Core Viewpoint - Huajin Capital's stock price has shown fluctuations in recent trading sessions, with a year-to-date increase of 5.40% but a recent decline over various time frames, indicating potential volatility in investor sentiment [2]. Financial Performance - As of June 30, Huajin Capital reported a revenue of 234 million yuan, representing a year-on-year growth of 18.89%, and a net profit attributable to shareholders of 36.29 million yuan, which is a 21.00% increase compared to the previous year [3]. - The company has cumulatively distributed 365 million yuan in dividends since its A-share listing, with 63.77 million yuan distributed over the last three years [4]. Stock Market Activity - On October 20, Huajin Capital's stock rose by 2.06% to 13.85 yuan per share, with a trading volume of 28.52 million yuan and a turnover rate of 0.60%, leading to a total market capitalization of 4.774 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent net purchase of 68.84 million yuan on February 10, accounting for 11.35% of total trading volume [2]. Shareholder Structure - As of June 30, the number of Huajin Capital's shareholders decreased to 45,400, with an average of 7,570 circulating shares per shareholder, reflecting a 10.02% increase [3]. - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, having acquired 2.66 million shares as a new shareholder [4]. Business Overview - Huajin Capital, established in 1992 and listed in 1994, operates in various sectors including investment and management, electronic device manufacturing, water purification, and medical equipment, with the main revenue sources being electronic device sales (41.99%) and investment management (33.88%) [2].

智通财经APP获悉，尽管日本政局动荡，先锋资产管理公司仍坚持其投资策略，认为日本央行若在今年 加息并推动国债收益率曲线趋平，其头寸将有望获利。 先锋集团国际利率主管Ales Koutny正为日本央行12月会议可能的加息做准备，具体操作是加大持仓调 整力度——做空短期债券，同时买入长期债券。 这一立场与多数投资者的普遍观点形成反差。当前投资者认为，受政治局势动荡影响，日本央行可能会 在更长时间内维持现有政策不变。日本议员将于周二投票，选举产生下一任首相，这一事件进一步加剧 了政治不确定性。这种不确定性已导致对官方利率预期敏感的日本短期国债收益率下跌，而长期国债收 益率则持续高企，致使收益率曲线趋陡。 Koutny表示："我们目前认为，市场对下一次加息的定价时点过于滞后，这反而为重新布局相关交易创 造了机会。"他认为本月加息的概率约为50%，同时也承认政治动荡可能将加息时间推迟至12月。 隔夜指数互换显示，市场预期日本央行10月30日会议加息的概率仅为23%，12月19日会议结束时加息的 概率为62%。市场完全定价首次加息要等到明年4月。 迫在眉睫的重新定价 目前，五年期与30年期日本国债的收益率差约为190个基 ...

本报讯 记者马玲报道 10月16日，中国人民银行副行长、国家外汇管理局局长朱鹤新会见来访的美 国黑石集团董事长兼首席执行官苏世民（Stephen A. Schwarzman）。双方就全球宏观经济发展、金融市 场走势等议题进行了交流。国家外汇管理局副局长李红燕陪同会见。 责任编辑：袁浩 ...

浙大师生走进财通资管，深化"一司一省一高校"合作 把课堂搬进资管一线：浙大学子走进财通资管"实践第一课" 2025年，财通资管积极响应中国证券投资基金业协会号召，启动"一司一省一高校"专项投资者教育活 动。作为系列活动组成部分，近日，浙江大学经济学院金融系主任朱燕建教授和金融学系5位老师，带 领金融专硕研一新生一行90余人参访财通证券上海总部大厦，走进财通资管开展研学活动。 财通资管相关业务负责人围绕券商与大资管行业生态格局、投资研究、金融求职等话题，与浙大师生开 展深度交流，助力到访学生开拓金融视野和行业认知，丰富投资理财专业知识。 财通资管王岩系统梳理了公募基金量化投资的市场格局、公募与私募在量化增强策略上的差异、量化投 资策略与因子构建方法，并着重强调风控体系在量化投资中的重要性。他提出，投研技能的提升离不开 实践环境的长期浸润，鼓励同学们 "从做中学"。 财通资管固收多策略公募投资部负责人陈浩详细解读了债券市场概况、债券收益率影响因素、债券类基 金投资策略，以及"固收多策略"业务的发展驱动力与趋势，建议有志于从事金融行业的同学们重视实习 实践，深化对行业、业务、产品的理解。 财通资管创新投资部负责人江 ...

