Core Viewpoint - Recent market volatility, geopolitical issues, and trade news have led some investors to question the safe-haven status of U.S. Treasury bonds, despite concerns being perceived as exaggerated [1] Group 1: Credit Rating and Economic Resilience - Moody's recent downgrade of the U.S. credit rating and concerns over the large fiscal deficit have raised doubts among investors, but the U.S. still maintains significant credit advantages due to its economic scale, resilience, and the dollar's role as a global reserve currency [1] - The U.S. market's size, liquidity, and strength are unparalleled, and U.S. Treasury bonds and credit assets are expected to remain important allocations for global investors [1] Group 2: Fiscal Deficit and Interest Rates - Although a projected fiscal deficit of about 7% over the next few years raises concerns, this deficit is roughly split between interest payments on national debt and fiscal spending [1] - With the Federal Reserve potentially moving towards interest rate cuts, interest expenditures are expected to decrease, which will help reduce the deficit size and alleviate concerns regarding the debt-to-GDP ratio [1] Group 3: Demand for U.S. Treasury Bonds - The demand for U.S. Treasury bonds is expected to remain resilient due to the wealth structure within the U.S., where households have a significantly higher allocation to equities compared to other regions [1] - If U.S. households were to shift just 1% of their assets to fixed-income investments, it would be sufficient to support Treasury issuance for the next 2 to 3 years [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 本公告乃由中信証券股份有限公司（「本公司」）自願作出。 本公司董事會（「董事會」）謹此公佈，本公司控股子公司華夏基金管理有限公司（「華夏基 金」）的股東Mackenzie Financial Corporation持有華夏基金27.8%股權。Mackenzie Financial Corporation之控股股東IGM Financial Inc.將刊發其2025年第二季度業績，其 中將載有華夏基金的主要財務數據。基於信息披露的公平原則，本公司對華夏基金於中 國企業會計準則下2025年半年度主要財務數據披露如下： 截至2025年6月3 0日，華夏基金總資產人民幣205.25億元，總負債人民幣66.91億元； 2025年上半年實現營業收入人民幣42.58億元，淨利潤人民幣11.23億元，綜合收益總額 人民幣 11.06 億元。截至 2025 年 6 月 3 0 日，華夏基金母公司管理資產規模為人民幣 28 ...

格隆汇8月6日丨中信证券(600030.SH)公布，公司控股子公司华夏基金管理有限公司（以下简称华夏基 金）的股东Mackenzie Financial Corporation持有华夏基金27.8%股权。Mackenzie FinancialCorporation之 控股股东IGM Financial Inc.将刊发其2025年第二季度业绩，其中将载有华夏基金的主要财务数据。基于 信息披露的公平原则，公司对华夏基金2025年半年度主要财务数据披露如下： 截至2025年6月30日，华夏基金总资产人民币205.25亿元，总负债人民币66.91亿元；2025年上半年实现 营业收入人民币42.58亿元，净利润人民币11.23亿元，综合收益总额人民币11.06亿元。截至2025年6月 30日，华夏基金母公司管理资产规模为人民币28,512.37亿元。 来源：格隆汇APP ...

格隆汇8月6日丨中信证券(600030.SH)公布，公司控股子公司华夏基金管理有限公司（以下简称华夏基 金）的股东Mackenzie Financial Corporation持有华夏基金27.8%股权。Mackenzie FinancialCorporation之 控股股东IGM Financial Inc.将刊发其2025年第二季度业绩，其中将载有华夏基金的主要财务数据。基于 信息披露的公平原则，公司对华夏基金2025年半年度主要财务数据披露如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 截至2025年6月30日，华夏基金总资产人民币205.25亿元，总负债人民币66.91亿元；2025年上半年实现 营业收入人民币42.58亿元，净利润人民币11.23亿元，综合收益总额人民币11.06亿元。截至2025年6月 30日，华夏基金母公司管理资产规模为人民币28,512.37亿元。 ...

Group 1 - The company Tianyang New Materials (603330.SH) announced a share reduction plan, which will take place within three months after the announcement of the reduction plan [1] - Zhuhai Hengqin Caidong Fund Management Co., Ltd. - Caidong Huixin No. 2 Private Securities Investment Fund plans to reduce its holdings by up to 3% of the company's total share capital, equating to a maximum reduction of 12.9802 million shares [1]

中国经济网北京8月6日讯今日，广发基金公告，广发景秀纯债增聘古渥，胡光耀、高翔离任。 | 非金名称 | 广发景秀纯债债券型证券投资基金 | | --- | --- | | 非金筒称 | 广发景秀纯债 | | 基金主代码 | 006670 | | 基金管理人名称 | 广发基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息投露管理办法》、 | | | 《基金管理公司投资管理人员管理指导意见》、 | | | 《广发景秀纯债债券型证券投资基金基金合同》 | | 基金经理变更美型 | 增聘基金经理、解聘基金经理 | | 新任基金经理姓名 | 其液 | | 商任基金经理姓名 | 胡光耀 | | | 高翔 | 古渥2016年7月至2019年6月任大成基金管理有限公司交易管理部债券交易员，2019年6月至2022年3月任 博远基金管理有限公司集中交易室交易主管。2022年4月加入广发基金管理有限公司，先后任固定收益 交易部债券交易员、固定收益交易部总经理助理兼任利率交易组组长、特定策略投资部策略研究员。 广发景秀纯债A成立于2019年3月21日，广发景秀纯债C成立于2024年4月9日，截至2025年8月5日， ...

