Core Viewpoint - The "Fixed Income + Growth" strategy has shown remarkable performance, with public funds capitalizing on high elasticity sectors amid a recovering market [2][4]. Fund Performance - As of the end of Q3, the overall scale of "Fixed Income +" funds reached 2.5 trillion yuan, an increase of over 770 billion yuan from the end of last year, with the number of products rising to 1,775 [5]. - The average net value growth rate of 1,795 "Fixed Income +" products this year is 5.57%, with 244 funds increasing by over 10%. The "Fixed Income + Growth" strategy has outperformed, particularly those with high allocations to technology growth assets [6][8]. Investment Strategy - The top-performing fund, Huaan Zhilian A, focused on the AI industry chain with a stock allocation of 45%, achieving a net value growth rate of 48.26% this year [6]. - The "Fixed Income + Technology" and "Fixed Income + Growth" strategies have shown superior performance, with median returns of 10.29% and 7.18% respectively in Q3 [8]. Market Trends - High elasticity sectors are becoming crucial for "Fixed Income +" products to achieve excess returns, supported by ongoing trends in AI and macroeconomic conditions favoring growth styles [10]. - The investment focus is shifting towards high-quality companies in technology growth, cycles, manufacturing, pharmaceuticals, and consumer sectors, with an emphasis on maintaining a balanced portfolio [10].

Report Title - Active Equity Fund Monthly Investment Portfolio - October 2025 [1][2] Market and Fund Performance in September - Major broad - based indices rose, with the ChiNext Index and STAR 50 Index leading the gains, while the SSE 50 Index performed weakly [3] - Among industry sectors, the CITIC Growth Index and CITIC Cyclical Index had positive monthly returns, while the CITIC Consumption Index and CITIC Financial Index fell by 2% - 3% [3] - In terms of fund strategies, growth - style funds, especially those focused on prosperity and trend, outperformed, with an average increase of over 7%, while deep - value style funds lagged [3] - Among industry - themed funds, technology, cyclical, and new - energy themed funds had positive returns, while pharmaceutical and consumption - themed funds had negative returns [3] - Growth style outperformed value style, and large - and mid - cap styles outperformed small - cap styles [3] Top - Performing Funds Recent One - Month Performance - **All - Market Top Ten**: Funds like Noan Advanced Manufacturing A (001707.OF) and Huabao Competitive Advantage A (010335.OF) had significant monthly increases, with Noan Advanced Manufacturing A rising 31.08% and Huabao Competitive Advantage A rising 28.27% [6] - **Industry - Themed Top Ten**: Noan Research Preferred A (008185.OF) led with a 36.32% monthly increase, followed by Silver Fund Integrated Circuit A (013840.OF) with a 33.68% increase [6] Year - to - Date Performance - **All - Market Top Ten**: Hengyue Advantage Selection (011815.OF) had a YTD increase of 121.69%, and Jiaoyin Optimal Return A (519770.OF) had a 115.96% increase [8] - **Industry - Themed Top Ten**: Yongying Technology Smart Selection A (022364.OF) led with a 187.86% YTD increase, followed by China - Europe Digital Economy A (018993.OF) with a 132.39% increase [8] October Equity Fund Portfolio Construction Market Outlook - In the short term, the core logic of incremental funds, improved internal returns, and policy resonance remains unchanged, but the risk premium is near the median, and some valuations are relatively high, requiring continuous growth in net profit. The market may slow down and fluctuate [10] Portfolio Construction Principles - **Sustained Tech Growth Opportunities**: The tech growth theme remains the main line of the bull market, but short - term volatility may be high. Consider funds with diversified investment directions and rotation strategies [10] - **Anti - Involution Policy Catalysts**: Industries at the bottom of the cycle, such as chemicals, steel, coal, and some energy metals, are expected to benefit from anti - involution policies, with improved risk - reward ratios [10] - **Style Rotation of Dividend - Value Stocks**: Dividend - value sectors, although with low profit expectations, have attractive dividend yields compared to treasury bond yields. During market fluctuations, funds may flow to low - level sectors, creating investment opportunities [10] Fund Portfolios - **Aggressive Portfolio**: Includes funds like Cathay Golden Prosperity Return A (019328.OF) and Fullgoal Steady Growth A (010624.OF), with a focus on technology, manufacturing, and consumption sectors [11] - **Conservative Portfolio**: Comprises funds such as Merchants Upstream Industry A (005161.OF) and ChinaAMC Value Selection A (007592.OF), with a relatively balanced distribution across sectors [11] Portfolio Distribution - **Aggressive Portfolio**: Technology accounts for 34.12%, followed by cycle at 20.21% and manufacturing at 15.94% [15] - **Conservative Portfolio**: Cycle has the highest proportion at 28.28%, followed by manufacturing at 17.79% and technology at 21.46% [17]

