Group 1 - The announcement date for the changes is October 24, 2025 [1] - China Merchants Fund Management Co., Ltd. has added Minsheng Securities Co., Ltd. as a broker for on-site subscription and redemption for certain funds starting from October 24, 2025 [2] - Investors can consult detailed information through the company's official website [4] Group 2 - The announcement includes basic information about the new fund manager and other necessary explanations [6] - Investors are advised to read the fund contract and prospectus to understand the risk-return characteristics of the fund products [4] - The company emphasizes the importance of independent decision-making based on individual risk tolerance and investment goals [4]

Group 1 - The fund name is E Fund Advantage Progress Mixed Securities Investment Fund, with A class fund share code 025684 and C class fund share code 025685 [14] - The fund is a contractual open-end mixed securities investment fund [14] - The fund aims to pursue investment returns that exceed the performance benchmark while controlling risks [16] Group 2 - The fundraising period is from November 3, 2025, to November 21, 2025, with a maximum fundraising scale of 8 billion RMB [5][18] - The fund will not open the conversion business between different share classes initially, but may do so in the future [2] - Investors can subscribe multiple times during the fundraising period, with no upper limit on the total subscription amount for a single investor, but the fund manager has the right to take control measures if a single investor's share exceeds 50% [4][5] Group 3 - The minimum subscription amount for individual investors through non-direct sales institutions is 1 RMB, while for direct sales center, it is 50,000 RMB [4] - The fund will charge subscription fees for A class shares, while C class shares will not have subscription fees but will incur sales service fees during the holding period [20][24] - The fund will use a floating management fee model, which may vary based on the holding period and annualized return level [9][10] Group 4 - The fund's management and registration institution is E Fund Management Co., Ltd., and the custodian is Industrial and Commercial Bank of China [3][61] - The fund's effective subscription funds will be deposited into a special account, and any interest generated during the fundraising period will be allocated to the investors' shares [18][28] - The fund will undergo asset verification by a qualified accounting firm after the fundraising period [59]

Core Points - The company has signed an agreement with Shenwan Hongyuan Securities Co., Ltd. and Shenwan Hongyuan West Securities Co., Ltd. to increase these institutions as agents for the subscription and redemption of the Yongying CSI Dividend Low Volatility ETF starting from October 24, 2025 [1] - The specific procedures for handling subscriptions and redemptions will follow the relevant regulations of the sales institutions [1] - Investors can consult details through the customer service of the involved securities companies and the fund management company [1] Summary by Category - **Agreement Details** - The agreement involves the addition of Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities as agents for the Yongying CSI Dividend Low Volatility ETF [1] - The effective date for this change is set for October 24, 2025 [1] - **Procedural Information** - The handling procedures for subscriptions and redemptions will adhere to the regulations set by the sales institutions [1] - **Investor Consultation** - Investors are provided with contact information for inquiries, including customer service numbers and websites for both the securities companies and the fund management company [1]

Core Insights - Prologis maintains a positive outlook on China, driven by the vast domestic market and the aspiration for a better life among its people [1] - The company emphasizes its commitment to long-term investment strategies and aims to leverage opportunities arising from China's economic transformation and industrial upgrade [1] Group 1: Company Developments - Prologis has achieved significant milestones in 2023, including a $1.5 billion investment from the Abu Dhabi Investment Authority, which upgraded its partnership status to a strategic investor [1] - The company also secured a 2.5 billion RMB investment from a state-owned enterprise in Zhejiang for its computing power center [1] Group 2: Fund Management and Investment Strategy - Over the past six years, Prologis has raised a total of $22 billion globally, with more than 60% directed towards private real estate and equity investment funds focused on the Chinese market [2] - The number of institutional investors collaborating with Prologis has increased significantly, now exceeding 140 domestic and international partners [2] - Prologis has successfully established multiple funds in China over the past year, including the Prologis China Income Fund Series 13 and 14, as well as its first China Computing Power Center Income Fund [2] Group 3: Market Insights and Future Strategy - Prologis executives provided insights into the logistics and warehousing market, highlighting demand trends and future investment strategies [2] - The company believes that the current recovery in investment confidence within China's capital markets, coupled with the expansion of the asset management market, presents new opportunities for logistics and manufacturing infrastructure investments [2] - Prologis plans to enhance its asset management capabilities and diversify investment products, including public REITs, to better meet the needs of various investors [2]

