Group 1 - The fund being launched is named "Ping An Xin Sheng Mixed Initiated Securities Investment Fund," which has been registered with the China Securities Regulatory Commission (CSRC) [1] - The fund is categorized as a mixed securities investment fund and operates as a contractual open-end fund [15][16] - The fund aims to achieve long-term stable appreciation of assets while strictly controlling risks through various investment strategies [15] Group 2 - The fund will be publicly offered starting from May 12, 2025, and the fundraising period will not exceed three months [19] - The minimum subscription amount for individual investors through other sales institutions is set at RMB 1, while the minimum for direct sales is RMB 50,000 [2] - There is no upper limit on the subscription amount for individual investors, but if an individual investor's total subscription reaches or exceeds 50% of the total fund shares, the fund manager may impose restrictions [8][28] Group 3 - The fund's management is handled by Ping An Fund Management Co., Ltd., with China Postal Savings Bank as the custodian [1][59] - Investors must ensure that the funds used for subscription are legally sourced and free from any legal or contractual obstacles [10] - The fund's sales institutions may adjust subscription limits based on market conditions, and any changes will be announced in accordance with regulations [7][19] Group 4 - The fund offers two classes of shares: Class A, which charges a subscription fee, and Class C, which does not charge a subscription fee but deducts a service fee from the fund's assets [22][24] - The subscription fee for Class A shares is calculated based on the subscription amount, while Class C shares are calculated based on the total amount including interest [26][27] - Investors can subscribe multiple times during the fundraising period, but once a subscription application is accepted, it cannot be revoked [9][28]

按 照 《 黑 龙 江 省 人 民 政 府 办 公 厅 关 于 印 发 〈 黑 龙 江 省 省 级 政 府 投 资 基 金 管 理 暂 行 办 法 （ 修 订）〉的通知》（黑政办发〔2025〕10号）相关规定，为进一步提高财政资金使用效益，构 建科学高效的省级政府投资基金管理体系，促进省级政府投资基金高质量发展，现面向社会公 开征集遴选龙江现代产业投资引导基金（以下简称引导基金）托管母基金管理机构，并将有关 事项公告如下： 一、托管母基金基本情况 托管母基金是指由引导基金与社会资本合作设立，委托国内头部基金管理机构进行市场化、法 治 化 、 专 业 化 管 理 ， 围 绕 黑 龙 江 省 建 好 建 强 " 三 基 地 一 屏 障 一 高 地 " 战 略 目 标 ， 聚 焦 构 建 "4567" 现 代 化 产 业 体 系 ， 支 持 改 造 提 升 传 统 产 业 、 培 育 壮 大 新 兴 产 业 、 布 局 建 设 未 来 产 业，打造具有竞争力优势产业集群的母基金。托管母基金总规模根据下设子基金的数量和规模 合理确定，主要投资方向包括但不限于数字经济、生物经济、低空经济、现代农业等领域。托 管母基金意 ...

Group 1 - Multiple regions in China, including Zhejiang, Henan, Yunnan, Jiangsu, and Hubei, have announced the establishment or completion of registration for mother funds focusing on sectors such as artificial intelligence, integrated circuits, semiconductors, new materials, high-end equipment, optoelectronic information, new energy, biomedicine, and medical devices [1][2] - Wuhan has announced a plan to create a 300 billion yuan mother-son fund cluster, with a maximum allowable loss of 100% [2][30] - The Hangzhou Science and Technology Innovation Fund is seeking general partners to establish sub-funds aimed at supporting strategic emerging industries in the city [3][4] Group 2 - The Zhengzhou Aviation Port Emerging Industry Development Equity Investment Fund has officially launched its sub-fund management institution recruitment, with a total scale of 10 billion yuan [5][6] - The Zhejiang provincial government is preparing a 10 billion yuan future industry fund and a 10 billion yuan merger mother fund [6][7] - The Yunnan Province High-Quality Agricultural Equity Investment Fund is seeking sub-fund management institutions to invest in key agricultural sectors [7][8] Group 3 - The Luoyang Angel Fund has completed registration with a total scale of 1 billion yuan, focusing on early-stage enterprises in sectors like artificial intelligence and new materials [9] - The Nantong Baoyuehu Science and Technology Innovation Mother Fund has been established with a total scale of 5 billion yuan, targeting strategic emerging industries [10] - The Jiangsu Province has launched a 10 billion yuan AI industry fund to support the development of an AI ecosystem [29] Group 4 - The Chengdu High-tech Zone has established a fund cluster with a total scale exceeding 320 billion yuan, focusing on various industries including electronic information and healthcare [20][21] - The Long Triangle Digital Cultural Industry Fund has been signed with a total scale of 10 billion yuan, focusing on the digitalization of the cultural industry [22] - The Jilin Province Ginseng Industry Fund has been established with a scale of 1.2 billion yuan, focusing on the ginseng industry chain [27]

