Core Points - Shenzhen Saige Co., Ltd. experienced a decline of 5.01% in stock price, trading at 10.62 CNY per share with a total market capitalization of 13.075 billion CNY as of October 24 [1] - The company was established on July 16, 1996, and listed on December 26, 1996, with its main business activities including electronic market circulation, urban services, and strategic emerging businesses [1] - The revenue composition of the company is as follows: 52.93% from property management and urban services, 36.55% from electronic market circulation, 6.25% from inspection and certification, 3.90% from new energy, and 0.37% from real estate development [1] Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders of Shenzhen Saige, holding 2.7215 million shares, which is 0.22% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 1.524 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 64.953 billion CNY and a year-to-date return of 24.08% [2] Fund Management - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 353 days [3] - The total asset scale of the fund is 94.976 billion CNY, with the best return during the tenure being 164.57% and the worst return being -15.93% [3]

Core Viewpoint - Hong Kong is shifting its focus towards infrastructure and long-term returns in the financial market, as evidenced by the listing application of SIMCo Infrastructure Private Credit OFC, marking a significant move towards alternative asset funds in the public market [1][3]. Group 1: Alternative Asset Fund Development - The first alternative asset fund, SIMCo Infrastructure Private Credit OFC, aims to be the first private credit fund listed on the Hong Kong Stock Exchange [2]. - The global infrastructure investment gap is projected to reach $15 trillion by 2040, with approximately $3.5 trillion attributed to the Asia-Pacific region [2]. - The Hong Kong Securities and Futures Commission (SFC) has allowed alternative asset funds to be listed on the stock exchange, opening a new chapter for asset listings in Hong Kong [3]. Group 2: Fund Structure and Management - SIMCo Infrastructure Private Credit OFC is structured as a public open-ended fund company (OFC) but operates on a closed basis without a redemption mechanism, allowing shares to be traded on the exchange [4]. - The fund is managed by Sequoia Investment Management Company, which has a history of managing approximately $2.5 billion in infrastructure debt and has conducted over $6 billion in debt investment transactions across various regions [6]. Group 3: Investment Strategy and Risk Management - The fund employs a "fixed distribution + capital smoothing" strategy, providing monthly dividends while maintaining cash flow stability through potential capital utilization [7]. - Risk management measures include limiting exposure to a single borrower to no more than 10% of total assets and a single sub-industry to 15%, along with currency and interest rate hedging strategies [7]. Group 4: Market Implications and Future Outlook - The success of SIMCo in replicating its London counterpart's stable dividend and valuation performance will test Hong Kong's potential as a financial hub for alternative assets [8]. - Investors are encouraged to focus on the fund's ability to establish a stable and sustainable cash flow rather than short-term price fluctuations, which could pave the way for successful alternative asset listings in Hong Kong [8].

| 基金名称 | 华夏盈泰稳健六个月持有期混合型基金中基金(FOF) | | --- | --- | | 基金简称 | 华夏盈泰稳健六个月持有混合(FOF) | | 基金主代码 | 025031 | | 基金运作方式 | 契约型开放式 | | | 2025年10月23日 | | 基金管理人名称 | 华夏基金管理有限公司 | | 基金托管人名称 | 招商银行股份有限公司 | | 公告依据 | 《中华人民共和国证券投资基金法》《公开募集证券投资基金信 息披露管理办法》《公开募集证券投资基金运作管理办法》《华夏 盈泰稳健六个月持有期混合型基金中基金(FOF)基金合同》(华 夏盈泰稳健六个月持有期混合型基金中基金(FOF)招募说明 | | 基金合同生效日 | | | | 书》 | 中国经济网北京10月24日讯今日，华夏基金发布华夏盈泰稳健六个月持有期混合型基金中基金(FOF)基 金合同生效公告。 募集期间净认购金额2,404,313,334.47元，认购资金在募集期间产生的利息337,667.92元，募集份额合计 2,404,651,002.39份。 基金经理李晓易2012年2月至2015年3月曾任中信期货有限公司资 ...

Group 1 - The core point of the news is the performance and market position of Huahai Chengke, which saw a stock price increase of 5.03% to 105.60 CNY per share, with a total market capitalization of 8.522 billion CNY [1] - Huahai Chengke specializes in the research, production, and sales of electronic packaging materials for semiconductor devices, special devices, integrated circuits, and rare earth permanent magnet motors, with epoxy encapsulation materials accounting for 92.80% of its main business revenue [1] - The company was established on December 17, 2010, and went public on April 4, 2023, indicating a relatively recent entry into the public market [1] Group 2 - According to data, the Noan Fund has a significant holding in Huahai Chengke, with its Noan Research Optimal Mixed A Fund holding 35,300 shares, representing 4.09% of the fund's net value, making it the ninth largest holding [2] - The Noan Research Optimal Mixed A Fund has shown impressive performance, with a year-to-date return of 74.66% and a one-year return of 62.57%, ranking 177 out of 8,154 and 316 out of 8,025 respectively in its category [2] - The fund manager, Deng Xinyi, has been in charge for 3 years and 112 days, with the fund's total asset size at 2.009 billion CNY, achieving a best return of 49.53% during her tenure [3]

