Heaven-Gifted Solid Foundation Daily, Issue No. 492

I. Today's Fund News Overview

1. Money Market and Bond Funds Suspend Subscriptions and Other Services in Dense Waves

As of now, since the beginning of September, over 50 funds have announced that they will suspend related business during the Mid-Autumn Festival holiday, including money market funds, bond funds, and interbank certificate of deposit index funds. Overall, these products will cease business operations starting from September 12th and will automatically resume from September 18th. If investors wish to continue subscribing to money market and bond funds, it is recommended to do so before the holiday arrives. (Source: Beijing Business Daily)

2. Over 300 Funds Exit Within the Year

Choice data indicates that as of September 10th, a total of 327 funds have been liquidated within the year. Yesterday (September 10th), five funds announced liquidation on the same day. It is worth noting that this year's fund market has also seen a number of "short-lived funds," with an accelerated pace of fund liquidation—by September 10th, 23 funds that were established for less than a year have entered the liquidation process. (Source: International Financial News)

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3. Two General Manager-Managed Funds Fall to "40-Cent Funds"

According to statistics, this year, two funds managed directly by general managers have fallen to "40-cent funds," with losses exceeding 40% within the year, and their performance is at the bottom of their peer group. (Source: Caixin Media)

II. Latest Updates from Well-Known Fund Managers

1. Gu Fanding: Dynamic Allocation of Crude Oil and GoldCITIC Prudential Fund Manager Gu Fanding recently stated in an interview that different proportions of crude oil and gold should be allocated in different economic stages. In the medium to long term, the global inflation center is expected to rise further, making the allocation of commodity assets increasingly significant.

In the short term, Gu Fanding believes that the speculative sentiment in the gold market remains high, and it is necessary to be vigilant about the fluctuations caused by the withdrawal of arbitrage funds. From a medium to long-term perspective, with the continuous decline of the US dollar's credit, increasing geopolitical uncertainties, and the high probability of the Federal Reserve starting to cut interest rates in the near future, there is still room for gold prices to rise.

Regarding crude oil, Gu Fanding said: "On the supply side, OPEC is likely to maintain current production; on the demand side, the market has not seen a significant trend rebound; on the inventory side, US crude oil inventories are at a historically low seasonal central level. Overall, crude oil may have a certain probability of showing a volatile trend."

III. Today's ETF Market Review

1. ETF Market Recap

The market fluctuated and diversified throughout the day, with the Shanghai Composite Index down 0.82%, the Shenzhen Component Index up 0.39%, and the ChiNext Index up 1.19% at the close. The turnover of Shanghai and Shenzhen markets today was 499.6 billion yuan, a reduction of 28 billion yuan compared to the previous trading day. In terms of sectors, battery and photovoltaic sectors led the gains, while e-commerce and education sectors led the declines.

Specifically, new energy track stocks rebounded collectively, with solid-state battery concept stocks becoming active, and shares of Lian Chuang Co., Ltd. and Defu Technology hitting the daily limit up; charging pile concept stocks fluctuated and rose, with shares of Jin Guan Co., Ltd. and Aote Xun hitting the daily limit up. Driven by this, the Battery ETF strengthened, and the New Energy Vehicle ETF also performed brightly, with a maximum increase of 4.24%.

On the downside, the Power ETF corrected across the board, with a maximum decline of 3.23%.

2. ETF Thematic Opportunities

With the gradual introduction of local trade-in policies, terminal prices have begun to stabilize, and consumer sentiment of holding cash and watching has further eased, with car market sales picking up in August. At the same time, as the energy structure of the new energy vehicle market changes, the penetration rate of new energy passenger car wholesale sales reached 48.9%, and the seasonal trend of the new energy vehicle market is gradually differentiating from that of traditional fuel vehicles. The heat of the new energy vehicle market in August has risen, and it is expected to continue to strengthen. Products such as New Energy Vehicle ETF and Smart Electric Vehicle ETF can be considered for attention.