指数产品的投资运作远非"简单复制"，从跟踪误差的控制、超额收益的获取，到全流程的风险管理，每 一个环节都充满了技术细节，绝非易事。指数投资的专业性，体现在管理人对细微之处的极致追求和经 年累月的打磨之中。 ● 如何精准控制跟踪误差？ 近年来，国内指数投资市场的扩容速度堪称迅猛。2003年，首只完全复制指数的基金诞生后，公募指数 产品规模用16年突破1万亿；至2024年，仅5年便跨越了5万亿关口。截至今年三季度末，全市场非货币 ETF、ETF 联接基金及其他场外指数基金规模合计已逼近8万亿，年内增长达2.1万亿，其中易方达旗下 的公募指数产品规模已突破万亿，位列行业之首。 对于指数投资而言，紧密跟踪标的指数是首要目标，跟踪误差的控制能力直接体现基金公司的专业功 底。 指数基金跟踪误差主要源于股票仓位偏离、个股权重偏离，因此精准控制跟踪误差，简单来说，就是尽 量保证指数基金的持仓组合与指数成份股权重分布一致。基金经理通常需要一方面做好基金股票仓位的 管理，预留一定的现金比例保证基金的安全运作，另一方面则要深入钻研指数的编制规则，监控指数成 份股的偏离程度，针对成份股定期调整、股本变动等事件进行优化处理，保证投资收 ...

Core Viewpoint - The article highlights the efforts of the Zhaoqing City disciplinary inspection and supervision authorities to combat corruption and misconduct in the construction sector through education, case analysis, and systemic reforms [1][2][3][4] Group 1: Anti-Corruption Measures - Zhaoqing City has initiated warning education meetings for construction sector officials to learn from past cases and strengthen their awareness of compliance and ethical standards [1] - The city has investigated 79 individuals in the construction sector for misconduct, including 4 city-level and 12 county-level leaders, signaling a strong commitment to strict enforcement [1] - The disciplinary authorities are focusing on key areas such as project approval, bidding, contract execution, and fund disbursement to enhance oversight and prevent corruption [2] Group 2: Systematic Reforms - The Zhaoqing City disciplinary inspection commission is conducting in-depth research on corruption cases to identify patterns and develop preventive measures, resulting in a report on construction sector corruption [2] - Various local commissions are revising and improving 14 regulatory documents to strengthen risk prevention in the construction sector [2] - The Zhaoqing High-tech Zone has issued guidelines to enhance supervision in urban environment construction, emphasizing risk assessment and institutional effectiveness [2] Group 3: Educational Initiatives - The disciplinary authorities are using real cases as educational tools, producing warning films and educational materials to remind officials of the consequences of misconduct [3] - Specific cases of misconduct have been highlighted in educational sessions for public officials to reinforce the importance of integrity in their roles [3] - The authorities are conducting collective discussions and reminders for key personnel in the construction oversight sector to maintain vigilance against corruption [3] Group 4: Ongoing Commitment - The Zhaoqing City disciplinary inspection commission emphasizes a dual approach of immediate corrections and long-term governance to address issues in the construction sector [4] - There is a focus on holding accountable both party members and public officials for any misconduct related to project contracting and bidding processes [4] - The goal is to continuously improve the effectiveness of anti-corruption measures and reduce opportunities for corrupt practices [4]

"你局在项目资金审批、干部提拔晋升等方面存在漏洞和监督短板……"近日，围绕商洛市农业农村 局原局长刘清民严重违纪违法案件，商洛市纪委监委向市农业农村局下发纪检监察建议书，要求深刻剖 析，限期整改。 在推进整改过程中，商洛市纪委监委坚持"当下改"与"长久立"相结合，既着力"治已病"，又注 重"防未病"。 以商洛市司法局原局长赵嘉安严重违纪违法案为例，商洛市纪委监委发出《关于加强落实全面从严 治党主体责任的纪检监察建议》，要求该局党组从管党治党政治责任、纪律教育、内部监督、家风建设 等方面全面检视问题并提出具体解决措施。同时，围绕权力运行、资金使用、项目建设、招标采购、营 商环境和选人用人等廉洁风险较高的重点领域，推动相关部门建立健全制度机制，规范监督程序，从根 本上化解风险。 商洛市纪委监委坚持标本兼治、系统施治，运用"全周期管理"理念，将纪检监察建议作为深化监督 的重要抓手，针对监督检查、审查调查和巡视巡察中发现的系统性、突出性、普遍性和典型性问题，精 准下发纪检监察建议书，推动相关党组织落实主体责任，确保问题整改到位、漏洞堵塞到位、制度执行 到位。 据统计，今年以来，商洛市各级纪检监察机关制发纪检监察建议书 ...

