Core Insights - The event held on November 4 in Shanghai aimed to deepen financial and industrial collaboration between Shaanxi Province and developed regions, attracting investment to boost local industry development [1] Group 1: Event Overview - The "Fund + Project" investment and financing matchmaking event was organized by the Shaanxi provincial government, with support from various provincial departments [1] - The event included strategic signing and project roadshow segments to facilitate capital cooperation [1] Group 2: Strategic Partnerships - Shaanxi Caijin Investment Management Co., Ltd. signed strategic cooperation agreements with Shanghai Pudong Development Bank and Guotai Junan Securities [1] - Shaanxi Provincial Government Investment Guidance Fund Management Co., Ltd. entered into fund cooperation agreements with several firms, including Xingsheng Innovation Capital Management and Bank of China International, with a total scale of 3 billion yuan [1] Group 3: Investment Focus - The funds will primarily target sectors such as biomedicine, innovative manufacturing, and artificial intelligence, which are considered hard technology fields [1] Group 4: Project Roadshow - The project roadshow featured high-quality sci-tech projects and investment opportunities that attracted attention from numerous investment institutions in the Yangtze River Delta [1] Group 5: Future Outlook - The Shaanxi Provincial Government Investment Guidance Fund aims to attract more funds and projects to the province through market-oriented operations, laying the groundwork for precise cooperation between the two regions [1]

Core Insights - In October 2023, among 684 comparable QDII funds, 381 funds saw an increase in net value, representing 55.7% of the total, while 301 funds experienced a decline [1] - The top-performing QDII fund for October was the E Fund Nikkei 225 ETF, which achieved a return of 12.50% [1] - The E Fund Nikkei 225 ETF has a year-to-date return of 31.82% and an inception-to-date return of 87.95%, with a cumulative net value of 1.8795 yuan as of November 3, 2025 [1] Fund Performance - The Huaan Nikkei 225 ETF, with the largest scale of 2.097 billion yuan, recorded a 10-month increase of 12.31% [2] - The Huaan Nikkei 225 ETF has a year-to-date return of 32.23% and an inception-to-date return of 74.55%, with a cumulative net value of 1.7455 yuan as of November 3, 2025 [3] - The Hua Xia Nomura Nikkei 225 ETF and the Harvest S&P Biotechnology Select Industry ETF also performed well, with returns of 12.04% and 11.29% respectively in October [4] Fund Tracking and Holdings - The E Fund Nikkei 225 ETF tracks the Nikkei 225 Index and primarily invests in the Nikkei 225 ETF managed by Omin Asset Management [1] - The Hua Xia Nomura Nikkei 225 ETF also tracks the Nikkei 225 Index, achieving a year-to-date return of 31.34% and an inception-to-date return of 88.09% [4] - The Harvest S&P Biotechnology Select Industry ETF, established on December 26, 2023, has a year-to-date return of 22.26% and an inception-to-date return of 18.27% [4] Performance Summary - A total of 13 QDII funds had returns exceeding 10% in October, with the top five being: 1. E Fund Nikkei 225 ETF: 12.50% 2. Huaan Nikkei 225 ETF: 12.31% 3. ICBC Credit Suisse Nikkei 225 ETF: 12.23% 4. Hua Xia Nomura Nikkei 225 ETF: 12.04% 5. Harvest S&P Biotechnology Select Industry ETF: 11.29% [5][6]

