Core Insights - The financial industry is undergoing a transformation in investor education, shifting from simple knowledge dissemination to deeper "value empowerment" in the context of capital market reforms and digitalization [1][2] Group 1: Investor Education Initiatives - The "Financial Industry High-Quality Development and Investor Education Innovation Communication Activity" has been launched, involving over 150 major asset management institutions to collect high-quality educational materials [2] - The educational materials include short videos, long videos, in-depth articles, creative posters, and public welfare practices, showcasing the asset management industry's exploration and achievements in investor education [2] Group 2: Short Video Content - Short videos are becoming a key channel for investors to acquire knowledge, with various themes such as long-term investment concepts and asset allocation explained through engaging narratives and cultural references [3] - Examples include the series "Investment Road with Jingli" promoting long-term investment and "Asset Allocation Classroom" using traditional culture to explain key concepts [3] Group 3: Long Video Content - Long videos address the demand for in-depth content, providing comprehensive analyses of industries and investment logic, such as the competitive landscape of solid-state batteries and the evolution of intelligent robots [5] - These videos aim to guide investors from chasing short-term trends to understanding underlying investment logic [5] Group 4: In-Depth Articles - In-depth articles focus on building a cognitive moat for investors, covering strategies, market dynamics, and psychological aspects of investing [7] - Topics include quantitative investment strategies, asset allocation techniques, and the impact of macro policies on investment decisions [7] Group 5: Creative Posters - Creative posters serve as an important medium for investor education, utilizing visual elements to simplify complex concepts and convey investment philosophies [8] - Examples include posters that explain net asset values and investment principles through engaging designs and cultural references [8] Group 6: Public Welfare Practices - Financial institutions are expanding the boundaries of investor education through public welfare initiatives, such as educational programs targeting youth and rural communities [10] - These initiatives aim to enhance financial literacy and support sustainable development in various demographics [10]

Core Viewpoint - The article emphasizes the transformation of investor education in the financial industry, moving from simple knowledge dissemination to deeper "value empowerment" through innovative communication activities [2]. Group 1: Investment Education Initiatives - The China Fund News, in collaboration with over 150 major asset management institutions, launched a campaign for high-quality investment education, inviting submissions of educational works across various formats [2]. - The campaign includes short videos, long videos, in-depth articles, creative posters, and public welfare practices, showcasing the industry's exploration and achievements in investment education [2]. Group 2: Short Video Education - Short videos have become a vital channel for investors to acquire knowledge in a fragmented information era, transforming complex investment concepts into engaging visual content [4]. - Examples include warm narrative videos that convey long-term investment principles and humorous interpretations that make serious topics more accessible [7]. - Cultural integration is highlighted through videos that combine regional cultural characteristics with investment education, making the content more relatable [7]. Group 3: Long Video Education - Long videos address the demand for in-depth content, providing comprehensive analyses of industries and investment trends [9]. - Topics include competitive landscapes in solid-state batteries and the evolution of intelligent robots, offering forward-looking perspectives for investors [11]. - The content aims to guide investors from chasing short-term trends to understanding underlying investment logic [11]. Group 4: Deep Articles - Deep articles focus on building cognitive frameworks for investors, emphasizing the importance of deep thinking in an information-overloaded market [13]. - Topics cover quantitative investment strategies, practical asset allocation techniques, and insights into market dynamics, helping investors navigate complex environments [17]. - The articles also explore investment psychology and innovative educational models, aiming to instill a long-term investment perspective [17]. Group 5: Creative Posters - Creative posters serve as an important medium for investment education, utilizing visual communication to simplify complex concepts [18]. - Examples include visual comparisons of different net asset values and cultural integrations that merge traditional wisdom with modern investment philosophy [21]. - The posters also focus on risk warnings and the transmission of core investment principles, enhancing investor awareness [21]. Group 6: Public Welfare Practices - Financial institutions are expanding the boundaries of investment education through public welfare initiatives, contributing to the high-quality development of the financial industry [22]. - Activities include sustainable public welfare projects and educational programs targeting youth and rural communities, aiming to enhance financial literacy [24]. - These initiatives reflect a commitment to protecting investor rights and promoting financial knowledge across various demographics [24].

