8月29日，华泰证券发布的2025年半年度报告显示，华泰柏瑞基金2025年上半年实现净利润2.04亿元， 同比下滑36.16%；上半年营业收入为9.52亿元，同比下降5%。（智通财经记者 丁欣晴） ...

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Guangfa Juyuan Bond Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and compliance with regulations [1][10][12]. Fund Overview - Fund Name: Guangfa Juyuan Bond Fund (LOF) - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Reporting Period End: 12,822,007,459.38 shares [2][4]. Investment Strategy - The fund primarily invests in fixed-income securities and does not engage in direct stock purchases or initial public offerings. The investment strategy involves comprehensive analysis of macroeconomic conditions, interest rate trends, and credit risks to optimize the bond portfolio [2][12]. Financial Performance - For the reporting period (January 1, 2025, to June 30, 2025): - Realized Income: - Class A: 63,388,704.71 CNY - Class B: 168,333,682.59 CNY - Class C: 8,174,702.29 CNY - Profit: - Class A: 20,800,429.93 CNY - Class B: 51,968,608.72 CNY - Class C: 530,390.56 CNY - Net Asset Value at Period End: - Class A: 4,503,643,502.30 CNY - Class B: 10,447,663,002.99 CNY - Class C: 455,766,105.57 CNY [4][12][16]. Performance Metrics - Net Value Growth Rate for the reporting period: - Class A: 0.59% - Class B: 0.59% - Class C: 0.39% - Cumulative Net Value Growth Rate: - Class A: 53.64% - Class B: 9.12% - Class C: 46.44% [5][12]. Market Conditions - The bond market experienced increased volatility in the first half of 2025, with short-term interest rates rising initially, followed by a correction in long-term rates. The market showed signs of recovery by the end of June, influenced by U.S. tariffs and central bank liquidity measures [11][12]. Compliance and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring that all operations are compliant and that the interests of fund shareholders are protected. The investment decision-making process is supported by a robust internal control system [10][15].

Core Viewpoint - The company, 时计宝 (02033), has entered into a subscription agreement with KKR Associates Asia Tactical Credit GP SCSp to invest a total of $10 million in KKR Fund II, aiming to enhance capital returns and explore investment opportunities in the Asia-Pacific region [1] Investment Strategy - KKR Fund II focuses on building a diversified investment portfolio, targeting high-conviction, core, and event-driven sectors and companies [1] - The fund primarily invests in various types of credit, including but not limited to high-yield bonds, term loans, self-originated loans, and structured products [1] - KKR Fund II employs a strict capital allocation strategy that emphasizes cross-regional and cross-industry investments to provide attractive risk-adjusted returns [1] Company Background - The company primarily engages in watch manufacturing, retail, and e-commerce in China [1] - The subscription agreement is seen as a prudent way for the company to allocate its idle funds effectively, thereby improving overall capital returns [1] - Participation in a professionally managed fund structure is expected to reduce direct investment risks while providing access to investment opportunities in the Asia-Pacific market [1]

Group 1 - The company, 时计宝 (02033), has entered into a subscription agreement with KKR Associates Asia Tactical Credit GP SCSp to invest a total of $10 million in KKR Fund II [1] - KKR Fund II aims to build a diversified investment portfolio focusing on high-conviction, core, and event-driven sectors, targeting attractive and liquid credit opportunities in the Asia-Pacific region [1] - The fund primarily invests in various types of credit, including but not limited to high-yield bonds, term loans, self-originated loans, and structured products, employing a strict capital allocation strategy across regions and industries to provide attractive risk-adjusted returns [1] Group 2 - The company is primarily engaged in watch manufacturing, retail, and e-commerce in China [1] - The board believes that the subscription will allow the company to prudently and effectively allocate its idle funds, thereby enhancing overall capital returns [1] - The subscription also provides the company with investment opportunities in the Asia-Pacific market while reducing direct investment risks through participation in a professionally managed fund structure [1]

Core Insights - The most important aspect of investing is asking the right questions, according to Jiang Xiaoli from Tianhong Asset Management [1] Group 1 - Jiang Xiaoli emphasizes the significance of formulating correct questions in the investment process [1] - The approach to investment should focus on understanding the underlying issues rather than just seeking answers [1]

| 职务 | 重事长 | | --- | --- | | 姓名 | 那成武 | | 任职日期 | 2025-8-29 | | 过往从业经历 | 1995年8月至1999年5月任职于北京清 | | | 华大学企业集团,历任项目经理、办公室 | | | 副主任、董事会秘书:1999年6月至2005 | | | 年 12 月任职于北京清华通力机电设备有 | | | 限公司,担任党总支书记、副董事长、总 | | | 经理:2005年12月至2008年3月任职于 | | | 江西诚志科技发展有限公司,担任总经理: | | | 2008年4月至2017年1月任职于诚志股 | | | 份有限公司,历任总裁助理、专务副总裁、 | | | 副总裁、董事、总裁:2017年4月至2025 | | | 年1月任职于清华控股有限公司(2022年 | | | 7月更名为天府清源控股有限公司),担任 | | | 党委委员、副总经理:2025年1月至今任 | | | 职于天府清源控股有限公司,担任党委副 | | | 书记、副董事长、总经理。 | | 取得的相关从业资格 | 基金从业资格 | | 國籍 | 中国 | | 学历、学位 | 硕士研 ...

