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 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。 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。 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 ...

Group 1 - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3]. - The top 10 funds with the highest net value growth include: Galaxy Core Advantage Mixed C, Galaxy Core Advantage Mixed A, Taixin Development Theme Mixed, Taixin Modern Service Industry Mixed, HSBC Jinxin Era Pioneer Mixed A, HSBC Jinxin Era Pioneer Mixed C, HSBC Jinxin Research Selected Mixed, Ping An Research Selected Mixed C, Ping An Research Selected Mixed A, and Qianhai Open Source Shanghai-Hong Kong-Shenzhen Innovation Growth Mixed C [2]. - The bottom 10 funds with the lowest net value growth include: Furong Fuxin Mixed A, Furong Fuxin Mixed C, Debang High-end Equipment Mixed Initiated A, Debang High-end Equipment Mixed Initiated C, Qianhai Open Source Jiaxin Mixed C, Qianhai Open Source Jiaxin Mixed A, AVIC Trend Leading Mixed Initiated C, AVIC Trend Leading Mixed Initiated A, Huafu Technology Momentum Mixed C, and Huafu Technology Momentum Mixed A [3]. Group 2 - The Shanghai Composite Index opened lower and experienced horizontal fluctuations, closing with a small decline, while the ChiNext Index also opened lower but rebounded before weakening, with a total trading volume of 2.02 trillion [5]. - The leading sectors included chemical fiber and chemicals, both with gains exceeding 2%, while the telecommunications equipment sector saw a decline of over 2% [5]. - The fund with the fastest net value growth is Galaxy Core Advantage Mixed C, while the fund with the poorest performance is Furong Fuxin Mixed A [6]. Group 3 - The top holdings of the Galaxy Core Advantage Mixed C fund include Maiwei Shares, Haibo Sichuang, and Yiwai Lithium Energy, with a concentration of 56.49% in the top ten holdings [6]. - The top holdings of another fund show significant declines in stocks like Zhejiang Songtai and Sanhua Intelligent Control, with a concentration of 63.04% in the top ten holdings [7]. - The fund's strategy indicates a focus on the new energy sector, despite the mixed performance of its holdings, suggesting a potential shift in investment strategy [6].

Core Insights - The article highlights a significant increase in the scale of secondary bond funds, with a growth of 374.7 billion units in Q3, representing a 56.9% increase. This trend indicates that many investors are entering the market through "fixed income+" products [1]. Group 1: Fund Growth Characteristics - Traditional large firms and emerging players are both experiencing growth. For instance, E Fund's secondary bond fund size increased from 98.8 billion to 128 billion, a rise of 29.2 billion. Meanwhile, new players like China Europe Fund and Yongying Fund also saw their secondary bond fund sizes grow by approximately 29 billion each in Q3 [2]. - There is a parallel growth in low-volatility and high-volatility "fixed income+" products. E Fund had three funds with growth exceeding 5 billion, including E Fund Stable Income and E Fund Yu Xiang Return, which saw increases of 9.9 billion and 5.9 billion respectively [3]. Group 2: Investment Strategy Insights - The article emphasizes the importance of selecting large firms for investment in secondary bond funds due to their superior risk control and professional talent pool. E Fund, for example, has a well-established team of experienced fund managers and has been a pioneer in multi-asset teams [4]. - A notable portion of the increased fund size is attributed to institutional investments, with over 90% of E Fund Yu Xin being held by institutions as of the second quarter [5]. Group 3: Investment Philosophy of Fund Managers - The investment philosophy of fund manager Hu Wenbo is characterized by two main principles: belief in mean reversion and the construction of a "anti-fragile" portfolio. This approach allows for potential gains to outweigh losses in volatile market conditions [6][13]. - Hu Wenbo's strategy includes increasing the allocation to convertible bonds, which rose from 8.4% to 14.82% in Q1 2024, and maintaining a high allocation of over 40% in subsequent quarters, contributing to the fund's strong performance [10][15]. Group 4: Performance Metrics - Under Hu Wenbo's guidance, E Fund Yu Xin achieved a return of 20.52% over the past year, ranking in the top 4% of its category, and a return of 17.44% year-to-date, also placing it in the top 4% [17].

