11月以来，国内外市场环境愈发复杂多变：美联储降息进程充满争议，市场对政策转向的预期反复拉 扯，科技股估值高企引发泡沫担忧，板块波动幅度显著扩大，投资体验大打折扣。在此背景下，多元资 产配置成为平滑波动、提升长期回报的关键手段。博时基金推出的博时集益多元配置3个月持有期混合 （ETF—FOF）（基金代码：A类025834，C类025837），正是基于这一逻辑的创新解决方案。 ETF—FOF：多元配置的高效解 作为FOF的创新品类，ETF—FOF今年焕发"第二春"。其核心逻辑是以多只ETF为投资标的，由专业管 理人结合宏观研判与风险目标，动态配置股票、债券、商品等类型ETF，实现跨资产、跨市场分散投 资。这种模式既融合了FOF的专业配置能力，又兼具ETF高透明、低费率的工具属性，精准解决普通投 资者"选基难、配置难"的痛点。 与此同时，ETF市场扩容为配置提供充足"弹药"。iFinD数据显示，截至2025年11月14日，全市场ETF总 规模超65616亿元，较年初增加约45995亿元；年内新增ETF产品300余只，总量达1351只，覆盖宽基、 行业、主题、跨境、债券、商品等多个领域。同时，ETF交易活跃度持续提 ...

Core Viewpoint - The stock ETF market in China experienced a significant net inflow of over 4.3 billion yuan on December 4, with a cumulative increase of 10.8 billion yuan over the past three days, indicating a strong interest in broad-based ETFs despite market volatility [2][5]. Group 1: Market Overview - On December 4, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.06% and the ChiNext Index up over 1% [2]. - The stock ETF market saw a total increase of 1.789 billion shares, with a net inflow of 43.15 billion yuan, primarily driven by broad-based ETFs and Hong Kong market ETFs [5]. - The total scale of all stock ETFs in the market reached 4.56 trillion yuan as of December 4 [4]. Group 2: Fund Inflows - The net inflow for broad-based ETFs was 33.54 billion yuan, while Hong Kong market ETFs saw a net inflow of 12.2 billion yuan [5]. - The CSI A500 Index ETF led the inflows with 9.21 billion yuan, while the Shanghai market corporate bond index saw the largest outflow of 5.01 billion yuan [6]. - Recent inflows into the Hang Seng Technology Index exceeded 1.8 billion yuan, and the SGE Gold 9999 Index saw inflows of over 1.1 billion yuan [7]. Group 3: Top Performing ETFs - The top ETFs by net inflow included the Chinese Internet ETF with 5.33 billion yuan, the CSI A500 ETF with 4.56 billion yuan, and the SSE 50 ETF with 4.37 billion yuan [8]. - Notable inflows were also observed in the STAR Market ETF and the CSI 1000 ETF, with net inflows of 3.89 billion yuan and 2.99 billion yuan, respectively [8]. Group 4: Fund Outflows - The industry-themed ETFs experienced significant outflows, totaling 12.02 billion yuan, with the Bank ETF and Gold Stock ETF each seeing outflows exceeding 3 billion yuan [12][13]. - Other ETFs with notable outflows included the Chemical ETF and the Military Industry Leader ETF, both exceeding 2 billion yuan in outflows [13]. Group 5: Market Sentiment - Despite some industry-themed ETFs experiencing outflows, institutions remain optimistic about structural opportunities in the A-share market, anticipating clearer policy and fundamental expectations in December [15]. - Analysts suggest focusing on growth sectors such as AI, electric new energy, and industrial metals, while also considering potential policy-driven opportunities in sectors like hotels, logistics, and aviation as the year-end approaches [15].

Market Overview - As of December 4, the total ETF margin balance in the two markets reached 118.93 billion yuan, an increase of 423 million yuan from the previous trading day [1] - The financing balance was 110.98 billion yuan, up by 436 million yuan, while the securities lending balance decreased by 13.31 million yuan to 7.96 billion yuan [1] - In the Shanghai market, the ETF margin balance was 83.38 billion yuan, increasing by 454 million yuan, with a financing balance of 76.39 billion yuan, up by 445 million yuan [1] - In the Shenzhen market, the ETF margin balance was 35.55 billion yuan, decreasing by 30.89 million yuan, with a financing balance of 34.59 billion yuan, down by 8.89 million yuan [1] ETF Margin Balances - The top three ETFs by margin balance on December 4 were: - Huaan Yifu Gold ETF (7.71 billion yuan) - E Fund Gold ETF (5.73 billion yuan) - Huatai-PB CSI 300 ETF (4.07 billion yuan) [2] - The total margin balances of the top ten ETFs are detailed in the provided table [2] ETF Financing Amounts - The top three ETFs by financing buy-in amounts on December 4 were: - Hai Futong CSI Short Bond ETF (1.43 billion yuan) - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (853 million yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (828 million yuan) [3][4] ETF Net Financing Amounts - The top three ETFs by net financing buy-in amounts on December 4 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (141 million yuan) - Huaxia Hang Seng Technology (QDII-ETF) (76.63 million yuan) - Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (74.78 million yuan) [5][6] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on December 4 were: - Huatai-PB CSI 300 ETF (17.24 million yuan) - Huaxia CSI 1000 ETF (7.88 million yuan) - Southern CSI 500 ETF (7.41 million yuan) [7][8]

