10月10日，西部利得基金发布高管变更公告，公司总经理贺燕萍到龄退休，离任公司总经理职务，董事 长何方代任。贺燕萍1998年进入金融行业。从华夏证券研究所客户部经理，到中信建投机构销售部总经 理助理，再到光大证券销售交易部副总经理、总经理，以及光大证券资产管理有限公司总经理。2013 年，其加入国泰基金管理有限公司，担任副总经理。2015年11月，她正式出任西部利得基金管理有限公 司总经理。 点评：西部利得基金总经理贺燕萍到龄退休，由董事长何方代任，这一人事变动或引发市场对公司治理 稳定性的关注。贺燕萍拥有20多年金融行业经验，执掌西部利得近10年，其离任可能短期内影响公司战 略连续性，市场或将密切关注新任总经理人选及后续业务调整方向。对公募基金行业而言，高管更替常 态化，但头部公司人才流动或加剧中小机构竞争压力。当前市场环境下，基金公司管理层稳定性对投资 者信心尤为重要，此事件或促使行业进一步聚焦长期治理结构优化。 NO.3 新资金来了！近70只基金定档10月发行 基金公司冲刺四季度新基金发行收官季。国庆中秋"双节"后，新基金发行迎来发售高潮，基金管理人迎 来本年最后的"决战季"。Wind数据显示，10月9 ...

｜2025年10月10日 星期五｜ NO.1 东莞证券新招股书：股权变更、新总裁落定 深交所日前披露的信息显示，冲刺IPO逾十年的东莞证券完成第七次招股书更新，其中不仅预告了2025 年前三季度业绩增长相较上半年进一步提速，同时宣告其完成股权结构重塑——东莞国资持股比例跃升 至75.4%，确立绝对控股地位。另一方面，招股书也暴露了东莞证券业务发展的结构性挑战。经纪业务 仍为该公司营收支柱，但行业佣金率下行压力持续；2025年上半年股票保荐与承销收入"挂零"，设立公 募子公司计划仍受资产管理收入波动考验。2025年以来，东莞证券多个高管职位出现变动——招商证券 资产管理有限公司原总经理杨阳出任总裁，中航证券权益投资部原总经理王炜获聘副总裁。 点评：东莞证券更新招股书，东莞国资持股比例升至75.4%，控股地位强化，或为其IPO进程增添确定 性。新总裁杨阳的加盟或带来管理新思路，但经纪业务依赖度高、投行业务承压等结构性问题仍待突 破。券商板块内部分化或加剧，区域性券商面临转型压力。资本市场对券商治理结构优化持积极态度， 但整体表现仍需观察行业政策及公司基本面改善情况。 点评：东方财富股东询价转让价格确定为24.4元 ...

与权益类基金的火热形成鲜明对比的是，QDII基金和债券基金发行遇冷。受A股走强叠加海外市场高位 震荡的影响，QDII基金今年以来仅发行13只，同比下降50%。 在股债"跷跷板"效应下，随着资金向权益市场迁移，债券基金发行出现下滑：今年以来发行债券新基金 221只，占总量的19.42%，同比下降17.54%。 (责任编辑：叶景) 公募排排网最新数据显示，前三季度新基金发行呈现"总量扩容、结构分化"的显著特征。按认购起始日 计算，今年以来全市场共计发行新基金1138只，同比增幅达31.87%。这一增长态势背后，既得益于A股 回暖带来的权益投资热情升温，也反映出公募机构在产品布局上对市场趋势的积极响应。 今年以来权益类基金成为发行市场的"主力军"。数据显示，全市场共发行权益基金823只，占新基金发 行总量的72.32%，其中股票型基金占据主导地位，占权益类基金总量的78.25%。受益于A股市场持续回 暖，主要指数震荡上行，投资者风险偏好显著提升，股票型基金发行迎来"井喷"：今年以来新发股票型 基金高达644只，占新基金总量的56.90%，同比增长96.34%。 在各基金类型中，FOF基金成为今年以来发行数量增幅最大 ...

