**Featured Topic: Highlights from Four Major Securities Newspapers**

On August 25 (Monday), the main content highlights from today's newspaper headlines are as follows:

**China Securities Journal**

**Government Guidance Funds Become More "Patient" to Meet Tech Innovation Enterprise Needs**

Recently, multiple regions have launched "extended-duration" guidance funds, extending the operational period of government guidance funds. Market participants believe that the trend toward longer operational periods for local government guidance funds will better align with the investment needs of tech innovation enterprises. The formation of patient capital and a long-term funding ecosystem is expected to strengthen the foundation for developing future industries with long investment cycles and high technological barriers.

**Enhanced Financial and Tax Support Expected for Trade-in Policy Acceleration**

Recent State Council executive meetings and the national consumer goods trade-in promotion teleconference have outlined deployments for the next phase of consumer goods trade-in programs, signaling enhanced policy support. Experts indicate that based on current regional optimization and adjustment paths for trade-in policies, future programs may focus on increasing funding support scales and expanding product categories, while further strengthening policy coordination and technological enablement to ensure policy benefits reach consumers directly, effectively expanding domestic demand and boosting consumption.

**Clear Protective Intent: Central Bank Increases Medium-to-Long Term Liquidity Injection Since August**

Data shows that this week (August 25-29), the open market will see 2.077 trillion yuan in reverse repos mature, along with 300 billion yuan in Medium-term Lending Facility (MLF) and 900 billion yuan in outright reverse repos maturing. Experts note that since August, the central bank has conducted outright reverse repo operations twice, maintained net injections through multiple consecutive reverse repo operations, and conducted MLF operations to keep banking system liquidity ample. The central bank will continue using various monetary policy tools to strengthen market liquidity regulation.

**Liquid Cooling Business Boost! Company 300731's H1 Net Profit Surges Over 520%**

On August 24, KeChang XinYuan (300731) disclosed its 2025 interim report. In the first half, the company achieved operating revenue of 541 million yuan, up 43.9% year-on-year; net profit attributable to shareholders reached 17.604 million yuan, up 520.71% year-on-year. According to the announcement, the company's significant H1 performance growth was mainly driven by rapid growth in its new energy vehicle battery thermal management liquid cooling plate business and overseas telecommunications business.

**Shanghai Securities News**

**New Policy Financial Instruments "Ready to Launch" to Expand Effective Investment**

Recently, the National Development and Reform Commission will report for approval to accelerate the establishment and deployment of new policy financial instruments. Multiple regions are also actively "preparing" for related project reserve and application work. Wu Yaping, a researcher at the Investment Institute of the National Development and Reform Commission, told reporters that new policy financial instruments are "quasi-fiscal" tools, with government-determined funding directions that should operate in a market-oriented manner. He expects new policy financial instruments to focus on supporting emerging industries and infrastructure projects, and under multi-factor support, infrastructure investment will rebound in the second half, continuing to play an economic stabilizing role.

**Beijing Stock Exchange Companies Welcome Research Heat During Interim Report Season, Institutions Focus on Innovation and Growth Themes**

Research content focuses on core issues including corporate performance growth drivers, new product layouts, capacity expansion, and overseas market development. Multiple companies clearly stated they will continue increasing R&D investment and actively expand into high-potential sectors such as new energy, semiconductors, and overseas markets, demonstrating strong development intentions.

**Configuration Value Continues to Emerge, Multiple Hong Kong Stock ETFs Break Through 10 Billion Yuan Scale**

Since the beginning of this year, the Hang Seng Index has performed brilliantly, becoming one of the best-performing major global indices. According to statistics, as of August 21, multiple Hong Kong stock ETFs have broken through 10 billion yuan in scale, indicating high market enthusiasm for Hong Kong stock allocation. From the current standpoint, multiple institutions believe Hong Kong stock valuations still have repair potential, and against the backdrop of AI technological innovation, policy support, and increased attractiveness of high-dividend assets, Hong Kong stock upward momentum is expected to continue.

