● 本报记者 昝秀丽 当前，外资配置中国资产意愿增强。证监会最新数据显示，截至9月底，合格境外投资者（QFII）数量 已达913家，今年以来新增53家。 从持仓表现看，外资对中国资产的配置积极性回升。瑞银统计数据显示，投资范围不同的基金（全球/ 新兴市场/亚洲）三季度均小幅提高中国仓位。全球前40大投资机构的中国股票持仓也升至1.1%，为 2023年一季度以来的最高水平。 此外，主动型外资基金的参与度提升。瑞银投资银行中国股票策略研究主管王宗豪说："我们跟踪约800 只将中国股票纳入其基准的主动型外国基金，它们共持有2700亿美元的中国股票。在这些基金中，截至 三季度末，145只基金还未持有任何中国股票，低于今年二季度的167只基金。" 作为A股重要资金力量，今年以来外资配置力度持续加大。从A股上市公司三季报看，Wind数据显示， 截至三季度末，QFII已进入856家公司的前十大股东行列，持股市值合计超1500亿元，较二季度末增加 超60亿元。（下转A02版） （上接A01版）外资机构的增资行为进一步印证了增配趋势。例如，富达基金管理（中国）有限公司日 前发生工商变更，注册资本由1.82亿美元增至2亿美元，增 ...

Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][3][5]. Industry Development - The public fund industry has evolved into a crucial institutional investor in the capital market, contributing to the real economy, promoting common prosperity, and maintaining financial stability [1]. - The industry aims to enhance investor satisfaction as a primary focus, improving research and investment capabilities to better serve investors and meet their long-term wealth management needs [1][5]. Recent Reforms - A series of significant reforms have been implemented in the public fund industry, including fee rate adjustments, strengthening performance benchmarks, and restructuring research and investment systems, which have shown positive results [1][2][3]. - Companies like Guotai Fund and HSBC Jintrust have actively reduced management fees and other costs to benefit investors, while also enhancing investor experience through improved service quality and diversified product offerings [2][3]. Wealth Management Trends - The public fund industry recognizes a shift in wealth management needs, moving from single asset allocation to diversified investments, and from short-term speculation to long-term, stable returns [4][6]. - The industry anticipates that the capital market will become a primary vehicle for wealth management as real estate transitions back to its residential role, prompting residents to seek new investment avenues [3][4]. Enhancing Investor Experience - The industry is committed to improving investor experience by focusing on long-term sustainable returns, establishing performance evaluation mechanisms that prioritize long-term gains over short-term metrics [6][7]. - Companies are adopting strategies that emphasize product innovation, investor education, and enhanced service standards to foster a better investment experience and reduce irrational trading behaviors [6][7]. Future Outlook - The public fund industry is entering a new phase of high-quality development, shifting from a scale-oriented approach to one that prioritizes investor interests and value creation [7]. - The focus will be on long-term investment strategies and maintaining a strong alignment between product performance and investor outcomes, ensuring that the industry meets evolving wealth management demands [7].

Monetary Policy Implementation - The People's Bank of China emphasizes the need for a moderately accommodative monetary policy to maintain relatively loose social financing conditions [1][2] - The report highlights the importance of balancing short-term and long-term goals, supporting economic growth while managing risks, and ensuring internal and external equilibrium [1][2] Financial Environment and Tools - The report calls for the use of various monetary policy tools to ensure ample liquidity and to guide banks in maintaining stable credit support [2][3] - It stresses the need for a scientific approach to financial total indicators, shifting focus from loans to social financing scale due to changes in financing structure and economic transformation [2][3] Interest Rate and Market Mechanisms - The report advocates for deepening interest rate marketization reforms to enhance the transmission channels of monetary policy [2][3] - It emphasizes the importance of maintaining reasonable interest rate relationships to improve the effectiveness of monetary policy and reduce arbitrage opportunities [3] Structural Monetary Policy Tools - As of September, the balance of structural monetary policy tools supporting key areas was 3.9 trillion yuan, with loan growth in related sectors exceeding 10% [4] - The report highlights the rapid growth of loans in the pension industry, approaching 60%, indicating a diverse range of covered subjects [4] Financial Risk Management - The report outlines the need for a comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution [4][5] - It calls for enhancing the macro-prudential management of systemically important financial institutions and expanding the coverage of additional regulatory measures to non-bank sectors [5]

