随着公募基金三季报披露完成，各家机构的整体持仓和业绩表现也浮出水面。 曾经凭借出色防御能力在2023-2024年熊市中逆势突围的大成基金，却在本轮结构性上涨行情中"水土不服"，其主动权益类型产品年内收益水平呈现倒退之 势。其中，大成基金首席权益投资官徐彦更是因为"踏空"牛市建仓时机被持有者诟病。从昔日的权益冠军沦落至倒数阵营。 同时，高换手率、风格漂移、老将踏空等问题集中暴露，也折射出大成基金投研体系在市场风格切换中的应对不当。 大成基金牛市"水土不服" 根据国泰海通证券数据显示，在2023-2024年期间，大成基金凭借7.99%的主动权益绝对收益，在24家大中型公募中高居第一，在熊市中展现出极强的防御能 力和稳健的投资风格。然而，截至今年9月底，大成基金主动权益年内的收益在同类基金中排名退至倒数第二，超额收益垫底。凤凰网财经《投资观察》整 理数据发现，今年以来，大成基金旗下多只权益产品收益水平呈现倒退之势，其中不乏明星级基金产品。 以大成基金权益当家产品—大成高鑫股票为例。该基金是大成旗下规模最大的股票型基金，成立于2015年，成立以来累计回报达423.11%，截至三季度末管 理规模为114.53亿元。 凤 ...

2025.11. 10 本文字数：3193，阅读时长大约5分钟 尽管整体收益有所回落，但头部产品的表现依旧亮眼。从具体产品来看，永赢科技智选A以 205.35%的年内表现大幅领跑，与第二名拉开了近58个百分点；恒越优势精选、红土创新新兴产业 分别以147.36%、139.82%的年内回报位居第二、第三。此外，还有中欧数字经济A、中航机遇领 航A等36只产品业绩实现翻倍。 作者 | 第一财经 曹璐 临近年底，A股在4000点关口的震荡盘整节奏中，主动权益基金正迎来年度业绩冲刺的关键节点。 市场结构显著分化，"高切低"特征下，基金业绩首尾差距已惊人地超过220个百分点，领跑者收益 率突破200%，而垫底产品仍在负收益中挣扎。 在这个关键冲刺阶段，多家基金公司对旗下产品"流量阀"进行动态调控。一边是部分绩优基金果断 放开大额申购，积极"补弹药"；另一边，也有众多产品反其道而行，将申购门槛严控至万元甚至百 元级别。 这一收一放之间，既是基金公司对后市机遇的预判，也有主动管理规模、稳定业绩的考量。站在当前 时点，多位业内受访人士表示，对后续权益市场表现保持积极乐观，并建议以均衡风格应对市场的快 速轮动，短期调整之际或也 ...

来源：市场投研资讯 （来源：博时基金） 美国民间就业数据分化。美国ADP就业报告显示，10月私营部门新增就业 4.2万人，高于市场预期的2.5 万人。但私营机构Challenge报告称，美国企业10月裁员人数超过15万人，创下20多年来同期最高水 平。 贵金属市场上周（11.3-11.7）窄幅整理，美国两党分歧导致的政府关门仍在延续，缺乏经济数据指引下 的金融市场交投谨慎。 王祥 博时黄金ETF基金经理 市场观点方面 过往一周（11.3-11.7）贵金属市场呈现窄幅整理，4000 美元关口展开多空博弈，在高点回调10%后黄金 市场出现一些抄底的迹象，但潜在的利空压力限制其继续拉高的动能，预期整体震荡行情或仍在延续。 ➤ 当前美国政府停摆已经40天，迫于压力两党达成协议的意愿有所增加，有报道称参议院已就结束联 邦政府"停摆"达成一致，特朗普亦发声距离结束停摆已非常接近。在政府停摆期间，美国重要经济数据 缺失，非农连续两个月未公布，美联储多位官员的讲话表达了对降息前景的谨慎态度。 ➤ 私营机构公布的就业数据呈现分化，Challenge报告称美国企业10月裁员人数超过15万人，创下20多 年来同期最高水平。但ADP ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Insights - The A-share market is experiencing significant structural differentiation, with a performance gap exceeding 220 percentage points between top and bottom-performing funds, highlighting a "high-cut low" characteristic [1][3] - Many fund companies are dynamically adjusting their subscription policies, with some high-performing funds lifting restrictions on large subscriptions while others are tightening limits to manage performance and scale [1][5] Market Performance - As of November 10, the A-share market is fluctuating around the 4000-point mark, with the Shanghai Composite Index showing a year-to-date increase of 19.9% [2] - The average return of actively managed equity funds has decreased from 33.08% at the end of Q3 to 30.51% [2][3] Fund Performance - Top-performing funds include Yongying Technology Smart A with a return of 205.35%, followed by Hengyue Advantage Selection at 147.36% and Hongtu Innovation Emerging Industry at 139.82% [3][4] - There are currently 147 actively managed equity funds struggling with negative returns, with some experiencing declines exceeding 10% [3] Subscription Policy Adjustments - Several funds have lifted restrictions on large subscriptions, including E Fund Rui Xiang Mixed and Changcheng Medical Industry Selection, to meet investor demand [5][6] - Conversely, 218 actively managed equity funds have suspended large subscriptions, with some limiting daily subscription amounts to as low as 100 yuan [7][8] Market Outlook - The market is expected to maintain a slow bull trend in Q4, with recommendations for balanced investment strategies across various sectors [8][9] - The innovation drug sector is facing volatility due to a mismatch between market expectations and actual industry developments, with a shift in focus from short-term event-driven trading to long-term fundamental performance [9]

