证券之星消息，11月11日宏利基金管理有限公司发布《宏利恒利债券型证券投资基金暂停接受大额申 购、大额转换转入及大额定期定额投资业务的公告》。公告中提示，为充分保护基金份额持有人利益， 保障基金平稳运作，自2025年11月12日起宏利恒利债券型证券投资基金暂停接受大额申购、大额转换转 入及大额定期定额投资业务，申购、转换转入上限金额为100.0万元，下属分级基金调整明细如下： | 分级基金筒称 | 代码 | | 是否暂停（大额）申购 申购限额 转入限额 定投限额 | | | | --- | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投） | (元) | (元) | (元) | | 宏利恒利信券A 004001 | | 를 | 100.00万 | 100.00万 | | | 宏利恒利信券C 004002 | | 를 | 100.00万 | 100.00万 | | | 宏利恒利信券D 024994 | | 를 | 100.00万 | 100.00万 | | 2、本基金恢复大额申购、大额定期定额投资、大额转换转入业务的具体时间将另行公告。 以上内容为证券之星据公开信 ...

证券之星消息，11月11日华泰柏瑞基金管理有限公司发布《华泰柏瑞交易型货币市场基金B类基金份 额、C类基金份额、D类基金份额和E类基金份额调整机构投资者大额申购及大额转换转入业务金额限制 的公告》。公告中提示，为保证基金的平稳运作，维护基金持有人利益，自2025年11月12日起华泰柏瑞 交易型货币市场基金B类基金份额、C类基金份额、D类基金份额和E类基金份额调整机构投资者大额申 购及大额转换转入业务金额限制，申购、转换转入上限金额为1.0万元，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 | 申购限额 | 转入限额 定投限额 | | | --- | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) | (元) | (元) | | 华泰华币 | 511830 | KO | | | | | 华泰柏瑞交易货币B 002469 | | 를 | 1.00万 | 1.00万 | | | 华泰柏瑞交易货币C 012841 | | 를 | 1.00万 | 1.00万 | | | 华泰柏瑞交易货币D 017930 | | 른 | 1 ...

Core Points - The announcement details the first dividend distribution for the Anxin New Growth Flexible Allocation Mixed Securities Investment Fund in 2025, with a record date of November 11, 2025 [1] - The dividend distribution plan includes specific amounts for different fund classes, with Anxin New Growth Mixed A (003345) distributing 0.60 CNY per 10 shares and Anxin New Growth Mixed C (003346) distributing 0.59 CNY per 10 shares [1] Fund Details - The net asset values on the record date are 1.22 CNY for Anxin New Growth Mixed A and 1.20 CNY for Anxin New Growth Mixed C [1] - The equity registration date is November 12, 2025, and the cash dividend payment date is November 13, 2025 [1] - Investors opting for dividend reinvestment will have their dividends converted into fund shares based on the net asset value after the ex-dividend date, credited to their accounts on November 13, 2025, with the ability to query or redeem starting November 14, 2025 [1] Tax Implications - According to the relevant tax regulations, income from fund distributions is exempt from individual income tax and corporate income tax for both individual and institutional investors [1] - Investors are responsible for any bank transfer or other handling fees incurred during the fund distribution process [1] - Investors choosing the reinvestment option will not incur subscription fees for the reinvested fund shares [1]

证券之星消息，11月11日发布《国泰民安增益纯债债券型证券投资基金A类份额分红公告》。本次分红 为2025年度第二次分红。公告显示，本次分红的收益分配基准日为11月11日，详细分红方案如下： 本次分红对象为权益登记日在注册登记机构登记在册的本基金 A 类份额全体基金份额持有人，权益登 记日为11月12日，现金红利发放日为11月13日。选择红利再投资方式的投资者，其红利将按照2025年11 月12日除息后的基金份额净值为计算基准确定再投资份额。本基金管理人对红利再投资所确定的基金份 额于2025年11月13日直接计入其基金账户，2025年11月14日起投资者可以查询、赎回。根据财政部、国 家税务总局的财税字【2002】128号《关于开放式证券投资基金有关税收问题的通知》，投资者(包括个 人和机构投资者)从基金利润分配中取得的收入，暂不征收个人所得税和企业所得税。本基金本次分红 免收分红手续费。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金简称 | 代码 | 墓准日基金净值 | | 分红方案 | | --- | --- ...