Core Viewpoint - The apple industry in Luochuan, Shaanxi Province, is experiencing significant growth, with a total production of 1.2365 million tons, driven by improved agricultural practices and technology [1][4]. Production and Sales - Luochuan's total apple production reached 1.2365 million tons, with late-ripening apples accounting for 914,800 tons; fresh fruit sales have already reached 830,000 tons, representing 90% of the late-ripening apple production [1]. - The implementation of advanced irrigation systems and agricultural techniques has led to increased apple quality and sales, with farmers reporting significant income from their harvests [2][4]. Technological Advancements - The introduction of automated sorting and grading systems in apple processing facilities has enhanced efficiency, with nearly 10,000 tons of late-ripening apples being sold through both online and offline channels [4]. - The establishment of new orchards and protective measures, such as hail nets, has improved production conditions, while extensive training programs for farmers have been conducted to enhance their skills [4][6]. Market Expansion - Luochuan apples are being marketed through various channels, including e-commerce and cross-border sales, with a reported 60% repurchase rate from consumers [4]. - The local government and agricultural organizations are focusing on upgrading old orchards and implementing key technological measures to further improve apple quality and brand recognition [6].

Core Viewpoint - Binhai Tobacco integrates the concept of "preventive governance" into corporate governance, emphasizing the construction of a clean culture as a long-term, systematic project to foster a sustainable "clean power" for high-quality development [1][5]. Group 1: Risk Control and Cultural Development - The company views clean governance as an "ecological project" that requires long-term efforts, aiming to deepen the value recognition of "not wanting to be corrupt" among employees [2]. - Binhai Tobacco implements a full-cycle management approach to clean governance, embedding clean requirements into all business processes and clearly defining disciplinary "red lines" and "bottom lines" [2][3]. - The cultivation of a culture that recognizes "cleanliness as value" is a core task, utilizing storytelling and recognition of role models to internalize the concept among employees [2]. Group 2: Empowerment System and Educational Initiatives - Binhai Tobacco adopts a precise education approach, tailoring training for different employee groups to enhance their awareness and ability to resist corruption [3][4]. - The company implements a grid-based prevention mechanism to proactively identify and address potential risks, establishing a responsive grassroots supervision network [4]. - An immersive nurturing environment is created to instill clean culture deeply, utilizing both online and offline educational activities to engage employees [4]. Group 3: Long-term Mechanisms and Evaluation - The company emphasizes the need for a robust mechanism to ensure the sustainability of clean culture initiatives, avoiding short-term effects [5]. - Binhai Tobacco is exploring the establishment of a performance evaluation system for clean culture, focusing on quantifiable indicators to assess the effectiveness of its initiatives [6]. - The ongoing optimization of the "education, prevention, and nurturing" ecosystem aims to create a positive political ecology within the company, enhancing its resilience and vitality for high-quality development [6].

Group 1 - The Nanchang Municipal Commission for Discipline Inspection and Supervision is actively supervising the implementation of rectification measures in a local hospital, addressing issues such as lax management in medical equipment procurement and inflated pricing [1] - The hospital has improved its procurement management methods and is implementing comprehensive supervision for large equipment purchases [1] - The Commission emphasizes a "full-cycle management" approach, integrating case handling with problem identification and solution proposals to create a complete loop of supervision, case handling, governance, and education [1] Group 2 - The Commission combines individual case analysis with systemic analysis to identify common issues in supervision and governance, producing specialized reports for relevant city leaders and industry authorities [2] - A focus on enhancing the supervision of key powers in the state-owned assets system has led to the establishment of over 120 regulatory mechanisms, including online monitoring systems for major decisions and project investments [2] - The Commission is committed to strengthening decision-making processes and accountability in response to corruption cases within state-owned enterprises [2]

