Core Insights - The article highlights the career journey of Shi Jing, who has successfully navigated multiple cycles in China's asset management industry, showcasing her expertise in quantitative strategies and risk management [1][2][3] Group 1: Career Development - Shi Jing began her career in 2007 during a bull market, working in product development at a joint venture fund company, where she learned to identify effective strategies for excess returns using quantitative thinking [7][9] - Transitioning to a leading insurance asset management firm, she experienced the evolution of the fund industry from a "star" model to a team-based approach, witnessing significant market events and adapting her strategies accordingly [2][11] - Her role as the Director of Multi-Asset Research at China Universal Asset Management involves using hundreds of factor indicators to assess market funds and construct diversified FOF products [2][19] Group 2: Investment Philosophy - Shi Jing emphasizes the importance of building a systematic approach to investment, drawing from her early experiences with overseas institutions, which shaped her understanding of product design and risk control [10][12] - She believes that the key to successful investment lies in understanding the unique styles of fund managers and adapting to market conditions, rather than relying solely on star managers [13][14] - The investment landscape has shifted towards a focus on risk management and the ability to navigate high volatility, particularly highlighted by the market fluctuations in 2015 [15][17] Group 3: FOF Product Development - Shi Jing's involvement in the establishment of FOF products reflects a strategic focus on stability and risk management, prioritizing diversified and balanced investment approaches [19][20] - The FOF team at China Universal Asset Management utilizes advanced quantitative tools for comprehensive market tracking and risk assessment, enhancing their investment decision-making capabilities [22][24] - The team is expanding its research capabilities and product offerings, including a new FOF product aimed at conservative investors, which incorporates a broader range of asset classes [26][27]

Core Insights - The launch of the Xinyi Zhongzheng Financial Technology Theme ETF on November 11 marks a significant milestone, bringing the total number of ETFs listed this year to 317, representing a year-on-year increase of 136.57% [1] Supply Acceleration - As of November 11, 317 ETFs have been listed this year, with a total scale of 541.174 billion yuan. This is a substantial increase compared to 163 and 156 ETFs listed in 2024 and 2023, respectively [2] - Key drivers for the surge in ETF listings include policy support, upgraded capital allocation needs, industry development trends, and accelerated product innovation [2] - Regulatory improvements, such as the establishment of a fast-track approval process for ETFs and the promotion of high-quality index investment development, have facilitated rapid product issuance [2] - The growing market demand for ETFs is driven by their transparent strategies, ease of trading, and low fees, making them increasingly popular among investors [2] Active Fund Allocation - ETFs are favored by various funds, including foreign capital and private equity, as effective tools for asset allocation [3] - Notable institutional investors in ETFs include foreign banks, brokerages, and private equity firms, indicating a diverse investor base [3] - The participation of long-term capital through ETFs is expected to foster a healthy ecosystem in the A-share market, enhancing market stability and international influence [3] Future Outlook - Over 1,300 ETFs are currently listed, with more expected to enter the market soon, as several public fund institutions have announced upcoming ETF listings [4] - The expansion of ETFs is anticipated to boost the trading activity of underlying assets, thereby enhancing market liquidity [4] - The increase in ETF listings and trading is expected to improve market liquidity and information transparency, leading to more rational and effective pricing [5]

Core Viewpoint - The appointment of Chen Yu as the new General Manager of Bosera Fund is expected to positively impact the company's future development and inject new vitality into its ongoing growth [2][4][8]. Management Change - Bosera Fund has completed a core management adjustment with Chen Yu officially taking over as General Manager, following the appointment of Zhang Dong as Chairman [2][4]. - This change marks a significant leadership transition for the company, which manages over 1.8 trillion RMB in assets [2][11]. Chen Yu's Background - Chen Yu has a rich background in finance, having worked in various sectors including banking, insurance asset management, and insurance companies [8]. - His previous roles include positions at China Industrial Bank, Huaxia Bank, and Taikang Asset Management, among others, showcasing a diverse and comprehensive skill set [7][8]. Current Status of Bosera Fund - As of September 30, 2025, Bosera Fund manages 399 public funds with a total asset scale exceeding 1.8 trillion RMB and has served over 180 million clients [11]. - The company expresses confidence in the long-term growth of the Chinese economy and capital markets, aiming for high-quality development in alignment with national strategies [11]. Strategic Focus - Bosera Fund aims to create value for clients by prioritizing their interests and maintaining a long-term perspective in investment decisions [11][12]. - The company plans to enhance its investment research capabilities and provide multi-asset allocation solutions to discover investment value [12]. - Bosera Fund is committed to contributing to the construction of a "financial power" by actively participating in public fund reforms and innovations [13].