Market Overview - The Shanghai Composite Index rose by 0.22% to close at 3828.58 points, with a daily high of 3831.74 points [1] - The Shenzhen Component Index increased by 0.67% to close at 13157.97 points, reaching a high of 13157.97 points [1] - The ChiNext Index gained 0.55%, closing at 3107.89 points, with a peak of 3107.89 points [1] Margin Trading Situation - The total margin trading balance in the Shanghai and Shenzhen markets reached 24097.23 billion yuan, with a financing balance of 23930.34 billion yuan and a securities lending balance of 166.89 billion yuan, reflecting an increase of 193.0 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 12297.0 billion yuan, up by 107.47 billion yuan, while the Shenzhen market's balance was 11800.22 billion yuan, increasing by 85.52 billion yuan [2] - The top three stocks with the highest margin buying were SMIC (39.44 billion yuan), Zhongke Shuguang (35.48 billion yuan), and Zhongji Xuchuang (34.17 billion yuan) [2] Fund Issuance Situation - Eight new funds were launched yesterday, including South China Technology Innovation Mixed Fund A, South China Technology Innovation Mixed Fund C, and others [3][4] - The funds cover various investment types, primarily focusing on mixed and stock types [4] Top Trading Activities - The top ten net buying stocks on the Dragon and Tiger List included Yingweike (80456.71 million yuan), Xinyuan Technology (52316.74 million yuan), and Shanzigao Technology (36349.19 million yuan) [5] - Notable price movements included Yingweike with a 9.99% increase and Xinyuan Technology with a 17.34% rise [5] - The trading turnover rates for these stocks varied, with some reaching as high as 24.47% [5]

Group 1 - A total of 11 new funds will be publicly issued this week (September 22-26) [1] - Out of the 11 new funds, 5 started issuing on Monday, accounting for 45.45% of the total [2] - The average subscription period for the new funds is 35 days, with the longest being 90 days for two FOFs [2] Group 2 - The shortest subscription period is 1 day for the Ping An Hang Seng Technology Index Fund [3] - Among the new funds, 8 have disclosed their fundraising targets, with the highest being 8 billion units for two funds [3] - The lowest fundraising target is 500 million units for the Ping An Hang Seng Technology Index Fund [3] Group 3 - Index funds are the main contributors, with 6 out of 11 new funds being index funds, representing 54.54% [4] - The new funds also include 4 mixed FOFs and 1 equity mixed fund, totaling 45.45% [4] - The mixed FOFs include funds from various companies, indicating a diverse offering in the market [4] Group 4 - Industry experts believe the current fund issuance market is improving, with an increase in average issuance volume and a rise in equity product issuance [5] - If investor risk appetite continues to rise, the public fund issuance market is expected to recover [5] - The issuance of index funds is likely to remain dominant, with potential growth in actively managed equity funds [5]

Core Viewpoint - This week, 11 new funds are being launched, with index funds being the main focus of the offerings [2][6]. Fund Issuance Overview - A total of 11 new funds will be publicly offered this week from September 22 to September 26, with 5 funds starting on Monday, accounting for 45.45% of the total [4]. - The average subscription period for the new funds is 35 days, with the shortest being 1 day for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [5]. Fund Types and Goals - Among the 11 new funds, 6 are index funds, making up 54.54% of the total, including 5 passive index funds and 1 enhanced index fund [7][8]. - The highest fundraising target among the new funds is 8 billion units for the E Fund's SSE 580 ETF and Qianhai Kaiyuan's 3-month holding period mixed fund of funds (FOF) [5]. - The lowest fundraising target is 500 million units for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [5]. Market Sentiment and Trends - Industry insiders believe that the current fund issuance market is improving, with an increase in average issuance volume and a rise in equity product issuance scale [8]. - If investor risk appetite continues to rise, the public fund issuance market is expected to recover, with index funds likely to remain the primary focus [8].