MACD金叉信号形成，这些股涨势不错！ 泓德研究优选混合的基金经理王克玉分析指出，2021年下半年开始由于房地产的持续下行，对消费者信 心、政府支出等很多方面产生共振下行，导致基于土地资源和房地产为信用支点的部分内需行业在过去 三年中盈利持续恶化，基于对人口结构、存量供需和宏观政策的分析，减量优化将是部分行业发展的中 长期趋势。与此同时过去几年中越来越多的上市公司在产业链中的竞争优势在持续提升，国际化的企业 运营能力也有了明显改善，这将对企业盈利能力的改善具有显著的正面影响。 责任编辑：郭栩彤 从2024年年中以来国内金融政策发生比较显著的改善，国内资本市场政策导向更多向提升投资者回报、 改善上市公司质量方向发展。香港证券市场的规模快速扩张，众多A股的行业领先公司纷纷在港股增 发，为企业的进一步国际化发展做好准备；海外投资者也在增加对港股市场投资的关注度。 2025年上半年泓德研究优选混合基金净值增长率为7.60%，同期业绩比较基准收益率为0.11%。基金自 2019年5月27日成立以来累计净值增长率81.69%，同期业绩比较基准收益率为11.79%。 王克玉认为，随着经济活动自身的周期性因素触底，以及金融、 ...

李子昂分析，宏观方面，上半年宏观经济在险峻的外部环境下依然表现出较好韧性，GDP同比增长 5.3%，在补贴等促消费政策的拉动下，消费成为促进GDP增长的主要动力，"抢出口"行为虽然一定程度 上预支了出口需求，但也使得在二季度巨大关税威胁冲击下，出口依然对上半年经济增长做出较大贡 献，投资总体承压，但结构有所改善，新质生产力加速发展。 展望下半年，李子昂表示，随着宏观政策的不断发力，国内大循环不断强化，经济稳中向好的发展态势 不会改变。"回到资本市场，市场的不断上涨也带动了投资者的做多热情，成交量稳步抬升，我们也会 继续完善深度学习选股模型，努力通过多模型多策略的方式为投资者创造更好收益。" MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 2025年上半年泓德智选启元混合A基金净值增长率为12.05%，同期业绩比较基准收益率为3.07%。基金 自2023年11月21日成立以来累计净值增长率14.21%，同期业绩比较基准收益率为5.13%。 今年上半年，A股整体呈现上涨趋势，成交量较为活跃，小盘股好于大盘股，成长风格优于价值风格， 过去两年一枝独秀的红利板块出现回调，概念轮动此消彼长，年初的DeepSe ...

Core Viewpoint - The article highlights the establishment and growth of mother funds in various provinces in China, focusing on their investment strategies and regional development goals [2]. Summary by Sections Guangdong - Guangdong Province has established a mother fund with a capital of 10 billion RMB, aimed at private equity investments and asset management [4]. Anhui - Anhui Province has set up a provincial investment company to support emerging industries, focusing on key technologies and strategic emerging industry clusters [6][5]. Zhejiang - A new venture capital fund has been established in Hangzhou with a capital of 10 billion RMB, focusing on entrepreneurial investments [7]. - Three major funds, each with a scale of 100 billion RMB, have been launched to support technological innovation, optimize state-owned enterprise structures, and enhance the quality of listed companies [8][9]. Hunan - Hunan's Jin Furong Industrial Guidance Fund is establishing a sub-fund focused on new materials, aiming to support high-quality development in the new materials sector [10][11]. Liaoning - Liaoning Province is drafting implementation opinions to promote high-quality development of private equity investment funds, targeting a total fund scale of 1.8 trillion RMB by 2027 [21][20]. Fujian - Fujian's Fuchuang Investment has signed a cooperation agreement with Sichuan's achievement transformation investment fund, focusing on early-stage investments in technology and industry [23][22].

人民财讯8月29日电，招商证券（600999）披露的半年报显示，参股公司招商基金今年上半年实现营业 收入25.61亿元，同比上升1.17%，净利润7.89亿元，同比下滑6.81%。截至报告期末，招商基金资产管 理规模约1.54万亿元（含子公司管理规模），其中公募基金管理规模（剔除联接基金）8967亿元，非货 公募基金管理规模5229亿元。 ...