公告送出日期：2025年12月22日 2）招商基金管理有限公司网站：www.cmfchina.com。 3）招商基金管理有限公司直销网点及本基金各代销机构的相关网点（详见本公司官网）。 3.1收益发放办法 1）选择现金分红方式的投资者的红利款将于2025年12月24日自基金托管账户划出。 2）选择红利再投资分红方式的投资者所转换的基金份额于2025年12月24日直接计入其基金账户，并自 2025年12月24日起计算持有天数。2025年12月25日起投资者可以查询。 3）权益登记日之前办理了转托管转出尚未办理转托管转入的投资者，其分红方式一律按照红利再投资 处理，所转出的基金份额待转托管转入确认后与红利再投资所得份额一并划转。 3.2提示 1）权益登记日以后（含权益登记日）申请申购、转换转入的基金份额不享有本次分红权益，权益登记 日申请赎回、转换转出的基金份额享有本次分红权益。 2）本次分红确认的方式按照投资者在权益登记日之前最后一次选择的分红方式为准。投资者如需修改 分红方式，请务必在权益登记日前一日的交易时间结束前（即2025年12月22日15:00前）到销售网点办 理变更手续，投资者在权益登记日前一个工作 ...

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 12月19日，岁末将至，回首展望。盘点2025年公募基金行业高管变更情况，WIND数据显示，截止2025 年12月18日，高管变更涉及161家450人，人员变动规模在三年内保持高位。 数据显示，近三年基金行业高管层处于活跃变动期，且变动重心从"总经理"向"董事长"和"副总经 理""首席信息官"转移。这或反映出行业可能在经历深刻的战略调整、业务线重组与数字化变革。 整体图谱：变动范围持续扩大，核心职位流动加速 近三年，发生高管变动的基金公司家数从 2023年的140家增长至 2025年的161家，表明高管变动现象波 及的公司范围在扩大。涉及变动的高管总人数从 2023年的423人 增至 2025年的450人，人员变动规模在 三年内保持高位。 | | 截止日期 | 2023年 | 2024年 | 2025年 | | --- | --- | --- | --- | --- | | 高管变更 | 总人数 | 423 | 404 | 450 | | | 总家数 | 140 | 148 | 161 | | 其中:董事长 | 变 ...

Market Overview - The Shanghai Composite Index rose 0.36% to close at 3890.45 points, the Shenzhen Component Index rose 0.66% to close at 13140.21 points, and the ChiNext Index rose 0.49% to close at 3122.24 points. The total trading volume of A-shares in the two markets was 1748.9 billion yuan. The top-performing sectors were commerce and retail (3.66%), comprehensive (2.22%), and light industry manufacturing (2.17%), while the bottom-performing sectors were banking (-0.44%), electronics (-0.29%), and coal (-0.29%) [2][6] Stock ETF - The top-traded stock ETFs were Huatai-PineBridge CSI A500 ETF (up 0.65% with a discount rate of 0.65%), ChinaAMC CSI A500 ETF (up 0.78% with a discount rate of 0.76%), and Southern CSI A500 ETF (up 0.66% with a discount rate of 0.68%) [3][7] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Commercial Paper ETF (up 0.00% with a discount rate of -0.01%), ChinaAMC Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.03% with a discount rate of 0.09%), and Penghua Shanghai Stock Exchange AAA Sci-Tech Innovation Bond ETF (up 0.06% with a discount rate of -0.16%) [4][9] Gold ETF - The top-traded gold ETFs were HuaAn Gold ETF (down 0.05% with a discount rate of -0.11%), Bosera Gold ETF (down 0.02% with a discount rate of -0.10%), and E Fund Gold ETF (down 0.02% with a discount rate of -0.11%) [12] Commodity Futures ETF - The top-traded commodity futures ETFs were Dacheng Non-ferrous Metals Futures ETF (up 1.00% with a discount rate of 0.91%), CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF (up 0.75% with a discount rate of 0.85%), and ChinaAMC Feed Soybean Meal Futures ETF (up 0.31% with a discount rate of 2.82%) [13] Cross-border ETF - The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.56% with a discount rate of 0.73%), GF CSI Hong Kong Innovative Drug ETF (up 2.17% with a discount rate of 1.43%), and Huatai-PineBridge Hang Seng Technology ETF (up 1.84% with a discount rate of 0.94%) [16] Money Market ETF - The top-traded money market ETFs were Huabao Tianyi ETF, Yin Hua Day Profit ETF, and Money Market ETF [18]

