Group 1 - Gold prices have risen, with New York futures reaching $4060 per ounce, up 1.06% for the day, while spot gold surpassed $4040 per ounce, increasing by 1.09% [1] - The gold ETF (159937) has increased by 49.43% year-to-date, reflecting strong market interest [2] - The central bank has increased its gold reserves for 12 consecutive months, with the latest data showing reserves of 7.409 million ounces as of the end of October, an increase of 30,000 ounces from the end of September [2] Group 2 - A new "gold tax" policy effective November 1 allows for exemption from value-added tax on transactions that do not involve physical delivery, encouraging investment in virtual gold and ETFs [2] - The gold ETF (159937) has seen significant inflows, with 327 million yuan in the last two days, leading the category, and a total net inflow of 13.799 billion yuan year-to-date, bringing its latest scale to 37.409 billion yuan [2] - According to a report from China International Capital Corporation, gold is expected to continue its upward trend next year, with structural and cyclical opportunities likely to resonate [2]

Core Insights - The public fund market in October 2025 saw a combined issuance scale of approximately 743.76 billion yuan, representing a year-on-year increase of 82.44% but a month-on-month decrease of 56.1% [1][2] Fund Issuance Structure - In October, the largest issuance scale was for equity funds, exceeding 200 billion yuan, with a total of 225.38 billion yuan for equity funds, followed by FOF funds at 172.94 billion yuan, mixed funds at 158.88 billion yuan, and bond funds at 145.21 billion yuan [2][3] - The issuance scale for QDII funds was relatively small at 14.52 billion yuan [2] Top Fund Products - The largest product by issuance scale was the Huatai-PB Yingtai Stable 3-Month Holding Fund, which had an issuance scale of 55.77 billion yuan and effective subscriptions of 15,214 households [3] - The Southern Growth Enterprise Board Artificial Intelligence ETF Link ranked second in issuance scale [3] - The Fortune Stable Tianrong Fund also had a significant issuance scale of 35.7 billion yuan, classified as a mixed bond secondary fund [3] Fund Company Activity - Huaxia Fund and Southern Fund were the companies with the highest number of new fund issuances in October, each launching five new products [5] - A total of six funds announced extensions for their fundraising periods, including products from Wanji Fund and Taikang Fund [8]

Core Viewpoint - The leadership transition at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, is expected to create a stable environment for the company's continued development [2][4]. Group 1: Leadership Changes - Zhuang Yuanfang has over 33 years of experience and has held various positions within Xingye Securities and Xingzheng Global Fund since joining in 1992 [2][3]. - Chen Jinqian, who has been in the securities industry since 1999, has served in multiple roles at Xingzheng Global Fund since 2010, including Deputy General Manager and Director of Fixed Income [3][4]. - Both leaders have over 10 years of tenure at the company, fostering a culture of responsibility and professionalism [4]. Group 2: Company Overview - Xingzheng Global Fund was established in 2003, with a stable shareholder structure where Xingye Securities holds 51% and Dutch Global Life Insurance International Company holds 49% [4]. - As of the end of Q3, the total public fund size managed by Xingzheng Global Fund was 741.99 billion, with non-monetary funds amounting to 289.39 billion [4]. - The fund primarily focuses on actively managed equity products, with mixed funds totaling 137.64 billion, bond funds at 122.5 billion, and stock funds at 11.04 billion [4]. Group 3: Industry Context - The public fund industry has seen a significant turnover in leadership, with 338 executives changing roles across 136 firms this year [6]. - The transition of leadership is viewed as a normal part of the industry's evolution, with experienced figures retiring and new talent entering the field [7].