证券之星消息，11月11日招商基金管理有限公司发布《关于暂停招商稳健策略优选3个月持有期混合型 发起式基金中基金（FOF）申购（含定期定额投资）业务的公告》。公告中提示，为保障基金的平稳运 作，维护基金份额持有人利益，自2025年11月12日起暂停招商稳健策略优选3个月持有期混合型发起式 基金中基金（FOF）申购（含定期定额投资）业务，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 | 申购限额 转入限额 定投限额 | | | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) (元) | (元) | | 招商稳健策略优选3个月持有 期混合发起式(FOF) A | 023220 | 를 | | | | 招商稳健策略优选3个月持有 期混合发起式(FOF) C | 023221 | 를 | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

| 分级基金简称 代码 | | 是否暂停（大额）申购 | 申购限额 转入限额 定投限额 | | | | --- | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) | (元) | (元) | | 凯石元鑫混合 发起式A | 023526 | 를 | | | | | 凯石元臻混合 发起式C | 023527 | 를 | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，11月11日凯石基金管理有限公司发布《凯石元鑫混合型发起式证券投资基金基金暂停 （大额）申购（转换转入、赎回、转换转出、定期定额投资）公告》。公告中提示，为保护基金份额持 有人的利益，保持基金的平稳运行，自2025年11月11日起凯石元鑫混合型发起式证券投资基金基金暂停 （大额）申购（转换转入、赎回、转换转出、定期定额投资），申购、转换转入上限金额为1.0亿元， 下属分级基金调整明细如下： ...

｜2025年11月11日 星期二｜ NO.3 本周39只公募新基发行，权益类产品担纲 根据公募排排网最新统计数据，按认购起始日统计，预计本周（2025年11月10日至16日）全市场共有39 只新基金启动募集，数量较上周（2025年11月3日至9日，下同）的37只小幅增加，增长幅度为5.41%。 与此同时，新基金的平均募集天数明显缩短，从上周的19天降至本周的不到17天，从侧面印证了投资者 对公募基金产品的关注度和认可度不断提升，资金入市意愿增强。从新基金类型来看，权益类产品是主 角。本周启动募集的39只新基金中，权益类产品占据29席，比例超七成。其中，又可细分为22只股票型 基金、6只偏股混合型基金和1只灵活配置型基金，充分显示出当前投资者对权益资产的看好。 NO.1 浙商证券：董事长吴承根到龄退休，钱文海正式接棒 浙商证券11月10日公告，吴承根因到龄退休，申请辞去公司董事、董事长等职务，辞任后不在公司及公 司控股子公司担任任何职务。同日，公司召开临时股东会，审议通过公司董事长兼任总裁事项，自股东 会当日起，钱文海正式履行公司董事长等职务，同时兼任公司总裁、代行财务负责人。 点评：浙商证券高层人事变动完成， ...

港股通生物科技ETF（159102）业绩比较基准为恒生生物科技指数收益率(经汇率调整)，管理人为华安 基金管理有限公司，基金经理为倪斌，成立（2025-09-05）以来回报为-12.59%，近一个月回报 为-7.80%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月10日，港股通生物科技ETF（159102）涨0.80%，成交额5208.11万元。当日份额增加100.00万份， 最新份额为8.70亿份，近20个交易日份额增加3300.00万份。最新资产净值计算值为7.61亿元。 ...

