Core Insights - Wall Street Breakfast serves as a daily financial news summary, providing a quick overview of key market developments [1] Company and Industry Summary - The newsletter is designed for easy readability, catering to over 1 million subscribers, including professionals from investment banking and fund management [1] - It is published before 7:30 AM ET on every market day, ensuring timely delivery of financial news [1]

3.费率优惠活动的具体结束日期以上述销售机构公告为准，本公司不再另行公告。 4.上述适用基金的原相关费率参见基金的相关法律文件及本公司发布的最新相关公告。 一、适用基金及业务范围 ■ 注：融通内需驱动混合型证券投资基金 C类此前已公告在中国人寿上线销售，自本公告日起开通定期定 额投资业务和转换业务。 二、费率优惠内容 1.自本公告日起，投资者通过上述销售机构申购（含定期定额申购，如有）上述基金，其申购费率享有 优惠，基金具体折扣费率以上述销售机构活动公告为准。若申购费率是固定费用的，则按固定费用执 行，不再享有费率折扣。 2.申购费率优惠活动仅适用于处于正常申购期的基金产品的前端收费模式的申购手续费，不包括基金的 后端收费模式的申购手续费和处于基金募集期的基金认购费及基金其他业务的基金手续费。 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与中国人 寿保险股份有限公司（以下简称"中国人寿"）签署的销售协议，从2025年8月1日起，融通基金旗下部分 开放式基金新增中国人寿为销售机构，并开通定期定额投资业务、转换业务，以及参加前端申购费率优 惠活动。现将有关事项公告如下： 三 ...

公告送出日期：2025年7月30日 1 公告基本信息 ■ 2 其他需要提示的事项 （1）根据法律法规及本基金基金合同的相关规定，本基金管理人决定自2025年7月30日起取消本基金A 类和C类基金份额对非个人投资者大额申购、定投及转换转入业务的限制，恢复办理本基金的正常申 购、定投及转换转入业务。 （2）上述恢复大额限额仅针对本基金A类和C类基金份额的申购、定投和转换转入业务，E类份额相关 业务的100万元限额保持不变。 （3）投资人可访问本公司网站(www.nffund.com)或拨打客户服务电话（400－889－8899）咨询相关情 况。 南方基金管理股份有限公司 2025年7月30日 南方国证交通运输行业交易型 开放式指数证券投资基金发起式 联接基金分红公告 公告送出日期：2025年7月30日 1、公告基本信息 ■ 2、与分红相关的其他信息 ■ 3、其他需要提示的事项 1）、现金红利发放日是指现金红利划出托管户的日期。 2）、权益登记日申请申购或转换转入的基金份额不享有本次分红权益,权益登记日申请赎回或转换转出 的基金份额享有本次分红权益。 3）、本基金分红方式分两种：现金红利和红利再投资，投资者可选择现 ...

Group 1 - The "2025 Shanxi Provincial Government Investment Fund High-Quality Development Conference" was held in Taiyuan, announcing the market selection results for two government investment mother funds: the Angel Fund and the Low-altitude Economy and General Aviation Fund [1][2] - Shanxi Jin Kong selected Mingde Investment and Jianxin Beijing as the two mother fund management institutions, along with several sub-fund management institutions such as Honggu Cluster and Zhongfeng Investment [2] - The Angel Fund's "1+4" mother-child fund matrix is taking shape, and the Low-altitude Economy and General Aviation Fund is progressing according to plan, marking a significant step in market-oriented operations and professional management of Shanxi's government investment funds [5] Group 2 - The conference included a signing ceremony for fund investment projects, where Shanxi Jin Kong's fund management team signed strategic agreements with over ten project representatives, facilitating long-term and patient capital engagement [5] - Zhang Jiongwei, Deputy Director of the Shanxi Provincial Financial Office, emphasized the importance of forming a healthy ecosystem for fund development through policy guidance, market-oriented operations, and multi-party participation [8] - Chen Xinmin, Deputy Director of the Shanxi Provincial Finance Department, highlighted the continuous optimization of fiscal resource allocation and the expansion of government investment fund scales through fiscal funding [8][9] Group 3 - Shanxi Jin Kong has managed a total of nine provincial government investment funds with a total scale of 31.2 billion, investing in over 150 projects, achieving significant progress in fund governance and management [9] - The company aims to focus on green and low-carbon initiatives for high-quality transformation, enhancing the full-process management mechanism of fundraising, investment, management, and exit [10]

