Core Viewpoint - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to these benchmarks, promoting a return to the fundamental purpose of asset management [1][10]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released an action plan in May to promote high-quality development in public funds, emphasizing the importance of performance benchmarks [1]. - A draft of new regulations regarding performance benchmarks was published on October 31, which is expected to improve the discipline of active investment and stabilize investment styles [1][9]. - The introduction of a performance benchmark element library aims to standardize the selection of benchmarks, categorizing them into primary and secondary libraries to enhance comparability and prevent arbitrary changes [10][11]. Group 2: Fund Performance Analysis - Only 34% of active equity funds outperformed their benchmarks over the past three years, with an average return lagging behind benchmarks by 7.26% [3][4]. - Among the top-performing funds, only 20 funds achieved over 100% excess returns, indicating that achieving superior performance is challenging under the new evaluation standards [3][4]. - Some high-performing funds may have misleadingly high excess returns due to benchmark mismatches, highlighting the importance of appropriate benchmark selection [3][4]. Group 3: Fund Size and Performance - Smaller funds tend to have better excess return capabilities, with only 40% of large funds (over 10 billion) outperforming their benchmarks [6]. - The average size of funds achieving positive excess returns is significantly lower than the overall market average, supporting the notion that larger fund sizes may hinder performance [6]. Group 4: Fund Manager Impact - The total management scale of fund managers influences their active management capabilities, with a significant number of successful funds managed by those overseeing over 10 billion [7]. - The average tenure of fund managers does not show a significant correlation with their ability to generate excess returns, indicating that experience alone may not guarantee performance [7]. Group 5: Industry Trends - The number of funds changing their benchmarks has increased significantly, with over 132 funds adjusting their benchmarks in 2023 alone, signaling a shift towards stricter industry norms [9]. - The new guidelines are expected to lead to a systematic restructuring of the public fund industry, with a focus on aligning actual investment behavior with product strategy [10][11].

此次投资策略报告会的成功举办，为投资者搭建了一个与行业专家近距离交流的平台。兴业银行天津分 行将始终以客户需求为中心，致力于为客户提供专业、全面金融服务的理念。 10月31日，兴业银行天津分行成功举办了以"远见·启新"为主题的2025年投资策略报告会。会议特别邀 请天弘基金首席策略分析师刘宁先生、兴业研究首席商品研究员付晓芸女士两位行业资深专家，为到场 的220余位客户带来一场兼具深度与前瞻性的投资策略分享。兴业银行天津分行党委委员、副行长徐川 出席报告会。 未来，兴业银行天津分行也将始终秉承"一流银行，百年兴业"的发展愿景，坚守"真诚服务，相伴成 长"的服务理念，整合集团专家资源，为客户提供全方位、多场景、定制化、全生命周期的服务，与客 户携手共进，互惠共赢！ 报告会上，天弘基金首席策略分析师刘宁先生从以《长牛 or 快牛，国内经济与大类资产策略》为主 题，从宏观经济、政策导向等多维度切入，深入探讨了未来国内经济的增长动力与潜在挑战，并针对权 益市场配置逻辑与策略给予了专业建议。 兴业研究首席商品研究员付晓芸女士聚焦外汇与贵金属市场，以《重构与韧性，外汇与贵金属市场展 望》为主题，通过分析全球经济格局变化、 ...

