另一方面，大成基金的权益投资较为依赖徐彦、刘旭、韩创三位基金经理，截至11月13日，三人合计在 管规模达642.81亿元，撑起公司权益类基金（股票型+混合型）总规模的半壁江山，约占55%。 然而，截至三季度末，徐彦在管产品收益全部跑输同期基准，其中今年3月成立的大成兴远启航直到10 月底才确认完成建仓，被投资人吐槽踏空"牛市"行情；刘旭、韩创旗下所管理的权益产品配置上则集中 于价值股或大盘股。 作者 | 谢美浴 编辑 | 付影 来源 | 独角金融 作为"老十家"公募之一，权益投资曾是大成基金管理有限公司（以下简称"大成基金"）亮眼的标签，如 今却陷入多重考验。 一方面，昔日百亿基金经理魏庆国年内被5次"内部调整"，最近两次是11月4日、11月6日，先后被免去 大成行业先锋、大成中小盘基金经理职务，至此，魏庆国已卸下所有在管公募产品。不过，魏庆国年初 已开始管理专户产品。 简历显示，魏庆国北京大学经济学硕士出身，14年证券从业经验，2013年5月便加入大成基金，并于 2015年开始单独管理基金。曾任研究部研究员，股票投资部基金经理、总监助理，现任权益专户投资部 总监助理。 Wind数据显示，魏庆国在大成基金任职 ...

Core Insights - The annual performance landscape of public equity funds is becoming clearer as 2025 approaches, with Xinda Australia Fund demonstrating robust growth and risk resilience through a long-term investment perspective [1] - Xinda Australia Fund has achieved a cumulative return of 312.38% over the past ten years, ranking first in the industry, and has received a five-star rating for its stock investment capabilities over the same period [1] Product Performance - Xinda Australia Fund's equity products cover various sectors including new energy, transformation innovation, and growth, catering to different investor risk preferences and holding needs [2] - The Xinda Australia New Energy Industry A fund has a ten-year return of 348.99%, ranking 3rd among 127 similar actively managed stock open-end products [1][2] - The Xinda Australia Transformation Innovation Stock A fund ranks in the top 8% of similar products with a one-year return, while the Xinda Australia Performance Driven A fund has a one-year return of 139.57%, ranking 4th among 3902 similar strong stock mixed products [2] Investment Philosophy - The company adheres to a "professional research-driven" philosophy, achieving performance breakthroughs in the active equity sector, reflecting its grasp of market trends and the stability of its research and investment system [2] - Xinda Australia Fund aims to continue enhancing research and optimizing management to create sustainable long-term investment returns for investors [2]

从举牌对象来看，高股息红利股备受险资青睐，特别是金融类上市公司。以举牌次数最多的平安人寿为 例，据统计，今年以来平安人寿举牌次数达到12次，分别举牌中国太保H股两次、农业银行H股3次、中 国人寿H股1次、邮储银行H股3次、招商银行H股3次。 "从H股上市公司半年报披露的数据看，保险公司进入大股东名录的标的股票，涵盖金融、公用事业、 交通运输、医药和地产等板块，其中，银行类H股成为险资举牌的主要板块，显示出险资对高股息、低 估值等稳健收益资产的高度偏好。"张夏说。 值得注意的是，从险资举牌的交易方式观察，虽然二级市场直接买入仍为主流模式，但协议转让、非公 开发行等多元化路径正日益活跃。 11月26日，泰康人寿公告披露其举牌复宏汉霖H股的公告再次引发业内关注。《金融时报》记者根据中 国保险行业协会公告不完全统计，截至11月27日，今年以来险资累计举牌33次上市公司。其中，27次举 牌指向了H股，12次举牌银行股，3次举牌保险股。 业内人士表示，今年以来险资系列密集的动作，显示出险资在复杂经济形势下，寻求稳健回报与战略协 同的资产配置新路径，预计未来险资在权益投资上将采取更趋精细化与多元化的策略。 "举牌"是指保险 ...

