投资者可以通过拨打本公司客服热线（400-888-9918）或登录本公司网站（www.99fund.com）获取相关 信息。 汇添富基金高度重视投资者服务和投资者教育，特此提醒投资者需正确认知基金投资的风险和长期收 益，做理性的基金投资人，做明白的基金投资人，享受长期投资的快乐！ 特此公告。 1公告基本信息 ■ 注：1、自2025年12月16日起（含2025年12月16日），汇添富多元收益债券A暂停大额申购、大额转换 转入、大额定期定额投资业务，单日单个基金账户单笔或多笔累计申购、转换转入、定期定额投资的金 额不应超过10000000人民币元（含10000000人民币元）。当单日某基金账户单笔或多笔累计申购、转换 转入、定期定额投资该份额的金额超过10000000人民币元，本公司将部分或全部拒绝。该份额暂停上述 大额业务期间，其他业务仍照常办理。自2025年12月24日起，本基金汇添富多元收益债券A将恢复办理 大额申购、大额转换转入、大额定期定额投资业务，届时将不再另行公告。 2、自2025年12月16日起（含2025年12月16日），汇添富多元收益债券C暂停大额申购、大额转换转 入、大额定期定额投资业务，单 ...

证券研究报告|金融工程专题 2025年12月14日 如何用ETF战胜偏股型基金指数 证券分析师： 李杨 执业证书编号：S0210524100005 何佳玮 执业证书编号：S0210524100005 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 2 华福证券 华福证券 ➢ 配置宽基ETF复刻偏股型基金指数。配置部分策略目标为复刻偏股型基金指数（930950.CSI），要求基金持仓上 往偏股型基金的持仓和暴露靠近。每月末，用过去N日的宽基ETF跟踪指数日频收益数据对偏股型基金指数回归 得到权重，权重小于5%的指数剔除，剩余指数为基础配置中的指数持仓；对应ETF产品的选择，筛选跟踪同一 指数的ETF中成本更低、流动性更强、跟踪更稳定的1-2只产品，形成宽基ETF池。从2016年1月4日起至2025年 11月28日年化收益7.53%、超额年化3.07%，跟踪误差6.83%。 ➢ 行业主题、策略ETF的分层聚类与优选。基于指数的价格行为，每半年对行业主题、策略指数做聚类划分。按照 聚类划分结果对指数做初步筛选，剔除基本面景气度较差的指数，优选高动量、高夏普、低拥挤度的指数，最后 各指数保留2个ETF产品 ...

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the North China 50 Index recording the highest increase of 2.79%, while the Hong Kong market saw a decline, with the Hang Seng Index down by 0.42% [1][12] - The top-performing ETFs were primarily those tracking TMT sector indices [1] ETF New Issuance Statistics - A total of 20 stock ETFs were reported in the A-share market last week, with 7 new stock ETFs established [2][17] - In the US market, 21 equity ETFs were newly established, of which 17 were actively managed ETFs [1][24] Fund Flow A-share Market - The net inflow for the top 10 ETFs was dominated by the CSI A500 Index ETFs, with a total net inflow of nearly 10 billion yuan [2][25] - The top net inflows were recorded for the CSI A500 ETFs, while the largest outflows were seen in industry index ETFs [2][28] - In the thematic ETF category, the Central Enterprise 50 ETF had the highest net inflow, while the technology ETF experienced the largest outflow [2][28] US Stock ETF Market - The AI and big data thematic ETFs saw the highest net inflows, while cybersecurity thematic ETFs experienced net outflows [3] - The total net inflow for ETFs investing in A-shares and Hong Kong stocks amounted to 177 million USD [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of 0.73%, with excess returns of 1.3% and 0.81% relative to the CSI Equal Weight and CSI 300 indices, respectively [4] - The 50% base + intraday momentum strategy showed varying returns across different ETFs, with the CSI 500 ETF achieving a return of 0.75% [4]

