ATTACT Print 159 pl BALE g as 2 15 (20 9 米兰是在近期一次公开访谈中阐述其观点的。他指出，尽管短期内并未预见经济将急剧下滑，但失业率的上行趋势已超出部分人的预期，这一数据变化应促 使货币政策制定者考虑采取更为宽松的立场。他明确表示，"如果我们不下调货币政策立场，我认为确实会面临风险。"其核心逻辑在于，通过适时调整货币 政策以避免就业市场过度恶化，从而防范更广泛的经济收缩。 值得注意的是，米兰自今年九月加入美联储理事会以来，其立场一直被视为偏"鸽"。在过去三次美联储各降息二十五个基点的议息会议上，米兰均为支持， 他当时的主张是进行更为激进的降息，幅度应为五十个基点。然而，对于即将于一月底举行的下一次会议，他的态度出现了微妙的调整。米兰坦言，在此次 会议上采取半百分点大幅降息的必要性已经降低，他本人也尚未作出最终投票决定。这或许暗示，在连续降息之后，美联储官员们可能正在进入一个更侧重 于"精细微调"而非"大幅行动"的阶段。 米兰的观点在美联储决策者中并非主流。与他的忧虑形成对比的是，包括克利夫兰联储主席贝丝·哈马克在内的多位官员倾向于在未来几个月内维持利率不 变，采取观望态 ...

Group 1: Fund News - The total scale of bond ETFs reached a historical high of 731.29 billion yuan as of December 18, with an increase of 55.73 billion yuan since the beginning of the year, representing a growth rate of 320.20% [1] - GF Fund announced the establishment of its wholly-owned subsidiary, Ruichen Equity Investment Fund Management (Guangdong) Co., Ltd., which has completed its business registration and obtained a business license [2] - Stock ETFs saw a net subscription of 40.096 billion units in December, indicating a strong inflow of funds [3] Group 2: ETF Market Performance - The market experienced a slight increase, with the Shanghai Composite Index rising by 0.07%, the Shenzhen Component Index by 0.27%, and the ChiNext Index by 0.41%, with a total trading volume of 1.9 trillion yuan, an increase of 37.9 billion yuan from the previous trading day [5] - Lithium battery-related ETFs showed strong performance, with the highest increase reaching 2.49% [6] - The satellite industry ETFs experienced a decline, with the maximum drop being 4.42% [8] Group 3: Industry Insights - Demand for energy storage remains robust, and the overall demand for lithium batteries continues to be strong, with a slight month-on-month increase in the pre-production of the lithium battery supply chain in December [9] - The development of solid-state batteries is progressing, with semi-solid batteries gradually increasing in production, and the pilot lines for all-solid-state batteries set to be launched intensively, indicating a growing demand for materials and equipment in the industry [9]

中国经济网北京12月23日讯今日，上海国泰海通证券资产管理有限公司公告，国泰海通安悦债券、国泰 海通安裕中短债债券增聘李夏。 李夏历任万家共赢资产管理有限公司资产管理部项目经理，上海海通证券资产管理有限公司固定收益部 研究员、投资经理、公募固收部基金经理、公募固收部总监助理、公募固收部总监和专户固收部总监， 2025年11月加入上海国泰海通证券资产管理有限公司，现任固定收益投资部(公募)基金经理。 国泰海通安悦债券A/C成立于2025年10月29日。 国泰海通安裕中短债债券A/C成立于2025年11月5日。 | 基金名称 | 因泰海通安悦债券型证券投资基金 | | --- | --- | | 基金简称 | 国泰海通安悦债券 | | 基金主代码 | 025596 | | 基金管理人名称 | 上海国泰海通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金管理公司投 资管理人员管理指导意见》等相关法律法规规定 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 李夏 | | 共同管理本基金的其他基金经 | 李佳闻 | | 理姓名 | | | 基金名称 ...