Market Overview - The Shanghai Composite Index rose by 0.84% last week, closing at 3857.93 points, with a peak of 3888.6 points [1] - The Shenzhen Component Index increased by 4.36%, closing at 12696.15 points, with a high of 12791.18 points [1] - The ChiNext Index saw a significant rise of 7.74%, ending at 2890.13 points, reaching a maximum of 2933.99 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down by 0.19%, the Dow Jones Industrial Average down by 0.19%, and the S&P 500 down by 0.1% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 1.03%, while the Nikkei 225 Index increased by 0.2% [1] New Stock Issuance - Two new stocks were issued last week: Huaxin Jingke (603370.SH) on August 25 and Sanxie Electric (920100.BJ) on August 26 [2] Margin Financing and Securities Lending - The total margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 22539.77 billion yuan, with a financing balance of 22381.01 billion yuan and a securities lending balance of 158.77 billion yuan [3] - This represents an increase of 1062.47 billion yuan compared to the previous week [3] - The Shanghai market's margin balance was 11519.36 billion yuan, up by 570.99 billion yuan, while the Shenzhen market's balance was 11020.41 billion yuan, increasing by 491.48 billion yuan [3] - A total of 3445 stocks had margin buying, with 331 stocks having buying amounts exceeding 1 billion yuan, led by Dongfang Caifu (226.77 billion yuan), Shenghong Technology (197.72 billion yuan), and Hanwujing (175.57 billion yuan) [3] Fund Issuance - Eleven new funds were launched last week, including Huashang Advantage Industry Mixed C, Jingshun Longcheng Jiyi Yuli Bond F, and several others [5] - The detailed list of new funds includes various types, such as mixed funds and bond funds [5] Share Buyback Announcements - There were 23 new share buyback announcements last week, with the highest amounts executed by Dahua Intelligent, Aofei Entertainment, and Luxi Chemical [7] - The top three industries by buyback amount were Computer, Media, and Basic Chemicals [7]

Market Overview - The Shanghai Composite Index rose by 0.84% to close at 3857.93 points, with a peak of 3888.6 points during the week from August 25 to August 29 [1] - The Shenzhen Component Index increased by 4.36% to 12696.15 points, reaching a high of 12791.18 points [1] - The ChiNext Index saw a significant rise of 7.74%, closing at 2890.13 points, with a maximum of 2933.99 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down by 0.19%, the Dow Jones Industrial Average down by 0.19%, and the S&P 500 down by 0.1% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 1.03%, while the Nikkei 225 Index increased by 0.2% [1] New Stock Issuance - Two new stocks were issued last week: Huaxin Jingke (603370.SH) on August 25 and Sanxie Electric (920100.BJ) on August 26 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 22539.77 billion yuan, with a financing balance of 22381.01 billion yuan and a securities lending balance of 158.77 billion yuan [3] - This represents an increase of 1062.47 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 11519.36 billion yuan, up by 570.99 billion yuan, while the Shenzhen market's balance was 11020.41 billion yuan, increasing by 491.48 billion yuan [3] - A total of 3445 stocks had margin buying, with 331 stocks having buying amounts exceeding 1 billion yuan, led by Dongfang Caifu, Shenghong Technology, and Hanwujing with buying amounts of 226.77 billion yuan, 197.72 billion yuan, and 175.57 billion yuan respectively [3][4] Fund Issuance - Eleven new funds were launched last week, including Huashang Advantage Industry Mixed C, Jingshun Longcheng Jiyi Yuli Bond F, and Nuoan Preferred Return Mixed C among others [5] Share Buybacks - A total of 23 companies announced share buybacks last week, with the highest amounts executed by Dahua Intelligent (97.33 million yuan), Aofei Entertainment (80.80 million yuan), and Luxi Chemical (37.78 million yuan) [6][7] - The industries with the highest buyback amounts were computer, media, and basic chemicals [7]

