先聊个和市场无关的。 释放的信号已经非常明显，如果把2025年成为金融机构出清的元年，那么，往后若干年，这股趋势一定会越来越强，而非逐步减弱。 在去年底的《 2025金融行业的十大猜想 》，对于金融机构这块，咱们就提到，下图，各类机构的出清潮，都会加速。 今天，zy金融办副主任发表了一篇署名文章，其中提到： " 稳步有序推动中小金融机构兼并重组、减量提质。 " 我们可以举出大量今年已经发生的案例，有些可能大家也比较熟悉。 比如 证券业 ，发生在眼前的，就是中金吸收合并东兴、信达的事儿； 银行业 ，也是上个月，吉林的九台农商宣布从港股退市，而背后的大棋，是吉林省年中已完成260亿专项债发行，后续要进一步推进省内农商系统的大合 并； 保险业 ，前期被忠旺系掏空，而被实施贴身监管的君康人寿，上个月被山东国资发起的富泽人寿接管； 信托业 ，此前被爆出董事长用锤子殴打总经理的华信信托，上月底，破产重整的申请获批复，成为我国第三家进入破产程序的信托公司； 公募 这边，其实也有，前阵子，华夏银行就接手了一家此前危在旦夕的机构。 等等。 包括 私募 这边，大家也会发现，虽然这两年行情反弹，但是大家应该没听说过什么突然异军突起 ...

Core Viewpoint - The public fund industry will focus on modern industrial system construction and expanding domestic demand, emphasizing "investment in things" and "investment in people" as key strategies, leveraging AI and digital transformation to enhance capabilities in serving national strategies and wealth management needs [1] Group 1: Investment Strategies - The key to effective "investment in things" and "investment in people" lies in developing systematic research and investment capabilities, establishing a long-term research framework based on national strategic directions [1] - Fund companies should enhance platform integration and multi-strategy research systems, focusing on cutting-edge technology, new consumption, green low-carbon initiatives, regional coordination, and livelihood security to better identify technological innovation opportunities [1][3] Group 2: Service Enhancement - The public fund industry must align with investors' best interests across the entire business chain, enhancing financial service adaptability and accessibility [2] - Active products should feature distinct investment styles and innovative designs to improve customer experience, while passive products need high-quality index development and tracking precision [2] - The transition from asset management to wealth management requires a shift towards buy-side advisory, expanding service reach and optimizing the comprehensive financial service system for clients [2] Group 3: Digital Transformation - The digital transformation of the fund industry is a long-term process requiring continuous resource investment and innovation [3] - Leading fund companies are focusing on platform development and AI application, aiming for comprehensive business coverage and intelligent user experiences [3] Group 4: Market Trends - The Chinese capital market is undergoing profound changes, characterized by passive and long-term investment trends, with ETFs becoming a key avenue for both individual and institutional investors [4] - Pension funds, as a representative of long-term capital, can optimize asset allocation through ETFs, contributing to market capacity expansion and providing ample long-term funding [4][5] Group 5: Business Development - Public fund companies need to enhance business development efforts in pension funds, encouraging clients to increase equity asset allocation through ETFs [5] - Optimizing the pension target fund product system and improving evaluation frameworks will stimulate individual investor participation in the pension system, aiding the transition of the capital market towards a mature, institution-led, long-term allocation model [5]

"始于财富守护，归于价值创造"。近年来，公募基金在坚守初心、代客理财的同时，主动践行社会责 任，并通过助学、助教、扶贫等公益项目回报社会，展现出公募基金行业的责任与担当。 作为一家资产管理机构，银华基金一方面踏实经营稳中求进，另一方面牢记自身的社会使命，致力于 践行企业社会责任，持续在扶贫、环保、教育和救灾等各个层面积极行动，传递正能量。从偏远山区 书屋里的翻书声到乡村学子游学的惊叹，从灾害现场的紧急驰援到安全饮水旁村民的笑颜，银华基金 用近3300万元捐助和132个公益项目，书写着"金融有温度，责任有重量"的实践答卷，让资产管理行 业的专业力量精准渗透到社会最需要的角落。 当金融严谨遇见教育初心 "少年智则国智，少年强则国强"。教育是改变个人乃至家庭命运的基石，也是银华基金公益实践中相 当浓墨重彩的一笔。早在2016年，银华基金便以"银华花儿书屋"项目切入教育公益领域，通过捐赠 图书为贫困地区小学搭建知识桥梁。 随着公益实践的深入，银华基金的公益足迹早已超越了单纯的捐赠范畴。为提升公益事业的专业性和 系统性，2019年11月，银华基金成立了深圳市银华公益基金会。基金会聚焦公益助学打造的"花儿乡 村教育支持计 ...

