作为国内首批投入AI新浪潮的基金公司之一，中银基金早在2009年中银基金就已组建了量化投研团 队。 以量化研究员为例，当前AI 的价值首先体现在把非结构化、多源、海量的"边缘数据"低成本地纳入因 子框架。 早期研究员采用BERT等轻量级神经网络对上市公司公告进行情感分析，开创了文本数据量化分析的先 河。随着随着大语言模型成为新的技术基座，数据处理的广度和深度都得到了质的飞跃，把数据量更大 的券商研报、论坛评论等纳入语义分析，并对公司公告中的隐语进行识别。这些实践证实，AI 技术可 以在传统因子体系之外提供信息增量。 《推动公募基金高质量发展行动方案》明确提出，促进行业高质量发展，加快建设一流投资机构，鼓励 基金公司加大对人工智能、大数据等新兴技术的研究与应用。 当 DeepSeek 等国产开源大模型 渗透证券业务的各个脉络，公募基金行业正站在技术驱动的历史拐点。 AI正日益成为基金行业转型升级的核心引擎。中银基金已自主完成从数据库到投资策略模型的构建。 同时逐步形成了自己的特色，自主构建因子库，阿尔法模型、风险模型、优化器模型、归因模型等，严 格把控策略构建的各个环节。 探索投研系统AI应用 尽管AI技术展现 ...

Core Insights - The article emphasizes the importance of selecting a reliable fund manager over focusing on flashy fund names, highlighting the manager's experience and stability as key factors in investment success [1][3]. Group 1: Fund Manager Selection Criteria - The first criterion for selecting a fund manager is their experience, particularly having navigated through a complete market cycle, as those who have not experienced significant market downturns may panic and make poor decisions [3]. - The second criterion is the stability of the manager's investment style, as consistent strategies are crucial; managers who frequently shift between growth and value investing may encounter issues [3]. - The third criterion involves the alignment of the manager's words and actions, where investors should verify if the manager's stated investment logic matches their actual portfolio holdings, avoiding those who focus solely on short-term performance [3]. Group 2: Long-term Investment Philosophy - The article advocates for a long-term investment approach, suggesting that finding a fund manager is akin to choosing a travel companion, where reliability and expertise are more valuable than mere rhetoric [3]. - It notes that many fund managers may experience short-term success but emphasizes that those who are steady and knowledgeable tend to be the true long-term winners in the investment landscape [3].

股票ETF市场资金流向数据显示，本周一股票ETF资金净流入超36亿元，创业板指、人工智能、消费等方向强力"吸金"。 【导读】本周一股票ETF资金净流入超36亿元 11月10日(本周一)，A股三大指数涨跌互现，沪指站稳4000点，创业板指跌近1%，两市全天成交2.19万亿元。 | | | | 股票ETF资金净流入排行 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 最新规模 | 份额变化 | 资金流向 | 英语六世女 值涨跌幅 | | | 排行 | 证券简称 | (亿元) | (1243) | (亿元) | (%) | 基金管理人 | | 1 | 创业板ETF | 1028.16 | 2.87 | 9.03 | 50.35 | 易方达基金 | | 2 | 消费ETF | 221.33 | 6.28 | 5.28 | 3.88 | 汇深昌基金 | | 3 | 科创50ETF | 729.14 | 3.24 | 4.78 | 41.71 | 中直喜等 | | 4 | KIETF | 180.83 | 5.66 | 4.38 | 33.49 | 晾束 ...

Core Viewpoint - The stock ETF market has seen significant net inflows, exceeding 36 billion yuan on November 10, with a total of over 130 billion yuan in net inflows since November began, indicating strong investor interest in specific sectors like the ChiNext, artificial intelligence, and consumer goods [3][11]. Summary by Sections Market Overview - On November 10, the A-share market showed mixed performance, with the Shanghai Composite Index stabilizing above 4000 points and the ChiNext Index declining nearly 1%. The total trading volume for the day reached 2.19 trillion yuan [2]. ETF Fund Flows - Data indicates that on November 10, stock ETFs experienced a net inflow of over 36 billion yuan, with the ChiNext ETF, consumer ETF, and Sci-Tech 50 ETF leading the inflows, each exceeding 4 billion yuan [3][6]. - As of November 10, the total scale of 1252 stock ETFs in the market (including cross-border ETFs) reached 4.66 trillion yuan [5]. Top Gaining ETFs - The top three ETFs by net inflow on November 10 were: 1. ChiNext ETF: 102.82 billion yuan, net inflow of 9.03 million yuan [7] 2. Consumer ETF: 221.33 billion yuan, net inflow of 5.28 million yuan [7] 3. Sci-Tech 50 ETF: 729.14 billion yuan, net inflow of 4.78 million yuan [7] Sector Performance - Certain sectors, including the Hang Seng Technology Index, financials, and innovative pharmaceuticals, saw significant net inflows, while broad-based index ETFs like the CSI 300, SSE 50, and CSI 500 experienced net outflows [3][11]. Net Outflows - On the same day, 14 stock ETFs recorded net outflows exceeding 1 billion yuan, with sectors such as securities, liquor, batteries, and semiconductor equipment showing the most significant losses [9][10]. Market Sentiment - The overall sentiment in the stock ETF market remains positive, with expectations of continued interest in artificial intelligence and related sectors, despite potential short-term volatility as macroeconomic factors stabilize [11].

