Core Insights - Public funds have shown an overall trend of increasing positions in equity assets during the third quarter, particularly in the TMT and power equipment sectors, amidst a rising technology stock bull market [1][3] - There is a notable divergence in the strategies of active equity funds, with some aggressively increasing their positions to capitalize on the bull market, while others have opted to reduce their holdings after achieving certain gains [1][3] Fund Positioning - As of the end of the third quarter, the average stock position of all public funds was 83.28%, an increase of 2.13 percentage points from the end of the second quarter. Mixed open-end funds had an average position of 82.15%, up 1.24 percentage points, while stock open-end funds averaged 90.14%, up 2.26 percentage points [3] - The concentration of holdings among public funds has increased, with stock open-end funds and mixed open-end funds seeing concentration levels rise by 0.94 percentage points and 2.1 percentage points to 56.81% and 57.72%, respectively [3] - By the end of the third quarter, 27 fund companies had products with an average stock position exceeding 90%, with Allianz Fund, Zhuque Fund, and Fidelity Fund having stock positions over 94% [3] Investment Style and Sector Allocation - According to a report by CICC, the market capitalization and growth style preferences of active equity funds have risen in tandem, while value style has seen a significant decline. The concentration of holdings has increased, indicating a more unified market perspective [4] - The TMT sector received an overall increase in allocation during the third quarter, with power equipment, new energy, and non-ferrous metals also seeing significant increases, while reductions were mainly in consumer, financial real estate, and manufacturing sectors [4] Notable Fund Performance - Several funds have significantly increased their positions, with some exceeding 99% stock allocation, including Huaxia Panyi One-Year Mixed Fund and CITIC Construction Investment North Exchange Selected Two-Year Mixed Fund [6] - Funds like Wanji New Opportunities Value-Driven Fund adjusted their holdings from consumer and financial stocks to defensive dividend stocks and domestic technology manufacturing companies, resulting in a stock position increase to 93% by the end of the third quarter [7] - Other funds, such as GF Industry Selection and Jin Xin Quality Growth, also made bold increases in their positions, achieving over 20% gains during the third quarter [8] Cautionary Strategies - Some active equity products have chosen to lock in profits by reducing their positions at high levels, with examples including Huashang Fund's products, which saw a stock position drop to 51% after a significant quarterly gain of approximately 48% [10] - Fund managers have expressed cautious views regarding high valuations in growth sectors, leading to a temporary reduction in positions to manage portfolio volatility, with plans to optimize once market styles shift [10]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index stabilizing around 4000 points, while the CSI 300 Index rose by 0.82% and the ChiNext Index increased by 0.65% [1] - The Hong Kong technology stocks continued to adjust, with the Hang Seng Technology Index declining by 1.2% [1] ETF Market Performance - As of November 7, the total scale of ETFs reached 5.73 trillion yuan, with an increase of nearly 30 billion yuan this week, approaching a year-to-date growth of 2 trillion yuan [2][3] - The ETF market showed a diverse expansion across categories, with stock ETFs increasing by 879.2 million yuan, bond ETFs rising by 607.7 million yuan, and cross-border ETFs growing by 793.7 million yuan [2][3] Notable ETF Trends - Two Brazilian ETFs attracted significant investment, each exceeding 2.5 billion yuan, but only allocated at less than 12% [1][16][17] - The cross-border ETF scale surpassed 900 billion yuan, marking a year-to-date increase of 479.2 billion yuan [18] Specific ETF Growth - The securities company index-linked ETF saw a continuous growth for 14 weeks, with an increase of 3.57 billion yuan this week [5][12] - The Hang Seng Technology Index-linked ETF grew by 5.12 billion yuan this week, with a year-to-date increase surpassing 100 billion yuan [5][8] Fund Management Insights - The top three fund managers, including Huaxia, E Fund, and Huatai-PB, all reported growth in ETF management scale, with E Fund's year-to-date growth exceeding 260 billion yuan [9][10] - Notably, the ETF management scale of E Fund increased by 3.82 billion yuan this week, while other funds like Huabao and Yinhua also saw significant growth [9][10] ETF Product Dynamics - The top-performing ETF this week was the securities ETF from Guotai Fund, which increased by 2.5 billion yuan and has seen continuous growth for 14 weeks [12][15] - Conversely, several ETFs experienced significant declines, including the Nasdaq 100 ETF, which decreased by 2.89 billion yuan [5][12]