值得注意的风险点有三：一是房地产的拖累作用还未出清，地产修复比大家预期晚；二是房地产连带 的地方政府化债压力大，挤压政策空间；三是外需不确定性依然存在，对增长的拉动可能下降。 "新稳态"下，中国经济增长模式逐渐从地产拉动转向创新驱动，基建和高技术产业接棒房地产拉动经 济增长。 但转型期间，房产价格下降到企稳向上或还需一定时间，需要关注可能带来的疤痕效应， 具体体现在居民消费及投资可能长时间趋于谨慎。 回归到权益市场，当前中国类资产负债表衰退背景下，开启了一轮估值修复与资产轮动驱动的行情。 综合来看，2026经济全年增长依旧承压，投资下滑势头有望低位企稳，消费缓慢抬升，出口有韧 性，价格温和改善，进而带动名义GDP上行，企业盈利或持续修复，这将成为市场的基本面支撑。据 此， A股有望从估值抬升带来的"急而促"行情逐渐过渡到盈利支撑的"缓而慢"的行情。 行业配置来 看， 现代化产业和产能出海是趋势，科技依旧是主线 。此外， 基于外需增长和供需逻辑改善的涨价 链条值得重视 。 投资策略：三重多元化推动再平衡 招商基金多元策略与投资创新部资深研究员王婧表示，2026年投资策略可以概括为"三重多元化推动 再平衡"： 第 ...

Group 1 - Tianshan Aluminum Industry Co., Ltd. experienced a stock price increase of 5.01%, reaching 14.24 CNY per share, with a trading volume of 539 million CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 66.243 billion CNY [1] - The company, established on November 3, 1997, and listed on December 31, 2010, is located in Shanghai and specializes in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition of the company's main business includes: sales of self-produced aluminum ingots at 65.26%, alumina sales at 24.20%, aluminum foil and aluminum foil raw materials at 6.89%, high-purity aluminum at 2.10%, and other sales at 1.55% [1] Group 2 - According to data from the top ten holdings of funds, one fund under China Merchants Fund holds a significant position in Tianshan Aluminum, specifically the China Merchants Quality Growth Mixed Fund (LOF) (161706), which held 6.8365 million shares, accounting for 3.49% of the fund's net value, ranking as the ninth largest holding [2] - The China Merchants Quality Growth Mixed Fund (LOF) (161706) was established on November 17, 2005, with a current scale of 2.273 billion CNY, achieving a year-to-date return of 16.02%, ranking 4654 out of 8098 in its category, and a one-year return of 16.34%, ranking 4430 out of 8067 [2]

Core Viewpoint - The China Securities 2000 Enhanced ETF (159552) has shown a performance increase of 1.60% as of the midday close on December 19, with a trading volume of 27.76 million yuan [1] Group 1: ETF Performance - The China Securities 2000 Enhanced ETF (159552) closed at 1.972 yuan, reflecting a 1.60% increase [1] - The fund's performance benchmark is the China Securities 2000 Index return, managed by China Merchants Fund Management Co., Ltd. [1] - Since its establishment on June 19, 2024, the fund has achieved a return of 94.21%, while its return over the past month has been -3.45% [1] Group 2: Top Holdings Performance - Key stocks in the ETF include: - Haopeng Technology increased by 0.53% - Asia-Pacific Shares rose by 5.19% - Fuchun Environmental gained 1.24% - Fosda increased by 1.65% - Spring Autumn Electronics decreased by 0.57% - Hailide gained 1.42% - Junya Technology decreased by 1.17% - StarNet RuiJie increased by 0.18% - New Asia Electronics rose by 0.49% - Focus Technology increased by 2.07% [1]