Core Insights - The A-share market has been fluctuating around the Shanghai Composite Index at 4000 points since Q4 2025, with a notable divergence in heavyweight sectors, while ETFs focused on free cash flow have emerged as a highlight, with several products reaching historical highs in net value [2][3] Group 1: Free Cash Flow ETFs Overview - As of November 7, 2025, there are 29 free cash flow ETFs launched by 25 fund companies, with a total scale exceeding 20 billion yuan [3][5] - All 29 products have shown positive returns since inception, with average returns around 21%, and some exceeding 20%, with the highest at 28.2% [2][8] - The leading funds, managed by Huaxia Fund and Guotai Fund, account for approximately 46% of the total scale of free cash flow ETFs, with sizes of 5.689 billion yuan and 3.777 billion yuan respectively [5][6] Group 2: Performance and Market Trends - The free cash flow index has outperformed traditional dividend indices over the past decade, with a 10-year annualized return of 16.6% compared to 7.91% for the dividend index [6] - Despite the initial popularity of free cash flow ETFs, many have faced significant declines in scale, with over 60% of products seeing a decrease since inception, and some funds shrinking by more than 90% [6][10] - The market has seen a shift in style, with cyclical stocks performing well, contributing to the rising returns of free cash flow ETFs [8] Group 3: Fund Management and Fees - The management and custody fees for the 29 free cash flow ETFs vary, with some funds charging lower fees (0.15% management and 0.05% custody) while others charge higher fees (0.5% management and 0.1% custody) [10][11] - Notably, some funds with higher fees, such as those from Wanji Fund and Huitianfu Fund, have underperformed their benchmarks, with returns lagging by 2.38 percentage points and 1.7 percentage points respectively [11]

人民财讯11月11日电，华安基金今日表示，国企改革持续推进，有望迎来估值重塑，预期未来推进国有 经济布局优化和结构调整，增强国有企业核心功能、提升核心竞争力。近年来央国企经营考核指标体系 不断优化，将"两利四率"调整为"一利五率"，引导国企经营更注重效率和现金流情况，更符合资本市场 审美。央企上市公司长期面临估值偏低、市场估值与其经济地位不匹配的问题，在市值管理指挥棒和盈 利质量改善双重推动下，央企有望迎来进一步的投资机会。 ...

Group 1 - The core viewpoint of the news is that Xin Heng Hui's stock price increased by 5.25% to 73.35 CNY per share, with a trading volume of 248 million CNY and a turnover rate of 7.65%, resulting in a total market capitalization of 17.571 billion CNY [1] - Xin Heng Hui Electronic Co., Ltd. is located in Zibo City, Shandong Province, established on December 7, 2017, and listed on June 20, 2025. The company's main business includes smart card business, etched lead frame business, and IoT eSIM chip testing services [1] - The revenue composition of Xin Heng Hui's main business is as follows: smart card business accounts for 59.74%, etched lead frame business 28.34%, IoT eSIM chip testing 6.16%, and others 5.76% [1] Group 2 - From the perspective of the top ten heavy stocks in funds, data shows that one fund under China Merchants Fund holds Xin Heng Hui as a significant investment. The fund, China Merchants CSI 300 Real Estate Equal Weight Index A (161721), held 382 shares in the third quarter, unchanged from the previous period, accounting for 0.0007% of the circulating shares, ranking as the seventh largest heavy stock [2] - The China Merchants CSI 300 Real Estate Equal Weight Index A (161721) was established on January 1, 2021, with a latest scale of 434 million CNY. Year-to-date returns are 0.84%, ranking 4164 out of 4216 in its category; over the past year, it has lost 14.99%, ranking 3919 out of 3922; and since inception, it has lost 41.71% [2] - The fund manager of China Merchants CSI 300 Real Estate Equal Weight Index A (161721) is Wang Ningyuan, who has been in the position for 260 days. The total asset scale during his tenure is 2.116 billion CNY, with the best fund return of 18.24% and the worst fund return of 4.59% [3]