Core Insights - The sustainable fund market has reached a size of approximately USD 3.3 trillion, with 84% of assets concentrated in Europe, and nearly 60% of euro-denominated public fund assets invested in Article 8 and Article 9 funds [9][22][51] - Since 2022, the growth of sustainable funds has slowed due to macroeconomic factors, high interest rates, ESG backlash, and regulatory tightening, leading to outflows in the US market [9][27] - Regulatory initiatives in the EU and UK aim to address greenwashing concerns by establishing clearer fund naming and categorization guidelines, which may lead to significant rebranding in the sustainable fund market [9][47][61] Group 1: Market Overview - The sustainable fund market is predominantly European, accounting for 84% of the ESG open-ended and exchange-traded fund universe [9][22] - The number of sustainable fund launches has decreased, with only 311 new funds in 2024 compared to 573 in 2023, indicating a maturing market [31] - In 2024, 351 sustainable funds closed in Europe, a 40% increase from 2023, with expectations that 30-50% of EU funds with ESG-related names may change their names by mid-2025 [35][38] Group 2: Regulatory Environment - The EU's Sustainable Finance Disclosure Regulation (SFDR) categorizes funds into Article 6, Article 8, and Article 9, with the latter two often referred to as "light green" and "dark green" funds [49][51] - The UK FCA has introduced a voluntary labelling regime to help consumers navigate sustainable investment products, which includes anti-greenwashing rules and specific criteria for sustainability labels [55][59] - ESMA's guidelines on fund naming will become applicable in May 2025, requiring funds using ESG-related terms to ensure that their investments align with their stated sustainability objectives [61][62] Group 3: Greenwashing Concerns - Concerns about greenwashing have led to regulatory scrutiny, with IOSCO categorizing risks related to misleading fund names and marketing practices [42][43] - Data on greenwashing remains inconclusive, with limited evidence of widespread issues, although some enforcement actions have been reported [45][46] - The report emphasizes the need for a diverse approach to assessing sustainable investments, cautioning against a reductionist view that limits definitions to the EU Taxonomy [12][13]

Group 1 - The company will terminate its cooperation with Dahua Bank (China) in fund sales business effective from July 29, 2025, which includes subscription, purchase, regular investment, and conversion services [1] - Investors who purchased and held the company's funds through Dahua Bank (China) must complete the transfer or redemption of their fund shares by 15:00 on July 28, 2025, or their holdings will be transferred to the company's direct sales platform [1] - The company will resume normal subscription (including conversion and regular investment) services for individual investors in its bond fund starting from July 30, 2025, to meet investor demand [4] Group 2 - The company has signed an open-end fund sales agreement with several securities firms, including GF Securities, Huatai Securities, and CITIC Securities, allowing these institutions to handle cash subscription and account opening for the company's Hang Seng Technology Theme Index Fund starting from July 28, 2025 [4]

Market Overview - A-shares experienced a slight decline with the Shanghai Composite Index down by 0.33%, Shenzhen Component Index down by 0.22%, and ChiNext Index down by 0.23%, with a total trading volume close to 1.8 trillion yuan [1] ETF Performance - The leading ETF in terms of growth was the Science and Technology Innovation Index ETF managed by Harvest, which surged by 20.04% [2] - Other notable gainers included various AI-related ETFs, with increases ranging from 4.20% to 4.81% [2] Sector Analysis - Guosen Securities highlighted that TSMC anticipates strong AI demand and a moderate recovery in non-AI demand, raising its annual revenue growth forecast from approximately 25% to 30% [3] - The semiconductor sector is expected to benefit from a favorable macroeconomic policy cycle, inventory cycle, and AI innovation cycle, leading to valuation expansion [3] - CICC predicts that generative AI technology will deepen its penetration in the second half of 2025, improving the competitive landscape and accelerating domestic substitution in the semiconductor and components industry [3] ETF Declines - Infrastructure and building materials ETFs experienced significant declines, with the leading infrastructure ETF down by 3.06% [5] - The recent announcement of large-scale infrastructure projects, including the Yarlung Tsangpo River hydropower project, is expected to stimulate demand in related sectors such as cement and construction materials [6][4] Trading Activity - The trading volume for money market ETFs saw a rebound, with the top performer being the Yinhua Daily ETF, achieving a transaction volume of 23.16 billion yuan [7] - The turnover rate for the Hong Kong Medical ETF reached 620%, indicating high trading activity [8] Upcoming ETF Launches - Three new ETFs will begin fundraising on July 28, 2025, focusing on Hong Kong consumer and technology sectors [8] - Four ETFs are set to be listed on the same day, including the Aviation ETF and Cash Flow ETF, which track various indices related to aviation and cash flow [9]

