Core Viewpoint - The article discusses the establishment of the "1+1" industrial fund system in Zhancheng District, Foshan, aimed at fostering new productive forces and enhancing the competitiveness of the urban center through a combination of government and state-owned enterprise funds [1][2]. Summary by Sections Industrial Fund System - The "1+1" industrial fund system consists of the Foshan Zhancheng Industrial Innovation Development Investment Fund (Qihang Fund) and the Foshan Zhancheng Linghang Equity Investment Fund (Linghang Fund), designed to leverage government investment and the flexibility of state-owned enterprise funds [1][2]. - The goal is to establish an industrial fund system with a total scale of no less than 8 billion yuan within 8 years, utilizing a market-oriented approach combined with policy guidance [1]. Qihang Fund - The Qihang Fund is a government investment fund with a total scale of 2 billion yuan, initially contributing 250 million yuan, focusing on advanced manufacturing, modern services, industrial transformation mergers and acquisitions, and technological innovation [1][2]. - It aims to accelerate the local high-level technological entrepreneurship and innovation ecosystem by investing early and in small amounts in technology [1]. Linghang Fund - The Linghang Fund is a state-owned enterprise fund with a total scale of 3 billion yuan, with an initial contribution of 1 billion yuan, focusing on direct investments and supporting traditional industries' transformation and enhancement [2][3]. - It aims to cultivate and strengthen emerging urban industries and invest in key links of local industrial chains [2]. Advantages of Zhancheng - Zhancheng has expanded its industrial space significantly, with plans to complete 10 million square meters of high-quality industrial space this year, and has prepared over 3,149 acres of industrial land [3]. - The district benefits from comprehensive advantages, including integrated urban functions and lower costs for innovation elements, which help attract and retain talent [3]. - The industrial fund focuses on four centers: urban manufacturing, industrial services, commercial consumption, and Lingnan culture, aiming to create a balanced and vibrant modern industrial system [3]. Collaborative Efforts - Several banks and securities firms have signed cooperation agreements with Zhancheng to support the fund system and address financing challenges for innovative enterprises [4]. - The district plans to implement a "four-way linkage" strategy to create a unique industrial ecosystem, enhancing collaboration among various stakeholders [4].

Core Viewpoint - Huatai Securities recently released a research report on U.S. Treasury bonds, analyzing the characteristics and behavioral logic of U.S. Treasury investors from the demand side, and forecasting the market supply-demand pattern for the second half of 2025 [1][4]. Investor Structure and Behavior - Global investors currently hold over $26 trillion in U.S. Treasury bonds, with international and overseas investors holding $8.6 trillion, accounting for 33% of total holdings, making them the largest buyers [3]. - Broad-based mutual funds hold $5 trillion, representing nearly 20% of the total, while the Federal Reserve is projected to hold $3.8 trillion by the end of 2024, accounting for about 15% [3]. - The combined holdings of these three categories consistently exceed 60% [3]. - Other investors include individual investors, commercial banks, state and local governments, pension funds, and insurance companies, ranked by their holding sizes [3]. Motivations and Strategies - The Federal Reserve, as a policy-driven institution, primarily uses medium to long-term bonds, with its buying and selling actions directly linked to balance sheet adjustment goals [3]. - Overseas official institutions' bond purchasing decisions are influenced by factors such as exchange rates, trade balance, and financial stability, often showing a negative correlation with the U.S. dollar index [3]. - Private sector investors tend to engage in carry trades for returns, while U.S. residents exhibit a "buy high, sell low" behavior, dynamically reallocating between stocks and bonds [3]. - Hedge funds prefer basis trading strategies, while commercial banks' bond purchases are significantly affected by loan-to-deposit ratios and maturity structures [3]. Future Outlook - The report anticipates that the Federal Reserve may conclude its balance sheet reduction process by the end of the year and potentially halt its reduction of U.S. Treasury holdings [4]. - Overseas official institutions are expected to have limited motivation to reduce holdings in a weak dollar environment, although the declining attractiveness of U.S. Treasuries as a safe asset poses a significant risk [4]. - Private institutions face pressure from dollar depreciation, which could diminish the yield advantage of U.S. Treasuries if they engage in currency hedging [4]. - U.S. residents are less likely to significantly increase their allocation to U.S. Treasuries due to the relative attractiveness of U.S. equities [4]. - Demand from commercial banks is expected to improve, benefiting from steady deposit growth, a steepening yield curve, and potential loosening of supplementary leverage ratio (SLR) rules [4]. - Pension funds and mutual funds are projected to maintain stable growth in holdings, driven by asset allocation needs and market preference trends [4]. - Huatai's team believes that the U.S. Treasury market will exhibit structurally differentiated demand characteristics in the second half of 2025, with policy adjustments, exchange rate fluctuations, and asset allocation shifts being key variables [4].

