Group 1: Economic Outlook - The year 2026 will mark the beginning of the "14th Five-Year Plan," with high-quality development as the main focus of economic work, emphasizing quality, efficiency, and sustainability over mere speed of growth [1] - Significant growth momentum has been observed in high-tech manufacturing, green energy, and the digital economy, with the contribution of equipment manufacturing to industrial growth continuing to rise [1] - 2025 is expected to be a year of concentrated technological innovation in China, with breakthroughs in areas such as commercial aerospace, quantum computing, solid-state batteries, and synthetic biology transitioning into real productive forces [1] Group 2: Market Predictions - ETF fund flows are seen as a leading indicator for market trends, with a focus on "domestic substitution + AI computing power" and the industrial cycle as key themes for 2026 [2] - A recovery in A-share revenue and profit growth is anticipated in 2025, with an increase in private equity and margin financing, leading to a notable rise in A-share valuations [2] - The A-share market is expected to continue leading in stock investments, supported by changes in the attractiveness of real estate and fixed income investments [2] Group 3: Sector Focus - Continued optimism is expressed for sectors such as lithium batteries, power equipment, PCB, and semiconductor storage, particularly in relation to solid-state batteries and AI advancements [3] - The AI industry chain is viewed as a long-term market focus, with investment logic shifting from infrastructure to application side, highlighting the importance of components like optical modules and storage chips [3] Group 4: Interest Rate Outlook - The certainty of growth and inflation in 2026 will depend on policy expansion, accelerated transition of old and new driving forces, and a sustained low inflation environment [3] - There is potential for further monetary easing, with short-term interest rates likely to decrease, while long-term rates may be influenced by the pace of economic recovery and inflation [3] Group 5: Convertible Bond Market - The convertible bond market is expected to maintain a tight supply-demand balance, with strong institutional demand but limited new issuance due to many individual bonds being redeemed [4] - The median price of convertible bonds is at a historically high level, suggesting limited room for further valuation expansion, with future returns likely relying more on the performance of underlying stocks [4]

■ 4 其他需要说明的事项 上述变更事项，已经信达澳亚基金管理有限公司股东会2025年第五次会议及第六届董事会第四十三次会 议审批通过，并将按规定向相关监管机构备案。商健先生自2025年12月25日起不再担任公司董事，不再 代行公司董事长职务。 特此公告。 公告送出日期：2025年12月27日 1 公告基本信息 ■ 2 新任高级管理人员的相关信息 ■ 3 离任高级管理人员的相关信息 MACD金叉信号形成，这些股涨势不错！ 信达澳亚基金管理有限公司 二〇二五年十二月二十七日 ...

Core Viewpoint - The value of China's only pure-play silver fund, UBS SDIC Silver Futures Fund LOF, experienced a significant decline of 10%, marking the end of a rapid bull run that had raised concerns from the fund's manager about sustainability [1][2]. Group 1: Fund Performance and Management Actions - The UBS SDIC Silver Futures Fund LOF saw a dramatic drop after weeks of gains, which were described as "unsustainable" by the fund's manager [2][4]. - The fund had previously hit its maximum daily limit of 10% for three consecutive days, prompting UBS SDIC Fund Management Co. to impose stricter rules on new subscriptions, reducing the limit for Class C shares from 500 yuan ($14.25) to 100 yuan [3]. - The fund has recorded an impressive gain of nearly 220% this year, significantly outpacing the 128% increase in Shanghai-traded silver futures [6]. Group 2: Market Context and Investor Sentiment - The surge in the silver fund's value was driven by heightened global interest in precious metals, with spot silver reaching a record high of $72.70 an ounce and on track for its best annual performance since 1979 [2][5]. - The premium of the fund over its underlying assets, silver contracts on the Shanghai Futures Exchange, rose to nearly 62%, up from 7% at the beginning of the month, indicating a potential risk of steep losses if silver futures decline [4][6]. - The intense investor interest in silver has also been reflected in the performance of other precious metals like gold, platinum, and palladium, as well as in other Chinese funds linked to these metals [5].