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers in terms of net asset value growth [1][4]. Fund Performance Summary Top Performing Funds - The top 10 funds with the highest net asset value growth include: 1. 创金合信全球医药生物股票发起(QDII)A with a net value of 1.5971 and a growth rate of 4.34% [2] 2. 创金合信全球医药生物股票发起(QDII)C with a net value of 1.5833 and a growth rate of 4.34% [2] 3. 华夏移动互联网混合人民币 with a net value of 1.7010 and a growth rate of 4.04% [2] 4. 华夏移动互联网混合美元现汇 with a net value of 0.2401 and a growth rate of 4.03% [2] 5. 华夏移动互联网混合美元现钞 with a net value of 0.2401 and a growth rate of 4.03% [2] 6. 建信新兴市场混合(QDII)C with a net value of 1.4320 and a growth rate of 3.84% [2] 7. 建信新兴市场混合(QDII)A with a net value of 1.4510 and a growth rate of 3.79% [2] 8. 华夏全球科技先锋混合(QDII)A with a net value of 2.2236 and a growth rate of 3.31% [2] 9. 鹏华港美互联网股票人民币 with a net value of 1.5738 and a growth rate of 3.31% [2] 10. 国富全球科技互联网混合(QDII)人民币A with a net value of 4.4227 and a growth rate of 3.21% [2] Bottom Performing Funds - The bottom 10 funds with the lowest net asset value growth include: 1. 红土创新新兴产业混合 with a net value of 2.4930 and a decline of 3.82% [3] 2. 宏利绩优混合A with a net value of 2.3344 and a decline of 3.35% [3] 3. 宏利绩优混合C with a net value of 2.3030 and a decline of 3.35% [3] 4. 宏利复兴混合A with a net value of 2.3890 and a decline of 3.28% [3] 5. 宏利复兴混合C with a net value of 2.3690 and a decline of 3.27% [3] 6. 财通成长优选混合A with a net value of 3.6690 and a decline of 3.24% [3] 7. 宏利成长混合 with a net value of 3.7248 and a decline of 3.24% [3] 8. 财通匠心优选一年持有混合A with a net value of 1.4289 and a decline of 3.22% [3] 9. 财通匠心优选一年持有混合C with a net value of 1.3884 and a decline of 3.21% [3] 10. 财通成长优选混合C with a net value of 2.1100 and a decline of 3.21% [3] Market Analysis - The Shanghai Composite Index opened high but closed lower, while the ChiNext Index also experienced a downward trend, with a total trading volume of 2 trillion [6]. - Leading sectors included trade agency, hotel and catering, gas and heating supply, and mineral products, while the telecommunications equipment sector saw a decline of over 3% [6].

