Financial Data and Key Metrics Changes - The company ended Q3 2025 with record assets under management of $871 billion, an increase driven by gains from money market and equity strategies [4] - Total revenue for Q3 increased by $44.6 million or 10% compared to the prior quarter, with contributions from higher money market assets and equity assets [15] - Operating expenses rose by $32.2 million or 10% from the prior quarter, primarily due to higher distribution expenses [15] Business Line Data and Key Metrics Changes - Equity assets increased by $5.7 billion, or 6%, from the prior quarter, despite slightly negative net sales of $130 million [4] - Fixed income assets reached a record high of $101.8 billion, with total net sales improving by $4.1 billion in Q3 [7] - Alternative private markets saw a decrease of about $1.7 billion in assets, mainly due to real estate fund transactions [8] Market Data and Key Metrics Changes - Money market assets increased by $18 billion to reach $653 billion, with money market fund assets rising by 5% to $492.7 billion [12] - The company's estimate of money market mutual fund market share remained at about 7.11% at the end of Q3 [15] Company Strategy and Development Direction - The company is actively developing MDT distribution opportunities outside of the U.S., with strong interest from institutions and intermediaries [5] - The acquisition of FCP, a U.S.-based real estate investment manager, is expected to facilitate entry into the U.S. real estate market [10] - The company is committed to digital asset initiatives, including tokenized money market funds and participation in blockchain technology projects [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the MDT franchise, highlighting a strong pipeline of new RFPs and growing momentum [19] - The institutional pipeline is described as very strong, with over $2 billion expected to fund in the near term [22] - Management anticipates that expenses will rise in line with revenue growth, particularly due to the FCP acquisition and ongoing investments in digital assets [21] Other Important Information - The company paused its open market share repurchase during negotiations with FCP but plans to resume in Q4 [17] - Cash and investments at the end of Q3 were $647 million, with expectations to use a portion for the FCP acquisition [16] Q&A Session Summary Question: MDT franchise growth potential - Management indicated enthusiasm and optimism regarding the MDT franchise, with net sales of about $660 million through October 24 and a strong global pipeline [18][19] Question: Expense trajectory over the next year - Management expects expenses to rise due to the FCP acquisition and ongoing initiatives, but anticipates that these will be accompanied by revenue growth [20][21] Question: Institutional investor allocations and opportunities - The institutional pipeline is strong, with various mandates won across different countries, and about two-thirds expected to fund in Q4 [22][23]

Core Insights - The ABS market saw a total of 1,777 new issuance projects in the first three quarters of 2025, with an issuance scale of 16,336 billion yuan, representing a 17% increase compared to the same period last year [1] - Financial institutions are focusing on product structure innovation and expanding underlying assets to adapt to the improving market conditions [1] - The company, Caitong Asset Management, issued 52 ABS products totaling over 40 billion yuan in the first three quarters, marking a 38% year-on-year increase, ranking 8th in the industry [1] ABS Market Performance - The issuance scale of consumer finance ABS led the market with a total of 2,515 billion yuan, reflecting a 31% year-on-year growth [1] - Caitong Asset Management has developed a multi-tiered consumer finance product system, issuing 23 inclusive micro ABS products totaling approximately 18 billion yuan [1] Innovation in Financial Products - Caitong Asset Management is actively exploring innovative financial tools to support technology enterprises, issuing projects exceeding 10 billion yuan in the first three quarters [2] - The company launched the first national ABS product containing data intellectual property, supporting specialized and innovative enterprises [2] Support for Industry Upgrades - Caitong Asset Management issued four "Two New" labeled projects totaling over 4 billion yuan, promoting the second-hand car industry's upgrade [2] - The company has issued four themed projects related to the Yangtze River Economic Belt, totaling over 3 billion yuan, enhancing local enterprise financing structures [3] Cumulative Issuance and Future Strategy - Since its establishment, Caitong Asset Management has cumulatively issued 225 ABS products with a total scale of approximately 180 billion yuan [3] - The company aims to leverage its parent company’s comprehensive financial service platform to drive financial resources towards the real economy through ABS and REITs [3]

