Core Viewpoint - Shenzhou Cell has experienced a decline for seven consecutive trading days, with a cumulative drop of -11.84% [1] Company Overview - Beijing Shenzhou Cell Biotechnology Group Co., Ltd. is an innovative biopharmaceutical and vaccine research and development company founded by Dr. Xie Liangzhi, a renowned expert in biopharmaceutical R&D and industrialization [1] - The company aims to develop products with differentiated competitive advantages, providing high-quality and low-cost options for patients domestically and internationally, establishing a leading biopharmaceutical brand [1] Financial Performance - The financial report indicates that the招商国证生物医药指数(LOF)A, managed by招商基金, is among the top ten shareholders of Shenzhou Cell and has reduced its holdings in the second quarter of this year [1] - The year-to-date return for the fund is 15.49%, ranking 801 out of 3422 in its category [1][2] Fund Performance Comparison - The fund's performance over various periods shows a year-to-date increase of 15.49%, compared to the average of 11.94% for similar funds [2] - In the same timeframe, the CSI 300 index has only increased by 5.11% [2] Fund Management - The fund is managed by two managers: Hou Hao and Xu Rongman, both of whom have extensive experience in investment management [3][5] - Hou Hao has been with招商基金 since 2009 and has held various positions, focusing on risk management and quantitative investment strategies [3] - Xu Rongman joined招商基金 in 2015 and has progressed through roles in brand promotion and research, currently managing the招商国证生物医药指数 fund since March 2021 [5][6] Company Structure - 招商基金 was established in December 2002, with major shareholders being 招商银行股份有限公司 (55%) and 招商证券股份有限公司 (45%) [6]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The industry and market are increasingly focusing on multi - asset ETFs as an innovative product offering one - stop asset allocation solutions. The report explores the development of US multi - asset ETFs to provide insights for domestic market innovation [2][11]. - US multi - asset ETFs have shown significant growth in recent years, with distinct characteristics such as strong head - effects in scale, rapid development of actively managed products, and extensive application of FOF - type products [2][20][31]. - The development of US multi - asset ETFs offers important lessons for the domestic market, including deepening multi - asset index development, diversifying allocation strategies, and broadening underlying asset investment tools [5]. 3. Summary by Directory 3.1 Two Action Plans Mentioned, Multi - asset ETFs Are Approaching - The "Public Offering Plan" emphasizes increasing the creation of asset - allocation products to meet the needs of investors with different risk preferences and promote the coordinated development of equity and fixed - income investments [8]. - The "Index Plan" proposes researching and launching innovative index products such as multi - asset ETFs and expanding the underlying asset categories of ETFs. Recent releases of multi - asset indices indicate growing market attention [10][11]. 3.2 Analysis of the Development History and Current Situation of US Multi - asset ETFs - In 2005, BlackRock issued the world's first multi - asset ETF in Canada. In 2006, Invesco launched the first US multi - asset ETF. After the 2008 financial crisis, multi - asset ETFs evolved rapidly [13][14]. - As of March 31, 2025, there are 181 multi - asset ETFs in the US market, with a total scale of $36 billion, ranking first globally. However, their scale accounts for only 0.35% of all US ETFs, indicating significant growth potential [18]. - The top three fund managers in terms of management scale are BlackRock, Pacer Advisors, and First Trust Portfolios, with a combined scale ratio of 45.35%. The top ten multi - asset ETFs in terms of fund scale account for 51.26% of the total scale [22][25]. - Actively managed multi - asset ETFs have developed rapidly. As of March 31, 2025, 146 out of 181 multi - asset ETFs are actively managed, accounting for 80.66%. Their issuance has increased explosively since 2021 [31]. - FOF - type products are widely used in US multi - asset ETFs. As of March 31, 2025, 73 out of 181 multi - asset ETFs are marked as FOF - type, accounting for nearly 40%, with a fund scale of $13.041 billion, about 36% of the total [34]. - The expense ratios of US multi - asset ETFs vary significantly. The average expense ratio of all 181 multi - asset ETFs is 0.80%, with actively managed and passively managed products having average expense ratios of 0.83% and 0.69% respectively. The expense ratio has generally remained low since 2016 [5][40]. 3.3 Exploration of the Strategy Classification of US Multi - asset ETFs - **Core Allocation Type**: This is the most common strategy type, further divided into target - risk, macro - strategy, and subjective - allocation subtypes. Target - risk type aims to meet pre - designed risk metrics, with 28 products and a scale of $8.176 billion. Macro - strategy type adjusts asset allocation based on macro - economic analysis, with 12 products and a scale of $0.937 billion. Subjective - allocation type gives investment managers high freedom, with 57 products and a scale of $10.402 billion [44][47][51]. - **Trend - Following Type**: These ETFs use momentum factors or trend - following models for asset allocation. As of March 31, 2025, there are 26 products with a scale of $7.193 billion, accounting for about 20% of the total [54][55]. - **Target - Dividend Type**: These ETFs focus on interest (dividend) income, with 22 products and a scale of $6.384 billion. The average historical dividend rate of 17 products issued before 2024 is 7.20%, much higher than other types [58][63]. - **Option - Strategy Type**: These ETFs add option - based derivatives to underlying assets to change the risk - return characteristics. As of March 31, 2025, there are 36 products with a scale of $2.907 billion, accounting for 8.08% of the total [63][64]. 3.4 Suggestions and Insights - **Investor Suggestions**: Different types of investors can choose corresponding multi - asset ETFs. For example, risk - sensitive investors can choose target - risk type; policy - sensitive investors can choose macro - strategy type; investors seeking stable cash flow can choose target - dividend type; those preferring quantitative strategies can choose trend - following type; and investors interested in alternative strategies can choose option - strategy type [68][69][70]. - **Insights for the Domestic Market**: The domestic market should prioritize using existing multi - asset indices as tracking targets, deepen the development of multi - asset indices, focus on stable strategies and diversify allocation strategies, and broaden underlying asset investment tools to promote the development of multi - asset ETFs [72][73][75].