Core Insights - Xingsheng Global Fund appointed Zhuang Yuanfang as Chairman and Chen Jinqian as General Manager, marking a significant leadership transition within the company [1][3]. Management Changes - Zhuang Yuanfang has been promoted to Chairman, having previously served as General Manager and has over 33 years of industry experience, including roles at Xinyi Securities [2][3]. - Chen Jinqian, with over 26 years of investment research experience, has taken over as General Manager and Financial Officer, previously holding various positions within Xingsheng Global Fund since 2010 [2][3]. Company Performance - As of the end of Q3, Xingsheng Global Fund's non-monetary assets reached 288.45 billion yuan, ranking 20th in the market, while its equity assets ranked 21st and active equity assets ranked 9th [1][3]. Product Development - Xingsheng Global Fund has launched its first ETF product, the Xingsheng Global CSI 300 Quality Index ETF, which aims to track high-quality companies based on profitability and stability [4][5]. - The total market size of stock ETFs in China reached 4.45 trillion yuan as of November 6, with non-monetary ETFs nearing 5.5 trillion yuan [5].

Core Insights - As market indexes approach all-time highs, investors are seeking ways to hedge against uncertainty and volatility in traditional equities [1] Group 1: Investment Strategies - The Barings Global Short Duration High Yield Fund is highlighted as a potential investment option for those looking to mitigate risks associated with traditional equities [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds is suggested to enhance investment income while achieving total returns comparable to traditional index funds [1]

证监会也想有个大牛市啊！为了让散户投资者入场，除了直接开户自己炒股之外，对于间接入场，例如购买股票类理财产品和基金类理财产品，也是煞费 苦心，创造一切有利条件。在9月5日，证监会出台《公开募集证券投资基金销售费用管理规定》，不过这是修订意见稿，何时会修订完毕，正式出台，还 要等待。 这其中的《规定》一共分了六章共28条，德先生看后，觉得非常好，条条都是为了散户投资者服务的，其中讲述了要合理调降公募基金认购费、申购费、 销售服务费率，对投资者持有期限超过一年退出将不再计提销售服务费。另外还对于基金销售的利息归属、基金投顾业务双重收费等做梦了明确约定，同 时开启了基金行业机构投资者直销服务平台，既为从业人员展业服务，更是为保护金融投资者利益服务。 不过投资者更关心的是基金财产的归属问题，证监会在征询意见时，明确说明公募基金赎回费全额计入基金财产。这也是一个重大意义，过去赎回费可是 不计入基金财产的，这部分利益就会被基金经理直接拿走，变成基金公司的收入，最终投资者发现，越是赎回的多，不是反应了基金经理水平的下降，而 是增加了他们的收入和利润。 更为严重的是，这更会导致基金份额的净值下降，对投资者的利益产生不利影响。 ...

11月6日，网传近日鹏华基金旗下两名基金经理，闫思倩与王子建发生互殴，甚至出现"掐脖子""砸 头"等行为。南都湾财社记者就此事向鹏华基金求证，鹏华基金对此事予以否认，并对记者表示，公司 已进行内部调查核实，并称相关传闻纯属谣言。 网传"掐脖子"等冲突细节，公司回应：已内部核实为谣言 据网传消息称，鹏华基金旗下知名基金经理闫思倩与王子建发生激烈冲突，传闻中还提及"掐脖子""砸 头"等行为细节，迅速引起广泛讨论。 随着相关讨论持续发酵，南都湾财社记者向鹏华基金进行求证。鹏华基金回应表示，公司已在第一时间 启动内部调查程序，经多方核实，确认该传闻内容失实，属于虚假信息。公司明确否认"互殴"事件，并 呼吁公众勿相信并传播不实消息。 涉事基金经理共管产品近一年回报超46% 公开信息显示，闫思倩曾任华创证券分析师，中银国际证券业务经理，工银瑞信基金研究部基金经理。 2022年1月加盟鹏华基金管理有限公司，现担任权益投资三部总经理、投资总监、基金经理，目前在管 基金6只，总规模208.02亿元。 王子建2022年11月加盟鹏华基金管理有限公司。目前在管基金2只，总规模25.44亿元。 值得一提的是，王子建与闫思倩共同管理基 ...