- The report does not contain any quantitative models or factors for analysis[3][5][7] - The content primarily focuses on market performance, fund statistics, and asset class trends without discussing quantitative models or factors[8][9][46] - No formulas, construction processes, or evaluations of quantitative models or factors are provided in the report[10][55][57]

Group 1 - The global stock market experienced an overall decline this week, with the US market down by 1.59% and other global markets down by 0.58% [3] - The Asia-Pacific region saw significant volatility, particularly with declines in South Korea and Japan [4] - Chinese assets remained relatively strong, with the A-share CSI All Share Index rising by 0.63% for three consecutive weeks [6] Group 2 - The Hong Kong stock market outperformed the A-share market, with the Hang Seng Index increasing by 1.29% this week [7] - Chinese assets are currently valued slightly lower than the global market average, providing a degree of protection against potential downturns [8] Group 3 - Market fluctuations this week were primarily driven by uncertainty regarding the Federal Reserve's potential interest rate cuts in December [9] - The Federal Reserve did lower rates in October, but the decision for December remains uncertain [10] - Long-term expectations suggest that the Federal Reserve will continue to lower interest rates [11] Group 4 - The US stock market reached a high valuation at the end of October and early November, marking the first instance of overvaluation in the past year [12][13] - Following this, the Nasdaq 100 and S&P 500 indices have seen a valuation correction, returning to a normal but slightly elevated level [14][15] Group 5 - Current valuations in the US stock market are not particularly low, but they do not indicate a significant bubble [16] - Historical comparisons show that the Nasdaq's valuation during the 1990s internet bubble exceeded 100 times, whereas it currently hovers around 30 times [17] Group 6 - There are two types of bear markets: one occurring during economic recessions with slow or declining corporate earnings, and another during periods of normal economic growth with short bear markets [18] - The US stock market has experienced long bear markets following the bursting of bubbles, such as the 2000 internet bubble and the 2008 financial crisis [19][20] Group 7 - Despite the potential for future economic downturns and long bear markets, the US stock market has shown relatively good earnings growth in recent years, primarily experiencing short bear markets [24] - Current valuations in the US stock market are not low enough to present significant buying opportunities [25] Group 8 - A global stock market star rating chart indicates that the market was undervalued during previous periods in 2018, 2020, and 2022, with current ratings around 3.0 stars, suggesting a relatively low valuation [27] - The global stock index can be accessed through various funds, although there are currently no global stock index funds available in mainland China [29] Group 9 - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across US, UK, Hong Kong, and A-share indices to track the global stock market [30] - There are limitations on the purchase amounts for overseas market funds, typically capped at around 100 yuan [32] Group 10 - A new edition of the book "The Long-Term Investment Secret" has been released, which has been influential in the investment field for over 30 years [35] - The book emphasizes that stocks are the best long-term investment vehicle and provides extensive data on asset class returns over the past two centuries [36]

11月3日~7日，A股主要指数先抑后扬，沪指围绕4000点震荡整固，沪深300指数涨0.82%，创业板指涨0.65%，科创50指数微涨0.01%， 港股科技股延续调整，恒生科技指数跌1.20%。 此外，《每日经济新闻》记者注意到，尽管恒生科技指数周跌1.2%，但该指数挂钩ETF规模上周增加超51亿元，年内新增额一举突破 1000亿元，反映出部分资金对这类ETF"越跌越买"的抄底心态。 总规模达5.73万亿元 在A股窄幅震荡背景下，上周ETF（交易型开放式指数基金）市场总体看似平静，但局部热点纷呈。截至11月7日，全市场ETF总规模 达5.73万亿元，上周新增近300亿元，年内增加额更是逼近2万亿元大关。更劲爆的是，两只巴西ETF遭资金疯抢，单只吸金超25亿元， 却只能按不到12%的比例配售，借此契机，跨境ETF规模一举突破9000亿元。 视觉中国 从头部产品来看，国泰基金旗下证券ETF上周规模再增25亿元，产品规模已连增14周。其对应的证券公司指数挂钩ETF规模上周新增超 35亿元，也是连续14周保持正增长。 Wind（万得）数据显示，截至11月7日，上市ETF总数量为1343只，总规模达5.73万亿元。从数 ...