Sixth Street Partners联合首席投资官Josh Easterly曾批评部分同行，称其过度关注私募投资业务的营销推 广，而忽视了业绩表现。 Schwartz明确表示，凯雷与红牛车队的合作对触达全球受众具有重要意义，但这一合作绝不会以牺牲公 司投资业绩为代价。 "没有业绩就没有成功可言，业绩绝不能牺牲，必须始终是重中之重，"他说道。 智通财经APP获悉，凯雷首席执行官Harvey Schwartz表示，近期信贷市场的波动已列入其"担忧清单"， 但迄今尚未看到任何迹象表明市场环境正在恶化。 Schwartz在10月19日接受采访时指出，从凯雷投资组合中的企业情况来看，"数据显示这些公司仍在增 长，就业保持稳定，通胀虽略显粘性，但短期内并无任何迹象表明形势会崩塌"。他同时强调，"尽管如 此，在经济周期后期，信贷市场波动理应成为需要担忧的问题"。 此次采访是在奥斯汀举行的F1美国大奖赛场外进行的，Schwartz与甲骨文红牛车队负责人Laurent Mekies共同出席。上个月，这家管理着4650亿美元资产的另类资产管理公司宣布，已与该F1车队达成一 项多年期合作协议。 自汽车贷款机构Tricolor ...

Core Insights - The market environment is enhancing the value of FOF (Fund of Funds) allocation strategies, with private FOF strategies rapidly increasing their share in high-net-worth client asset allocation [1][4] - The demand for wealth management is shifting from "single appreciation" to "stable diversification," making FOF strategies increasingly favored by investors [3][4] Group 1: FOF Development and Market Potential - The FOF strategy's development requires three main supports: a large fund product market, long-term capital entering the market, and improved investor awareness [3][4] - In the domestic market, the scale of non-monetary public funds exceeds 22 trillion yuan, and private fund scale exceeds 12 trillion yuan, providing a rich pool of underlying assets [3][4] - The introduction of personal pension systems is accelerating the entry of long-term funds into the market, while there is a strong demand for low-volatility products due to the shift of resident wealth from real estate to financial assets [3][4] Group 2: FOF Strategy Framework - The FOF strategy is structured around a three-tier framework: macro direction setting, strategy selection, and fund selection, aiming to help investors achieve stable wealth growth [1][5] - FOF strategies allow for both broad asset diversification and strategy diversification within the same asset class, mitigating extreme risks and capturing multi-dimensional returns [5][6] Group 3: Risk Control Mechanism - The core of FOF's risk control lies in "double diversification," which provides a more robust safeguard compared to traditional funds that only diversify single asset risks [7] - The first layer of diversification involves asset dispersion within underlying funds, while the second layer focuses on diversifying strategies and managers to avoid "same-source risk" [7] - FOF strategies can serve a wider range of clients with varying risk preferences, offering flexibility in capital utilization and target volatility settings [7] Group 4: Future Outlook - The potential for domestic FOF products is significant, with expectations for the introduction of quantitative and hedging strategies to enhance risk-return profiles and product attractiveness [8]

Core Viewpoint - The rise of retail investors, referred to as the "ant army," is significantly influencing the capital markets in South Korea, reflecting a shift in investment attitudes among the younger population [1] Group 1: Investment Trends - Investment and wealth management are increasingly viewed by young South Koreans as a means to change their fortunes, rather than just tools for asset appreciation [1] - There is a notable trend of South Korean investors pouring into capital markets through ETFs and showing a strong interest in high-risk leveraged products, indicating a willingness to take on significant risks for potentially high returns [1] Group 2: Market Focus - Since 2025, there has been a marked increase in South Korean investors' attention towards Chinese assets, particularly technology stocks listed in Hong Kong [1]