"始于财富守护，归于价值创造"。近年来，公募基金在坚守初心、代客理财的同时，主动践行社会责 任，并通过助学、助教、扶贫等公益项目回报社会，展现出公募基金行业的责任与担当。 作为一家资产管理机构，银华基金一方面踏实经营稳中求进，另一方面牢记自身的社会使命，致力于践 行企业社会责任，持续在扶贫、环保、教育和救灾等各个层面积极行动，传递正能量。从偏远山区书屋 里的翻书声到乡村学子游学的惊叹，从灾害现场的紧急驰援到安全饮水旁村民的笑颜，银华基金用近 3300万元捐助和132个公益项目，书写着"金融有温度，责任有重量"的实践答卷，让资产管理行业的专 业力量精准渗透到社会最需要的角落。 当金融严谨遇见教育初心 "少年智则国智，少年强则国强"。教育是改变个人乃至家庭命运的基石，也是银华基金公益实践中相当 浓墨重彩的一笔。早在2016年，银华基金便以"银华花儿书屋"项目切入教育公益领域，通过捐赠图书为 贫困地区小学搭建知识桥梁。 随着公益实践的深入，银华基金的公益足迹早已超越了单纯的捐赠范畴。为提升公益事业的专业性和系 统性，2019年11月，银华基金成立了深圳市银华公益基金会。基金会聚焦公益助学打造的"花儿乡村教 育支持计 ...

Group 1 - Public fund self-purchase enthusiasm has increased, with net subscriptions for equity funds reaching 2.1 billion yuan in November, and total net subscriptions for the year exceeding 4.5 billion yuan, more than double the same period last year [1] - The public fund issuance market saw a "small spring" in November, with new fund establishment totaling 966.16 billion yuan, indicating strong investor interest and increased demand for year-end capital allocation [1][2] - The scale of public funds has reached nearly 37 trillion yuan, growing over 4 trillion yuan this year, reflecting the industry's maturation and the potential for further breakthroughs in serving the real economy and enhancing residents' wealth [1] Group 2 - The pilot program for commercial real estate REITs has made significant progress, with the China Securities Regulatory Commission seeking public feedback on the draft announcement, indicating a key period for the development of the REITs market [2] - The launch of commercial real estate REITs is expected to support a new model for real estate development and inject new vitality into the REITs market by revitalizing trillions of yuan in existing assets [2] Group 3 - The importance of the energy storage industry is increasing as the demand for AI computing power surges, with energy storage becoming a key driver for electricity supply in the AI era [3] - By 2025, China's energy storage industry is expected to shift to a market-oriented profit model, with installed capacity surpassing 100 million kilowatts, highlighting the growing market potential of energy storage [3] Group 4 - The first automatic nuclear power calibration system in China's nuclear power industry has been put into operation, significantly reducing calibration time from 8 hours to 70 seconds, enhancing operational efficiency [2] - The launch of the "Heqi No. 1" nuclear energy industrial steam project provides a low-carbon solution with a carbon footprint only 1/600 of that of coal, supporting industrial structure upgrades and energy transition [2] Group 5 - The valuation of Teslian Smart Technology has increased by approximately 310 times over nine years, with participation from SenseTime and JD.com, although the company has not yet achieved profitability [5] - Dongpeng Beverage is in the process of issuing H-shares and has received a filing notice from the China Securities Regulatory Commission, with plans to issue no more than 66.45 million shares [6]