以下文章来源于泉果视点 ，作者泉果基金 图1. 泉果基金创始人任莉女士做悼词发言 尊敬的各位来宾朋友们，国斌总的亲友们： 感谢大家从各地赶来，一起追思缅怀我们的国斌总！ 我和国斌总是北大同窗，毕业后各奔东西。2006年，国斌总一声召唤，我毫不犹豫，跨洋回国，追随国斌总，一起打造东方红，进而共创泉 果。 泉果视点 . 泉果基金管理有限公司官方订阅号，第一时间分享泉果基金动态。以专业投研+专业服务，与您相伴在长期投资的道路上。 2025年11月9日上午，著名投资人、泉果基金创始人王国斌先生的追思会在上海龙华殡仪馆举行。他生前的家人、同窗、挚 友、伙伴……800余人于潇潇秋雨中静默站立，送了王国斌先生最后一程。 追思会上，王国斌先生的家属代表，母校北京大学的校友代表及好友代表等人，纷纷致辞，缅怀。泉果基金联合创始人任莉女 士，作为王国斌先生事业上的多年战友，亦真挚追忆。 她说： "我和国斌总是北大同窗，毕业后各奔东西。2006年，国斌总一声召唤，我毫不犹豫跨洋回国，追随国斌总，一起打造东方 红，进而共创泉果，30多年相知、相伴、相随，国斌总是我智慧的启迪者，事业的引路人，更是我最亲密的战友！" "国斌总的一生虽短暂 ...

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant results in its four years of operation, establishing itself as a key platform for innovative small and medium-sized enterprises (SMEs) in China [1][4][6] - The first batch of BSE-themed funds has reported impressive performance, with an average net asset value growth rate exceeding 80%, and some funds surpassing 160% [9][10][11] Group 1: Achievements and Developments - The BSE has implemented four sets of inclusive listing standards and established a "small and fast" review mechanism, enhancing its ability to attract and nurture high-quality SMEs [1][3][5] - The number of listed companies on the BSE has increased from 81 to 281, with market capitalization growing from hundreds of billions to trillions, indicating strong investor recognition [3][4] - The BSE has successfully gathered over 200 innovative SMEs, with a significant portion of IPO applications in the A-share market coming from the BSE [4][5] Group 2: Market Structure and Investment Opportunities - The BSE's market structure is characterized by over 80% of listed companies being SMEs and more than 85% being private enterprises, showcasing its inclusivity [5][6] - High-tech enterprises account for over 90% of listed companies, with more than 50% recognized as national-level "little giant" enterprises, indicating a strong focus on innovation [5][6] - The BSE is seen as a fertile ground for nurturing "little giants" in specialized fields, with companies experiencing faster growth compared to those on the main board [6][7] Group 3: Future Outlook and Strategic Vision - The BSE aims to enhance market attractiveness and service capabilities by optimizing listing mechanisms and exploring diversified financing systems tailored to innovative SMEs [7][8] - The introduction of the North China 50 ETF is expected to broaden the investment landscape and attract more long-term capital, enhancing market liquidity [13][14] - The BSE is positioned to become a global leader in serving SMEs, with a focus on building a comprehensive and impactful trading platform [8][19]

