Core Viewpoint - The market is experiencing a rebound followed by a period of adjustment, providing an opportunity window for investing in quality equity assets. Most institutions maintain a bullish outlook on the medium to long-term market trend, viewing short-term fluctuations as potential buying opportunities [1]. Fund Overview - The Jiashi Growth Sharing Mixed Fund (A Class 025830, C Class 025831) has commenced its initial fundraising on October 20, offering investors a new option for growth allocation [1]. - This fund features a novel floating fee rate mechanism, making it the second "new model fund" launched by Jiashi Fund following the Jiashi Growth Win Fund [2]. Fee Structure - The fund's management fee is determined based on the holding period and annualized return during that period. For holdings under one year, a fee of 1.20% is charged. For holdings of one year or more, the fee varies based on performance: 1.50% for annualized excess returns over 6%, 0.60% for returns at or below -3%, and 1.20% for other scenarios [2]. - This floating fee mechanism aligns the interests of the fund manager and investors, incentivizing the manager to pursue excess returns [2]. Investment Strategy - The fund's performance benchmark is a composite of 70% CSI 800 Growth Index, 10% CSI Hong Kong Stock Connect Composite Index (RMB), and 20% China Bond Total Price Index. The CSI 800 Growth Index includes the top 150 securities with the highest growth factor scores from the CSI 800 Index [3]. - The fund manager, Meng Xia, focuses on long-term growth potential, valuation safety margins, and diversified industry allocation, aiming to meet the needs of investors seeking long-term returns while managing risks [3][4]. Market Outlook - Meng Xia believes that sustainable long-term returns stem from the value created by the continuous growth of excellent companies. He emphasizes a focus on top-tier companies and long-term growth opportunities [4]. - The A-share growth style is expected to benefit from a recovery in market risk appetite and ongoing policy support, with an increasing emphasis on quality factors as the market matures [4]. - Key investment areas include high-end manufacturing, domestic demand recovery, and sectors with significant growth potential such as energy storage, solid-state batteries, robotics, smart driving, pharmaceuticals, and electronics [4].

Core Viewpoint - Zhejiang Yueling Co., Ltd. has shown a significant increase in stock price, with a rise of 5.27% to 16.99 CNY per share, indicating strong market interest and trading activity [1] Company Overview - Zhejiang Yueling Co., Ltd. was established on May 21, 1998, and went public on January 29, 2014. The company specializes in the research, design, manufacturing, and sales of aluminum alloy wheels [1] - The revenue composition of the company includes: 49.39% from automotive coating wheels, 26.44% from low-pressure wheels, 20.76% from spun wheels, and 3.41% from other products [1] Fund Holdings - Yueling Co. is a significant holding in the E Fund's portfolio, specifically in the E Fund Yibai Smart Quantitative Strategy Mixed A (005437), which held 70,100 shares, accounting for 0.45% of the fund's net value, ranking as the sixth largest holding [2] - The E Fund Yibai Smart Quantitative Strategy Mixed A has a total scale of 153 million CNY and has achieved a year-to-date return of 39.13%, ranking 1337 out of 8234 in its category [2] - The fund manager, Yin Ming, has a tenure of 4 years and 216 days, with the best return during this period being 81.97% [2]

天眼查App显示，近日，华夏基金管理有限公司发生工商变更，张佑君卸任法定代表人、董事长，由邹 迎光接任，同时多位高管发生变更。华夏基金管理有限公司成立于1998年4月，注册资本2.38亿人民 币，经营范围包括基金募集、基金销售、资产管理等。股东信息显示，该公司由中信证券股份有限公 司、MACKENZIE FINANCIAL CORPORATION、Qatar Holding LLC共同持股。据媒体报道，9月30日 晚间，华夏基金发布公告称，邹迎光新任公司董事长，原董事长张佑君因"工作需要"已离任。 ...

