11月24日，国脉文化涨5.37%，截至发稿，报13.54元/股，成交1.38亿元，换手率1.32%，总市值107.74 亿元。 资料显示，新国脉数字文化股份有限公司位于上海市江宁路1207号，成立日期1992年4月1日，上市日期 1993年4月7日，公司主营业务涉及商旅预订业务、酒店运营及管理业务和积分运营业务;文娱旅游服 务。主营业务收入构成为：数字内容28.54%，酒店运营25.97%，数智应用20.06%，权益运营及新消费 18.42%，大网融合6.64%，其他(补充)0.36%。 从国脉文化十大流通股东角度 数据显示，南方基金旗下1只基金位居国脉文化十大流通股东。南方中证1000ETF（512100）三季度减 持2.14万股，持有股数291.33万股，占流通股的比例为0.37%。根据测算，今日浮盈赚取约201.02万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益20.09%，同类 排名2059/4209；近一年收益14.36%，同类排名2433/3982；成立以来收益6.27%。 南方中证1000ETF（512100）基金经理为崔蕾。 截 ...

Core Viewpoint - Xinning Electric experienced a stock price increase of 5.13%, reaching 30.15 CNY per share, with a total market capitalization of 3.089 billion CNY as of November 24 [1] Group 1: Company Overview - Xinning Electric Co., Ltd. is located in the Leqing Economic Development Zone, Zhejiang Province, and was established on March 31, 1999, with its listing date on November 9, 2022 [1] - The company's main business involves the research, development, production, and sales of low-voltage electrical products, with revenue composition as follows: relays 68.37%, distribution control 29.75%, and others 1.88% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Xinning Electric, Huatai-PB Fund's Huatai-PB CSI 2000 Index Enhanced A (019923) entered the list in the third quarter, holding 132,100 shares, which is 0.48% of the circulating shares [2] - The fund has achieved a year-to-date return of 40.9%, ranking 499 out of 4209 in its category, and a one-year return of 42.57%, ranking 299 out of 3982 [2] Group 3: Fund Manager Performance - The fund managers of Huatai-PB CSI 2000 Index Enhanced A include Sheng Hao, Lei Wenyuan, and Kong Lingye, with Sheng Hao having a tenure of 10 years and 46 days, managing assets totaling 4.417 billion CNY, and achieving a best return of 119.7% during his tenure [3] - Lei Wenyuan and Kong Lingye both have a tenure of 3 years and 113 days, managing assets of 2.345 billion CNY and 2.334 billion CNY respectively, with both achieving a best return of 64.47% during their tenure [3]

公告显示，杨帆，2005年6月加入中国工商银行，历任总行金融市场部副处长、处长，工银亚洲联席主 管、主管。2017年12月至2025年9月，历任工行总行资产管理部副总经理兼工银资管（全球）总经理， 工行深圳分行党委委员、副行长。 张桦，2005年5月加入中国工商银行，历任总行金融市场部副处长、处长。2018年1月至2025年7月，历 任工行总行金融市场部总经理助理、副总经理。 11月21日，工银瑞信基金正式对外发布重要人事任命公告，宣布杨帆出任公司总经理、张桦担任副总经 理，相关任职命令自即日起正式生效。 财务数据方面，根据工商银行发布的2025年半年度报告，工银瑞信基金2025年上半年实现净利润17.45 亿元，同比增长29.64%，创下了自成立以来中报净利润的历史新高。 根据官网显示，此番人事变动后，工银瑞信基金高管团队将由"一正两副"3位总经理与5位其他高管组 成，分别是总经理杨帆，副总经理许长勇、张桦，督察长兼风险官郝炜，首席信息官王建，首席投资官 李剑峰，首席营销官张波以及首席固收投资官欧阳凯。 资料显示，工银瑞信基金是中国工商银行控股的基金管理公司，成立于2005年6月。现有股东为中国工 商银行股 ...