此外，总统特朗普周一重申，他预计财长贝森特本人不会离开现有职位去执掌美联储。 遴选过程的时间框架已变得十分清晰。贝森特表示，他计划在进行更多面试后，于感恩节后向总统提交最终候选人名单。 当地时间周四，美国财长贝森特发表讲话称，美联储主席第二轮面试即将开始。 可以想象我们能在圣诞节前选出美联储主席候选人。 据华尔街见闻此前文章，美联储主席的候选人范围已缩小至五人。他们分别是：现任美联储理事Christopher Waller和Michelle Bowman，前美联储理事Kevin Warsh，白宫国家经济委员会主任Kevin Hassett，以及贝莱德（BlackRock Inc.）高管Rick Rieder。 贝森特表示， 赞赏美联储降息25个基点，但"不喜欢其措辞"。 鲍威尔在周三利率决议会后新闻发布会上发出鹰派信号，称通胀短期仍有上行压力，就业面临 下行风险，目前面临的局面颇具挑战，委员会对12月是否再次降息仍存较大分歧，降息并非板上钉钉。 2026见闻历"股神纪念版"重磅上市 金融人必备 五人角逐美联储帅位 这份五人名单，囊括了来自美联储内部、白宫以及华尔街的资深人士。贝森特本人正主导此次遴选的面试工作 ...

然而，许长泰特别指出，本次FOMC会议释放出更为鹰派的政策基调，这限制了未来宽松空间。基于当 前形势，他预计2026年上半年美联储或仅有一次降息机会。 （文章来源：新华财经） 新华财经北京10月31日电摩通资产管理策略师许长泰称，尽管美联储于10月30日如期将联邦基金利率下 调25个基点，目标区间降至3.75%至4.00%，符合市场普遍预期，但当前美国联邦政府持续停摆正对货 币政策制定构成实质性干扰。 许长泰强调，由于政府停摆，包括非农就业报告在内的多项关键经济数据无法正常发布，致使美联储在 缺乏完整信息的情况下作出利率决策。"这一情况值得高度关注，"他表示。 他进一步分析称，若政府停摆不再造成进一步干扰，美联储将有望恢复接收就业与通胀数据。在此前提 下，若就业市场明显改善或通胀出现显著反弹，联邦公开市场委员会（FOMC）可能选择维持利率不 变。尽管如此，12月仍存在降息的可能性。 ...

Group 1: Internationalization Support - The Shanghai Pudong New Area Enterprise Going Global Comprehensive Service Center, established in March 2025, is the first "going global" comprehensive service platform registered as a consulting organization in China, marking an innovative initiative to support international development for enterprises [2] - The center has formed a complete service ecosystem with 11 leading industry organizations and over 90 strategic partners, covering legal, financial, consulting, and accounting fields, successfully integrating government guidance, market operations, and professional empowerment [4] - The center has established over 270 global sites, creating an overseas service network covering key regions such as Europe, America, Asia-Pacific, and the Middle East, providing one-stop services including international market research, business investigation, investment project implementation, cross-border operation support, and systematic risk warning [5] Group 2: Case Studies of Benefiting Companies - Shanghai Yamazaki Circuit Board Co., Ltd., a high-tech enterprise focusing on precision circuit board R&D and production, successfully invested in a factory in Thailand in 2023, overcoming ODI procedure challenges with the center's assistance [5] - East Asia Asset Management (ATA), under Zhengchuang Group, has rapidly developed by leveraging the center's platform, providing one-stop services for Chinese enterprises going abroad and family asset allocation in Southeast Asia [6] Group 3: Innovation and Research Development - Fudan University has transformed the Zhangjiang campus into a technology innovation park, launching the Zhangjiang Fudan International Innovation Center in 2017, focusing on three leading industries: biomedicine, artificial intelligence, and integrated circuits [7] - The innovation center has a total construction area of approximately 653,000 square meters, with the first phase consisting of three research buildings covering about 320,000 square meters, supporting major research platform construction and innovation tasks [10] - The center aims to cultivate top global talent, produce original landmark results in brain science and integrated circuits, and accelerate the incubation of disruptive technologies, thereby promoting deep integration of scientific innovation and industrial innovation [11]

