Core Insights - "Junsheng Junten No.1" achieved the second place in the profit category of the trading competition, led by investment manager Yang Zhicheng, due to excellent performance and robust risk control [1] - The product employs a subjective trend strategy based on in-depth industry research, focusing on long positions in strong fundamentals and short positions in weak fundamentals [2] Performance and Strategy - Since its inception on September 6, 2024, "Junsheng Junten No.1" has maintained a drawdown rate below 20%, attributed to investor recognition and accumulated returns [2] - The product covers all varieties but primarily focuses on seven to eight key varieties for trading opportunities, utilizing a clear identification system based on fundamental direction and technical timing [2] Team Dynamics and Risk Management - The team has a mature mechanism for handling internal disagreements, emphasizing calmness and thorough review to identify potential flaws [3] - The core principles include a focus on fundamental research, trend-following, and dynamic position management, with a strict approach to stop-loss measures [3] - Detailed capital management guidelines are in place, prioritizing the significance of building positions when the product net value is at 1 and ensuring that position sizes match net value [3] Personal Insights and Advice - Yang Zhicheng views futures investment as both a career and a means to achieve personal value, emphasizing the importance of helping others preserve and grow their wealth [4] - A key piece of advice for new traders is to reduce trading frequency, as many losses stem from excessive trading [4]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $366 million, or $4.66 per share, which is significantly larger than prior periods due to the progress of the Private Wealth platform [3][4] - Fee-related earnings were $79 million, up 9% year-over-year, with a core FRE margin of 36% [4][5] - Adjusted net income for the quarter was $66.7 million, or $0.54 per share, an increase from $53.6 million, or $0.45 per share, in the same quarter last year [5][18] Business Line Data and Key Metrics Changes - The Private Wealth platform generated $2.4 billion in new subscriptions, nearly double the previous highest quarter [6][7] - Institutional fundraising saw $3.8 billion in managed account gross additions for the quarter, contributing to over $10 billion for the first half of the fiscal year [8][9] - Commingled funds generated $3.4 billion in gross additions, with notable contributions from the PE co-investment fund and the PE secondaries fund [10][13] Market Data and Key Metrics Changes - Fee-earning AUM increased by more than $5.5 billion in the quarter to nearly $133 billion, reflecting strong fundraising momentum [11][12] - The company generated $29 billion of gross AUM additions over the last 12 months, with $18 billion from separately managed accounts and $11 billion from commingled funds [13] Company Strategy and Development Direction - The company is focusing on enhancing data and technology offerings, including the launch of the Kroll StepStone Private Credit Benchmarks and FTSE StepStone Global Private Market Indices [11][12] - The partnership with Aviva aims to establish a presence in the U.K. defined contribution market, with expectations for material flows starting in 2026 [37] Management's Comments on Operating Environment and Future Outlook - Management believes current low distributions in private markets are temporary, with indicators suggesting improved realizations ahead [17] - The company is committed to monitoring market conditions and providing solutions for clients despite geopolitical and market challenges [17] Other Important Information - The company opened new offices in the Netherlands, Spain, South Korea, and Saudi Arabia, expanding its global footprint [10] - The adjusted cash-based compensation ratio was 46%, in line with expectations, while general and administrative expenses increased due to higher travel and IT costs [19] Q&A Session Summary Question: What drove the strong demand for StepX and any cannibalization risk? - The strong demand for StepX was driven by specific requests from channel partners for PE-exclusive exposure and the availability of a ticker [23] - Some rotation from SPRIME to StepX was expected and has mostly occurred [24] Question: How far along is the company in selling through distribution partners? - The company has room to grow, with many large distribution partners currently focused on two or three funds rather than all five [26][28] Question: What are the expectations for StepX's subscription rate going forward? - Initial subscriptions for StepX were around $750 million, but a pullback is expected in future quarters [31] Question: What drove the increase in G&A expenses? - The increase was primarily due to travel, IT, and general operating costs, with expectations for continued investment in infrastructure [33] Question: Can you discuss the partnership with Aviva and its potential? - The partnership with Aviva is significant in the U.K. defined contribution market, with material flows expected to build over time starting in 2026 [37] Question: How is the company expanding deal-sourcing capabilities? - The company maintains a balanced approach to deal flow, focusing on primary fund commitments to drive market position and data acquisition [43][44] Question: What are the future product strategies in the private wealth channel? - The company plans to focus on existing products while exploring innovative solutions and models for private markets [46][49]

