（文章来源：新华财经） 截至11月10日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1,042.06吨，与前一交易日持 平。 ...

Core Viewpoint - The rapid rotation of market sectors has led to increased attention on thematic funds, prompting the drafting of guidelines to regulate their investment styles and ensure compliance with stated objectives [1][2]. Group 1: Thematic Fund Management Guidelines - The guidelines require thematic funds to clearly indicate their investment direction in their names, ensuring consistency with the fund contract [2]. - Fund managers must allocate over 80% of non-cash assets to specific investment directions and define investment styles and standards in a quantifiable manner [2][3]. - Thematic funds are mandated to establish a "style library" to manage securities that align with their specific investment directions [3]. Group 2: Style Library and Investment Standards - The style library must include securities based on specific market capitalization or industry classifications from reputable third-party sources [3]. - The frequency of updates to the style library should be at least once a year, with a maximum of twelve updates, considering market fluctuations and other relevant factors [4]. - Fund managers are required to implement strict approval processes for securities entering or exiting the style library, ensuring compliance with legal and contractual obligations [5][6]. Group 3: Monitoring and Compliance - Fund managers must enhance monitoring of investment behaviors and ensure the independence of research and compliance personnel [6]. - Any significant deviations from the investment direction must be promptly addressed, and fund managers are responsible for timely updates to the style library [6][7]. - Fund custodians are tasked with supervising the style library and ensuring that the investment direction and standards are clearly defined and adhered to [8].

Group 1 - The company announced the suspension of subscription, conversion, and regular investment services for certain funds starting from November 11, 2025, while redemption and other services will continue to operate normally [1][3] - Applications for subscription, conversion, and regular investment submitted after 15:00 on November 10, 2025, will be considered as submitted on the next working day and will not be confirmed, with unconfirmed funds returned to the investor's designated settlement account [1][3] - The company has added China Construction Bank as a distribution agency for the Huabao National General Aviation Industry ETF Fund starting from November 11, 2025, allowing investors to handle account opening, subscription, and redemption through this bank [1] Group 2 - The company has also added Huafu Securities as a primary dealer for certain ETFs effective November 11, 2025, enabling investors to manage account opening, subscription, and redemption through Huafu Securities [2] - The company emphasizes that it will manage and utilize fund assets with honesty and diligence, but does not guarantee profits or minimum returns for investors [2][3]

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to enhance the public fund industry in China by focusing on investor interests, optimizing fund operations, and improving governance and research capabilities [1][4]. Group 1: Investor-Centric Reforms - The public fund market in China has surpassed 36 trillion yuan, highlighting its growing value in supporting direct financing for the real economy and meeting diverse wealth allocation needs [1]. - A floating management fee system linked to fund performance will be implemented, particularly for newly established active equity funds, to align the interests of investors and fund managers [2]. - The China Securities Regulatory Commission (CSRC) has initiated a fee rate reform that is expected to save investors over 50 billion yuan annually through a phased approach [2]. Group 2: Performance and Accountability - New guidelines will strengthen the role of performance benchmarks, linking fund manager compensation to their ability to outperform these benchmarks, thereby enhancing transparency and investor trust [2][3]. - A long-term assessment and incentive mechanism will be established, with a focus on medium to long-term returns, to ensure alignment of interests between fund managers and investors [3]. Group 3: Governance and Research Enhancement - The action plan emphasizes the need for improved corporate governance and research capabilities within public fund companies to ensure stable operations and high-quality development [4][5]. - Companies are encouraged to build a comprehensive, integrated research system and enhance the capabilities of their research teams to provide reliable long-term investment performance [5]. Group 4: Service Improvement and Compliance - The plan calls for enhanced investor services, including standardized and automated data interaction services for institutional investors, which will lower operational costs and support long-term business development [5]. - Compliance is highlighted as a fundamental operational principle, with measures to improve liquidity risk management and ensure adherence to legal and regulatory standards [6].

