投顾周刊：公募机构大力布局增强指数型基金

Group 1 - The expansion of investment areas with local special bonds injected into government investment funds, with 27 provinces planning to issue approximately 777.1 billion yuan in local bonds, including 460.1 billion yuan in new special bonds [1] - Public fund institutions are actively increasing their layout of enhanced index funds, with over 100 new enhanced index funds issued this year, surpassing the total number issued in 2023 and 2024 [1] - Star fund manager Liu Gesong's latest portfolio adjustment reveals a shift towards a more diversified investment preference, including increased exposure to Hong Kong stocks and new economy sectors [2] Group 2 - Hedge funds have reached a two-year high in their net positions in Chinese stocks, with a net buying volume in August marking the highest since September 2024 [2] - The second batch of Sci-Tech Innovation Bond ETFs has been approved, with 14 fund companies participating, filling a gap in the "technology finance" bond fund sector [3] - The U.S. and South Korea are at an impasse regarding the details of a $350 billion investment fund, which is a core component of a broader trade agreement [4] Group 3 - Global central banks' gold reserves have surpassed U.S. Treasury securities for the first time since 1996, marking a significant shift in reserve asset preferences [4] - Recent performance of major stock indices shows a strong upward trend, with the Shanghai Composite Index rising by 1.52% and the Hang Seng Index increasing by 3.82% during the week of September 8-13, 2025 [6] - The bond market in China exhibited mixed results, with the 10-year government bond yield rising by 4.10 basis points, indicating pressure on long-term bonds [8] Group 4 - The recent week saw a diverse performance in the commodity market, with gold and silver prices rising significantly, while oil prices also rebounded [11] - The bank wealth management market is dominated by fixed-income and pure debt products, with fixed-income plus products accounting for 55.70% of new issuances [12] - Bank wealth management subsidiaries continue to lead the market, issuing 461 new products, which represents 75.08% of the total new issuances [12]