公募FOF产品在2025年成为基金业令人瞩目的品种，这实在是在情理之中。 差异化的结果其实来源于更具差异化的投研体系和团队配置。 01 不是一支团队在"战斗" 在目前公募基金的产品线里，只有FOF产品天然具备"多元投资"和"资产配置"功能。尤其是前者，近年对于基金业绩 的正面效应，日益凸显、备受关注。 同时，市场也逐渐意识到，一个产品定位稳定，配置逻辑清晰，并由经验丰富的团队管理的FOF产品，可能是最接近 广大老百姓需要的"一站式"投资标的。 赵强是富达基金多元资产部的负责人，也是养老业务的负责人，某种程度上，他是富达基金FOF领域的"一号位"。 但赵强却强调，在富达基金，FOF的管理不仅是基金经理的主动抉择，更有团队的分工合作，以及富达庞大投研体系 多年累积的理念和体系"支撑"。 赵强提及，在富达基金管理FOF时，不仅是基金经理的主动抉择，有团队的分工合作，也有富达庞大投研体系多年累 积的理念和体系"支撑"。比如，相关金融科技系统内有富达全球丰富的策略实时表现供FOF基金经理参考，有全球通 用的风控体系和重要风险事件的提示，有海外成熟的AI投资工具来协助组合优化。 但随着渠道和投资者投资经验的不断积累，越来 ...

Core Viewpoint - International gold prices experienced fluctuations and a slight decline, while related ETFs showed modest gains, indicating ongoing investor interest in gold and precious metals [1] Group 1: ETF Performance - As of the report, the 华夏黄金ETF (518850) increased by 0.33%, the 黄金股ETF (159562) rose by 0.75%, and the 有色金属ETF基金 (516650) gained 0.87% [1] - Notably, the 华夏黄金ETF (518850) saw net inflows in 17 out of the last 20 trading days, accumulating over 1.363 billion yuan in total [1] - The latest share count for the 华夏黄金ETF reached 1.103 billion, with a total scale of 10.079 billion yuan, marking a new high [1] Group 2: Global ETF Holdings - As of December 4, 2025, the SPDR Gold Trust, the world's largest gold ETF, held 1,050.58 tons of gold, an increase of 4.00 tons from the previous trading day [1] - The iShares Silver Trust, the largest silver ETF globally, reported a holding of 16,094.45 tons, up by 95.90 tons from the previous trading day [1] Group 3: Market Outlook - According to a recent report from 中金公司, the cyclical demand and structural trends are expected to continue to resonate, suggesting that gold and silver prices may remain in an upward channel through 2026 [1] - 恒泰期货 indicated that due to the deterioration of the US credit system, global monetary system restructuring, and asset revaluation, non-US assets are likely to outperform, with gold remaining a long-term asset allocation choice [1]

近日，多家国有银行相继下架五年期大额存单，三年期存款产品利率普遍降至1.5%至1.75%区间，部分 中小银行更是直接取消三年期、五年期普通定期存款。 在存款利率持续下行的背景下，一种被称为"新三金"的资产配置方式，即将资金分散投入货币基金、债 券基金和黄金ETF，正悄然在年轻群体中兴起。蚂蚁财富平台数据显示，截至2025年4月底，已有超过 937万90后、00后在支付宝上配齐了"新三金"。 "新三金"配置： 收益优于单一存款 在此背景下，今年居民转向投资理财的热情逐渐升温。根据央行发布的金融统计数据报告，2025年10 月，住户存款减少了1.34万亿元，而非银行业金融机构存款则增加1.85万亿元。可以看到，资金正从传 统储蓄账户流向理财与投资市场。 在此背景下，对于普通居民，尤其是刚开始积累财富的年轻人而言，如何让"钱袋子"保值增值，成为现 实的焦虑。 趋势研判： 短期调整还是长期变革？ 所谓"新三金"，并非传统意义上的黄金饰品或金条，而是一种资产配置组合的通俗说法，主要指货币基 金（如余额宝等）、债券基金和黄金ETF（交易型开放式指数基金）这三类资产。其核心逻辑是通过分 散配置相关性较低的资产，在控制整体波 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is conducting a review of off-market bond investment trading activities among securities and fund management institutions to ensure compliance and accurate data reporting [1][2]. Group 1: Regulatory Review - The review focuses on two main aspects: the accuracy of the institution names registered in the off-market bond investment trading data reporting system and whether institutions have actually engaged in bond trading activities with their own funds and asset management businesses [1][2]. - Institutions are required to report their bond investment trading data monthly, and those not engaged in any bond-related business must register on the monitoring platform and provide basic information [2]. Group 2: Off-Market Bond Trading - Off-market bond trading includes activities such as cash bond trading, bond repurchase, bond forwards, and bond lending, conducted by securities and fund management institutions using their own funds and asset management [2]. - Institutions that have not obtained public fund qualifications must report their completed rectifications according to specific guidelines [2]. Group 3: Derivative Products - Off-market derivatives provide customized, flexible, and finely managed tools for professional investors, meeting diverse investment needs [3]. - These derivatives serve as effective risk management tools, helping investors mitigate investment volatility while maintaining their underlying asset positions [3]. - The development of off-market derivatives is driving strategic transformation and service upgrades for trading firms, enhancing their core capabilities in risk management and digital empowerment [3].