Group 1 - The core viewpoint of the news is that in a volatile equity market and low interest rate environment, investors are increasingly turning to multi-asset diversified allocations to seek stable returns [1] - Morgan Asset Management is set to launch the Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF on August 4, with subscriptions available through various channels including China Merchants Bank and Morgan Asset Management's official direct sales platform [1] - The new fund aims for long-term stable returns by investing at least 80% of its assets in public funds, with a maximum of 30% in equity assets, while also allowing flexible allocation to public REITs, commodity funds, ODII funds, and Hong Kong mutual recognition funds [1] Group 2 - En Xuehai, Chief Investment Officer of Asset Allocation and Pension Management at Morgan Asset Management, noted that global risk appetite is improving due to ongoing loose monetary and fiscal policies, with expectations of rising inflation in the U.S. in the third quarter [2] - The domestic market is stabilizing, and while asset valuations in China have returned to historical averages, they still present attractive opportunities [2]

Group 1 - The core point of the announcement is that from July 28, 2025, Industrial and Commercial Bank of China (ICBC) will act as an agent for the sale of certain open-end mutual funds managed by Guohai Franklin Fund Management Co., Ltd [1] - The announcement includes a table detailing the specific funds and services that will be offered through ICBC [1] - The company emphasizes that investors should read the relevant fund contracts, prospectuses, and product summaries for detailed information [1] Group 2 - The announcement states that the company retains the right to interpret the announcement [1] - Investors are encouraged to consult ICBC or Guohai Franklin Fund Management Co., Ltd for further details [2][3]

Group 1 - The company has signed a fund sales and service agreement with Bank of Communications, allowing the bank to sell its funds starting from July 28, 2025 [1] - Investors will be able to perform various transactions such as account opening, subscription, redemption, regular investment, and conversion through Bank of Communications for the listed funds [1] - Specific fee discounts will be available for investors using Bank of Communications for transactions related to the company's funds, with details subject to the bank's regulations [2] Group 2 - The interpretation rights of the fee discount activities belong to Bank of Communications, and any changes to the specific regulations will be announced by the bank [3] - During the fee discount period, the transaction processes will follow the regulations set by Bank of Communications [4] - Investors are encouraged to read the fund's legal documents, including the fund contract and prospectus, for detailed information about the fund products [4]

Core Points - The fund is named "Huaxia Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced Securities Investment Fund" with A and C share codes 024879 and 024880 respectively [66] - The fund has a total fundraising cap of RMB 8 billion, with a subscription period from August 6, 2025, to August 26, 2025 [13][18] - The fund is a contract-based open-end stock fund managed by Huaxia Fund Management Co., Ltd. and custodied by Bank of China [2][4] Fund Structure - The fund offers two classes of shares: A shares, which charge a front-end subscription fee, and C shares, which do not charge subscription fees but deduct service fees from the fund's assets [9][11] - The initial value for both A and C share classes is set at RMB 1.00 [16][25] Subscription Process - Investors must ensure that their subscription funds are legally sourced and must open a fund account and trading account as per the sales institution's requirements [3][20] - The minimum subscription amount is RMB 1.00 for direct sales and varies for other sales institutions [4][19] Fund Management and Operations - The fund management company commits to managing the fund assets with diligence and integrity but does not guarantee profits or minimum returns [66] - The fund's net value may fluctuate due to market conditions, and investors bear the associated risks [6][10] Investor Information - Investors can subscribe through direct sales institutions or designated sales agents, and the fund's detailed information is available on the company's website [12][59] - The fund's subscription applications are subject to confirmation by the registration agency, and investors should verify their subscription status post-application [5][55]