- The report constructs 10 style factors based on the BARRA model, including valuation factor, growth factor, profitability factor, size factor, Beta factor, momentum factor, liquidity factor, volatility factor, non-linear size factor, and leverage factor[16][17][19] - The construction process for style factors involves detailed formulas, such as the valuation factor (BP = Book to Price = Shareholder equity/Market capitalization), growth factor (SGRO = Sales growth rate derived from regression of past five fiscal years' revenue), profitability factor (ETOP = Earnings-to-price ratio = Net profit TTM/Market capitalization), and others[16][17] - The style factors are tested using weekly rebalancing on the CSI All Share Index (000985.SH) with no transaction fees considered[16][17] - Beta factor, momentum factor, and volatility factor showed strong performance recently, with weekly long-short returns of 4.54%, 4.34%, and 3.81%, respectively[19] - The report tracks 53 stock selection factors across valuation, growth, quality, size, reversal, momentum, liquidity, volatility, dividend, corporate governance, and technical categories[21][22] - Examples of stock selection factors include BP (Book to Price = Shareholder equity/Market capitalization), single-quarter EP (Net profit/Market capitalization), and 240-day momentum (cumulative return excluding the last 20 days)[22] - The construction of single-factor portfolios uses a neutral constraint method to maximize factor exposure while maintaining neutrality in industry and style exposures[62][64][65] - Single-quarter ROE, single-quarter ROA, and single-quarter net profit margin factors performed well across multiple stock pools, such as CSI 300, CSI 500, CSI 800, and CSI 1000[24][28][33][38] - The report evaluates index-enhanced portfolios for CSI 300, CSI 500, CSI 800, CSI 1000, and CSI 300 ESG stock pools using composite factors constructed via rolling 1-year Rank ICIR weighting[56][59][61] - CSI 300 enhanced portfolio achieved weekly excess returns of 0.33%, monthly excess returns of 1.05%, and annual excess returns of 13.02%[59][60] - CSI 1000 enhanced portfolio showed the highest annual excess returns of 15.68% among all portfolios[60] - The ESG-enhanced portfolio under CSI 300 stock pool achieved weekly excess returns of 0.59%, monthly excess returns of 1.09%, and annual excess returns of 7.35%[60] - The optimization model for portfolio construction maximizes exposure to target factors while maintaining neutrality in industry and style exposures, with constraints on stock weights, short selling, and full investment[62][64][65] - The model uses the following formula: $Max$$w^{\prime}$$X_{target}$ $s.t.$$(w-w_{b})^{\prime}X_{ind}=0$ $(w-w_{b})^{\prime}$$X_{Beta}=0$ $|w-w_{b}|\leq1\%$ $w\geq0$ $w^{\prime}B=1$ $w^{\prime}1=1$[62][63][64]

证券之星消息，12月12日汇添富基金管理股份有限公司发布《关于汇添富双享增利债券型证券投资基金 暂停大额申购、转换转入、定期定额投资业务的公告》。公告中提示，为保护基金份额持有人的利益， 保障基金平稳运作，根据《汇添富双享增利债券型证券投资基金基金合同》的有关规定，自2025年12月 15日起汇添富双享增利债券型证券投资基金暂停大额申购、转换转入、定期定额投资业务，下属分级基 金调整明细如下： 2、自2025年12月15日起（含2025年12月15日），汇添富双享增利债券C暂停大额申购、大额转换转 入、大额定期定额投资业务，单日单个基金账户单笔或多笔累计申购、转换转入、定期定额投资的金额 不应超过80000000人民币元（含80000000人民币元）。当单日某基金账户单笔或多笔累计申购、转换转 入、定期定额投资该份额的金额超过80000000人民币元，本公司将部分或全部拒绝。该份额暂停上述大 额业务期间，其他业务仍照常办理。自2025年12月23日起，本基金汇添富双享增利债券C将恢复办理大 额申购、大额转换转入、大额定期定额投资业务，届时将不再另行公告。 以上内容为证券之星据公开信息整理，由AI算法生成（网信 ...

Group 1 - Morgan Fund's two QDII products adjusted their large subscription thresholds rapidly, from 100,000 yuan to 10,000 yuan, and then to just 100 yuan within three days, indicating a high demand for QDII funds and cross-border asset allocation [1] - The initial increase in subscription limits for the Morgan S&P 500 Index (QDII) and Morgan Nasdaq 100 Index (QDII) attracted significant attention, leading to a surge in interest from investors who feared the quotas would be quickly exhausted [1] - Many QDII products are currently under significant purchase restrictions, with other funds like Southern Nasdaq 100 Index (QDII) and Huatai-PineBridge Nasdaq Biotechnology ETF (QDII) also lowering their subscription limits to 50 yuan and 200 yuan respectively [2] Group 2 - Some QDII products that can be traded in the secondary market are experiencing a "high premium" status due to supply-demand imbalances caused by purchase restrictions, as seen with the Invesco Great Wall Nasdaq Technology ETF (QDII) which was temporarily suspended for trading due to premium risks [3] - The high premiums are attributed to limited offshore quotas leading investors to turn to secondary market trading, resulting in crowded transactions and inflated prices driven by optimistic expectations for overseas assets [3] - Industry experts caution that investors should not blindly chase QDII products with opened quotas, as this does not guarantee good performance or an ideal investment opportunity, advising a rational approach to investment decisions [3]

景顺长城基金黎海威现任基金资产总规模为82.07亿元，管理过的基金多为股票型和指数型基金，任职期间回报最高的产品 是景顺长城沪深300指数增强A（000311），为指数型基金，在任职的12年又46天时间内获得207.86%的回报，至今仍在管 理该基金。 12月11日，A股三大指数截至收盘，沪指跌0.7%报3873.32点，深成指跌1.27%报13147.39点，创业板指跌1.41%报3163.67 点。从板块行情上来看，今日表现较好的是超导概念、可控核聚变和麒麟电池，而F5G概念、CPO概念和算力概念等板块 下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。12月11日共有23位基金经理发生任职变动。 根据巨灵统计的数据，近30天（11.11-12.11）共有701只基金产品的基金经理发生离职。其中今天（12.11）有24只基金产品 发布基金经理离职公告，涉及9名基金经理。从变动 ...