Core Points - The core point of the news is the executive changes at Xingquan Fund, with Zhuang Yuanfang being promoted to Chairman and Chen Jinqian taking over as General Manager, reflecting a continuity in leadership style and investment philosophy [1][4]. Group 1: Executive Changes - Zhuang Yuanfang has been appointed as the Chairman of Xingquan Fund, having previously served as General Manager and Vice Chairman [1][4]. - Chen Jinqian, who has over 26 years of investment research experience, has been appointed as the new General Manager and Financial Responsible Person, succeeding Zhuang Yuanfang [1][6]. Group 2: Company Background - Xingquan Fund was established on September 30, 2003, originally named Xingye Fund, and has undergone several changes in ownership and name, officially becoming Xingquan Fund in March 2020 [1]. - As of the end of Q3 this year, Xingquan Fund's management scale reached 741.432 billion yuan, ranking 18th among 162 licensed public fund institutions in the market, with a non-money market fund scale of 288.832 billion yuan [1][5]. Group 3: Leadership Experience - Zhuang Yuanfang has over 33 years of experience in asset management, having joined Xingye Securities in 1992 and served in various leadership roles, including Vice President and Chairman of Xingquan Fund [1][4]. - Chen Jinqian entered the securities industry in 1999 and has held multiple positions within Xingquan Fund since joining in 2010, including Vice General Manager and Director of Fixed Income [1][6]. Group 4: Industry Context - The year has seen a significant turnover in public fund executives, with over 300 changes reported, including 83 chairpersons and 69 general managers, indicating a high frequency of leadership changes in the industry [7]. - The reasons for these changes include age-related retirements, strategic adjustments to meet competitive pressures, and internal role rotations [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Based on fund holdings, consumption - related funds can be classified into five types, with most fund managers adopting the "segmented track (mainly liquor)" strategy [3]. - Consumption - related funds can generate relatively stable excess returns in the long - term compared to the sector index, are relatively good at stock - picking in certain industries, and it's difficult to identify their stock - picking ability for consumer stocks compared to all - industry funds [3]. - When comparing consumption - related funds with different style characteristics from seven dimensions, high turnover may lead to high returns recently, high - ROE style funds usually have high dividend attributes, etc. [3]. - To screen the observation list of consumption - related funds, quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, etc. can be referred to [3]. 3. Summary According to the Directory 3.1 Classification of Consumption - Related Funds - The classification method is based on the fund's full - position data and heavy - position stock data in a certain sector. For consumption funds, some Hong Kong stocks are additionally included. Most of the top 10 consumption - related funds in terms of scale have some commonalities in allocation [6]. - Consumption - related funds are classified into five types: consumption + satellite, sector rotation, segmented track, consumption rotation, and consumption equilibrium, with "segmented track (mainly liquor)" being the most commonly adopted strategy [3]. 3.2 Holding Characteristics: Can Consumption - Related Funds Create Positive Excess Returns? - As a whole, consumption - related funds have similar performance to the consumption sector index before 2025, and have achieved certain excess returns compared to the index since this year [22]. - Consumption - related funds are relatively good at stock - picking in industries such as household appliances, textile and apparel, agriculture, forestry, animal husbandry and fishery, etc., and have prominent excess returns in some industries during certain periods [23][26]. - It's difficult to determine whether consumption - related fund managers have stronger stock - picking ability for consumer stocks compared to all - industry funds [28]. - Consumption - related funds prefer to allocate liquor in food and beverage, and their individual - stock allocation is relatively stable. They had positions in new - consumption stocks earlier [36]. - Through cluster analysis, different types of consumption - related funds can be identified, such as those focusing on agriculture, forestry, animal husbandry and fishery, those focusing on liquor investment, etc. [39] 3.3 Comparison of Consumption - Related Funds with Different Style Characteristics - In terms of turnover trading, high - turnover consumption - related funds have better short - term performance recently, and some liquor - themed funds with low turnover have return drag. In the long - term, both high - and low - turnover funds have excellent performers [42][44]. - In terms of holding style, funds with high ROE generally have high dividend attributes. Different segmented tracks have significant differences in market - value styles [48][52]. - In terms of holding popularity, the structure of market - preferred stocks in the consumption sector has changed significantly, and there are excellent performers in various types of products [53]. - In terms of left - and right - side investment, consumption - related funds are generally on the right side of the market median, and there are excellent performers on both sides [59]. - In terms of stock - picking ability, by calculating the skewness, kurtosis, and mean/standard deviation of stock - picking returns, funds with strong stock - picking ability can be found [60][62]. - In terms of adaptability to different market environments, different types of products show different adaptability results, and there are products with strong performance in favorable or unfavorable environments [63][65]. - In terms of segmented - track rotation, there are both products with good and poor rotation effects among consumption - related funds [71]. 3.4 Observation List of Consumption - Related Funds - The screening of the observation list refers to quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, left - and right - side investment ability, and segmented - track rotation effect. Other factors such as the fund manager's tenure and fund scale are also considered [75]. - The observation list includes funds like E Fund Long - Term Value, Cathay Pacific Consumption Optimization, Changxin Multi - Benefit, etc. [3][76]

仍是投研出身 备受关注的兴证全球基金新高管名单日前出炉。 根据该公司最新发布的公告，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。 资料显示，庄园芳1992年加入兴业证券，2005年出任兴业证券副总裁，分管公司自营投资、研究、机 构、固定收益等业务板块，2016年出任兴证全球基金董事长，2017年1月兼任总经理，后转任总经理。 历任兴证全球基金管理有限公司副董事长、总经理、财务负责人，现任公司董事长、法人代表。 陈锦泉拥有超26年丰富的投研经验，投资经验覆盖多个类别的资管机构。他1999年进入证券行业，是国 内较早一批证券金融专业科班出生的投资人，2010年加入兴证全球基金，历任兴证全球基金管理有限公 司副总经理、固定收益部总监、专户投资部总监等岗位。现任公司总经理、财务负责人。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 庄园芳是经验丰富的证券业和公募行业老将，亦长期在公司出任管理职务，她升任 ...

