Fund Overview - The fund is named "Huaxia S&P Hong Kong Stock Connect Low Volatility Dividend ETF" and is classified as a stock-type ETF [11][12] - The fund's initial share value is set at 1.00 RMB, with the same price for subscription [12][23] - The fund is managed by Huaxia Fund Management Co., Ltd., and the custodian is Industrial and Commercial Bank of China [2][11] Subscription Details - The fund will be available for subscription from November 10, 2025, to November 14, 2025, with a maximum fundraising period of three months [6][20] - The total initial fundraising cap for both online and offline cash subscriptions is set at 2 billion RMB (excluding interest during the fundraising period) [5][15] - Investors can subscribe through online cash subscription or offline cash subscription methods [20][22] Subscription Process - Investors must have a Shenzhen Stock Exchange A-share account or a securities investment fund account to participate in the subscription [27][29] - For online cash subscriptions, each subscription must be in multiples of 1,000 shares, while offline cash subscriptions require a minimum of 50,000 shares when processed through the fund manager [4][22] - Subscription fees may not exceed 0.80%, and specific fee structures will be provided by the fund management and sales agencies [22][23] Fund Management and Operations - The fund is designed to invest in securities listed on the Hong Kong Stock Exchange, and it will be traded on the Shenzhen Stock Exchange [8][11] - The fund's net asset value may be affected by fluctuations in the Hong Kong stock market and exchange rate variations between RMB and HKD [8][9] - The fund will utilize a "last day proportion confirmation" method to manage subscription limits if the total subscriptions exceed the cap [15][16] Investor Information - Investors are advised to ensure that their subscription funds are legally sourced and to comply with anti-money laundering requirements [3][27] - The fund management company will not guarantee profits or minimum returns, and past performance does not predict future results [10][54] - Detailed information about the fund, including the fund contract and prospectus, will be available on the company's website [13][54]

Announcement Details - The fund will resume subscription, redemption, and regular investment services starting from October 30, 2025, without further notice [1][2] - Investors are advised to make necessary arrangements in advance to avoid inconvenience due to the Hong Kong Stock Exchange's closure [1][2] Fund Operations - The fund's open days are aligned with Hong Kong Stock Connect trading days, and subscription and redemption can only be processed on these days [1] - The fund will suspend subscription, redemption, and regular investment services on October 29, 2025, as it is a non-Hong Kong Stock Connect trading day [1] New Distribution Channel - Starting from October 27, 2025, Zheshang Bank will be added as a distribution agency for the Huabao Cash Treasure Money Market Fund [3] - Only institutional investors can use this distribution channel for account opening, subscription, redemption, and other services [3]

Core Viewpoint - Foreign institutions express confidence in China's economic and social development during the "15th Five-Year Plan" period, as highlighted by the recent Fourth Plenary Session of the 20th Central Committee [2][10]. Group 1: Focus on Technology and Innovation - The session emphasizes accelerating high-level technological self-reliance and strengthening the modern industrial system, indicating a shift towards an ecosystem-driven strategy and increased support for industries to enhance productivity rather than just scale [4]. - Key macro themes include building a modern industrial system, accelerating technological innovation, and developing a strong domestic market, with a focus on intelligent, green, and integrated development [4][6]. - Research and development spending is projected to grow at a compound annual growth rate of over 7%, aiming for over 3.2% of GDP by 2030, translating to approximately 5.5 trillion to 6.0 trillion yuan [4]. Group 2: Expanding Domestic Demand and High-Level Opening Up - The session indicates a shift towards prioritizing policies that address structural challenges and enhance domestic demand, with a focus on improving social welfare and consumption [8][9]. - The strategy includes a commitment to expanding domestic demand while promoting new supply and creating new demand, linking consumption policies closely with social safety nets and public service access [8][9]. - The plan also aims to expand high-level opening up, maintaining a multilateral trade system and enhancing international cooperation, which is crucial given the ongoing trade tensions [9]. Group 3: Economic Growth Projections - By 2035, the goal is for significant improvements in economic, technological, and defense capabilities, with per capita GDP expected to reach between 25,000 to 30,000 USD [11][12]. - The projected annual GDP growth rate for the "15th Five-Year Plan" period is estimated to be between 4.5% and 5.0%, with a focus on synchronizing per capita income growth with GDP growth [12].