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 上周三鲍威尔表示，美国在新政策下，将会面对失业率上升、通胀存在上升压力，对央行来说会 是困难重重，因为大部分政策的影响在通胀和失业中只能选其一；鲍同时认为即使美股急跌，联 储局不会突然在非议息日中减息。 另一方面，联储内部曾讨论是否应停止销售债券(售卖债券的结果是将市场里的流动现金收走)，结 果他们维持销售但卖债量减少75%，所以联储局已经透过减少卖债来维持市场里较多的资金流 动。 美联储于5月7日维持息率不变的机率从三周前的55.4%升回至上周五的89%。市场认为联储还会在 6月减息的机率从两周前的73.7%跌至上周五的62.5% (即6月减息机会下降)。 特朗普想踢走鲍威尔，委任另一个自己人这样便可以立即降息。不过理论上联储运作独立于美政 府，所以 ...

这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 上周三鲍威尔表示，美国在新政策下，将会面对失业率上升、通胀存在上升压力，对央行来说会 是困难重重，因为大部分政策的影响在通胀和失业中只能选其一；鲍同时认为即使美股急跌，联 储局不会突然在非议息日中减息。 另一方面，联储内部曾讨论是否应停止销售债券(售卖债券的结果是将市场里的流动现金收走)，结 果他们维持销售但卖债量减少75%，所以联储局已经透过减少卖债来维持市场里较多的资金流 动。 美联储于5月7日维持息率不变的机率从三周前的55.4%升回至上周五的89%。市场认为联储还会在 6月减息的机率从两周前的73.7%跌至上周五的62.5% (即6月减息机会下降)。 特朗普想踢走鲍威尔，委任另一个自己人这样便可以立即降息。不过理论上联储运作独立于美政 府，所以 ...

4月23日，海富通基金发布关于董事长变更的公告 ，董事长路颖因工作调整离任，新任谢乐斌为董事 长，任职日期2025年4月21日。 谢乐斌，2021年6月28日起担任国泰君安证券股份有限公司副总裁，现任国泰海通证券股份有限公司副 总裁。 曾先后担任君安证券有限责任公司投资银行部常务 董事；国泰君安证券股份有限公司稽核审计 部（沪） 副总经理、稽核审计总部副总经理、稽核审计总部 副总经理（主持工作）、稽核审计总部总 经理，计 划财务部总经理，副财务总监，财务总监兼营运总 监、首席风险官，投行事业部总裁、执行 委员会主 任。在此之前，曾在万国证券有限公司任职。 路颖，CFA，首席分析师，女，博士，2024年9月-2025年4月担任海富通基金董事长，曾任职于海通证 券，海通证券研究所所长，研究方向为商贸零售，证书编号：S0850511010009。复旦大学经济学博 士，2000年加入海通证券研究所从事批发与零售贸易行业研究．2005-2007年连续三年进入《新财富》 最佳分析师评比"批发与零售贸易行业"前三名；2008年1月获《21世纪经济报道》主办的首届"21世纪金 牌分析师"评选第二名．研究成《公司特质，市场激励 ...

Announcement Information - The fund will suspend subscription, redemption, and regular investment services from April 29, 2025, due to holidays at the Tokyo Stock Exchange, and will resume these services on April 30, 2025 [1] - The secondary market trading of Class A shares will continue normally during the suspension period [1] Meeting Details - The fund management company has decided to hold a fund unit holder meeting via communication method, as per relevant regulations [2] - The voting period for the meeting will be from April 22, 2025, to May 21, 2025, at 17:00 [2] - The meeting will discuss the proposal regarding the continuous operation of the fund [3] Voting Process - The record date for voting rights is April 22, 2025, and all registered fund unit holders on that date are eligible to participate and vote [3] - Voting ballots can be obtained from the fund management company's website or relevant newspapers [3] - Specific requirements for institutional investors and overseas investors regarding the voting process are outlined [3][4] Voting Validity and Counting - Valid voting ballots must be submitted within the specified voting period and meet the requirements outlined in the announcement [10] - Each fund unit holder has equal voting rights for each unit held [9] - The counting of votes will be supervised by authorized personnel and notarized [8] Resolution Conditions - A quorum of at least half of the total fund units must be represented for the resolution to pass [11] - The proposal for the continuous operation of the fund must receive more than half of the valid votes to be approved [11] Fund Management and Legal Framework - The fund management company is responsible for the interpretation of the announcement [14] - The fund has faced a situation where its net asset value fell below 50 million yuan for 60 consecutive days, prompting the proposal for continuous operation [16][17]