Core Viewpoint - The article emphasizes the significance of evaluating the performance of various pension funds (Y shares) as the investment deadline for personal pension tax incentives approaches in 2025, highlighting the potential for capital gains and dividend income alongside tax benefits [2][3]. Group 1: Performance of Pension Funds - The inclusion of equity index funds in personal pension accounts starting December 2024 has provided investors with more options for pension investments, with a focus on the performance of these funds in 2025 [3]. - The best-performing Y shares in 2025 are primarily concentrated in index funds such as the CSI Technology Innovation 50 and the ChiNext 50, with several funds showing annual gains exceeding 50% as of November 28, 2025 [3][4]. - Specific funds like Tianhong CSI Technology Innovation 50 ETF Link Y and E Fund CSI Technology Innovation 50 ETF Link Y have reported growth rates of 52.25% and 51.78%, respectively [4]. Group 2: Active Fund of Funds (FOF) Performance - Active FOFs have also shown impressive performance, with funds like Guotai Min'an Pension 2040 Three-Year Y and ICBC Pension 2050 Five-Year Hold Y achieving growth rates over 30% [5][6]. - Other notable active FOFs, such as E Fund Pension Target Date 2050 and E Fund Huayu Active Pension, have growth rates ranging from 23.6% to 28.2%, aligning closely with the average performance of active equity funds [5]. Group 3: Investment Strategies and Asset Allocation - The Guotai Min'an Pension 2040 Three-Year Y fund has maintained a relatively low drawdown over the past two years, with a significant recovery post-September 2024, leading to new net value highs [7][9]. - This fund has a central equity asset allocation of 52%, with a range of 37%-60%, indicating a balanced approach to equity investments, primarily focusing on sectors like gold and non-ferrous metals [9][11]. - The ICBC Pension 2050 Five-Year Hold Y fund has adopted a technology-focused investment strategy, adjusting its holdings to include sectors such as gaming, cloud computing, and robotics, reflecting a dynamic asset allocation approach [13][14]. Group 4: Market Trends and Future Outlook - The article notes that the performance of pension funds in 2025 has been commendable, with various strategies, including technology-focused and dividend-oriented approaches, yielding positive results [15]. - The overall market environment has allowed for significant growth in pension fund values, although investors are reminded to consider their risk tolerance given the volatility of certain funds [17].

Report Summary 1. Market Overview - On December 4, 2025, the Shanghai Composite Index fell 0.06% to 3875.79 points, the Shenzhen Component Index rose 0.40% to 13006.72 points, and the ChiNext Index rose 1.01% to 3067.48 points [2][6]. - The total trading volume of A - shares in the two markets was 1561.8 billion yuan [2][6]. - The top - performing sectors were machinery and equipment (0.90%), electronics (0.78%), and national defense and military industry (0.55%), while the worst - performing sectors were comprehensive (-2.11%), beauty care (-1.89%), and social services (-1.62%) [2][6]. 2. Stock ETF - The stock ETFs with high trading volume today were Huaxia CSI A500 ETF (up 0.35% with a discount rate of 0.49%), Huatai - Berie CSI A500 ETF (up 0.25% with a discount rate of 0.41%), and Guotai CSI A500 ETF (up 0.35% with a discount rate of 0.38%) [3][7]. - The top ten stock ETFs by trading volume are presented in Chart 1, including details such as price, change rate, tracking index change rate, discount rate, trading volume, and latest share reference [8]. 3. Bond ETF - The bond ETFs with high trading volume today were Haifutong CSI Short - Term Financing ETF (down 0.00% with a discount rate of - 0.01%), Pengyang ChinaBond 30 - Year Treasury Bond ETF (down 1.32% with a discount rate of - 1.00%), and Bosera CSI Convertible and Exchangeable Bond ETF (down 0.29% with a discount rate of - 0.43%) [4][9]. - The top five bond ETFs by trading volume are shown in Chart 2, including price, change rate, discount rate, and trading volume [10][11]. 4. Gold ETF - Today, gold AU9999 fell 0.08% and Shanghai Gold fell 0.30%. The gold ETFs with high trading volume were Huaan Gold ETF (down 0.35% with a discount rate of - 0.21%), E Fund Gold ETF (down 0.37% with a discount rate of - 0.20%), and Bosera Gold ETF (down 0.35% with a discount rate of - 0.21%) [12]. - The top five gold ETFs by trading volume are presented in Chart 3, including price, change rate, trading volume, IOPV, and discount rate [13]. 5. Commodity Futures ETF - Today, Dacheng Non - ferrous Metals Futures ETF rose 1.18% with a discount rate of 1.57%, ChinaAMC Feed Soybean Meal Futures ETF fell 0.25% with a discount rate of 0.33%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.08% with a discount rate of - 0.29% [13]. - Details of commodity futures ETFs are shown in Chart 4, including price, change rate, trading volume, IOPV, discount rate, tracking index, and tracking index change rate [14]. 6. Cross - border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.86%, the Nasdaq Composite rose 0.17%, the S&P 500 rose 0.30%, and the German DAX fell 0.07%. Today, the Hang Seng Index rose 0.68% and the Hang Seng China Enterprises Index rose 0.86% [15]. - The cross - border ETFs with high trading volume today were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.05% with a discount rate of - 0.01%), GF CSI Hong Kong Innovative Drug ETF (up 1.99% with a discount rate of 2.17%), and Huatai - Berie Hang Seng Technology ETF (up 1.24% with a discount rate of 1.18%) [15]. - The top five cross - border ETFs by trading volume are presented in Chart 5, including trading volume, change rate, and discount rate [16]. 7. Money ETF - The money ETFs with high trading volume today were Silver Hua Day - to - Day Interest ETF, Huabao Tianyi ETF, and Money ETF [17]. - The top three money ETFs by trading volume are shown in Chart 6, including trading volume [18].

