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 ...

AI赋能投研，加强投研能力建设。构建投研一体化数字平台，全面赋能研究、投资、交易业务，打通 研究管理、组合分析、交易执行等投研全流程，完成数据门户二期开发上线，丰富海外宏观数据，提供 多个行业数据研究专题。完成基金监控订阅能力建设，支持全市场动态跟踪，帮助投资经理提升投资决 策与管理效能。搭建投研知识数字化体系框架，实现全域知识融合与AI摘要能力，并建设多种AI模型 实现多元化投研数据分析，如会议机器人支持电话会议录制和纪要提炼，研报翻译助力外文资料中文 化，显著提升信息处理与研究效率，深化投研数据整合分享与应用，促进投研互动。实现交易流程的全 面线上化，提供覆盖全市场、全品种的高效、稳定、合规的交易支持，同时通过RPA（机器人流程自动 化）技术显著提升交易效率、降低风险。 在全球经济不确定性加剧与国内金融业迈向高质量发展的背景下，AI大模型正引领新一轮技术革命， 数据与智能已成为核心要素。在金融行业，这一趋势尤为凸显：传统业务模式面临效率瓶颈、风险形态 多变、体验升级等多重压力，而AI 技术正在革新传统资管行业流程与模式，渗透智能投研、组合管 理、客户服务、实时风控等领域，勾勒出未来竞争力的新边界。如何把算 ...

AI技术在模型优化上的突破，让量化策略从依赖历史回测的静态模型，升级为能够实时迭代的智能决 策系统，有效解决了传统模型"过拟合"与"适应能力弱"的痛点。传统多因子模型优化多聚焦回测指标提 升，而鑫元量化将AI应用于"个股对比研究"，通过机器学习对个股的基本面、量价特征、资金流向进行 深度拆解，找到"牛股"的共性量化逻辑，再转化为可落地的因子与模型参数。例如，在事件驱动"打 猎"模型中，AI会筛选出宏观、中观、微观维度同时触发信号的个股，实现"多维共振"选股，这类个股 的独立上涨概率较传统策略提升40%。结合"春夏秋冬"大格局模型，AI实现了策略的动态调整，通过分 析量价信息、期权隐含波动率等数据，自动识别市场所处阶段，进而调整股票组合与衍生品的配比，如 2024年9月，AI识别市场切换至"春"格局后，自动将股票仓位提升至95%，并加大进攻型因子权重，精 准把握小盘成长风格行情。此外，AI技术让交易从"被动执行"升级为"智能决策"，通过构建交易成本模 型，根据市场流动性、冲击成本实时调整下单节奏与拆分方式，将滑点降低至0.15%以内，同时回溯历 史交易数据持续优化算法，让策略的实际收益更接近理论收益。 当量化投 ...

Group 1 - The core viewpoint of the news is that Wenkang New Energy has seen a significant increase in its stock price, rising by 5.22% to 7.86 CNY per share, with a trading volume of 383 million CNY and a turnover rate of 2.60%, resulting in a total market capitalization of 15.164 billion CNY [1] - Wenkang New Energy Materials (Hunan) Co., Ltd. is located in Changsha, Hunan Province, and was established on June 18, 2002, with its listing date on August 11, 2021. The company specializes in the research, production, and sales of high-efficiency battery cathode materials [1] - The main business revenue composition of Wenkang New Energy is as follows: cathode materials account for 97.76%, raw material sales 1.63%, and other revenues 0.61% [1] Group 2 - From the perspective of Wenkang New Energy's top ten circulating shareholders, a fund under Southern Fund is among them. The Southern CSI 1000 ETF (512100) reduced its holdings by 104,100 shares in the third quarter, now holding 10.5808 million shares, which represents 0.55% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date, it has achieved a return of 28.45%, ranking 1974 out of 4216 in its category; over the past year, it has returned 19.26%, ranking 2173 out of 3922; and since inception, it has returned 13.67% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 6 days, managing a total fund asset size of 122.76 billion CNY, with the best fund return during his tenure being 178.4% and the worst being -15.93% [2]

