1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - Secondary bond funds have diverse strategies and significant differences in risk - return indicators. Higher -仓位 products generally perform better in 2025, with products having an excessively high convertible bond position achieving an average return of 14.43%, while low -仓位 products only have an average return of 3.88% [3][4]. - There are four strategies to select offensive secondary bond funds: high -仓位 convertible bond strategy, growth - style strategy, Hong Kong stock strategy, and tool - type product strategy [3][10]. 3. Summary by Related Catalogs 3.1 Strategy 1: High -仓位 Convertible Bond Funds - High -仓位 convertible bond funds vary in style. There are currently 64 secondary bond funds with an average convertible bond position exceeding 30%, including conservative, aggressive, and extreme - style products [20]. - A three - dimensional selection system is used to evaluate high - elasticity products based on three core indicators and five sub - indicators, focusing on high elasticity, good holding experience, and high cost - effectiveness [19][20]. - Some high - performance high -仓位 convertible bond funds are recommended, such as Huabao Enhanced Income A, with a 924 - since return of 50.44%, and Guangda Tianyi A, with a 924 - since return of 55.05% [22]. 3.2 Strategy 2: Growth - Style Funds - Growth - style funds are identified by a weighted average stock PE above 30 times. Fund evaluation focuses on holding experience (number of new high days, maximum drawdown recovery speed) and risk - return cost - effectiveness (Sharpe ratio) [52]. - Many growth - style secondary bond funds are listed, such as Invesco Great Wall Jinyi Yuli A, with a 924 - since return of 8.53%, and Penghua Enjoy A, with a 924 - since return of 11.92% [51]. - Different investment strategies of growth - style funds are analyzed, including industry rotation (e.g., Yongying Steady Enhancement, Huashang Credit Enhancement), industry concentration and stock dispersion (e.g., Huashang Credit Enhancement, Huashang Anheng), and the balance between booming growth and quality growth (e.g., Invesco Great Wall Jinyi Fengli, Penghua Double Debt Plus) [55][58]. - Some growth - style funds' investment in popular technology tracks is studied. For example, Yongying Steady Enhancement invests more in the cloud - computing theme, and Xingye Income Enhancement invests more in the semiconductor theme [64][65]. 3.3 Strategy 3: Hong Kong Stock Strategy Funds - The proportion of Hong Kong stock investment in secondary bond funds has been increasing continuously, reaching 11.21% in Q3 2025. Secondary bond funds invest in Hong Kong stocks through the Hong Kong Stock Connect, with an investment limit of up to 50% of the stock assets [98][99]. - Some secondary bond funds with relatively stable Hong Kong stock positions are mentioned, such as Huatai - PineBridge Double - Xin Tianli, Invesco Great Wall Jinyi Zunli, and China - Europe Fengli [99]. - The investment style of Hong Kong - stock secondary bond funds focuses on scarce, low - valuation, high - dividend, and high - quality growth stocks. They do not only invest in scarce Hong Kong - listed assets but also in stocks listed in both Hong Kong and A - shares, and prefer sectors such as technology innovation, finance, and medicine [100][103]. 3.4 Strategy 4: Tool - Type Products - Some secondary bond funds have clear track/style characteristics, such as the dual - innovation strategy (e.g., Fuguo Xingli Enhancement, Penghua Enjoy (Science and Technology Innovation 100 Enhancement)) and the micro - cap strategy (e.g., CITIC Prudential Anxin Return) [3]