Core Viewpoint - The A-share market experienced a volatile upward trend in the first three quarters of 2025, with many actively managed equity funds achieving significant performance. However, several funds managed by Wang Mingxu from GF Fund suffered losses, with declines exceeding 10% [1][4]. Group 1: Fund Performance - Wang Mingxu's fund, GF Value Advantage, recorded a net value decline of -15.37%, ranking last among actively managed equity funds [4]. - Six funds managed by Wang Mingxu reported losses exceeding 10% in the year, with GF Inner Demand Growth A also performing poorly with a -14.77% decline [6][9]. - The majority of the underperforming funds were established during the market peak in 2020-2021, raising questions about the fund's research and risk control capabilities [9]. Group 2: Investment Strategy - Wang Mingxu's investment style focuses on undervalued and large-cap blue-chip stocks, with significant allocations in sectors like liquor and city commercial banks as of the end of Q2 2025 [7]. - In Q2 2025, adjustments were made to the portfolio, reducing exposure to real estate and brokerage sectors while increasing holdings in city commercial banks and high-end liquor companies [7]. - Despite these adjustments, the market in 2025 favored growth stocks, particularly in the pharmaceutical and technology sectors, which Wang Mingxu's strategy failed to align with, leading to substantial underperformance [8]. Group 3: Company Overview - GF Fund Management Co., established in August 2003, aims to create long-term sustainable returns for clients while maintaining a commitment to professionalism and client interests [11]. - The significant losses in several funds raise concerns about the alignment of interests between the fund management company and its investors, as well as the effectiveness of its research capabilities [11].

Core Viewpoint - The recent surge in precious metal prices, particularly silver, has led to significant market activity, prompting fund managers to impose purchase limits on their products to maintain stable operations [1][2]. Group 1: Market Dynamics - Silver prices have seen a substantial increase this year, surpassing gold in terms of percentage growth [3][4]. - The international spot silver price recently broke the $50 per ounce mark, drawing considerable market attention [4]. - The London silver market is experiencing severe liquidity constraints, which is a key driver behind the current price surge [4][10]. Group 2: Supply and Demand Factors - The liquidity of the silver market is heavily reliant on the stock stored in London, which has been depleting due to insufficient mining supply and increased industrial demand [6]. - Since mid-2021, London silver inventories have decreased by approximately one-third, with a significant portion held by exchange-traded funds (ETFs) [8]. - Current freely available silver inventory is around 200 million ounces, a sharp decline of about 75% from the peak of 850 million ounces in 2019 [8]. Group 3: Investment Trends - Many traders who previously bet on falling silver prices are now forced to buy back at higher prices to cover their positions, contributing to increased buying pressure [10]. - The demand for silver is not only driven by its value storage function but also by its industrial applications, particularly in the renewable energy sector [12][14]. - Citigroup forecasts that industrial demand for silver will reach 430 million ounces this year, with the solar energy sector alone accounting for approximately 299 million ounces [14]. Group 4: Future Outlook - The CEO of Sprott believes that silver is in a "catch-up rally" with significant upside potential [16]. - Goldman Sachs indicates that while the current liquidity tightening is a major factor in silver's price rise, it is expected to be temporary as silver flows back to London from other regions [16]. - Analysts warn that silver's volatility and downside risk may be greater than that of gold due to its lack of central bank support [16].

Group 1 - The announcement states that Shanxi Securities Co., Ltd. will start selling funds managed by CCB Fund Management Co., Ltd. from October 20, 2025 [1][2] - Investors can conduct business related to the funds at the sales outlets of the mentioned institutions, following the relevant business rules and processes [1][4] - CCB Fund Management Co., Ltd. provides contact information for customer service and its website for further inquiries [2][6] Group 2 - The announcement also mentions that from October 20, 2025, China Merchants Securities Co., Ltd. will act as a subscription and redemption agent for certain exchange-traded open-end index funds managed by CCB Fund [4][6] - Similar to the previous announcement, investors can handle fund-related business at the sales outlets of the new institution, adhering to the established rules and processes [4][6] - CCB Fund Management Co., Ltd. reiterates the importance of reading legal documents such as the fund contract and prospectus for detailed information about the funds [1][4] Group 3 - CCB Fund Management Co., Ltd. announces a system maintenance period on October 26, 2025, from 00:00 to 08:00, during which various services will be temporarily unavailable [6] - The maintenance will affect online trading, customer service calls, and real-time account opening services across multiple banks and platforms [6] - The company apologizes for any inconvenience caused during this maintenance period [6] Group 4 - CCB Fund Management Co., Ltd. announces a dividend distribution for the CCB CSI 1000 Index Enhanced Initiation Fund, with the distribution date set for the last working day of the third quarter [8][9] - The fund will distribute at least 10% of the available profit per share, with options for cash dividends or reinvestment [9][10] - Investors must be aware of the eligibility criteria for receiving dividends based on their transaction activities on the record date [10][11]

Core Viewpoint - The announcement pertains to the disclosure of the full contract and prospectus for the Fullgoal Hengyi 3-Month Holding Period Mixed Fund of Funds (ETF-FOF) on October 20, 2025, available for investor review on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1]. Group 1 - The fund manager commits to managing and utilizing fund assets with principles of honesty, credit, and diligence [1]. - There is no guarantee of profit or minimum returns from the fund, emphasizing the importance of understanding the risk-return characteristics before making investment decisions [1].

