Core Viewpoint - Guosen Securities Asset Management Co., Ltd. has changed the management of its Guosen Cash Increase Currency Collective Asset Management Plan to Penghua Fund Management Co., Ltd., which will now be known as Penghua Cash Increase Money Market Fund, effective December 15, 2025 [1][5]. Group 1: Product Change Information - The management has changed from Guosen Securities Asset Management Co., Ltd. to Penghua Fund Management Co., Ltd. [1] - The product name has changed from Guosen Cash Increase Currency Collective Asset Management Plan to Penghua Cash Increase Money Market Fund [2] - The product type has changed from a currency collective asset management plan to a money market fund [3] - The duration of the fund has changed from a fixed term ending on October 31, 2025, to an indefinite term [4] Group 2: Fund Contract Effectiveness - The new fund contract for Penghua Cash Increase Money Market Fund will take effect on December 15, 2025, rendering the original collective asset management plan contract invalid [5] - Investors can redeem their holdings without any fees during the redemption period, and if they do not apply for redemption by December 12, 2025, their holdings will automatically convert to the new fund [6] - A promotional sales service fee rate of 0.01% per year will be implemented starting December 15, 2025 [6]

Core Viewpoint - The public offering transformation of large collective products in the brokerage asset management sector is entering a critical phase, with new models emerging beyond traditional internal transfers and "brother" fund company takeovers, indicating a potential reshaping of the industry landscape [1][6]. Group 1: Public Offering Transformation - As of December, several institutions have announced the final destinations of their large collective products, with notable transfers occurring to unrelated third-party fund companies, marking a shift from the previous internal transfer model [2][3]. - The emergence of "non-affiliated party transfers" as a new pathway for public offering transformation reflects a pragmatic choice for some brokerage asset management firms facing internal resource shortages and challenges in obtaining public offering licenses [3][6]. - Currently, there are still 47 large collective products undergoing public offering transformation in the market [4]. Group 2: Public License Application Status - The queue for public offering license applications has been cleared, with only two out of six institutions that applied in 2023 receiving approval, highlighting the difficulties faced by brokerage asset management firms in obtaining public licenses [5]. - The competitive landscape of the public offering industry has become increasingly solidified, with over 160 institutions and the top ten firms holding nearly 40% market share, making it challenging for new entrants to establish a competitive presence [5]. Group 3: Industry Restructuring - The public offering transformation is not just a regulatory requirement but also a reorganization of the industry landscape, with firms that have obtained public licenses needing to integrate into the competitive public offering system [6]. - Firms that have not yet entered the public offering space may focus on private equity and institutional business, emphasizing customized asset management solutions to meet complex client needs [6]. - Companies are expected to concentrate resources on strengthening core asset management capabilities and providing personalized, data-driven asset allocation solutions to clients [6].

Group 1 - The core point of the news is the decision made during the meeting of the holders of the GuoXin Cash Increase Money Market Fund, which approved the change of the fund manager and the registration change to Penghua Cash Increase Money Market Fund [1][3] - The meeting was conducted via communication, with voting taking place from September 27, 2025, to November 28, 2025, and the results were announced on December 2, 2025 [2][3] - A total of 14,925,949,887.91 shares participated in the voting, representing 58.15% of the total shares, meeting the legal requirements for the meeting [2] Group 2 - The voting results showed that 13,346,825,786.49 shares were in favor, 495,630,351.95 shares were against, and 1,083,493,749.47 shares abstained, with the approval rate reaching 89.42% [3] - The decision from the meeting will take effect immediately after the vote is passed, and the management will report the decision to the China Securities Regulatory Commission within five days [3][4] - A redemption period will be set from December 5, 2025, to December 12, 2025, during which holders can opt to redeem their shares without any fees [4][5] Group 3 - After the redemption period, the management will execute the formal transition of the fund and initiate the necessary procedures for changing the fund manager [5] - The effective date of the Penghua Cash Increase Money Market Fund contract will be announced separately by Penghua Fund Management Company [5] - Investors will be able to check detailed information regarding the new fund operations on the Penghua Fund website [5]

Group 1 - The announcement confirms that the quarterly reports of various asset management plans under Guosen Securities Asset Management Co., Ltd. are free from false records, misleading statements, or significant omissions, and the board of directors takes responsibility for the authenticity, accuracy, and completeness of the content [1] - The full reports for the Guosen Cash Increase Money Market Fund, Guosen Antai Short and Medium-term Bond Fund, Guosen Ruifeng Bond Fund, and Guosen Classic Three-Month Holding Period Mixed Fund of Funds (FOF) will be disclosed on the company's website and the China Securities Regulatory Commission's electronic disclosure website on October 28, 2025 [1] - The fund manager commits to managing and utilizing fund assets with honesty and diligence but does not guarantee profits or minimum returns, urging investors to understand the risk-return characteristics of the funds before making investment decisions [1] Group 2 - The term "fund" refers to the securities company large collective asset management products that have been modified in accordance with the operational guidelines of the "Guiding Opinions on Regulating Financial Institutions' Asset Management Business" [2] Group 3 - This announcement is officially issued by Guosen Securities Asset Management Co., Ltd. on October 28, 2025 [3]

Core Viewpoint - Guosen Securities Asset Management Co., Ltd. and Guosen Securities Co., Ltd. will suspend new investor sign-up for the Guosen Cash Increase Money Market Collective Asset Management Plan starting from October 18, 2025, while existing investors can continue normal subscription and redemption activities [1] Summary by Categories Company Actions - The suspension of new investor sign-up is effective from October 18, 2025 [1] - Existing investors will still be able to carry out subscription and redemption activities normally [1] Management Commitment - The management of the collective plan commits to managing and utilizing the assets with honesty, diligence, and responsibility, but does not guarantee profits or minimum returns [1]