Core Viewpoint - The People's Bank of China (PBOC) has resumed the trading of government bonds, signaling a commitment to maintain a moderately loose liquidity policy, which is expected to positively impact the bond market in the medium to long term [1][2][4]. Group 1: Market Reactions and Implications - The resumption of government bond trading is seen as a clear signal of the PBOC's intention to support a stable liquidity environment and keep market interest rates relatively low [1][6]. - The net injection of 20 billion yuan in October indicates a cautious approach by the PBOC to avoid rapid declines in interest rates, thereby stabilizing market expectations [3][4]. - The bond market is expected to experience a "top and bottom" pattern in the short term, with limited room for significant downward movement in interest rates [7]. Group 2: Economic Stabilization Efforts - The collaboration between monetary and fiscal policies is anticipated to help stabilize the economy, with the PBOC's actions complementing fiscal measures in the fourth quarter [2][4]. - The PBOC's actions are viewed as a response to the current market conditions, which are deemed reasonable, thus reducing the risk of significant increases in market interest rates [3][4]. Group 3: Investment Strategies - Investment firms suggest focusing on medium to high-grade coupon assets, as the current monetary environment is conducive to such investments [6][7]. - A "barbell strategy" is recommended for bond investments, balancing between long and short durations to optimize returns while managing risks [6][7]. - The overall sentiment is that while the bond market may face short-term volatility, the long-term outlook remains positive, encouraging strategic positioning in high-quality assets [5][6][7].

Core Viewpoint - The article emphasizes the advantages of systematic investment plans (SIP) or fund regular investment, particularly for retail investors, highlighting how it can mitigate risks and enhance returns compared to lump-sum investments [6][14][34]. Group 1: Investment Players - The market consists of two main players: retail investors and institutional investors [3][5]. - Retail investors typically have smaller capital and rely on personal experience, while institutional investors have large funds and professional teams for data analysis [5]. Group 2: Advantages of SIP - SIP allows retail investors to average out costs by investing smaller amounts over time, which can lead to better returns when the market rebounds [14][22]. - Retail investors have the advantage of stable cash flow from salaries, making them well-suited for long-term SIP strategies [18]. - SIP helps retail investors avoid emotional trading behaviors, reducing the risk of impulsive losses [20][34]. Group 3: Institutional Perspective - Institutional investors do not typically use SIP because it leads to idle funds and does not utilize their research capabilities effectively [16][17]. - The article suggests that while institutions have professional teams, retail investors benefit from the expertise embedded in the funds they invest in through SIP [22]. Group 4: Risks and Considerations - Choosing the wrong investment products for SIP can lead to losses; it is recommended to select funds with significant volatility and long-term viability, such as broad-based index funds [25]. - The duration of the SIP is crucial; investing for too short a period may result in losses, while holding onto profits for too long without realizing gains can also lead to losses during market corrections [29][30]. - Setting clear profit targets and adhering strictly to the SIP plan is essential to avoid emotional decision-making [32].

Core Viewpoint - The introduction of the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds" and the "Operational Details for Performance Comparison Benchmarks" aims to enhance the constraints of performance benchmarks, curtail "style drift" in funds, and shift the industry focus from "scale competition" to "capability competition," thereby promoting high-quality development in the public fund industry [2][3][19]. Group 1: Impact on Fund Industry - The new guidelines will clarify product positioning, addressing issues of fund homogeneity by ensuring that thematic funds align with corresponding industry indices and that multi-asset funds reflect cross-market allocation characteristics [5][10]. - The guidelines encourage a more stable investment behavior among fund managers, emphasizing long-term performance over short-term trends, which is expected to improve the overall investment experience for investors [5][6]. - The introduction of a multi-dimensional constraint system involving internal controls, independent supervision, and performance evaluation linked to benchmarks will enhance accountability and professionalism within the industry [4][6][19]. Group 2: Challenges in Implementation - Fund managers may face challenges in aligning their investment strategies with the new benchmarks, particularly in balancing short-term volatility with long-term assessments and ensuring effective inter-departmental collaboration [7][8]. - The transition to a new performance evaluation and compensation mechanism may require significant adjustments in the existing frameworks, necessitating a deeper understanding of benchmarks and enhanced risk control models [7][22]. Group 3: Establishment of Benchmark Library - The establishment of a benchmark library, which includes 69 indices in the first category and 72 in the second, aims to standardize the selection of performance benchmarks for new funds, facilitating compliance with the new regulations [11][10]. - The guidelines encourage the use of representative and transparent benchmarks, ensuring that fund managers select benchmarks that accurately reflect their investment goals and strategies [12][13]. Group 4: Long-term Development and Investor Trust - The new regulations are expected to foster a culture of long-term investment and stability in fund performance, enhancing investor trust and improving the overall perception of public funds [14][15][20]. - By linking performance evaluation to long-term benchmark performance, the guidelines aim to mitigate the risks associated with style drift and ensure that fund managers focus on sustainable value creation [16][21].