Group 1 - The article discusses the calendar effect observed in December over the past decade, indicating a significant opportunity for asset allocation this month [1] - In November, global liquidity disturbances impacted major risk assets, with concerns over USD liquidity and AI narratives affecting global tech growth stocks [1] - The A-share market followed the trend of major global markets, experiencing a monthly decline, with two key meetings in December potentially influencing the year-end market dynamics [1] Group 2 - In the Hong Kong stock market, liquidity issues have been a significant reason for recent adjustments, with the market experiencing earlier and deeper declines compared to A-shares [3] - Certain sectors in the Hong Kong market, such as internet and innovative pharmaceuticals, may have reached attractive valuation levels, as indicated by reduced trading congestion and significant pullbacks [3] - The market is also awaiting the implementation of domestic policies in December, trends in AI applications, and the resolution of uncertainties surrounding the Federal Reserve [3] Group 3 - Historically, institutional allocation intentions are strong at the year-end, with a significant opening period for fixed-term bond funds in December, exceeding 100 billion [5] - The focus is on structural opportunities in credit bonds, while monitoring institutional allocation behaviors and the impact of open-ended bond funds [5] - The market for long-term bonds has limited trading opportunities, with a primary focus on earning coupon interest, as insurance institutions show strong allocation intentions at year-end [6] Group 4 - The balance of bank wealth management products typically increases at the end of the quarter, enhancing allocation power [6] - The data indicates that credit spreads may remain low and fluctuate, with potential for further compression if driven by market conditions [6]

近日，多家国有银行相继下架五年期大额存单，三年期存款产品利率普遍降至1.5%至1.75%区间，部分中小银行更是直接取消三年期、五年期普通定期存 款。 在存款利率持续下行的背景下，一种被称为"新三金"的资产配置方式，即将资金分散投入货币基金、债券基金和黄金ETF，正悄然在年轻群体中兴起。蚂蚁 财富平台数据显示，截至2025年4月底，已有超过937万90后、00后在支付宝上配齐了"新三金"。 "新三金"配置成年轻人理财新选择 所谓"新三金"，并非传统意义上的黄金饰品或金条，而是一种资产配置组合的通俗说法，主要指货币基金（如余额宝等）、债券基金和黄金ETF（交易型开 放式指数基金）这三类资产。其核心逻辑是通过分散配置相关性较低的资产，在控制整体波动的同时，争取获得优于单一存款的收益。蚂蚁财富平台数据显 示，截至今年4月底，已有937万90后、00后在支付宝上配齐了"新三金"组合。 值得关注的是，在豆瓣"丧心病狂攒钱小组"等年轻人聚集的网络社区中，关于如何配置"新三金"的讨论也日益热烈。"现在我选债基和指数基金，再搭配黄 金定投。"一位豆瓣网友分享了自己的配置心得。也有网友坦言，经历过股市波动后，心态转向求稳，"日常 ...

Core Points - The inclusion of savings bonds in personal pension accounts is a significant development aimed at enhancing investment options for individuals [1][2] - The policy will be implemented starting June 2026, allowing investors to purchase electronic savings bonds through their personal pension accounts [1][2] - This move is expected to diversify low-risk investment options and provide stable returns, aligning with the needs of conservative investors and the elderly [2] Group 1: Benefits for Residents - The inclusion of savings bonds increases the variety of investment products available in personal pension accounts, which now encompass five major categories: funds, wealth management, savings, insurance, and bonds [1][2] - Savings bonds are characterized by fixed returns and high safety, making them suitable for conservative investors and those seeking stable long-term growth [2] - The expansion of the product pool in personal pension accounts is anticipated to enhance investor engagement and address the current issue of low contribution rates despite high account openings [2] Group 2: Investment Process - Investors will need to open a dedicated savings bond account at a financial institution authorized to offer personal pension services, which includes 40 commercial banks from 2024 to 2026 [3] - The dedicated account will track the purchase details of electronic savings bonds and will be linked to the investor's personal pension fund account [3] - The purchasing process is designed to be user-friendly, with services available through various channels such as bank branches, mobile banking, and online banking [3]