清晨的上海弄堂，人声鼎沸。潘虹饰演的公交车售票员阿莉，带领街坊邻居彻夜排队，只为抢购一 纸"股票认购证"。1994年，电影《股疯》以其辛辣的写实笔触，将资本市场初入寻常百姓家时的狂热、 迷茫与阵痛，镌刻进一个时代的记忆。 影片中，阿莉凭借香港来客阿伦的优势迅速暴富又深陷癫狂，其丈夫许昂则在盲从与贪婪中坠入深渊 ——这不仅是个人命运的沉浮，更是当时，无数缺乏认知武装的散户投资者，在信息不对称浪潮中奋力 挣扎的集体缩影。 三十年弹指一挥间，中国资本市场已崛起为总市值逾百万亿元、上市公司超5000家的全球第二大市场。 然而，普通投资者如何穿越信息差、知识差与认知差的重重迷雾的命题，并未随岁月流逝而消散。 当投资选择呈几何级数增长，"如何选"的挑战已远远大于"有没有"。这不仅是市场的考题，更是在"增 强资本市场内在稳定性""建设金融强国"战略背景下，关乎亿万户家庭财富安全。 居民权益资产占比仅15%，投教升级迫在眉睫 近年来，政策层面持续发力，为投资者教育注入强心剂。从强调"以投资者为本"的监管理念，到推动提 升上市公司投资价值，再到引导长期资金入市，一条清晰的主线贯穿其中：打造一个透明、规范、有活 力、有韧性的资本 ...

清晨的上海弄堂，人声鼎沸。潘虹饰演的公交车售票员阿莉，带领街坊邻居彻夜排队，只为抢购一 纸"股票认购证"。 1994 年，电影《股疯》以其辛辣的写实笔触，将资本市场初入寻常百姓家时的 狂热、迷茫与阵痛，镌刻进一个时代的记忆。 当投资选择呈几何级数增长，"如何选"的挑战已远远大于"有没有"。这不仅是市场的考题，更是 在"增强资本市场内在稳定性""建设金融强国"战略背景下，关乎亿万户家庭财富安全。 居民权益资产占比仅15%，投教升级迫在眉睫 近年来，政策层面持续发力，为投资者教育注入强心剂。从强调"以投资者为本"的监管理念，到推 动提升上市公司投资价值，再到引导长期资金入市，一条清晰的主线贯穿其中：打造一个透明、规 范、有活力、有韧性的资本市场，其基石正在于培育成熟、理性的投资者群体。 影片中，阿莉凭借香港来客阿伦的优势迅速暴富又深陷癫狂，其丈夫许昂则在盲从与贪婪中坠入深渊 ——这不仅是个人命运的沉浮，更是当时，无数缺乏认知武装的散户投资者，在信息不对称浪潮中奋 力挣扎的集体缩影。 三十年弹指一挥间，中国资本市场已崛起为总市值逾百万亿元、上市公司超5000家的全球第二大市 场。然而，普通投资者如何穿越信息差、知识 ...

金融作为现代经济的核心，对国家经济发展与居民财富增长具有重要作用。在近期召开的2025年上海证 券交易所国际投资者大会上，中国证监会明确提出，提升资本市场内在稳定性，坚决防范市场大起大 落、急涨急跌。这一政策导向与党的二十届四中全会提出的"加快构建高水平社会主义市场经济体制"紧 密衔接，也指向"加快建设金融强国"战略部署。展望"十五五"时期，全面加强金融监管、完善体制机 制、提升监管能力与技术水平、构建全链条风险防范化解体系，已成为保障市场稳健运行的关键任务。 在全面实行股票发行注册制背景下，信息披露的质量与有效性是市场稳定运行的基石。信息披露正朝 着"简式信息披露"与"详式信息披露"相结合的方向发展，为市场提供更具针对性、可读性和有效性的关 键信息。此外，须持续压实信息披露义务主体的责任体系，夯实上市公司及"关键少数"的第一责任，强 调中介机构尽责归位的基本要求。 短期投机资本是造成市场急涨急跌的因素之一。为此，监管层已认识到长期资本对市场稳定的重要性， 多次出台政策大力推动中长期资金入市，发挥"压舱石"作用。接下来，应持续通过政策与市场引导相结 合，通过扩大社保、保险等权益资本规模，加大中长期资金入市力度 ...