Core Viewpoint - The article analyzes three notable quantitative funds: China Merchants Quantitative Selection, Guojin Quantitative Multi-Factor, and Zhongjia Specialized and New, highlighting their distinct investment philosophies, strategies, and performance metrics [3]. Investment Style - China Merchants Fund's Wang Ping emphasizes a stable and balanced investment approach, focusing on multi-factor models to achieve excess returns while controlling deviations from benchmarks [4]. - Guojin Fund's Ma Fang and Yao Jiahong demonstrate a high sensitivity to market style changes, indicating a more aggressive and flexible strategy that captures factor premiums in varying market conditions [4]. - Zhongjia Fund's Lin Muchen targets the "specialized and new" theme, aiming to exploit excess returns in small-cap stocks, particularly when the market stabilizes [5]. Scale and Performance Trade-off - China Merchants Quantitative Selection's scale grew from approximately 3.4 billion to 6.3 billion RMB between the end of 2023 and Q3 2025, achieving a performance of 41.93% in 2025 [6]. - Guojin Quantitative Multi-Factor experienced significant fluctuations in scale, dropping from over 12.1 billion to 3 billion and then recovering to 6.3 billion, with a notable 50.09% annual return in 2025 [6]. - Zhongjia Specialized and New, as a new fund, grew from less than 0.1 billion to nearly 0.5 billion, achieving an impressive 63.12% performance in 2025 due to its small scale and flexibility [6]. Holdings Concentration - The analysis of industry concentration reveals the differing stock-picking styles of the fund managers, with Guojin Quantitative Multi-Factor showing the highest degree of industry dispersion [7][8]. Turnover Rate - Guojin Quantitative Multi-Factor exhibited a very high turnover rate, consistently above 600%, reflecting its active trading strategy to optimize factor exposure [12]. - China Merchants Quantitative Selection maintained a moderate turnover rate between 300% and 500%, aligning with its stable investment style [12]. - Zhongjia Specialized and New reached a turnover rate of 493% in the first half of 2025, indicating a high level of trading activity [12]. Performance and Risk Assessment - In 2025, China Merchants Quantitative Selection achieved a return of 41.93%, while Guojin Quantitative Multi-Factor and Zhongjia Specialized and New recorded returns of 50.09% and 63.12%, respectively [26]. - The maximum drawdown for Guojin Quantitative Multi-Factor was the highest among the three funds, indicating greater volatility [26]. Summary of Key Characteristics - Guojin Quantitative Multi-Factor is characterized as an extreme industry theme rotator, focusing heavily on specific sectors like new energy [36]. - China Merchants Quantitative Selection is described as a stable and balanced strategy fund, aiming for consistent excess returns across various market conditions [36]. - Zhongjia Specialized and New is noted for its focused strategy on small-cap growth, capitalizing on structural opportunities in the market [36].

Core Viewpoint - In the third quarter, public funds showed an overall trend of increasing positions in equity assets, particularly in the TMT and power equipment sectors, amidst a rising technology stock bull market [1][3]. Fund Positioning and Trends - Active equity funds displayed significant differentiation in their strategies, with some funds aggressively increasing their positions to capitalize on the bull market, while others opted to reduce their positions after achieving certain gains [2][10]. - The overall risk appetite of public funds has increased, with an average stock position of 83.28% by the end of the third quarter, up 2.13 percentage points from the end of the second quarter. Mixed open-end funds had an average position of 82.15%, while stock open-end funds reached 90.14%, an increase of 2.26 percentage points [3]. - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 and 2.1 percentage points, respectively, reaching 56.81% and 57.72% [3]. Sector Allocation - According to research from CICC, there was a simultaneous increase in the market value and growth style preference of active equity funds in the third quarter, while the value style saw a notable decline. The TMT sector received an overall increase in allocation, with power equipment, new energy, and non-ferrous metals also seeing significant increases, while reductions were mainly in consumer, financial real estate, and manufacturing sectors [4]. Notable Fund Performances - Several equity funds significantly increased their positions, with some funds exceeding 99% stock allocation by the end of the third quarter, including products managed by Huaxia and CITIC [6]. - For instance, the Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, benefiting from a shift towards technology manufacturing companies [7][8]. - Other funds, such as Guangfa Industry Selection and Jin Xin Quality Growth, also chose to increase their positions and achieved over 20% gains during the third quarter [8]. Caution Among Some Funds - Conversely, some active equity products opted to lock in profits and reduce their positions as the market approached the 4000-point mark. For example, Huashang Fund's products reduced their stock positions from over 90% to 51% by the end of the third quarter, securing gains from the previous quarter [10].

