Core Insights - The report emphasizes a positive global economic outlook with rising market risk appetite, but warns of persistent issues such as regionalism, inflation, and structured valuation risks [1][17] - It suggests a cautious yet optimistic approach to asset allocation, focusing on companies' core competencies and balancing risk and return [1][17] Market Overview - Global equity assets showed strong performance in September 2025, with MSCI Global returning 2.31% and emerging markets at 6.78%, outperforming developed markets [8][14] - Domestic markets continued to rise, with the CSI All Share Index yielding 1.87% and active equity funds performing well, particularly the China Equity Index which rose by 6.03% [8][14] International Market Analysis - Manufacturing expansion remains slow overseas, with potential valuation "disproof" risks due to expectation discrepancies [1][18] - The report highlights that while AI innovations are driving growth in the service sector, their impact on traditional manufacturing remains uncertain [20][18] Domestic Market Analysis - The domestic economy shows strong resilience, with industrial value-added growth of 5.2% year-on-year in August, and high-tech manufacturing increasing by 9.3% [22][24] - Service sector growth is robust, with a production index increase of 5.6% year-on-year, particularly in information technology and financial services [22][24] Asset Allocation Strategy - For equity funds, a core + opportunity "barbell" strategy is recommended, focusing on companies with high performance certainty and dividend yields [51][52] - Fixed income funds should prioritize medium to short duration products for better value, as long-duration bonds face increasing risks [54][55] Sector-Specific Insights - The technology sector is highlighted for its high growth potential, particularly in areas like chips, AI, and renewable energy, although volatility risks are noted [52][55] - The report indicates that while gold remains a long-term investment due to geopolitical tensions and inflation concerns, oil prices may face downward pressure due to seasonal demand fluctuations and OPEC+ production increases [38][44][43]

Core Insights - The article emphasizes the importance of financial education in safeguarding financial rights and enhancing quality of life, particularly through the actions of the fund industry [1] Fund Performance and Characteristics - Fixed income securities, including government bonds and central bank bills, are the primary investment objects for funds, with a performance of 3.03% and a maximum drawdown of -0.36% for 2024 [5] - Short-term pure bond funds are characterized by low risk, with most funds allocated to short-term bonds with maturities not exceeding 3 years [5] - Long-term pure bond funds have similar investment objects to short-term pure bond funds, with a performance of 4.59% and a maximum drawdown of -0.67% for 2024 [6] Risks Associated with Bond Funds - Credit risk arises when bonds in the fund default, affecting overall returns and potentially leading to losses [8] - Interest rate risk is highlighted as a core concern, where rising market interest rates inversely affect bond prices, potentially leading to losses [7] - Liquidity risk can occur during market tightness, leading to increased short-term bond rates and potential difficulties in buying or selling bonds at favorable prices [8] Investor Considerations - Investors should align their risk tolerance and return objectives with suitable fund types, such as short-term bond funds for lower risk tolerance and longer investment horizons for those with higher risk tolerance [9] - Historical performance metrics, including annualized returns and maximum drawdown, are essential for evaluating fund performance [10] - The Calmar ratio, which measures risk-adjusted returns, is a useful metric for assessing fund performance relative to risk [11] Fund Management and Team - The experience and historical performance of fund managers are critical, with a focus on those with extensive experience and a proven track record [12] - The strength of the research and risk management teams is also important, particularly for large fixed income fund companies with robust systems [12] Fund Holdings and Credit Risk Assessment - Regular reports should be reviewed to assess the top five bond holdings and their credit ratings, prioritizing funds with a high proportion of high-rated bonds to mitigate credit risk [13] Fund Size Considerations - It is advisable to consider funds of moderate size to avoid issues related to small fund sizes, such as the risk of liquidation [14]

Group 1 - The event "Youth Dream Building: Chiwang National Defense Science Popularization" was held in Shenzhen, integrating financial safety knowledge into national defense education, receiving positive feedback from participants [1] - Changcheng Fund set up a financial knowledge consultation booth, educating the public on common financial fraud methods and prevention measures, which was well-received by attendees [1] - The event emphasized that both national defense and financial security are crucial components of national safety, showcasing Changcheng Fund's commitment to corporate social responsibility and investor education [1] Group 2 - Changcheng Fund plans to continue diverse financial knowledge dissemination activities to strengthen financial security and contribute to economic stability [2]

