今天晚间，网传某基金公司"两位基金经理发生冲突"，直指鹏华基金经理闫思倩、王子建，两位基金经理分别回应，有关发生冲突的谣言在网络传 播，相关内容属于恶意诽谤，严重与事实不符。 ...

他提到，首先，全新的商业化产品催生了全新的增量需求，比如机器人、智能驾驶等产业链上，众多专 精特新企业因应国内产业链的需求和发展，获得了大量优质订单，提振业绩；其次，AI技术也为许多 传统行业带来了增量需求。中国作为拥有全工业门类的国家，提供了广阔的产业革新改造市场。 此外，他强调，专精特新企业大部分是位于上游的新材料、专用设备、核心零部件、科学仪器、原材料 等环节。在本轮国产替代/自主替代的浪潮中，这些企业更有望显著受益。 人民财讯11月6日电，11月16日，在北交所机构投资者交流会上，创金合信基金经理王先伟在发言中表 示，北交所专精特新企业将是本轮AI技术浪潮红利的受益者。 ...

Core Viewpoint - The number of active equity fund managers managing over 10 billion yuan has rebounded to 109, marking a nearly one-third increase from the previous quarter, indicating a significant expansion in the industry [4][5]. Group 1: Fund Manager Expansion - As of the end of Q3, there are over 1,720 active equity fund managers, with 109 managing over 10 billion yuan, a substantial increase from the previous quarter [5]. - New fund managers, such as Ren Jie from Yongying Fund, have seen rapid growth, with his fund returning 198.11% year-to-date, leading to a surge in managed assets from 0.26 million yuan to 12.878 billion yuan [6]. - Established managers like Zhang Kun from E Fund and Xie Zhiyu from Xingzheng Global Fund have also regained significant asset management sizes, with Zhang managing 56.544 billion yuan, and both Xie and Ge Lan returning to the 40 billion yuan tier [6][8]. Group 2: Investor Sentiment and Redemption Trends - Despite the recovery in fund sizes, investor sentiment remains cautious, with a notable trend of "profit-taking" leading to net redemptions of over 33 billion units from top fund managers' products [7]. - Many fund managers are experiencing growth due to association with larger, well-performing funds, as seen with Zhao Lei from China Europe Fund, who entered the 10 billion yuan club after being appointed to manage a successful fund [7]. Group 3: Industry Dynamics and Future Outlook - The current landscape shows a shift from the "star-making" era to a focus on platform-based strategies, with a recognition of the challenges posed by large asset sizes [10][12]. - The industry is moving away from the "star fund manager" model, emphasizing a more integrated and multi-strategy research approach to mitigate risks associated with large fund sizes [10][11]. - The fee structure and performance assessment mechanisms are evolving, with some fund managers opting to limit rapid growth to maintain operational effectiveness and avoid the pitfalls of short-term performance-driven investments [11][12]. Group 4: Market Trends and Investment Strategies - The A-share market is experiencing a steady upward trend, with increased investor enthusiasm for equity markets, particularly in technology sectors [13]. - Fund managers like Chen Ying anticipate continued high-risk appetite in the market, although potential profit-taking may lead to a more volatile environment in Q4 [13]. - Long-term investment strategies are focusing on sectors like innovative pharmaceuticals, with managers like Ge Lan highlighting the importance of quality and innovation in driving industry growth [15].

Core Insights - The article emphasizes the increasing demand for investment and financial literacy among residents in the Guangdong-Hong Kong-Macao Greater Bay Area, driven by a more active capital market and improved investor confidence [1] - The "Guangdong-Hong Kong-Macao Greater Bay Area Investment Open Class" series is launched to address these needs, focusing on active capital markets and boosting investor confidence [1] - The capital market in 2025 is expected to present structural opportunities, with a gradual economic recovery and stable corporate earnings, particularly highlighting the strong performance of the Hong Kong stock market [1] Group 1: Investment Strategies and Market Outlook - The upcoming investment open class will feature discussions on "Fixed Income +" investment strategies and market outlook, led by experts from Da Cheng Fund [3] - The second theme will focus on the prospects of the Hang Seng Technology Index and the Hong Kong stock market, indicating potential new opportunities [3] Group 2: Event Details - The event is supported by the Shenzhen Securities Association and Da Cheng Fund, showcasing collaboration within the financial industry [2] - The program will be broadcasted on multiple platforms, including the official video account of China Fund News, ensuring wide accessibility for participants [3]