Core Viewpoint - The article emphasizes the importance of a comprehensive approach to anti-corruption efforts, advocating for a system that integrates deterrence, prevention, and education to effectively combat corruption in a sustained manner [1][2][5]. Summary by Relevant Sections Anti-Corruption Strategy - The strategy of "integrated prevention, deterrence, and education" is essential for enhancing the effectiveness of anti-corruption measures, addressing the complex nature of corruption that intertwines with various social, political, and economic factors [3][6][11]. - The historical context of the Communist Party's anti-corruption efforts illustrates the evolution of strategies from punitive measures to a more holistic approach that includes education and institutional reform [4][5]. Current Challenges - The current landscape of corruption is characterized by new forms of hidden and sophisticated corrupt practices, necessitating a robust and adaptive response that includes continuous monitoring and reform of existing systems [6][12][19]. - The need for a high-pressure environment to deter corruption is highlighted, with data showing significant actions taken by disciplinary bodies, such as handling 1.976 million cases and initiating 789,000 investigations in a recent period [8]. Implementation of Anti-Corruption Measures - The article outlines the necessity of a multi-faceted approach that combines strict enforcement, institutional checks, and educational initiatives to create a culture of integrity among party members and public officials [10][20][22]. - Emphasis is placed on the importance of integrating various measures to ensure that deterrence, prevention, and education work synergistically, enhancing the overall effectiveness of anti-corruption efforts [11][17]. Cultural and Educational Aspects - Strengthening the ideological foundation of anti-corruption through education and cultural initiatives is crucial for fostering a long-term commitment to integrity among officials [10][16][21]. - The promotion of a clean governance culture and the establishment of a robust educational framework are essential for instilling values that resist corruption [16][22].

Core Viewpoint - The article emphasizes the importance of family values in shaping the conduct of leaders and the overall integrity of society, advocating for the integration of family education into the broader framework of discipline and party education [1][2]. Group 1: Education and Guidance - The concept of "full-cycle management" is introduced, suggesting that family education should be integrated throughout the entire process of discipline, party, and daily education to ensure consistency and long-term effectiveness [1]. - Focus is placed on key groups such as top leaders, young officials, and newly promoted cadres, particularly in sectors with concentrated power and resources, to strengthen family integrity [1]. - Local resources for integrity education should be utilized to promote traditional values of frugality and hard work within family teachings, creating a unique local brand of integrity culture [1]. Group 2: Supervision and Inspection - Family values are to be included as a key focus in daily supervision and inspections, ensuring that they are part of the performance evaluations of party committees [2]. - Mechanisms such as integrity talks and home visits are to be employed to monitor the state of family values among officials, addressing any emerging issues promptly [2]. - Strict regulations are to be enforced regarding the business activities of officials' family members to prevent conflicts of interest and corruption [2]. Group 3: Case-Based Reform - The article highlights the importance of investigating cases of misconduct to uncover underlying issues related to family values, using these cases for educational purposes [2]. - Negative examples are to be utilized for teaching integrity, with initiatives such as sharing family value stories and watching educational films to foster a culture of integrity among officials and their families [2].

Group 1 - The importance of strengthening political supervision is emphasized as a crucial guarantee for fulfilling the responsibilities assigned by the Party Central Committee [3][4] - Political supervision is seen as a key tool to eliminate the breeding ground for corruption, requiring a comprehensive approach to prevent corruption and enhance political construction [3][4] - The role of the disciplinary inspection and supervision agencies is highlighted as essential for high-quality development, focusing on both case handling and supervision responsibilities [4][5] Group 2 - The implementation of Xi Jinping's important speeches and directives is identified as a primary political requirement that must be strictly adhered to [6] - The focus on political issues in supervision aims to address corruption and misconduct that directly affect the public, ensuring that the needs and concerns of the people are prioritized [7] - The commitment to maintaining political discipline and rules is underscored, with an emphasis on correcting political deviations and fostering a positive political environment [8]

Core Viewpoint - Major projects are key drivers of economic growth and important engines for high-quality development, with a focus on ensuring integrity and efficiency in their execution [1] Group 1: Responsibility Enforcement - Ziyang City has laid out hundreds of major projects this year across various sectors, including advanced manufacturing and infrastructure, which involve significant investment and high integrity risks [2] - The local disciplinary inspection and supervision authority is closely monitoring responsibility implementation, identifying key projects for annual supervision, and holding accountable those responsible for project delays due to inadequate performance [2] - A smart supervision platform has been established to monitor six high-risk areas in project management, enabling early detection and intervention of integrity risks through data sharing and anomaly identification [2] Group 2: Innovative Supervision Methods - The city adopts a "full-cycle management" approach to supervision, embedding oversight throughout the entire project lifecycle, from decision-making to completion [3] - A comprehensive supervision mechanism is in place to assess integrity risks before approvals, ensuring strict adherence to procedures and accountability for violations [3] - During the construction phase, the focus is on monitoring the responsibilities of various stakeholders, with corrective actions taken for any lapses in duty [3] Group 3: Collaborative Supervision Efforts - The complexity and breadth of major project supervision necessitate a collaborative approach, integrating various supervisory bodies to enhance efficiency [4] - A mechanism for joint oversight among disciplinary inspection, audit, and inspection bodies has been established to facilitate information sharing and coordinated responses to high-risk projects [5] - Social supervision channels have been expanded, including the appointment of industry experts as supervisors and the establishment of monitoring points at project sites to collect real-time feedback [5]