Core Viewpoint - The article discusses the upcoming Guosen Securities 2026 Investment Strategy Conference, highlighting the focus on financial engineering and risk management strategies in the context of new economic cycles and paradigms [1][2]. Group 1: Conference Details - The conference will take place from November 20 to November 21, 2025, at the Shangri-La Hotel in Futian, Shenzhen, China [1]. - The event will feature various sessions, including discussions on multi-strategy enhanced portfolios and comprehensive risk models [2]. Group 2: Key Presentations - Zhang Yu will present on "Multi-strategy Enhanced Portfolios from an Enlightenment Perspective" [2]. - Zhang Xinwei will discuss "Comprehensive Risk Model Strategies" [2]. - Hu Zhichao will introduce a unified improvement framework for selection gene factors from a latent risk perspective [2]. Group 3: Panel Discussion - A roundtable forum titled "Seeking Insights for 2026" will be held, featuring prominent figures from various fund management companies [3]. - Participants include executives from Huaxia Fund, Haitong Fund, and Southern Fund, among others, discussing the role and opportunities of ETFs in asset allocation [3][4]. Group 4: Expert Profiles - Xu Wen, Deputy General Manager of Huatai-PB Fund, has over 24 years of experience in securities and fund management, with significant expertise in ETF management [4]. - Liu Bin, Chief Investment Officer at Harvest Fund, has 19 years of experience in fund management, focusing on quantitative investment strategies [7]. - Yang Chao from Tianhong Fund specializes in quantitative investment, managing over 7 billion in index-enhanced products [9].

陈宇正式接任博时基金总经理一职。 11月11日晚，博时基金发布高管变更公告，陈宇自11月11日起正式接任公司总经理一职。 | 新任高级管理人员的相关信息 | | --- | | 2. | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 陈宇 | | 是否经中国证监会核准取 | | | 得高管任职资格 | | | 中国证监会核准高管任职 | | | 资格的目期 | | | 任职日期 | 2025年11月11日 2025年9月起任博时基金党委副书记。曾任中国工商银 | | | 行总行基金托管部客户经理/副主任科员(曾借调至中国 | | | 证监会基金监管部三处任产品审核员),华夏银行总行基 | | | 金托管部副处长、资产托管部处长,泰康资产管理有限 | | | 责任公司营销总监、首席产品官、董事总经理、公司执 | | 过往从业经历 | 行委员会成员,中邮人寿保险股份有限公司首席投资官。 | | | 2017年7月至2025年9月在招商局仁和人寿保险股份有 | | | 限公司工作,历任首席投资官(兼资产管理中心总经理)、 | | | 副总经理、首席运营官(COO ...

Core Insights - The public fund industry in China is transitioning from scale expansion to quality improvement, with a focus on enhancing core investment research capabilities and adopting new technologies like AI and big data [1][4] - China’s public fund industry has seen significant growth, with total assets under management increasing from 8.4 trillion yuan at the end of 2015 to 36.74 trillion yuan by September 2025 [1] - There is a notable disparity between fund performance and investor returns, with actual annualized returns for investors being significantly lower than the funds' reported performance [2][3] Industry Challenges - The rapid expansion of the secondary market presents challenges for fund managers, as the number of listed companies exceeds 8,000, limiting the depth and breadth of research [3] - The public fund industry faces issues such as unclear product positioning and insufficient investor education, contributing to a lack of investor satisfaction [2] Strategic Response - The industry is encouraged to adopt a "professional, industrialized, and intelligent" investment research system to enhance core capabilities and ensure sustainable returns [4][8] - Middle-of-the-road strategies include a focus on deep research specialization, with teams dedicated to over 80 subfields to ensure comprehensive coverage of various asset classes [5][6] Implementation of New Models - The industrialization of investment processes aims to improve collaboration and efficiency, utilizing standardized tools to enhance communication and strategy consistency among team members [6][7] - The integration of digital and intelligent technologies is crucial for managing large-scale funds, with a focus on creating structured data assets and utilizing AI for predictive analytics [7] Enhancing Investor Experience - The company emphasizes a "long-termism" approach, aiming to improve investor satisfaction through comprehensive service offerings and continuous engagement [9][10] - Initiatives include hosting over 3,000 offline events to connect with investors, providing diverse content through various media, and leveraging AI for personalized customer service [9][10]

