证券之星消息，9月19日招商基金管理有限公司发布《关于暂停招商均衡优选混合型证券投资基金大额 申购（含定期定额投资）和转换转入业务的公告》。公告中提示，为保障基金的平稳运作，维护基金份 额持有人利益，自2025年9月22日起暂停招商均衡优选混合型证券投资基金大额申购（含定期定额投 资）和转换转入业务，申购、转换转入上限金额为1.0万元，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 申购限额 转入限额 定投限额 | | | | | --- | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) | (元) | （元） | | 招商均衡优选混合A 024027 | | 를 | 1.00万 | 1.00万 | | | 招商均衡优选混合C 024028 | | 是 | 1.00万 | 1.00万 | | 注:暂停大额定期定额投资起始日：2025年9月22日 限制定期定额投资金额：10,000.00元 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The recent reform in the public fund industry aims to reduce costs for investors while enhancing service quality from fund companies, coinciding with the ETF market surpassing 5 trillion [1][5][11] Summary by Sections Regulatory Changes - The "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" was released for public consultation on September 5, marking a significant step in the fee reform process initiated in July 2023 [1][4] - This reform is structured in three phases, with the third phase being the final critical step to implement fee reductions across the public fund sector [4] Fee Reductions - Management fees for actively managed equity funds have been reduced from 1.5% to 1.2%, and custody fees from 0.25% to 0.2% [5][6] - Transaction commissions for actively managed public funds have decreased from 0.08% to 0.05%, while ETF transaction commissions have been lowered to 0.025% [6] - Sales fees have seen significant cuts, with equity fund subscription fees dropping from 1.5% to 0.8%, and mixed fund fees from 1.5% to 0.5% [6][7] Investor Benefits - An example calculation shows that a 10,000 yuan investment in a fund could save approximately 35 yuan annually due to reduced management and custody fees [6] - For a 100,000 yuan investment in actively managed equity or mixed funds, total savings could exceed 1,000 yuan annually, with the overall annual benefit to investors estimated to exceed 50 billion yuan [7][11] Market Response - The fee reduction has led to a surge in fund sales, with multiple funds being fully subscribed on their first day of issuance, indicating a positive market response [8][11] - As of September 8, 12 funds have announced early closure of their fundraising periods, reflecting strong investor interest [8] Industry Outlook - The fee reform is expected to lower investor costs and enhance their experience, contributing to the high-quality development of the fund industry [11]

Group 1 - The company,招商基金管理有限公司, has signed a fund sales agreement with 东莞证券股份有限公司, effective from September 5, 2025, to include 东莞证券 as a broker for on-site subscription and redemption of specific funds [1][4]. - The announcement indicates that the fund management will officially begin managing the 招商均衡优选混合型证券投资基金 from the effective date of the fund contract [4]. - The fund manager's senior management and heads of investment and research departments hold between 100,000 to 500,000 units of the fund, while the fund manager holds over 1 million units [5]. Group 2 - The company will bear the costs related to information disclosure, legal fees, and accounting fees incurred during the fund-raising period, without charging these expenses to the fund assets [6]. - Investors can confirm and print transaction confirmation slips at the sales institution's outlets or check transaction confirmation status through the company's website or customer service hotline [6].

Group 1 - The company announced the establishment of the "招商均衡优选混合型证券投资基金" with a fundraising cap of 5 billion RMB, excluding interest during the fundraising period [1] - As of September 2, 2025, the cumulative effective subscription amount exceeded the fundraising cap, leading the company to end the fundraising early and apply a "末日比例确认" principle for the effective subscription applications received on that date, resulting in a confirmation ratio of 56.67% [1][2] - The confirmed subscription amount for investors is calculated based on the effective subscription amount submitted on the last day multiplied by the confirmation ratio, and the final confirmation results will be based on the calculations by the fund's registration agency [2] Group 2 - The company decided to adopt the "index income method" for valuing stocks held by its funds, specifically for 中芯国际 (688981), starting from September 3, 2025, after reaching an agreement with the fund custodian and accounting firm [5] - The valuation method will revert to market price valuation once the stock trading reflects active market trading characteristics, without further announcements [5]