继央行行长在2025金融街论坛年会上表示"将会恢复国债买卖操作"后，11月4日中国人民银行发布的 2025年10月中央银行各项工具流动性投放情况显示，公开市场国债买卖净投放200亿元。这也意味着自 今年1月起暂停的国债买卖操作已恢复。 从新一期基金评级结果看，成立来季季飘红的汇安永福90天持有期中短债债券A（010577），同时荣膺 国泰海通证券三年期五星评级+天相投顾三年期五A评级；参与可转债投资的汇安嘉诚债券A （007609）则获得银河证券三年期五星评级。（基金评级数据来源：国泰海通证券-《国泰海通证券三 年、五年、十年综合系列基金评级》，计算截止日期2025.10.31，发布日期2025.11.02；银河证券-《银 河证券基金评级结果》计算截止日期2025.9.30，发布日期2025.10.22；天相投顾-《天相基金产品评级结 果》计算截止日期2025.9.30，发布日期2025.10.14）。 据三季报统计，截至2025年9月30日，汇安永福90天持有期中短债债券A自2022年5月10日成立至今，连 续13个季度实现正收益，且最大回撤控制在-0.3%左右。汇安嘉诚债券A过去一年收益率18.00%，对 ...

投资界11月7日消息，近日，四川省成都市产投电子信息重大产业化项目股权投资基金合伙企业（有限合伙）成立，出资额100亿元，经营范围包含以私募基 金从事股权投资、投资管理、资产管理等活动。 （图片来源：天眼查截图） 该基金由四川省先进制造投资引导基金合伙企业（有限合伙）、成都产业投资集团有限公司、成都先进制造产业投资有限公司、成都国芯产兴投资合伙企业 （有限合伙）、成都高新策源启航股权投资基金合伙企业（有限合伙）、成都高新区恒泰润和企业管理中心（有限合伙）和成都先进资本管理有限公司共同 出资。该基金执行事务合伙人为成都先进资本管理有限公司。 ...

中国经济网北京11月7日讯 今日，博时基金发布关于调整博时中证银行交易型开放式指数证券投资 基金募集期的公告。 （责任编辑：康博） 该基金拟任基金经理赵云阳2003年至2010年在晨星中国研究中心工作。2010年加入博时基金管理有 限公司，历任量化分析师、量化分析师兼基金经理助理，2012年11月13日起任基金经理。 公告称，博时中证银行交易型开放式指数证券投资基金（基金代码：159253，场内简称：中证银行 ETF）于2025年11月3日开始募集，原定募集截止日期为2025年11月7日。其中，网下现金认购和网上现 金认购的日期均为2025年11月3日至2025年11月7日。 现决定将该基金募集期调整为2025年11月3日至2025年11月28日。其中，网下现金认购和网上现金 认购的日期均为2025年11月3日至 2025年11月28日。 ...

| 基金名称 | 鹏华稳健增利债券型证券投资基金 | | --- | --- | | 基金简称 | 鹏华稳健培利债券 | | 基金主代码 | 016889 | | 基金管理人名称 | 鹏华基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金 管理公司投资管理人员管理指导意见》等相关法规的 规定。 | | 其令经由拿更素和 | 增聘基金经理,基金经理离任 | | 新任基金经理姓名 | 王石千 | | 共同管理本基金的其他基金经理姓名 | | | 离任基金经理姓名 | 杨雅洁 | 中国经济网北京11月7日讯 今日，鹏华基金公告，鹏华稳健增利债券增聘王石千，杨雅洁离任。 （责任编辑：康博） 王石千2014年7月加盟鹏华基金管理有限公司，历任固定收益部高级债券研究员、债券投资一部基 金经理、副总经理/基金经理。现担任多元资产投资部总经理/基金经理。 鹏华稳健增利债券A/C成立于2023年1月16日，鹏华稳健增利债券E成立于2024年9月23日，截至 2025年11月6日，其今年来收益率为0.30%、0.21%、0.18%，成立来收益率为6.42%、2.36%、1.46%，累 计净值 ...