党的二十大擘画了以中国式现代化全面推进中华民族伟大复兴的宏伟蓝图；2023年的中央金融工作会议 明确金融强国的建设目标，强调"深刻把握金融工作的政治性、人民性"；党的二十届四中全会对"加快 高水平科技自立自强，引领发展新质生产力"提出战略部署。2025年5月，《推动公募基金高质量发展行 动方案》的落地实施，为行业转型指明了方向。 立足行业发展大势，兴业基金确立清晰战略定位：传承银行系公募的优良传统，遵循市场化运作规律， 深度发挥集团化联动优势，践行内涵式高质量发展理念，以客户为中心构建多元化产品货架，打造银行 系特色公募品牌，致力成为资本市场的稳定器与社会财富的管理者。 作为国有金融体系的重要组成部分、普惠金融的关键载体，公募基金行业既是服务国家战略的金融力 量，也是守护亿万居民财富的民生纽带。立足新发展阶段，兴业基金以高质量党建为引领，锚定新质生 产力培育要求，厚植银行系公募的独特禀赋，在探索差异化突围路径中主动融入国家发展大局，在服务 实体经济、增进人民福祉、防范金融风险中践行国有金融企业的责任担当。 坚守金融初心 锚定政治性人民性根本方向 金融是国家重要的核心竞争力，更是党执政兴国的重要工具。金融工作的 ...

Core Viewpoint - The fire at Hong Kong's Tai Po Wang Fuk Court resulted in significant casualties, with 128 confirmed dead and around 200 individuals unaccounted for, prompting a swift response from the financial sector to support relief efforts [1][2]. Financial Institutions' Donations - Nearly 50 financial institutions have contributed over 370 million HKD to aid in disaster relief, including major banks, insurance companies, and fintech firms [1][2]. - Notable contributions include: - Bank of China Hong Kong: 20 million HKD - HSBC: 30 million HKD - Agricultural Bank of China: 10 million HKD [2][3][6]. Emergency Support Measures - The Hong Kong Monetary Authority and the Hong Kong Association of Banks urged banks to provide flexible support to affected individuals, including expedited cash withdrawals and waiving fees [6][7]. - Major state-owned banks, including ICBC and Agricultural Bank of China, quickly mobilized to assist in relief and reconstruction efforts [6][7]. Insurance Companies' Response - Insurance firms activated emergency plans, offering streamlined claims processes and immediate financial support to affected clients [9][10]. - AIA Hong Kong pledged 20 million HKD for community support and initiated contact with potentially affected clients [9][10]. Securities Firms' Contributions - Several securities firms, including Guotai Junan and Huatai Securities, donated funds to support emergency relief and reconstruction efforts [12][13]. - UBS announced a donation of 10 million HKD through its charitable foundation for community support [13][14]. Fintech Sector Involvement - Fintech companies, such as Ant Group and Du Xiaoman, contributed 10 million HKD each to assist with emergency relief and recovery efforts [17][18]. - Various digital asset platforms also pledged significant donations to support affected communities [19]. Public Fund Contributions - Public fund companies collectively donated over 20 million HKD to support disaster relief and recovery initiatives [20][21]. - Notable contributions include: - E Fund: 5 million HKD - Huatai Fund: 3 million HKD [21][22][23]. Overall Impact - The financial sector's rapid response and substantial contributions highlight its role as a stabilizing force in times of crisis, providing essential support to affected communities [27][28].

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China outlines the main goals for economic and social development during the "15th Five-Year Plan" period, emphasizing high-quality development in the economy and capital markets, which raises new requirements for the public fund industry [1][2]. Group 1: Industry Development Goals - The "15th Five-Year Plan" marks a critical period for achieving socialist modernization and accelerating the construction of a financial power, with the public fund industry expected to fully understand and implement the new directives from the plenary session [2]. - The public fund industry is encouraged to align its operations with national strategies, emphasizing responsible investment and risk prevention to protect investors' legitimate interests while supporting high-quality development of the real economy [1][2]. Group 2: Financial Culture and Ethics - The core ethical principle of the financial industry, known as fiduciary duty, emphasizes integrity, responsibility, and long-term value, which is a vital part of the Chinese financial culture [3]. - The public fund industry must integrate fiduciary responsibility into all operational processes, ensuring that investor interests are prioritized and that professional diligence is maintained throughout investment research, sales, and operations [3]. Group 3: Risk Management and Compliance - The company has established a comprehensive risk awareness culture and internal compliance training system to protect investors' rights, utilizing innovative methods such as AI to enhance training effectiveness [4][5]. - A robust legal compliance framework is in place to ensure that compliance management covers all operational aspects, with a zero-tolerance policy for non-compliance [5]. Group 4: Technology and Innovation - The company is leveraging financial technology to enhance risk management and innovation, focusing on building an integrated investment research system supported by big data and AI [6]. - Efforts are being made to automate information disclosure processes to improve compliance efficiency and reduce operational risks [6][7]. Group 5: Intellectual Property Protection - The company has developed a multi-dimensional protection system for intellectual property, including copyright protection for financial data models and research reports, as well as patent protection for core technologies [7]. - Financial technology is being utilized to enhance legal compliance and data security, ensuring that the company adheres to regulations while protecting investors' rights [7].