Macro Economy - The State Council issued measures to promote private investment, mandating that over 40% of procurement budgets for engineering projects exceeding 4 million yuan be reserved for small and medium-sized enterprises [2] - The Ministry of Commerce and other departments adjusted the management directory for exporting controlled chemicals, adding the US, Mexico, and Canada, with 13 specific chemicals listed for these countries [2] - A wave of bank app closures is occurring, particularly in credit card and direct banking sectors, due to low daily active users and the end of the traffic dividend era [2] Industry Trends - The Asset Management Association of China is drafting guidelines for managing thematic investment styles in publicly offered securities investment funds, seeking feedback from fund managers by November 15 [4] - The State Administration for Market Regulation issued compliance reminders for e-commerce platforms ahead of the "Double 11" shopping festival, prohibiting practices like "choose one from two" and ensuring promotional rules are clear and transparent [4] - The domestic gold ETF saw an increase of 79.015 tons in the first three quarters, a year-on-year growth of 164.03%, while overall gold consumption decreased by 7.95% [4] Company Dynamics - Unbounded Dynamics completed a 300 million yuan angel financing round, led by Sequoia China and Linear Capital, with total financing exceeding 500 million yuan [7] - "Carrot Run" received the first batch of fully unmanned commercial operation licenses from the Abu Dhabi Integrated Transport Center, marking its first large-scale unmanned operation outside China [7] - CPE Yuanfeng announced a $350 million investment to acquire approximately 83% of Burger King China, establishing a joint venture for exclusive development rights in China [7] - TSMC reported a sales revenue of 367.47 billion NTD in October, with a year-on-year growth of 16.9% [7] Important Announcements - Zhongji Xuchuang announced plans to issue H-shares and list on the Hong Kong Stock Exchange [9] - Shandong Gold's subsidiary needs to pay 738 million yuan in taxes, expected to impact the company's net profit in 2025 by 230 million yuan [9] - Ganfeng Lithium announced that its PPGS lithium salt lake project phase one has obtained an environmental assessment report, with approximately 15.07 million tons of proven and controlled resources [14]

Summary of the Research Report on Quantitative Strategies and Market Outlook Industry Overview - The report focuses on the A-share market and the performance of quantitative investment strategies in 2026, analyzing the cyclical shifts between "consensus" and "divergence" market conditions [2][3][10]. Key Insights and Arguments 1. **Market Environment and Strategy Effectiveness**: - The A-share market exhibits cyclical shifts between "consensus" and "divergence" conditions, which significantly influence the effectiveness of different investment strategies, particularly between active and quantitative strategies [2][10]. - The transition from "divergence" to "consensus" markets alters the sources of excess returns (Alpha), shifting from "cognitive Alpha" (deep fundamental analysis) to "trading Alpha" (short-term pricing inefficiencies) [2][9][12]. 2. **Institutional Holding Concentration**: - The report introduces "institutional holding concentration" as a key indicator linking macro market patterns to micro Alpha sources. Increased concentration indicates a shift towards "consensus" markets, while decreased concentration suggests a "divergence" market [2][3][31]. 3. **Market Concentration Outlook**: - The market is expected to enter a "central uplift platform period" in 2026, characterized by a return to historical average concentration levels, supported by the long-term trend of market institutionalization and a resurgence of incremental funds, particularly from ETFs [3][48][49]. - However, valuation constraints may limit the rapid ascent of market concentration, as both large-cap and small-cap valuations are currently at historical highs [3][50]. 4. **Investment Strategy Performance**: - In the anticipated "complex mainline market," both traditional quantitative and active strategies will face challenges. Strategies that effectively combine "depth" (through alternative data and machine learning) and "breadth" (systematic capture of rotation opportunities) are expected to perform better [3][52]. - The report maintains a relatively optimistic outlook for quantitative strategies in 2026, predicting they will outperform the average of active equity funds [3][54]. 5. **Market Sentiment and Timing**: - The report expresses a mid-term optimistic view for the A-share market in 2026, supported by various indicators such as valuation levels, market sentiment, and capital flows, which do not indicate extreme overheating [4][54]. Additional Important Content - **Risk Factors**: - The analysis is based on historical data, which may not be reliably repeated, posing a risk to the predictions made [4]. - **Market Dynamics**: - The report highlights the importance of understanding market dynamics, particularly the transition from "cognitive" to "trading" Alpha, as a critical factor in determining the future effectiveness of quantitative strategies [9][30]. - **Valuation Metrics**: - The report discusses the valuation metrics of major indices, indicating that both large-cap (CSI 300) and small-cap (CSI 1000) indices are at high valuation percentiles, which may affect future capital flows and market concentration [45][50]. This comprehensive analysis provides insights into the evolving landscape of the A-share market and the implications for quantitative investment strategies moving forward.