Core Viewpoint - The recent fluctuations in gold prices, particularly around the $4000 per ounce mark, have raised questions about its investment value, with a notable increase in inflows into gold ETFs despite recent price corrections [3][5]. Group 1: Gold Price Movements - After reaching a new high of $4398 per ounce in late October, COMEX gold has since corrected and is currently stabilizing around $4000 per ounce, with a slight increase of 0.42% to $4007.8 per ounce on November 7 [1]. - The total net subscription for gold ETFs has reached approximately 273 million shares since the beginning of November, indicating strong investor interest [4]. Group 2: Fund Inflows and Performance - Several gold ETFs have experienced a rebound, with some products seeing a cumulative increase of over 3% from November 5 to November 7, 2023 [4]. - The largest domestic gold ETF, Huaan Gold ETF, has seen a net subscription of 69.7 million shares, while another ETF, Huaxia Gold ETF, followed closely with 67 million shares [4]. Group 3: Investment Strategies and Outlook - Fund managers suggest that the recent adjustments in gold prices are primarily due to a temporary easing of risk aversion, but the long-term investment logic for gold remains intact [5]. - The ongoing trend of de-dollarization and potential interest rate cuts by the Federal Reserve are expected to support gold's long-term performance, with recommendations for investors to consider a systematic investment approach in gold ETFs, maintaining a portfolio allocation of 5% to 15% [5][6].

记者丨杨娜娜 编辑丨姜诗蔷 兴证全球基金迎来核心管理层调整。 11月7日，兴证全球基金公告称，公司原总经理庄园芳升任董事长，公司原副总经理陈锦泉自2025年11 月6日起担任公司总经理、财务负责人一职。 新任董事长庄园芳是拥有逾33年从业经验的资管老将，也是伴随兴证全球基金及其股东方兴业证券成长 的核心骨干。 兴证全球基金董事长庄园芳 1992年，她加入兴业证券，2005年升任兴业证券副总裁，分管自营投资、研究、机构、固定收益等关键 业务板块，积累了全面的金融机构管理经验。 2016年，庄园芳首次出任兴证全球基金董事长，2017年1月兼任总经理，后转任专职总经理。在2023年 公司董事会换届后担任副董事长、总经理、财务负责人，全面统筹投研、运营与财务工作。 2025年6月，公司原董事长杨华辉因任职年龄原因辞任，庄园芳开始代行董事长职权。 在掌舵公司经营管理十年间，她推动了公司在投研实力、团队建设、产品线拓展及管理规模上的稳步提 升。 对于此次管理层变动，兴证全球基金表示，庄园芳与陈锦泉均在公司任职超十年，彼此拥有多年的合作 默契。此次管理层的平稳更迭，将为公司的持续稳定发展奠定坚实基础。 兴证全球基金成立于2 ...

记者丨杨娜娜 编辑丨姜诗蔷 兴证全球基金迎来核心管理层调整。 11月7日，兴证全球基金公告称，公司原总经理庄园芳升任董事长，公司原副总经理陈锦泉自 2025年11月6日起担任公司总经理、财务负责人一职。 新任董事长庄园芳是拥有逾33年从业经验的资管老将，也是伴随兴证全球基金及其股东方兴业 证券成长的核心骨干。 兴证全球基金董事长庄园芳 在掌舵公司经营管理十年间，她推动了公司在投研实力、团队建设、产品线拓展及管理规模上 的稳步提升。 此次接任总经理的陈锦泉同样出身投研，是国内较早一批证券金融专业科班出身的投资人。 兴证全球基金总经理陈锦泉 1977年出生的陈锦泉，于1999年进入证券行业。历任华安证券投资经理、平安保险资产运营 中心高级组合经理、平安资产管理公司投资管理部副总经理。 2010年，陈锦泉加入兴证全球基金，历任公司副总经理、固定收益部总监、专户投资部总监等 职位。 2011年5月至2015年2月，他曾管理兴全绿色基金，任职年化回报率接近20%，在同期同类基金 中排名前3%（5/229，数据源于银河证券），投资管理能力出色。 兴证全球基金成立于2003年，截至今年三季度末，以超过7400亿元的基金资产 ...