Core Viewpoint - The article emphasizes the importance of yield swaps as a flexible and customizable financial tool for risk management and asset allocation in capital markets, aiming to enhance understanding among investors [1][2]. Group 1: Risk Management - Yield swaps serve as a sophisticated financial derivative that provides qualified institutional investors with risk management and asset allocation services [2]. - They help manage market risks associated with underlying asset prices, such as controlling entry costs and reducing price volatility risks [2]. - For entities with hedging needs, yield swaps can create positions that counterbalance the spot market, allowing for effective risk hedging across different markets and timeframes [2][3]. Group 2: Customization and Flexibility - Yield swaps are characterized by high customization, allowing investors to tailor contract terms such as duration, scale, asset class, and transaction direction to meet specific risk management needs [3]. - This customization enables precise risk management, balancing risk and return in complex environments, unlike standardized futures contracts which may not meet diverse investor requirements [3]. Group 3: Comprehensive Risk Management Solutions - Securities firms can leverage yield swap services to address domestic and international risk management needs, offering integrated services from trading to risk control and settlement [4]. - Companies facing various risks, such as raw material price fluctuations and interest rate changes, can utilize yield swaps to lock in costs and profits, mitigating adverse impacts on operational performance [4]. Group 4: Diversification and Stability - Yield swaps facilitate cross-market and cross-product asset allocation, promoting risk diversification and enhancing portfolio stability [5]. - By linking to diverse global assets, including stocks, bonds, and commodities, yield swaps help reduce concentration risk associated with single market investments [5]. - The unique risk-return characteristics of different linked assets can provide a buffering effect during market volatility, thereby improving overall portfolio resilience [5].

Core Viewpoint - The article emphasizes the importance of yield swaps as a significant financial tool in capital markets, providing risk management and asset allocation services across various markets and products. It aims to enhance understanding of yield swaps among investors by introducing fundamental concepts, applications, and risk characteristics [1]. Summary by Relevant Sections Contract Elements Introduction - Structural elements form the basis of the contract between parties and are essential components of the complete contract system [3]. - Funding elements define the cash flow of the contract, including fixed, floating, and enhanced interest rate payment frequencies and calculation methods [3]. - Transaction elements include basic information agreed upon by both parties at the time of contract signing [3]. - Underlying elements refer to the basic information of the assets linked to the contract, including type, name, code, and quantity [3]. - Lifecycle elements cover the contract's duration from signing to termination, including terms, scale, and cash flow delivery [3]. - Exchange rate elements address situations where transaction, pricing, and settlement currencies differ, with pre-agreed exchange rates [3]. - Performance guarantee elements involve the payment of performance guarantees and related parameters to ensure that the guarantee remains above a certain baseline throughout the transaction, reducing costs and risks [3]. Example of Yield Swap Contract - An example of a yield swap contract linked to stocks on the Hong Kong Stock Exchange is provided, detailing the main elements that would be included in a transaction confirmation document [4]. - The example specifies a long yield swap with a start date of April 8, 2025, and an end date of April 8, 2026, with monthly payment frequency [5]. - Funding elements include a floating interest rate based on the 3-month Hong Kong Interbank Offered Rate (HIBOR), with interest calculated and settled monthly [5]. - Transaction elements specify that the investor pays interest to the dealer, with a unique transaction confirmation number [5]. - Underlying elements include equity-type assets, with a specified stock code and quantity, and provisions for handling cash dividends [5]. - Lifecycle elements outline the dates and amounts related to termination and extension of the transaction [5]. - Exchange rate elements clarify that the transaction and pricing currencies are both Hong Kong dollars, while the settlement currency is Renminbi, with reference exchange rates provided [5]. - Performance guarantee elements include a maintenance line of 50%, with daily market monitoring to manage risks associated with foreign exchange fluctuations [5].