Group 1 - The market is expected to enter a phase of "self-centered" development following the recent US-China meeting, with a focus on domestic economic indicators and the "14th Five-Year Plan" [1] - The "14th Five-Year Plan" emphasizes upgrading traditional industries, technological self-reliance, and boosting domestic demand, which are key areas for investment [1] - The A-share market is likely to experience a period of consolidation after reaching a high point, with potential investment opportunities in the energy storage industry, cyclical industries, and traditional manufacturing upgrades [1] Group 2 - The market is anticipated to have a volatile performance in November, with limited upward and downward movement, focusing on sectors with reversal expectations such as AI applications and innovative pharmaceuticals [2] - Despite recent underperformance, the medical technology sector, including AI healthcare, is seen as a potential area for capital rotation, especially if industry trends continue to evolve positively [3] - There is a cautious optimism regarding the financial sector, with banks and insurance companies expected to see performance improvements in the coming year [5] Group 3 - Consumer demand is projected to have opportunities in the coming year due to low stock prices and a low base in consumption this year, suggesting potential for valuation recovery [6] - The long-term outlook for the non-ferrous metals sector remains positive, with expectations of upward price movements due to supply constraints [6] - The overseas expansion of Chinese companies in capital goods and consumer goods is viewed as a significant opportunity for growth [7] Group 4 - The market is expected to maintain a cautious optimism in the short term, with limited new capital inflow but a significant amount of capital waiting for a market correction to enter [8] - There is a focus on sectors with independent industrial logic and low correlation to overall economic trends, indicating a potential for structural market performance [9] - The ongoing US-China trade tensions are likely to lead to a prolonged period of market adjustments, with an emphasis on self-sufficiency and resource value reassessment [9]

Group 1 - The A-share market showed a fluctuating upward trend in October, with the Shanghai Composite Index successfully breaking the 4000-point barrier by the end of the month. However, there was a noticeable structural differentiation in the market, with cyclical industries leading the gains while the technology sector experienced a pullback. The current domestic economic growth is entering a recovery phase, and the "slow bull" pattern in A-shares is expected to continue, particularly with the release of the "14th Five-Year Plan" providing guidance for medium to long-term investments, focusing on technological self-reliance and the construction of a modern industrial system [1] - Fund managers in the "Technology+" investment field are committed to uncovering investment opportunities arising from the wave of technological innovation, aiming to make "timely investments" that accompany investors towards the "new" [1] Group 2 - Following the completion of the third-quarter reports, there is an increasing divergence in the market, particularly in the overseas computing power sector, where some individual stocks reported lower-than-expected earnings. The upward trend in stock prices has temporarily ended, and the market is expected to experience a period of fluctuation. Currently, the market is focusing on the energy storage sector, but its sustainability until the end of the year remains uncertain [2] - The market is in a phase where the main lines are unclear, with expectations of limited downside for the overall market. However, caution is advised for previously high-performing sectors, with a focus on opportunities in AI and terminal applications [3] Group 3 - In October, the technology leaders experienced a pullback, while dividends and micro-plate stocks saw a rebound. The shrinking trading volume indicates that previous profit-taking has begun, leading the market to actively seek defensive and low-position rebound targets. The market's risk appetite may decline, and attention should be paid to stocks with low positions and supported earnings and valuations, particularly in the AI industry chain related to consumer electronics and IC design [4] - As various positive factors have been largely priced in, the overall market momentum is expected to weaken, maintaining a fluctuating trend. The market style may shift back to a combination of dividends and themes, with a focus on the military industry, which has seen limited gains this year and may have potential catalysts related to military trade [5] Group 4 - Caution is advised for the overall market before the end of the year due to significant gains since the beginning of the year. The market may exhibit a more balanced style, with low-position industries potentially offering relative returns. Current investment opportunities are focused on AI applications, which have made progress across various sectors, as well as other potential opportunities such as the Huawei sector and domestic production in critical areas like industrial mother machines and semiconductor localization [6][10] - The AI sector remains a core focus, with the "computing, connection, storage" triad guiding multiple investment lines. The AI sector is expected to have catalysts in the near future, and attention should be paid to stocks that have seen significant declines and those showing upward trends in third-quarter earnings [10][11] Group 5 - The technology innovation sector is viewed as a crucial engine for market growth, with expectations of a rebalancing in the market structure. Key areas of focus include opportunities in infrastructure related to computing power, such as computing chips and optical communication, as well as the potential for explosive growth in AI-enabled products and applications [12]