Core Insights - CITIC Securities reported a significant increase in Q3 net profit, reaching 9.44 billion yuan, a year-on-year growth of 51.54% [1][3] - The company's total assets surpassed 2 trillion yuan for the first time, reaching 2.03 trillion yuan, marking an 18.45% increase from the end of the previous year [4] Financial Performance - Q3 operating revenue was 22.78 billion yuan, up 55.71% year-on-year [2][3] - For the first three quarters, the cumulative net profit attributable to shareholders was 23.16 billion yuan, a 37.86% increase compared to the same period last year [3] - The net income from commissions and fees for the first three quarters was 24.56 billion yuan, reflecting a 35.67% year-on-year growth [3] Business Segments - The growth in revenue was driven by robust performance across brokerage, investment banking, asset management, and investment trading businesses [3] - Brokerage fee income surged from 7.15 billion yuan in the previous year to 10.94 billion yuan, marking the most significant growth among segments [3] Investment Gains - Investment income for the first three quarters reached 32.84 billion yuan, a staggering increase of 190.05% year-on-year, primarily due to gains from financial instruments [3] - The fair value changes recorded a loss of 756 million yuan, contrasting sharply with over 10.7 billion yuan in gains from the previous year [3] Asset Management - CITIC Securities' subsidiary, Huaxia Fund, reported a net profit of 866 million yuan for Q3, with total assets under management reaching 3.0068 trillion yuan as of September 30, 2025 [6]

Group 1 - Fund managers are adopting a cautious stance, reducing exposure to risk assets and favoring low-volatility defensive investments as the fourth quarter begins [2] - Concerns about private credit markets have intensified following the bankruptcies of Tricolor and First Brands, leading to fears of credit issues spreading to other markets [2][3] - The potential for stagflation is being closely monitored, with tariffs and political interventions raising concerns about unexpected inflation increases in the U.S. [3][4] Group 2 - The credibility of the Federal Reserve is under scrutiny due to political pressures, which could impact its ability to manage inflation effectively [4][5] - Divergence in global central bank policies is seen as both a challenge and an opportunity, with significant internal volatility across various asset classes [5][6] - The European Central Bank is expected to maintain interest rates in October, with a more optimistic growth forecast for 2025 driven by stable growth in member countries [5][6]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The report selects medium - duration investment - grade bond funds with large scales as samples to analyze the duration views and allocation preferences of US bond funds. In the cash bond level, as of Q2 2025, the proportions of Treasury bonds, credit bonds, and MBS in US bond fund holdings are 28.5%, 26.4%, and 36.9% respectively. Since H2 2024, funds have been more cautious about duration allocation, and their under - allocation of duration and inflation concerns may jointly push up the term premium. [3] Summary by Relevant Catalogs 0 US Bond Fund Classification - There are various types of US bond funds, including investment - grade bond funds, high - yield bond funds, government bond funds, etc. Investment - grade bond funds have the largest asset size, reaching $248.52 billion, accounting for 46.6% of the total. [4] - The report selects 20 actively - managed bond funds with large scales and using the Bloomberg US Aggregate Index as the performance benchmark as samples, which helps to better understand the duration views and allocation preferences of bond funds. [6] PART1 Cash Bonds: Analyzing Bond Funds' Variety Preferences - **Overall Position Structure**: From the end of 2021 to 2023, bond funds increased their MBS holdings, compressed their credit bond holdings, and slightly reduced their Treasury bond, municipal bond, and cash holdings. As of Q2 this year, the proportions of Treasury bonds, credit bonds, and MBS in US bond fund holdings are 28.5%, 26.4%, and 36.9% respectively. [12] - **Advantages of MBS**: MBS has higher returns than Treasury bonds, lower volatility than credit bonds, low cycle sensitivity, and relatively good valuation. Since 2023, MBS has had better valuation than credit bonds. [13][16] - **Impact on Duration**: MBS has a shorter duration than Treasury bonds and credit bonds. The increase in MBS and ABS holdings has shortened the overall duration of bond fund cash bonds. [17] - **Credit Bond Allocation**: Bond funds mainly reduced their holdings of the industrial sector in credit bonds, while maintaining stable allocations in the financial and utility sectors. From 2022 - 2023, they significantly reduced their holdings of the cyclically - sensitive industrial sector. [22] - **Comparison with Benchmark**: Compared with the benchmark (Bloomberg US Aggregate Index), bond funds are overweight in MBS and finance, and underweight in Treasury bonds and the industrial sector. [23] PART2 Derivatives: Why Do Funds Hold Long Positions in Futures? - **Increase in Treasury Futures Holdings**: Since 2022, asset management companies have significantly increased their long positions in Treasury futures, mainly holding 2Y and 5Y Treasury futures contracts. [26][27] - **Categories of Treasury Futures**: There are multiple categories of US Treasury futures, with different contract amounts and delivery conditions. As of the end of August this year, the open - interest amounts of 2Y, 5Y, 10Y, etc. Treasury futures are different. [33] - **Proportion of Mutual Funds**: As of Q4 2023, mutual funds held about $500 billion in Treasury futures, accounting for nearly half of the Treasury futures holdings of asset management institutions. Since 2022, mutual funds have concentrated on increasing their long positions in 2Y and 5Y Treasury futures. [35] - **Reasons for Holding Long Positions**: Funds hold long positions in Treasury futures to supplement the duration gap at a lower cost, allowing them to reduce the holdings of illiquid long - duration old Treasury bonds and allocate more to higher - yielding MBS/ABS. They also use Treasury futures to add leverage, and are less involved in the repurchase market. [38][43] - **Impact on the Market**: The long - position demand for Treasury futures from funds and the Fed's QT have led to a decrease in the buying of Treasury cash bonds, resulting in negative net basis and attracting hedge funds to engage in basis trading. [50] PART3 Model: Measuring the Empirical Duration of Funds - **Measurement Method**: The report uses the daily returns of 20 selected funds and five independent variables (changes in 10Y US Treasury yield, MBS spread, investment - grade credit spread, 30 - 5Y term spread, and volatility) for rolling regression. The regression coefficient of the 10Y US Treasury yield change is regarded as the empirical duration of the fund, which measures the fund's interest - rate risk exposure. [53][54] - **Relationship with Interest Rates**: Before H1 2024, funds generally adopted a configuration - based approach. Since H2 2024, they have been more cautious about duration allocation, under - allocating duration, and following the trend. Their under - allocation of duration may push up the term premium. [59][61] - **Allocation Preferences in Different Periods**: From 2022 - 2025, funds' allocation preferences changed with inflation, policy interest rates, economic fundamentals, and external shocks. For example, from 2022 - Feb 2023, they were overweight in credit and duration; from Mar - Jul 2023, they steepened the curve, under - allocated credit, and increased MBS allocations. [66][67] - **Asset Allocation Rules**: In the long - term, fund duration is generally positively correlated with interest rates. When the benchmark interest rate is low and credit spreads are relatively high, funds tend to increase credit exposure. When MBS is more attractively valued than credit bonds, funds tend to increase MBS allocations. [69][73][76]