Group 1 - The core point of the news is that Xilinmen's stock price increased by 5.05% to 22.69 CNY per share, with a trading volume of 173 million CNY and a turnover rate of 2.13%, resulting in a total market capitalization of 8.357 billion CNY [1] - Xilinmen Furniture Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on November 6, 1996. The company was listed on July 17, 2012, and its main business includes the research, production, and sales of mattresses, soft beds, and hotel furniture, along with cultural media-related businesses [1] - The revenue composition of Xilinmen's main business is as follows: mattresses account for 60.37%, soft beds and accessories 27.93%, sofas 8.24%, wooden furniture 1.91%, and others 1.55% [1] Group 2 - From the perspective of Xilinmen's top ten circulating shareholders, a fund under China Merchants Fund, the China Merchants Quantitative Selected Stock Initiation A (001917), entered the top ten circulating shareholders in the third quarter, holding 5.0963 million shares, which is 1.37% of the circulating shares [2] - The China Merchants Quantitative Selected Stock Initiation A (001917) was established on March 15, 2016, with a latest scale of 3.663 billion CNY. Year-to-date, it has achieved a return of 35.49%, ranking 1052 out of 4197 in its category; over the past year, it has returned 33.48%, ranking 1064 out of 4147; and since inception, it has returned 263.67% [2] - The fund manager of China Merchants Quantitative Selected Stock Initiation A (001917) is Wang Ping, who has a cumulative tenure of 15 years and 185 days, with the fund's total asset scale at 21.247 billion CNY. The best fund return during his tenure is 264.62%, while the worst is -70.61% [3] Group 3 - In terms of the fund's top holdings, the China Merchants Quantitative Selected Stock Initiation A (001917) holds 5.0963 million shares of Xilinmen, accounting for 1.42% of the fund's net value, making it the sixth-largest holding. The estimated floating profit for today is approximately 5.555 million CNY [4]

Group 1 - The core announcement is about the appointment of Tong Jiongxiao as a new fund manager for the招商智星稳健配置混合(FOF-LOF) fund, replacing Wang Jianjie [1][2] - Tong Jiongxiao has a background in financial engineering and investment research, having worked at various financial institutions including广发证券 and 腾安基金 [1] - The招商智星稳健配置混合(FOF-LOF) fund was established on June 8, 2022, and has reported year-to-date returns of 0.72%, 0.61%, and 0.82% for its different share classes as of December 16, 2025 [1] Group 2 - The fund is managed by 招商基金管理有限公司 and operates under specific regulatory guidelines for investment management personnel [2] - The fund's main code is 161730, and it is referred to in the market as 招商智星 FOF-LOF [2] - The announcement follows the guidelines for the management of investment personnel and the disclosure of information for publicly raised securities investment funds [2]

Core Viewpoint - The Hong Kong Technology 50 ETF (159750) experienced a 0.99% increase in value on December 17, with a trading volume of 83.13 million yuan, indicating positive market sentiment towards technology investments in Hong Kong [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Technology 50 ETF is 1.496 billion yuan [1] - Since its inception on January 26, 2022, the fund has achieved a return of 2.09% [1] - Over the past month, the fund has seen a return of -5.88%, reflecting recent market volatility [1] Group 2: Fund Management - The fund is managed by China Merchants Fund Management Co., Ltd., with Liu Chongjie as the fund manager [1] - The performance benchmark for the fund is the China Securities Hong Kong Technology Index return (adjusted for exchange rates) [1] Group 3: Fund Growth - The fund's shares increased by 4 million shares on the reporting day, bringing the total shares to 1.466 billion [1] - In the last 20 trading days, the fund's shares have increased by 49 million [1]

| 馬全名称 | 招商中院1-6年进出口行债券指数正券投资基金 | | --- | --- | | 馬会简称 | 报顾中级1-5年进到10元 | | 基金主代码 | 008473 | | 基金管理人名称 | 排商基金管理有限公司 | | 公告依据 | 根据法律法规及《图商中债书-5年通出口行债券指数证券投资基金基金 合同,《图资中值-1-5年进出口行债券指数正券投资基金融券设备于 30 H T- W ST .. | | 馬会名称 | 招商 CFETS银行间配色情豪报監委投资基金 | | | | --- | --- | --- | --- | | 馬会荷於 | 招商CFETS限行到配色情形指数 | | | | 基金和代码 | 019565 | | | | 基金管理人名称 | 招商基金管理有限公司 | | | | 公司依据 | 根据法律法规及(图画《FETS限行向除色债券指数证券投 资基金属金合同,《图语CFETS银行同球色鼠罗指数正学 | | | | 帮修大额申购配资日 | 投资基金据最说明 图等相关规定。 2025 = 12 18 | | | | 最低大额转换折入机购日 | 2025 11 12 11 18 ...