Core Insights - Investing in U.S. large-cap growth companies is commonly done through the S&P 500, but there are alternative funds with broader exposure, such as the iShares Russell 1000 Growth [1] Group 1: Investment Strategies - The article highlights the importance of exploring various investment options beyond the S&P 500 for large-cap growth exposure [1] Group 2: Analyst Background - The author has a Master's in Banking & Finance and a diverse background in corporate finance, M&A, and investment analysis, focusing on real estate, renewable energy, and equity markets [1]

以下文章来源于阿尔法工场DeepFund ，作者基哥 阿尔法工场DeepFund . 专注基金行业事件、产品和人物故事，探究背后的深层逻辑。 导语：规模突破百亿的科创债ETF达到15只，但成交量明显偏低，反映出投资者认购意愿不强。 科创债ETF，这一曾经被机构视为"香饽饽"的产品，如今却遭遇尴尬的境遇。 截至10月31日，市场上24只科创债ETF中，有15只规模突破百亿；但这些产品的成交量却明显 偏低，这一现象直接反映出投资者认购意愿不强，与其刚上市时的市场表现形成了鲜明对比。 被垄断的做市业务 作为固收方向的一类创新产品，首批10只科创债ETF从7月2日正式获批，到7月7日首发当天触及 30亿元募集上限宣告售罄，到7月10日全部成立，再到7月17日上市交易，全程用时不足一个月。 上市伊始，从多家基金公司反馈的情况看，都很有信心，部分基金公司更是计划在1到3天之内把规 模直接做到200亿的体量。 但根据最新数据显示，仅科创债ETF嘉实一只产品达到了这一规模。 此前，各家公募竞相参与科创债ETF的发行，其中一个很重要的原因便是看好债券ETF的发展前 景。 | 基金管理人 | 2025Q3规模(亿元) | 202 ...

Core Insights - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to these benchmarks, marking a significant transformation in the public fund industry [1][8] - The introduction of these benchmarks is expected to improve the discipline of active investment, promote clearer investment styles, and attract more long-term capital into the market [1][8] Group 1: Performance of Active Equity Funds - Only 30% of active equity funds have outperformed their performance benchmarks over the past three years, with an average return lagging behind the benchmark by 7.26% [2] - Among the 3731 active equity funds, only 1262 have managed to beat the benchmark, indicating a challenging environment for achieving superior performance [2] - Notably, some high-performing funds may have achieved their results due to "benchmark mismatch," highlighting the importance of appropriate benchmark selection [2] Group 2: Risk and Return Analysis - High absolute returns do not necessarily correlate with high excess returns, as some funds with significant gains still underperformed against their benchmarks [3] - For instance, the fund "Baoying Artificial Intelligence" achieved a return of 67.75% but lagged behind its benchmark by 18.38% [3] - Additionally, 28 active equity funds that did not achieve positive returns still managed to outperform their benchmarks, primarily in sectors like pharmaceuticals and new energy [4] Group 3: Fund Size and Performance - Smaller-sized active equity funds tend to have better excess return capabilities compared to larger funds, with only 40% of large funds (over 10 billion) outperforming their benchmarks [5] - The average size of funds achieving positive excess returns is significantly lower than the overall market average, supporting the notion that larger fund sizes may hinder performance [5] Group 4: Fund Manager Influence - The total management scale of fund managers has some impact on their ability to generate excess returns, with a notable number of successful fund managers managing over 10 billion [6] - However, the tenure of fund managers does not show a significant correlation with their active management capabilities [6] Group 5: Regulatory Changes and Industry Standards - The introduction of the performance benchmark guidelines is expected to lead to a systematic restructuring of the public fund industry, with a one-year transition period for existing products [7][8] - The establishment of a benchmark element library aims to standardize benchmark selection, enhancing the comparability and regulatory compliance of fund performance assessments [8] - Future guidelines will require fund companies to set reasonable benchmarks based on investment strategies, further aligning actual investment behavior with product strategy [9]