Core Viewpoint - The Chip 50 ETF (516920) opened with a slight increase of 0.10%, indicating a stable market performance for the semiconductor sector [1] Group 1: ETF Performance - The Chip 50 ETF (516920) opened at 1.021 yuan, reflecting a modest gain [1] - Since its establishment on July 27, 2021, the fund has achieved a return of 2.15% [1] - The fund's performance over the past month has seen a decline of 1.83% [1] Group 2: Major Holdings Performance - Among the major holdings, SMIC opened with a gain of 0.19% [1] - Cambrian fell by 0.77%, while Haiguang Information saw a slight increase of 0.01% [1] - Northern Huachuang rose by 0.22%, and Lanke Technology increased by 2.75% [1] - Zhaoyi Innovation gained 1.46%, while Zhongwei Company decreased by 0.08% [1] - OmniVision Technologies rose by 0.23%, and Chipone Technology increased by 0.18% [1] - Changdian Technology experienced a decline of 0.08% [1]

Group 1 - The Hong Kong Dividend ETF Fund (513820) experienced a decline of 1.42% on December 10, with a trading volume of 156 million yuan [1] - The fund's shares increased by 27.5 million, bringing the total shares to 3.346 billion, with a total increase of 466 million shares over the past 20 trading days [1] - The latest net asset value of the fund is 4.196 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Dividend ETF Fund is the CSI Hong Kong Stock Connect High Dividend Investment Index return (adjusted for valuation exchange rate) [1] - The fund is managed by E Fund Management Co., Ltd., with Yan Yang as the fund manager [1] - Since its establishment on April 24, 2024, the fund has achieved a return of 32.79%, while the return over the past month is -6.28% [1]

Core Insights - Index investing is facing new challenges and opportunities, with the rapid development of the index market in China, where the number of ETFs has exceeded 1,400 and the cumulative scale has surpassed 5.7 trillion yuan by December 5, 2025 [1] - The complexity of index products has made it difficult for ordinary investors to select and allocate them effectively, leading to the need for standardized guidelines from exchanges [1] - Despite being passive investment tools, index products still require active selection and allocation strategies to mitigate risks associated with high volatility [1] Group 1: Market Trends and Challenges - The ETF-FOF (Fund of Funds) issuance is expected to accelerate, with a notable increase in product offerings after a period of stagnation [2] - The introduction of service-oriented solutions, such as fund advisory services, aims to guide investors in index allocation, exemplified by the "Zhineng Tianfu" brand launched by Huatai-PineBridge [2] - Investors have reported high volatility in many index products, emphasizing the importance of professional research and strategic timing in trading [1] Group 2: Index FOF Characteristics - Index FOF primarily invests in index funds, with a minimum of 50% of its net asset value allocated to ETFs and other index-related funds [3] - The diversification and asset allocation advantages of index FOF can help smooth out net asset value fluctuations and improve investor experience [3] - The performance of mixed FOF indices has shown resilience against market fluctuations, with a 40.12% increase from the base date to Q3 2025, compared to a 15.72% increase in the CSI 800 index [4] Group 3: Asset Allocation Strategies - Index FOFs can include a variety of asset classes, such as equity ETFs, bond ETFs, and commodity ETFs, reflecting a growing trend towards multi-asset allocation [5] - The performance benchmark for the "Huatai-PineBridge Multi-Asset Allocation FOF" includes a mix of indices, allowing for exposure to A-shares, Hong Kong stocks, fixed income, gold, and commodities [5] - The theory of asset allocation emphasizes the benefits of combining low-correlated assets to enhance risk-return characteristics, with research indicating that adding low-correlation assets can positively impact portfolio performance [6] Group 4: Dynamic Risk Management - Effective multi-asset allocation requires clear strategies for asset proportioning and dynamic adjustments based on market conditions [8] - The "risk parity" approach is recommended for asset allocation, ensuring equal risk contribution from different asset classes, which can enhance risk diversification [9] - Regular assessments of asset risk levels are necessary to maintain the desired risk distribution within the portfolio, adapting to changing market dynamics [9][11]