当前，我国公募基金行业正处在从规模扩张向质量提升转型的关键阶段。2025年5月，中国证监会印发 《推动公募基金高质量发展行动方案》，明确提出"强化核心投研能力建设，加快'平台式、一体化、多 策略'投研体系建设""鼓励基金公司加大对人工智能、大数据等新兴技术的研究应用"等工作要求，强调 力争用三年左右时间，扎实推动各项政策举措落地见效，形成行业高质量发展的"拐点"。 面对行业发展机遇和挑战，中欧基金通过构建"专业化、工业化、数智化"的投研体系，推动业务模式从 依赖超级个体向体系化转型，通过工业化标准流程实现可持续收益，专注提升核心投研能力，助力公募 基金行业高质量发展。 从实践情况来看，凭借投研体系工业化升级的先发优势，中欧基金实现了权益和固收业绩短期、长期均 领跑。国泰海通证券数据显示，截至2025年三季度末，在13家权益类大型基金公司中，中欧基金近十年 绝对收益业绩排名第3；在14家固收类中型公司中，中欧基金近三年和近七年维度的绝对收益业绩均排 名第1。 行业之问：规模增长下的获得感挑战 过去十年，公募基金行业实现了跨越式增长。中国证券投资基金业协会统计显示，行业管理规模从2015 年年末的8.4万亿元增长 ...

纲举目张。展望"十五五"，提升投资者获得感将是行业发展的绝对主线，公募基金将进一步夯实投研能 力，更好服务投资者，让投资者切实感受到长期投资的价值，真正承接好居民财富管理的新需求，分享 经济发展成果。 迈步新征程。公募基金机构表示，将以客户需求为导向，不断创新产品和服务，提升专业能力，助力居 民实现财富稳健增长，共同推动社会经济高质量发展。 系列改革掷地有声 "十五五"规划建议明确提出，推动各类金融机构专注主业、完善治理、错位发展。公募基金行业经过二 十多年的发展，已成为资本市场重要的专业机构投资者，在服务实体经济、促进共同富裕、维护金融稳 定等方面承担着重要使命。 星辰大海。展望"十五五"，公募基金机构认为，在社会经济持续健康发展、居民财富稳步积累的大背景 下，居民存款长期流入资本市场的趋势不改，居民财富管理需求正迎来深层次、全方位的新变化。公募 基金作为普惠金融代表、专业资产管理机构，大有可为。 "在经历了过去20多年的高速发展之后，居民的财富管理需求有望在'十五五'期间迈向新的阶段。长 期、精准、多元，有可能成为居民财富管理发展的新趋势。"汇丰晋信基金表示。 中欧基金认为，伴随居民资产配置从实物投资向金 ...

Core Insights - The public fund industry in China is transitioning from scale expansion to quality improvement, with a focus on enhancing core investment research capabilities and adopting new technologies like AI and big data [1][3] - China Securities Regulatory Commission aims to implement policies for high-quality development in the public fund sector over the next three years [1] - Despite significant growth in the public fund industry, challenges remain regarding investor satisfaction and the effective functioning of funds [2][3] Industry Growth and Challenges - The public fund industry has grown from 8.4 trillion yuan at the end of 2015 to 36.74 trillion yuan by September 2025 [1] - Challenges include misaligned operational philosophies, insufficient functionality, uneven development structures, and weak investor satisfaction [1][2] Investment Returns and Investor Experience - From 2020 to 2024, annualized returns for non-industry and industry stock funds were 6.67% and 3.68%, while actual investor returns were only 4.03% and -1.38% respectively, indicating a significant "scissors gap" [2] - High market volatility and unclear fund product positioning contribute to this disparity [2] Regulatory Developments - The China Securities Regulatory Commission released a draft guideline to clarify product positioning and enhance the quality of excess return assessments [3] - The guideline aims to improve investor satisfaction and address challenges faced by fund manufacturers [3] Research and Development Strategy - The company is focusing on a "professional, industrialized, and intelligent" investment research system to enhance core capabilities [4][5] - The investment research field is divided into over 80 sub-sectors, allowing for deep specialization and long-term research commitments [5][6] Industrialization and Efficiency - The industrialization of the investment process aims to improve collaboration and ensure consistent quality in investment outcomes [6][7] - The "MARS Factory" model exemplifies this approach by standardizing the management of multi-asset solutions [6] Digital Transformation - The company is leveraging digitalization and intelligent systems to manage large-scale social funds effectively [7] - AI integration is transforming research processes, enhancing data handling and predictive accuracy [7] Long-term Commitment to Investors - The company emphasizes a "long-termism" approach in both product development and client services, aiming to enhance investor satisfaction [8][9] - Initiatives include extensive offline engagement, diverse communication methods, and innovative product offerings tailored to investor needs [8][9]

