MACD金叉信号形成，这些股涨势不错！ 五 本 金 A S N 2 2025年11月 = 3A系列ETF当日场内行情 ■ 中证A100ETF基金 A50ETF华宝 中证A500ETF华宝 562000 159596 563500 -0.48% -0.34% -0.66% 数据来源:沪深交易所等,行情数据截至 3.18上市,中证A100ETF基金干2022.8.1 H 中证A500ETF华宝于2024.12.2. ID . 当日大市行情 an -0.81% -0.92% -1.16% 创业板指 上证指数 深证成指 两市成交额1.93万亿元 较上一日+153亿元 全市场个股涨跌数 1278只 67后 4106只 =1 上涨 == 持平 "『下跌 资金净流入TOP3行业(申万一级) 传媒 i曲信 +25.33亿元 +11.72<元 十3亿元 数据来源:法学交易所等, 机构观点 El 华西证券:A股仍以存量博弈为主 11月以来中美科技股回调,主因海外流动性紧张和AI泡沫担忧,后续 关注美国经济数据与12月降息预期变动。资金面来看,A股仍以存量 博弈为主,融资资金和南向资金交易显示资金存在"高低切",此外 公募基金业绩 ...

破解"风格漂移" 推动公募基金主题投资迈向新阶段 中国基金报记者李树超 近日，中国基金业协会起草《公开募集证券投资基金主题投资风格管理指引》（以下简称《指引》）， 并向基金管理人征求意见。 业内人士表示，《指引》旨在解决主题基金"风格漂移""名不副实"等问题。从长远看，《指引》将规范 公募基金主题投资，提升投资者获得感，引导塑造良好行业文化，公募基金主题投资进入高质量发展新 阶段。 在制度、系统、人员等方面 进行调整 为规范主题投资基金"风格漂移"问题，《指引》对主题投资基金的合同约定、基金管理人投资风格管 理、托管人投资风格监督提出了明确要求。同时，提出建立"风格库"以及明确更新频率等安排。 多家机构表示，根据《指引》要求，已在制度、系统、人员等多个方面进行调整和准备。 华北一家中型基金公司表示，公司已建立了主题库，由权益研究部负责维护，严格依照基金合同约定的 投资目标和风格筛选入库股票，通过持续跟踪上市公司基本面变化和实地调研情况等，对主题库进行动 态调整，并定期对主题库进行全面检视，确保在库股票符合基金合同及内部制度要求。 同时，公司合规风控部对主题基金实施全流程监控，通过事前事后投资管理系统监测主题证 ...

（原标题：破解"风格漂移"！大动作来了，最新解读） 破解"风格漂移" 多家机构表示，根据《指引》要求，已在制度、系统、人员等多个方面进行调整和准备。 近日，中国基金业协会起草《公开募集证券投资基金主题投资风格管理指引》（以下简称《指引》）， 并向基金管理人征求意见。 业内人士表示，《指引》旨在解决主题基金"风格漂移""名不副实"等问题。从长远看，《指引》将规范 公募基金主题投资，提升投资者获得感，引导塑造良好行业文化，公募基金主题投资进入高质量发展新 阶段。 在制度、系统、人员等方面 进行调整 为规范主题投资基金"风格漂移"问题，《指引》对主题投资基金的合同约定、基金管理人投资风格管 理、托管人投资风格监督提出了明确要求。同时，提出建立"风格库"以及明确更新频率等安排。 推动公募基金主题投资迈向新阶段 中国基金报记者 李树超 华北一家中型基金公司表示，公司已建立了主题库，由权益研究部负责维护，严格依照基金合同约定的 投资目标和风格筛选入库股票，通过持续跟踪上市公司基本面变化和实地调研情况等，对主题库进行动 态调整，并定期对主题库进行全面检视，确保在库股票符合基金合同及内部制度要求。 同时，公司合规风控部对主题 ...

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to regulate theme investment funds, addressing issues such as unclear product positioning and style drift, ultimately promoting high-quality development in the industry [1][7]. Summary by Sections Guidelines Overview - The guidelines apply to publicly offered securities investment funds that invest over 80% of non-cash assets in specific investment directions, including market capitalization, industry, theme, and asset class [1][2]. Fund Naming and Contractual Clarity - Fund names must be closely related to their contracts and actual investments, eliminating ambiguity in investment scope and strategy, thus reducing instances of style drift and misleading fund representations [2][4]. Establishment of Style Library - Theme investment funds are required to establish a style library, with securities included based on specific investment directions, using authoritative data as a basis. The library must be updated at least once a year [2][3]. Internal Management and Compliance - Fund managers must develop comprehensive internal management systems covering product design, investment management, risk control, and compliance, ensuring systematic management of the style library [4][6]. Transition Period for Existing Funds - Existing theme investment funds that do not comply with the new guidelines must rectify their contracts and prospectuses within 24 months of the guidelines' implementation [5]. Impact on Fund Management Practices - The guidelines are expected to lead to significant changes in the public fund industry, promoting diversified investments rather than concentrated bets on specific sectors, thereby enhancing investment performance stability [5][8]. Long-term Industry Development - The guidelines are part of a broader initiative to shift the industry from "scale competition" to "capability competition," emphasizing long-term investment behaviors and enhancing the overall regulatory framework [7][8].