2025年11月28日，"2025资本市场高质量发展论坛"在成都隆重举行。东方证券凭借在投资者教育领域的深厚积淀与创新实践，一举斩获"2025年度最具影 响力券商互联网投教基地""2025年度投教活动最佳组织"两项重磅荣誉，彰显了行业对其投教工作的高度认可。 2025年5月15日，东方证券联合上海市证券同业公会投放公益主题短片《非法荐股藏陷阱 理性投资护钱袋》，短片在上海虹桥、浦东机场100多个核心点 位大屏滚动播出。短片以"哪吒打假"为场景演绎，生动诠释"守住钱袋子"的实用策略，彰显金融机构的社会责任担当。另外，针对防非宣传重点"股市黑 嘴"制作微电影《贾理财饼铺》，电影将非法金融活动的常见套路作为核心创意，无缝融入一间街头巷尾常见的"饼铺"故事中。通过"饼"这一极具生活气 息且富有象征意义的载体，影片将抽象、复杂的金融骗局具象化、可视化。 上述两则公益短片登陆上海浦东、虹桥双机场100余个核心点位，每日高频播放20轮，仅两周时间便累计触达超500万人次，精准覆盖高净值商旅等重点人 群，以创新传播方式织密投资者保护"安全网"，扩大了投资者教育宣传覆盖面与精准度。 引导长期投资 帮助投资者树立理性观念 由于信 ...

Report Title - In the Era of Multi - asset Investments, Riding the Waves: Outlook for the Public Offering FOF Business and Product Layout in 2026 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Since Q4 2024, the overall scale of public offering FOFs has rebounded, reaching a new high since Q4 2022, mainly due to China Merchants Bank's "Long - term Prosperity Plan" and the increasing market recognition of multi - asset allocation for achieving fixed - income plus returns after the rapid decline in interest rates [10]. - Multi - asset low - volatility FOFs face issues such as potential overcrowding, reliance on the performance of gold and US stocks, and the need to build competitiveness through further asset diversification, strategy specialization, and product differentiation [49][54]. - High - volatility FOFs have a natural advantage in the personal pension Y - share market, and in the new regulatory environment, they can evolve in directions such as building low - volatility products under the same benchmark and making style - based asset allocations [103][114] 3. Summary by Directory 3.1 Public Offering FOF Industry Status - **Scale and Product Trends**: After years of overall decline, the scale of public offering FOFs started to rebound in Q4 2024, with positive net inflows for three consecutive quarters. The "Long - term Prosperity Plan" of China Merchants Bank brought about a scale of approximately 60 billion yuan, driving the development of the FOF industry. Most FOFs with large scale growth and initial issuance in 2025 belong to the "Long - term Prosperity Plan", mainly bond FOFs or fixed - income plus FOFs [10][12]. - **Asset Allocation**: Multi - asset allocation has become a common choice for FOFs. In Q3 2025, leading fund managers generally increased their allocation to QDII, mutual - recognition funds, and commodities while maintaining their allocation to active equity, fixed - income plus, and pure - bond funds [17]. - **Personal Pension Y - share**: In Q3, the scale of personal pension funds reached 12.817 billion yuan, a significant increase from Q2 2025. Pension target - date funds are more popular, and high - equity - position products in personal pension accounts are more favored. The scale of equity - type and 2050 - series FOFs increased significantly [28][32] 3.2 Next Evolution Direction of Multi - asset Investments - **Asset - side**: To overcome the "reliance on gold and US stocks", multi - asset FOFs should further diversify and increase sources of returns. Public REITs can be considered as a substitute for bonds, and commodity - type funds such as non - ferrous metal futures, chemical futures, and soybean meal futures can enhance the diversification effect of FOFs [56][64]. - **Strategy - side**: The ability to be familiar with alternative assets can be a competitive barrier for multi - asset investment. Multi - asset allocation frameworks can be labeled, transparent, and tool - based. The deployment of various assets under a stable allocation framework tests the tactical ability of fund managers, and the deployment models can be macro - driven, risk - driven, or value - driven [69][82] - **Multi - asset + Multi - strategy**: If bond yields remain low in the long term, multi - asset low - volatility FOFs can reduce bond allocation and adopt a multi - asset + multi - strategy model. By strategizing single assets and combining them with a risk - parity weighting, a quasi - absolute - return strategy can be formed [92] 3.3 Future of High - volatility FOFs - **Natural Battlefield - Personal Pension Y - share**: High - volatility FOFs are more popular in the personal pension Y - share market. The "search for lower points" model can be adopted in the Y - share business to promote the development of the third pillar of pensions [103]. - **Friendly Environment from High - quality Public Offering Development**: The high - quality development of the public offering industry provides a more favorable environment for FOFs. Due to their low - volatility characteristics, FOFs can offer better returns to investors [109]. - **Evolution Direction in the New Regulatory Environment**: In the new regulatory era with clear performance benchmarks, high - volatility FOFs can build low - volatility products under the same benchmark, improve the holding experience, and make style - based asset allocations to adapt to different market conditions [114][117]