Core Insights - The "fixed income +" funds are experiencing a dual increase in scale and performance in 2025, driven by a recovering equity market, with total market size surpassing 2.5 trillion yuan and over 90% of products achieving positive returns [1][2] - The strategy of "fixed income +" is evolving, with a focus on different risk profiles and investment strategies, including high, medium, and low volatility products [9][10] Group 1: High Volatility Products - High volatility "fixed income +" products typically maintain an equity allocation of 20%-30%, aiming to capture equity market opportunities while controlling volatility [2][4] - Notable products include 招商安本增利 A, which has achieved a one-year return exceeding 17% and ranks 18th among 643 similar products with a maximum drawdown of under 8% [2][4] - The management team for these products includes experienced professionals with over ten years in investment research, contributing to a strong performance track record [3][4] Group 2: Medium Volatility Products - Medium volatility "fixed income +" products maintain an equity allocation of 10%-20%, focusing on stable returns and serving as long-term core holdings [5][6] - Products like 招商瑞泰1年持有 A and 招商瑞泽1年持有 A have achieved one-year returns of 10.8% and 9.59%, respectively, with a focus on high-quality companies [5][6] - The management team for these products also has extensive experience, with average annualized returns of around 5% [6] Group 3: Low Volatility Products - Low volatility products keep equity allocations between 0%-10%, suitable for risk-averse investors seeking stable returns [7][8] - 招商瑞乐6个月持有 A has achieved a return of 9.77% with a focus on sectors like artificial intelligence and high-end manufacturing [7] - The management team for these products has a diverse background, contributing to a positive return rate across all managed products [8] Group 4: Strategy Evolution - The "fixed income +" strategy is evolving to include a wider range of asset classes and investment strategies, such as quantitative enhancement and sector rotation [9] - Different risk profiles are matched with tailored investment strategies, ensuring precise alignment between product offerings and investor needs [9][10] - The continued development of "fixed income +" products positions them as essential tools for balancing risk and return in the capital market [10]

截至午间收盘，创业板中盘200指数上涨0.1%，创业板指数下跌0.7%，创业板成长指数下跌1.2%。Wind数据显示，创业板ETF（159915）昨日净流入超9亿 元。 每日经济新闻 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The re - allocation strategy of amortized bond funds has shifted towards credit bonds, which may be the result of a two - way choice between funds and institutional investors in a low - interest - rate environment. The opening rhythm of amortized bond funds and their impact on the credit bond market are the focuses of this report. The shift in the investment strategy of amortized bond funds to credit bonds helps boost the allocation demand for credit bonds with a remaining term similar to the closed - end period of the funds, driving an excess return market for corresponding - term varieties [2][8][44]. 3. Summary According to the Directory 3.1 Amortized Bond Funds Enter a Concentrated Opening Period - Amortized bond funds were mainly issued intensively from 2019 - 2020, with a relatively high proportion of products with a closed - end period of 3 - 5 years and over 5 years. From September 2025 to September 2026, the monthly opening scale of amortized bond funds generally exceeded 40 billion yuan. Specifically, from November 2025 to March 2026, the expected opening scales are 72.7 billion yuan, 107.7 billion yuan, 89.2 billion yuan, 51 billion yuan, and 116.2 billion yuan respectively [3][15][19]. - The opening of amortized bond funds is related to their issuance time. For example, products with a 24 - month, 36 - month, 39 - month closed - end period issued in 2019 and a 63 - month, 66 - month closed - end period issued in 2020 are entering a concentrated opening period [3][19]. 3.2 The Allocation Strategy of Amortized Bond Funds Shifts to Credit Bonds - Amortized bond funds are products that benefited from the transition period of the asset management regulations. New issuance has been strictly restricted, and they are currently in a state of stock operation with a small overall scale increase. The increase in credit bond allocation mainly comes from the style shift [21][26]. - At the beginning of their establishment, amortized bond funds preferred to allocate interest - rate bonds (mainly policy - financial bonds). Since 2025, their asset allocation has tilted towards credit bonds, with the credit bond holding scale and proportion continuously rising. By the end of 2024, the market value of credit bonds held by amortized bond funds was only 3.55 billion yuan, accounting for only 1.8%. As of the third quarter of 2025, the market value climbed to 29.28 billion yuan, accounting for 15.4% [4][26]. - Among the amortized bond funds that opened in the first three quarters of 2025, the credit style has become the mainstream strategy. Among 40 amortized bond funds with available data, 19 funds (63%) have a credit bond holding proportion of over 70%. Among 10 amortized bond funds that restarted operations in 2025, 8 funds (80%) have a credit bond holding proportion of over 80% [31]. 3.3 The Concentrated Opening of Amortized Bond Funds Drives the Demand for Medium - and Long - Term Credit Bonds - Amortized bond funds mainly prefer medium - and high - grade credit bonds, with moderate downward adjustment in medium - and short - term durations. In the top five credit bond holdings, the proportion of bonds with an implied rating of AA + and above is relatively high. For example, in the 3 - 5 - year period, all are AA + and above, with AA A - and above accounting for 86% [6][36]. - Amortized bond funds usually choose bonds with a remaining term close to their closed - end period for investment. The weighted average remaining term of the top five credit bond holdings of most amortized bond funds is very close to the remaining term of the fund until the next opening day [37][39]. - In October 2025, the opening scale of amortized bond funds was about 53.4 billion yuan, and the opening scale of 63 - month closed - end products was 32.4 billion yuan, accounting for 61%. Since late October, the net purchase of 3 - 5 - year credit bonds by funds has significantly increased, pushing down yields and narrowing spreads. On November 5th compared to October 21st, the yield of the 5 - year medium - and short - term note AAA dropped by 19bp, the credit spread narrowed by 18bp, and the 5Y - 1Y term spread also significantly narrowed by 17bp [8][40]. - In the future, the opening rhythm of amortized bond funds will affect the demand for credit bonds of corresponding terms. For example, in November 2025, the opening scale of 63 - month amortized bond funds is relatively large, which may still have a demand for medium - and high - grade 5 - year - old credit bonds; in December, the opening scale of 36 - month and 24 - month amortized bond funds is relatively large, which may boost the demand for 2 - 3 - year credit bonds [9][44].