Group 1 - The event "Youth Dream Building: Red Bay National Defense Science Popularization" was successfully held to promote national defense knowledge and enhance national security awareness among youth and community residents [1] - Great Wall Fund integrated "financial safety" knowledge into the "national defense education" theme, receiving positive feedback from both organizers and participants [1][6] - The event featured a financial knowledge consultation booth, where common methods of illegal fundraising, money laundering, and financial fraud were revealed along with effective prevention measures [3] Group 2 - Elderly attendees expressed strong agreement with the explanation that "protecting financial security is protecting retirement life," while experienced investors praised the provided learning materials [5] - The initiative highlights the importance of both national defense and financial security as critical components of national safety [5][6] - Great Wall Fund plans to continue diverse financial knowledge dissemination activities to strengthen financial security and contribute to economic and social stability [6]

Core Insights - A significant shift in wealth management is occurring in China, with households moving away from traditional bank deposits to explore new investment avenues [1][12] - The decline in bank deposit attractiveness, driven by falling interest rates, is prompting a migration of funds towards non-bank financial institutions and the stock market [4][5] Group 1: Bank Deposits and Non-Bank Financial Institutions - In July, Chinese household deposits saw a dramatic drop of 1.11 trillion yuan, marking the second-largest monthly decline in history, while non-bank financial institutions' deposits surged by 2.14 trillion yuan [3] - The one-year fixed deposit rate from major state-owned banks has fallen to a historic low of 0.95%, leading to a significant decrease in deposit interest income compared to five years ago [4] Group 2: Stock Market Dynamics - The stock market has become a primary destination for funds, with A-share indices rising significantly in July: the Shanghai Composite Index increased by 3.74%, the Shenzhen Component by 5.2%, and the ChiNext by 8.14% [5] - A substantial portion of the new funds entering the stock market is attributed to residents transferring money from bank accounts to securities accounts, with 60% of non-bank deposit growth coming from these transfers [5] Group 3: Wealth Management Products - Bank wealth management products have emerged as a crucial intermediary for fund transfers, with total assets surpassing 30.67 trillion yuan and an average annualized return of 2.12% [7] - The demand for wealth management products is evident, as seen in the 200% increase in sales of specific products designed for transitioning funds from deposits to investments [7] Group 4: Consumer Behavior and Economic Impact - Some individuals are opting to repay mortgages early to reduce debt costs, with personal housing loan balances decreasing by 852 billion yuan in the first seven months of 2025 [8] - Consumer spending is also on the rise, with domestic tourism reaching 3.2 trillion yuan in revenue, reflecting a shift towards enjoying current experiences rather than saving [8] Group 5: Market Risks and Concerns - There are emerging concerns about funds not effectively reaching the real economy, with signs of "capital turnover" and a notable increase in cash transactions in the real estate market [9] - Historical precedents warn of potential market volatility, as seen in the 2015 stock market crash following a similar surge in non-bank deposits [11]