三、专业引领，以标准化师资串联全学段教育闭环 教育体系的贯通，关键在于"人"的贯通与方法的统一。中原证券精心打造的"原原"投教讲师团队，正是 串联起从小学到大学全链条投教体系的核心力量。这支队伍不仅具备扎实的金融专业背景，更接受了专 业财商培训，能够精准扮演"金融知识翻译者"与"财商思维引导者"的双重角色。面向不同学段，讲师团 队实施精准教学策略：对青少年群体，他们运用《汴"金"梦华录》中的故事化场景与游戏化任务，将抽 象概念转化为可感知的生活经验；对高校学生，则转向案例推演、模拟交易和行业调研等实战教学，强 化其对资本市场的理性认知与风险抵御能力。通过统一的培训体系、标准化的课程框架与灵活的教学工 具箱，这支专业讲师队伍确保了投教内容在跨学段传递中的一致性、科学性与趣味性，真正实现了"因 龄施教、学段贯通"的教学闭环。 为深入贯彻落实国家关于"将投资者教育纳入国民教育体系"的战略部署，中原证券以"投资者教育进百 校"活动作为关键抓手，成功构建了一套贯通青少年财商启蒙与高校专业实践的全链条财经素养教育体 系。此举不仅是履行金融机构社会责任的具体体现，更是从源头培育理性投资文化、服务资本市场长远 健康发展的前瞻 ...

Core Insights - The Hong Kong Mandatory Provident Fund (MPF) assets reached a record high for the seventh consecutive time, despite a slight market decline in November [1] - The average satisfaction rating for MPF returns is only 5.2 out of 10, indicating a psychological gap among investors despite a return exceeding 15% from early 2025 to the third quarter [1] - There is a need for increased investor education to help individuals understand fund selection, risk diversification, and proactive account management [2] Group 1: Market Performance - The AQUMON MPF "Composite Fund Index + Inflation Index" recorded a slight decline of -0.25% in the second half of 2025, although the overall annual performance remains strong [1] - As of the third quarter of this year, the average return for MPF members exceeded 15%, with total assets reaching HKD 1.53 trillion [2] Group 2: Investor Sentiment - The average expected annual return for MPF over the next five years is perceived to be 6.4%, reflecting a disconnect between market performance and investor satisfaction [1] - Many investors show a lack of understanding regarding MPF investment performance, leading to a "disinterested" attitude towards their investments [1] Group 3: Recommendations - It is recommended that trustees provide more educational resources to help investors actively manage their accounts and understand the importance of long-term investment strategies [2] - Regular reviews of MPF investment portfolios are essential for long-term financial planning, and automated tools can help ensure timely adjustments [2]

Core Viewpoint - The event aims to enhance financial literacy among university students in Hebei and strengthen the influence of the Hebei capital market through collaboration among regulatory bodies, educational institutions, and industry players [1][2]. Group 1: Event Overview - The Hebei Securities Regulatory Bureau, in collaboration with the China Securities Association and Caida Securities, conducted a series of investor education activities at Hebei Financial University [1]. - Key figures, including the Secretary of the Hebei Securities Regulatory Bureau and the Secretary of the Hebei Financial University, emphasized the importance of nurturing young talent for the capital market [1]. Group 2: Objectives and Future Plans - The event's objectives include integrating resources from the industry and academia to improve financial literacy and create a collaborative educational environment [1]. - A memorandum was signed to establish long-term cooperation in areas such as investor education, curriculum development, and internship opportunities [2]. - Future plans involve continuing the "Capital Market Lecture Series" at local universities and enhancing students' understanding of capital market policies and developments [2].