Core Insights - The article highlights the increasing participation of bank wealth management companies in IPO offline subscriptions, particularly focusing on the case of Moer Technology, which is recognized as the "first domestic GPU stock" [1][2] - The involvement of Ningyin Wealth Management and Xingyin Wealth Management in the subscription process marks a significant step for bank wealth management in equity investments [1][3] Group 1: Bank Wealth Management Participation - Ningyin Wealth Management successfully allocated shares from six of its wealth management products, while Xingyin Wealth Management allocated shares from three products in the Moer Technology IPO [1][2] - The products from Ningyin Wealth Management include various mixed open-ended wealth management products with different minimum holding periods [1][2] - The participation of these wealth management companies indicates a shift towards more active roles in capital markets, driven by policy support and the need for enhanced investment strategies [1][3] Group 2: Industry Challenges and Opportunities - Despite the potential for increased participation in IPO offline subscriptions, many bank wealth management companies face challenges related to research capabilities and personnel allocation [3][4] - The article notes that the high premium characteristics of A-share new stocks provide an opportunity for bank wealth management products to achieve excess returns [4][5] - Industry experts suggest that bank wealth management companies should focus on improving research and valuation modeling capabilities, designing differentiated product structures, and enhancing investor engagement to navigate the complexities of new stock pricing and risk management [5]

Core Viewpoint - The article discusses the increasing participation of bank wealth management companies in IPO offline subscription, particularly highlighting the successful allocation of shares in the domestic GPU company, Moore Threads, marking a significant step in equity investment for these firms [1][2]. Group 1: Bank Wealth Management Participation - Bank wealth management companies, such as Ningyin Wealth Management and Xingyin Wealth Management, have successfully participated in the offline subscription of Moore Threads, indicating a growing trend in equity investments [1][2]. - The participation of these companies in IPO offline subscriptions is seen as a strategy to enhance the returns of their wealth management products, although only a few firms have actively engaged in this practice [1][3]. Group 2: Investment Strategy and Market Response - The AI chip industry is experiencing rapid growth, and bank wealth management companies are aligning their investment strategies with national policies to support the real economy and technological innovation [2][3]. - The implementation of policies granting bank wealth management companies equal status as Class A investors in offline subscriptions has led to a swift market response, with several firms beginning to participate in IPOs [2][3]. Group 3: Research and Capability Challenges - Many bank wealth management companies face challenges in participating in IPO offline subscriptions due to limitations in research capabilities and personnel allocation [3][4]. - Establishing a robust research mechanism and investment decision-making process is essential for these companies to effectively engage in new stock subscriptions [3][4]. Group 4: Future Directions and Recommendations - To enhance their participation in IPO offline subscriptions, bank wealth management companies are advised to strengthen their industry research and valuation modeling capabilities, design differentiated product structures, and improve investor engagement [4]. - The high premium characteristics of A-share new stocks provide an opportunity for bank wealth management products to achieve excess returns, making participation in IPOs a valuable strategy [3][4].

Core Viewpoint - The article discusses the successful IPO of Moer Technology, referred to as the "Chinese version of Nvidia," which has set a record for the highest issuance price in the A-share market this year [1] Group 1: IPO and Market Participation - Moer Technology's IPO was priced at 114.28 yuan per share, making it the most expensive new stock this year [3] - The participation of bank wealth management companies, such as Ningyin Wealth Management and Xingyin Wealth Management, in the IPO's offline allocation marks a significant development in the market [2][3] - The new IPO underwriting regulations implemented this year have allowed bank wealth management companies and insurance asset management firms to participate in new stock subscriptions, providing substantial policy benefits [2][4] Group 2: Wealth Management Companies' Involvement - Ningyin Wealth Management successfully allocated approximately 3.18 million shares worth about 3.93 million yuan, with its highest allocation product receiving 1.52 million yuan [3] - Xingyin Wealth Management's three products collectively received about 1.79 million shares, amounting to approximately 2.04 million yuan, with one product achieving an allocation of 988,300 yuan [4] - The participation of these wealth management companies in IPOs is still limited, with only three out of 32 companies actively engaging in A-share IPOs [6] Group 3: Investment Strategies and Challenges - The article highlights the challenges faced by wealth management companies in enhancing their equity investment capabilities, including research and team building [2][9] - The low interest rate environment is pushing wealth management firms to strengthen their equity investment capabilities to build competitive advantages [2][9] - The current market conditions and regulatory support are driving wealth management companies to seek enhanced returns through equity investments, despite facing challenges in research capabilities and client risk preferences [9][10]