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report The report suggests that the expansion of wealth management products represented by "fixed income +" will reshape the stock - bond investment landscape. The market is in the second stage of stock - bond allocation re - balancing, with individual investors represented by wealth management "fixed income +" products taking over the institutional market. Wealth management is undergoing profound changes in both asset and liability ends, and the proportion of equity assets in wealth management products is expected to rise to 4% - 6%, which will bring incremental funds to the equity market [4][8][53]. 3. Summary According to Relevant Catalogs 3.1. Wealth Management Corrects Investment Model: Profound Changes at the Asset and Liability Ends - Investor structure: Wealth management products directly meet the allocation needs of residents, with individual investors accounting for over 98%. As of 25H1, the proportion of individual investors in wealth management was much higher than that in public funds [12]. - Three key values of wealth management products: - Excess return of about 1% compared to 3 - year fixed - deposits. Since 2022, the rapid decline in deposit rates has led to the rapid expansion of wealth management scale. The average excess return of wealth management products over 1 - year and 3 - year fixed - deposits since 2023 has been 1.49% and 0.99% respectively [15]. - The maximum tolerable drawdown of the liability end of wealth management products is around 0.5%. After the full implementation of the net - value system in 2022, there were two large - scale drawdowns and redemptions. Since 2023, through various means, the drawdown has been effectively controlled [18]. - The net - value volatility of wealth management products is around 0.6%. In recent years, the volatility of wealth management products has been significantly lower than that of fixed - income funds, and it has decreased significantly after the 2022 redemption wave [21]. 3.2. The Surge of "Fixed Income +" Products: Liabilities Determine Investment, and Wealth Management Returns to the Position of Residents' "Full - Asset Custody" - New growth points: Since this year, "fixed income +" funds and hybrid wealth management products have become new growth points. Currently, there may be a gradual shift from time deposits to money funds, cash wealth management, and then to fixed - income products, "fixed income +" products, and equity products [24]. - Changes in asset characteristics: - For bond - type assets, the coupon rate has decreased, the contribution of capital gains has increased, and the volatility has risen. The proportion of high - coupon (above 3.5%) credit bonds has dropped from 30% - 50% in 2022 to less than 5% currently [28]. - Among other interest - bearing assets, the scale of non - standard assets has been continuously compressed, and the deposit rate has decreased. In 2025H1, the average yield of non - standard assets decreased by 47BP year - on - year [32]. - There is significant room for wealth management to increase its equity asset allocation. In 25Q3, the scale of equity assets after penetration was 720.9 billion yuan, accounting for 2.10% of total investment assets, the lowest since 2021 [35]. 3.3. Product Design Perspective: The Proportion of Wealth Management Equity Assets is Expected to Rise to 4% - 6% - Static calculation: Based on the 2025H1 wealth management asset allocation structure, under the 2.25% performance benchmark, the required annualized return of 2.40% equity assets is 13.83%. If the equity asset proportion gradually rises to 4% and 6%, the required contributions of equity assets are 9.15% and 6.74% respectively [40]. - Dynamic perspective: By constructing an investment portfolio with bond - type assets, cash, non - standard assets, and equity for back - testing, adding 4% or 6% of broad - based equity assets can enhance the portfolio's return while maintaining good risk indicators [42][44]. 3.4. Reshape the Stock - Bond Investment Landscape: Dumbbell - Shaped Wealth Management Products, and the Surge of "Fixed Income +" Affects the Investment Aesthetics of Equity Institutions - Wealth management scale: Considering the maturity of time deposits and the new regulations on public fund redemption fees, the wealth management scale is expected to continue to expand rapidly. It is estimated that the wealth management scale in 2026E and 2027E will be 33.76 trillion and 35.46 trillion respectively, with investment asset increments of 1.74 trillion and 1.83 trillion [49]. - Incremental funds in the equity market: Assuming that the proportion of wealth management equity investment assets gradually rises to 4% and 6%, the annual incremental funds in the equity market in 2026E and 2027E will be 616.796 billion and 832.601 billion respectively [51].