Market Overview - The A-share market opened high but closed lower, with the Shanghai Composite Index down by 0.3% [1] - The Hong Kong stock market rebounded, with sectors such as innovative drugs, internet, and new energy vehicles showing strong performance [1] - By midday, the CSI 450 index fell by 0.5%, the CSI 300 index decreased by 0.6%, the ChiNext index dropped by 0.8%, and the STAR Market 50 index declined by 0.4%, while the Hang Seng China Enterprises Index rose by 1.2% [1] Index Performance - The CSI 300 index, which tracks 300 large-cap stocks in the A-share market, recorded a decline of 0.6% with a rolling P/E ratio of 13.9 times [3] - The CSI A500 index, covering 500 mid-cap stocks, also fell by 0.5% with a rolling P/E ratio of 16.2 times [3] - The ChiNext index, consisting of 100 large-cap stocks in the growth sector, decreased by 0.8% with a rolling P/E ratio of 37.7 times [4] - The STAR Market 50 index, which includes 50 large-cap stocks in the "hard technology" sector, did not provide specific performance data in the excerpt [4]

Core Viewpoint - Huayou Cobalt experienced a decline of 5.03% on November 24, with a stock price of 56.68 CNY per share and a total market capitalization of 107.47 billion CNY [1] Company Overview - Zhejiang Huayou Cobalt Co., Ltd. was established on May 22, 2002, and listed on January 29, 2015. The company specializes in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1] - The revenue composition of Huayou Cobalt includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1] Fund Holdings - According to data, one fund under CITIC Prudential holds a significant position in Huayou Cobalt. The CITIC Prudential CSI 800 Nonferrous Index (LOF) A (165520) reduced its holdings by 74,000 shares in the third quarter, now holding 987,500 shares, which accounts for 5.39% of the fund's net value, ranking it as the fourth-largest holding [2] - The fund has reported a floating loss of approximately 2.96 million CNY as of the latest update [2] Fund Performance - The CITIC Prudential CSI 800 Nonferrous Index (LOF) A (165520) was established on January 1, 2021, with a current scale of 1.013 billion CNY. Year-to-date, it has achieved a return of 66.88%, ranking 77 out of 4,208 in its category. Over the past year, it has returned 53.39%, ranking 130 out of 3,981, and since inception, it has returned 171.69% [2]

Core Viewpoint - In the current low-interest, high-volatility environment, there is a significant increase in investor demand for low-volatility, absolute return products as traditional investment yields decline [2][8] Group 1: Investment Philosophy - Liu Xin, the assistant general manager and head of asset allocation at Minsheng Jianyin Fund, emphasizes a pragmatic approach focused on manageable issues rather than short-term market predictions, aiming for long-term success through diversified FOF portfolios [2][5][7] - The investment philosophy is rooted in "respecting the market" and "weakness thinking," acknowledging market complexity and individual limitations, and prioritizing solvable investment problems over elusive predictions [7][8] Group 2: FOF Strategy - The Minsheng Jianyin Fund has shifted its FOF investment strategy from selecting star fund managers to a diversified asset allocation approach, utilizing a "localized all-weather" strategy that balances risk across various asset classes [10][12] - The strategic allocation is based on risk parity models and long-term asset characteristics, ensuring that portfolio risk is not dominated by any single high-volatility asset [11][12] Group 3: Market Outlook - Liu Xin holds a relatively optimistic and strategic view on the A-share market, citing its reasonable valuation and sustainable upward trend, making it a core equity asset for future portfolios [14] - The team has identified the Korean stock market as undervalued and has made a contrarian investment in related funds, which has yielded significant returns [15] Group 4: Bond and Commodity Strategy - Bonds are viewed as a stabilizing component of the portfolio, with a focus on interest rate bonds for risk hedging rather than yield generation, while credit bonds are selected based on the management team's risk control capabilities [15] - The team has strategically reduced bond duration based on market conditions but maintains a higher duration compared to industry standards [15] Group 5: New Product Launch - A new fund, Minsheng Jianyin Multi-Asset Stable Allocation 3-Month Holding Period Mixed FOF, is set to launch, implementing the "localized all-weather" strategy and focusing on dynamic asset allocation [16]

中国经济网北京11月24日讯 近日，广发基金发布广发沪深300指数量化增强型证券投资基金基金合 同生效公告。 募集期间净认购金额1,414,981,396.80元，认购资金在募集期间产生的利息409,102.86元，募集份额 合计1,415,390,499.66份。 （责任编辑：康博） 孙迪在管基金一览 基金经理孙迪曾任广发基金管理有限公司研究发展部研究员、部门总经理助理、副总经理。现任广 发基金管理有限公司研究发展部总经理、基金经理。累计管理公募基金时间接近8年。 目前，孙迪共管理着15只基金（各份额分开计算），但多数都是今年内接手的基金。如果从时间上 看，仅有广发先进制造股票发起式与广发品牌消费股票发起式是孙迪累计管理超过3年的老基金。在这 其中，成立于2020年9月24日的广发品牌消费股票发起式C累计下跌达21%，大幅跑输19.99%的同类均 值水平。该基金在今年三季度的前十大重仓股为恺英网络、新泉股份、春风动力、海容冷链、泸州老 窖、完美世界、欢瑞世纪、江淮汽车、浙江荣泰、科沃斯。 来源：天天基金网 ...

