11月10日，前海开源基金发布公告称，公司创始人暨首任董事长王兆华同志因病医治无效，于2025年11 月10日在西安逝世。 责任编辑：公司观察 来源：基金公告 公开资料显示，王兆华出生于1957年8月，陕西乾县人。他于1980年进入金融系统，从中国人民银行西 安市分行起步，在超过四十年的职业生涯中，历任中国工商银行、华夏证券、开源证券等多家金融机构 主要领导职务，以其卓越的专业能力与战略胆识，为中国资本市场发展作出重要贡献。2013年，王兆华 执掌前海开源基金管理有限公司，带领公司实现从零到千亿级管理规模的跨越。 前海开源基金在公告中表示，王兆华同志的离世是公司的巨大损失，其精神风范将长存于心，公司上下 将化悲痛为力量，继续前行。 ...

Core Viewpoint - The Hong Kong stock market is showing active performance with the Hang Seng China (Hong Kong listed) 30 Index maintaining a high-level consolidation, driven by both technology and high-dividend stocks, indicating a potential bullish trend in the near term [1][5]. Group 1: Market Performance - The Hong Kong stock market has seen significant liquidity improvement this year, with net inflows exceeding 1.3 trillion HKD, marking a record high since the launch of the Hong Kong Stock Connect in 2014 [4]. - The Hong Kong Large Cap 30 ETF (520560) has shown a robust performance, rising over 1% during intraday trading, with a half-day trading volume exceeding 43 million HKD, approaching the total volume of the previous day [1][4]. Group 2: Stock Movements - Notable stock movements include BeiGene (百济神州) rising over 7% driven by performance, and Nongfu Spring (农夫山泉) increasing by 3% to reach a new high, while Alibaba (阿里巴巴-W) and Pop Mart (泡泡玛特) experienced a decline of 2% [3][4]. - The top-performing stocks in the index include BeiGene with a weight of 2.01% and a rise of 7.29%, followed by China Life (中国人寿) and China Resources Land (华润置地) with increases of 4.23% and 4.25% respectively [4]. Group 3: Investment Strategy - The continuous inflow of southbound funds is expected to drive the capital market back to fundamentals and value-driven approaches, supporting a "slow bull" market for Hong Kong stocks [5]. - The investment strategy suggested includes a "barbell strategy," focusing on increasing positions in technology stocks while also emphasizing high-dividend and turnaround stocks [5].

Core Viewpoint - The non-ferrous metal sector is experiencing active trading, with the Non-Ferrous Metal Leaders ETF (159876) showing resilience in the market, indicating potential investment opportunities in this sector [1]. Group 1: ETF Performance - The Non-Ferrous Metal Leaders ETF (159876) saw an intraday increase of 1.34% and is currently up by 0.56%, with significant gains in constituent stocks such as Huayu Mining (over 8%) and China Aluminum (over 5%) [1]. - Since its inception, the index tracked by the Non-Ferrous Metal Leaders ETF has increased by 181.27%, outperforming other indices like the Non-Ferrous Metal Index (164.89%) and the Industrial Non-Ferrous Index (156.47%) [2][3]. Group 2: Growth Potential - The index associated with the Non-Ferrous Metal Leaders ETF is expected to show strong and sustained growth, with a projected year-on-year net profit increase of 54.5% in 2025, leading among similar indices [3]. - For 2026, the index is anticipated to maintain a leading position with a forecasted growth rate of 21.0%, indicating robust mid-term growth potential [3]. Group 3: Market Dynamics - The next two years are projected to be critical for China's electrolytic aluminum production, with a forecasted output of approximately 4,420 million tons by 2025, nearing capacity limits [5]. - The domestic aluminum market is currently in a "fragile balance," with supply and demand remaining stable; however, any increase in demand or supply disruptions could lead to shortages [6]. Group 4: Commodity Outlook - Citic Securities anticipates that supply constraints will drive prices of copper, cobalt, and other commodities higher, while lithium prices may benefit from unexpected demand in energy storage [8]. - The investment interest in commodities is expected to continue, supported by liquidity easing and increased efforts by countries to secure key resources [8]. Group 5: Investment Strategy - The Non-Ferrous Metal Leaders ETF (159876) and its associated funds provide a diversified investment approach across various metals, including copper, aluminum, gold, rare earths, and lithium, which helps mitigate risks compared to investing in single metal sectors [10].