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held in October 2025, outlining major goals for economic and social development during the "14th Five-Year Plan" period [1] - The public fund industry is expected to enter a new stage of high-quality development, aligning with national strategies and enhancing risk prevention measures [1][2] - The integration of financial culture and the construction of a financial power is emphasized, with a focus on ethical responsibilities and investor interests [2][3] Industry Development - The "14th Five-Year Plan" is a critical period for achieving socialist modernization and promoting high-quality financial development [1] - The China Securities Regulatory Commission has issued an action plan to promote high-quality development in the public fund industry, emphasizing the importance of adhering to the Party's leadership in financial work [1][2] - The public fund industry is encouraged to translate strategic directions into concrete actions to support national goals [1][2] Company Initiatives - Pengyang Fund emphasizes a value pursuit of responsible investment and risk prevention, aiming to protect investors' legal rights while contributing to the high-quality development of the real economy [1][3] - The company has established a comprehensive risk prevention system and a robust legal compliance framework to ensure the practical implementation of fiduciary responsibilities [3][4] - Pengyang Fund actively embraces financial technology, integrating it into compliance culture and training to enhance risk awareness among employees [5][6] Compliance and Risk Management - The company has developed a systematic internal compliance training and integrity culture education system to strengthen risk awareness and protect investors' rights [4][5] - A zero-tolerance approach to compliance violations is adopted, with continuous improvement of compliance accountability mechanisms [5][6] - The use of technology in compliance management includes automated updates of legal regulations and contract management, ensuring adherence to personal information protection principles [6][7] Financial Technology and Innovation - Financial technology is seen as a key driver for enhancing risk management and fostering innovation within the public fund industry [6][7] - Pengyang Fund is leveraging big data and artificial intelligence to improve investment research and risk management processes, enhancing decision-making efficiency [6][7] - The company is committed to protecting intellectual property rights and ensuring that technological innovations comply with legal standards [7]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China outlines the main goals for economic and social development during the "15th Five-Year Plan" period, emphasizing high-quality development in the economy and capital markets, which raises new requirements for the public fund industry [1][2] Group 1: Financial Culture and Responsibilities - The public fund industry is expected to fully understand and implement the new requirements set forth by the Central Committee regarding the construction of a financial power, translating strategic directions into concrete actions to support the "15th Five-Year Plan" goals [2][3] - The concept of fiduciary duty is central to the financial industry, emphasizing integrity, responsibility, and long-term value, which is a key component of Chinese financial culture [3][4] Group 2: Risk Management and Compliance - The company has established a comprehensive risk prevention system to ensure fiduciary responsibilities are upheld, integrating compliance culture into all operational aspects [3][5] - The company emphasizes a "zero tolerance" policy towards compliance violations, continuously refining its compliance accountability mechanisms to delineate clear boundaries for business development [5][6] Group 3: Technological Innovation in Finance - The company is leveraging financial technology to enhance compliance and risk management, employing big data and artificial intelligence to improve investment research and decision-making processes [6][7] - The establishment of a digital infrastructure for information disclosure aims to automate compliance processes, thereby increasing efficiency and reducing operational risks [6][7] Group 4: Cultural and Ethical Development - The company is committed to fostering a culture of compliance and ethical behavior among employees, utilizing innovative training methods to enhance awareness and participation in compliance practices [4][5] - The integration of technology in compliance efforts is seen as a means to strengthen legal operations while ensuring the protection of investor rights [6][7]