Core Viewpoint - The speech by the Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Ming, at the 2025 International Financial Leaders Investment Summit emphasized China's commitment to deepening institutional openness in its capital markets and introduced a series of new measures aimed at enhancing cross-border investment and cooperation [1][2]. Group 1: Key Measures for Capital Market Openness - The first major initiative is to enhance the convenience of cross-border investment and financing. The CSRC has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, focusing on improving access management, investment efficiency, and support services for foreign investors [3]. - The second initiative involves deepening practical cooperation between the mainland and Hong Kong capital markets, including improving the efficiency of overseas listing filings and expanding the scope of stocks eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [4]. - The CSRC is also supporting Hong Kong in launching government bond futures to enrich offshore RMB risk management tools, aiming to strengthen Hong Kong's position as an international financial center [5]. Group 2: Strengthening Regulatory Capacity and Risk Prevention - Alongside promoting openness, the CSRC will enhance regulatory capacity and risk prevention, emphasizing a balanced approach to development and security. This includes strengthening cross-border regulatory cooperation with the Hong Kong Securities and Futures Commission [6]. - The CSRC aims to establish a regulatory mechanism that includes information sharing, policy consultation, and coordinated response to risks, ensuring effective monitoring of capital flows to prevent cross-border risk transmission [6]. Group 3: Achievements and Future Outlook - During the 14th Five-Year Plan period, significant achievements in capital market openness were noted, including the complete removal of foreign ownership limits for securities, fund, and futures institutions, attracting more foreign financial institutions to operate in China [7]. - The optimization of the overseas listing regulatory framework has facilitated 269 companies to successfully list abroad in the past five years, with foreign investors currently holding A-shares valued at 3.4 trillion yuan [7]. - Looking ahead, Li Ming proposed three cooperation initiatives for international financial institutions: becoming "discoverers of investment value," "contributors to reform and development," and "maintainers of market stability," encouraging international institutions to engage in the Chinese market [8].

作为公募基金改革的关键环节，业绩比较基准新规如期落地。近日，中国证监会就《公开募集证券 投资基金业绩比较基准指引（征求意见稿）》（以下简称《指引》）公开征求意见。中国证券投资基金 业协会同步起草《公开募集证券投资基金业绩比较基准操作细则（征求意见稿）》（以下简称《操作细 则》），进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管理等具体操作规范，并向 社会公开征求意见。 业内人士表示，此次规则征求意见，有利于完善公募基金的基础性制度，填补监管规则的空白，推 动境内公募基金业绩比较基准规范化；有利于提高主动投资纪律性，促进公募基金形成更加稳定清晰的 投资风格，更好发挥公募基金的价值投资工具属性；有利于引导行业机构回归"受人之托、代客理财"的 初心，专注为投资者提供长期稳健回报，为资本市场引入更多中长期资金。 为公募基金划定"业绩标尺" 为强化业绩比较基准的约束作用，此次新规对基金管理人内部控制提出了全链条、全流程的高要 求。《指引》《操作细则》明确，管理人建立健全覆盖业绩比较基准选取、披露、监测、评估、纠偏及 问责的全流程管控机制，为业绩比较基准发挥功能作用提供保障。提高基准选取的决策层级，由公司管 ...

近日，中国证监会发布《公开募集证券投资基金业绩比较基准指引(征求意见稿)》，中国证券投资基金 业协会也同步发布了《公开募集证券投资基金业绩比较基准操作细则(征求意见稿)》，向社会公开征求 意见。业内人士预计，后续公募基金行业会迎来广泛而深远的基准变更潮。 实际上，今年以来大量公募基金已聚焦于基金业绩比较基准升级，新发基金以及调整后的存量产品基准 要素更加精细也更丰富，更能表征基金实际的投资策略和风险收益特征。 主动校准以适配实际运作 从近期发行的新基金来看，业绩比较基准要素进一步丰富，并更聚焦所投资的资产特征。例如，即将在 11月中旬开启首发的财通泰和多资产一年持有期FOF，在业绩比较基准中纳入了多种要素，包括中债综 合指数、中证800指数、恒生指数、标普500指数、南华商品期货指数、银行活期存款利率等。 同样是将在11月中旬发售的建信红利严选混合，作为一只聚焦于高分红股票的主动量化权益基金，业绩 比较基准综合参考了中证红利指数、中证港股通高股息投资指数、中债综合全价(总值)指数和商业银行 活期存款利率。 不仅新发行的基金在业绩比较基准设置上更具针对性，今年以来，还有不少基金公司主动对存量产品变 更业绩比较基 ...