● 本报记者 昝秀丽 当前，外资配置中国资产意愿增强。证监会最新数据显示，截至9月底，合格境外投资者（QFII）数量 已达913家，今年以来新增53家。 从持仓表现看，外资对中国资产的配置积极性回升。瑞银统计数据显示，投资范围不同的基金（全球/ 新兴市场/亚洲）三季度均小幅提高中国仓位。全球前40大投资机构的中国股票持仓也升至1.1%，为 2023年一季度以来的最高水平。 此外，主动型外资基金的参与度提升。瑞银投资银行中国股票策略研究主管王宗豪说："我们跟踪约800 只将中国股票纳入其基准的主动型外国基金，它们共持有2700亿美元的中国股票。在这些基金中，截至 三季度末，145只基金还未持有任何中国股票，低于今年二季度的167只基金。" 作为A股重要资金力量，今年以来外资配置力度持续加大。从A股上市公司三季报看，Wind数据显示， 截至三季度末，QFII已进入856家公司的前十大股东行列，持股市值合计超1500亿元，较二季度末增加 超60亿元。（下转A02版） （上接A01版）外资机构的增资行为进一步印证了增配趋势。例如，富达基金管理（中国）有限公司日 前发生工商变更，注册资本由1.82亿美元增至2亿美元，增 ...

Group 1 - The company has issued a notice regarding the high premium of the trading price of the Hongde Dividend Preferred Mixed Securities Investment Fund (LOF) A shares, urging investors to be cautious of the premium risk in the secondary market [1][2][3] - The fund operates normally and the company will continue to adhere to legal regulations and fund contracts for investment operations [3][6] - The company has disclosed that there is no other significant information that has not been disclosed [3] Group 2 - Starting from November 13, 2025, the company will collaborate with China Postal Savings Bank to sell the Hongde Yufeng Short-term Bond Fund through the "You Ni Tong Ying" platform [6][12] - Investors can perform subscription, redemption, and regular investment (Ding Tou) through the platform, with a minimum subscription amount of 1 RMB [7][13] - The fund will participate in fee discount activities offered by the Postal Savings Bank, with specific rules to be determined by the bank [7][12]

Core Viewpoint - The appointment of Chen Yu as the new General Manager of Bosera Fund marks a significant leadership change in one of China's major fund management companies, which manages over 1.8 trillion yuan in assets, indicating a potential positive impact on the company's future development [1][2]. Group 1: Management Change - Chen Yu has officially taken over as General Manager of Bosera Fund, following the recent appointment of Zhang Dong as Chairman, completing a new leadership transition for the company [1][2]. - The change in management is expected to inject new vitality into Bosera Fund's ongoing development [1]. Group 2: Company Background - Bosera Fund is one of the first public fund companies established in China, currently managing 399 public funds with a total asset scale exceeding 1.8 trillion yuan and serving over 180 million clients [7]. - The company expresses confidence in the long-term stable growth of the Chinese economy and capital markets, aiming for high-quality development in alignment with national modernization efforts [7]. Group 3: Strategic Focus - Bosera Fund aims to create value for clients by prioritizing their interests, maintaining a long-term perspective, and matching products with client needs through quality service [8]. - The company plans to enhance its investment research capabilities and asset pricing abilities, providing multi-asset allocation solutions to discover investment value [8]. - Bosera Fund is committed to contributing to the construction of a financial powerhouse, actively participating in public fund reforms and innovations, and enhancing its international presence [9].

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds (Draft for Comments)" to standardize the management of theme investment funds and promote high-quality development in the public fund industry [1][6]. Summary by Sections Theme Investment Fund Naming and Style Library - The guidelines require theme investment funds to have clear and consistent naming that reflects their investment direction, avoiding misleading terms [1][2]. - A style library must be established for theme investment funds, with entry standards directly related to the investment direction, prioritizing data from authoritative institutions [2]. Investment Management and Concentration - Theme investment funds should adhere to principles of portfolio management, diversification, and long-term investment, with internal management systems to control investment concentration [2][3]. - Fund managers must continuously track and assess the stability of the investment style and make timely adjustments if there are significant deviations [3]. Responsibilities of Fund Managers and Custodians - Fund managers are required to establish comprehensive internal management mechanisms covering product design, investment management, risk control, and compliance [3]. - Custodians must enhance their supervisory functions, ensuring clarity and accuracy in the investment direction and style library standards [4]. Performance Benchmark Reform - Recent reforms targeting the performance benchmarks of public funds aim to address industry issues, emphasizing the importance of stable investment styles and internal control mechanisms [5]. - The performance benchmark library includes 69 major indices and 72 additional indices, promoting standardized selection and usage to improve comparability among products [5]. Overall Impact on the Industry - The issuance of these guidelines is expected to regulate the management of theme investment funds, curb disorderly development of single-track funds, and enhance the clarity and stability of investment directions in the public fund industry [6].