Core Insights - The report highlights that the service sector is performing strongly, which is expected to drive economic demand expansion both overseas and domestically [1][17][25] - It emphasizes the continuous improvement of the domestic economic fundamentals, indicating a high probability of long-term allocation success for risk assets [1][25][36] - The report notes that improving demand may influence the trading logic of crude oil and gold [1][41][52] Market Review - As of July 30, 2025, global equity assets showed good performance, with MSCI global returning 1.79% and emerging markets at 2.43%, outperforming developed markets [8] - The domestic market performed well, with the CSI All Share Index yielding 5.80% and active equity funds showing exceptional performance, with the China Equity Index rising 8.77% [8][14] - Commodity assets, particularly crude oil and gold, experienced significant price movements influenced by demand and geopolitical factors [8][41] Market Outlook Overseas Market - The service sector's strong performance is expected to positively impact overall economic demand expansion [17][18] - Despite challenges in the manufacturing sector and rising long-term bond yields, the service sector's growth is seen as a stabilizing factor for the global economy [18][20] Domestic Market - The domestic economy has shown resilience, with GDP growth of 5.3% in the first half of 2025, driven by consumption and exports [25][27] - Industrial value-added increased by 6.8% year-on-year, with notable growth in sectors such as automotive and machinery [25][26] - Consumer spending is improving, with retail sales growing by 5.0% year-on-year in the first half of 2025, supported by government subsidies and innovative consumption trends [25][27] Asset Allocation Strategy Equity Funds - The report suggests a "core + opportunity" barbell strategy, focusing on stable, high-performance assets while also seeking growth opportunities in sectors like technology and consumer goods [3][36] - Emphasis is placed on long-term allocations in risk assets due to favorable economic conditions [3][36] Fixed Income Funds - The report recommends focusing on medium to short-duration bonds for better risk-reward ratios, as long-duration bonds may present diminishing returns [3][36] - Financial and interest rate bonds are highlighted as preferred choices for conservative investors [3] QDII Funds - The report indicates that new economic drivers, particularly AI, are accelerating economic demand growth, presenting long-term opportunities for QDII funds [3][41] - Attention is drawn to the potential impacts of geopolitical tensions on crude oil prices and the ongoing demand for gold as a safe-haven asset [41][47]

Core Viewpoint - A potential data leak involving employee salary information at Bosera Asset Management has raised concerns about information security within the public fund industry [1][2]. Group 1: Incident Details - The leaked data includes employee identification numbers, names, positions, and monthly salaries, with the highest monthly salary reported at 135,000 yuan [1]. - A leaked image also detailed year-end bonuses for employees, with the highest bonus reaching 6.1 million yuan and the lowest at 490,000 yuan [1]. - Bosera Asset Management has stated that the leaked data is inaccurate and does not reflect actual circumstances, and the company has reported the incident to the police for further investigation [2]. Group 2: Industry Reactions - Industry insiders suggest that the leaked data may be outdated, as some employees mentioned in the leak have already left the company [2]. - The incident has prompted discussions about the sensitivity of employee salary information and the need for robust data security measures within companies [3]. Group 3: Company Profile - As of the end of Q2 2023, Bosera Asset Management had an asset management scale of 1,072.542 billion yuan, ranking sixth in the industry, with a total of 386 fund products [3].

Group 1 - The macroeconomic environment in China continues to show signs of recovery, with the manufacturing PMI slightly increasing to 49.7% in June from 49.5% in May, indicating a prolonged contraction phase [2] - The consumer price index (CPI) remained stable with a year-on-year decrease of 0.1%, while the producer price index (PPI) saw a larger decline of 3.3% compared to a 2.7% drop in April, reflecting pressures in production material prices [2] - The stock market experienced a broad rally in June, with major indices such as the Shanghai Composite Index and Shenzhen Component Index rising by 2.90% and 4.23% respectively, driven by positive investor sentiment following U.S.-China trade discussions [3][4] Group 2 - The bond market showed a downward trend in yields, with 1-year, 5-year, and 10-year government bond yields decreasing by 12 basis points, 5 basis points, and 2 basis points to 1.34%, 1.51%, and 1.65% respectively [5] - The overall bond market returned a positive performance, with the China Bond Index rising by 0.59% in June, indicating a favorable environment for fixed-income investments [5] Group 3 - The U.S. macroeconomic indicators showed mixed results, with the Markit Composite PMI at 52.9%, while the Eurozone manufacturing PMI remained in contraction at 49.5% [6] - Global stock indices exhibited varied performance, with the S&P 500 and Nikkei 225 increasing by 4.96% and 6.64% respectively, while European indices like the FTSE 100 and DAX saw slight declines [6] Group 4 - In June, equity funds, particularly small-cap and growth-style funds, outperformed large-cap funds, with the average returns for small-cap mixed funds and mid-cap growth funds at 6.02% and 5.77% respectively [18] - Fixed-income funds also recorded positive returns, with convertible bond funds leading at 3.47%, followed by actively managed bond funds at 1.13% [19] Group 5 - QDII funds showed strong performance, particularly in the global emerging markets mixed funds, which achieved an average return of 12.67% in June, benefiting from favorable conditions in international markets [28]