Core Viewpoint - The A-share market in 2025 is characterized by a technological breakthrough led by DeepSeek and a surge in companies like Moer Thread and Muxi Technology, highlighting technology as the main theme of the market despite ongoing debates about an "AI bubble" [2] Group 1: Investment Strategies - The "barbell strategy" is emphasized as a tactical allocation approach, balancing between low-volatility assets for defense and high-growth tech stocks for offense [3][6] - The barbell strategy involves placing the majority of funds in low-risk, low-volatility assets while allocating a smaller portion to high-risk, high-reward assets to achieve asymmetric returns [3][6] Group 2: Market Dynamics - In the context of the A-share market, the "Chinese-style barbell" has evolved to focus on tech stocks for growth and dividend assets for stable income, with a notable increase in interest in dividend assets since the second half of the year [6][7] - The E Fund Dividend ETF has seen over 3 billion in net inflows in the fourth quarter, with its asset size surpassing 11.6 billion as of December 19, 2025 [6][7] Group 3: Cash Flow and Stability - Dividend assets are viewed as "quasi-bond assets" due to their stable cash flow and high dividend yields, which provide a strong income capability compared to money market funds [7][13] - The dividend index tracked by the E Fund Dividend ETF has a dividend yield close to 5.2%, indicating a robust income generation potential [7] Group 4: Risk and Return - The contrasting nature of tech stocks and dividend assets creates a natural barbell structure, where tech provides growth potential while dividends offer resilience against market volatility [8][10] - The financial characteristics of tech stocks often involve high capital expenditures and negative free cash flow, while dividend-paying companies typically have stable cash flows and established market positions [11][13] Group 5: Market Behavior - The phenomenon of "volatility decay" illustrates that lower volatility can lead to superior long-term returns, as high volatility can erode capital significantly [14][15] - In a market downturn, dividend assets tend to maintain their value better, as rising dividend yields attract long-term investors, thus providing a cushion against price declines [13][15]

依据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、《国联安恒盛3 个月定期开放纯债债券型证券投资基金基金合同》（以下简称"《基金合同》"）的有关规定，现将国联 安基金管理有限公司（以下简称"基金管理人"或"本基金管理人"）旗下国联安恒盛3个月定期开放纯债 债券型证券投资基金（以下简称"本基金"）基金份额持有人大会的决议及相关事项公告如下： 一、本次基金份额持有人大会会议情况 2、《国联安基金管理有限公司关于以通讯方式召开国联安恒盛3个月定期开放纯债债券型证券投资基金 基金份额持有人大会的第一次提示性公告》 本基金以通讯方式召开了基金份额持有人大会，会议审议了《关于持续运作国联安恒盛3个月定期开放 纯债债券型证券投资基金的议案》（以下简称"本次会议议案"），并由参加大会的基金份额持有人及其 代理人对本次会议议案进行表决。大会表决投票时间从2025年11月21日起至2025年12月21日17：00止 （投票表决时间以本基金管理人收到表决票时间为准）。 经统计，基金份额持有人及其代理人所代表的24,999,010.00份有效基金份额参加了本次基金份额持有人 大会，占权益登记日（权益登记日为 ...

Core Viewpoint - Citic Construction Investment Fund Management Co., Ltd. has decided to launch fund conversion services for certain funds through Agricultural Bank of China to meet the investment needs of investors [1]. Group 1: Applicable Fund Range - The fund conversion service will be available for specific funds managed by Citic Construction Investment [2]. Group 2: Applicable Investor Range and Processing Locations - The conversion service is limited to investors who process transactions through Agricultural Bank of China [2]. Group 3: Opening Time - The fund conversion service will be available starting from December 23, 2025, and the processing time will align with the fund subscription and redemption times [3]. Group 4: Fund Conversion Business Rules - Fund conversion allows holders to convert part or all of their shares from one fund to another managed by the same fund management company [4]. - Conversions must occur within the same sales institution, and both funds must be registered with the same registration agency [4]. - Applications for fund conversion are processed based on the net asset value of the funds on the day of application [4]. - The conversion process follows a "first in, first out" principle regarding the holding period of the shares [5]. Group 5: Fund Conversion Fees and Calculation - Fund conversion fees consist of the difference in subscription fees and redemption fees of the funds involved [7]. - The calculation of conversion fees is based on the net asset value of the funds on the day of conversion [7]. Group 6: Situations for Suspending Fund Conversion - Fund conversion may be suspended due to force majeure, abnormal trading halts, significant redemptions, or other circumstances deemed detrimental to existing fund holders [8][9][10][11]. Group 7: Special Notes - Any restrictions on large subscriptions for a fund will also apply to the fund conversion services mentioned [13].

财通资管中证500指数增强型证券投资基金 基金经理变更公告 公告送出日期：2025年12月23日 1 公告基本信息 ■ 2 新任基金经理的相关信息 ■ 3 其他需要说明的事项 上述事项已按有关规定在中国证券投资基金业协会完成变更手续。 财通证券资产管理有限公司 2025年12月23日 ...

