Core Insights - The National Social Security Fund Council released the annual report on the entrusted operation of basic pension insurance funds, indicating a stable investment performance with asset growth and value preservation achieved by the end of 2024 [1][2] Group 1: Fund Performance - By the end of 2024, the total assets of pension funds reached 28,396.52 billion yuan, with local pension funds accounting for 28,247.96 billion yuan [1] - The investment return rate for local pension funds in 2024 was 5.52%, resulting in an investment income of 1,056.88 billion yuan [2] - Since the entrusted operation began in December 2016, local pension funds have accumulated an investment income of 4,123.59 billion yuan, with an average annual return rate of 5.06% [2] Group 2: Fund Structure - The total equity of pension funds by the end of 2024 was 23,350.03 billion yuan, with direct investments amounting to 5,826.42 billion yuan and entrusted investments totaling 17,523.61 billion yuan [1] - Local pension funds had total equity of 23,233.02 billion yuan, while risk funds had total assets of 150.81 billion yuan and equity of 117.01 billion yuan [1] Group 3: Strategic Approach - The Social Security Fund Council emphasized a long-term, value-driven, and responsible investment philosophy, focusing on prudent and stable investment management [1] - In 2024, the council aimed to respond to increasing external pressures and internal challenges by analyzing macroeconomic trends and capital market conditions to achieve fund value preservation and growth [2]

Core Insights - The National Social Security Fund Council released its annual report on the entrusted operation of the basic pension insurance fund, indicating that by the end of 2024, the total assets of the pension fund will reach 28,396.52 billion yuan, with local pension fund assets at 28,247.96 billion yuan [1][2] - The local pension fund achieved an investment return rate of 5.52% in 2024, ensuring the preservation and appreciation of the fund [1][2] Summary by Sections Fund Performance - By the end of 2024, the total assets of the pension fund will be 28,396.52 billion yuan, with total equity at 23,350.03 billion yuan. Direct investments amount to 5,826.42 billion yuan, while entrusted investments total 17,523.61 billion yuan [1] - The local pension fund generated an investment return of 1,056.88 billion yuan in 2024, with an investment return rate of 5.52%. Since the entrusted operation began in December 2016, the cumulative investment return has reached 4,123.59 billion yuan, with an average annual return rate of 5.06% [2] - The risk fund reported a return of 3.32 billion yuan in 2024, with a return rate of 3.46%. Since its formal operation in 2023, the cumulative return has been 4.80 billion yuan, with an average annual return rate of 2.93% [2] Investment Strategy - The Social Security Fund Council emphasizes a long-term, value-oriented, and responsible investment approach, managing investments prudently to fulfill its responsibility for fund safety and value appreciation [1] - In 2024, the council aims to navigate external pressures and internal challenges by focusing on the people's needs, analyzing macroeconomic trends, and balancing long-term goals with annual returns to accumulate wealth in response to the accelerating aging population [2]

报告显示，截至2024年末，养老基金资产总额为28396.52亿元，权益总额为23350.03亿元。其中，直接 投资5826.42亿元，占基金权益总额的24.95%；委托投资17523.61亿元，占基金权益总额的75.05%。 地方养老基金资产总额为28247.96亿元，权益总额为23233.02亿元；风险基金资产总额为150.81亿元， 权益总额为117.01亿元。 全国社会保障基金理事会9月29日发布的《2024年基本养老保险基金受托运营年度报告》显示，地方养 老基金2024年投资收益额为1056.88亿元，投资收益率为5.52%。 社保基金会相关负责人表示，社保基金会坚持并持续丰富"长期投资、价值投资、责任投资"理念，审慎 稳健开展投资运营管理，忠实履行好基金安全和保值增值主体责任。 年均投资收益率5.06% 投资业绩方面，地方养老基金2024年投资收益额为1056.88亿元，投资收益率为5.52%。其中，已实现收 益额662.79亿元（已实现收益率3.50%），交易性资产公允价值变动额394.09亿元。自2016年12月受托 运营以来，地方养老基金累计投资收益额为4123.59亿元，年均投资收益率为5 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Green Power Environmental (01330.HK) by purchasing 1.547 million shares at an average price of HKD 5.1283 per share, totaling approximately HKD 7.9335 million [1] - After the purchase, E Fund's total shareholding in Green Power Environmental increased to 21.19 million shares, raising its ownership percentage from 4.86% to 5.24% [1][2]

