中国经济网北京11月6日讯今日，平安基金公告，平安资源精选混合发起式增聘陈默。 平安资源精选混合发起式A/C成立于2025年10月13日。 | 基金名称 | 平安资源精选混合型发起式证券投资基金 | | --- | --- | | 基金简称 | 平安资源精选混合发起式 | | 基金主代码 | 025650 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办 | | | 法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 陈默 | | 共同管理本基金的其他基金经理姓名 | 前焉 | | 离任基金经理姓名 | - | 陈默曾任西部证券（002673）研究发展中心研究员、世纪证券投资交易部研究员、海港人寿保险股票投 资部研究员。2024年1月加入平安基金管理有限公司，现任权益研究部高级研究员，同时担任平安资源 精选混合型发起式证券投资基金基金经理。 ...

Market Overview and Analysis - The primary market saw the issuance of government bonds, local government bonds, and policy financial bonds amounting to 0 billion, 270.7 billion, and 142 billion respectively, with net financing of 0 billion, 178 billion, and 142 billion [1] - Financial bonds (excluding policy financial bonds) totaled an issuance of 92.1 billion with a net financing of 24.7 billion, while non-financial credit bonds had an issuance of 218.7 billion and a net financing of 3.6 billion [1] Secondary Market Review - The central bank announced the resumption of government bond trading operations, leading to a decline in bond market yields, influenced by signals of monetary easing and weak economic data [2] Liquidity Tracking - As the month-end approaches, the funding environment remains stable, with R001 and R007 rates rising by 2.7 basis points each compared to the previous week [3] Policy and Fundamentals - The October manufacturing PMI indicates significant downward pressure on traditional industries, with high-frequency data showing stable production at month-end, continued weakness in real estate consumption, and a mixed price performance [4] Overseas Market - The trade sentiment between China and the U.S. has improved, while Federal Reserve Chairman Powell has adopted a hawkish stance. The 10-year U.S. Treasury yield closed at 4.11%, up 9 basis points from the previous week [5] Equity Market - A-shares experienced a pullback after initially rising due to positive developments in U.S.-China negotiations and overcrowding in the tech sector. The Wind All A index fell by 0.52%, with power equipment and non-ferrous metals leading gains, while communications lagged [6] - The average daily trading volume increased significantly to 2.33 trillion, with a weekly average decrease of 528.02 billion. As of October 30, 2025, the total financing balance for all A-shares was 24,811.49 billion, an increase of 47.25 billion from October 23 [6] Bond Market Strategy Outlook - The resumption of government bond trading is expected to lead to a recovery period in the bond market, but caution is advised against chasing high prices. The central bank's focus on medium to short-term bonds is more certain, while long-term bonds may not perform as strongly in the short term [7] - In the credit bond sector, increased liquidity suggests a potential for higher allocation in flexible medium-duration investment-grade bonds and secondary capital bonds to capture capital gain opportunities [7] - For convertible bonds, the market has shown volatility influenced by U.S.-China tensions and domestic policy expectations, making it challenging to navigate. A risk-reward framework is recommended, focusing on dividend and value convertible bonds when the index approaches the upper range and on high-growth technology and export sectors when nearing the lower range [7]

Group 1 - The core viewpoint of the articles highlights the resilience of the convertible bond market amid fluctuations in the A-share market, with convertible bonds showing less adjustment than underlying stocks and maintaining high price and valuation levels [1] - The convertible bond market is experiencing positive signals from the supply side, including an increase in the number of issuance plans and a faster approval pace, which may lead to marginal improvements in the market [1] - Long-term optimism for the convertible bond market is supported by four key factors: a positive policy stance towards the capital market, the revaluation of Chinese assets amid US-China trade tensions, a long-term trend of asset allocation towards equity markets, and a tightening supply of convertible bonds due to declining stock levels [1] Group 2 - The "fixed income enhancement" funds focusing on convertible bond allocation may become an important choice for investors seeking to balance risk and return, allowing for more flexible engagement with structural opportunities in both the convertible bond and equity markets [2] - The company has developed a diverse "fixed income+" product matrix, emphasizing refined investment management to meet the varied and differentiated investment needs of investors in a complex capital market [2]

