债市看法和投资策略 20251110 摘要 2025 年央行虽仅降息 10 个基点，但长债收益率已显著下降，加之权益 市场向好，债市操作难度加大。基本面与去年相比变化不大，通胀走高 主要受上游因素影响，房地产等领域未见明显改善。 展望 2026 年，通胀能否真实改善是关键。若房地产持续拖累经济，通 胀无法走高，债市或将维持震荡格局。十年期国债收益率下限预计为 1.7%，上限为 1.9%左右，基本面未显著修复难以突破。 国庆节后对债市相对乐观，基本面复苏迹象不足，股市上涨未带动债券 收益率上升，央行买卖国债释放信号。年底前整体环境对配置行情相对 乐观，新一轮开放发行提供配置时机。 东财基金固收投资部采用"配置交易化"投资文化，在收益率中枢上行 的不利环境下，通过交易思路进入市场，控制回撤和机动性操作跟随市 场，宏观环境总体稳定，波动有限。 在 10 年期国债收益率 1.6%-1.9%波动环境下，规避风险和把握结构性 机会需依赖交易理念和思维，做好交易，控制回撤，保持机动性观点是 制胜法宝。 Q&A 您对今年（2025 年）以来债市的看法，以及明年（2026 年）行情的判断是 什么？ 今年（2025 年）的债券市 ...

2025-11-11，鑫元基金发布公告，王雁新任公司副总经理，任职日期为2025年11月10日。 履历显示，王雁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、中航基金管理有限公司总经理助理。2022年2月起加入鑫元基金，历任首 席产品官、公司总经理助理，现任公司副总经理。 ...

履历显示，王雁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、中航基金管理有限公司总经理助理。2022年2月起加入鑫元基金，历任 首席产品官、公司总经理助理，现任公司副总经理。 2025-11-11，鑫元基金发布公告，王雁新任公司副总经理，任职日期为2025年11月10日。 (记者 肖芮冬) ...

"固收+"产品需要更加注重大类资产配置，长期业绩稳健的产品会受到更多投资者青睐。除了资深基金 经理管理，华安基金大固收投研平台将提供坚实的支撑。基于大固收平台体系，华安基金固收投资采 取"1+N"多资产团队管理模式。华安基金首席固收投资官邹维娜负责整体团队的统筹协调与大类资产配 置决策，确保投资方向与产品目标的统一。团队成员则分别专注于股、债等全链条研究工作，充分发挥 各自在细分领域的专业能力。通过高度协同的团队化运作，研究成果得以有效转化为产品层面的投资决 策。 华安基金"固收家"迎来新成员。据悉，11月11日，华安沣泰债券基金启动发行，该产品以"低波固收 +"为定位，在股债领域精耕细作，通过多元策略拓宽收益来源。华安基金已构建起一个投研一体化、 配置多元化、人才梯队完善的"大固收"平台，采取"1+N"多资产团队管理模式，为华安沣泰债券基金的 运作保驾护航。 据了解，华安沣泰债券基金以稳健增值为核心目标，为投资者提供适配低利率时代的资产配置方案。从 投资策略看，该产品以固收资产筑牢底仓，债券端精耕细作，精选高评级券种、把控利率与信用风险， 为组合筑牢基础收益。同时，权益端采用均衡风格，覆盖多领域且个股集中度 ...

Group 1 - Morgan Stanley Fund Management (China) has experienced performance divergence among its fund managers this year, with Lei Zhiyong's Digital Economy fund performing exceptionally well, while Wang Dapeng's Health Industry fund underperformed the index and benchmark returns [1][2] - The Digital Economy Mixed A fund managed by Lei Zhiyong has shown strong performance, achieving a year-to-date return of 71% as of November 9, significantly surpassing the benchmark return by 46 percentage points [1] - Over the past year, the Digital Economy fund has nearly 80% returns, exceeding the benchmark by approximately 59 percentage points, and has achieved a remarkable 192% return over the past two years [1] Group 2 - The Health Industry Mixed A fund, managed by Wang Dapeng, has heavily invested in the popular innovative drug sector but has only achieved a year-to-date return of 5%, underperforming the benchmark by nearly 11 percentage points [2] - Over longer periods, the Health Industry fund has recorded returns of -2%, -16%, -27%, and -32% over the past year, two years, three years, and five years respectively, consistently underperforming the benchmark returns [2]

股基数量较去年全年大增近六成，其中指数型基金占比约九成 【深圳商报讯】（记者 陈燕青）今年以来，随着A股的走强，新基金发行有所回暖。根据统计，以认购 起始日计算，截至11月10日，本月已有近百只基金发行，今年以来新发基金达1371只（含已定档尚未发 行），有望创出近年新高。 数据显示，按成立日计算，今年股票型基金已成立720只，较去年全年大增近六成；从发行份额占比来 看，以基金成立日计算，今年股票型基金发行份额占比37%，较去年全年大幅提升，成为新发市场的重 要增量，其中指数型基金贡献了绝大部分增量。 根据统计，以认购起始日计算，本周有39只新基金安排发行，较前一周环比增长5.41%，实现连续两周 增长。同时，本周新基平均募集天数降至16.92天，较前一周明显缩短，显示市场热度回升。 数据显示，按照认购起始日统计口径，已定档于今年新发的基金数量1371只，有望创出近年新高。2022 年至2024年，新成立基金家数分别为1424只、1266只、1143只。从目前来看，2025年还有最后一个半 月，新基金发行数量有望超过2022年。 随着沪指冲上4000点，本月市场再度出现一日售罄基金。鹏华启航量化选股混合因募集 ...

睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 上周基金重点事件回顾丨11.03-11.09 以下文章来源于睿兽Pro ，作者Bestla 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金 市场动向。 政府引导基金 江苏社保科创基金，首期500亿 10月31日，江苏社保科创基金在南京正式签约。江苏社保科创基金由全国社会保障基金理事会联合 江苏省政府、苏州市政府和工银投资共同出资设立，首期规模500亿元，由苏州创新投资集团有限公 司担任管理人。基金采用"母基金+直投"的双层架构与联合管理模式，旨在实现资源整合与专业运作 的有机结合。该基金将依托江苏和苏州雄厚的产业基础与创新生态，围绕企业全生命周期开展投资， 重点支持具备突破性技术、高成长潜力，并能够增强区域产业链韧性与安全水平的优质科创项目。在 产业布局上，重点聚焦人工智能、集成电路、生物制造、新能源、高端装备、新材料等战略性新兴产 业领域，助力构建现代化产业体系。 （ 苏州金融 ） 成都成立100亿电子信息产业基金 近日，四川省成都市产投电子信息重大产业化 ...

Core Viewpoint - The resignation of Jiang Jialiang, the Assistant General Manager and Chief Equity Investment Officer of Puyin Ansheng Fund Management Co., marks the end of an investment era for the company, as he has been a key figure in equity investment since joining in 2018 [1][4]. Group 1: Management Changes - Jiang Jialiang will officially leave his position on November 7, 2025, due to personal reasons, after serving for approximately two years and eight months [1][3]. - His departure has been a gradual process, with him stepping down from multiple fund manager roles between September and October 2025 [4][6]. Group 2: Performance Overview - Under Jiang's management, the Puyin Ansheng New Economy Structure A fund achieved a return of 169.87% with an annualized return of 15.19%, ranking in the top 20% among similar funds [4][6]. - In contrast, the Puyin Ansheng Quality Preferred A fund, managed by Jiang since December 2021, suffered a loss of 45.34%, with an annualized return of -14.63%, ranking near the bottom among its peers [4][6]. Group 3: Fund Management Transition - Following Jiang's resignation, new fund managers have been appointed for the products he managed, including Ling Yaliang for Puyin Ansheng New Economy Structure A and Puyin Ansheng Balanced Preferred 6-Month Hold, and Li Haoxuan for Puyin Ansheng Quality Preferred A [7][9]. - The company is in need of rebuilding its equity investment team and has not yet announced a successor for the Chief Equity Investment Officer position [10]. Group 4: Industry Context - The movement of core talent within the fund industry has become a norm, especially in the current market environment, where performance and compensation are increasingly linked [9][10]. - The company is undergoing a strategic transformation under the new leadership of Zhang Chi, focusing on three main business strategies: "Global Sci-Tech Innovator," "Index Specialist," and "Fixed Income Expert" [9].

Core Viewpoint - The rapid rotation of sectors has led to increased attention on thematic funds, but the "style drift" phenomenon has emerged as fund managers shift allocations to popular sectors under performance and scale pressure [1][2]. Group 1: Thematic Fund Management Guidelines - The Asset Management Association of China has drafted the "Guidelines for Thematic Investment Style Management of Publicly Raised Securities Investment Funds" to standardize thematic fund management [2][3]. - The guidelines require that the names of thematic funds clearly indicate their investment direction and align with the investment direction specified in the fund contract [2][3]. Group 2: Style Library Establishment - Thematic funds are required to establish a "style library" that includes securities meeting specific investment directions [3][4]. - The guidelines specify that if the investment direction is based on market capitalization, specific thresholds must be set for inclusion in the style library [3][4]. Group 3: Monitoring and Compliance - Fund managers must establish approval procedures for the inclusion and exclusion of securities in the style library and ensure compliance with the fund contract [5][6]. - Compliance and risk control personnel are tasked with reviewing the securities in the style library and ensuring they meet legal and contractual requirements [6][7]. Group 4: Responsibilities of Fund Custodians - Fund custodians are required to implement a supervision mechanism for thematic funds and review the style library to ensure compliance with the fund contract [8][9]. - Custodians must verify the securities in the style library within five trading days of receipt and notify fund managers of any discrepancies [8][9].

为什么说海富通欣利混合与海富通欣睿混合是这类产品中值得重点关注的呢？ 股债搭配，提升组合"性价比" 长期来看，在资产配置中借助合适的投资工具控制波动、降低回撤是必要的。 历史经验表明，股债组合净值走势较为平稳，长期收益表现稳健，给投资者带来了较好的投资体验。以 偏债混合型基金指数为例，截至2025年10月28日，该指数近十年的年化收益率为4.36%，高于同期沪深 300指数2.99%的年化收益率。 在当前市场环境下，偏债混合型基金或为以下两类投资者提供更为适配的选择：一是权益仓位较高的投 资者，随着市场点位上行，可通过增加债券配置来平抑组合波动，控制回撤风险。二是投资风格偏保守 的投资者，在无风险收益率趋势性下行的背景下，纯债类资产的吸引力有所减弱，适度增加权益暴露有 助于更好地分享中国经济的长期增长潜力，而偏债混合型基金正是这类投资者逐步参与权益市场的较优 选择。 专业管理，"双欣"带来好体验 10月底上证指数冲高后，市场短期可能进入震荡整固阶段，投资者更需平衡收益性与稳定性，攻防兼备 的偏债混合型基金或成为震荡市配置的优选。 海富通基金旗下海富通欣利混合（A类011554/C类011555）、海富通欣睿混 ...