根据万家基金管理有限公司（以下简称"本公司"）与长江证券股份有限公司（以下简称"长江证券"）签 订的销售协议，本公司自2025年7月7日起新增长江证券办理万家稳宁债券型证券投资基金（简称：万家 稳宁债券；基金代码：A类：023477，C类：023478）的销售业务。万家稳宁债券自2025年7月7日至 2025年7月25日通过基金管理人指定的销售机构公开发售，投资者可在长江证券办理万家稳宁债券的开 户及认购业务，待基金成立后也可办理申购、赎回及定投等其他业务，具体费率以长江证券公告为准， 具体办理程序请遵循长江证券的相关规定。 投资者可以通过以下途径咨询有关详情： 1、长江证券股份有限公司 客服电话：95579 或4008-888-999 网址：www.95579.com 2、万家基金管理有限公司 特此公告。 客服电话： 400-888-0800 客服传真：021-38909778 网址： www.wjasset.com 风险提示：敬请投资者于投资前认真阅读各基金的《基金合同》和《招募说明书》等法律文件，基金管 理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不承诺基金投资最低收益、也不保证基 金投资一 ...

Core Viewpoint - The rapid development and regulatory attention on stablecoins, particularly in the U.S. and Hong Kong, highlight their growing significance in the cryptocurrency market and the broader financial system [1]. Group 1: Development and Market Size - Stablecoins have experienced explosive growth, with the market size expanding from $5 billion in 2020 to $250 billion currently, reflecting a compound annual growth rate (CAGR) of over 100% [2]. - The transaction volume of stablecoins is approaching $37 trillion, and it is estimated that the market could reach $4 trillion in ten years, implying a CAGR of over 30% [2]. - Over 95% of stablecoins are currently dollar-pegged, indicating a strong reliance on the U.S. dollar [2]. Group 2: Factors Driving Growth - The rise of distributed ledger technology and the rapid development of digital currencies and virtual economies are key factors driving the growth of stablecoins [2]. - Stablecoins offer high payment efficiency, particularly in cross-border transactions, and can operate without the need for bank accounts, making them attractive in regions with underdeveloped banking systems [2]. - Issuers of stablecoins can retain interest income from reserve assets, contributing to increased profitability in recent years [2]. Group 3: Regulatory Impact - A clearer regulatory framework is expected to enhance the balance between efficiency and safety in stablecoin development, addressing risks related to compliance and redemption [3]. Group 4: Implications for Global Monetary System - The dominance of dollar-pegged stablecoins is expected to continue in the short term, but other currencies like the euro, yen, pound, and even the renminbi may gain traction in the medium to long term [4]. - If stablecoins include assets beyond fiat currencies, such as credit-derivative bonds, they could lead to credit expansion similar to "shadow banking," potentially increasing overall liquidity [4]. - The U.S. GENIUS Act mandates that dollar stablecoin reserves must be held in cash and short-term U.S. Treasury securities, which could distort yield curves and impact financial conditions [4]. Group 5: Development of Local Stablecoins - The development of a Hong Kong dollar stablecoin requires a robust reserve asset pool, particularly focusing on high-liquidity assets beyond cash [5]. - In the context of global de-dollarization, promoting offshore renminbi stablecoins could be essential for enhancing their usage and supporting cross-border business [5]. - Supporting Chinese enterprises in expanding overseas and increasing the use cases for stablecoins are critical for the success of Hong Kong's stablecoin market and could further the internationalization of the renminbi [5].

中信建投凤凰货币市场基金（以下简称"本基金"）经2015年1月4日中国证监会证监许可〔2015〕1号文 件准予募集注册，《中信建投凤凰货币市场基金基金合同》（以下简称"《基金合同》"）于2015年3月 31日生效。 为更好地满足投资者的投资需求，根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金 运作管理办法》等法律法规的规定及《基金合同》的有关约定，经与本基金托管人中国邮政储蓄银行股 份有限公司协商一致，中信建投基金管理有限公司（以下简称"本公司"）决定自2025年6月24起增加本 基金D类基金份额，并对《基金合同》和《中信建投凤凰货币市场基金托管协议》（以下简称"《托管 协议》"）作相应修改。具体事项公告如下： 一、新增D类基金份额的基本情况 本基金按照收费方式等的不同将本基金分为A类、B类、C类和D类基金份额。新增的基金份额类别为D 类基金份额。本基金各类基金份额单独设置基金代码，其中A类基金份额代码为001006，B类基金份额 代码为004553，C类基金份额代码为018873，新增D类基金份额代码为024681，单独公布各类基金份额 的每万份基金已实现收益和7日年化收益率。 各类基金份额的 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 2.日常申购、赎回业务的办理时间 投资人在港股通、上海证券交易所和深圳证券交易所同时正常开放交易的开放日办理基金份额的申购和 赎回，具体办理时间为开放日的正常交易时间，但基金管理人根据法律法规、中国证监会的要求或基金 合同的规定公告暂停申购、赎回时除外。 基金合同生效后，若出现新的证券/期货交易市场、证券/期货交易所交易时间变更、登记机构的业务规 则变更或其他特殊情况，基金管理人将视情况对前述开放日及开放时间进行相应的调整，但应在实施日 前依照《公开募集证券投资基金信息披露管理办法》（以下简称"《信息披露办法》"）的有关规定在规 定媒介上公告。 3.日常申购业务 3.1申购份额限制 1、投资者申购的基金份额需为最小申购、赎回单位的整数倍。目前，本基金的最小申购单位为70万 份。基金管理人可根据基金运作情况、市场情况、投资人需求等因素对基金的最小申购赎回单位进行调 整，并依照《信息披露办法》的有关规定在规定媒介公告。 公告送出日期：2025年6月24日 1.公告基本信息 2、基金管理人可设定申购份额上限，以对当日的申购总规模进行控制，并在申购赎回清单中公告。 ...

