [4] - BlackRock's CEO, Larry Fink, stated the company aims to transform into a "technology-driven asset management giant," targeting over 30% of total revenue from private equity and technology by 2030 [4] Group 4: Fundraising Achievements - GIP's fifth flagship fund raised 25.2 billion USD, setting a record for private infrastructure fund fundraising [5] - BlackRock developed a customized target date fund glide path for asset allocation between public and private markets [5] - The IBIT has become the largest Bitcoin ETF globally, with increasing attention on its joint venture in India [5]

Group 1 - The company, Jiangsu Shagang Co., Ltd., has invested 40 million RMB as a limited partner in the Shanghai Lanxin Asset Management Center, accounting for 80% of the total subscribed capital of the fund [2] - Recently, the company received a notification from Shanghai Lanxin regarding changes in its information, which have been duly registered and a new business license has been obtained [3] - The updated details of Shanghai Lanxin include its name, type as a limited partnership, and a registered capital of 50 million RMB, with its main business scope being asset and investment management [3]