Core Insights - The essence of investing is to understand the business behind the stock, which is often challenging [1][3] - Investment should focus on a few companies that one truly understands rather than frequent trading [1][2] Investment Philosophy - The principle of "do not invest in what you do not understand" is central to the investment philosophy [3] - Emphasis on corporate culture, particularly user orientation, is crucial for evaluating companies like Apple [4] - The concept of "not doing" is highlighted as a significant factor in avoiding mistakes and enhancing decision-making [4] Investment Experience - Notable investments include early stakes in NetEase, Yahoo, Apple, Kweichow Moutai, and Tencent, with Apple being a significant recent holding [2] - The investment in General Electric is acknowledged as a mistake due to a poor understanding of its business model [2] Advice for Ordinary Investors - Rationality is deemed more important than cleverness in investment decisions [5] - Ordinary investors are encouraged to focus on a few companies they understand rather than spreading their investments too thin [5] - Current market conditions are approached with caution, particularly regarding the valuation of Apple [5] Philanthropic Activities - Recent donations include a 220 million RMB contribution to Beijing Normal University for educational development [6] - A donation of 15 million RMB worth of Kweichow Moutai shares was made to support educational initiatives at Jiangxi University [6]

Core Viewpoint - *ST Zhengping has completed the stock trading suspension verification and will resume trading on November 12, 2023, despite facing significant uncertainties in mineral resource extraction capabilities and the risk of delisting due to an audit report that cannot express an opinion for the 2024 annual report [1][5]. Group 1: Stock Trading and Performance - *ST Zhengping's stock was suspended from trading on October 29, 2023, after a closing price of 6.79 CNY per share, with a market capitalization of 4.75 billion CNY [1]. - The stock experienced a remarkable increase of over 150% since September, with a cumulative rise of 152.42% from September 1 to October 28, 2023, and achieved 21 trading limit-ups in 29 trading days [4]. - The company has issued 13 risk warning announcements due to abnormal stock trading fluctuations [4]. Group 2: Operational Status and Financial Health - The verification results indicate that the company has cleared non-operating fund occupation, but there are significant uncertainties regarding future development due to insufficient mineral resource extraction capabilities [5]. - For the fiscal year 2024, *ST Zhengping reported an operating income of 1.362 billion CNY and a net loss attributable to shareholders of 484 million CNY [6]. - In the first three quarters of 2025, the company achieved an operating income of 652 million CNY, a year-on-year decrease of 20.92%, with a net loss attributable to shareholders of approximately 99.76 million CNY [6]. Group 3: Delisting Risks - The company is under delisting risk warnings due to limited audit scope and a negative opinion on internal controls for the 2024 annual report, which could lead to termination of listing if issues are not resolved by 2025 [5]. - The stock has been subject to multiple risk warnings, including a change in its trading name to *ST Zhengping due to these financial concerns [5].

最新核查结果显示，*ST正平目前生产经营情况正常，未发生重大变化，未发现其他可能对公司股价产 生较大影响的重大事件。 11月11日晚，"29天21板"牛股*ST正平发布《关于股票交易停牌核查结果暨复牌的公告》称，公司股票 交易情况相关核查工作已完成，经申请，公司股票将于11月12日（星期三）开市起复牌。 核查结果显示，公司非经营性资金占用已清偿完毕，但矿产资源开采能力不足，后续开发存在重大不确 定性。此外，公司面临终止上市风险，因审计范围受限等原因，2024年年报被出具无法表示意见的审计 报告。公司提醒投资者理性投资，注意二级市场交易风险。 *ST正平股票于10月29日开市起停牌。10月28日，公司股价收盘报6.79元/股，最新市值为47.5亿元。9月 以来，*ST正平股价涨幅超150%。 两次停牌核查 数据显示，*ST正平股价自9月1日至10月28日累计涨幅高达152.42%，29个交易日共收获21个涨停板，5 次触及股票交易异常波动。面对炒作，公司已累计发布13次股票交易风险提示公告。 10月28日晚，公司公告称，因股价上涨过快，为维护投资者利益，公司股票将自10月29日起停牌核查， 预计停牌时间不超过1 ...

Core Insights - The 2025 "Double 11" shopping festival showcases a vibrant consumer market with significant sales growth across major e-commerce platforms, indicating a recovery in overall consumption [1][2] - The competition among platforms has shifted from merely focusing on sales volume to enhancing user retention, merchant empowerment, and technological implementation [1][4] Group 1: Sales Performance - Taobao Tmall achieved over 1 billion yuan in sales within the first hour for 80 brands, while over 30,000 brands saw their sales double [2] - Douyin e-commerce reported a 500% year-on-year increase in sales through live streaming, with over 41,000 merchants participating [2] - Fliggy's travel products surpassed 1.6 million units sold, reflecting a shift in consumer behavior towards service-oriented purchases [3] Group 2: Consumer Trends - The current "Double 11" emphasizes rational purchasing, experiential shopping, and diverse scenarios, moving away from simple price competition [1][6] - There is a notable rise in service-oriented consumption, with consumers increasingly opting for experiences over physical goods [3][6] - Personalized consumption is on the rise, with new brands and niche products gaining traction, indicating a shift towards more individualized consumer preferences [6][7] Group 3: Technological Advancements - AI and instant retail capabilities are becoming core competitive advantages for platforms, enhancing user experience and operational efficiency [4][5] - Taobao Tmall is leveraging AI to optimize traffic distribution and improve search relevance and recommendation accuracy [4] - JD.com is utilizing its "super supply chain" and AI models to enhance logistics and service delivery, ensuring timely fulfillment even in rural areas [4] Group 4: Membership Economy - The value of membership programs is becoming increasingly evident, with high-value users showing strong loyalty and engagement, shifting the focus from traffic-driven growth to deep user engagement [7]