Core Viewpoint - The A-share market is gradually recovering, leading to increased activity in new fund issuance, highlighted by the launch of the Huisheng Balanced Return Mixed Fund, marking a significant step for Huisheng Fund Management in equity investment and a test of fund manager Qian Ruinan's investment capabilities [2][4]. Fund Launch and Performance - Huisheng Fund's new product, the Huisheng Balanced Return Mixed Fund, officially started fundraising on November 17, 2023, with a target fundraising cap of 2 billion yuan and a fundraising period from November 17 to December 5, 2023 [4]. - The fund aims to invest 60%-95% of its assets in stocks and depositary receipts, with up to 50% allocated to Hong Kong Stock Connect stocks, under the management of Qian Ruinan [4]. Existing Fund Challenges - Concurrently, Huisheng Fund faces potential liquidation risks for another mixed fund, the Huisheng Huiyi Mixed Fund, due to its net asset value falling below 50 million yuan for 40 consecutive working days, with a warning that liquidation procedures may be initiated if this continues for 50 days [3][4]. Management Background - Qian Ruinan, with 16 years of experience, has previously held significant positions in well-known fund companies and managed various funds, although his past performance includes negative returns for several actively managed equity funds [5][7]. - His management of the Huisheng Huiwei Flexible Allocation Mixed Fund has shown promising results, achieving returns of 27.34% and 27.06% for A and C shares, respectively, within 138 days of his involvement [7]. Company Structure and Strategy - Huisheng Fund, established in 2018, has seen its total management scale exceed 55 billion yuan, but it heavily relies on bond funds, which account for over 90% of its assets, with mixed funds totaling less than 4.3 billion yuan [7][8]. - The company has been actively recruiting equity investment talent, hiring at least six new active equity fund managers in 2024, indicating a strategic shift towards diversifying its product offerings and reducing reliance on bond funds [8].

Group 1 - The core viewpoint of the news is that the new "National Nine Articles" emphasizes the need for a capital market that is highly adaptable, competitive, and inclusive by 2035, marking a new phase in the development of inclusive finance [1] - The white paper titled "Embracing Financial Health: Wealth Management Supporting the High-Quality Development Path and Practice of Inclusive Finance" was jointly released by China International Capital Corporation Wealth Management and the China Inclusive Finance Research Institute [1][2] - The white paper indicates that inclusive finance is transitioning from focusing on penetration rates to enhancing financial quality, with financial health becoming a new driving force for this transformation [1][2] Group 2 - There is a positive correlation between equity investment and financial health, with survey data showing that residents participating in equity market investments tend to have better financial health, particularly in financial resilience and emergency borrowing capacity [3] - The research highlights that good financial health is a foundation for participating in risk markets, and ongoing investment practices can enhance residents' understanding of financial markets and improve their risk prevention capabilities [3][4] - The white paper specifically studies small business owners, noting that their financial health and wealth management capabilities are crucial for the long-term survival and development of their enterprises [3][4] Group 3 - The report from the National Financial Supervision Administration indicates that by the end of Q3 2025, the balance of inclusive loans to small and micro enterprises reached 36.5 trillion yuan, a year-on-year increase of 12.1% [6] - Experts emphasize the need to shift from merely pursuing the quantity of inclusive finance to focusing on quality, enhancing the adaptability of economic finance [6][7] - The company is enhancing its service offerings in wealth management for residents and empowering small businesses by providing passive investment products and intelligent investment advisory tools [7]

