Core Insights - Penghua Fund has announced the effective contract of the Penghua SSE Sci-Tech Innovation Board Composite Index Enhanced Securities Investment Fund, with a total net subscription amount of 1,898,660,288.11 yuan during the fundraising period [1][4] - The fund manager, Su Junjie, has extensive experience in quantitative investment and has held various positions in prominent financial institutions [1] Fund Details - Fund Name: Penghua SSE Sci-Tech Innovation Board Composite Index Enhanced Securities Investment Fund [2] - Fund Code: 024883 [2] - Fund Type: Contractual open-end fund [2] - Effective Date: October 21, 2025 [2] - Fund Manager: Penghua Fund Management Co., Ltd. [2] - Custodian: Industrial and Commercial Bank of China [2] Fundraising Information - Total valid subscription accounts: 27,518 [4] - Total net subscription amount: 1,898,660,288.11 yuan [4] - Interest generated during the fundraising period: 1,134,520.09 yuan [4] - Total fund shares: 1,899,794,808.20 shares [4]

Core Viewpoint - Jingpin Special Equipment experienced a decline of 5.06% in stock price, closing at 81.30 CNY per share, with a total market capitalization of 6.151 billion CNY [1] Company Overview - Beijing Jingpin Special Equipment Technology Co., Ltd. was established on July 9, 2009, and went public on December 8, 2022. The company specializes in the research, production, and sales of optoelectronic reconnaissance equipment and military robots [1] - The revenue composition of the company includes: special robots (39.03%), intelligent manufacturing (23.71%), simulation and emulation (18.99%), intelligent sensing equipment (16.16%), technical services (2.10%), and others (0.02%) [1] Shareholder Information - Among the top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Industry Outlook Mixed A (012390), entered the top ten in the second quarter, holding 880,000 shares, which accounts for 2.49% of circulating shares. The estimated floating loss today is approximately 3.8104 million CNY [2] - The China Europe Industry Outlook Mixed A fund was established on June 16, 2021, with a current scale of 1.466 billion CNY. Year-to-date returns are 13.27%, ranking 5226 out of 8159 in its category, while the one-year return is 12.08%, ranking 5040 out of 8030. Since inception, the fund has a loss of 27.17% [2] Fund Performance - The fund manager of China Europe Industry Outlook Mixed A is Li Shuai, who has a cumulative tenure of 10 years and 92 days. The total asset scale of the fund is 4.618 billion CNY, with the best fund return during his tenure being 101.5% and the worst being -29.42% [3] Major Holdings - The China Europe High-end Equipment Stock Initiation A (016847) fund has increased its holdings in Jingpin Special Equipment by 370,100 shares in the second quarter, now holding 500,100 shares, which constitutes 5.22% of the fund's net value. The estimated floating loss today is around 2.1652 million CNY [4] - This fund was established on November 14, 2022, with a current scale of 170 million CNY. Year-to-date returns are 23.55%, ranking 2152 out of 4218, while the one-year return is 15.34%, ranking 2776 out of 3875. Since inception, the fund has a return of 3.97% [4] Fund Manager Information - The fund manager of China Europe High-end Equipment Stock Initiation A is also Li Shuai, with the same cumulative tenure and asset scale as mentioned previously [5]

| 基金代码 | 任职时间 | 任职回报 | | --- | --- | --- | | 023538 华夏安和债券A | 8.66 2025-09-08 ~ 至今 | 0.13% | | 023539 华夏安和债券C | 9.08 2025-09-08 ~ 至今 | 0.10% | 证券之星消息，2025年10月23日，华夏安益短债债券（016904）发布公告，增聘郑洋为基金经理，任职 日期自2025年10月23日起，刘薇不再担任该基金基金经理，离任日期为2025年10月23日，变更后华夏安 益短债债券（016904）的基金经理为郑洋。截止2025年10月22日，华夏安益短债债券净值为1.0209，近 一年上涨3.66%。 郑洋先生：硕士，2017年7月至2019年10月，曾任中国工商银行股份有限公司资产管理部研究员;2019年 11月至2025年6月，曾任工银理财有限责任公司投资经理等。2025年7月加入华夏基金管理有限公司，历 任固定收益部基金经理助理。2025年9月8日任华夏安和债券型证券投资基金基金经理。 其管理过的公募基金如下: 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31010 ...