Group 1: Report Summary - The report focuses on the latest developments in US ETFs and public mutual funds, including new product launches, capital flows, and performance [2] Group 2: New US ETF Products - Last week, 19 new products were launched in the US, with more than half being single - stock products. These included 2x leveraged products, leveraged + option strategy products, and other types [5] - Stoneport Advisors issued a commodity long - short strategy product, which uses a quantitative method to construct a long - short strategy for US - listed commodity futures [6] - First Trust launched a "critical metals" ETF, investing in 50 stocks related to new - energy and technology metals [6] - iShares issued a large - cap core index enhancement product and a European corporate bond product [7] - KraneShares launched an options strategy product using a Delta - neutral spread strategy [7] Group 3: US ETF Dynamics 3.1 US ETF Capital Flows - In the past week, US ETF inflows exceeded $30 billion, with significant inflows into stock products and outflows from Bitcoin ETFs [8] - BlackRock's S&P 500 ETF ranked first in inflows, short - term bond ETFs had obvious inflows, while technology - related products and Bitcoin ETFs had outflows [11] 3.2 US ETF Performance - Korean - related products led the gains among US - listed stock ETFs this year. Two passive products had gains of over 80%, and a 3x leveraged product had a gain of over 300%. However, except for the largest product with a scale close to $7 billion, the other products had small scales [14] Group 4: Recent Capital Flows of US Public Mutual Funds - In September 2025, the total amount of non - money public mutual funds in the US was $23.47 trillion, an increase of $0.49 trillion from August 2025. The S&P 500 rose 3.53% in September, and the scale of US domestic equity products increased by 2.13%, but the redemption pressure increased [15] - Last week, the outflows of US domestic equity funds expanded to $37 billion, and bond products also had small outflows [16]

Core Viewpoint - A new type of floating rate fund, designed to align investor interests through a fee mechanism, is gaining attention in the market due to its characteristics of "shared profits and shared risks" [1][2]. Group 1: Floating Rate Fund Characteristics - The floating rate fund differs from traditional fixed-rate funds by dynamically adjusting management fees based on specific conditions, including fund performance and investor holding period [3]. - The example of the China Europe Value YuXiang fund illustrates a tiered management fee structure with rates of 0.6%, 1.2%, and 1.5%, depending on the holding period and performance relative to a benchmark [3][4]. Group 2: Market Context and Timing - The launch of the China Europe Value YuXiang fund coincides with a market trend favoring value styles, particularly in the fourth quarter, when investors typically seek stability and lower valuations [13][15]. - Research indicates a growing divergence between growth and value styles, suggesting that investors should focus on value-oriented investments [15]. Group 3: Fund Manager's Background - The fund manager, Liu Yong, has nine years of experience in securities and two years in fund management, with a strong emphasis on risk management and a systematic investment approach [7][8]. - Liu Yong's managed products have consistently shown positive returns, outperforming benchmarks since his tenure [9][10]. Group 4: Competitive Advantage - The floating rate fund's design encourages long-term investment, marking a shift in the industry from a scale-oriented approach to a value-oriented one [4]. - The competitive landscape for floating rate funds is expected to favor larger, well-established fund companies with robust research capabilities, such as China Europe Fund [17][18].