Core Viewpoint - The central bank's recent operations and economic data indicate a mixed but generally supportive environment for the bond market, with expectations of further actions to stimulate the economy and manage interest rates [1][20]. Market Overview - The central bank conducted net withdrawal operations last week, leading to fluctuations in the funding environment due to tax payments and MLF maturities [1]. - Economic data released during the week exceeded expectations, contributing to a slight adjustment in bond yields, with the 10-year government bond yield decreasing by approximately 0.5 basis points to 1.64% [1][4]. - The issuance of local government bonds is set to exceed 580 billion yuan, with net financing expected to surpass 500 billion yuan, marking the highest levels since December 2024 and February 2025 [1][8]. Bond Yield Changes - The yield curve for government bonds showed declines across various maturities, with the 1-year and 2-year yields decreasing by 4.5 basis points and 4.7 basis points, respectively [2]. - The 10-year government bond yield saw a minor decline of 0.44 basis points, reflecting a broader trend of decreasing yields across the curve [3][4]. Trading Activity - The trading of long-term government bonds has seen strong buying interest, with the 30-year futures contract rising by 0.71% and the 10-year contract increasing by 0.14% [6]. - The overall bond market remains in a favorable environment, although further declines in interest rates may require additional catalysts such as central bank bond purchases [1][20]. Economic Data Insights - Industrial output and service sector growth have shown positive trends, with industrial value-added output growing by 5.8% year-on-year in May, and retail sales increasing by 6.4% [16][17]. - Fixed asset investment also demonstrated growth, with a year-on-year increase of 3.7% for the first five months of the year [18]. Institutional Perspectives - Analysts suggest that the current favorable conditions in the bond market are supported by both fundamental and liquidity factors, with expectations for a potential "bond bull" market [20]. - The resumption of government bond trading by the central bank is viewed as a long-term positive, although short-term impacts may vary [21].

Group 1 - The People's Bank of China (PBOC) conducted a 220.5 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 21.5 billion yuan due to 242 billion yuan of reverse repos maturing on the same day [1] - Last week, the central bank's net liquidity injection was 102.1 billion yuan, with 182 billion yuan of Medium-term Lending Facility (MLF) maturing on June 17 [1] - As the end of the quarter approaches, there has been a slight increase in funding stratification, but the overall liquidity remains loose, with overnight funding rates rising slightly [1] Group 2 - This week, the scale of reverse repos maturing will rise to 960.3 billion yuan, and the net payment of government bonds will increase to 789.8 billion yuan, the highest level since late April [2] - Concerns about cross-quarter liquidity may arise due to the concentration of government bond payments and the issuance of large amounts of certificates of deposit [2] - The central bank's liquidity support will be crucial for maintaining stability in the banking sector's liabilities as the quarter-end approaches [2] Group 3 - Recent actions by the central bank, including buyout reverse repos, aim to maintain ample liquidity, with expectations for social financing to continue to rebound [3] - The Loan Prime Rate (LPR) remained unchanged, indicating a lack of incentive for commercial banks to lower rates further [3] - The central bank is expected to maintain a loose liquidity stance to counter potential external demand pressures [3] Group 4 - Future policies will be adjusted based on economic changes, with potential for increased efforts to stabilize growth in the second half of the year [4] - The establishment of new policy financial tools is anticipated to boost investment by serving as project capital [4]