Group 1: Semiconductor Industry - The semiconductor industry chain experienced a significant rebound, leading the market with the top ten ETFs being semiconductor and chip-related [1][4] - The Semiconductor Equipment ETF (561980) rose by 4.85%, marking the highest increase among all ETFs, while the Semiconductor Industry ETF (159582) increased by over 4.8% [4][5] - The surge in the semiconductor sector is primarily driven by rising prices of storage chips, with major storage companies halting DDR5 contract quotes, resulting in a 25%-30% increase in spot prices within a week, the largest weekly gain this year [4][5] Group 2: Bond Market - The bond market sentiment has significantly improved, with bond ETFs showing active trading, including six bond ETFs among the top ten by trading volume [2][8] - The Short-term Bond ETF recorded the highest trading volume at 314.13 billion, while the two major technology bond ETFs exceeded 100 billion in trading volume [8][9] - The issuance of technology bonds is expected to enhance the profitability of companies, potentially leading to increased bond values and ETF net asset growth [9] Group 3: Hong Kong Stock Market - The Hong Kong technology sector is attracting significant capital, with ETFs tracking the Hang Seng Technology Index seeing a net inflow of 34.89 billion on November 5 [3][10] - The Hang Seng Technology ETF (513130) received a net inflow of 12 billion, while the Hang Seng Technology Index ETF (513180) saw over 9 billion in net inflow [10][11] - The market is viewed as a potential opportunity for investment due to improved liquidity, industry catalysts, valuation advantages, and profit expectations [10] Group 4: ETF Market Overview - The total trading volume of ETFs reached 4377.97 billion, a decrease of over 600 billion from the previous day [8] - The market is witnessing a continuous inflow of funds into semiconductor-related ETFs, indicating strong market interest and optimistic expectations for the semiconductor equipment sector [12]

红星资本局11月6日消息，今日有网传消息称，鹏华基金旗下两位基金经理闫思倩和王子建在办公室互殴，然后报警、送医院了。 11月6日晚间，红星资本局从鹏华基金了解到，两名基金经理均发朋友圈否认此事，称相关内容属于恶意诽谤，严重与事实不符。 历任基金经理 > 红星资本局注意到，闫思倩为鹏华基金旗下知名基金经理。今年上半年，闫思倩管理的鹏华碳中和主题基金因布局人形机器人板块取得了亮眼业绩，吸引了 大量投资者，基金规模突破了百亿元，也让闫思倩在基民中"出圈"。 资料显示，闫思倩有超过14年证券从业经历，曾任华创证券、中银国际证券分析师，工银瑞信基金研究员、基金经理。2021年，她凭借在新能源产业链的投 资表现，被市场称为"新能源女神"。2022年初，闫思倩从工银瑞信基金离职，加入鹏华基金，现担任权益投资三部总经理、投资总监、基金经理。 天天基金网数据显示，截至今年三季度末，闫思倩共管理6只基金，合计规模为208.02亿元。其中，她与王子建共同管理的产品为鹏华创新未来混合 （LOF） 。闫思倩自2023年3月开始管理该基金，王子建在今年7月9日加入。 章等经理 闫恩倩 从业7年又273天 年化回报20.43% 深耕新能源 ...