Core Viewpoint - The market's preference for low-volatility products remains unchanged even after a year since 924, with investors shifting between various asset classes. The CSI 300 index saw a decline after two consecutive years of over 25% gains, while the China Bond Index achieved an 8.83% return in 2024, the best since 2018. Investors are seeking low-volatility, stable products amidst high volatility in equity assets and low yields in bonds [1][3]. Multi-Asset FOF Fund Highlights - The recent launch of the multi-asset fund by Jiao Yin Schroder focuses on low-volatility products, aiming to provide a stable holding experience through diversified asset allocation [3][4]. - The multi-asset team at Jiao Yin Schroder emphasizes a user-centric approach to portfolio construction, aiming to reduce volatility and improve long-term holding experiences for investors [5][6]. Differentiation of the Multi-Asset Team - The Jiao Yin Schroder multi-asset team distinguishes itself by focusing on risk-return stability rather than chasing high returns, prioritizing the reduction of portfolio volatility [5][6]. - The team employs a quantitative framework for product management, ensuring consistent quality control across different market conditions [6][20]. User Experience Enhancement - The increasing macroeconomic volatility has shifted investor demand towards diversified financial products, as traditional stock and bond mixes struggle to provide stable returns [9][11]. - The Jiao Yin Schroder multi-asset fund incorporates a range of asset classes, including domestic bonds, equities, gold, and overseas equities, to achieve true diversification and mitigate risks [9][11]. Benefits of Multi-Asset Allocation - Multi-asset allocation is viewed as a "free lunch" in investing, as adding low-correlated assets can significantly reduce portfolio volatility without sacrificing returns [11][24]. - The fund aims for a smoother return distribution over time, allowing investors to achieve consistent returns regardless of market timing [24][25]. Strategic Asset Allocation - The fund's core asset allocation includes domestic bonds and equities, with additional allocations to gold and overseas assets to optimize risk-return characteristics [26][28]. - The maximum allocation to risk assets is capped at 25%, ensuring a balanced approach to diversification and risk management [29]. Risk Management Framework - A comprehensive risk management system is in place, involving pre-emptive management, real-time monitoring, and post-event adjustments to maintain the fund's risk budget [19][43]. - The team emphasizes disciplined investment practices, with a structured approach to adjusting asset allocations based on market conditions and risk assessments [20][44]. Team Collaboration and Expertise - The multi-asset team benefits from a collaborative environment, leveraging quantitative analysis and in-depth research to enhance investment decisions [46][47]. - The team's established systems for assessing asset volatility and product performance contribute to their competitive advantage in the multi-asset space [47][48].

Group 1: Equity Funds Performance - In the first three quarters of the year, 53 public funds achieved a net value growth rate exceeding 100% [1] - The top three performing funds were Yongying Technology Smart Mixed Fund A (194.49%), Huitianfu Hong Kong Advantage Selected Mixed Fund A (161.10%), and Zhongou Digital Economy Mixed Fund A (140.86%) [1] - These high-performing funds focused on sectors such as technology and innovative pharmaceuticals, with fund managers optimistic about long-term prospects in core areas [1] Group 2: Pharmaceutical Industry Insights - The pharmaceutical industry is expected to see continued strong performance in Q3, particularly in upstream sectors like CRO and CDMO [1] - Segments such as traditional Chinese medicine, medical devices, raw materials, and pharmacies also showed promising results [1] - Recent data disclosures from the 2025 European Society for Medical Oncology (ESMO) conference and ongoing business development transactions indicate a positive outlook for related innovative sectors [1] Group 3: Solid-State Battery Industry - The solid-state battery sector is experiencing significant breakthroughs and accelerated industrial progress [2] - Related stocks have seen substantial gains this year, and funds heavily invested in solid-state battery concepts have reported impressive returns [2] - Fund institutions believe the industry's development from 0 to 1 is occurring faster than market expectations, with considerable market potential and investment value [2] Group 4: Meta's Workforce Changes - Meta's Super Intelligence Lab has laid off approximately 600 employees, primarily affecting the FAIR, product, and infrastructure departments [3] - The lab, established in July, focuses on accelerating the development of artificial general intelligence (AGI) [3] - Affected employees have been notified and Meta plans to assist them in finding other positions within the company [3] Group 5: OpenAI Acquisition - OpenAI announced the acquisition of Software Applications, the developer of the natural language interface Sky for Mac [4] - The acquisition aims to integrate Sky's features into ChatGPT, with the entire Sky team joining OpenAI [4] - Software Applications was founded by former Apple employees in 2023, some of whom worked on the iPhone's "Shortcuts" application technology [4] Group 6: Financial Performance of Companies - Huada Gene reported a net loss of 21.39 million yuan for the first three quarters, with a revenue of 2.674 billion yuan, down 5.39% year-on-year [10] - The company achieved a revenue of 1.042 billion yuan in Q3, reflecting a 9.19% year-on-year growth, but still reported a net loss of 27.17 million yuan for the quarter [10] Group 7: Stock Market Trends - The three major U.S. stock indices closed higher, with the Nasdaq up 0.89%, S&P 500 up 0.58%, and Dow Jones up 0.31% [11] - Market sentiment improved ahead of key U.S. CPI data, with notable performances from Tesla and Honeywell [11] - The total market valuation of the game CS2 dropped over 1 billion USD in one day due to significant changes in the in-game item market [11]