11月7日晚，兴证全球基金发布高级管理人员变更公告称，公司总经理庄园芳出任公司董事长、法定代表人，公司副总经理陈锦泉升任公司总经 理，并任公司财务负责人。 | 新任高级管理人员职务 | 总经理、财务负责人 | | --- | --- | | 新任高级管理人员姓名 | 陈锦泉 | | 是否经中国证监会核准取得高管任职资格 | 不适用 | | 中国证监会核准高管任职资格的日期 | 不适用 | | 任职日期 | 2025年11月6日 | | 过往从业经历 | 历任华安证券股份有限公司证券投资总部 | | | 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,自2010年8月加入兴证全球基金 | | | 管理有限公司,历任公司基金管理部基金 | | | 经理、总经理助理兼专户投资部总监、投 | | | 资经理。现任兴证全球基金管理有限公司 | | | 副总经理、固定收益部总监、基础设施投 | | | 资部总监、投资经理。 | | 取得的相关从业资格 | 基金从业资格 | 图片来源：基金公告 资料显示，庄园芳是有着逾33年从业经验的资管老将。1992年，庄园芳加 ...

| 港股通（沪）（亿港元） | 6.46 | | --- | --- | | 港股通（深）（亿港元） | 1.29 | | 港股通合计（亿港元） | 7.75 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 具体来看，港股通（沪）ETF买入及卖出成交额6.46亿港元，港股通（深）ETF买入及卖出成交额1.29 亿港元。（数据宝） 南向资金ETF买入及卖出成交额 （原标题：今日南向资金ETF买入及卖出成交额为7.75亿港元） 今日（11月7日）南向资金ETF买入及卖出成交额为7.75亿港元，较前一日减少30.58亿港元，占南向资 金今日成交额的0.79%。 ...

Core Viewpoint - The article discusses the impact of the recent interest rate cut by the Federal Reserve on various markets, emphasizing the positive effects on global assets, particularly in the context of U.S. dollar-denominated bonds and equities [5][6]. Group 1: Federal Reserve Interest Rate Cut - The Federal Reserve announced a 25 basis point interest rate cut in October 2025, aligning with market expectations, but indicated that a December rate cut is not guaranteed, creating uncertainty in the market [5]. - Following the announcement, the global stock market saw an overall increase of approximately 28%, with the A-share market rising over 50% and the Hong Kong Hang Seng Index increasing over 55% [5][6]. Group 2: Market Reactions and Expectations - The positive market reactions to the interest rate cut were observed even before the official announcement, as markets had anticipated the cut, leading to a rise in asset prices [7]. - The article compares this anticipation to a child expecting a birthday gift, highlighting that market movements often reflect expectations prior to actual events [7]. Group 3: Future Interest Rate Trends - The article suggests that U.S. interest rates are likely to continue decreasing, driven by the substantial debt burden of $38 trillion in U.S. Treasury bonds, which incurs annual interest payments exceeding $1 trillion [8][9]. - It is projected that the 10-year U.S. Treasury yield, currently around 4%, may eventually return to historical averages of 2%-3%, although the timing of this adjustment remains uncertain [10][11]. Group 4: Long-term Considerations - The article warns that while interest rates may decline in the short term, there will be a cyclical nature to interest rate movements, with potential future increases that could negatively impact non-dollar assets [11]. - Historical patterns indicate that interest rates have fluctuated in cycles of approximately 3-5 years, suggesting that investors should remain vigilant about future rate changes [11].

千亿公募兴证全球基金官宣新掌门人。 11月7日晚间，兴证全球基金发布公告称，因公司安排，公司原总经理庄园芳升任董事长，任职日期为 2025年11月7日；公司原副总经理陈锦泉升任公司总经理、财务负责人一职，任职日期为2025年11月6 日。 | 新任高级管理人员职务 | 董事长、法定代表人 | | --- | --- | | 新任高级管理人员姓名 | 庄园芳 | | 是否经中国证监会核准取得高管任职资格 | 不适用 | | 中国证监会核准高管任职资格的日期 | 不适用 | | 任职日期 | 2025年11月7日 | | 过往从业经历 | 历任兴业证券股份有限公司副总裁,自 | | | 2016年5月加入兴证全球基金管理有限公 | | | 司,历任公司董事长及法定代表人等职务。 | | | 现任兴证全球基金管理有限公司副董事 | | | 长、总经理、财务负责人。 | | 取得的相关从业资格 | 基金从业资格 | | 新任高级管理人员职务 | 总经理、财务负责人 | | --- | --- | | 新任高级管理人员姓名 | 陈锡泉 | | 是否经中国证监会核准取得高管任职资格 | 不适用 | | 中国证监会核准高管 ...