Core Viewpoint - The company announces the dissolution and liquidation of the Beijing Cornerstone Venture Capital Fund (Limited Partnership), which it has invested in, due to the expiration of the fund's term [2][6][14]. Summary by Sections Transaction Details - The Beijing Cornerstone Venture Capital Fund has reached the end of its term and is set to undergo dissolution and liquidation [2]. - This transaction is classified as a related party transaction [3]. - The transaction does not constitute a major asset restructuring [4]. Related Party Transactions - The fund's limited partners include Beijing Infrastructure Investment Co., Ltd. (the company's largest shareholder), Beijing Cornerstone Fund Management Co., Ltd., and Beijing Cornerstone Venture Capital Management Center (Limited Partnership) [4][9]. - The total amount of related party transactions from the beginning of 2025 to the announcement date is 1.15 billion yuan, with 1.78 billion yuan in the past 12 months [20]. Fund Overview - The company participated in the Cornerstone Fund as a limited partner, with a total contribution of 251.5 million yuan, representing 43.08% of the fund [6]. - The fund has invested in 17 projects with a total investment of 503.76 million yuan, and it is currently in the exit phase, having completed exits for 14 projects [14]. Financial Status of Related Parties - As of December 31, 2024, Beijing Infrastructure Investment Co., Ltd. reported total assets of 927.62 billion yuan and net assets of 314.90 billion yuan [11]. - The Cornerstone Fund reported total assets of 103.33 million yuan and net assets of 103.33 million yuan as of August 31, 2025 [14]. Approval Process - The independent directors unanimously approved the proposal for the fund's dissolution and liquidation on November 5, 2025, and it was subsequently approved by the company's board on November 10, 2025 [8][17][19].

Core Viewpoint - Global market volatility is increasing as the year-end approaches, prompting institutional investors to optimize their portfolio structures to navigate the changing landscape [1][2]. Group 1: A-Share Market Insights - Foreign institutions are focusing on technology growth sectors, particularly AI, while also exploring opportunities in related fields like electric power equipment [1][3]. - The A-share market is primarily driven by liquidity, with valuation uplift being the core driver of the current market rally [2]. - A foreign fund manager noted that the current market adjustment is healthy, with the Shanghai Composite Index stabilizing around 4000 points after significant gains earlier in the year [1][2]. Group 2: Hong Kong Market Outlook - The Hong Kong market is seen as having a favorable position due to the presence of unique investment opportunities, including internet leaders and innovative pharmaceutical companies [2][3]. - The profitability of Hong Kong-listed companies has begun to recover earlier than their A-share counterparts, enhancing the market's attractiveness [2][3]. Group 3: Investment Strategies - Investment strategies are shifting towards a barbell structure, increasing the weight of RMB-denominated assets, particularly dividend or cash flow-generating assets and leading companies in high-end manufacturing [4][5]. - The focus remains on technology growth as the core investment theme, with attention on sectors such as AI, integrated circuits, and high-end equipment [5][6]. Group 4: Gold Investment Perspective - Recent declines in gold prices are viewed as a buying opportunity for long-term investors, with expectations of a supportive environment due to potential Fed rate cuts and structural demand from global central banks [6][7]. - UBS Wealth Management recommends buying gold on dips, highlighting its role as a hedge in diversified portfolios [7].

Group 1 - The core viewpoint of the articles highlights the increasing involvement of both domestic and foreign institutions in the ETF market, driven by policy support and product innovation, making ETFs an important asset allocation tool [1][4][5] - A significant number of ETFs have been launched this year, with over 300 ETFs listed as of November 10, 2023, indicating a rapid expansion of the ETF market [4] - Foreign institutional investors, particularly major players like Barclays and UBS, are prominent buyers of newly launched ETFs, such as the Brazilian-themed ETFs, which saw a total subscription exceeding 5 billion yuan [2][3] Group 2 - Domestic industrial capital is also participating in the ETF market, with companies like Zhejiang Huaxing Glass and Guangdong Huaxing Glass collectively purchasing over 30 million shares of the China Securities 800 Free Cash Flow ETF [3] - The approval process for new ETF products is accelerating, with 16 ETFs currently in the issuance stage, covering various sectors including banking, home appliances, and chemicals [4] - Future innovations in the ETF space are anticipated, including the development of stock-bond constant ETFs, as multiple fund companies are preparing to report related products [5]

本报记者 彭衍菘 今年以来，在市场风格快速轮动的背景下，增强指数型ETF（交易型开放式指数基金）凭借"指数底+主动增"的双重优势脱 颖而出。Wind资讯数据显示，截至11月10日，全市场51只增强指数型ETF（以下简称"指增ETF"）悉数实现年内正收益，平均 净值增长率达30.21%。 指增ETF的核心逻辑在于"被动跟踪+主动增强"。深圳市前海排排网基金销售有限责任公司公募产品经理朱润康向《证券日 报》记者介绍，这类产品可通过多因子模型、人工智能选股等量化手段，在紧密跟踪标的指数的同时捕捉市场机会。 指增ETF的良好业绩表现具有鲜明的结构性特征，中小盘指数产品成为主角。截至11月10日，51只指增ETF中，跟踪中证 1000、中证500、科创50、中证2000、创业板指、科创创业50等中小盘指数的产品表现亮眼。其中，广发中证科创创业50增强 策略ETF以64.79%的年内净值增长率领跑指增ETF，其跟踪的科创创业50指数年内涨幅达60.74%，量化策略进一步放大了收益 弹性。 指增ETF年内良好表现与底层指数的走势高度呼应。Wind资讯数据显示，截至11月10日，科创创业50、科创100、创业板 指年内涨幅分 ...