Group 1: Fund News - Multiple technology-themed ETFs have added liquidity service providers, with over 20 technology ETFs expanding their liquidity services since the second half of the year, more than half of which are newly established products in 2023 [1] - Public funds' holdings in the real estate sector have reached a record low, with a total market value of 55.8 billion yuan, representing a 15% increase quarter-on-quarter, but the proportion of real estate holdings in stock investments has decreased by 0.05 percentage points to 0.62% [2] - In October, 159 public fund institutions participated in A-share listed company research, covering 632 stocks across 30 industries, with a total of 7,452 research instances, marking a significant 60.57% increase from September [3] Group 2: Fund Manager Updates - A fund managed by Qian Yating has imposed a subscription limit of 500,000 yuan, marking the second such announcement this year, with the fund's net asset value cap set at 2 billion yuan [4][5] Group 3: ETF Market Performance - The market showed strong fluctuations, with the Shanghai Composite Index rising by 0.97%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.84%, with total trading volume reaching 2.06 trillion yuan, an increase of 182.9 billion yuan from the previous trading day [5] - The semiconductor industry ETF led the gains with a rise of 4.85%, while all related ETFs in the sci-tech chip sector performed strongly [6] Group 4: Semiconductor Industry Insights - The Chinese semiconductor industry is undergoing a collective push for self-sufficiency, with various regions launching semiconductor projects by October 2025, aiming to break foreign monopolies and enhance domestic production capabilities [9]

Core Viewpoint - The article emphasizes a positive outlook on gold investments, highlighting the recent inflow into gold ETFs and the potential for long-term price appreciation due to global economic shifts and tax advantages for investors [1]. Group 1: Market Trends - Gold ETFs (518800) have seen a net inflow of over 260 million yuan in the past four days [1]. - The restructuring of global order and rebalancing of dollar assets are driving interest in gold as a scarce asset in investment portfolios [1]. Group 2: Investment Strategies - The new tax policy on gold may accelerate the concentration of investors in exchange channels, benefiting non-physical gold investments like gold ETFs due to tax advantages [1]. - Ordinary investors can participate in gold investments through ETFs and accumulation gold products, balancing convenience with tax burdens [1]. Group 3: Future Outlook - The medium to long-term outlook suggests that the central price of gold is likely to rise, with recommendations for investors to consider buying on dips [1]. - Direct investment in physical gold is encouraged, particularly in the gold ETF (518800) which is exempt from value-added tax and has a circulation scale exceeding 25 billion yuan [1].

Group 1 - The establishment of the Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund (Kunshan) has been officially registered, with an investment amount of 1.5 billion RMB [1] - The fund is managed by Guotai Junan Innovation Investment Co., Ltd., which is the executive partner, and includes contributions from Zhongji Xuchuang and the Kunshan Industrial Development Guidance Fund [1] - The fund's business scope encompasses private equity fund activities, including equity investment, investment management, and asset management [1]

Core Viewpoint - The low interest rate environment has shifted investor preferences towards "fixed income +" products, which combine stable fixed income assets with diverse equity investments to enhance returns [1][2]. Group 1: Market Trends - The "fixed income +" fund category has seen significant growth, with total assets surpassing 2.4 trillion yuan by the end of Q3 2023 [2]. - The decline in deposit rates and bank wealth management yields has prompted a migration of funds into "fixed income +" products, which are perceived as safer investment vehicles [2][3]. - The stability of bond market interest rates has provided a safety net, allowing for enhanced returns through equity investments [2]. Group 2: Product Launch - Huaan Fund is launching the Huaan Fengtai Bond Fund on November 11, 2023, focusing on low-volatility fixed income strategies while actively managing equity exposure [1][2]. - The fund aims to meet the wealth allocation needs of residents in a low interest rate environment, emphasizing steady value growth [2]. Group 3: Investment Strategy - The Huaan Fengtai Bond Fund will maintain at least 80% of its assets in bonds, with 5-20% allocated to equity and convertible bonds, ensuring a balanced risk-return profile [3]. - The fund manager, Wu Wenming, emphasizes a conservative approach, avoiding high-risk strategies and focusing on stable, long-term performance [3][4]. Group 4: Team and Management Structure - Huaan Fund has established a comprehensive "big fixed income" platform that integrates research and investment management, enhancing collaboration among team members [6][7]. - The "1+N" management model allows fund managers to oversee larger portfolios while maintaining performance stability through specialized focus areas [7]. Group 5: Historical Performance - Wu Wenming has demonstrated strong performance in managing similar products, with the Huaan Fenyue Bond Fund achieving a cumulative return of 9.87% since its inception, outperforming benchmarks [4][8].