Core Viewpoint - The A-share market is experiencing a significant transition phase, with the Shanghai Composite Index likely to consolidate around the 4000-point mark, indicating a potential for a balanced market style between cyclical and technology sectors [1] Market Performance - The market opened with fluctuations, with the three major indices starting high but closing lower, and the CSI A500 Index down by 0.57% [1] - The A500 ETFs showed slight declines, with 12 related ETFs having transaction volumes exceeding 100 million yuan, and 3 surpassing 2.8 billion yuan [1] Sector Highlights - Solar energy stocks saw a collective surge, while the lithium battery sector strengthened again, and superhard materials stocks experienced rapid gains [1] - The food and beverage sector showed localized activity, whereas the coal sector faced significant declines [1] ETF Transaction Data - A500 ETF Fund: Current price 1.176, down 0.59%, with a transaction amount of 34.91 million yuan [2] - A500 ETF Huatai-PB: Current price 1.249, down 0.64%, with a transaction amount of 30.19 million yuan [2] - CSI A500 ETF: Current price 1.183, down 0.67%, with a transaction amount of 28.76 million yuan [2]

会议从四个方面通报了当前市场存在的主要问题，涉及基金管理人履职尽责、部分项目运营管理能力、 估值和信息披露等方面。 会上，华夏基金、嘉实基金、中金基金、中航基金等基金管理人代表，以及首创集团、京东集团等原始 权益人代表围绕运管协作、资产类型拓展、扩募机制、生态体系建设等议题交流经验、提出建议。中信 建投（601066）基金、创金合信基金、金隅集团（601992）、明阳智能（601615）集团等其他参会单位 也进行了交流发言。 中证报中证网讯(记者昝秀丽)中国证券报记者11月11日从北京证监局获悉，北京证监局11月7日组织召 开首次辖区公募REITs监管工作会议。会议学习传达近期资本市场重要会议精神，总结北京公募REITs 市场发展成效，通报当前突出问题，听取市场机构和原始权益人意见建议，并部署下一阶段重点任务。 会议指出，北京公募REITs市场自试点以来规模稳步增长，资产类型持续丰富，市场韧性不断增强，在 全市场具有重要影响力。截至2025年10月末，北京已上市15只公募REITs，募集资金规模达380亿元， 覆盖租赁住房、仓储物流、消费基础设施等7种类型，上市只数、募资规模和资产多样性均居全国首 位。已上市 ...

11月11日，鑫元基金发布基金行业高级管理人员变更公告，宣布任命王雁为公司副总经理，任职日期自 2025年11月10日起。这一重要人事变动，是鑫元基金在年内完成管理层新老交替后，进一步强化核心领 导团队的关键举措，引发了市场对这家银行系基金公司未来发展战略的广泛关注。 | 基金管理人名称 | 鑫元基金管理有限公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管理人员 | | | 及从业人员监督管理办法》、《公开募集证券投资 | | | 基金信息披露管理办法》等有关法规 | | 高管变更类型 | 新任基金管理公司副总经理 | | 新任高级管理人员职务 | 副总经理 | | --- | --- | | 新任高级管理人员姓名 | 王雅 | | 任职日期 | 2025年11月10日 | | 过往从业经历 | 曾任职于蔚深证券有限责任公司深圳湾营业部、 | | | 中科招商创业投资管理有限公司、银华基金管理 | | | 有限公司,曾任建信基金管理有限公司创新发展 | | | 部总监和市场推广部总监、北京瀚文成长资本管 | | | 理中心(有限合伙)合伙人、中航基金管理有限 | | ...