Core Viewpoint - The Hong Kong stock market is experiencing a significant influx of capital, particularly from southbound funds, which have reached record net purchases, indicating strong investor interest in large-cap Chinese stocks listed in Hong Kong [2][3]. Group 1: Market Performance - The three major indices in the Hong Kong stock market opened higher, with the technology sector showing localized activity [1]. - The Hong Kong Large Cap 30 ETF (520560) has shown a strong upward trend, currently up 1.22%, and has stabilized above all short-term moving averages, suggesting a potential consolidation of the bullish short-term pattern [1]. - Over 80% of the constituent stocks in the ETF are experiencing price increases, with notable gains from companies like BeiGene, Xiaomi, and China Life [4]. Group 2: Capital Inflows - Southbound funds have recorded net purchases of Hong Kong stocks for 14 consecutive trading days, with total net inflows exceeding 1.3 trillion HKD this year, surpassing the total for the previous year [2]. - The rise of passive investment strategies in China has made ETFs a significant tool for capital inflow into Hong Kong stocks, further driving market activity [3]. Group 3: Sector Insights - The technology sector is currently concentrated in large-cap stocks, with earnings growth supporting stock performance. The K-shaped economic recovery is expected to benefit the technology sector due to loose liquidity conditions [5]. - Energy and financial sectors are anticipated to continue acting as stabilizers in the market amid the ongoing competition between China's fundamentals and overseas liquidity [3]. Group 4: ETF Launch - The Hong Kong Large Cap 30 ETF (520560) officially launched on November 12, 2023, and is designed to track 30 large-cap Chinese stocks listed in Hong Kong [7]. - The top ten holdings of the ETF account for 72.84% of its total weight, with Alibaba and Tencent being the largest components [7].

Group 1 - The food and beverage sector continues to rise, with the Food ETF (515710) showing a maximum intraday increase of 1.28% and currently up 0.64% [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor brands such as Tianwei Food up over 3% and Yangyuan Beverage up over 2% [1] - Guizhou's government has introduced multiple consumption expansion measures related to liquor, aiming to boost production and consumption during peak holiday seasons [2][3] Group 2 - Analysts highlight that Guizhou's consumption expansion policy aims to deeply integrate liquor consumption with industrial upgrades and cultural promotion, rather than just short-term sales boosts [3] - The food and beverage sector is currently at a historical low valuation, with the Food ETF's underlying index PE ratio at 21.21 times, indicating a favorable long-term investment opportunity [3] - Future projections suggest that the liquor industry may see improvements in financial reports by 2026, with a gradual recovery in demand expected as policy impacts diminish [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end liquor stocks and nearly 40% in other beverage and food segments [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a rebound, with significant trading activity and price increases in related ETFs and stocks [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a price increase of over 3%, surpassing the 20-day moving average, with a trading volume exceeding 2 billion yuan within the first half hour of trading [1]. - Major constituent stocks have shown strong performance, with BeiGene leading with a gain of over 7%, reporting a quarterly revenue of 1.4 billion USD, a 41% increase year-on-year, and a GAAP net profit of 125 million USD, reversing a loss from the previous year [3]. Group 2: Market Trends and Analysis - Recent adjustments in the innovative drug sector have been deemed sufficient in both time and magnitude, with historical data indicating an average correction duration of 30-40 days and a typical decline of around 20% [3]. - The current adjustment has lasted nearly a quarter, with the index down over 20%, suggesting a potential for recovery as institutional investors prepare for next year's allocations [3]. Group 3: Investment Opportunities - CICC highlights a clear trend of Chinese innovative drugs going global, supported by ongoing drug review reforms and favorable domestic conditions, marking a shift from imitation to innovation [4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) is recommended as a primary investment vehicle, tracking the Hang Seng Stock Connect Innovative Drug Select Index, which boasts three key advantages: purity in focus on innovative drugs, significant weight in leading companies, and controlled risks through liquidity management [4][5]. - The ETF has achieved a fund size exceeding 2 billion yuan and has the highest liquidity among similar ETFs, with an average daily trading volume of 474 million yuan since its inception [5].