Group 1 - The fund being offered is named "Zhongou Core Intelligent Mixed Securities Investment Fund" and is registered with the China Securities Regulatory Commission [1][14] - The fund has two classes of shares: Class A with code 025058 and Class C with code 025059 [2][14] - The fund's operation is contractual and open-ended, aiming to achieve investment returns that exceed its performance benchmark while controlling portfolio risk [15][14] Group 2 - The subscription period for the fund is from August 4, 2025, to August 15, 2025 [6][26] - The minimum total subscription amount for the fund is set at 200 million shares [55] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [18][14] Group 3 - The fund's investment range includes various financial instruments such as stocks, bonds, and derivatives, with a focus on maintaining liquidity [19][20] - The fund aims to invest 60%-95% of its assets in stocks and depositary receipts, with a maximum of 50% of stock assets in Hong Kong Stock Connect stocks [20] - The fund's initial share value is set at 1.00 RMB [17] Group 4 - The fund management fee consists of fixed management fees, contingent management fees, and excess management fees, which depend on the holding duration and annualized return of each share [14] - Investors must open a fund account with the company to subscribe to the fund, and existing account holders do not need to open a new account [9][39] - The fund's effective subscription funds will accrue interest during the subscription period, which will be converted into fund shares for the holders [10][38]

Group 1 - Farah Electronics has experienced a decline for five consecutive trading days, with a cumulative drop of -3.79% [1] - The company is recognized as a leading manufacturer of professional film capacitors globally [1] - Two funds under Qianhai Open Source Fund have entered the top ten shareholders of Farah Electronics, with Qianhai Open Source Public Utility Stock reducing its holdings in Q2 this year [1] Group 2 - Qianhai Open Source Public Utility Stock has achieved a year-to-date return of 13.29%, ranking 321 out of 769 in its category [2] - Qianhai Open Source New Economy Mixed A has a year-to-date return of 6.71%, ranking 1003 out of 1866 in its category [2] - The performance of Qianhai Open Source Public Utility Stock shows a quarterly increase of 3.45% and a six-month increase of 15.47% [2] Group 3 - The fund manager for both Qianhai Open Source Public Utility Stock and Qianhai Open Source New Economy Mixed A is Mr. Cui Chenlong, who has been with Qianhai Open Source Fund Management since August 2017 [4][5] - Mr. Cui holds a PhD from Nanyang Technological University in Singapore and has extensive experience in investment research and management [4][5] - Qianhai Open Source Fund Management was established in January 2013 and has four shareholders, each holding 25% [5]

Company Overview - Shenzhen Jinbaize Electronics Technology Co., Ltd. focuses on electronic product research and hardware innovation, specializing in electronic interconnection technology, and aims to become a distinctive integrated service provider in electronic design and manufacturing [1] - The company's main products include printed circuit boards, electronic manufacturing services, and electronic design services [1] Stock Performance - Jinbaize has experienced a decline for five consecutive trading days, with a cumulative drop of -4.75% [1] - The fund "Bodao Growth Zhihang Stock A" has entered the top ten shareholders of Jinbaize and was newly added in the first quarter of this year [1] - The fund has achieved a year-to-date return of 22.56%, ranking 161 out of 989 in its category [1][2] Fund Management - The fund manager of Bodao Growth Zhihang Stock A is Yang Meng, who has a Master's degree in Economics and extensive experience in quantitative research and investment management [4][5] - Yang Meng has been with Bodao Fund Management Co., Ltd. since August 2017 and currently serves as the Director of Quantitative Investment and General Manager of the Quantitative Investment Department [4][5] Fund Performance Metrics - The fund has shown a year-to-date performance of 22.5%, with a quarterly performance of 10.28% and a three-month performance of 16.52% [2] - Compared to the average of its peers, which has a year-to-date return of 13.4%, Bodao Growth Zhihang Stock A has outperformed significantly [2]

Group 1 - Zhenxin Technology has experienced a continuous decline for five trading days, with a cumulative drop of -4.53% [1] - Chengdu Zhenxin Technology Co., Ltd. is a national high-tech enterprise established in June 2003 and successfully listed on the Shenzhen Growth Enterprise Market in August 2010 (stock code: 300101) [1] - Bosera Fund's Bosera Military Industry Theme Stock A is among the top ten shareholders of Zhenxin Technology, maintaining its position in the second quarter of this year [1] Group 2 - The fund manager of Bosera Military Industry Theme Stock A is Zeng Peng, who has been with Bosera Fund since 2012 and has held various positions including investment manager and director of equity investment [4][5] - Zeng Peng has managed multiple funds, including Bosera New Emerging Growth Mixed Fund and Bosera Semiconductor Theme Mixed Fund, with a cumulative management experience of over 12 years [5] - As of now, Bosera Military Industry Theme Stock A has a year-to-date return of 22.90%, ranking 140 out of 769 in its category [1]