Group 1 - The core point of the article highlights the recent performance of Lingyun Guang, which saw a 5.11% increase in stock price, reaching 36.79 yuan per share, with a trading volume of 273 million yuan and a turnover rate of 1.64%, resulting in a total market capitalization of 16.959 billion yuan [1] - Lingyun Guang Technology Co., Ltd. is based in Haidian District, Beijing, and was established on August 13, 2002. The company focuses on machine vision and optical communication, with a strategic emphasis on machine vision business [1] - The revenue composition of Lingyun Guang includes: intelligent visual equipment 34.69%, configurable visual systems 30.97%, optical communication products 27.44%, visual devices 5.31%, and service revenue 1.59% [1] Group 2 - From the perspective of major fund holdings, Huafu Fund has a significant position in Lingyun Guang, with the Huafu Artificial Intelligence ETF Link A (008020) holding 5,000 shares, accounting for 0.01% of the fund's net value, ranking as the fourth largest holding [2] - The Huafu Artificial Intelligence ETF Link A (008020) was established on April 23, 2020, with a latest scale of 1.168 billion yuan. It has achieved a year-to-date return of 53.77%, ranking 206 out of 4,208 in its category [2] - The fund managers of Huafu Artificial Intelligence ETF Link A include Zhang Ya, Li Xiaohua, and Gao Zhe, with varying tenures and performance records, indicating a diverse management team [2]

Core Viewpoint - Zhenlei Technology experienced a 5.6% increase in stock price, reaching 59.36 CNY per share, with a total market capitalization of 12.706 billion CNY as of November 24 [1] Company Overview - Zhenlei Technology, established on September 11, 2015, is located in Hangzhou, Zhejiang Province, and was listed on January 27, 2022. The company specializes in the research, production, and sales of integrated circuit chips and microsystems [1] - The revenue composition of Zhenlei Technology includes: - Power management chips: 50.10% - RF transceiver and high-speed high-precision ADC/DAC chips: 39.47% - Technical services: 5.97% - Microsystems and modules: 2.49% - Terminal RF front-end chips: 1.93% - Others: 0.04% [1] Fund Holdings - Jin Yuan Shun An Fund has a significant holding in Zhenlei Technology, with its Jin Yuan Shun An Value Growth Mixed Fund (620004) owning 21,300 shares, representing 1.98% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated an estimated floating profit of approximately 67,000 CNY today [2] Fund Manager Performance - The fund manager, Kong Xiangpeng, has been in position for 8 years and 152 days, with a total fund asset size of 143 million CNY. The best fund return during his tenure is -3.29%, while the worst is -18.09% [3] - Co-manager Han Chenyang has been in position for 2 years and 270 days, managing assets of 830 million CNY, with the best return of 6.65% and the worst return of -17.15% during his tenure [3]

经过几年的震荡，市场对于资产间轮动的认识程度加深。长期看来，带有资产配置属性的产品，有望在 财富管理中占据日益重要的地位。 2025年接近尾声，A股形成了鲜明的成长趋势，主动权益型基金大有所为。与此同时，以"固收+"为代 表的混合资产类型产品也在低调崛起。 率先察觉这一趋势的资管公司也在积极布局混合资产投资板块。我们关注到，近几年大成基金混合资产 投资团队迅速成长。大成基金混合资产投资团队由管理经验丰富、具备大类资产视野的资深基金经理组 成，产品布局以"固收+"为核心，兼顾一部分灵活配置型基金。其中，大成元辰招利、大成景兴、大成 景尚等都是受到市场广泛认可、持有体验良好、长期业绩优秀的"固收+"成员。 11月24日，大成荣享混合（A类 025995 C类 025996）正式发售，拟任基金经理为徐雄晖。根据基金合 同，大成荣享混合为偏债混合型基金，投资于权益资产的比例为10%到30%，可投港股通标的。 徐雄晖现任大成基金混合资产投资部基金经理，17年证券从业经验，其中7年公募基金管理经验。从管 理经验来看，徐雄晖历任管理的偏债混合型基金较多，也管理过普通股票型基金，管理经验覆盖相对收 益与绝对收益两大板块。 从 ...