Group 1 - China is developing artificial intelligence to benefit ordinary people, indicating a strategic focus on technology for societal improvement [2][5][25] - Geopolitical pressures and central bank reserve diversification are ongoing, with gold expected to have upside potential due to these factors [5][12][14] - The real estate sector in China is gradually correcting its imbalances, transitioning from investment-driven to consumption-driven growth [5][24] Group 2 - The Federal Reserve is anticipated to cut interest rates twice more this year and possibly another two times next year, with a terminal rate expected around 3.50% [7][10] - Concerns regarding the independence of the Federal Reserve are more perceptual than actual, with current market data not reflecting significant worries [9][12][15] - The market has shown resilience in the face of tariff uncertainties, with companies adjusting through inventory management and supply chain strategies [16][19] Group 3 - The demand for reducing U.S.-centric asset allocation is increasing, with a gradual decline in the dollar's central role in global portfolios [22][23] - Foreign capital inflows into China are influenced by geopolitical factors, but the long-term trend remains positive, particularly in the context of the AI revolution [24][25] - Major risks for 2025 and 2026 include inflation, liquidity, and the independence of the Federal Reserve, with geopolitical risks also being a long-term concern [26][27]

Core Viewpoint - Quantitative investment is transitioning from a marginal role to a mainstream strategy in the volatile A-share market, with Shenzhen Liangdao Investment leveraging its strong quantitative technology foundation and systematic strategy framework to advance in the competitive asset management industry [2]. Company Overview - Shenzhen Liangdao Investment was established in April 2015, with a founding team that has been dedicated to quantitative investment and algorithmic trading since 2010. The company has research centers in Xiamen, Beijing, and Shanghai, and its core personnel have over 10 years of experience in quantitative strategy research and risk control [2]. - The name "Liangdao" signifies the "path of quantitative investment," reflecting a deep understanding of the essence of investment—finding the optimal solution between returns and risks [2]. Performance Highlights - Liangdao Investment's quantitative stock and CTA (Commodity Trading Advisor) products have shown outstanding performance this year. As of September 30, 2025, its "Liangdao Shunfeng No. 1 A-class share" and "Liangdao Chengfeng No. 1 A-class share" ranked in the top 10 for excess returns among similar-sized institutions in their respective strategies [3]. - The "Liangdao CTA Selected No. 17 A-class" product achieved a return of ***%, ranking 4th among private equity firms with over 5 billion in assets [3]. Differentiation Strategies - The company attributes its performance to four key differentiating features: 1. Low correlation with the market, achieved through an independent research system and various machine learning models, resulting in an average correlation of 0.40 with excess returns [8]. 2. Utilization of GNN (Graph Neural Network) technology to uncover hidden style rotation opportunities through dynamic relationships between stocks [8]. 3. A unique alternative database that enhances the robustness and stability of price-volume factors in event-driven markets [8]. 4. A specialized risk control system that combines the Barra system with A-share characteristics, such as additional controls for dividends and micro-cap stocks [8]. AI Model Optimization - Liangdao Investment has made significant improvements to its AI models, focusing on input layer optimization and dynamic graph structure construction, which sets it apart from traditional models [10]. - The company employs AI and machine learning algorithms to explore non-linear relationships between factors and returns, enhancing the ability to capture hidden signals from unstructured data [10]. Risk Control Mechanisms - The company's risk control strategy encompasses pre-trade, in-trade, and post-trade measures, ensuring comprehensive oversight throughout the investment process [12]. - Pre-trade controls involve constraints on major style factors and market characteristics, while in-trade controls utilize third-party systems to monitor trading activities [13][14]. - Post-trade controls are implemented through a self-built system that analyzes account holdings and ensures consistency with investment strategies [15]. Market Adaptation Strategies - To adapt to the rapidly changing styles and themes in the A-share market, Liangdao Investment has developed a "multi-dimensional, multi-model" investment system that allows for quick responses to market changes [16]. - The company regularly updates its factor versions and model training to incorporate the latest market characteristics, ensuring its strategies remain relevant [16]. Future AI Strategy - Liangdao Investment's future AI strategy focuses on four main areas: enhancing AI applications in strategy development, strengthening data mining and analysis capabilities, optimizing risk control systems, and cultivating AI talent [21].