Core Points - The company has decided to adjust the total limit for the rapid withdrawal service of the Guosen Cash Increase Currency Collective Asset Management Plan from CNY 600 million to CNY 1 billion starting from September 29, 2025, and then back to CNY 600 million from October 10, 2025 [1] - A communication-based meeting will be held to discuss the proposal to change the management of the Guosen Cash Increase Currency Collective Asset Management Plan to Penghua Cash Increase Money Market Fund [2][38] - The voting period for the meeting will be from September 27, 2025, to November 28, 2025, allowing ample time for all investors to participate [2][5] Meeting Details - The meeting will be conducted via communication methods, with voting starting from September 27, 2025, until November 28, 2025, at 17:00 [2][4] - The meeting will review the proposal to change the management and registration of the fund, requiring a two-thirds majority for approval [26][39] - The rights registration date for participants is set for September 26, 2025, allowing those registered by this date to vote [5] Voting Process - Investors can submit their votes through paper ballots, which can be downloaded from the management company's website or the China Securities Regulatory Commission's fund disclosure website [6][36] - Various methods for authorization to vote are available, including paper, phone, SMS, and online options, specifically for individual investors [10][15][18] - The validity of votes will be determined based on the submission time and completeness of the required documents [23][24] Proposal for Management Change - The proposal includes changing the management from Guosen Securities Asset Management Co., Ltd. to Penghua Fund Management Co., Ltd., and renaming the fund accordingly [41][42] - The fund's duration will change from a fixed term to an indefinite term, subject to regulatory approval [42] - A redemption option period will be provided for investors to withdraw without fees before the formal change takes effect [44] Legal and Technical Feasibility - The proposal complies with the relevant laws and regulations, requiring a two-thirds majority for approval [46][47] - The management has established a working group to ensure the smooth execution of the meeting and has communicated with investors to facilitate participation [47]

Meeting Overview - The meeting is convened to discuss the proposal to change the management of Guosen Cash Increment Money Market Fund and register it as Penghua Cash Increment Money Market Fund [3][30]. - The meeting will be held via communication method, with voting starting from September 27, 2025, to November 28, 2025 [1][2]. Voting Process - The voting will be conducted through paper ballots, which can be downloaded from the management company's website or the CSRC's electronic disclosure website [6][35]. - Holders must submit their completed ballots and required documents to the designated address by the voting deadline [7][24]. Proposal Details - The main proposal involves changing the fund manager from Guosen Securities Asset Management Co., Ltd. to Penghua Fund Management Co., Ltd. [40]. - The fund's name will change from Guosen Cash Increment Money Market Fund to Penghua Cash Increment Money Market Fund [41]. - The fund type will shift from a money market collective asset management plan to a money market fund [42]. Legal and Technical Feasibility - The proposal complies with the relevant laws and regulations, requiring a two-thirds majority approval from the participating fund holders for the decision to be valid [46]. - The management has established a working group to ensure the smooth execution of the meeting and has communicated with investors to facilitate the process [47]. Redemption and Transition - If the proposal is approved, a redemption choice period will be arranged before the formal change, allowing holders to exit without fees [44]. - After the choice period, the holdings will automatically convert to the new fund type upon the effective date of the new fund contract [45].

Group 1 - The announcement date for the collective investment plan is August 25, 2025 [1] - The collective investment plan will estimate returns using a method that may differ from actual returns on the dividend payment date [1] - The plan's returns are calculated daily and paid monthly, with dividends reinvested into the plan [1] Group 2 - In case of early termination before the dividend payment date, the management will pay returns based on the benchmark interest rate set by the People's Bank of China [1] - The difference between actual investment returns and paid returns will be borne by the assets of the collective investment plan [1] - Investors can access relevant information through the specified website and customer service hotline [1]

Group 1 - The announcement pertains to a management fee adjustment plan for a collective asset management product by Guosen Securities [1] - The fund is defined as a collective asset management product that has been modified according to the guidelines for regulating financial institutions' asset management business [1] - Investors are advised to monitor the management fee adjustments due to fluctuations in the money market, which may affect estimated net income and annualized yield [2] Group 2 - The management company emphasizes its commitment to managing the fund with diligence and integrity, but does not guarantee profits or minimum returns [3] - Investors are encouraged to read the relevant legal documents and understand the risk-return characteristics of the fund before making investment decisions [3] - The announcement is issued by Guosen Securities Asset Management Co., Ltd. on July 15, 2025 [4]

Core Viewpoint - Guosen Securities Asset Management Co., Ltd. has announced the extension of the duration of the Guosen Cash Increase Money Market Collective Asset Management Plan until October 31, 2025, along with modifications to the asset management contract and prospectus to better serve investors and protect their interests [2][3]. Group 1: Duration Extension - The duration of the Guosen Cash Increase Money Market Collective Asset Management Plan has been extended from a maximum of three years to October 31, 2025, with provisions for termination if legal or regulatory requirements are not met after this date [2][3]. - The effective date of the contract changes is April 25, 2022, as per the guidelines for asset management business [2]. Group 2: Modifications to Contracts and Prospectus - The modifications to the asset management contract and prospectus primarily involve updates to the duration of the collective plan and comply with relevant laws and regulations [3]. - The updated contract and prospectus will be published on the company's website and the China Securities Regulatory Commission's electronic disclosure site within three working days following the announcement [3]. Group 3: Additional Information - Investors seeking detailed information about the product can refer to the updated asset management contract, prospectus, and product information available on the company's website [4]. - The company is collaborating with Penghua Fund Management Co., Ltd. to potentially change the management of this product and other collective products to Penghua Fund, pending regulatory approval and shareholder meetings [5].