在风起云涌的量化投资江湖中，淳厚基金量化与指数投资部总监周俊凭借着扎实的投研功底与均衡的 投资视角，逐渐在行业中崭露头角。 拥有 12 年量化投研 经验的他，曾亲历私募量化大发展期， 2023 年 9 月，他选择加入淳厚基金， 开启在公募领域的新征程。 在投资中，周俊始终强调量化策略的 " 可解释性 " 。他从因子挖掘到组合构建的过程中均保持逻辑 清晰，避免过度依赖 " 端到端 " 的机器学习。他希望通过 " 强因子弱模型 " 的投资架构，在因子层 面追求逻辑清晰、低相关性，在模型层面控制复杂度，确保策略出现波动时可追溯、可修复。这种均 衡而稳健的风格，正是周俊在量化行业中行健致远的关键。 坚持均衡投资 以多周期策略捕捉市场机遇 周俊的职业生涯贯穿了公私募两大资管细分领域。量化投资在中国刚启蒙的时候周俊便进入了行业， 从量化研究员成长为核心团队骨干。在量化行业快速发展期，他加入了一家中小型私募，作为核心基 金经理之一，亲历了公司规模从 20 亿元增长至 400 亿元的过程，自己也积累了丰富的投资经验。 此后，他选择 " 私转公 " ，于 2023 年 9 月加入淳厚基金，投身公募行业。 周俊所构建的量化模型， ...

Core Insights - The article discusses the recent trends in gold investment, highlighting the continuous increase in gold reserves by the People's Bank of China and the implications of the U.S. government shutdown on economic forecasts [3]. Market Analysis - The world's largest gold ETF held 1,042.06 tons of gold as of November 7, with an increase of 1.71 tons from the previous day and a net increase of 2.86 tons for the month [2]. - The People's Bank of China has increased its gold reserves for 12 consecutive months, with October showing continued growth [3]. - The U.S. government shutdown has lasted 38 days, affecting federal employee salaries and leading to concerns about a potential slowdown in GDP growth for Q4 [3]. - Wall Street analysts warn that the combination of three years of quantitative tightening and significant government debt issuance is pushing bank reserves into a precarious situation [3]. Economic Indicators - A New York Fed survey indicates that 71% of respondents expect the unemployment rate to rise in the next year, double the rate from the previous year [3]. - Short-term inflation expectations have decreased, while consumer confidence in the U.S. is nearing record lows, contributing to a weaker dollar and increased expectations for interest rate cuts [3]. - The price of spot gold in Hong Kong rose to $3,999.68 per ounce amid these economic conditions [3]. Technical Analysis - For short-term trading, the support level for gold is around $3,985.00, with bullish targets set at $4,020.00 and $4,028.00 if the price remains above this level [4]. - Alternative strategies suggest a bearish outlook if the price falls below $3,985.00, targeting $3,964.00 and $3,948.00 [5]. - The RSI technical indicator is currently near the neutral zone, indicating potential for further price movement [7].

Group 1 - The core viewpoint of the news is that Jianlong Micro-Nano has seen a stock price increase of 5.04%, reaching 40.88 CNY per share, with a total market capitalization of 4.09 billion CNY [1] - Jianlong Micro-Nano specializes in the research, production, sales, and technical services of molecular sieve adsorbents and catalysts in various fields including medical oxygen, energy chemistry, environmental protection, energy-saving building materials, and refrigeration systems [1] - The company's main business revenue is entirely derived from product sales, accounting for 100% of its revenue [1] Group 2 - According to data, the fund "Everbright Prudential Sunshine Three-Month Holding Period Mixed (FOF) A" holds 26,400 shares of Jianlong Micro-Nano, representing 0.2% of the fund's net value, making it the fifth largest holding [2] - The fund has generated an estimated floating profit of approximately 51,700 CNY from its investment in Jianlong Micro-Nano [2] - The fund was established on June 19, 2025, with a current scale of 416 million CNY and has achieved a return of 18.48% since inception [2] Group 3 - The fund managers of "Everbright Prudential Sunshine Three-Month Holding Period Mixed (FOF) A" are Zhao Hao and Zhang Yun, with Zhao having a tenure of 70 days and Zhang having a tenure of 336 days [3] - Zhao Hao's fund has a total asset scale of 526 million CNY, with the best return during his tenure being 3.76% and the worst being 3.69% [3] - Zhang Yun's fund has a total asset scale of 629 million CNY, with the best return during his tenure being 18.48% and the worst being 13.25% [3]

专题：2025第9届"银华基金杯"新浪·理财师大赛 11月8日，2025"银华基金杯"新浪理财师大赛团队复赛答辩（深圳场）在深圳前海深港基金小镇成功举 办。本场复赛汇聚了全国15支优秀理财团队，他们通过资产配置方案讲演同台竞技，充分展现了专业能 力与职业素养，他们将与北京场、上海场共计45支理财团队一同角逐，争夺全国总决赛的十强席位。 答辩结束后，在现场理财分享会上，银华基金投资者教育部副总经理杨静、银华基金资产配置与投顾服 务委员会办公室副主任付伟与北京大学汇丰商学院长聘副教授，院长助理、MBA项目主任刘柏霄，聚 焦未来理财趋势、投资方向及理财师的能力提升与职业成长等热点话题进行分享。 快速回顾深圳场各个团队的精彩表现。 责任编辑：胡尊波 ...