Core Insights - The number of newly issued public funds in the market has reached 1,371 as of November 11, marking a three-year high, while the average fundraising scale has decreased to 782 million yuan, indicating a significant shift in the public fund issuance market towards a "tool-oriented, segmented, and institutionalized" approach by 2025 [1][2][4]. Fund Issuance Trends - The public fund issuance has rebounded this year, surpassing previous years' totals, with 1,371 new funds issued, exceeding the total for 2023 (1,266) and 2024 (1,143) [2]. - The trend of "quantity increase and average scale decrease" is evident, with the total fundraising amount for new funds at approximately 9,653 billion yuan, the lowest since 2019, and an average fundraising scale of 782 million yuan, significantly lower than previous years [4][5]. Fund Structure Changes - There is a notable shift in the structure of newly issued funds, with a strong increase in equity funds and a decline in bond funds. As of November 11, 761 equity funds were issued, a record high, representing 37% of total new fund issuance [6][8]. - The majority of new equity funds are passive index funds, with 568 being issued, accounting for 97% of the equity fund issuance [6]. Market Dynamics - The rise in equity fund issuance is attributed to the recovery of the A-share market, with several equity funds experiencing rapid sales. However, fund companies are cautious, limiting the initial fundraising cap for these popular funds to below 3 billion yuan [7]. - In contrast, bond fund issuance has dropped significantly, with only 247 bond funds issued this year, the lowest in nearly a decade, reflecting a lack of investor interest due to market volatility and low yield attractiveness [8][9]. Future Outlook - The market is expected to maintain a structure dominated by equity funds, particularly index funds, while bond fund issuance is anticipated to remain stable [11].

Group 1 - The article discusses the importance of smart investment strategies for mutual fund regular investment, emphasizing the need for preparation and planning before starting [2][3] - It introduces four methods of regular investment and highlights the significance of setting a clear profit-taking strategy [2] - A free course is offered to help individuals understand these investment strategies better, including course notes and mind maps for efficient learning [2][3] Group 2 - The article explains the evolution of dividend indices, originating from the "Dogs of the Dow" strategy, which focuses on selecting stocks with high dividend yields [5][6] - The initial dividend indices, such as the Shanghai Dividend Index and the CSI Dividend Index, were based on the core principle of selecting stocks according to their dividend yield [6] - The article outlines two main directions of evolution for dividend indices: pursuing dividend stability and seeking lower market volatility [8][14] Group 3 - The first evolution direction focuses on dividend stability, which can be further divided into categories such as selecting industry leaders with strong competitive advantages and high return on equity (ROE) companies [10][12] - The second evolution direction aims for lower market volatility, suggesting that investors prefer stable returns with less price fluctuation [14][15] - The combination of pursuing dividend stability and lower price volatility has led to the creation of various low-volatility dividend indices [15][16]

中经记者 罗辑 北京报道 对此，博时基金相关人士告诉《中国经营报》记者，博时基金当前高管团队配置合理，财富管理、资产 管理等多领域人才经验有利于公司进一步发挥资源禀赋，不断提升投资管理能力，为博时基金下一步的 高质量发展增添新优势、注入新动能。 金融履历丰富 公开履历显示，陈宇金融从业经历丰富，涉及银行、保险资管、保险公司等多领域。 具体来看，陈宇毕业于首都经济贸易大学，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）（集团二级公司总经理级） （期间2019年5月至2025年5月兼任招商局仁和养老投资有限公司CEO）。2025年9月起任博时基金党委 副书记。 博时基金相关人士表示："陈宇全面的复合型工作背景与当下国内公募基金行业发展趋势非常契合。在 公募基金行 ...