Core Viewpoint - The domestic AI industry chain is experiencing significant investment opportunities driven by strong policy support, continuous technological breakthroughs, and improving performance metrics [3][4]. Group 1: Investment Trends - The AI-focused ETF (589520) attracted 15.58 million yuan in a single day and has accumulated 43.99 million yuan over the past 10 days, indicating strong investor interest in the domestic AI sector [1]. - Key stocks in the AI sector, such as Cambricon, Lattice Semiconductor, and Foxit Software, have seen gains of over 1% despite market fluctuations [1]. Group 2: Technological Breakthroughs - Domestic AI technology is transitioning from conceptual discussions to practical applications, with significant advancements in large model training using "Chinese chips" [3]. - The year 2025 is anticipated to be a pivotal year for AI Agent commercialization, marking a shift from AI as a supplementary tool to a core productivity driver [3]. Group 3: Performance Validation - Among the 30 stocks in the AI ETF, 20 reported profits, and 22 showed year-on-year growth in net profit, with Cambricon's net profit soaring by 321% year-on-year, highlighting the sector's profitability [3]. Group 4: Policy Support - The new five-year plan emphasizes enhancing "self-reliance in technology" as a core objective, with a focus on "AI+" initiatives, providing robust long-term support for AI and domestic alternatives [3]. Group 5: External Pressures - The geopolitical landscape underscores the importance of technological security, with domestic AI companies accelerating their development to ensure a secure and controllable AI industry [4]. - The release of the Kimi K2 Thinking model by a domestic AI company has outperformed major international models, showcasing the competitive edge of local innovations [4]. Group 6: ETF Characteristics - The AI-focused ETF and its linked funds are strategically positioned to capitalize on the domestic AI industry, with a high concentration in semiconductor stocks, which account for over half of the top holdings [5]. - The ETF offers a lower entry barrier for investors and has a 20% price fluctuation limit, enhancing efficiency during market surges [5].

Group 1 - The food ETF (515710) showed stable performance with a price increase of 0.4% and a trading volume of 19.56 million yuan as of 9:42 AM on November 12 [1] - Key stocks in the ETF included Tianwei Food, Yanjing Beer, and Yangyuan Beverage, with respective gains of 3.56%, 1.85%, and 1.06%. Conversely, stocks like Jiu Gui Jiu, Jin Hui Jiu, and New Dairy exhibited weaker performance, with declines of 1.53%, 1.04%, and 0.87% [1] - Wuliangye emphasized its core competitiveness as a leader in China's strong-aroma liquor sector, highlighting unique natural ecological environments, ancient microbial groups, and traditional brewing techniques [1] - Jiangsu Liquor Association set a target for the province's liquor industry to exceed 100 billion yuan in revenue by 2030, clarifying long-term development goals [1] Group 2 - The liquor industry is currently in a deep adjustment phase, with declining demand affecting manufacturers and slowing performance growth. Companies are proactively reducing supply to balance supply and demand [1] - Open Source Securities noted that the food and beverage sector is nearing a bottom, with most negative factors already released and policy impacts slowing down. Expectations for policy improvements may boost demand [1] - The main theme for the industry in 2026 is expected to be recovery from the bottom, with the pace of recovery linked to macroeconomic conditions. Consumer spending is anticipated to remain resilient, while business consumption may increase with economic activity [1] Group 3 - Huaxi Securities highlighted that the core of the liquor industry lies in its social attributes and price recognition, relying on high gross margins (generally over 70%) and brand building [2] - The industry differentiates itself by price, with high-end liquor catering to identity recognition, while mid-range and real estate liquor achieve growth through structural upgrades [2] - The essence of channel management is maintaining a balance between volume and price, ensuring channel profitability and price stability [2] - The top ten weighted stocks in the food ETF index include Kweichow Moutai, Wuliangye, Yili, Luzhou Laojiao, Shanxi Fenjiu, Haitian Flavoring, Dongpeng Beverage, Yanghe, Jinshiyuan, and Gujing Gongjiu [2]