本周 推荐阅读 这周有三份聪投的独家放送。 一个是坚持了4年的"老朋友"，聪明投资者与国泰基金携手的《深夜食堂》。 想起跟一家银行总行产品经理交流时，他说，最适合银行绝大多数客户的产品还是稳健的，要回撤小、 风险控制好，向上的弹性也不能太差。事实上，经过过去三四年的市场，大家对于回撤的感受都要比过 去来得深刻。 不管科技与能源浪潮如何翻涌，一份安心的投资总是压舱石的存在。 但"稳"常常是一种被低估的力量。 其他值得看 1、 刘煜辉最新发声：A股收官阶段的情绪面大概率不具备进攻性，明年布局最看好四个领域，黄金仍 是最好的定投资产…… 2、 当理性成为稀缺品！从霍华德·马克斯最新备忘录，理解杨东陈光明的"封盘"…… 3、 听一位喜欢研究生意经的价值投资者聊聊，如何做AI时代的好朋友 4、 红利的"老友"时刻：在十月的躁动里，它稳稳当当 点击阅读： 深夜食堂第十三季｜在极端市场环境中，如何寻求"稳"的力量 10月28日到30日，毕盛投资（APS）的三十周年庆典论坛上，我们听了全程，各种干货，比如这篇： 一场不容错过的对话！两个"看多中国的人"深谈稀土博弈、制度韧性与中美格局重估…… 以及跟圆桌对话的嘉宾之一张忆东， ...

Core Viewpoint - The recent leadership changes at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, are expected to ensure stable management and continued development of the company [1][3][7]. Group 1: Leadership Changes - Zhuang Yuanfang has been promoted to Chairman of Xingzheng Global Fund, effective November 7, 2025, after serving as General Manager [3][4]. - Chen Jinqian, previously the Deputy General Manager, will take over as General Manager and Financial Officer starting November 6, 2025 [7][8]. Group 2: Background of New Leaders - Zhuang Yuanfang has over 33 years of experience in asset management, having joined Xingye Securities in 1992 and held various leadership roles at Xingzheng Global Fund since 2016 [5]. - Chen Jinqian brings over 26 years of investment experience, having joined Xingzheng Global Fund in 2010 and previously held positions at Huazheng Securities and Ping An Asset Management [8][9]. Group 3: Company Overview - Xingzheng Global Fund was established on September 30, 2003, as a joint venture between Xingye Securities (51% stake) and Dutch Global Life Insurance International Company (49% stake) [5]. - As of the end of Q3 2025, the fund's public management scale reached 741.992 billion yuan [5]. Group 4: Industry Context - The public fund industry has seen a significant turnover in leadership, with 338 changes reported in 136 fund companies as of November 6, 2025 [10]. - The frequent changes in management reflect regulatory requirements and internal development stages, impacting stability and investor confidence [10].

投资小红书-第255期 "泉果视点"上的那条讣告下，数百条评论寄托了亲朋好友还有那些不曾谋面但深受其思想影响的投资者 的哀思。 泉果基金创始人王国斌，这位有着31年经验的投资老将，憾别了他热爱的人间。他身上最鲜明的 标签是中国资管行业传奇人物，曾一手打造了管理规模超过千亿元的东证资管。但比地位和成绩 更重要的是，他的"立德、立功、立言"让他成为中国资本市场历史上不会被忘却的人物。 就如从容投资吕俊所说："王国斌的事业也不全是一帆风顺的，也遇到过波折。面对挑战，感觉他 蛮有担当的，钦佩。人的一生不在于长短，在于物质上和精神上是否富足，他过得不差。" 王国斌离开了，但他呕心沥血搭建的投研团队体系和平台还在发挥力量。泉果桃源这只公募专户 产品在机制上安排的是"铁三角"管理模式，投资经理除了王国斌外，还有姜荷泽和周琳两位从业 经验均超过20年的投资老将。今年9月，产品也由原来的三年持有期改为了三个月持有期，更加灵 活。另外，记者在泉果基金官网上看到，其旗下的公募产品净值全部为正，部分产品净值还在创 新高。 为资本市场"立言" 王国斌开始从事券商自营和资管事业的年代，正是中国资本市场的草莽年代，就像19世纪末美国 股市 ...