8月6日，景顺长城基金公告，自8月4日起，叶才担任公司董事长。 上证报中国证券网讯（记者 何漪）8月6日，景顺长城基金公告，自8月4日起，叶才担任公司董事长。 | 基金管理人名称 | 景顺长城基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办 | | | 法》、《证券基金经营机构董事、监事、高 | | | 级管理人员及从业人员监督管理办法》等 | | 高管变更类型 | 新任基金管理公司董事长 | | 新任高级管理人员职务 | 重事长 | | --- | --- | | 新任高级管理人员姓名 | 叶才 | | 任职日期 | 2025年8月4日 | | 过往从业经历 | 工商管理硕士。曾任中国华能集团有限公 | | | 司财务部干部、基建财务处助理会计师、 | | | 资金处助理会计师、财务部副处长、财务 | | | 部资金处副处长、财务部财会二处处长、 | | | 财务部财会一处处长、财务部副经理,北 | | | 方联合电力有限责任公司总会计师,中国 | | | 华能集团有限公司财务部主任、审计部主 | | | 任,华能资本服务有限公司总经理、党委 | | ...

Core Viewpoint - Huashan Fund has announced the effective contract of the Huashan Shanghai Clearing House 0-5 Year Policy Financial Bond Index Securities Investment Fund, with a total net subscription amount of approximately 5.99 billion yuan during the fundraising period [1][2]. Fund Information - Fund Name: Huashan Shanghai Clearing House 0-5 Year Policy Financial Bond Index Securities Investment Fund [2] - Fund Code: 024519 [2] - Fund Operation Type: Open-ended fund [2] - Effective Date of Fund Contract: August 5, 2025 [2] - Fund Manager: Huashan Fund Management Co., Ltd. [2] - Fund Custodian: China Everbright Bank Co., Ltd. [2] - Fund Subscription Period: From July 21, 2025, to August 4, 2025 [2] - Total Valid Subscription Accounts: 490 [2] Financial Details - Total Net Subscription Amount: 5,990,015,168.47 yuan [1][2] - Interest Earned During Subscription Period: 0.84 yuan [1][2] - Total Fund Shares: 5,990,015,169.31 shares [1][2]

| 基金管理人名称 | 景顺长城基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办 | | | 法》、《证券基金经营机构董事、监事、高 | | | 级管理人员及从业人员监督管理办法》等 | | 高管变更类型 | 新任基金管理公司董事长 | | 新任高级管理人员职务 | 重事长 | | --- | --- | | 新任高级管理人员姓名 | 叶才 | | 任职日期 | 2025年8月4日 | | 过往从业经历 | 工商管理硕士。曾任中国华能集团有限公 | | | 司财务部干部、基建财务处助理会计师、 | | | 资金处助理会计师、财务部副处长、财务 | | | 部资金处副处长、财务部财会二处处长、 | | | 财务部财会一处处长、财务部副经理,北 | | | 方联合电力有限责任公司总会计师,中国 | | | 华能集团有限公司财务部主任、审计部主 | | | 任,华能资本服务有限公司总经理、党委 | | | 副书记,并于 2007年8月至2015年9月 | | | 兼任中国华能财务有限责任公司董事, | | | 2008年6月至2011年5月兼任永诚财产 | | ...

Core Viewpoint - In a low-risk return environment, traditional bank wealth management fails to meet investors' yield demands, leading institutional investors to seek stable returns through diversified asset allocation [1] Group 1: Understanding Institutional Investor Needs - The multi-asset team at Huaxia Fund focuses on understanding the "constraint conditions" of the liability side, which is crucial for making investment choices [4] - The team emphasizes communication with institutional clients to understand their specific needs and constraints, leading to a negative list of what cannot be done [4] - The investment strategy is shaped by the clients' requirements for absolute returns and stable relative rankings, avoiding credit downgrading strategies [4][5] Group 2: Sources of Excess Returns - The team adopts a "quality over faith" approach, focusing on the quality of underlying assets rather than relying on policy beliefs, which can be fragile [2][12] - Discipline is essential in managing human weaknesses, as absolute return products cannot tolerate annual losses, necessitating strict adherence to risk budgets [3][15] - The diverse team composition fosters collective wisdom, allowing each member to leverage their unique strengths and expertise in specific asset areas [2][19] Group 3: Investment Strategy and Execution - The team utilizes a macroeconomic strategy and has developed the MVP analysis model, which enhances their competitive advantage in duration strategies [7] - Huaxia Fund has strategically increased the duration of their portfolios, anticipating shifts in economic growth patterns, which has yielded significant excess returns [7][8] - The team recognizes the potential in convertible bonds, which often have pricing discrepancies, allowing for substantial excess returns [8][9] Group 4: Balancing Discipline and Flexibility - The team implements a main account holder model to unify risk and return characteristics across products, enhancing overall performance [15] - Each fund manager is given the autonomy to make investment decisions within the established risk budget, promoting differentiated product management [15][16] - The risk budget sets clear disciplinary boundaries, allowing fund managers to make informed decisions on where to allocate risk [16] Group 5: Multi-Asset Investment Culture - Huaxia Fund aims to create a "Lego" approach in asset management, fostering a culture that supports diverse asset types and strategies [17][22] - The team comprises professionals with varied backgrounds, enhancing their ability to navigate different economic environments and achieve stable returns [19][20] - The reliance on a strong research platform and team collaboration is essential for adapting to market fluctuations and ensuring consistent decision-making [20]