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Group 1 - The investment community is actively discussing which growth income fund to invest in, with numerous articles published on Seeking Alpha addressing this topic [1] - The author has a background in economics, business management, and engineering, along with professional experience in product management and development in the high-tech industry [1] - The author has been investing in growth companies since 1998 and has recently shown interest in income-focused portfolios and fund-based approaches [1]

Core Insights - The total net asset value of public funds in China reached a historic high of 36.74 trillion yuan as of September 2025, marking a nearly 7% increase from the end of Q2 2025 and a 14.56% increase year-on-year [1][3][4]. Fund Management Landscape - There are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1]. - The top two fund management companies, E Fund and Huaxia, have assets under management (AUM) exceeding 2.5 trillion yuan and 2.2 trillion yuan, respectively [1][8]. - The top ten fund managers collectively manage 15.06 trillion yuan, accounting for 41.31% of the total market size, indicating a trend of "the strong getting stronger" [6][8]. Fund Type Performance - In Q3 2025, the total scale of public funds increased by 2.35 trillion yuan, with all fund types except bond funds showing growth [4][6]. - The fastest-growing fund types were overseas investment funds, which saw a 33.18% increase, and stock funds, which grew by 25.3% [5][6]. - The total scale of stock funds reached 5.94 trillion yuan, while mixed funds reached 3.91 trillion yuan, reflecting significant growth in these categories [5][9]. Investor Behavior and Trends - There has been a notable demand for thematic ETFs and cross-border ETFs, with several funds seeing net subscriptions exceeding 10 billion units in Q3 2025 [13][14]. - Despite the overall growth, there is a significant divergence in the subscription patterns of equity funds, with some experiencing heavy redemptions as investors lock in profits [14][15]. - High-performing active equity funds also attracted net subscriptions, but their levels were lower compared to ETF products [14]. Redemption Trends - Some ETFs, particularly in sectors that had previously seen long adjustments, experienced significant redemptions as investors opted to cash out after recent performance recoveries [15]. - Notable examples include the Huaxia Sci-Tech 50 ETF and E Fund Medical ETF, which saw reductions in fund shares of 307.89 billion and 133.28 billion, respectively [15].

Core Insights - The total scale of public funds in China reached 36.74 trillion yuan by the end of September 2025, marking a 7% increase from the second quarter of the year and a 14.56% increase year-on-year [1][2][5] Fund Management Landscape - As of September 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The top ten fund managers account for 41.31% of the total market scale, with their combined asset value reaching 15.06 trillion yuan, reflecting a trend of "the strong getting stronger" [5][7] Fund Type Performance - In the third quarter of 2025, various fund types, except for bond funds, experienced growth. Notably, overseas investment funds saw the highest growth rate at 33.18%, followed by stock funds at 25.3% [2][4] - The total scale of stock funds reached 5.94 trillion yuan, while mixed funds reached 3.91 trillion yuan, and money market funds totaled 14.40 trillion yuan [4][5] ETF and Active Fund Trends - Tools that capture market trends, such as thematic ETFs and cross-border ETFs, have become highly sought after, with several funds seeing net subscriptions exceeding 10 billion units in the third quarter [10] - Some actively managed equity funds also attracted significant net subscriptions, although their "capital-absorbing" capacity was lower than that of ETF products [11] Redemption Trends - Despite the overall market expansion, there is a notable trend of investors cashing out, particularly in sectors that have seen recent rebounds. For instance, several ETFs experienced significant reductions in fund shares during the third quarter [12][14][15]

Core Insights - The public fund issuance showed signs of recovery in the first week of November, with a total of 35 public products launched, marking a 29.63% increase from the previous week [1][2] - The average subscription days for the new funds decreased to 19 days, indicating enhanced market activity [1] Fund Issuance Overview - A total of 35 new public funds were issued, with equity funds (including stock and mixed funds) being the primary contributors, accounting for over 70% of the total issuance [2][3] - The breakdown of fund types shows that stock funds comprised 16 of the new issues, representing 45.71% of the total, with passive index funds leading at 13 issues (37.14%) [3][4] Fund Type Distribution - The issuance of mixed funds reached 10, making up 28.57% of the total, with the core being the equity-mixed funds [3] - Bond funds maintained a stable issuance with 4 mixed bond funds, accounting for 11.43% of the total [4] - FOF products also performed well, with 5 new issues, matching the highest weekly issuance for the year [4] Institutional Participation - The 35 new funds were launched by 25 different public fund institutions, with 18 institutions issuing one fund each and 7 institutions issuing two or more [4] - E Fund led the issuance with 4 new funds, primarily in passive index stock funds, followed by Huatai-PineBridge with 3 new funds [4]