Core Viewpoint - Fund managers are adopting different strategies in the current market, with a preference for right-side trading that focuses on high certainty and strong momentum in industry trends [1][2] Group 1: Investment Strategy - The strategy of high concentration and low turnover is favored to achieve long-term returns, requiring patience and a deep understanding of industry trends [2][4] - The focus is on identifying opportunities in the "1 to 10" phase of industry trends, which offers strong signals and rapid valuation expansion [2][3] Group 2: AI Industry Outlook - The AI industry is seen as being in the "1 to 10" phase, with clear buy signals and significant growth potential, as evidenced by the increasing capital expenditure and high growth rates in North American cloud services driven by AI [3][4] - Long-term investment in AI is encouraged, as the market is still in the early stages of the technology wave, with many applications yet to emerge [3][4] Group 3: Valuation Tolerance - Market tolerance for stock valuations is increasing, with acceptable ranges varying based on industry understanding and growth expectations [4][5] - The current high valuations in tech stocks are not viewed as bubbles, as they are supported by strong growth prospects and market conditions [4][5] Group 4: Focus on Core Industries - There is a strong emphasis on investing in core industries that reflect China's advantages, particularly in AI technology, robotics, and automotive intelligence [6][7] - The semiconductor sector is highlighted as having cyclical patterns, with a current upward trend driven by AI and new technologies, particularly favoring leading companies in wafer manufacturing [7][8]

Core Insights - The National Social Security Fund Council reported a 2024 investment return of 105.69 billion yuan for local pension funds, with a return rate of 5.52% [1][2] - The total assets of the pension fund reached 28,396.52 billion yuan by the end of 2024, with total equity of 23,350.03 billion yuan [1] - The Social Security Fund Council emphasizes a long-term, value-driven, and responsible investment approach, ensuring fund safety and value appreciation [1][3] Investment Performance - Local pension funds achieved an investment return of 105.69 billion yuan in 2024, with a realized return of 66.28 billion yuan and a realized return rate of 3.50% [1][2] - Cumulative investment returns since December 2016 amount to 412.36 billion yuan, with an average annual return rate of 5.06% [1][2] Asset Allocation Strategy - The Social Security Fund Council adopted a strategy focused on "promoting stability through progress," emphasizing flexible and proactive asset allocation [2][3] - The allocation strategy includes increasing fixed-income assets while reducing cash proportions, effectively capturing investment opportunities from declining interest rates [2][3] Risk Management and Compliance - The fund management system includes a comprehensive risk compliance control framework, enhancing internal controls to mitigate risks and improve efficiency [3][4] - Continuous research and foundational construction of the investment research system are prioritized to ensure robust risk management [3] Alignment with National Strategy - The pension fund actively integrates into national development strategies, focusing on innovation and green transformation [3][4] - Investments are aligned with national priorities such as new productive forces, carbon neutrality goals, and ensuring food and energy security [4][5] Future Outlook - The pension fund's strategic investments in sectors aligned with national goals are expected to yield long-term returns, supporting high-quality economic development [5]

广发证券股份有限公司 特此公告。 广发证券股份有限公司 3、国泰中证全指建筑材料交易型开放式指数证券投资基金（159745）： 广发证券股份有限公司 4、国泰中证新能源汽车交易型开放式指数证券投资基金（159806）： 根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年9月29日 起，本公司指定下列流动性服务商为相关证券投资基金的主流动性服务商： 1、国泰创业板人工智能交易型开放式指数证券投资基金（159388）： 广发证券股份有限公司 2、国泰中证基建交易型开放式指数证券投资基金（159619）： 国泰基金管理有限公司 2025年9月29日 ...