Core Viewpoint - The Beijing Securities Association has issued a "High-Quality Development Initiative" for the public fund industry, calling for comprehensive implementation of national strategies and regulatory requirements to enhance the sector's performance in the new era [1][3]. Group 1: Industry Development Requirements - The initiative emphasizes the importance of aligning with national development goals, focusing on areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance to achieve high-quality growth [1]. - It advocates for a shift from prioritizing scale to emphasizing returns, promoting a multi-strategy investment research system, and enhancing investor engagement to improve their experience [1]. - The initiative encourages long-term and value investment principles, increasing the range and innovation of equity fund products, particularly those aligned with national strategic directions [1]. Group 2: Compliance and Risk Management - The initiative stresses the need for a compliance-driven approach to create value, enhancing corporate governance and internal controls to balance business growth with risk management [2]. - It calls for the establishment of robust risk monitoring and emergency response mechanisms to strengthen the industry's resilience against potential risks [2]. Group 3: Financial Culture and Talent Development - The initiative promotes the cultivation of a strong financial culture, emphasizing ethical standards and professional capabilities in talent development [2]. - It encourages fund managers to take a leading role in the industry, fostering strategic collaboration among institutions to create a synergistic development environment [2]. Group 4: Series of Activities - Since its launch on September 8, the "High-Quality Development Series Activities" has engaged over forty industry institutions and mainstream media, creating a comprehensive communication framework [3]. - The conclusion of the series marks a significant consensus on high-quality development within the Beijing public fund industry, reflecting a proactive response to policy initiatives and industry transformations [3].

Core Viewpoint - The Central Financial Work Conference has outlined the direction for financial development in the new era, emphasizing the acceleration of building a strong financial nation. The "Action Plan for Promoting High-Quality Development of Public Funds" serves as a guide for deepening reforms and enhancing efficiency in the industry [1] Group 1: Mission and Responsibility - Financial institutions are urged to integrate into the national development framework, prioritizing service to the real economy and focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - A collaborative market structure is encouraged to achieve high-quality development while serving national strategies [1] Group 2: Service Quality and Investor Focus - The industry is called to shift from a focus on scale to a focus on returns, enhancing the investment experience for investors [2] - A comprehensive investment research system is to be established, ensuring alignment with investor interests through fee reforms and long-term assessment mechanisms [2] Group 3: Investment Strategy - There is a push to enhance equity investment capabilities and develop a robust asset allocation system, focusing on long-term and value investment principles [3] - The industry is encouraged to innovate equity fund products that align with national strategic directions, such as thematic and index funds [3] Group 4: Compliance and Risk Management - Emphasis is placed on compliance as a value creator, with a focus on governance and internal control to balance business growth and risk prevention [4] - A robust risk monitoring and emergency response mechanism is to be established to ensure the industry's stable development [4] Group 5: Financial Culture and Industry Ecology - The promotion of a distinctive financial culture is essential for sustainable industry development, with a focus on talent development and ethical standards [5] - Social responsibility and a positive industry image are highlighted as key components for enhancing public trust and recognition [5] Group 6: Institutional Development and Competitiveness - The goal is to build modern, first-class investment institutions with improved governance and decision-making processes [6] - Digital transformation and differentiated development strategies are emphasized to enhance operational efficiency and market competitiveness [6] Group 7: Industry Collaboration and Development - Fund managers are encouraged to lead the industry towards a cooperative and win-win development model, while sales and custodial institutions must adhere to investor suitability and asset safety [7] - A long-term evaluation system is to be established to promote a culture of long-term investment [7] - Media institutions are tasked with positive promotion and market confidence building [8]