Group 1 - The first batch of mutual fund mid-term reports for 2025 has been released, revealing hidden heavy holdings and a consensus among investors to focus on the fundamentals of listed companies for long-term value [1] - The number of public fund issuances in August reached a new high for the year, with 158 funds planned for issuance, marking a 6.04% increase from July [1] - Several banks are actively transferring non-performing credit card loans, with significant discounts on the transfer prices, indicating a notable increase in the scale and discount rates compared to previous years [1] Group 2 - Over 700 "fixed income plus" funds have reached new net asset value highs, driven by the recent rise of the Shanghai Composite Index above 3800 points [2] - The total issuance of technology innovation bonds (科创债) by banks has reached 227.3 billion yuan, with 34 banks participating in the issuance [2] - The reduction of the securities transaction stamp duty by half has resulted in a cumulative savings of over 250 billion yuan for investors over two years [2] Group 3 - Nvidia reported a net profit of $26.422 billion for the second quarter of fiscal year 2026, a 59% year-on-year increase, with revenue reaching $46.743 billion [3] Group 4 - Jiangqi Investment's founder announced his departure due to the illegal change of the company's legal representative, although he remains the largest shareholder [5] - Longjin Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [6] - Dongxin Co., Ltd. announced a reduction in the shareholding ratio of its controlling shareholder to 37.47% after a series of share sales [6] Group 5 - Kuaiyi Elevator reported a net profit of 34.0587 million yuan for the first half of the year, a 43.04% decrease year-on-year, with revenue down 10.83% [7] - The chairman of Shanhe Pharmaceutical Auxiliary passed away, holding approximately 63.0575 million shares, accounting for 26.9% of the total shares [8] - Chery Automobile's IPO and the "full circulation" of unlisted shares have been approved by the China Securities Regulatory Commission [9] - Shuoshi Biotechnology announced a collective salary reduction for its executives, with cuts ranging from 5% to 50% amid ongoing operational challenges [10]

Market Overview - The Shanghai Composite Index fell by 0.39% to close at 3868.38 points, with a daily high of 3888.6 points [1] - The Shenzhen Component Index increased by 0.26% to close at 12473.17 points, reaching a high of 12561.49 points [1] - The ChiNext Index decreased by 0.76% to close at 2742.13 points, with a peak of 2773.24 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 22002.32 billion yuan, with a financing balance of 21847.81 billion yuan and a securities lending balance of 154.51 billion yuan [2] - The margin trading and securities lending balance increased by 192.81 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 11225.47 billion yuan, up by 106.55 billion yuan from the previous day, while the Shenzhen market's balance was 10776.85 billion yuan, increasing by 86.26 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - Dongfang Caifu: 28.77 billion yuan [3] - Shenghong Technology: 28.52 billion yuan [3] - Zhongke Shuguang: 28.03 billion yuan [3] Fund Issuance - Five new funds were issued yesterday, including: - Jianxin SSE Sci-Tech Innovation Board 200 ETF Link A [4] - Fuguo CSI Satellite Industry ETF [4] - Jianxin SSE Sci-Tech Innovation Board 200 ETF Link C [4] - Fuguo Anjing 120-Day Rolling Bond Fund A [4] - Fuguo Anjing 120-Day Rolling Bond Fund C [4] Top Net Buying on Dragon and Tiger List - The top ten net buying amounts on the Dragon and Tiger list were: - Tuo Wei Information: 69377.61 million yuan [5] - Geer Shares: 38888.87 million yuan [5] - Lingyi Zhi Zao: 29864.41 million yuan [5] - Huasheng Tiancheng: 24384.14 million yuan [5] - Chengfei Integration: 17443.07 million yuan [5] - Seli Medical: 14613.6 million yuan [5] - Electric Wind Power: 13912.6 million yuan [5] - Zhengyuan Wisdom: 12736.86 million yuan [5] - Wuchan Zhongda: 11642.52 million yuan [5] - Zhongyou Capital: 11618.07 million yuan [5]