南大上交接连应战 南开央财蓄力待发 小组赛终轮对决 最终谁将出线？ 小组赛C组第三场、第四场 本届大赛共有12支队伍参赛，每支队伍由1名领队(基金公司代表)与4名大学生组成，领队负责调兵遣将，不直接参与答题。 12支队伍通过抽签分成A、B、C组，每组4队。小组赛采取小组循环制，小组中每场3支队伍同时上场循环PK。每场小组赛共四轮，分别为"初露锋芒"必 答题、"千钧一发"抢答题、"谁与争锋"挑战答题、"巅峰对决"抢答题。 于12月25日正式播出 | | C组 | | | | --- | --- | --- | --- | | 第一场 | 南京大学-华泰柏瑞基金 南开大学-天弘基金 | 12月24日 | 10:00 | | | 上海交通大学-汇添富基金 | | | | 第二场 | 南京大学-华泰柏瑞基金 上海交通大学-汇添富基金 | 12月24日 | 20:00 | | | 中央财经大学-建信基金 | | | | 第三场 | 南开大学-天弘基金 上海交通大学-汇添富基金 | 12月25日 | 10:00 | | | 中央财经大学-建信基金 | | | | 第四场 | 南京大学-华泰柏瑞基金 南开大学-天弘基金 | ...

| 1.公司本平信息 | | | | --- | --- | --- | | 甚至名称 | 广发质量优选股票型证券投资基金 | | | 甚全简称 | 广发质量优选股票 | | | 甚至主代码 025788 | | | | 甚金运作方式 | 製的型开放式 | | | 蒸金合同生效日 | 2025年12月23日 | | | 甚全管理人名称 | 广发基金管理有限公司 | | | 甚全托管人名称 | 中国建设银行股份有限公司 | | | 公告依据 | 《中华人民共和国正券投资基金法》及其配资法规 《广发精量优选股票型正券投资基金基金合同》 | | | | 《广发质量优选股票型证券投资基金招豪说明书》 | | | 下属分级基金的基金简称 | 广发质量优选股票A | 广发质量优选股票C | | 下属分级基金的交易代码 025788 | 025789 | | | 2.基金募集情况 | | | | 基金募集申请获中国证监会核准的文 :zethitiT(aggs)2177号) | | | | ਦੇ | | 11. Part 1.4 million 12.1 / 7 / 2017 | | | | --- | --- | --- ...

公告送出日期：2025年12月24日 1 公告基本信息 ■ 2 其他需要提示事项 （1）本次住所变更已完成工商变更登记； （2）除注册地址（住所）变更外，公司网址、联系电话、传真、电子邮箱等其他方式均保持不变； 2025年12月24日 MACD金叉信号形成，这些股涨势不错！ 公司网址：www.founderff.com 客服热线：400-818-0990 （3）投资者可通过以下途径咨询有关详情： 客服传真：010-57303716 客服邮箱：services@founderff.com 特此公告。 方正富邦基金管理有限公司 ...

Core Viewpoint - Since July 1, 2017, financial institutions in China have been implementing due diligence for non-resident financial accounts under the Common Reporting Standard (CRS), with the first reporting completed the following year. Recently, tax authorities have intensified scrutiny of these institutions to ensure compliance with CRS procedures [2][3]. Group 1: CRS Due Diligence Overview - The CRS due diligence process requires financial institutions to identify the tax residency status of account holders and collect relevant tax information for non-resident accounts [3]. - All financial institutions established within the People's Republic of China, including banks, investment firms, and insurance companies, are required to conduct CRS due diligence [4][6]. Group 2: Information Collection Requirements - Financial institutions must collect and report various information, including account holder names, addresses, tax residency countries, taxpayer identification numbers, and account balances [4]. - For accounts controlled by non-residents, additional information about the controlling persons must also be reported [4]. Group 3: Compliance Reporting - Financial institutions must register for CRS and submit data through designated platforms, with banks using a centralized system and non-banks utilizing a multi-lateral tax data service platform [7]. - Even if no non-resident information is identified, institutions are still required to submit a zero report [7]. Group 4: Key Focus Areas for Tax Authority Scrutiny - Tax authorities will examine whether financial institutions have established comprehensive CRS management systems and whether these systems are effectively implemented and regularly updated [8]. - The execution of due diligence processes, including the verification of account holder declarations and ongoing monitoring of accounts, will be critical areas of focus [9][10]. Group 5: Information Reporting Compliance - Institutions must maintain accurate records for non-resident account holders and ensure timely and complete submission of annual CRS reports [11]. - Compliance with data accuracy and retention requirements is essential, including the proper handling of zero reports and the safeguarding of collected information [11][12]. Group 6: Recommendations for Financial Institutions - Financial institutions are advised to transition their CRS compliance efforts from merely meeting requirements to enhancing the quality of their processes [12]. - Regular self-assessments against CRS due diligence execution are recommended to ensure readiness for potential tax authority audits [12].