Core Insights - The 2025 "Double 11" shopping festival showcases a vibrant consumer market with significant sales growth across major e-commerce platforms, highlighting a shift towards rational purchasing and diverse experiences [1][3][6] Group 1: Sales Performance - Taobao Tmall achieved over 1 billion yuan in sales within the first hour across 80 brands, while JD.com saw a 24.7% year-on-year increase in active users [1][2] - Douyin e-commerce reported a 500% year-on-year growth in live sales, with over 41,000 merchants participating [1][2] - Fliggy's travel products surpassed 1.6 million units sold, indicating a shift in consumer focus from physical goods to service experiences [1][3] Group 2: Competitive Strategies - E-commerce platforms are adopting straightforward discount strategies, with Taobao Tmall and Douyin e-commerce offering direct price reductions and coupons, reflecting an understanding of consumer demand for transparency [2][3] - The integration of AI technology and instant retail capabilities is becoming a core competitive advantage, with platforms like Taobao Tmall and JD.com enhancing user experience through improved logistics and personalized recommendations [4][5] Group 3: Consumer Trends - The rise of service-oriented consumption is evident, with consumers increasingly purchasing travel services and experiences rather than just physical products [3][6] - New consumer forces are emerging, with hundreds of new brands gaining traction on platforms like Tmall, indicating a shift towards niche markets and personalized products [6][7] - Health-conscious consumption is on the rise, with significant sales growth in health-related products and a broader understanding of health management among consumers [6][7] Group 4: Membership Economy - The value of membership programs is becoming more pronounced, with high-value users showing strong loyalty and engagement, prompting a shift from traffic-driven strategies to deeper user engagement [7]

Core Viewpoint - Anke Bio has entered into a strategic partnership with Boshengji Pharmaceutical Technology, marking a significant upgrade from previous collaborations to a comprehensive partnership involving capital investment and commercial operations [1][4]. Group 1: Investment and Partnership Details - Anke Bio will invest an additional 30 million yuan in Boshengji, becoming the second-largest shareholder [1][4]. - The partnership includes exclusive agency rights for Anke Bio to market Boshengji's core product, PA3-17 injection, nationwide [1][3]. Group 2: Product and Clinical Development - The collaboration focuses on PA3-17 injection, the world's first targeted CD7 CAR-T cell therapy product approved for clinical trials, developed by Boshengji's subsidiary [3][4]. - PA3-17 injection has shown promising safety and efficacy in Phase I clinical trials for patients with relapsed/refractory T-ALL and T-LBL [3][4]. - The product is included in the National Medical Products Administration's list of breakthrough therapies and is entering the critical Phase II clinical trial stage [3][4]. Group 3: Strategic Implications - The agreement extends beyond PA3-17 injection, granting Anke Bio priority agency rights for future innovative products from Boshengji [4]. - Anke Bio's established marketing system and commercial experience are expected to facilitate rapid market penetration for PA3-17 injection [4]. - This dual approach of "capital investment + exclusive agency" is seen as a strategic move to accelerate the commercialization of innovative drugs in the CAR-T therapy sector in China [4].

他表示，量化行业的底层逻辑，在于对A股市场的长期信心，以及对中国经济基本面、资本市场改革进程与政策支持力度 的认可；量化行业唯有夯实合规基础，方能实现长期健康发展。 以下为吕杰勇在会上发表的主要观点： 锚定A股长期价值机遇，量化业绩与策略优势凸显 2021年四季度至2024年四季度，市场经历三年调整周期。从均值回归视角来看，市场具备较长周期的上涨需求。自去年9月 24日起，市场指数与量化策略均呈现良好表现，伴随市场情绪改善与活跃度提升，为量化超额表现的获取创造了有利条 件。 本年度，量化指增类产品的行业平均收益率超40%，市场中性类产品收益率普遍在10%以上，从历史维度分析，本年度属 于量化行业整体运营环境较好的年份。 11月8日，由中国证券报主办的"2025证券业高质量发展大会暨金圆集团杯·证券业金牛奖颁奖典礼"在福建厦门举行。 在"中国资产崛起，论道2026年资本市场新机遇"主题圆桌对话环节，平方和投资创始人、总经理吕杰勇，围绕本年度量化 投资表现、程序化交易监管新规、2026年市场展望等议题发表最新观点。 圆桌对话现场 主流量化策略（如平方和投资所采用的策略）核心在于选股而非择时，重点布局具备价值的优质 ...