Group 1 - The company will hold its third extraordinary general meeting of shareholders on November 14, 2025, at 15:00 in Beijing [3][10][11] - Voting will be conducted through both on-site and online methods, with specific time slots for each [4][6][7] - The meeting will include various resolutions, with specific provisions for minority shareholders and related party voting exclusions [4][20][21] Group 2 - The company has established a comprehensive credit limit of RMB 11.5 billion for Everbright Securities, with a term of 12 months [19][24] - A non-committed revolving loan of USD 2.6 million (approximately RMB 186.8 million) has been approved for Everbright Holdings, with a term of 360 days [19][24] - The company has disclosed that it will engage in related party transactions amounting to approximately RMB 15.31595 billion over the past 12 months, exceeding 0.5% of its latest audited net assets [21][24][25] Group 3 - The company has a structured voting process for shareholders, including provisions for cumulative voting for directors [6][16][30] - The company will utilize a reminder service to ensure that minority shareholders are informed and able to participate in the voting process [7][8] - The company has established guidelines for the registration and participation of shareholders in the meeting [9][10][11] Group 4 - The company has confirmed that the related party transactions do not constitute a major asset restructuring [21][25] - The transactions with related parties have been approved by the board and will require shareholder approval at the upcoming meeting [21][31][32] - Independent directors have expressed that the transactions are fair and in the best interest of the company and its shareholders [32]

周四(10月30日)亚洲时段，现货白银试图突破48.00美元，并吸引了一些空头，欧市盘中，现货白银价格 震荡上涨，现报47.90美元/盎司，最高触及47.95美元/盎司，最低下探47.24美元/盎司。银价正逼近48.30 美元/盎司水平。今晚关注美联储理事鲍曼发表预先录制的讲话。 【要闻聚焦】 作为美联储下任主席的潜在人选之一，贝莱德首席投资官里德周三表示，他认为美联储降息符合"明显 放缓"的劳动力市场现状，而美联储主席鲍威尔在会后新闻发布会上的表现"比预期更为鹰派"。里德表 示，"我们认为，12月会议跳过降息的可能性增大，这将使进一步的宽松举措推迟到新的一年，甚至可 能推迟到新主席上任。" 另外"美联储传声筒"Nick Timiraos评美联储主席鲍威尔的讲话，他说："鲍威尔的新闻发布会表明， FOMC整体上并不认同市场此前对12月降息的高度定价。"鲍威尔表示："对于12月如何行动，我们的看 法存在很大分歧。"他强调，12月的降息"不应被视为已成定局。事实上，远非如此。" 17:00德国第三季度未季调GDP年率初值 18:00欧元区第三季度GDP年率初值 这已经超出了他们通常所说的免责声明，即"政策并非按照 ...

| 上期所指定交割金库 | 期货 | 增减 | | --- | --- | --- | | | 87816 | 0 | 为美联储下任主席的潜在人选之一，贝莱德首席投资官里德周三表示，他认为美联储降息符合"明显放 缓"的劳动力市场现状，而美联储主席鲍威尔在会后新闻发布会上的表现"比预期更为鹰派"。 里德表示，"我们认为，12月会议跳过降息的可能性增大，这将使进一步的宽松举措推迟到新的一年， 甚至可能推迟到新主席上任。" 上海期货交易所指定交割仓库期货周四（10月30日）仓单日报显示，黄金期货总计87816千克，今日仓 单较上一日持平。 沪金主力盘内高位震荡，周四（10月30日）黄金期货开盘价919.70元/克，截至目前最高920.24元/克， 最低896.00元/克。截止发稿报912.16元/克，涨幅0.82%，成交量为412100手，持仓为163611手，日持仓 减少5080手。 上海期货交易所黄金期货仓单日报(单位：千克) ...