Core Insights - Tianhong Fund has established a strong presence in the index-enhanced quantitative fund sector, launching its first product in August 2019 and expanding its offerings steadily, with a significant growth phase expected in 2025 [2][10] - As of the end of Q3 2025, Tianhong Fund's index-enhanced quantitative funds reached 19 products with a total management scale exceeding 12.084 billion yuan, positioning it among the few teams in the industry to surpass the "100 billion" mark [12][10] - The fund has developed a comprehensive product matrix that provides investors with a complete set of quantitative tools for precise asset allocation across different market environments [2][10] Group 1: Performance and Risk Management - Tianhong Fund's broad-based index-enhanced quantitative products have consistently outperformed their peers, achieving excess returns that surpass the average of similar funds over both short-term and long-term periods [3][16] - The quantitative team emphasizes risk management throughout the investment process, effectively controlling drawdowns and demonstrating strong risk-adjusted performance [18][22] - As of October 31, 2025, the maximum drawdowns for Tianhong's major products ranked in the top 15% of the industry, showcasing the team's ability to manage risk while pursuing excess returns [18][22] Group 2: Industry-Specific Strategies - Tianhong Fund's industry-specific index-enhanced quantitative products cover major sectors such as technology, consumer goods, manufacturing, pharmaceuticals, and new energy, with many products outperforming similar actively managed funds [4][23] - Over the past three years, products like Tianhong's High-end Equipment Manufacturing and Consumer 100 Index Enhanced funds have shown a significant advantage, outperforming their peers by over 25% [4][23] Group 3: Quantitative Research and Technology Integration - The fund has built a complete closed-loop system from signal mining to performance evaluation, integrating advanced AI technologies into its investment processes to enhance its quantitative research capabilities [5][31] - The quantitative team employs a variety of AI models and has developed a robust feature engineering framework, which supports the models with diverse and substantial input data [32][31] - The risk model has been customized to better fit the characteristics of the A-share market, allowing for more precise risk assessment and control [35][36] Group 4: Team Structure and Stability - The quantitative team at Tianhong Fund consists of 8 members, including 4 fund managers and 4 researchers, all with strong backgrounds in finance, statistics, and computer science [6][48] - The team has maintained a high level of stability, with an average tenure of over 6 years, ensuring continuity in investment philosophy and strategy development [48]

Market Overview - A-shares experienced a volatile adjustment last Friday (November 7), with all three major indices closing lower, indicating a high-level market adjustment [1] - Following a net outflow of over 13.1 billion yuan the previous day, the stock ETF market saw a shift to net inflow, with significant inflows into Hong Kong stock ETFs [1] ETF Performance - As of November 7, the total scale of 1,246 stock ETFs reached 4.64 trillion yuan, with total trading volume on that day amounting to 166.31 billion yuan, a decrease of nearly 16% compared to the previous trading day [3] - Chemical ETFs led the market with gains, with the Chemical ETF rising by 3.49%, followed closely by the Chemical Leader ETF and Chemical 50 ETF, which increased by 3.47% and 3.42% respectively [3][4] Fund Flows - On November 7, the stock ETF market saw an increase of 1.95 billion shares, translating to a net inflow of approximately 310 million yuan [5] - In the broader ETF market, net inflows were recorded at 450 million yuan on October 20, with bond ETFs and Hong Kong stock ETFs leading the inflows at 2.44 billion yuan and 1.99 billion yuan respectively [6] Fund Company Insights - Leading fund companies continued to see net inflows into their ETFs, with E Fund's ETFs reaching a total scale of 826.73 billion yuan, reflecting an increase of 226.08 billion yuan since 2025 [8] - On November 7, specific ETFs such as the Securities Insurance ETF and Hong Kong Internet ETF saw net inflows of 230 million yuan and 180 million yuan respectively [8] Market Outlook - E Fund's index research department suggests that the pressure on the stock market from fundamentals is limited, and the current liquidity environment may support valuations, indicating a potential continuation of a liquidity bull market [9]

[Table_StockNameRptType] 金融工程 专题报告 中加林沐尘："专精特新"代表作领跑，北证 50 指增在发 ——基金产品分析系列之二十二 [Table_RptDate] 报告日期：2025-11-10 [Table_Author] 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 主要观点： [Table_Summary] 中加基金林沐尘，作为一名新锐量化基金经理，能够管理不同风格 定位的量化产品，涵盖 A500 指数增强、小微盘风格量化产品、均衡风 格主动量化产品，正在发行北证 50 指数增强产品（025383.OF、 025384.OF），拥有多项契合优势。 ⚫ 代表作之一：超额稳定突出的 A500 指 ...