Core Insights - The issuance of new public funds is expected to continue its steady growth for two consecutive weeks in November, with 39 new funds launching this week, a slight increase of 5.41% from 37 last week [1] Group 1: Market Environment - The overall improvement in the A-share market has led to a significant rebound in the performance of equity funds, driving investor participation and increasing the issuance of new funds [2] - The asset management industry is undergoing a transformation towards net value and standardization, shifting residents' wealth management preferences from traditional savings to professional asset allocation, making public funds more appealing [2] - Ongoing reforms in public fund fee structures have effectively reduced investment costs, enhancing the trust between investors and fund managers, and expanding sales channels [2] Group 2: Fund Types - Equity funds dominate the new fund landscape, with 29 out of 39 new funds being equity products, accounting for over 70% of the total [2] - Among the equity funds, there are 22 stock funds, 6 equity-mixed funds, and 1 flexible allocation fund, indicating strong investor confidence in equity assets [2] Group 3: Fund Issuance Trends - The issuance of stock funds is particularly robust, with 22 products launching this week, more than half of all new funds, including 15 passive index funds and 7 enhanced index funds [3] - Mixed funds maintain a steady pace with 7 new products, primarily driven by 6 equity-mixed funds, while flexible allocation funds offer adaptability in asset allocation [3] - The issuance of Fund of Funds (FOF) remains high, with 5 new FOFs launched this week, reflecting a focus on stable returns, including 4 mixed bond funds and 1 bond fund [3] Group 4: Bond and REITs Funds - The issuance of bond funds remains stable with 4 new products, including 2 passive index bond funds and 2 mixed bond funds, catering to risk-averse investors [4] - Additionally, 1 new public REITs product has been introduced this week, expanding the variety of investment options available [4] Group 5: Issuing Institutions - The 39 new funds are launched by 30 different public fund institutions, with notable contributions from 9 institutions, each launching 2 products, while the remaining 21 institutions each issue 1 product [4]

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top-performing and bottom-performing funds based on their net asset values and percentage changes [2][3]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. Green Steady Value Mixed A: 0.6422, +5.23% 2. Green Steady Value Mixed C: 0.6294, +5.22% 3. Founder Fubon Core Advantage Mixed A: 1.2438, +4.86% 4. Founder Fubon Core Advantage Mixed C: 1.2287, +4.86% 5. China Merchants CSI Baijiu Index (LOF) C: 0.8017, +4.77% 6. China Merchants CSI Baijiu Index (LOF) A: 0.8051, +4.75% 7. Changxin Consumer Selected Quantitative Stock A: 1.0724, +4.75% 8. Changxin Consumer Selected Quantitative Stock C: 1.0541, +4.74% 9. Great Wall Quantitative Selected Stock A: 0.9294, +4.63% 10. Great Wall Quantitative Selected Stock C: 0.9076, +4.62% [2]. Bottom 10 Funds by Net Value Decline - The underperforming funds include: 1. Debon High-end Equipment Mixed A: 1.0344, -4.39% 2. Debon High-end Equipment Mixed C: 1.0328, -4.39% 3. Great Wall Emerging Industry C: 2.3570, -4.27% 4. Great Wall Emerging Industry A: 2.3880, -4.27% 5. Caitong Asset Management Advanced C: 1.7010, -4.22% 6. Caitong Asset Management Advanced A: 1.7083, -4.22% 7. Minsheng Jia Yin Front C: 1.0481, -4.17% 8. China Ocean Charm Long C: 3.2950, -3.96% 9. Founder Fubon Far C: 1.2067, -3.96% 10. Founder Fubon Far A: 1.2329, -3.95% [3]. Market Overview - The Shanghai Composite Index opened high but closed with a small gain, while the ChiNext Index experienced a high opening followed by a decline, ending with a small loss. The total trading volume reached 2.19 trillion, with 3,376 stocks rising and 1,957 falling [5]. - Leading sectors included hotel and catering, as well as liquor, both showing gains of over 3%, while the engineering machinery sector saw a decline of over 2% [5]. Fund Holdings Analysis Green Steady Value Mixed Fund - The fund has a high concentration in the liquor industry, with a holding concentration of 82.89%. Notable stocks include: - Gujing Gongjiu: +6.73% - Shanxi Fenjiu: +6.35% - Moutai: +2.02% - Wuliangye: +3.47% [6]. Debon High-end Equipment Fund - This fund has a lower concentration in its top holdings at 60.76%. Key stocks include: - Zhejiang Rongtai: -10.00% - Silver Wheel: -3.02% - Hanwei Technology: -5.17% [6].