松果财经讯，天眼查App显示，近日，博时基金管理有限公司发生工商变更，江向阳卸任董事长、法定代表人，由张东接任，同时，张东卸任董事、经理职 务，由陈宇接任。 据媒体报道，今年10月，该公司发布公告称，江向阳因工作安排辞任公司董事长，张东正式接任公司董事长，同时代为履行总经理职务，11月，陈宇正式接 任总经理。 该公司成立于1998年7月，注册资本2.5亿人民币，经营范围包括基金募集、基金销售、资产管理等，由招商证券股份有限公司、中国长城资产管理股份有限 公司、上海汇华实业有限公司等共同持股。 | | 都在用的商业查询工具 | 曼公司 查老板 查关系 音风险 | | | | | --- | --- | --- | --- | --- | --- | | | 好小心师发展了基金旗下机构 | 博时基金管理有限公司 | × 天眼一下 | 船 应用 ▼ | 商务合作 | | 基本信息 279 | 法律诉讼 9 | 经营风险 | 经营信息 999+ | 公司发展 250 | 知识 | | 工商信息 ● | | | | | | | 工商信息 历史工商信息 | | | | | | | 企业名称 | 博时基金管理有限公司 | ...

Company Overview - Nelson Peltz's Trian Fund Management has led a $7.4 billion acquisition of UK-based Janus Henderson, a significant player in the asset management industry [1][7] - Janus Henderson manages approximately $484 billion in assets [3] Investment Details - Trian Fund Management acquired a 20.6% stake in Janus Henderson over five years, gaining a board seat in 2022 [2] - The deal includes backing from the Qatar Investment Authority and Sun Hung Kai, a Hong Kong financial institution [2] Market Context - Active fund managers like Janus Henderson have faced challenges retaining clients as investors increasingly prefer lower-cost passive investment options [4] - In response to market pressures, Janus Henderson's CEO, Ali Dibadj, is steering the firm towards alternative sectors such as private credit [4] Recent Developments - Janus Henderson accepted an improved offer of $49 per share, up from an initial offer of $46 per share [5] - Following the announcement of the acquisition, Janus Henderson's shares rose by 3.4% to $47.58, marking the largest increase since late October [6]

Core Insights - The total scale of the ETF market has surpassed 5.8 trillion yuan, marking a historical high and an increase of over 2 trillion yuan, or more than 50%, since the end of last year [1] Group 1: ETF Market Overview - Stock ETFs remain the dominant category, accounting for over 60% of the market share, with a total scale exceeding 3.7 trillion yuan, reflecting a growth of over 20% since last year [1] - Cross-border ETFs have seen significant growth, with a scale exceeding 900 billion yuan, doubling since the end of last year [1] - Bond ETFs have also experienced remarkable growth, with a scale exceeding 740 billion yuan, which is more than four times last year's scale, despite having only 53 products [1][2] - Commodity ETFs and money market ETFs have increased in scale, with commodity ETFs growing from less than 80 billion yuan to over 240 billion yuan, a growth of over 200%, and money market ETFs maintaining a scale in the billion yuan range with a nearly 20% increase [1] Group 2: Bond ETF Growth - The significant growth in bond ETFs is primarily driven by the launch of new funds, with 32 new bond ETFs established this year, totaling an initial scale of over 91 billion yuan and reaching over 400 billion yuan by December 19, accounting for more than 50% of the total bond ETF scale [2] Group 3: Leading Fund Companies - Leading fund companies have significantly outpaced others in ETF management scale, with the top five companies managing over 3.1 trillion yuan in ETFs, which is more than half of the total ETF market [2][3] - The largest ETF management company is Huaxia Fund, with over 920 billion yuan, followed by E Fund and Huatai-PB Fund, with over 860 billion yuan and 610 billion yuan, respectively [2] - The proportion of ETF assets in total management scale is over 25% for all leading companies, with Huatai-PB Fund reaching approximately 74% [3] Group 4: Product Performance and Market Dynamics - The "Matthew Effect" is evident in the ETF market, where larger products attract more capital, with the largest ETF exceeding 420 billion yuan and the top four ETFs collectively accounting for nearly 20% of the total ETF market [3][4] - The top four ETFs linked to the CSI 300 index account for over 90% of the total scale of similar products, while the fifth-largest product has a scale of less than 8.5 billion yuan [4] - Recent performance indicates that larger ETFs have a distinct advantage in attracting capital, as evidenced by significant inflows into the largest products during market fluctuations [4]