Core Points - The stock price of Shenda Co., Ltd. dropped by 5.13% to 5.36 CNY per share, with a trading volume of 215 million CNY and a turnover rate of 3.52%, resulting in a total market capitalization of 7.079 billion CNY [1] Company Overview - Shenda Co., Ltd. is located at 1500 Jiangning Road, Shanghai, and was established on December 11, 1986, with its listing date on January 7, 1993. The company primarily engages in textile import and export as well as industrial textile business [1] - The revenue composition of Shenda Co., Ltd. is as follows: 78.03% from manufacturing, 22.46% from trade services, 0.14% from leasing income, and 0.10% from headquarters and property [1] Shareholder Information - Among the top ten circulating shareholders of Shenda Co., Ltd., one fund under Huaxia Fund, the Huaxia CSI 500 Index Enhanced A (007994), has newly entered the list in the second quarter, holding 7.415 million shares, which accounts for 0.67% of the circulating shares. The estimated floating loss today is approximately 2.1504 million CNY [2] - The Huaxia CSI 500 Index Enhanced A (007994) was established on March 25, 2020, with a latest scale of 3.135 billion CNY. Year-to-date returns are 25.16%, ranking 1994 out of 4218 in its category; the one-year return is 27.17%, ranking 1530 out of 3875; and since inception, the return is 130.92% [2]

10月24日，中元股份涨5.38%，截至发稿，报11.55元/股，成交1.42亿元，换手率2.79%，总市值56.06亿 元。 资料显示，武汉中元华电科技股份有限公司位于湖北武汉东湖新技术开发区华中科技大学科技园六路6 号，成立日期2001年11月16日，上市日期2009年10月30日，公司主营业务涉及电力系统智能电网设备及 相关产品的研发、制造、销售和服务;医疗健康业务。主营业务收入构成为：输配电及控制设备制造业 95.40%，其他4.60%。 博时专精特新主题混合A（014232）基金经理为郭晓林、刘玉强。 截至发稿，郭晓林累计任职时间9年99天，现任基金资产总规模17.39亿元，任职期间最佳基金回报 152.29%， 任职期间最差基金回报-38.97%。 刘玉强累计任职时间2年267天，现任基金资产总规模20.72亿元，任职期间最佳基金回报46.02%， 任职 期间最差基金回报7.79%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十 ...

证券之星消息，10月24日创金合信基金管理有限公司发布《创金合信星和稳健6个月持有期混合型发起 式基金中基金（FOF）暂停申购（含定期定额投资）业务的公告》。公告中提示，为保护基金份额持有 人利益，自2025年10月27日起创金合信星和稳健6个月持有期混合型发起式基金中基金（FOF）暂停申 购（含定期定额投资）业务，下属分级基金调整明细如下： 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。 | 分级基金简称 | 代码 | 是否暂停（大额）申购 (转入转出、赎回、定投) | 申购限额 转入限额 定投限额 (元) (元) | (元) | | --- | --- | --- | --- | --- | | 创金合信星和稳健6个月持 有期混合发起(FOF) A | 016229 | 분 | | | | 创金合信星和稳健6个月持 有期混合发起(FOF) C | 016230 | 루 | | | ...