在投资的广袤版图上，有人深耕一域，成为某类资产的专业猎手；有人纵览全局，放眼全球资产，成为多元资产配置的掌舵人。东方红资产管理的FOF基 金经理陈文扬，无疑属于后者。 陈文扬对跨市场、多类型资产研究深入，从不拘于单一市场，而是以多元资产配置为经纬，以精选基金为枢纽，为投资者构建能抵御风浪、亦能捕捉机遇 的产品——FOF。他的视野，跨越股票、债券、商品、黄金等领域，在宏观的叙事与微观的价值间，寻找珍贵的"更优解"。11月10日至21日，东方红资产 管理新推出由陈文扬管理的稳健型FOF——东方红欣恒稳健3个月持有混合FOF（A类025909、C类025910），以绝对收益策略来开展多元资产配置，追求 长期稳健表现。 投资研究以广度见长 且具有深度 先锋集团创始人约翰·博格曾说过："在投资中，分散化并持有是唯一的真理。你永远无法预测哪个资产类别会表现最好。" 在FOF的管理中，东方红FOF团队有一套完善的流程，从设计策略、选资产、选中观行业、再选基金、最后落地成一个具体的FOF组合。因为要研究和投 资的资产品种较多，所以会侧重团队作战，充分发挥FOF团队的研究能力，基金经理作为一个中枢角色去负责FOF的管理。 根据 ...

Group 1 - The core point of the news is that China Southern Airlines experienced a stock price increase of 5.16%, reaching 7.34 CNY per share, with a total market capitalization of 1330.08 billion CNY [1] - The company was established on March 25, 1995, and listed on July 25, 2003, with its main business involving domestic and approved international air passenger, cargo, mail, and baggage transportation, as well as general aviation services [1] - The revenue composition of the company is as follows: 86.42% from passenger and related services, 10.52% from cargo and mail services, and 3.06% from other supplementary services [1] Group 2 - From the perspective of fund holdings, one fund under Western Li De has a significant position in China Southern Airlines, with the Western Li De New Power Mixed A fund reducing its holdings by 41.57 thousand shares, now holding 88.59 thousand shares, which represents 6.66% of the fund's net value [2] - The fund has a total scale of 17.99 million CNY and has experienced a loss of 0.23% this year, ranking 8056 out of 8219 in its category, and a loss of 15.87% over the past year, ranking 8094 out of 8125 [2]

Core Viewpoint - The public fund industry is approaching a significant transformation phase, emphasizing high-quality development and the need for effective service to the real economy, particularly in technology innovation and advanced manufacturing sectors [6][8]. Group 1: Forum Highlights - The forum gathered over 100 executives from regulatory bodies, public funds, and securities asset management firms to discuss key issues such as reform paths, support for the real economy, and investment research upgrades [3][4]. - Five major highlights were presented, including the gathering of top-level wisdom, in-depth discussions on industry pain points, and a focus on actionable insights for building a governance framework that aligns with new regulations [3][4]. - The establishment of the "Public Fund Evergreen Think Tank" aims to provide strategic support for the industry, reflecting a commitment to long-term, investor-centered development [4][33]. Group 2: Regulatory Insights - Regulatory representatives emphasized that the healthy development of the public fund industry relies on proactive actions from the entire ecosystem, especially in the context of the rapid growth of index investment products [5]. - As of September, the ETF market size exceeded 5.62 trillion yuan, ranking first in Asia, indicating a significant shift towards index-based investment strategies [5]. Group 3: Industry Challenges and Solutions - The industry faces challenges such as the disparity between fund profitability and investor returns, necessitating a shift towards a buyer advisory model to enhance investor experience [20][22]. - Key industry leaders discussed the importance of balancing active and passive investment strategies, with a focus on meeting client needs and enhancing competitive advantages [26][31]. Group 4: ETF Market Trends - The global ETF market has surpassed 18 trillion USD, with a notable increase in active ETFs, which are expected to account for 85% of new ETF launches in the U.S. by 2024 [12][14]. - China's ETF market has grown approximately sevenfold since 2019, yet it still represents only 5% of the total stock market capitalization, indicating substantial growth potential [12][14]. Group 5: Future Directions - The establishment of the "Public Fund Evergreen Think Tank" aims to strengthen research capabilities and promote long-term investment and value investment principles within the public fund industry [33][35]. - The industry is encouraged to collaborate and explore high-quality development paths, contributing to the stability and growth of China's capital market [35].