Market Performance - The three major A-share indices showed mixed results, with the Shanghai Composite Index down 0.06%, the Shenzhen Component Index up 0.4%, and the ChiNext Index up 1.01% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 15,617 billion yuan, a decrease of 1,219 billion yuan compared to the previous day [1] - Over 3,800 stocks in the market experienced declines [1] Sector Performance - The consumer sector weakened, with retail, catering, liquor, and e-commerce sectors showing significant declines [1] - The aluminum, gold, rare earth, and real estate industries also performed poorly [1] - In contrast, sectors such as Moore Threads, commercial aerospace, robotics, and semiconductors showed strong performance [1] ETF Performance - The Jiashi Fund's S&P Biotechnology ETF rose by 3.85%, while the semiconductor equipment sector saw expanded gains in the afternoon [1] - The following ETFs in the semiconductor equipment sector also reported gains: the China Merchants Fund Semiconductor Equipment ETF (up 3.63%), Huatai-PB Fund's Sci-Tech Semiconductor Equipment ETF (up 3.14%), and the Sci-Tech Semiconductor ETF Penghua (up 3.09%) [1] - The humanoid robot sector experienced a surge, with the Invesco Great Wall Fund's Robot 50 ETF and the E-Fund Robot ETF both rising by 3% [1] Consumer Sector Decline - The consumer sector faced widespread declines, particularly in food and beverage, with the liquor ETF and food and beverage ETF falling by 1.58% and 1.33%, respectively [1] - The tourism sector also showed negative performance, with the tourism ETF down by 1.54% [1] - Long-term government bond ETFs also declined, with the 30-year government bond ETF from Bosera and another 30-year government bond ETF both down by 1.34% and 1.32%, respectively [1]

Core Insights - The average return of equity funds in the first 11 months of 2025 was 24.85%, with 6960 products recording positive returns, while 16 products had a net value decline exceeding 10% [2][4] - The A-share market saw significant fluctuations, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 16.02%, 24.67%, and 42.54% respectively [2] - Active equity funds showed a mean return of 27.48%, with 23 funds achieving returns over 100% [4][5] Fund Performance - The top-performing fund, Yongying Technology Smart Selection A, achieved a return of 191.71%, significantly outpacing the second-place fund, Hengyue Advantage Selection A, which returned 136.72% [4][5] - Among the 23 "doubling funds," 11 had a management scale of less than 1 billion yuan, indicating a trend where smaller funds can achieve high returns [5] - Conversely, 16 funds experienced a net value decline of over 10%, with 6 of these managed by the same manager from GF Fund, focusing on the underperforming liquor sector [6][8] Index Fund Performance - Index funds also performed well, with an average return of 25.34% for 2053 index funds, and 200 funds exceeding 50% returns [9][10] - The best-performing index fund was the Guotai CSI All-Share Communication Equipment ETF, with a return of 95.97% [9] - However, some index funds underperformed, with 33 funds reporting negative returns, including the worst performer, China Merchants CSI 300 Real Estate A, with a return of -6.78% [11][12] Fund Management Insights - As of the end of Q3 2025, 31 fund managers had equity product scales exceeding 500 billion yuan, with E Fund, Huaxia Fund, and others leading the pack [13] - Conversely, 47 fund managers had equity fund scales below 1 billion yuan, indicating a significant disparity in fund management sizes [14] - In terms of profitability, equity funds generated a total profit of 2.17 trillion yuan for investors in the first three quarters of 2025, with several fund managers exceeding 100 billion yuan in profits [18]