Core Viewpoint - The founder of Bridgewater Associates, Ray Dalio, warns that the U.S. may have entered a dangerous phase characterized by "stimulating in a bubble" as the Federal Reserve shifts from quantitative tightening to quantitative easing, which he argues is more than just a technical adjustment [1] Group 1: Economic Conditions - Dalio highlights that the current economic environment is marked by high asset valuations, stable job growth, and inflation slightly above target, contrasting it with previous quantitative easing measures that were aimed at financial downturns [1] - He notes that the combination of high fiscal deficits and an expanding balance sheet could lead to a "monetization of government debt" if interest rates continue to be lowered [1] Group 2: Market Implications - The potential for a bubble in private credit and high valuations in the stock market, particularly in sectors like AI, raises concerns that the Federal Reserve's actions may be stimulating these bubbles [1] - Dalio warns that excessive money printing and bond purchases by the central bank could suppress returns on bonds and stocks, leading to a "liquidity melt-up" scenario that could create market pressures [1] Group 3: Investment Recommendations - Investors are advised to closely monitor the Federal Reserve's balance sheet and policies, as well as the impact of capital flows on asset valuations, to navigate potential risks prudently [1]

Group 1 - The article emphasizes the increasing demand for investment and financial literacy among residents in the Guangdong-Hong Kong-Macao Greater Bay Area, driven by the diversification of asset management services and the active capital market [1] - The "Guangdong-Hong Kong-Macao Greater Bay Area Investment Open Class" series is launched to enhance investor confidence and market activity, in collaboration with industry associations and financial institutions [1] Group 2 - The capital market in 2025 is expected to present structural opportunities, with a gradual recovery in the domestic economy and stabilization in corporate profits, alongside a shift in manufacturing investment towards structural optimization [3] - The Hong Kong stock market has shown strong performance, with the Hang Seng Index ranking among the top global markets in the first three quarters of 2025, and the Hang Seng Technology Index demonstrating significant growth potential [3] Group 3 - The upcoming "Guangdong-Hong Kong-Macao Greater Bay Area Investment Open Class" will address investor concerns regarding asset allocation in a stable macroeconomic environment, focusing on balancing safety and returns [4] - The event will feature discussions on "Fixed Income +" investment strategies and the outlook for the Hong Kong stock market, with insights from fund managers at Dachen Fund [5] Group 4 - The event will be broadcasted across multiple media platforms, including the official video account of China Fund News, APP, Weibo, Douyin, and others, ensuring wide accessibility for participants [6]

"北仑在新能源汽车和机器人板块的布局，与我们投资的方向不谋而合。后续实地参观中，我们也会对 相关项目给予重点关注。"武汉博睿智联私募基金管理有限公司创始合伙人王玉娟说。宁波鼎一资产管 理有限公司董事总经理戴弋则点赞了北仑区政府部门务实的工作作风："在这里经营发展、做大规模， 我们非常安心。希望能进一步和区内头部企业开展深度合作，帮助他们围绕产业上下游开展收并购，实 现共赢。" 如今，北仑作为对外开放的前沿阵地，宁波乃至浙江的经济强区、制造重镇，正以其雄厚的产业基础、 完整的产业链条和活跃的创新主体，吸引着越来越多目光长远的资本。"我们将以本次活动为契机，全 力打造最优营商环境，构建一流创投生态，与广大金融机构携手合作、共创共赢，让资本真正赋能实体 企业。"宁波经济技术开发区金融创新发展局局长陈峰表示。 推介会上，王程代表区委、区政府、宁波经开区管委会，向与会嘉宾的到来表示欢迎。他指出，耐心资 本是科技创新和产业发展的"源头活水"。北仑作为全国双创示范基地、制造强区，近年来坚持筑牢创投 底座、培优创投生态、打造创投森林，推动实现"创新-产业-金融"深度融合。真诚希望广大投资机构以 本次活动为契机，更好了解北仑， ...

Core Viewpoint - The report by the think tank "Better for Britain" warns that the UK is heading towards a debt crisis, emphasizing the need for urgent fiscal measures if market confidence in the government's ability to repay debt falters [1] Group 1: Report Contributors and Context - The report is co-authored by former Conservative cabinet minister John Redwood and Mark Dowding, Chief Investment Officer at RBC BlueBay Asset Management [1] - Redwood compares the current situation to the 1976 pound crisis, which led to the Labour government seeking assistance from the International Monetary Fund (IMF) [1] Group 2: Recommendations and Financial Implications - The report suggests that the Bank of England should stop paying interest on reserves held by commercial banks, estimating this could save approximately £13 billion by 2029 [1] - It also recommends an immediate halt to the sale of active gilt securities, which are high-grade securities issued by the government or large corporations [1]