Core Viewpoint - The announcement on October 23 indicates that fund manager He Qi will no longer manage the Hong Kong Stock Connect 50 fund due to internal company arrangements, with co-manager Li Qian taking over management responsibilities starting from October 22, 2025 [1] Group 1: Fund Management Changes - He Qi has a background in economics from Shanghai Jiao Tong University and has held various positions at Huatai-PB Fund Management, including senior trader and fund manager [1] - Li Qian holds a master's degree in financial mathematics from the London School of Economics and has been with Huatai-PB Fund Management since March 2015, progressing from assistant researcher to fund manager [2] Group 2: Fund Performance and Structure - The Hong Kong Stock Connect 50 fund was established on December 30, 2020, with an initial size of 639 million yuan, which grew to 2.333 billion yuan by June 30, 2025 [3] - The fund has a management fee rate of 0.50% and a custody fee rate of 0.10%, aiming to closely track the performance of the CSI Hong Kong Stock Connect 50 Index with a daily tracking deviation of less than 0.2% and an annualized tracking error of less than 2% [3] Group 3: Performance Metrics - The fund has achieved a return of 30.02% year-to-date, 31.04% over the past year, and 16.39% since inception [4] - Under He Qi's management from December 30, 2020, to the present, the fund's return was 17.34%, outperforming the peer average of 12.63% [4] - The fund has not distributed any dividends since its inception [3]

根据金元顺安基金管理有限公司（以下简称"本公司"）与浙商银行股份有限公司（以下简称"浙商银 行"）签署的销售服务协议，自2025年10月23日起，浙商银行将销售本公司旗下部分基金。具体公告如 下： 一、适用基金 ■ （1）浙商银行股份有限公司 公司网站：www.czbank.com 客户服务电话：95527 二、业务范围 自2025年10月23日起，投资者可在浙商银行办理上述基金的开户、认购、申购、赎回、定期定额投资及 基金转换等业务。今后本公司发行的其它开放式基金均适用于上述业务，本公司不再另行公告，具体业 务的办理请参照本公司及浙商银行的相关业务规则和流程。 三、费率优惠 经与浙商银行协商一致，本公司决定旗下基金参加浙商银行的费率优惠。具体折扣费率、业务办理的流 程、费率优惠期限以浙商银行页面公示为准。基金原费率请详见基金合同、招募说明书（更新）等法律 文件，以及本公司发布的最新业务公告。如本公司新增通过浙商银行销售的基金产品或者对已通过浙商 银行销售的基金产品新增、变更份额类别，则自该基金产品或该类份额开放申购当日起，将同时开通该 基金或该类份额上述优惠活动。 重要提示： 1、基金定期定额投资业务是指投 ...

本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。请充分了解基金的风险收益特征，审慎做出投资决定。 特此公告。 中欧基金管理有限公司 2025年10月23日 | kkil | M&HUJ | 黑金名程 | | --- | --- | --- | | | CHOOD | 中级模式是配置用合型正式投资者 | | 2 | 014759 | 中原因和原合管道界线路在 | | 3 | 013453 | 中欧中正版社会的新闻 2017年度 | | 91 | 017547 | 中國國國中國中國國國國國國國國國國國國國國國國 | | ્ર | 1.01893 | 中欧数字经济最合影发配大证券投资系会 | | 1. Pa | 014759 | 中取"中体"。投资管管家发生机械设备 | | 17 | 011955 | 中國國國國家國家都會在世界中國語合 | | 8 | 03.876 | 中就餐们随情是合型亚般按钮都会 | | 14 | 1401237 / | 中国合同研究员会会员工程度重合 | | 10 . | 021305 | 中欧品期待遇日空三角状的基金 | | 11.6 ...

Group 1 - The core viewpoint of the article highlights that Wanjia Fund has conducted research on a listed company, Siyuan Electric, expressing confidence in achieving its annual goals despite challenges [1] - Siyuan Electric aims for a 25% growth in orders for the year, with progress as of September aligning with expectations [1] - The company reports higher-than-average growth in overseas orders, with a longer fulfillment cycle, while domestic orders in systems, new energy, and energy storage are also growing as anticipated [1] Group 2 - The gross profit margin is supported by economies of scale, with stable material costs, although depreciation may pose pressure [1] - Increased R&D and marketing expenses are noted, while management costs are under control [1] - The proportion of overseas revenue remains stable, with growth in EPC orders in Southeast Asia and Africa [1] Group 3 - Government subsidy timing differences are affecting other income streams [1] - The IGCT project is advancing industrialization in collaboration with the Huairou Laboratory [1] - The impact of new products on revenue is expected to be minimal in the short term, with revenue targets for 2026 yet to be determined [1] Group 4 - Wanjia Fund, established in 2002, has an asset management scale of 511.904 billion yuan, ranking 24th among 210 [2] - The fund's non-monetary public fund management scale is 161.96 billion yuan, ranking 32nd among 210 [2] - The best-performing public fund product in the past year is Wanjia Beijiao Stock Selection Mixed A, with a net value of 1.43 and a growth of 79.79% over the past year [2]