Core Viewpoint - Dachen Fund has struggled to adapt to the current bull market, resulting in underperformance of its equity products compared to the market average, highlighting issues in its investment strategy and execution [3][4][8]. Group 1: Performance Analysis - Dachen Fund's flagship product, Dachen Gaoxin Stock, has shown a decline in performance, with year-to-date returns of 15.75%, trailing behind its benchmark and the CSI 300 index [5][6]. - The fund's management scale decreased from 123.64 billion to 114.53 billion yuan, indicating a loss of investor confidence [6]. - Other Dachen equity products, such as Dachen Rui Xiang Mixed A and Dachen Strategy Return Mixed A, also underperformed relative to the CSI 300 index [6][7]. Group 2: Investment Strategy Issues - Dachen Fund's conservative investment approach, which worked well during bear markets, has led to missed opportunities in the current growth-driven market [8][9]. - The fund's portfolio has been heavily weighted towards value stocks and large-cap stocks, limiting its ability to capitalize on the tech and growth sectors that are currently leading the market [8][9]. - The fund's products have been criticized for style drift, where funds marketed as "growth" or "new" are actually concentrated in traditional value stocks, potentially misleading investors [9]. Group 3: Management and Operational Challenges - Dachen Fund's slow response to market changes has been evident in its delayed investment decisions, with significant cash holdings in newly launched funds [10][11]. - The Dachen Xingyuan Qihang Mixed Fund had an 84% cash position shortly after its launch, missing critical market gains during the early months [10][11]. - High turnover rates in the fund's portfolio have increased trading costs without resulting in improved performance, indicating a reactive rather than proactive management style [14][15]. Group 4: Future Outlook - Dachen Fund's current challenges may serve as a case study for traditional public fund institutions facing transformation difficulties in a changing market environment [16].

随着公募基金三季报披露完成，各家机构的整体持仓和业绩表现也浮出水面。 曾经凭借出色防御能力在2023-2024年熊市中逆势突围的大成基金，却在本轮结构性上涨行情中"水土不服"，其主动权益类型产品年内收益水平呈现倒退之 势。其中，大成基金首席权益投资官徐彦更是因为"踏空"牛市建仓时机被持有者诟病。从昔日的权益冠军沦落至倒数阵营。 同时，高换手率、风格漂移、老将踏空等问题集中暴露，也折射出大成基金投研体系在市场风格切换中的应对不当。 大成基金牛市"水土不服" 根据国泰海通证券数据显示，在2023-2024年期间，大成基金凭借7.99%的主动权益绝对收益，在24家大中型公募中高居第一，在熊市中展现出极强的防御能 力和稳健的投资风格。然而，截至今年9月底，大成基金主动权益年内的收益在同类基金中排名退至倒数第二，超额收益垫底。凤凰网财经《投资观察》整 理数据发现，今年以来，大成基金旗下多只权益产品收益水平呈现倒退之势，其中不乏明星级基金产品。 以大成基金权益当家产品—大成高鑫股票为例。该基金是大成旗下规模最大的股票型基金，成立于2015年，成立以来累计回报达423.11%，截至三季度末管 理规模为114.53亿元。 凤 ...

来源：市场资讯 （来源：投基摸狗） 周末，聊聊基金业绩比较基准的征求意见稿。 证监会和协会的相关文件都出来了，协会业绩基准的指数库也公布了，相关媒体也都报道了，周末了说说我的看法。 上次的基金销售费率新规的征求意见稿，我支持，但是征求意见稿里面多个地方我也有不同意见，之前我写了，很多基民，甚至业内人士也发布了自己的 看法，这就很好，抛砖引玉。 这次的基金业绩基准这事，我和基民、基层的理财经理或是基金公司的人都有交流，大家整体判断比较正面，我个人认为：这事整体上对基金投资者、基 金销售人员和销售机构偏利好，但是对基金公司来说有的忙了。 一、为什么对基民或是销售人员、销售机构偏利好？ 现在或是过去几年，买基金遇到的一个问题就是：风格漂移。 基民买基金是出于对基金的信任，结果基金经理不干正事，什么火买什么，说得好听点叫做"风格漂移"，说得不好听就纯粹"挂羊头卖狗肉"，经常一地鸡 毛，结果亏的是投资者的钱。 银行或是券商的销售人员也很无语，我当时推荐给投资者的基金是这样的，谁能想到结果却。 销售机构、销售人员很容易被基金投资者投诉：又不是我们让基金经理搞成这样的。 基金选股好坏是能力问题，但是挂羊头卖狗肉，那可能就是 ...

