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].

Group 1 - The event "Hebei Capital Market University Outreach" aims to enhance financial literacy among university students and strengthen the influence of Hebei's capital market [1][2] - The Hebei Securities Regulatory Bureau highlighted the achievements of the capital market over the past 30 years and its role in supporting national strategies, emphasizing the need for collaboration to cultivate young talent in finance [1] - The signing of the "Securities and Futures Investor Education Campus Cooperation Memorandum" marks a commitment to long-term collaboration in investor education, curriculum development, internship opportunities, and resource sharing among the involved parties [2] Group 2 - The event included a lecture on "Capital Market Reform and Development" and a recruitment drive by nearly 40 market entities, receiving positive feedback from students and faculty [2] - Future plans involve continuing the "Capital Market Lecture Series" at Hebei universities, offering related courses, and inviting industry experts to enhance students' financial knowledge and risk identification skills [2]

Group 1 - The event "Hebei Capital Market University Tour" aims to enhance financial literacy among university students and strengthen the influence of Hebei's capital market [1][2] - The Hebei Securities Regulatory Bureau highlighted the achievements of the capital market over the past 30 years and emphasized its role in supporting national strategies and modernization [1] - The collaboration between the Hebei Securities Regulatory Bureau, China Securities Association, and financial institutions aims to cultivate young talents who understand policies and maintain professional standards [1] Group 2 - A memorandum of cooperation was signed to establish long-term collaboration in investor education, curriculum development, internship opportunities, and resource sharing [2] - The event included a lecture on "Capital Market Reform and Development" and a recruitment drive involving nearly 40 market entities, receiving positive feedback from students and faculty [2] - Future plans include ongoing "Capital Market Lectures" at local universities to enhance students' financial literacy and risk identification skills [2]

来源 国信头条 近日，杭州市人民政府办公厅公布了打击治理电信网络诈骗违法犯罪工作行政奖励名单，国信证券白沙 泉投资者教育基地（以下简称"投教基地"）凭借在反诈工作中的优秀表现，荣获杭州市人民政府集体二 等功。这一荣誉不仅是对国信证券白沙泉投资者教育基地投教反诈工作的褒奖，更是对国信证券积极履 行社会责任、践行金融工作的政治性和人民性的肯定。 国信证券白沙泉投资者教育基地由国信证券联合西湖区白沙泉并购金融街区管委会共同建设，是中国证 监会授牌的全国证券期货投资者教育基地。 一直以来，国信证券高度重视投资者教育工作，将投资者教育与防范电信网络诈骗工作深度融合，投教 基地协同国信证券各下辖营业网点积极投身于反诈宣传工作，经过不懈努力与探索，成功构建了一套切 实可行、行之有效的反诈"三道防线"。 第一道防线 普适性反诈宣传"面面俱到" 自2019年起，国信证券投教基地就开始不断探索多元化触达公众的投教反诈形式，力求以群众"看得 见、容易懂、记得住、好接受"的方式，面向社会公众开展普适性反诈宣传活动。 在这一过程中，投教基地在国信证券内部培养并成立了一支公益反诈讲师队伍，形成"人人都是宣讲 员"的浓厚氛围。这些公益反诈 ...

自首个品种上市以来，广期所高度重视市场投资者特别是中小投资者的培训服务，截至今年11月末已举 办80余期"新能源·向未来"视频培训，通过普及基础知识、品种现货知识，以及针对投资者关注的话题 对合约及业务规则开展深度解读，帮助广大投资者增强风险识别和理性参与能力。 下一步，广期所将持续建设完善"广期所云课堂"平台，不断丰富投教内容，创新投教形式，引导投资者 理性参与市场，为期货市场的稳健发展营造良好环境。（齐宣） 本报讯 为了增强投资者教育的针对性、有效性，积极发挥投资者教育在投保工作中的基础性作用，近 日广期所在官网正式上线"广期所云课堂"栏目。 据了解，"广期所云课堂"旨在打造集培训直播、培训视频课堂资源库于一体的综合性投教平台，首批将 上线31个培训视频，为投资者提供灵活、便捷的学习途径。 ...

编者按 日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第十六篇。 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券（600999）党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生 活的向往是中国式 ...