Core Insights - The investment management industry is expected to benefit from a stable macro environment and ongoing reforms, as highlighted by Penghua Fund's General Manager, Deng Zhaoming [1] - As of the end of 2022, Penghua Fund served 140 million clients with total assets under management (AUM) of 1,114.1 billion yuan, generating 224.8 billion yuan in profits and 99.9 billion yuan in dividends [1] - By September 30, 2025, the AUM increased to 1,329.4 billion yuan, serving 217 million clients, with profits and dividends reaching 469.3 billion yuan [1] - Despite growth, Penghua Fund's performance is not outstanding compared to newer competitors in the public fund industry [1] Company Performance - The AUM of Penghua Fund increased by 215.3 billion yuan over the past two years, with client numbers rising by 7.7 million and profits and dividends increasing by 144.6 billion yuan [1] - The mixed fund segment has faced significant challenges, with the AUM of Penghua's mixed fund dropping from 157.1 billion yuan at the end of 2020 to approximately 87.1 billion yuan by November 5, 2025, indicating a near 50% decline [3] - Several funds under Penghua Fund are experiencing losses, with the Penghua CSI High-Speed Rail Industry A fund showing a return of -57.50% since inception [5][6] Reputation and Management Issues - Penghua Fund is facing reputational risks due to a recent incident involving two fund managers allegedly fighting in the office, which the company has denied [7][8] - The two fund managers involved manage the Penghua Innovation Future Mixed Fund (LOF), which has an overall return of -27.74% since inception, although it has performed better in the past year with a return of 43.03% [8]

Market Review - The equity market saw most major indices rise last week, with the Shanghai Composite Index leading at an increase of 1.08% [4][5] - The bond market experienced a slight increase in long and short-term interest rates, with the 10-year government bond rising by 1.88 basis points to 1.814% [8][10] - The fund market showed mixed results, with the equity fund index rising by 0.06% and the secondary bond fund index increasing by 0.12% [15][16] Equity Product Allocation Strategy - Event-driven strategies include focusing on funds related to carbon neutrality initiatives, such as Industrial Bank Eco-Environment A and Harvest New Energy Vehicle Leaders A [18] - The central bank's continuous gold purchases over the past 12 months suggest a favorable environment for gold-related investments, with funds like Huaan Gold ETF and Harvest Gold [18][20] - The overall asset allocation strategy emphasizes a balanced core and a barbell strategy, focusing on dividend and technology sectors [21][22] Stable Product Allocation Strategy - Recent market analysis indicates a net withdrawal of 15,722 billion yuan by the central bank, maintaining a balanced funding environment [25] - October export data showed a year-on-year decline of 1.1%, while CPI turned positive for the first time this year, indicating potential effects of domestic demand policies [26] - Key products to focus on include short-term bond funds like Nord Short Bond A and Guotai Li'an Medium and Short Bond A [31]

Group 1: Market Performance - The Shanghai Composite Index increased by 1.08% and the Shenzhen Component Index rose by 0.19% during the period from November 3 to November 7, 2025 [2] - The power equipment and coal industries performed well, with most sectors showing positive growth [9] - Active equity funds saw an average increase of 0.09%, while active mixed funds rose by 0.16% during the same period [2][12] Group 2: Fund Performance - The average return of convertible bond funds was 0.60%, with an impressive year-to-date average return of 22.14% [15] - Among active equity funds, the top performers included the "Guangfa High-end Manufacturing Stock A" with a return of 7.07% and "Yifangda Strategic Emerging Industries Stock A" with a return of 102.27% year-to-date [13] - The "HuaXia CSI Electric Grid Equipment Theme ETF" led the index funds with a return of 11.36% during the period [14] Group 3: QDII Fund Performance - The average return for Greater China equity QDII funds was 0.47%, while global equity QDII funds saw a decline of 0.92% [19] - The best-performing QDII fund this period was the "Huatai-PB CSI Hong Kong 300 Financial Services ETF" with a return of 3.95% [17] - Year-to-date, alternative asset-gold QDII funds showed significant growth, with an increase of 47.17% [19]