中国经济网北京11月6日讯 （记者 康博） 在刚过去的10月份里，剔除净值异动的债券型基金后， 在7419只（各份额分开计算，下同）有可比业绩的债基中，实现业绩上涨的共有6837只，占比92%。另 有39只持平，543只下跌。 从涨幅榜看，工银可转债债券以4.15%的收益率排名第一，也成为10月份唯一一只涨幅超过4%的债 券型基金。 东方可转债由杨贵宾与徐奥千共同管理，其中，杨贵宾是有着9年管理经验的老将。其曾任富国基 金管理有限公司固定收益研究员、基金经理，上海海通证券资产管理有限责任公司投资主办、固定收益 投资总监、公司总助职位。2019年9月加盟东方基金管理股份有限公司担任公司副总经理、固定收益投 资总监、公募投资决策委员会副主任委员，曾任公司总经理助理，现任基金经理。徐奥千的管理经验也 接近4年。 | 序号 名称 | | 复权单位净 累计单位 规模 亿 | | 名称 | 复权单位净 累计单位 | | 规模 亿 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 值增长率% 净值元 元 | | | 值揭长率8 | 净值元 | 元 | | | ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational details for performance benchmarks of publicly offered securities investment funds, aiming to enhance the regulatory framework and improve investor experience [2][10]. Group 1: Regulatory Framework - The new guidelines and operational details are part of a broader initiative to fill regulatory gaps and promote high-quality development in the public fund industry [3][10]. - Current issues in the performance benchmark system include a lack of specialized regulations and weak internal control mechanisms among fund managers [3][4]. - The guidelines emphasize the importance of performance benchmarks as a "anchor" and "yardstick" for fund managers, helping to clarify investment styles and assess performance against market standards [3][4]. Group 2: Impact on Fund Management - Fund managers are required to align their investment behaviors with the established performance benchmarks, ensuring that the benchmarks reflect the fund's investment goals and strategies [5][6]. - The guidelines mandate a comprehensive control mechanism covering the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [6][7]. - Fund managers must enhance internal supervision and ensure that deviations from benchmarks are monitored and justified by an independent department [6][7]. Group 3: Investor Experience - The reforms aim to improve investor understanding of fund products by ensuring that performance benchmarks are clear and relevant to the fund's investment strategy [7][8]. - The guidelines also address the compensation structure for fund managers, linking their performance evaluations to the fund's investment returns relative to benchmarks [8][9]. - By establishing a more stable and clear investment style, the reforms are expected to enhance the value proposition of public funds and attract more long-term capital into the market [10][11]. Group 4: Implementation Strategy - The CSRC plans to guide industry institutions in transitioning to the new guidelines, ensuring that changes do not disrupt market stability [9]. - A benchmark library will be established to standardize the selection of performance benchmarks across the industry [9]. - The reforms will also include revising compensation assessment rules to strengthen the alignment of interests between fund managers and investors [9].

Core Insights - The year has seen a significant rise in the performance of actively managed equity funds, with the active equity fund index up 32.44% in the first ten months, outperforming the CSI 300 index by 17.94% [1] - Despite the overall positive performance of active equity funds, mixed, actively managed stock, and commodity funds experienced net outflows, with only a few high-performing products achieving net inflows [1] - The funds managed by Chen Yunzong, namely Guangfa Small and Medium Cap Select and Guangfa Growth Start, saw substantial growth in subscription shares and total assets, indicating strong investor interest [1] Fund Performance - Guangfa Growth Start achieved a year-to-date return of 72.92% and ranked in the top 2.4% among 1,876 similar funds, while its one-year return reached 88.81% [2] - The fund's success is attributed to a balanced industry allocation and a focus on growth, with significant returns from sectors like technology, innovative pharmaceuticals, and non-ferrous metals [2] - Chen Yunzong's strategy includes sector rotation within growth themes and identifying alpha opportunities within different industries [2] Market Outlook - The market continues to exhibit a bullish trend into the fourth quarter, although volatility has increased [3] - Chen Yunzong categorizes growth sectors into traditional growth (e.g., new energy, semiconductors, military industry) and emerging growth, focusing on industries in early stages of industrialization [3] - Key areas of interest for future investment include embodied intelligence, AI, solid-state batteries, controllable nuclear fusion, quantum computing, and commercial aerospace, which are expected to present long-term investment opportunities [3]

Group 1 - The core point of the article highlights the low subscription ratios of the first two Brazilian ETFs, which are below 12%, marking the lowest since 2021 and reflecting the current trend in cross-border ETF development [1][2][3] - The two Brazilian ETFs, managed by E Fund and Huaxia Fund, have subscription ratios of approximately 11.82% and 11.54% respectively, with total subscription funds exceeding 5 billion yuan [2][3] - The low subscription ratios are attributed to a combination of a relatively low fundraising cap of 300 million yuan and high investor enthusiasm, indicating a strong market interest in these new products [3] Group 2 - The global trend of cross-border ETFs is becoming increasingly evident, with the total number of cross-border ETFs reaching 185 and a combined scale of approximately 897.97 billion yuan as of November 5 [4] - The market has seen a significant increase in cross-border ETFs focusing on emerging markets, particularly in regions like the Middle East and South America, with new products being launched to cater to diverse investor needs [5][6] - The dual-directional flow of funds through cross-border ETFs is emphasized, showcasing the mutual benefits for both domestic and international investors, as seen in the recent ETF interconnectivity initiatives between China and Brazil [7][8]

Group 1 - The core viewpoint of the article highlights that the market may continue an upward trend despite recent fluctuations, driven by overall global liquidity and attractive valuations in A-shares [1] - The China Securities A500 ETF (159338) has seen a net inflow of 66 million units, indicating a balanced capital influx into broader market indices [1] - Following the release of Q3 reports, there will be a prolonged performance vacuum period, prompting investors to focus on high-growth sectors and monitor major indices for new trend developments [1] Group 2 - The China Securities A500 ETF (159338) ranks first in terms of the number of holders among similar products, with three times more accounts than the second-ranked fund, reflecting strong investor interest [1]

Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to protect the interests of existing investors and improve annual performance rankings [1][5]. Fund Subscription Limits - Numerous funds have recently announced subscription limits, with some suspending subscriptions entirely to maintain stability and protect investor interests [2][4]. - For instance, Hengyue Fund suspended subscriptions for its Hengyue Balanced Preferred Mixed Fund starting November 5, citing the need to protect fund shareholders [2]. - Citic Prudential Fund adjusted its large subscription limits to 10 million yuan to ensure stable fund operations [2]. - Other funds, such as Yongying Fund and Fuguo Fund, have also set daily subscription limits of 500,000 yuan and 1 million yuan respectively [2]. Performance and Market Trends - Several funds that have implemented subscription limits have shown impressive performance this year, with returns such as 51.24% for Hengyue Balanced Preferred Mixed Fund A and 106.39% for Yongying Ruiheng A [4]. - The A-share market's continuous rise has attracted more funds, leading to rapid scale expansion, prompting fund companies to limit subscriptions to maintain smooth operations [4][5]. Industry Insights - Industry insiders suggest that limiting subscriptions is a common practice to maintain fund performance and protect existing investors, especially as year-end approaches [5]. - The trend of subscription limits is not solely driven by year-end performance rankings but is also a response to the long-term assessment rules in the fund industry [5]. Future Investment Outlook - According to招商基金, the A-share market is expected to continue its upward trend, with recommendations for balanced allocation and increased investment in low-position sectors [7]. - Minsheng Jianyin Fund anticipates a sustained upward trend in the market, with a focus on value styles and sector differentiation in the fourth quarter [7][8]. - Jin Ying Fund advises a balanced approach to industry allocation, focusing on technology and value sectors with strong performance expectations [8].

Core Insights - The article draws a parallel between shopping for products during the Double Eleven sales and selecting investment funds, emphasizing the importance of a strategic approach in both scenarios Part 01: Fund Selection Guide - Step 1: Define the investment goal, similar to having a shopping objective, which helps in selecting suitable funds based on investment planning, risk tolerance, and time horizon [3] - Step 2: Evaluate historical performance and fund manager credibility, as past performance can indicate the manager's capability, even though it does not guarantee future results [3] - Step 3: Assess the cost-benefit ratio using the Sharpe ratio, which measures excess return per unit of risk, with a ratio above 1 indicating good performance and above 2 indicating excellent performance [3] - Step 4: Review the fund's holdings, focusing on industry distribution and top holdings to ensure alignment with investment intentions and avoid redundancy in the portfolio [4] Part 02: Rational Fund Management - Avoid impulsive purchases driven by market trends, akin to emotional shopping, to prevent poor investment decisions [6] - Refrain from frequent redemptions, as high transaction costs can disrupt long-term strategies and lead to a cycle of chasing market trends [7] Part 03: Optimizing the Investment Portfolio - Regular maintenance of the investment portfolio is essential, similar to periodically cleaning a shopping cart [9] - Implement a "core-satellite" strategy, allocating 60%-80% to core assets for stability and 20%-40% to satellite assets for higher returns [10][11] - Conduct periodic reviews of the fund portfolio to rebalance and maintain the intended asset allocation, ensuring alignment with market conditions [13]

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年11月6日 2、申购、赎回、转换业务的办理时间 （1）开放日及开放时间 投资人办理基金份额的申购、赎回等业务的开放日为相应开放期的每个工作日，2025年11月10日（含该 日）至2025年12月5日（含该日）为本基金第十二个开放期。管理人有权根据本基金的申购、赎回及转 换情况调整本次开放期。 （2）申购、赎回、转换业务办理时间 投资人办理基金份额的申购、赎回、转换业务的开放日为开放期内的每个工作日，具体办理时间为上海 证券交易所、深圳证券交易所的正常交易日的交易时间，但基金管理人根据法律法规、中国证监会的要 求或基金合同的规定公告暂停申购、赎回、转换业务时除外。 基金合同生效后，若出现新的证券/期货交易市场、证券/期货交易所交易时间变更或其他特殊情况，基 金管理人将视情况对前述开放日及开放时间进行相应的调整，但应在实施日前依照《信息披露办法》的 有关规定在规定媒介上公告。 基金管理人不得在基金合同约定之外的日期或者时间办理基金份额的申购、赎回或者转换。在开放期 内，投资人在基金合同约定之外的日期和时间提出申购、赎回或转换申请且登记机构确 ...