Core Insights - The Chinese ETF market has rapidly surpassed 5 trillion yuan, indicating significant growth potential compared to overseas markets [1][2] - The long-term outlook for the Chinese stock market is optimistic, with a recommendation for a "core-satellite" asset allocation strategy to manage market volatility and achieve wealth growth [1][3] ETF Market Potential - ETFs have become a crucial tool for asset allocation, covering a wide range of indices including A-shares, semiconductor sectors, and international markets like Nasdaq and S&P 500 [2] - The company focuses on two main ETF strategies: global macro quantitative ETF rotation and ETF arbitrage, aiming to provide stable returns while managing risks [2] - The investment philosophy emphasizes proactive strategy design, incorporating risk management mechanisms from the outset to enhance adaptability during market fluctuations [2] Outlook on the Chinese Stock Market - The Chinese stock market is seen as increasingly important for wealth accumulation, especially as the real estate market stabilizes [3] - The ongoing registration system reform and rising institutional investor participation are leading to a profound revaluation of market assets, favoring those with core competitiveness [3] - A layered allocation strategy is recommended, combining low-volatility ETF arbitrage for liquidity with long-term investments in growth-oriented strategies [3]

11月28日，由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经济研究院提供独家学术支持 的"2025量化行业高质量发展大会暨金融科技·量化机构金牛奖颁奖典礼"在上海徐汇西岸举行。大会 以"创新驱动·责任担当"为主题，深入探讨人工智能（AI）等新技术如何重塑量化投资生态。 会上同步揭晓了作为2025证券业金牛奖重要组成部分的"金融科技·量化机构金牛奖"获奖名单，48家机 构凭借卓越表现脱颖而出。 从"速度"到"智能"演进 在论坛上，华鑫证券副总经理、首席信息官王习平分享了证券公司视角下的金融科技实践路径。他介 绍，自2017年提出"金融科技引领业务发展"战略以来，公司选择从提升二级市场投资效率切入，以"速 度"为突破口打造量化投资基础设施。 "在打造极速系统时，我们更注重系统性度量与全局优化，而非单一指标的竞争。"王习平表示，公司通 过平衡速度、容量与延时等指标，最终实现整体投资效率的提升。基于速度优势，公司进一步构建了包 含仿真演练平台在内的技术体系，通过低成本试错机制推动系统持续迭代升级。同时，通过与智能终 端、数字分析等领域的合作伙伴协同，华鑫证券实现了从单一系统到完整投资生态的演进。 王习平透露 ...

Core Insights - The conference themed "Innovation Driven, Responsibility Undertaken" highlighted the significant role of quantitative investment in reshaping the financial ecosystem through the integration of technology and finance [1][4] - The industry is entering a golden development period characterized by innovation and responsibility, with a focus on enhancing financial service quality and supporting the real economy [1][2] Industry Trends - Quantitative investment is seen as a core engine for improving financial service efficiency, driven by advancements in AI, big data, and high-performance computing [1][3] - The shift from human-driven to AI-enabled investment research is transforming the industry's foundational logic, emphasizing the need for a balance between speed, capacity, and latency in investment efficiency [2][3] Technological Integration - The integration of AI technology into the investment research process is crucial for enhancing decision-making quality rather than replacing human judgment [3] - Companies are encouraged to pursue a "chemical fusion" of technology and investment expertise to create a differentiated competitive advantage in the digital era [3] Event Highlights - The conference served as an effective dialogue platform for the quantitative industry, fostering discussions on innovation pathways and consensus on key issues such as AI governance and compliance risk management [4]

Group 1 - The conference highlighted the theme of "Innovation Driven, Responsibility Undertaken," focusing on the integration of financial technology and quantitative investment to enhance business development and promote high-quality growth in the capital market [1][2] - The quantitative investment sector in China is experiencing a golden development period characterized by innovation and responsibility, driven by a large market capacity, advancing financial technology, and an improving regulatory environment [2][3] - AI technology is reshaping the foundational logic of financial research and investment, transitioning the industry from human-driven processes to intelligent empowerment, with firms like Huaxin Securities launching AI-enabled platforms to enhance research and investment workflows [2][3] Group 2 - The conference featured discussions on the impact of AI on quantitative investment and the importance of integrating technology deeply into business processes to create a competitive advantage [3] - The 2025 Financial Technology and Quantitative Institution Golden Bull Awards were announced, recognizing 48 institutions across various categories, including macro quantitative strategies and fundamental quantitative strategies [4][5] - The awards aim to build a professional evaluation ecosystem in the financial technology sector, focusing on the development needs of the domestic quantitative industry and establishing a scientific evaluation system [5]

Core Viewpoint - Several small and medium-sized public fund companies in China, including Yimin Fund, Founder Fubon Fund, and China Merchants Securities Asset Management, have followed Yingda Fund in abolishing their supervisory boards, allowing the audit committee of the board to assume the supervisory functions. This trend is seen as a move towards internal optimization within the legal framework, aimed at reducing operational costs and streamlining processes [1][2][4]. Group 1: Company Actions - On November 26, China Merchants Securities Asset Management announced the establishment of an audit committee within its board to take over the functions of the supervisory board, thereby abolishing the position of employee supervisors [2]. - Yimin Fund also announced on November 22 the abolition of its supervisory board, with the audit committee taking over the supervisory functions [2]. - Yingda Fund was the first in the public fund industry to abolish its supervisory board in July, indicating a shift in operational structure [2][3]. Group 2: Legal Framework and Implications - The new Company Law, effective from July 1, 2024, allows limited liability companies and joint-stock companies to establish an audit committee within the board to perform the functions of the supervisory board, thus eliminating the need for a supervisory board [3][6]. - The supervisory board's primary functions include financial inspection, supervision of directors and senior management, and proposing the convening of temporary shareholder meetings, among others [4]. Group 3: Industry Trends and Future Outlook - The trend of abolishing supervisory boards is expected to continue, with more fund companies likely to follow suit, especially as major shareholders like banks and securities firms also move in this direction [6][7]. - The decision to abolish supervisory boards is seen as a way to simplify workflows and reduce operational costs, particularly for personal and state-controlled fund companies [7].