Core Viewpoint - The announcement details the fundraising process for the招商均衡优选混合型证券投资基金, which has reached its maximum fundraising limit of RMB 5 billion, leading to a partial confirmation of subscription applications based on a "last day proportion confirmation" principle [1][3][4]. Fundraising Details - The maximum fundraising limit for the fund is set at RMB 5 billion, excluding interest accrued during the fundraising period [3][4]. - The fundraising period began on September 2, 2025, and was originally scheduled to end on September 12, 2025, but was concluded early on September 2, 2025, due to reaching the fundraising cap [7]. - Investors whose applications are not confirmed will have their subscription amounts refunded after the fundraising period ends [4][7]. Investor Information - Investors can check detailed information about the fund on the company's website or contact customer service for inquiries [1][4][7]. - The fund management company emphasizes the importance of reading the fund contract and prospectus to understand the risk-return characteristics of the fund [4].

Core Insights - Wu Xiao is a unique fund manager with a background in actuarial science and a career that began in arbitrage, now excelling in active equity investment [1][4] - His investment approach emphasizes a mid-term perspective of 2-3 years, focusing on industry trends, business models, and competitive advantages [1][8] - Wu Xiao's investment strategy includes a systematic risk management framework across four levels: market, industry, style, and individual stocks [5][7] Investment Philosophy - Wu Xiao's investment methodology combines actuarial thinking with a Bayesian approach, creating a logical and systematic investment solution [1][4] - He emphasizes the importance of rebalancing, having successfully navigated market trends such as the small-cap stock boom and the leader stock bubble [1][5] - His investment strategy aims for a balanced portfolio with superior risk-adjusted returns, often ranking highly over 2-3 year periods [1][6] Background and Experience - Wu Xiao studied actuarial science and finance, starting his career in risk control before moving to proprietary investment, where he capitalized on arbitrage opportunities [4][6] - His transition to public fund management in 2016 allowed him to leverage his quantitative analysis skills and deep equity research capabilities [4][6] Risk Management - Wu Xiao's risk management framework includes maintaining a stable high position in equity funds to avoid frequent market timing, which is often ineffective for long-term excess returns [6][7] - He limits individual industry holdings to 15% to prevent over-concentration and reduce volatility [7] - His approach to dynamic rebalancing allows for adjustments based on asset class performance, aiming to maintain optimal risk-adjusted returns [11][13] Stock Selection Criteria - Wu Xiao's stock selection is influenced by the investment duration, focusing on sustainable business models for 2-3 year holds and assessing long-term viability for 5-10 year investments [8][9] - He prioritizes companies with stable competitive positions and the ability to generate good cash flow returns for shareholders [8][9] - Market conditions and a company's resilience during economic fluctuations are critical factors in his investment decisions [9][10] Market Dynamics - Wu Xiao identifies three main drivers of the current market: asset scarcity leading to increased interest in high-dividend stocks, improved market liquidity from corporate actions, and a supportive policy environment [15][16] - He believes that while the market has seen rapid gains, it is unlikely to enter a bubble phase similar to 2015, with a stable upward trend expected in the medium term [16]

Group 1 - The fund name is "Zhaoshang Balanced Preferred Mixed Securities Investment Fund" [22] - The fund type is a contractual open-end mixed securities investment fund [2] - The fund manager is Zhaoshang Fund Management Co., Ltd. and the custodian is Bank of Communications Co., Ltd. [2][3] Group 2 - The fund will be publicly offered from September 2, 2025, to September 12, 2025, with the possibility of adjusting the fundraising period [4][28] - The minimum total fundraising amount for the fund is 200 million units [27] - The fund's initial share value is set at 1.00 RMB per share [26][30] Group 3 - The fund has two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees [24][31] - The subscription fee for Class A shares is calculated based on the subscription amount [31] - Investors can subscribe multiple times during the fundraising period, with specific minimum subscription amounts depending on the sales channel [36] Group 4 - The fund's sales institutions include both direct sales and non-direct sales institutions [6][29] - Investors must open a fund account provided by the registration institution to purchase the fund [3] - The fund management company can adjust the sales institutions and announce changes on its website [15]