为促进华宝中证全指农牧渔交易型开放式指数证券投资基金（基金简称：农牧渔ETF，基金代码： 159275）的市场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服 务（2023年修订）》等相关规定，我司自 2025年9月29日起新增方正证券股份有限公司、东海证券股份 有限公司和招商证券股份有限公司为华宝中证全指农牧渔交易型开放式指数证券投资基金的流动性服务 商。 特此公告。 华宝基金管理有限公司 2025年9月29日 华宝中证全指农牧渔交易型开放式指数 证券投资基金上市交易提示性公告 华宝中证全指农牧渔交易型开放式指数证券投资基金（以下简称"本基金"）于2025年9月29日开始在深 圳证券交易所上市交易，本基金场内简称：农牧渔ETF，基金代码：159275。 经基金托管人上海浦东发展银行股份有限公司复核，截至2025年9月26日，本基金份额净值为0.9990 元，上市首日以该基金份额净值0.999元（四舍五入至0.001元）为开盘参考价，并以此为基准设置涨跌 幅限制，幅度为10%。 截至2025年9月26日，本基金投资于标的指数成份股和备选成份股的资产比例为基金资产净值的 95.39% ...

Core Viewpoint - CITIC Construction Investment Fund Management Co., Ltd. has decided to launch fund conversion services for certain funds through Beijing Bank to meet the investment needs of investors [1]. Group 1: Applicable Fund Range - The fund conversion services will apply to specific funds managed by CITIC Construction Investment [2]. Group 2: Applicable Investor Range and Processing Locations - The conversion services are limited to investors who process their transactions through Beijing Bank [2]. Group 3: Launch Time - The fund conversion services will be available starting from September 29, 2025, and the processing time will align with the fund subscription and redemption times [3]. Group 4: Fund Conversion Rules - Fund conversion allows holders to convert part or all of their holdings in one fund to shares in another fund managed by the same company [4]. - Conversions must occur within the same sales institution, and both funds must be managed by the same fund manager and registered with the same registration agency [4]. - Conversions are applied in units of shares, and multiple conversion requests can be initiated, with fees calculated separately for each request [4]. - The pricing principles for conversions depend on the types of funds involved and are based on the net asset values on the day of application [4]. Group 5: Fund Conversion Fees and Calculation - Fund conversion fees consist of the difference in subscription fees and the redemption fees of the outgoing fund, with specific calculations outlined [7]. - The net amount for conversion is calculated after deducting the redemption fees and any applicable subscription fee differences [7]. Group 6: Situations for Suspending Fund Conversions - Fund conversions may be suspended due to force majeure, abnormal trading halts, significant redemptions, or other circumstances deemed detrimental to existing fund holders [8][9].

Group 1 - The core point of the article is the establishment of the Shanghai-Hong Kong Strategic Industry Cornerstone Investment Fund by Shanghai Shenda Group and Guotai Junan, aimed at providing financing support for the "last mile" of enterprise listings and enhancing the service for Shanghai's strategic industry development [1] - The fund's launch expands the fund matrix of Shanghai Shenda Capital, positioning it as one of the few domestic institutions covering all stages of equity investment [1] - The recent investor conference highlighted five strategic cooperation agreements, including partnerships with Azzurra Capital and the launch of the second phase of the Shanghai Biomedicine Fund, focusing on biomedicine and green technology [1] Group 2 - Shanghai Shenda Group emphasizes the construction of a cross-border collaborative investment network through these strategic partnerships, adhering to the "technology + finance + industry" collaborative development concept [2] - The company aims to deepen Shanghai-Hong Kong collaboration and build a cross-border ecosystem, linking global resources with partners to support the deep integration of technology and industry [2]