作为资本市场重要的机构投资者，保险资金的动向一向是市场关注的焦点。近日，中国银行保险资产管 理业协会发布《中国保险资产管理业发展报告(2025)》(以下简称《报告》)，对201家保险集团(控股)公 司和保险公司(以下统称"保险公司")的投资情况进行了系统梳理。数据显示，2024年，参与调研的保险 公司投资资产规模合计达30.55万亿元，综合收益率主要集中在4.5%以上。整体来看，保险公司在资产 配置结构上持续优化，投资收益显著提升。 资产规模稳健增长配置结构持续优化 《报告》显示，2024年，保险公司投资资产规模合计30.55万亿元，同比增长16.93%，占全行业资金运 用余额的91.85%。资产规模稳步扩大的同时，配置结构也呈现出更为稳健和多元的特征。 具体来看，债券市场仍占据主导地位。数据显示，2024年保险资金持有债券规模达15.21万亿元，占比 50.7%，较2023年提升4%；持有股票、公募基金(不含货币基金)及组合类产品合计规模为5.6万亿元；银 行存款、现金及流动性资产规模为3.11万亿元。值得注意的是，和2023年相比，保险资金持有股票的比 例上升0.9%，现金及流动性资产、债权投资计划等类别 ...

在利率市场化持续深化、银行净息差承压的行业背景下，南都湾财社记者近日登录工商银行、农业银 行、中国银行、建设银行、交通银行、邮储银行六大国有行官方App查询核实，5年期大额存单已全面 从线上在售产品列表中"下架"，核心供给集中于三年期及以下期限。 具体来看，工商银行"大额存单"栏目下仅保留1个月、3个月、6个月、1年、2年、3年六个期限选项，其 中三年期产品年利率为1.55%，1年期、2年期产品利率统一降至1.20%，更有部分三年期产品设置了100 万元的较高起存门槛，进一步提高了储户的准入门槛。 农业银行App中，三年期及以上期限的大额存单仅剩3款，且全部为3年期产品，起存金额分为500万元 和20万元两档，对应的年利率均锁定1.55%。 建设银行的在售大额存单覆盖1个月、3个月、6个月、1年及3年期限，起存金额统一为20万元，3年期产 品利率同样维持在1.55%。一国有行广州林和西支行工作人员向南都湾财社记者证实，"昨天刚收到通 "昨天刚收到的通知，现在只有三年期大额存单了，广州所有网点五年期的都已经取消。"12月3日，某 国有大行网点客户经理在接受南都湾财社记者采访时直言。 五年期大额存单集体"隐身"? ...

Core Insights - Rock Creek Group, LP sold 70,500 shares of Choice Hotels International, reducing its stake to 741,079 shares valued at $79.23 million as of September 30, 2025, a decline of $23.74 million from the previous quarter [2][3] - The sale decreased Choice Hotels' position in Rock Creek's portfolio from 12% to just over 8%, indicating a significant decline in the stock's value, which has dropped nearly one-third in a rising market [6][10] - As of November 11, 2025, Choice Hotels' stock was priced at $97.47, down 32.17% over the past year, underperforming the S&P 500 by 46.31 percentage points [7][10] Company Overview - Choice Hotels International is a leading global hotel franchisor with a diverse portfolio of brands, including Comfort Inn, Quality, and Cambria Hotels, serving approximately 7,000 properties in 35 countries [5][8] - The company generates revenue primarily through hotel franchising and marketing cloud-based property management software [8] - Key financial metrics include a revenue of $1.60 billion, net income of $382.07 million, and a dividend yield of 1.18% [3] Market Performance - The stock's price-to-earnings (P/E) ratio was around 12 at the time of the filing, suggesting potential undervaluation [7] - The recent decline in stock price has brought it to its lowest point since 2020, raising questions about the timing of Rock Creek's previous large purchase [10][11] - Investors are awaiting the upcoming fourth quarter report for insights into Rock Creek's future management of its Choice Hotels position [11]