Core Viewpoint - The article discusses the current market environment characterized by volatility and the significance of the number "4000" in relation to the Shanghai Composite Index and gold prices, highlighting the challenges faced by investors in maintaining stability in their portfolios [2][3]. Group 1: Fund Manager Insights - Zhang Ronghe, a fund manager at Guotai Fund, emphasizes the importance of understanding investor needs and constructing portfolios that provide a stable experience for holders [3][9]. - He believes that portfolio management is a structural optimization problem under multiple constraints, focusing on creating a "usable combination" within defined boundaries [5][6]. - Zhang's investment philosophy includes a strong emphasis on communication with investors, particularly through quarterly reports, to align expectations and experiences [9][62]. Group 2: Market Analysis - The article notes a significant divergence between traditional industries and technology stocks, with the latter showing strong performance while the former remains under pressure [20][26]. - Zhang observes that the market's current low volatility and high concentration in certain sectors may lead to a reversal of trends, suggesting opportunities in domestic demand as economic conditions evolve [9][28]. - He highlights the cyclical nature of investments, particularly in core assets that have been overlooked, indicating that such periods may present opportunities for finding discrepancies in expectations [27][28]. Group 3: Investment Strategies - Zhang advocates for a balanced approach to asset allocation, adjusting portfolios based on market conditions and asset performance, rather than maintaining a static strategy [21][22]. - He advises investors to diversify their portfolios to mitigate systemic risks, suggesting that combining assets with negative correlations can enhance overall stability [41]. - The importance of adjusting expectations regarding returns is emphasized, encouraging investors to accept a gradual wealth-building process rather than seeking immediate high returns [40][41]. Group 4: Macro Economic Considerations - The article discusses the current macroeconomic environment, with many investors recognizing a stagflation period rather than a high-growth, low-inflation scenario [34][35]. - Zhang points out the challenges faced by the Federal Reserve in balancing inflation control and unemployment rates, which could significantly impact asset prices [37]. - He notes that the current market dynamics, including the performance of AI stocks, do not align with traditional economic indicators, suggesting a complex relationship between asset performance and macroeconomic conditions [36][38].

Group 1 - The stock ETF market saw a net inflow of nearly 16 billion yuan on November 5, with significant inflows into the Hang Seng Technology Index and Securities Company Index [1][2] - The total scale of the stock ETF market reached 4.61 trillion yuan, with a total increase of 141.71 million shares on November 5, resulting in a net inflow of 15.738 billion yuan [2] - The inflow into the Hong Kong stock market ETFs and industry-themed ETFs was notable, amounting to 6.497 billion yuan and 4.282 billion yuan respectively [2] Group 2 - The top fund companies' ETFs continued to attract net inflows, with E Fund's ETFs increasing by 2.793 billion yuan on November 5, and a total increase of 217.9 billion yuan since 2025 [4] - The Hang Seng Technology ETF from E Fund saw a net inflow of nearly 450 million yuan, while the China Concept Internet ETF had a net inflow of nearly 410 million yuan [4] - The latest scale of the E Fund's dividend ETF surpassed 11 billion yuan, setting a historical high [4] Group 3 - The CSI 300 Index ETF experienced the largest net outflow, amounting to 791 million yuan, along with other industry ETFs such as the liquor ETF and robotics ETF also seeing significant outflows [5][6] - Despite the net outflows in broad-based indices and some industry indices, institutions remain optimistic about future opportunities in the A-share market [6] Group 4 - Looking ahead, the policy environment appears favorable, with the "14th Five-Year Plan" emphasizing technological self-reliance and modern industrial system construction, providing clear investment directions [7] - The recent US-China summit has signaled a reduction in conflict and risk, which is expected to create a stable external environment for capital market development [7] - The third-quarter reports indicate a moderate improvement in A-share earnings, suggesting that market risk appetite may remain high, with limited downside risk for indices [7]

Group 1 - The core viewpoint of the news is that Boin Group's stock has experienced a significant increase, rising 5.35% to 14.78 CNY per share, with a total market capitalization of 2.375 billion CNY and a cumulative increase of 7.18% over the past five days [1] - Boin Group, established on May 18, 2006, and listed on March 7, 2023, primarily engages in the research, production, and sales of animal feed, with 99.76% of its revenue coming from feed sales [1] - The trading volume for Boin Group reached 53.0881 million CNY, with a turnover rate of 6.71% [1] Group 2 - Among the top ten circulating shareholders of Boin Group, a fund under Nuoan Fund has increased its holdings by 288,000 shares, bringing its total to 1.1246 million shares, which accounts for 2.02% of the circulating shares [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) has achieved a year-to-date return of 72.9%, ranking 255 out of 8149 in its category, and a one-year return of 78.54%, ranking 151 out of 8053 [2] - The fund manager, Kong Xianzheng, has a tenure of 4 years and 346 days, with the best fund return during this period being 88.53% [3]