Core Insights - Over 90% of actively managed equity funds reported profits, with many experiencing significant growth in scale during the third quarter [1][2] - The equity market's heat is reflected in both fund performance and scale, with a notable increase in stock positions among funds [1][2] Fund Performance and Scale - As of October 26, 1062 fund products have disclosed their third-quarter reports, with nearly 60% being equity funds [2] - More than 60% of active equity funds maintained stock positions above 90%, and over 96% achieved positive returns in Q3 [2][3] - Notable performers include Yongying Technology Select A, which saw a year-to-date return exceeding 206% and a quarterly return of 99.74% [2][3] Explosive Growth in Fund Scale - Yongying Technology Select A experienced a net subscription of 2.766 billion units, increasing its scale from 1.166 billion to 11.521 billion, an increase of nearly 888% [3] - Other funds like Zhongou Digital Economy also saw significant scale increases, with net subscriptions pushing its scale from 1.527 billion to over 13 billion, a growth of 7.5 times [3] - Over 80% of funds reported a quarter-on-quarter increase in scale, with 37 funds doubling their size [3] Sector Rotation and Fund Manager Strategies - Fund managers are actively adjusting their portfolios in response to market conditions, particularly in the technology sector [4][5] - Yongying Technology Select A's stock holdings exceeded 94%, focusing on global cloud computing, with significant increases in major holdings [5] - Zhongou Digital Economy made more pronounced adjustments, retaining only a few previous top holdings while introducing new ones [5][6] Technology Sector Insights - Fund manager Feng Ludan reduced exposure to AI infrastructure while increasing allocations to intelligent robotics and C-end internet platforms [6] - The global cloud computing industry remains a focal point for investment, with expectations of increased AI model value [6] Pharmaceutical Sector Trends - The pharmaceutical sector, particularly innovative drugs, remains a key focus despite recent market fluctuations [7][8] - Longcheng Pharmaceutical Industry Select A reported a year-to-date return of 84.81%, maintaining a strong position in the industry [7] - Fund managers are adjusting their portfolios to focus on high-value innovative drug stocks, emphasizing cost-effectiveness and certainty [8][9]

Core Insights - The recent Shanghai Global Asset Management Forum highlighted the transition of Chinese asset management institutions from a "trial phase" to a "scale-up phase" in overseas investments, with global exchanges optimizing rules and innovating products to capture opportunities in the Chinese market [1] Group 1: QDII Fund Growth - The QDII fund scale has surpassed 678 billion RMB, with over 70% of funds directed towards Hong Kong and U.S. markets, indicating a strong demand for overseas investments among domestic investors [2] - In the first half of the year, QDII funds invested over 30 billion RMB in Hong Kong stocks and approximately 20 billion RMB in U.S. stocks, with a preference for equity assets over bonds and gold [2] - The investment focus of QDII funds is primarily on information technology, communication, and non-durable consumer goods, reflecting a keen interest in emerging industries and high-growth sectors, particularly in AI [2] Group 2: International Collaboration and Market Connectivity - The Eurasian Capital Market Alliance (FEAS) is actively working to connect Eurasian markets, with initiatives like the Tabadul project aimed at enhancing market interconnectivity and reducing transaction costs [5][6] - The London Stock Exchange (LSE) has undergone significant reforms to attract more international companies, including the removal of certain listing requirements and the introduction of dual-class voting structures [6][7] - The Singapore Exchange (SGX) is expanding its product offerings and streamlining its IPO processes, aiming to attract more foreign listings, particularly from China and Southeast Asia [8] Group 3: Asset Management Strategies - High-net-worth clients are increasingly seeking both asset preservation and special asset services, with over 70% of trust funds allocated through QDII channels invested in Hong Kong and U.S. markets [3] - There is a growing interest in developing innovative QDII products that focus on specific countries, asset classes, or industries to meet diverse investor needs [2][3] - The focus on sectors such as technology, new energy, and new consumption is particularly appealing to European investors, indicating a strategic push by Chinese asset managers to promote Chinese assets in Europe [3]

Group 1 - Crown Holdings (605088.SH) reported its Q3 2025 results on October 25, 2025, with a total of 8 institutional investors disclosing their holdings, amounting to 42.4879 million shares, which represents 20.95% of the total share capital [1] - The institutional investors include ALPHA HOLDING VENTURES LIMITED, NEW FORTUNE INTERNATIONAL GROUP LTD., and several mutual funds, with the total institutional holding percentage decreasing by 3.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there were 3 public funds that increased their holdings compared to the previous period, with an increase rate of 0.61% [2] - A total of 118 public funds did not disclose their holdings in this period, including funds like Yongying Advanced Manufacturing Select Mixed Fund A and Invesco Great Wall Core Selection Mixed Fund A [2]

Group 1 - The core point of the news is the appointment of Ma Chao as the new fund manager for Pengyang Jingke Mixed Fund (008499), effective from October 25, 2025, while Li Renwang will no longer serve in this role [1] - As of October 23, 2025, the net value of Pengyang Jingke Mixed Fund is 1.3450, reflecting a daily increase of 0.24% and a yearly increase of 6.67% [1] Group 2 - Ma Chao, a Chinese national, has extensive experience in quantitative investment, having held various positions in different fund management companies since 2017 [2] - His previous fund management experience includes managing several public funds with varying performance, such as a return of -11.67% for the Chuangjin Hexin Quantitative Core Mixed A fund during his tenure [2] - Notably, Ma Chao's management of the Pengyang Yuanhe Quantitative Large Cap A fund has yielded a return of 35.07% since April 16, 2024 [2]