来源：环球市场播报 凯雷投资集团首席执行官哈维・施瓦茨表示，作为公司 CEO，近期信贷市场的波动已被他列入 "担忧清 单"，但截至目前，他尚未发现任何表明市场环境恶化的迹象。10 月 19 日，施瓦茨在采访中谈及凯雷 的投资组合企业时表示："数据显示企业正在增长、就业形势稳定，通胀虽略有黏性，但短期内暂无迹 象表明整体局面会崩塌。尽管如此，在经济周期后期，信贷问题理应被纳入担忧范畴。" 自汽车贷款机构Tricolor Holdings和汽车零部件供应商First Brands Group破产以来，信贷市场一直处于紧 张状态。摩根大通CEO 杰米・戴蒙曾警告称，此类风险事件可能 "不止一起"。本周四，两家美国地区 性银行因披露遭受贷款欺诈，股价应声下跌。 Sixth Street Partners联合首席投资官乔希・伊斯特利曾批评部分同行 "重私募投资营销、轻业绩表现"。 为突破传统机构投资者群体、强化品牌影响力，另类资产管理公司正纷纷与体育团队及运动员建立合 作。受美国总统唐纳德・特朗普今夏签署的行政令推动，私募股权公司正进军退休金融领域，并试图开 拓个人投资者市场 —— 这类投资者或有可能购买其投资产品。 ...

Core Points - The announcement involves the transfer of debt rights from China CITIC Financial Asset Management Co., Ltd. Sichuan Branch to Quanzhou Guotou Asset Management Co., Ltd. [1][2] - Debtors and guarantors are required to fulfill their repayment obligations to Quanzhou Guotou Asset Management Co., Ltd. as per the main debt contract and guarantee contract [2] Group 1 - The total amount of debt transferred includes significant sums, such as 269,666,128.74 RMB and 194,198,182.54 RMB associated with various debtors and guarantors [1] - The announcement specifies that the asset list reflects the loan principal balance as of the transfer benchmark date of July 30, 2025 [2] - Contact information for China CITIC Financial Asset Management Co., Ltd. Sichuan Branch is provided for further inquiries regarding the debt transfer [2] Group 2 - The announcement outlines that if debtors or guarantors undergo changes such as name changes, restructuring, or loss of civil subject qualification, relevant parties must fulfill obligations or liquidation responsibilities [2] - The list of guarantors includes various types such as guarantors, mortgagors, and pledgers, indicating a comprehensive approach to securing the debt [2]

□本报记者王雪青 王国辉，毕盛资产管理有限公司(APS)创始人、董事长兼首席策略官。拥有44年投资经验，曾任花旗信 托日本首席投资官、花旗银行香港高级基金经理及新加坡政府投资公司高级投资官。 "世界正重估中国资产，已经到了不可不投的阶段。"日前，在接受中国证券报记者专访时，毕盛资产 (APS)创始人、董事长兼首席策略官王国辉如是说。 毕盛资产是一家总部位于新加坡的外资机构。创始人王国辉出生于马来西亚，先后在新加坡政府投资公 司(GIC)、花旗等多家海外大型资管公司任职，拥有超过40年的投资经验。这位亲历日本股市泡沫、美 股互联网泡沫、全球金融危机等历史时刻，并屡次在逆向投资中获得成功的国际知名投资者，近年来坚 定地选择"专注中国投资"。 王国辉对中国证券报记者表示，中国经济发展具备"MIT"优势，即制造业(Manufacturing)、创新 (Innovation)和人才(Talent)，这是他持续看好中国市场的原因。 "我坚信，中国最辉煌的岁月还在前方，因为中国的'MIT'属于一流水平。"王国辉的话掷地有声，"今天 的中国已完全不同。这意味着中国资产的风险溢价已大幅下降，很多公司会出现20%-40%的市盈率 ...