Group 1 - The core point of the announcement is that Rongtong Fund Management Co., Ltd. has signed a sales agreement with China Life Insurance Co., Ltd. to add China Life Insurance as a sales institution for the Rongtong Industry Trend Selected Stock Fund starting from July 25, 2025 [1][4] - The fund will offer regular investment and conversion services through the new sales channel, allowing investors to manage their investments more flexibly [1] - Investors can only convert fund shares within the same fee structure, meaning front-end charged shares can only be converted to other front-end charged shares, and the same applies for back-end charged shares [1] Group 2 - Investors are advised to refer to the fund's legal documents, such as the Fund Contract and Prospectus, for detailed information about the fund [1] - The announcement includes contact information for both China Life Insurance and Rongtong Fund Management for further inquiries [2]

Core Viewpoint - The establishment of the Guangxi Technology Achievement Transformation Mother Fund (Phase I) aims to support the transformation and industrialization of technological achievements in Guangxi, focusing on seed to growth-stage technology enterprises [1]. Group 1: Fund Establishment - The Guangxi Technology Achievement Transformation Fund was initiated by the Autonomous Region Science and Technology Department, with contributions from the Guangxi Government Investment Guidance Fund and various market-oriented institutions [1]. - The total scale of the Guangxi Technology Achievement Transformation Mother Fund (Phase I) is set at 2 billion yuan, approved for establishment on July 15, 2025, with CITIC Construction Investment Fund Management Co., Ltd. as the fund management institution [1]. - The fund will primarily invest in strategic emerging industries and future industries, including artificial intelligence [1]. Group 2: Transition to Fund Ecosystem - The successful launch of the fund marks a transition from a "single-point subsidy" model to a "fund ecosystem" development phase for technology achievement transformation [1]. - The next steps involve accelerating the establishment of sub-funds for technology achievement transformation in Guangxi, injecting financial "vitality" into the closed-loop chain of "basic research - technological breakthroughs - industrial application" [1].

Core Viewpoint - Chengdu has launched a future industry fund with a total scale exceeding 1 trillion yuan, aiming to enhance investment in emerging industries and foster innovation [1][2][3] Group 1: Future Industry Fund Overview - The future industry fund is positioned as an "industry cultivator," "resource leverager," "track leader," and "ecosystem builder," with a focus on creating a "angel + venture capital" fund cluster [2] - The fund is managed by Chengdu's industrial investment group and aims to strengthen early-stage investments in innovative projects [2][3] - The fund's establishment is part of a broader strategy to enhance Chengdu's investment ecosystem, with a total fund scale exceeding 1.7 trillion yuan across various investment stages [2][3] Group 2: Investment Activities and Agreements - During the launch event, multiple investment sub-funds and projects were signed, with a total intended investment amount of approximately 800 billion yuan [3] - Notable agreements include the establishment of the China Nuclear Technology Innovation Fund and the China Resources Pharmaceutical Innovation Investment Fund in Chengdu [3] Group 3: Chengdu's Investment Ecosystem - Chengdu has seen a significant rise in mother funds, becoming a hotspot for venture capital and private equity investments [5][6] - The Chengdu High-tech Zone has established a substantial fund cluster, with over 160 funds totaling more than 340 billion yuan, covering various industries such as electronic information and healthcare [8][9] - The High-tech Zone's angel mother fund aims to leverage 100 billion yuan to attract social capital, enhancing the investment landscape [9] Group 4: Evolution of Fund Models - The launch of the future industry fund signifies a shift towards a "thousand billion era" for government-guided funds, moving from single fund setups to a matrix of funds [10][11] - The trend indicates a growing emphasis on specialized, market-oriented fund clusters that can effectively drive regional industrial transformation [12]