Group 1 - The fund is named "Fuguo Hengyi 3-Month Holding Period Mixed Fund of Funds (ETF-FOF)" and is a mixed fund of funds type [15] - The fund will be publicly offered from October 27, 2025, to November 7, 2025, with the possibility of adjusting the fundraising period based on subscription conditions [4][20] - The minimum subscription amount for the fund is set at RMB 10, including subscription fees, while the minimum for direct sales is RMB 50,000 for the first subscription [3][25] Group 2 - The fund has a minimum total subscription amount of 200 million units and a minimum fundraising amount of RMB 200 million [21] - The fund operates as a contract-based open-end fund with an indefinite duration [15][16] - Investors must open a fund account with the management company to subscribe, and only one account per investor is allowed [6][17] Group 3 - The fund's management company is Fuguo Fund Management Co., Ltd., and the custodian is China Merchants Securities Co., Ltd. [52] - The fund's net value may fluctuate due to market volatility, and the management company does not guarantee profits or minimum returns [8][14] - The fund will invest primarily in securities approved by the China Securities Regulatory Commission [10][11]

Group 1 - The core point of the announcement is that Jin Ying Fund Management Co., Ltd. will implement fee rate discounts for certain funds sold through Xuan Yuan Insurance starting from October 20, 2025 [1][2] - The applicable funds include all open-end funds under the management of Jin Ying Fund that are sold through the mentioned distribution channels with a front-end fee model [1][2] - The fee rate discount will apply to subscription, regular investment, and conversion activities, with the specific rates determined by the distribution agency [2][3] Group 2 - The announcement specifies that if new funds are added for sale through the distribution agency during the discount period, these funds will also participate in the fee rate discount activities from the start of their subscription [3] - Investors can inquire about the details of the funds through Xuan Yuan Insurance or Jin Ying Fund Management via their respective customer service numbers and websites [4][9] - The announcement also mentions that the minimum discount for subscription and regular investment fees at Minsheng Bank will not be less than 10%, and the specific rates will be based on the bank's published discount activities [8]

Core Viewpoint - Morgan Stanley Fund Management (China) Co., Ltd. has signed a sales agreement with Postal Savings Bank of China to increase the bank's role as a sales institution for certain funds starting from October 20, 2025, and to participate in fee discount activities for subscription and regular investment [1]. Applicable Funds - The funds applicable for the agreement include various Morgan Stanley funds, such as: - Morgan Stanley Quality Life Selected Equity Fund - Morgan Stanley Multi-Asset Income Bond Fund - Morgan Stanley Pure Bond Stable Income 18-Month Regular Open Bond Fund - Morgan Stanley Dynamic Preferred Bond Fund - Morgan Stanley Strong Yield Bond Fund - Morgan Stanley Health Industry Mixed Fund - Morgan Stanley ESG Quantitative Leading Mixed Fund - Morgan Stanley Emerging Industry Equity Fund - Morgan Stanley Shanghai-Hong Kong-Shenzhen Selected Mixed Fund - Morgan Stanley AAA Index 7-Day Holding Period Securities Investment Fund [2]. Business Handling - Starting from October 20, 2025, investors can handle various fund-related services through Postal Savings Bank, including account opening, subscription, regular investment, redemption, and fund conversion [1][3]. - The minimum holding period for the Morgan Stanley AAA Index 7-Day Holding Period Securities Investment Fund is 7 days, during which the fund shares cannot be redeemed or converted [1]. Regular Investment Business - Investors can agree on the amount and date for regular investment deductions with Postal Savings Bank, adhering to the bank's regulations for minimum deduction amounts [3][4]. Fund Conversion Business - The rules, rates, and important matters regarding fund conversion are detailed in the relevant business announcements from the company [5]. Fee Discount Activities - From October 20, 2025, investors who subscribe or invest regularly through Postal Savings Bank will enjoy specific discount rates for the funds, with the details and duration of the discount activities to be announced by the bank [6][7]. - The original subscription rates will apply if fixed fees are involved, and the discount does not apply to redemption or conversion transactions [6][7]. Important Notes - The fee discount activities are limited to front-end subscription models and do not apply to redemption or conversion [7]. - The rules and processes for business handling during the discount period will follow Postal Savings Bank's arrangements [7].