过去这一年，全球资本市场仿佛被按下了"不确定性"的循环播放键。 政策突发转向带来暗流涌动、全球产业链重构掀起惊涛骇浪、传统货币信用体系经历信任考验……这些变量不断冲刷着投 资者的认知坐标系。 一边是长期低利率时代的加速渐进，优质"资产荒"正从周期性现象走向新常态；另一边是权益市场的波动之频繁，愈发考 验投资者的"顿感力"与配置智慧。 当"不确定性"本身成为了最确定的主题，市场正在本能地追寻更稳健的价值锚点。 信用债ETF这个组合了稳健票息与交易灵活度的金融工具，正在完成从组合配角到核心拼图的进化。 01 工具解码 ——信用债ETF的双重底色 信用债ETF的内核，正是"信用债"+"ETF"所产生的化学反应。 所谓信用债，指的是依赖企业自身信用，而非政府直接背书的债券。 主要包括商业银行等金融机构发行的普通金融债，以及非金融企业（含城投、央国企）发行的公司债、企业债、中期票 据、短期融资券等。 来源：中信建投证券 作为对信用风险的补偿，以及部分品种可能包含的流动性溢价，这类债券收益率往往高于国债等利率债。 而ETF（交易型开放式指数基金）则像一只篮子，将动辄百只信用债按特定规则装入其中。 以信用债ETF基金跟踪的 ...

Core Viewpoint - Zhang Hongtao, a prominent fund manager at Huaxia Fund, resigned from managing the Huaxia CSI Dividend Quality ETF and its linked fund due to personal reasons, effective April 17, 2025, marking a significant shift in the management of the firm's large-scale products [2][3]. Group 1: Fund Management Changes - Zhang Hongtao's resignation follows a trend of high-profile exits from Huaxia Fund, including the sudden death of Cai Xiangyang in November 2021 and the resignation of Zheng Zehong in July 2024 after poor fund performance [2][8]. - Following Zhang's departure, the Huaxia CSI Dividend Quality ETF and its linked fund will be managed solely by Yang Siqi, who has less than a year of experience as a fund manager [5][6]. - Zhang Hongtao previously managed a total of nine public index funds with a combined scale of approximately 455.59 billion yuan, representing 61.4% of Huaxia Fund's index product scale [6]. Group 2: Fund Performance and Regulatory Issues - Huaxia Fund faced regulatory scrutiny in July 2024, resulting in a suspension of certain business operations due to inadequate internal controls, which may have contributed to the management changes [7]. - The fund's performance has been under pressure, with several key managers, including Zhang Hongtao, experiencing significant losses in the funds they managed prior to their resignations [13].

Core Viewpoint - The article discusses the recent surge in international gold prices, which have reached historical highs, and the implications for investors and the market [1][2]. Group 1: Gold Price Trends - As of April 21, COMEX gold futures have increased by 27% year-to-date, with spot gold prices reaching approximately $3,360 per ounce [1][2]. - The dollar index has fallen below 99 for the first time in three years, currently reported at 98.74 [1]. Group 2: Retail Gold Prices - Major retailers such as Chow Tai Fook and Luk Fook have set their gold jewelry prices at around 1,028 CNY per gram, while other brands like Lao Miao and Lao Feng Xiang have slightly lower prices [4][5]. Group 3: Consumer Behavior and Risks - Some consumers are taking loans to purchase gold, with one investor borrowing 170,000 CNY to buy gold worth 300,000 CNY, highlighting the risks associated with leveraging investments in gold [6][7]. - Young consumers are increasingly becoming the main force in gold consumption, but there are emerging risks as some are using credit cards and personal loans to finance their purchases [9]. Group 4: Institutional Responses - Several financial institutions have begun to limit large purchases of gold ETFs due to the rapid price increases, with announcements from various fund companies indicating a need to manage risk and protect investor interests [14][15]. - Banks like China Construction Bank and Industrial and Commercial Bank of China have issued warnings about the heightened market risks associated with precious metals [15]. Group 5: Investment Strategy - The article suggests that gold should be viewed as a long-term investment rather than a short-term trading asset, emphasizing the importance of risk management and avoiding leverage in current market conditions [17].