Core Insights - The number of fund managers managing over 10 billion yuan has increased significantly, reaching 109 by the end of Q3, marking a nearly one-third increase from the previous quarter [1][2] - The industry is transitioning from a "star-making" model to a "platform" strategy, indicating a shift in focus from individual fund managers to a more collaborative approach [1][9] - The era of "trillion-level" top fund managers is unlikely to return, as the highest management scale among current fund managers has not exceeded 600 billion yuan, a significant drop from previous peaks [9][10] Fund Manager Performance - Notable fund managers like Zhang Kun, Xie Zhiyu, and Ge Lan have seen their management scales rebound, with Zhang Kun managing 565.44 billion yuan, an increase of nearly 15 billion yuan in a single quarter [3][4] - Newer fund managers, such as Ren Jie from Yongying Fund, have rapidly increased their management scales, with Ren's scale growing from 0.26 billion yuan to 128.78 billion yuan in just over a year [2][7] - Despite the growth in management scales, many top fund managers still face net redemptions, with over 330 billion units redeemed across their products in Q3 [6][11] Industry Dynamics - The current landscape features a mix of large institutions and emerging mid-sized firms, with companies like Yongying and Jinying successfully entering the "billion club" [1][7] - The top fund managers are distributed across 38 fund companies, with seven companies having five or more billion-yuan fund managers, accounting for nearly half of the total [6][10] - The industry is increasingly aware of the "double-edged sword" of scale, with many fund managers opting to limit rapid growth to maintain operational effectiveness and avoid the pitfalls of excessive scale [10][11] Market Outlook - The A-share market is experiencing a steady upward trend, with increased investor enthusiasm and significant inflows into equity markets, particularly in technology sectors [12][13] - Fund managers express cautious optimism about the market, predicting potential new highs while acknowledging the risks of profit-taking due to previous gains [12][13] - Long-term investment strategies focus on sectors like innovative pharmaceuticals and consumer healthcare, driven by structural changes in the economy and supportive policies [14]

北京商报讯（记者 刘宇阳）11月6日，浙江证监局发布公告称，经查，浙江益祥资产管理有限公司（以下简称"益祥资产"）在开展私募基金业务中，存在担 任普通合伙人和执行事务合伙人的部分有限合伙企业存在对外募集资金并投资的行为，且未在中国证券投资基金业协会办理私募基金备案；向不合格投资者 募集资金；募集过程中存在宣传保本保收益情形；开展具有滚动发行、集合运作、期限错配、分离定价等特征的资金池业务等行为。 上述行为违反了相关规定，浙江证监局决定对益祥资产采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 同时，浙江证监局指出，楼公望作为公司法定代表人、执行董事，未勤勉谨慎履行相关职责与义务，对公司上述问题负有主要责任，决定对其采取出具警示 函的监督管理措施，并记入证券期货市场诚信档案。 ...

Core Viewpoint - Asset allocation is a complex and multi-dimensional task, often referred to as "physical labor" due to the extensive research required to achieve effective configurations [1][2][27]. Group 1: Passive vs. Active Allocation - Passive allocation, which relies on diversification to reduce volatility, faces challenges in practice, particularly for domestic investors due to limited asset classes and the poor performance of key assets like A-shares [5][9][27]. - Active allocation aims to enhance returns beyond passive strategies by making informed predictions about expected returns, addressing the shortcomings of passive allocation [2][27]. Group 2: Issues with Passive Allocation - Determining expected returns using historical data can lead to "chasing performance," where investors favor assets that have recently performed well, skewing allocation models [5][9]. - The correlation between assets is not stable; for instance, the historical negative correlation between U.S. stocks and bonds has weakened since the 2008 financial crisis, impacting the effectiveness of diversification [6][9]. - The performance of passive allocation is heavily dependent on the underlying assets' returns and their correlations, which can be problematic in markets with limited asset classes [9][27]. Group 3: The Complexity of Active Allocation - Active allocation involves timing decisions, which many investors find challenging, leading to skepticism about its feasibility [17][19]. - While achieving a high accuracy rate in timing is difficult, even a modest success rate can significantly enhance investment returns when combined with sound risk management [18][19]. - The macroeconomic drivers influencing asset performance can change, necessitating continuous adjustments to research frameworks and strategies [21][27]. Group 4: Multi-Dimensional Decision Making - Effective asset allocation requires multiple low-correlation return streams to improve the probability of successful outcomes, as relying on a single asset is often insufficient [22][23]. - A structured decision-making framework that incorporates both strategic and tactical allocations can enhance the robustness of investment strategies [23][24]. - Strict risk budgeting is essential to ensure that asset allocations align with the overall risk tolerance of the portfolio, preventing forced liquidations during market fluctuations [24][25].