Group 1 - The article discusses the increasing volatility in the A-share market due to multiple risk factors, leading investors to struggle between risk control and seeking returns [1] - The "Fixed Income +" fund category is highlighted as a potential solution for investors looking for stability and returns in a low-interest-rate environment [1] - Great Wall Fund is launching the Great Wall Fengze Bond Fund, which aims to provide a classic "Fixed Income +" structure with a focus on bond foundation and equity enhancement [1][2] Group 2 - The Great Wall Fengze Bond Fund will allocate at least 80% of its assets to fixed income, with 5%-20% in stocks and convertible bonds [2] - The fund manager, Zhang Zhen, emphasizes a "three-tier" investment system focusing on medium to low volatility strategies, aiming for stable coupon income and opportunistic long-duration bond trading [2][3] - Zhang Zhen has over 11 years of experience in the securities industry and more than 8 years in public fund management, making him a versatile member of the Great Wall Fund's fixed income team [2] Group 3 - The article provides performance data for similar funds managed by Zhang Zhen, showing significant returns and lower volatility compared to benchmarks [3][4] - The Great Wall Stable Income Fund achieved a one-year return of 7.48%, outperforming its benchmark of 4.27%, with a lower annualized volatility of 2.43% compared to 4.47% for similar funds [3] - Looking ahead, the article suggests that the bond market may present value opportunities, while the equity market could benefit from macroeconomic recovery and supportive policies [3]

在长城稳固收益债券2025年基金三季报中，基金经理张棪表示，三季度，国内经济基本面仍处于弱复苏 过程中，资金面整体相对平稳，但债券收益率上行显著。张棪认为，收益率上行有以下几个原因：一是 2024年以来债券收益率整体下行幅度较大，部分透支了货币政策宽松预期；二是三季度权益市场上涨显 著，风险偏好明显改善；三是公募基金销售新规等有关费率规则的调整引起了部分投资者的担忧。从结 构上看，长端和超长端利率调整明显大于短端，信用债跟随利率债上行而波动。针对权益市场，张棪表 示，三季度权益市场呈现高收益、低波动的特点，科技成长风格上涨显著。可转债整体方向上和股票一 致，呈现震荡上涨走势。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或 ...

Group 1: Fund Market Overview - The cross-border ETF market has surpassed 900 billion yuan, reaching 915.47 billion yuan as of November 6, with an increase of 491.25 billion yuan since the beginning of the year and 48 new products launched [1] - The number of active equity fund managers managing over 10 billion yuan has increased to 109 by the end of Q3, a nearly one-third expansion compared to Q2. This number has risen to 112 with new products launched in Q4, driven primarily by performance [2] - Ten funds that had a net value below 0.6 yuan at the end of last year have seen their net value return above 1 yuan as of November 5, with one fund achieving a year-to-date return of 137.02% [3] Group 2: ETF Market Performance - The market experienced fluctuations, with all three major indices retreating after initial gains. The lithium battery sector surged in the afternoon, while the chemical sector continued to rise, and the organic silicon sector showed strength. Conversely, the robotics sector declined [5] - Chemical-related ETFs saw gains exceeding 3%, while internet-related ETFs in the Hong Kong market dropped over 2% [6][8] Group 3: Notable Fund Manager Updates - Fund managers Yan Siqian and Wang Zijian from Penghua Fund denied rumors of a conflict, stating that the claims are malicious defamation and urging the public to stop spreading false information [4] Group 4: Investment Opportunities - Current chemical product prices and spreads are at low levels, with leading companies' valuations also at the bottom. The strong safety margin in valuations, combined with the integrated supply chain and cost advantages of leading companies, suggests potential for profit and valuation recovery in core chemical assets [10]