Core Insights - The average return of equity funds in the first 11 months of 2025 was 24.85%, with 6960 products recording positive returns, while 16 products had a net value decline exceeding 10% [19][20] - The A-share market experienced fluctuations, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 16.02%, 24.67%, and 42.54% respectively [20] - Investment opportunities were prevalent in sectors such as electronics, artificial intelligence, communications, and innovative pharmaceuticals [20] Group 1: Performance of Equity Funds - The average return of 7118 equity funds was 24.85%, with 97.78% of products achieving positive returns [20][19] - There were 23 equity funds with returns exceeding 100%, and the performance gap between the best and worst funds reached 211.23% [21] - The top-performing fund, Yongying Technology Smart A, achieved a return of 191.71%, significantly ahead of the second-place fund, Hengyue Advantage Select A, which had a return of 136.72% [22][21] Group 2: Fund Management and Size - Among the 23 top-performing funds, 11 had a management scale of less than 1 billion yuan, indicating a trend where smaller funds can achieve high returns [23][21] - Three funds, Yongying Technology Smart, Zhonghang Opportunity Navigator, and China Europe Digital Economy, saw significant increases in management scale, with respective increases of 103.55 billion yuan, 121.7 billion yuan, and 114.94 billion yuan [24][5] - As of the end of Q3 2025, 31 fund managers had equity product scales exceeding 500 billion yuan, with the top five being E Fund, Huaxia Fund, Huatai-PB Fund, Southern Fund, and Harvest Fund [32][11] Group 3: Index Funds Performance - The average return of 2053 index funds was 25.34%, with 98.39% of products achieving positive returns [28][29] - There were 200 index funds with returns exceeding 50%, with the best-performing fund being Guotai CSI All-Share Communication Equipment ETF at 95.97% [29][28] - Not all index funds performed well; 33 index funds recorded negative returns, with the worst being the招商沪深300地产A, which had a return of -6.78% [30][31] Group 4: Profit Generation - Equity funds generated a total profit of 2.17 trillion yuan for investors in the first three quarters of 2025, with 34 fund managers achieving profits exceeding 100 billion yuan [38][15] - E Fund, Huaxia Fund, Southern Fund, Harvest Fund, and Huatai-PB Fund each generated profits exceeding 1000 billion yuan [38][15] - Conversely, 71 fund managers had profits below 10 million yuan, with some reporting losses, such as Tianzhi Fund, which had a loss of 0.02 million yuan [39][16]

Group 1 - The core point of the article is the announcement of the fourth dividend distribution for the Bosera CSI Dividend Low Volatility 100 ETF Fund for the year 2025, with specific details on the dividend distribution plan [1] - The dividend distribution base date is set for November 11, 2025, with the cash dividend payment date on December 10, 2025 [1] - The dividend amounts are 0.14 CNY per 10 shares for the Bosera CSI Dividend Low Volatility 100 ETF Link A (code: 021550) and 0.12 CNY per 10 shares for the Bosera CSI Dividend Low Volatility 100 ETF Link C (code: 021551) [1] Group 2 - The eligible shareholders for the dividend are those registered on the equity registration date of December 8, 2025 [1] - Investors choosing the dividend reinvestment option will have their reinvested shares calculated based on the net asset value on December 8, 2025, and these shares will be credited to their accounts on December 9, 2025 [1] - The fund's dividend distribution is exempt from income tax according to relevant regulations, and there are no fees for the dividend distribution or for shares converted through the reinvestment option [1]

本次分红对象为权益登记日登记在册的本基金份额持有人，权益登记日为12月8日，现金红利发放日为 12月10日。选择红利再投资方式的投资者所转换的基金份额将以2025年12月8日的基金份额净值为计算 基准确定再投资份额，红利再投资所转换的基金份额于2025年12月9日直接划入其基金账户，2025年12 月10日起投资者可以查询、赎回。根据财政部、国家税务总局的财税[2002]128号《财政部 国家税务总 局关于开放式证券投资基金有关税收问题的通知》及财税[2008]1号《关于企业所得税若干优惠政策的 通知》的规定，基金向投资者分配的基金利润，暂免征收所得税。本基金本次分红免收分红手续费。选 择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，12月4日发布《博时聚润纯债债券型证券投资基金分红公告》。本次分红为2025年度的 第1次分红。公告显示，本次分红的收益分配基准日为12月12日，详细分红方案如下： | 分级基金简称 | 代码 | 重准日基金净值 | | 分红方 ...