证券之星消息，10月24日发布《博时富顺纯债债券型证券投资基金分红公告》。本次分红为2025年度的 第1次分红。公告显示，本次分红的收益分配基准日为10月10日，详细分红方案如下： 本次分红对象为权益登记日登记在册的本基金份额持有人，权益登记日为10月28日，现金红利发放日为 10月30日。选择红利再投资方式的投资者所转换的基金份额将以2025年10月28日的基金份额净值为计算 基准确定再投资份额，红利再投资所转换的基金份额于2025年10月29日直接划入其基金账户，2025年10 月30日起投资者可以查询、赎回。根据财政部、国家税务总局的财税[2002]128号《财政部 国家税务总 局关于开放式证券投资基金有关税收问题的通知》及财税[2008]1号《关于企业所得税若干优惠政策的 通知》的规定，基金向投资者分配的基金利润，暂免征收所得税。本基金本次分红免收分红手续费。选 择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金筒称 | 代码 | 基准日基金净值 | 分 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，10月24日易方达基金管理有限公司发布《易方达全球医药行业混合型发起式证券投资基 金2025年10月29日暂停申购、赎回及定期定额投资业务的公告》。公告中提示，为2025年10月29日为港 股通和香港证券交易所非交易日，自2025年10月29日起易方达全球医药行业混合型发起式证券投资基金 2025年10月29日暂停申购、赎回及定期定额投资业务，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 (转入转出、赎回、定投) | 申购限额 转入限额 定投限额 (元) (元) (元) | | --- | --- | --- | --- | | | 008284 | 를 | | | 易方达全球医药行业混 | 019035 | 를 | | | 合(QDII)A | | | | | 易方达全球医药行业混 合(QDII)C | | | | ...

Core Viewpoint - Huabao Fund Management Co., Ltd. announced an adjustment to the maximum subscription limit for its Huabao Zhiyuan Mixed Securities Investment Fund (QDII), effective from October 27, 2025, to protect the interests of fund shareholders [1] Summary by Category Fund Adjustment Details - The maximum subscription amount for the fund will be set at 10,000 yuan [1] - Specific details regarding the sub-funds and their respective adjustments were provided, including the suspension of large subscriptions for certain classes [1] Sub-Fund Information - The announcement includes details for the following sub-funds: - Huayu Zhiyuan Mixed A (Code: 008253) - Subscription limit adjustments apply - Huayu Zhiyuan Mixed C (Code: 008254) - Subscription limit adjustments apply [1]

中证报中证网讯（记者 何昱璞）10月22日，《陕西基金年鉴（2025）》发布暨政府投资基金高质量发 展推进会在西安举办，本次活动由陕西省证券投资基金业协会主办，会议汇聚了来自政府主管部门、行 业机构、学术界200余位代表，共同见证《陕西基金年鉴（2025）》的正式发布，探讨陕西政府投资基 金发展的未来。 行业发展，规范先行。良好的行业生态是高质量发展的基石，为了完善行业纠纷多元化解机制、优化营 商环境、保护投资者合法权益，陕西省证券投资基金业协会成立了"调解工作室"，为行业的健康可持续 发展构筑一道坚实的"防火墙"。 活动现场，钟翔宇为协会授牌。西北政法大学经济法学院教授、博士生导师、协会监事长强力宣读"关 于成立证券期货行业调解中心调解工作室的通知"。"调解工作室"副主任、上海市锦天城（西安）律师 事务所高级合伙人梁建明介绍了调解工作的概况并做了《私募基金常见纠纷类型及裁判观点研究报 告》。 会议期间举行了"政府投资基金专业委员会"成立仪式。政府投资基金专业委员会的设立，是引导政府投 资基金回归本源、提升效能的关键举措。此举意味着陕西在政府投资基金领域的研究、交流与合作进入 了组织化、体系化的新阶段，未来" ...