Core Insights - The newly appointed chairman of the Beijing Stock Exchange, Lu Songbin, revealed reform strategies aimed at optimizing product supply and advancing the index system construction, with the Beizheng 50 Index showing a significant increase of 8.41% on the same day [1] - The Beizheng 50 Index has attracted market attention due to its high elasticity and volatility, leading all major broad-based indices with a monthly increase of 43.8% in October 2024, and a total increase of 154.87% from September 4, 2024, to September 30, 2025, outperforming the Sci-Tech 50 and ChiNext 50 indices by over 20% [2] - The launch of the Huabao Beizheng 50 Index Fund on November 12 aims to provide a core investment tool for the Beijing Stock Exchange, lowering the entry barrier for retail investors to participate with a minimum investment of just 1 yuan [4] Investment Opportunities - The Huabao Beizheng 50 Index Fund is designed to closely track the Beizheng 50 Index, allowing investors to benefit from the growth of high-quality companies listed on the exchange, which focuses on small-cap growth stocks with an average market capitalization of 6.8 billion yuan [4] - The index includes 50 leading companies in strategic emerging industries such as high-end equipment, semiconductors, and biomedicine, indicating strong long-term growth potential [4] - The Beijing Stock Exchange is currently experiencing a dual drive of policy reform and growth catalysts, with the average daily trading volume of the Beizheng 50 Index exceeding 28.9 billion yuan in 2025, an increase of over 800% compared to 2023 [5] Market Dynamics - Regulatory measures, including the "Deep Reform 19 Articles," are being implemented to improve market ecology by reducing trading costs and optimizing market-making mechanisms [5] - The expected net profit growth for the Beizheng 50 Index in 2026 is projected at 50.10%, significantly higher than the 25.12% growth expected for the ChiNext 50 Index [5] - The Huabao Fund's management team has a strong track record, managing over 131.4 billion yuan in equity ETFs as of October 2025, positioning the new index fund as a strategic addition to their offerings [7]

Core Viewpoint - Huashang Fund's product, Huashang Runfeng Flexible Allocation Mixed C, has achieved a remarkable net value growth rate of 215.01% over the past five years, ranking first among its peers [1][4]. Performance Summary - As of the end of Q3 2025, Huashang Runfeng Flexible Allocation Mixed C has consistently delivered positive returns across market cycles since its inception in June 2019, providing a good holding experience for investors [1]. - The fund's performance over various time frames is as follows: - Last five years: 215.01% net value growth rate, ranking 1st among 131 similar funds, with a benchmark return of 13.13% [1]. - Last three years: 159.29% net value growth rate, ranking 2nd among 216 similar funds, with a benchmark return of 21.44% [1]. - Last year: 110.48% net value growth rate, ranking 1st among 313 similar funds, with a benchmark return of 13.74% [1]. - Annual performance since inception: - 2024: 32.77% net value growth rate, benchmark return 11.36% [1]. - 2023: 0.64% net value growth rate, benchmark return -5.47% [1]. - 2022: 2.94% net value growth rate, benchmark return -12.97% [1]. - 2021: 8.52% net value growth rate, benchmark return 1.29% [1]. - 2020: 58.78% net value growth rate, benchmark return 18.27% [1]. - 2019: 6.50% net value growth rate, benchmark return 8.28% [1]. Manager's Investment Philosophy - The fund manager, Hu Zhongyuan, emphasizes a "risk-return ratio priority" investment philosophy, shaped by his unique background in bond trading and investment [1][2]. - His investment system focuses on mid-level industry comparisons without a clear preference for specific industries, relying on subjective value and industry trends as primary judgment criteria [2]. - The portfolio management strategy involves diversified allocation, with no single sector holding exceeding 30%, and a balanced distribution across various segments of the industry chain [2][3]. Fund Management Performance - Huashang Fund's active equity funds have achieved an absolute return rate of 269.62% over the past seven years, ranking 2nd among 118 comparable companies [3]. - The active fixed income funds have reached an absolute return rate of 90.43%, ranking 1st among 108 comparable companies [3]. - The company aims to leverage its active management advantages to enhance research capabilities and provide stable returns for investors in the future [3].