Core Viewpoint - The A-share market is witnessing strong performance in high-dividend sectors such as banking, non-bank financials, non-ferrous metals, oil and petrochemicals, and coal, indicating resilience amid increased market volatility at year-end [1][7]. Group 1: Dividend Assets Performance - The Central State-Owned Enterprises (SOEs) dividend assets, represented by the CSI Central SOE Dividend Index, have shown strong resilience in a relatively volatile market, with the total return index rising by 10.17% since 2025, outperforming other mainstream A-share dividend indices [2][8]. - The Central SOE Dividend ETF (561580) has recorded a net inflow of 370 million yuan over 17 consecutive trading days, reaching a historical high in both scale (1.095 billion yuan) and shares (883 million) [2][9]. Group 2: Dividend Yield and Investment Appeal - The dividend yield of the CSI Central SOE Dividend Index has reached 4.89%, significantly higher than the current 10-year government bond yield of 1.84%, indicating a favorable spread that appeals to long-term investors seeking enhanced returns [3][9]. - The ongoing policy support from the State-owned Assets Supervision and Administration Commission (SASAC) aims to enhance the operational environment of central enterprises, focusing on high-value and high-tech industry upgrades, which is expected to improve profitability stability and sustainability for continued dividends [3][10]. Group 3: ETF Management and Strategy - Huatai-PB Fund, a pioneer in ETF management, has over 19 years of experience in dividend-themed index investments, managing a total of 50.463 billion yuan across five dividend ETFs [4][11]. - The performance of the Central SOE Dividend ETF since its establishment on May 18, 2023, shows returns of -5.48% for 2023, 28.20% for 2024, and 0.95% for the first half of 2025, compared to its benchmark [5][11].

Core Viewpoint - The A-share market has experienced increased volatility since December 2025, with a shift in market focus from short-term events to asset profitability and defensive capabilities, making dividend assets a focal point for investors [1][4]. Fund Flows and Performance - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen significant net inflows of 1.15 billion yuan from December 16 to December 22, 2025, making it the only product in its category to exceed 1 billion yuan in net inflows during this period [5]. - The trading activity of the Dividend Low Volatility ETF has increased, with daily trading volumes reaching 724 million yuan and 747 million yuan in the last two trading days, significantly higher than the average daily trading volume of 479 million yuan for the year [5]. - The total size of the Dividend Low Volatility ETF has grown to 26.469 billion yuan, making it the only dividend-themed ETF in the market with a size exceeding 25 billion yuan [5]. Dividend Yield and Market Environment - The dividend yield of the Dividend Low Volatility Index has been rising since mid-November 2025, currently at 4.99%, which is favorable compared to the 10-year government bond yield of 1.84%, indicating a significant yield spread of 75.44% above historical averages [5]. - The ongoing decline in the risk-free interest rate enhances the attractiveness of dividend assets for medium to long-term investors seeking to increase returns in a low-yield environment [5]. Regulatory and Market Support - The continuous improvement of capital market regulations is providing a solid foundation for dividend investment strategies, with policies encouraging listed companies to enhance shareholder returns [5]. - As of December 22, 2025, the total dividend payout of the Dividend Low Volatility Index constituents has reached 678.016 billion yuan, accounting for 32.87% of all cash dividends in the A-share market, supporting the index's high dividend characteristics [5]. Fund Management and Growth - The Huatai-PB Dividend Low Volatility ETF Link Fund (022951) has gained popularity among individual pension investors, with its size reaching 245 million yuan, marking a 440.36% increase since the end of 2024 [5]. - Huatai-PB Fund, as one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed index investments, with a total management scale of 50.463 billion yuan across five dividend-related ETFs [5].

Group 1 - Longyan Kaolin Co., Ltd. (龙高股份) experienced a stock price increase of 5.01%, reaching 39.80 CNY per share, with a trading volume of 96.24 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 7.132 billion CNY [1] - The company, established on April 25, 2003, and listed on April 16, 2021, is primarily engaged in the mining, processing, and sales of kaolin, along with related technology research and development [1] - The revenue composition of Longyan Kaolin includes raw ore at 41.94%, comprehensive utilization at 31.47%, refined ore at 25.56%, and other sources at 1.03% [1] Group 2 - The fund "Chuangjin Hexin Qifu Selected Stock A" (创金合信启富优选股票发起A) holds Longyan Kaolin as its tenth largest position, with 31,000 shares, accounting for 1.47% of the fund's net value, and has generated an estimated floating profit of approximately 58,900 CNY [2] - This fund was established on September 19, 2023, with a latest scale of 20.19 million CNY, achieving a year-to-date return of 42.15%, ranking 867 out of 4,197 in its category, and a one-year return of 38.5%, ranking 839 out of 4,154 [2] Group 3 - The fund manager of "Chuangjin Hexin Qifu Selected Stock A" is Zhang Rong, who has a tenure of 10 years and 199 days, managing total assets of 53.51 million CNY, with the best fund return during his tenure being 52.86% and the worst being -31.64% [3]