Economic Landscape - The current U.S. economy is facing significant stressors, including concerns over government shutdowns, new tariff threats, and persistent inflation, which are impacting the long-term outlook [1] - Despite these challenges, there are positive indicators, particularly among large-cap companies in the S&P 500, especially in the tech sector, which are reporting strong quarterly results [2] Federal Reserve Actions - The Federal Reserve has recently trimmed interest rates and plans to continue cutting rates in the future, which may create favorable conditions for businesses and encourage market participation [3] Investment Opportunities - The Calamos Autocallable Income ETF (CAIE) is designed to balance opportunity and risk by investing in a laddered portfolio of autocallable yield notes, aiming for high income and long-term principal [4] - CAIE utilizes the MerQube US Large-Cap Vol Advantage Index as its reference index, allowing it to generate income based on U.S. large-cap market performance while maintaining a protective barrier level of -40% [5] Performance Metrics - As of September 30, 2025, CAIE has achieved a distribution rate of 14.36%, demonstrating its ability to generate compelling monthly yield through its autocallable structure [6]

Core Viewpoint - The establishment of the Hunan Jin Furong Investment Fund aims to create a systematic and integrated fund matrix to support technological innovation, industrial upgrading, and the transformation of scientific achievements in Hunan Province [1][2]. Group 1: Fund Structure and Goals - The Jin Furong Fund operates under a "1+5+N" framework, where "1" represents the main fund, "5" refers to five major mother funds focusing on industrial guidance, technological innovation, infrastructure, social development, and other areas, and "N" indicates the establishment of multiple sub-funds [2][3]. - The total target scale of the fund matrix is set at 340 billion yuan, with the provincial government contributing 240 billion yuan and state-owned enterprises contributing 800 billion yuan [2][3]. - The fund aims to leverage government investment to attract social capital, enhancing the effectiveness of fiscal resources in key areas such as industry guidance and technological innovation [2][3]. Group 2: Operational Mechanism - The fund's operation is characterized by a clear division of responsibilities between the government and the market, allowing professional investment institutions to manage fund operations while the government focuses on macro-level guidance and ecosystem creation [4][5]. - A performance evaluation system will be implemented that emphasizes long-term indicators over short-term profits, encouraging investment in innovative projects [5][6]. - Leading venture capital institutions are actively participating in the management of sub-funds, enhancing the fund's operational capabilities [5][6]. Group 3: Investment Focus and Impact - The Jin Furong Fund has already invested in high-quality enterprises in sectors such as intelligent equipment, new materials, and biomedicine, with a significant portion being recognized as specialized and innovative small and medium-sized enterprises [7][8]. - Notable investments include the leading domestic manufacturer of photomask substrates, which is crucial for chip manufacturing, and a semiconductor equipment company that has successfully addressed key industry challenges [8][9]. - The fund aims to inject vitality into regional economic development by supporting various fields, including infrastructure and social development, thereby facilitating the transformation of innovative achievements in Hunan [9][10].

Group 1: Market Overview - The Federal Reserve's restart of the rate-cutting cycle has provided strong upward momentum for global markets, particularly benefiting risk assets in the short term. However, most asset markets are now significantly overvalued, especially in AI-related stocks, with investors exhibiting a "Fear Of Missing Out" (FOMO) mentality rather than worrying about high valuations [1][3]. - For the Chinese stock market, a clear recovery in corporate earnings is necessary to sustain the upward momentum in both Hong Kong and A-shares [1][3]. - In other Asian markets, South Korea and Taiwan have seen recent gains driven by strong tech exports and AI product demand, but high valuations may lead to short-term consolidation [1][3][7]. Group 2: Fixed Income and Commodities - Asian credit spreads have narrowed significantly, limiting further price increases in bonds, while the attractiveness of high-yield bonds has also declined [2][10][11]. - Gold prices have surpassed the $4,000 level, supported by global political uncertainties and central banks increasing their gold reserves [2][13]. - The multi-asset strategy is viewed as a suitable option to navigate volatile market conditions, emphasizing stable income sources as key drivers of investment returns [2][15]. Group 3: Regional Stock Insights - In the Chinese A-share market, retail investor interest is rising, with a shift from bank deposits to non-bank financial institutions, although foreign institutional investors remain underweight in the Chinese market [5][6]. - The Japanese stock market is influenced by the new Prime Minister's expected continuation of loose monetary policies, but rising local bond yields may limit upward potential [9]. Group 4: Emerging Markets - Geopolitical uncertainties remain a primary risk factor for emerging markets, but strong commodity prices and expectations of Fed rate cuts provide some support [8][12].