**Public Fund Fixed Income+ "Bridges" New Path for Household "Deposit Migration"**

CITIC Securities research statistics show that since this year, wealth management product scale growth has been lower than the same period last year. Especially after equity market rises, wealth management scale decline has further accelerated, potentially indicating household deposits are undergoing "reallocation" from wealth management products to equity assets. Additionally, household deposits decreased by 1.1 trillion yuan in July. CITIC Securities research believes that combined with recent A-share market performance, the probability of household deposits flowing to equity assets is relatively high.

**Securities Times**

**Central Bank: Will Conduct 600 Billion Yuan MLF Operation Today with 1-Year Term**

The People's Bank of China will conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation. According to the central bank's website, to maintain ample banking system liquidity, on August 25, 2025 (Monday), the People's Bank of China will conduct a 600 billion yuan MLF operation with a 1-year term through fixed quantity, rate bidding, and multiple price winning methods.

**Maximum Increase Over 5 Times! A-Share Earnings Disclosure Peak Approaching**

A-share listed company interim reports are gradually being disclosed, with companies showing outstanding performance emerging continuously. According to the scheduled disclosure timetable, nearly 30 listed companies disclosed interim reports on the evening of August 24. From disclosed companies, KeChang XinYuan, Anshuo Information, Jiuyuan Yinhai, and JuXin Technology showed strong performance with net profit growth exceeding 100%.

**Heavy Investment in Artificial Intelligence: Themed Funds Welcome "Different Scenery"**

Funds that were "hiding from the bull market" in artificial intelligence (AI) sectors in June and July have now staged a beautiful comeback. At that time, the pharmaceutical sector saw "doubling funds" emerge, while AI sector funds performed poorly. Subsequently, market themes switched, and AI-themed funds began gaining ground. In less than three months, many fund managers have risen from loss-making positions to market center stage.

**Newly Established Funds Actively Build Positions and Enter Market, Fund Managers Highlight Volatility Risks**

With rising equity market enthusiasm, many newly established funds have seized opportunities to enter the market. As of August 22, 28 floating fee rate funds were recently established, with the highest weekly return (August 18-22) approaching 8%. Other active equity funds established since mid-August all showed net value fluctuations during the week. Funds established in July showed more obvious net value fluctuations, with maximum weekly returns approaching 7%. Additionally, recently listed stock ETFs rapidly increased stock positions in just a few days from publishing listing announcements to official listing.

**Securities Daily**

**Powell Turns "Dovish": Fed Rate Cut Window May Open**

According to Xinhua Finance, Fed Chairman Powell spoke at the annual economic symposium in Jackson Hole, Wyoming on August 22, suggesting that despite current upward inflation risks in the US, the Fed may still cut rates in coming months. Bai Xue, Senior Deputy Director of Orient Credit Research and Development Department, told Securities Daily reporters that Powell's speech focused on employment market risks and policy framework adjustments, releasing clear "dovish" signals and opening a policy window for Fed rate cuts in September.

**Core Data for Broker ETF-Related Business in July Released**

Currently, brokers are focusing on ETF (Exchange Traded Fund) business and increasing deployment efforts. Securities Daily reporters learned from brokers that recently, Shanghai and Shenzhen stock exchanges respectively disclosed to institutions the latest core data for brokers' brokerage business in the ETF sector for July, covering key indicators such as trading volume and trading account numbers. From various core indicators, broker ETF-related business competition shows characteristics of stable leading broker positions and small-to-medium brokers striving to break through.

**Multiple Regions Prepare for "Golden September, Silver October" Real Estate Market Stabilization**

The traditional "Golden September, Silver October" real estate sales peak season is approaching, bringing renewed market attention to the real estate sector. Since this year, central and local governments have continuously strengthened policy efforts to promote real estate market stabilization and recovery. According to China Index Academy statistics, in the first seven months of this year, regions nationwide issued over 370 real estate-related policies. The real estate policy "combination punch" has achieved positive results, with Ministry of Housing and Urban-Rural Development data showing year-on-year growth in total new and second-hand housing transactions in the first half.

**Delisting is Not a "Get-Out-of-Jail-Free Card"**

Recently, three delisted companies were administratively penalized, drawing market attention. Tahoe Group, Huatie Co., and Meishang Ecology, which were previously delisted for touching trading-related delisting indicators, were still administratively penalized by local securities regulatory bureaus about 1-2 years after delisting due to information disclosure violations during their listing periods. All three companies and related responsible parties received heavy penalties.