Core Viewpoint - Huazhong Fund has appointed Guo Liyan as the new fund manager for Huazhong Fengyu Bond (016794), effective October 25, 2025, alongside Zheng Weishan [1] Group 1: Fund Performance - As of October 24, 2025, the net value of Huazhong Fengyu Bond is 1.0443, reflecting a daily increase of 0.18% and a yearly increase of 2.28% [1] Group 2: Manager Background - Guo Liyan holds a master's degree and has previously worked as a fixed income researcher and investment manager at Rongtong Fund Management Co., Ltd. She joined Huazhong Fund in April 2022 and has been managing several funds since then [1] - Guo Liyan has been the fund manager for Huazhong Qianyu Bond Fund since November 30, 2022, and has also managed multiple other funds since April 23, 2025 [1] Group 3: Fund Management Details - The following are the public funds managed by Guo Liyan, including their codes, names, sizes, management periods, and returns: - Huazhong Anyi Flexible Allocation Mixed A (001905), size: 0.28 billion, return: 2.25% [1] - Huazhong Anyi Flexible Allocation Mixed C (012659), size: 0.97 billion, return: 2.19% [1] - Huazhong Zhaoyu One-Year Holding Mixed A (016863), size: 0.93 billion, return: 4.18% [1] - Huazhong Zhaoyu One-Year Holding Mixed C (016864), size: 0.92 billion, return: 3.98% [1] - Huazhong Zhurun Bond A (018640), size: 0.34 billion, return: 4.07% [1] - Huazhong Zhurun Bond C (018641), size: 0.16 billion, return: 3.86% [1] - Huazhong Anyi Flexible Allocation Mixed E (022625), size: 0.09 billion, return: 2.04% [1]

Core Insights - The announcement on October 25, 2025, reveals the appointment of Bu Zhonglin as the new fund manager for Shenwan Hongyuan Leting Mixed Fund (013085) effective from the same date [1] - As of October 24, 2025, the net value of Shenwan Hongyuan Leting Mixed Fund was 0.8123, reflecting a daily increase of 2.6% and a yearly increase of 24.02% [1] Fund Manager Profile - Bu Zhonglin, a Chinese national with a master's degree, has been involved in the financial sector since 2016, previously working at firms such as Industrial Securities, Xiaoxiang Capital, and Kaisheng Rongying Technology [1] - He joined Shenwan Hongyuan Fund in February 2022 and has been managing the Shenwan Hongyuan Intelligent Driving Stock Fund since October 16, 2024 [1] Fund Performance - The funds managed by Bu Zhonglin include: - Shenwan Hongyuan Intelligent Driving Stock A (Code: 005825) with a return of 70.91% since October 16, 2024 [1] - Shenwan Hongyuan Intelligent Driving Stock C (Code: 015159) with a return of 70.17% since October 16, 2024 [1] - A review of the major holdings shows that the Shenwan Hongyuan Intelligent Driving Stock A fund added Zhaoyi Innovation in Q4 2024 at an average price of 519.16, maintaining the position for three quarters, with the latest average price at 660.21, resulting in an estimated return of 27.17% [1]

其管理过的公募基金如下: 证券之星消息，2025年10月25日，宝盈北证50成份指数发起式（023395）发布公告，增聘阳之璇为基金 经理，任职日期自2025年10月25日起，变更后宝盈北证50成份指数发起式（023395）的基金经理为蔡 丹,阳之璇。截止2025年10月24日，宝盈北证50成份指数发起式净值为1.0818，较上一日上涨1.07%。 阳之璇女士：约翰霍普金斯大学数学与统计学专业硕士，CFA。2018年7月加入宝盈基金，在量化投资 部先后任研究员助理、量化研究员，现任宝盈基金管理有限公司基金经理助理。2025年1月25日任宝盈 中证沪港深科技龙头指数型发起式证券投资基金基金经理、宝盈祥瑞混合型证券投资基金基金经理。曾 任宝盈国证证券龙头指数型发起式证券投资基金、宝盈中证沪港深科技龙头指数型发起式证券投资基 金、宝盈纳斯达克100指数型发起式证券投资基金(QDII)基金经理助理。 重仓股战绩回顾：其管理的宝盈祥瑞混合A在2025年第一季度调入重庆银行，调入当季均价10.65，连续 持有1个季度后，在2025年第二季度调出，调出当季均价12.24，估算收益率为14.93%（估算收益率按后 复权的调入 ...