Group 1 - The phenomenon of style drift in A-share market is prevalent, where funds claiming to focus on consumer themes are heavily investing in technology stocks, leading to confusion regarding their actual investment strategies [1] - A specific mixed strategy fund has changed managers six times in nine years, resulting in inconsistent investment styles and poor performance during critical market events [1] - As of October 31, 2023, 63.46% of actively managed equity funds have underperformed their benchmarks over the last three years, indicating a significant issue within the fund management industry [2] Group 2 - The China Securities Regulatory Commission (CSRC) has released a draft guideline emphasizing the importance of performance benchmarks in mutual funds, stating that benchmarks should reflect the product's positioning and investment style [3] - The new regulations aim to prevent funds from changing their benchmarks arbitrarily due to manager changes or short-term market fluctuations, promoting more stable investment strategies [4] - As of October 31, 2023, 183 funds have announced changes to their performance benchmarks this year, a notable increase from 144 in the same period last year, indicating a proactive approach to comply with upcoming regulations [4] Group 3 - The selection of performance benchmarks is now strictly regulated, requiring strategy funds to use corresponding strategy indices, which aims to enhance accountability in fund management [5][6] - Funds without a clear thematic focus have more lenient requirements, but investors are advised to pay close attention to fund managers' styles and past performance when selecting these funds [7] Group 4 - Index funds are considered a safer investment option for ordinary investors due to their lower susceptibility to manager biases and more precise industry positioning [10] - Historical data shows that actively managed funds often underperform index funds over the long term, suggesting that index funds may be a more reliable choice for wealth accumulation [11]

Group 1 - The Ministry of Commerce responds to ASML-related issues, indicating that China will consider exemptions for eligible exports due to disruptions in the global supply chain caused by inappropriate government interventions [1] - The China Securities Regulatory Commission has released guidelines for public fund performance benchmarks, aiming to prevent style drift and enhance investment behavior stability [2] - The Ministry of Finance and the State Taxation Administration clarified that taxpayers selling standard gold outside exchanges must pay value-added tax according to existing regulations [3] Group 2 - In October, new energy vehicle companies reported strong delivery numbers, with Leap Motor exceeding 70,000 units, Xiaopeng and NIO setting monthly delivery records, and Xiaomi maintaining over 40,000 units [4] - The solid-state battery technology industry conference was held, emphasizing the importance of demand and corporate profitability for market sustainability [5] - Citic Securities identified structural opportunities in the market, focusing on manufacturing upgrades, Chinese enterprises going abroad, and edge AI [7] - Everbright Securities suggested that the market may continue to experience range-bound fluctuations, with a focus on opportunities in media and computer sectors related to AI applications [9] Group 3 - China has achieved its first thorium-uranium nuclear fuel conversion based on molten salt reactors, which could enhance energy independence and has broad market prospects [10] - The introduction of a new payment channel for high-value innovative drugs in 2025 is expected to create significant investment opportunities in the pharmaceutical sector [11] - The president of the China Animal Husbandry Association emphasized the need to control pig production capacity, predicting a year-on-year decline in pig prices by 2025 [12]

Core Viewpoint - The recent regulatory changes in China's mutual fund industry aim to enhance the effectiveness of performance benchmarks, ensuring they accurately reflect fund strategies and prevent misleading practices in fund management [1][2][4]. Group 1: Regulatory Changes - On October 31, the China Securities Regulatory Commission and the Asset Management Association of China released draft guidelines for mutual fund performance benchmarks, emphasizing their role in defining investment styles and measuring performance [2][4]. - The new regulations will link fund managers' compensation to their performance relative to these benchmarks, a move that is stricter than in some developed markets [1][2][8]. - A one-year transition period has been established to adjust existing products to the new benchmarks, minimizing market disruption [3][5]. Group 2: Industry Response - As of October 31, at least 132 mutual fund products have changed their performance benchmarks this year, surpassing the total for the previous year, indicating a shift towards regulatory compliance [1][5]. - Many funds are moving away from commonly used indices like the CSI 300 to more relevant industry-specific indices that better align with their investment strategies [5][6]. - The adjustments reflect a growing recognition of the need for benchmarks that accurately represent the investment focus of funds, addressing previous issues of misalignment [5][6]. Group 3: Performance Measurement - Data shows that only 37% of actively managed equity funds have outperformed their benchmarks over the past three years, highlighting a significant performance gap [7]. - The new regulations aim to create a more transparent and stable risk-return profile for funds, reducing the occurrence of "style drift" where funds deviate from their stated investment strategies [8][9]. - Fund managers are expected to shift their focus from short-term trading to long-term strategies that optimize performance within the framework of the new benchmarks [9].