Core Viewpoint - The article emphasizes the unique advantages and investment opportunities in the Chinese capital market amidst global economic and financial market volatility, highlighting the long-term strategic confidence from major asset management firms like Amundi [1]. Group 1: Investment Opportunities in China - Amundi identifies three key dimensions for investment opportunities in China: ongoing institutional openness, the role of Hong Kong as a bridge, and the potential of the pension market [1]. - The focus on technology sectors such as electric vehicles and artificial intelligence is seen as particularly attractive for investment due to their growth prospects and valuation [4][5]. Group 2: Asset Allocation Strategies - The article discusses the need for diversified asset allocation in the current high volatility environment, suggesting that investors should consider a mix of bonds, foreign exchange, and equities based on market attractiveness [3][5]. - A structural approach to asset allocation is recommended, with a focus on mid-term holding periods of three months or longer, allowing for flexibility in timing and entry points [5]. Group 3: Global Economic Context - The article notes the impact of global supply chain restructuring and changing tariff policies, which create investment opportunities in emerging markets, particularly in Asia [9]. - The anticipated interest rate cuts by the Federal Reserve are discussed, with predictions of two cuts next year, which could influence global asset allocation strategies [7]. Group 4: Gold as an Investment - Gold is highlighted as a key asset class due to its ability to hedge against inflation and geopolitical risks, with expectations of its price reaching $5,000 per ounce within three years [11]. - The increasing demand for gold from central banks and retail investors is noted as a significant factor influencing its market dynamics [11]. Group 5: Long-term Economic Themes - The article emphasizes the importance of high-quality development, climate change, and technological innovation as critical investment themes for the future [6]. - The concept of a "longevity economy" is introduced as a theme with substantial investment opportunities, extending beyond pharmaceuticals to infrastructure [12].

Core Viewpoint - Schroders' investment team indicates that the Federal Reserve's policy stance is more dovish than previously expected, leading to a decline in real yields, which, combined with strong corporate earnings and loose fiscal policy, has resulted in a positive outlook for global equities, particularly favoring U.S. and emerging market stocks [1] Group 1: Market Analysis - The investment firm previously held a neutral stance on equities, but recent negative U.S. non-farm payroll data has led to a re-pricing of interest rate cut expectations by the market [1] - U.S. Treasury yields have risen, pushing valuations into a more expensive range [1] Group 2: Asset Preferences - Schroders continues to favor gold due to its benefits from lower real yields and its protective qualities against debt sustainability and concerns over Federal Reserve independence [1] - The firm has downgraded its view on local currency debt in emerging markets after strong performance, while maintaining a bearish outlook on the U.S. dollar [1] Group 3: Regional Focus - The outlook for Chinese and emerging Asian equities has been upgraded, supported by improving economic activity indicators in China and signs of export recovery in South Korea and Taiwan, providing a strong basis for broader allocation in technology export-related sectors [1]

证券之星消息，11月6日东证融汇证券资产管理有限公司发布《东证融汇鑫享30天滚动持有中短债债券 型集合资产管理计划暂停申购的公告》。公告中提示，为了保证集合计划平稳运作,保护集合计划份额 持有人的利益，自2025年11月7日起东证融汇鑫享30天滚动持有中短债债券型集合资产管理计划暂停申 购，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 | 申购限额 转入限额 定投限额 | | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) (元) (元) | | 东证融汇鑫亭 30天滚动A | 970098 | 를 | | | 东证融汇整字 30天滚动C | 970099 | 를 | | 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。 ...

Economic Growth Trends - East Asian economies are experiencing a slowdown in growth, with GDP growth expected to be slightly below 5% over the next five years[13] - After surpassing a per capita GDP of $12,000 (in 2015 USD), East Asian economies see a decline in growth rates from over 9% to a range of 3%-7%[13] - China's GDP growth rate during the transition period (2021-2024) is projected to average 5.53%[13] GDP Projections - To achieve the 2035 economic goals, China's GDP growth must average around 4.5% annually over the next decade[15] - By 2035, the aim is for per capita GDP to reach the level of moderately developed countries, enhancing overall living standards[15] Industry and Innovation - Emphasis on maintaining a reasonable proportion of manufacturing while fostering emerging industries and high-quality service sector growth[15] - The focus on technological innovation is crucial for enhancing productivity and capturing opportunities in the new technological revolution[15] Monetary Policy and Investment - The central bank's monetary policy is gradually normalizing but will remain accommodative for an extended period[39] - The narrowing of the interest rate differential between China and the US is expected to support the appreciation of the Renminbi[39] Market Outlook - A-shares are expected to experience a slight upward trend, with recommendations to overweight A-shares throughout the year[39] - Hong Kong stocks are also projected to trend upwards, driven by strong earnings expectations in the AI sector and improved liquidity conditions[59]