Core Insights - The A-share market has faced pressure in recent years, impacting active equity funds and leading to poor investor experiences. However, since the introduction of the 924 policy last year, the market has rebounded, with active equity funds achieving impressive returns in 2023 [1] - Active equity funds, including ordinary stock, equity hybrid, flexible allocation, and balanced hybrid funds, have recorded an average return of 32.44% in the first three quarters of 2025, significantly outperforming mainstream broad-based indices [1] - The current market environment has led to a pronounced structural differentiation, raising the bar for fund managers' research and investment capabilities [1] Company Developments - Penghua Fund, with 26 years of investment research experience, recognizes the need to adapt to the new market environment and trends by evolving its investment research culture, talent development, and product layout [1] - The company has established a continuously iterating investment research system and a comprehensive talent pipeline, offering diverse asset allocation solutions for investors with varying risk appetites [1] - As a result of its sustained efforts, Penghua Fund has received notable ratings, with 24 of its active equity products awarded five-star or AAAAA ratings by major institutions as of the end of Q3 2025 [2] Performance Highlights - Among the rated products, Penghua Medical Technology A has achieved top rankings in various time frames within the pharmaceutical and healthcare sector, while Penghua Innovation Upgrade A has also received high ratings across multiple institutions [2][3] - Long-standing products like Penghua Brand Inheritance and Penghua Prosperity Innovation Mixed (LOF) A have withstood market tests, receiving five-star ratings over ten years from different institutions [2] - Seven active equity funds from Penghua Fund ranked in the top ten of their categories on the long-term performance list by Galaxy Securities as of September 30, 2025, showcasing the company's investment return capabilities [2] Investment Strategy - In the context of frequent structural opportunities in the equity market in 2025, Penghua Fund has developed a systematic investment research strategy that combines top-down and bottom-up approaches [3] - The company maintains a balanced industry allocation and dynamically optimizes its investment portfolio based on market changes, employing wave operations based on long-term trend judgments [3] - Penghua Fund aims to continue deepening its focus on active equity investments and enhancing its research capabilities to create long-term stable returns for investors [3]

曹毅此次加入的农银汇理基金同样由农业银行控股。官网资料显示，农银汇理基金由农业银行、东方汇 理资产管理公司及中铝资本控股有限公司共同出资组建，其中中国农业银行持股51.67%，东方汇理资 产管理公司持股33.33%，中铝资本控股有限公司持股15%。 11月11日，农银汇理基金管理有限公司（下称"农银汇理基金"）发布高管变更公告，宣布曹毅自2025年 11月7日起出任公司副总经理。履历显示，曹毅拥有超过20年金融行业经验，兼具监管、公募及银行等 复合从业背景。当前，农银汇理基金正面临管理规模"掉队"、权益类产品"爬坑"等多重挑战。作为新任 高管，曹毅能否依托其复合背景，带领公司突破瓶颈，成为市场关注的焦点。 | 新任高级管理人员职务 | 副总经理 | | --- | --- | | 新任高级管理人员姓名 | 曹毅 | | 任职日期 | 2025年11月7日 | | 过往从业经历 | 曾任中国人民银行广州分行、深圳中心支行干部。 2002年1月至2008年8月期间先后任南方基金管 理有限公司市场拓展部副总监、渠道部总监。2008 年 8 月至 2013年 3 月任鹏华基金管理有限公司副 总裁。2013年3月至20 ...

Core Insights - The public fund issuance market has seen a significant increase in the number of new funds, reaching 1,371 by November 11, marking a three-year high, while the average fundraising scale has decreased to 782 million yuan [1][2][4] - The market is shifting from a reliance on star fund managers and blockbuster products to a more diversified approach characterized by "tool-oriented, segmented, and institutionalized" strategies [1][4] Fund Issuance Trends - The number of new public funds issued this year has surpassed previous years, with 1,371 new funds compared to 1,266 in 2023 and 1,143 in 2024, nearing the 2022 total of 1,424 [2] - The average fundraising scale for new funds has dropped significantly, with a total issuance scale of approximately 9,653 billion yuan, the lowest since 2019 [4][5] Fund Types and Strategies - A notable trend is the rise of initiated funds, with 334 new funds launched in this format, accounting for about 25% of new funds, primarily in the equity category [4] - The issuance strategy has shifted to "broad net" rather than "creating blockbuster funds," with companies focusing on low-cost, efficient tool products to meet changing market demands [4][5] Market Dynamics - The stock market's recovery has led to a stronger focus on equity funds, with 761 new equity funds issued, a record high, and accounting for 37% of total new fund issuance [6][7] - Conversely, bond funds have seen a significant decline, with only 247 new bond funds issued, the lowest in nearly a decade, reflecting a stark contrast to the equity market's performance [8][9] Future Outlook - The market is expected to maintain a structure where equity funds dominate, particularly index funds due to their cost advantages, while bond fund issuance is anticipated to remain stable [10]