随着人工智能技术持续发展，博时基金积极部署，将人工智能技术与投研业务相结合，赋能投资研究团 队。 博时基金于2018年成立金融科技中心，开始进行人工智能算法研究与应用。2023年，公司成立人工智能 实验室，由首席数字官直接管理，负责与投研部门、风险管理部门、交易部门深度对接相关需求，并直 接应用于投研效率提升、组合风险管理、交易头寸管理等多方面，从投研管理、风险管理等多方面提升 效率，增强科技研究能力。 目前，博时基金运用人工智能技术，正在向辅助投研决策方面进行突破。博时基金结合Deep Seek推理 能力及大模型多模态能力进化，在捕捉市场热点、提升个股盈利预测与定价能力、个股推荐与投资策略 研发等三个方向进行深度研究，从而构建投资策略，为基金经理提供个股推荐与配置参考。 未来，博时基金将利用人工智能技术，将投资经验转化为可继承的数字资产，形成"知识获取→智能生 产→决策赋能→经验沉淀→AI学习增强"回路，推动人工智能技术在投研领域，从信息处理工具升级为 认知决策伙伴，从单点应用突破演变为智能Agent生态链，从内部提质增效手段进化为基金行业的基础 设施，助力做好"数字金融"大文章。 博时基金运用人工智能技术 ...

主题基金从此有了"身份证"：投资范围、风格库都得"可量化" "基金名叫'新能源'，持仓却是银行、白酒；说是'消费主题'，大头押了TMT板块……"这些年，不少基 民吐槽有部分主题基金"名不副实"。这种"说一套做一套"的操作，不仅让投资者既困惑又受伤，更埋下 业绩剧烈波动的隐患。 如今，这一乱象有望得到系统性规范。 第一财经记者从多家公募基金公司获悉，中国证券投资基金业协会（下称基金业协会）近日下发了《公 开募集证券投资基金主题投资风格管理指引（征求意见稿）》（下称《指引》）以及相关通知，并要求 各基金公司11月15日之前提交反馈意见，《指引》计划于2026年正式实施。 这份为主题基金戴上"紧箍咒"的新规，将在从产品设计、投资运作、风险控制和托管监督等多个环节， 系统规范主题基金的投资行为，推动行业回归长期投资、规范发展的轨道。有基金公司人士透露，已启 动内部研讨，将结合实际情况提出建议，待正式稿发布后落实整改。 主题基金有了"身份证" 主题基金风格漂移，一直是公募基金行业长期存在的顽疾，背后形成原因复杂，包括市场风格变化、基 金经理风格转向、业绩驱动、考核标准等。这种操作让投资者难以通过基金名称判断真实投向，更 ...

以AI破局，推动业务深度转型 近年来，资管行业面临着效率提升、风险控制、服务创新等多重挑战，传统业务模式亟待数字化转型。 在此背景下，人工智能通过高效处理海量信息、推动流程自动化，能够优化投研分析效率、降低运营成 本并提升客户服务体验，助力公募基金机构在数字化转型中构建差异化优势，更精准高效地服务投资者 并赋能实体经济。 诺安基金敏锐捕捉到AI技术带来的变革机遇，主动响应行业数字化转型趋势，以科技赋能业务为核心 战略，致力于通过构建智能化平台提升核心竞争力，推动业务高质量发展。 早在三年前，诺安基金便开启了AI技术的沉淀之路，不断推动AI与资管业务深度融合。通过私有化部 署小模型，搭建起涵盖图片内容提取、语音转文本、文本转语音及文档摘要生成等功能的AI基础能力 平台。同时，基于开源框架自主研发统一AI模型网关，实现多模型协同调度与AI资源的高效管理，这 些前期投入为后续AI技术的深度应用奠定了坚实基础 目前，诺安基金正在投研数据智能处理、客户标签动态分析、中后台流程自动化等领域展开多轮"小步 快跑"式探索实践。 2025年成为诺安基金AI赋能业务发展的关键节点。2月，诺安基金完成DeepSeek金融大模型的本 ...