Core Insights - The global economy is facing multiple challenges, revealing its vulnerabilities under the uncertainty of US policies. Issues such as regionalism, inflation, debt pressure, and structured risks in asset valuations are still unfolding. The continuous depreciation of the US dollar has made European and emerging markets more attractive to capital, while precious metals like gold have seen significant price increases, indicating a reshaping of the global market. In response to the current market environment, it is advised to focus on certainty and make asset allocations based on a high safety margin [1][16][21]. Market Overview - As of June 29, 2025, global equity assets performed well, with MSCI global returns at 4.01% and emerging markets at 6.15%, slightly outperforming developed markets. The domestic market also showed strong performance, with the CSI All Share Index yielding 3.13%, particularly driven by growth stocks which rose by 4.87% [7][13]. - The global economic pressure remains significant, with manufacturing PMI in some regions still below the expansion threshold, indicating risks of a peak in the global economic growth cycle. Concurrently, US stocks have seen valuations driven up by AI and buybacks, which has weakened corporate resilience [19][20]. Asset Allocation Strategy - **Equity Funds**: The strategy should focus on a "core + opportunities" approach, balancing safety and returns. Core allocations should prioritize high earnings certainty, high profits, and high dividends, while opportunity allocations should leverage policy implementation, confidence-driven investments, and technology empowerment [3][30]. - **Fixed Income Funds**: It is recommended to lower expectations while seeking stable returns. Mid to short-duration funds are seen as more cost-effective, as the market's excessive pursuit of long-duration bonds has diminished their risk-return profile [3][4]. - **QDII Funds**: Attention should be paid to marginal changes affecting expectations. For equity QDII, caution is advised regarding structured valuation risks, while for oil QDII, geopolitical factors are becoming increasingly significant. Gold QDII is expected to perform well in the medium to long term due to ongoing demand for safe-haven assets [4][37][40]. Domestic Economic Insights - The domestic economy has shown resilience, with a GDP growth of 5.4% in Q1 2025, driven by consumption and exports. Industrial value-added growth was steady at 5.8%, with significant contributions from sectors like new energy vehicles and robotics [21][28]. - Consumer spending has been robust, with retail sales in May growing by 6.4% year-on-year, supported by government subsidies and promotional activities. However, structural income disparities remain a challenge for sustained consumption growth [26][28]. Commodity Market Dynamics - Geopolitical issues and inflation have been influencing global commodity prices. The escalation of conflicts has pushed oil prices higher, while the depreciation of the dollar has led to fluctuations in gold prices. Future trading logic for oil and gold will likely continue to be driven by geopolitical and risk-averse sentiments [37][49]. - The long-term stability of oil prices will depend on global economic growth and demand, with current PMI data indicating potential declines in demand. The supply side, particularly OPEC+ production decisions, will also play a crucial role in short-term price movements [45][49].

Core Viewpoint - The global capital markets are experiencing volatility due to ongoing policy disturbances and structural changes, with a focus on the relationship between transformation and balance, as well as risk and return [1][2]. Policy Environment - A series of incremental policies have been introduced to stabilize market expectations and boost investor confidence, covering fiscal, financial, consumption, and investment areas [2][3]. - Since September 2022, the Shanghai Composite Index has risen over 20%, indicating a recovery in market sentiment [2]. Market Dynamics - The current macro environment is favorable for both equity and bond markets, with ongoing policy support and a positive economic structural transition [3][4]. - Investors are encouraged to consider "fixed income plus" products, which combine stable fixed income assets with some equity exposure to enhance returns [3][5]. Investment Strategies - For bond funds, the overall performance has been weaker compared to previous years, necessitating new strategies to enhance fund returns [5][6]. - Investors should adjust their portfolios based on their risk tolerance, with options ranging from cash-like assets for low-risk tolerance to "fixed income plus" products for moderate risk tolerance [6][7]. Fund Selection - Different types of fixed income funds exist, including pure bond funds categorized by duration and credit quality, which exhibit varying levels of volatility [7][8]. - Investors should prioritize funds with a history of stable performance and consider factors such as lock-up periods and fees when selecting products [8].