Core Viewpoint - The recent trend of fund companies in China, including Yimin Fund, Founder Fubon Fund, and China Merchants Securities Asset Management, to abolish their supervisory boards reflects a broader industry shift towards internal optimization and cost reduction, following the lead of Yingda Fund, which was the first to do so [1][2][6]. Group 1: Company Actions - Yingda Fund was the first public fund company to abolish its supervisory board in July 2023, stating that this decision was a normal operational matter [2]. - On November 22, 2023, Yimin Fund announced the abolition of its supervisory board, with the audit committee of the board taking over its responsibilities [1]. - China Merchants Securities Asset Management also announced on November 26, 2023, that it would no longer have a supervisory board, delegating its functions to the audit committee [1]. Group 2: Legal Framework - The new Company Law, effective from July 1, 2024, allows limited liability companies and joint-stock companies to establish an audit committee within the board to perform the functions of a supervisory board [2][5]. - The China Securities Regulatory Commission has set a transition period until January 1, 2026, for securities and fund companies to choose between maintaining a supervisory board or an audit committee [5]. Group 3: Reasons for Abolishing Supervisory Boards - The decision to abolish supervisory boards is primarily driven by the need to reduce costs and improve efficiency, as the functions of the audit committee overlap significantly with those of the supervisory board [3][4]. - The effectiveness of supervisory board members has been questioned, with many internal supervisors lacking the professional capacity to contribute meaningfully to corporate governance [3][4]. Group 4: Future Trends - There is an expectation that more fund companies will follow suit in abolishing their supervisory boards, particularly as major shareholders like banks and brokerages also move in this direction [6][7]. - The trend is likely to continue, especially among personal-owned fund companies, which aim to streamline operations and reduce costs [7].

由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经济研究院提供独家学术支持的2025量化行业高质量发展大会暨金融科技·量化机构金牛奖 颁奖典礼，将于11月28日在上海徐汇西岸举行。 本次大会以"创新驱动·责任担当"为主题，将围绕AI技术应用、GPU算力升级、合规风控等前沿议题展开深度对话，共同探索证券行业发挥金融+技术优 势、助力新质生产力发展的路径。 金融科技·量化机构金牛奖的评选，旨在以服务国家金融战略为核心，构建金融科技领域专业评价生态；聚焦国内量化行业发展需求，建立并完善科学评 价体系，搭建高效交流合作平台。 -12 11 . . us on woma JE t to 2025.11.28 ・上海 会上，金融科技·量化机构金牛奖获奖榜单将揭晓，包括五年期金牛量化机构（指数增强策略）、三年期金牛量化机构（指数增强策略）、三年期金牛量 化机构（宏观量化策略）、年度金牛量化机构（宏观量化策略）、三年期金牛量化机构（基本面量化策略）、年度金牛量化机构（基本面量化策略）等。 作为2025证券业金牛奖的重要组成部分，金融科技·量化机构金牛奖坚持公开、公平、公正的原则，采用定量与定性相结合的方法，对不同类型参 ...

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

Group 1 - The brokerage sector showed positive fluctuations on November 24, with the top brokerage ETF (512000) increasing by 0.36%. Notable gains were seen in Guosheng Securities (over 3%) and Huaxin Securities and Industrial Securities (over 2%) [1] - The brokerage ETF (512000) attracted significant inflows of 663 million yuan in the previous two days amid market adjustments [1] Group 2 - China International Capital Corporation (CICC) announced on November 19 its plan to merge Dongxing Securities and Xinda Securities through a share swap, aiming to consolidate resources under the Huijin system and enhance comprehensive service capabilities. Post-merger, total assets may exceed 880 billion yuan, positioning the company as the fourth largest in net assets within the industry, with improved rankings in investment banking and proprietary trading [3] Group 3 - Guotai Junan Securities indicated that market risks have significantly diminished, suggesting that the Chinese stock market has entered a value investment phase, reflecting institutional optimism about the long-term development of the capital market [4] - Ping An Securities noted that the brokerage sector possesses beta attributes in both valuation and performance, benefiting from the new round of capital market reforms, indicating substantial growth potential. Xinda Securities highlighted the overall low valuation of the financial sector, with a high probability of performance elasticity. Increased inflows of resident funds are expected to yield excess returns, with the brokerage sector likely benefiting from a bull market [5] - The brokerage ETF (512000) and its linked fund (C: 007531) passively track the securities company index, with the top ten weighted stocks including Dongfang Caifu, CITIC Securities, Guotai Junan, Huatai Securities, Guangfa Securities, China Merchants Securities, Dongfang Securities, Shenwan Hongyuan, Industrial Securities, and Guoxin Securities [5]

券商ETF（512000）及其联接基金（联接C：007531）被动跟踪证券公司指数，该指数前十大权重股分 别为东方财富、中信证券、国泰海通、华泰证券、广发证券、招商证券、东方证券、申万宏源、兴业证 券、国信证券。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上 ...