还记得前段时间闹得沸沸扬扬的"基金经理KTV被带走"的新闻吗？主角西部利得的基金经理解文增，最 近亲自下场喊冤了。 他在个人公众号发文说，事情根本不是大家想的那样，什么KTV、什么纸醉金迷，统统没有，那他到 底干什么去了呢？ 说出来你可能不信——2025年9月7日下午，解文增自费988块钱，报名参加了一场由友人组织的德州扑 克比赛。地点也不是什么灯红酒绿的地方，而是在上海虹桥雅高美爵酒店的会议厅。 所以现在，只要是跟"赌"字沾边，不管是玩筹码还是玩扑克，不管是988元还是988万，机构和公众的神 经都立刻紧绷，几乎是"零容忍"。 这背后反映出的，正是基金经理这个职业对个人道德近乎苛刻的要求。你的任何一点行为不端，都可能 让投资者怀疑：你打理我血汗钱的时候，是不是也这么有"赌性"？ 所以，解文增这件事，你说他冤吗？从"KTV被抓"这个谣言来看，他确实是背了锅。但从法律和行业规 则来看，参加被明确定性为赌博的活动，他一点也不冤。 这给所有金融从业人员狠狠提了一个醒：爱惜羽毛，远离赌桌。 在你看来可能只是一场无伤大雅的周 末娱乐，但在行业和公众的审视下，它就是一道不能触碰的高压线。 毕竟，大家把钱交给你，是相信你的 ...

上周金价震荡回落。伦敦现货黄金收于4，003美元/盎司（周环比-2.6%），国内AU9999黄金收于922元/ 克（周环比-2.0%）。 中美谈判顺利落地，经贸政治方面对黄金的利空阶段性出尽。上周四中美元首于釜山成功会晤，会议结 果较为积极正面，美方对中国加征的20%"芬太尼关税"将降至10%，并且将24%对等关税继续暂停一 年，出口管制50%穿透性规则和造船业301调查亦暂停一年。但展望未来，在特朗普贸易保护主义和美 国优先理念下，全球范围内的经贸秩序不确定性或仍持续。 黄金行情回顾及主要观点： 10月美联储议息会议如期降息并计划停止缩表。美联储如期降息25个基点，至3.75%-4.0%的利率区间， 并宣布将于12月1日停止缩表以应对流动性紧张。但鲍威尔发布会上表态12月降息并非板上钉钉，一方 面美联储内部分歧较大（本次决策有两个反对票），另一方面政府停摆导致的经济数据缺失亦可能影响 后续降息决策。最新利率期货显示，市场对降息的预期略有回落，但今、明两年降息预期仍分别为1 次、2次，但12月预期降息概率约七成。当前关税对通胀的影响偏短期，而就业疲弱的问题更凸显，美 联储政策天平后续或仍倾向呵护就业。 黄金近 ...

Core Insights - The investment landscape in the Yangtze River Delta is notably active, with over 80% of opportunities concentrated in this region, as highlighted by a VC institution's IR director [1] - Significant funds have been established, including the Zhejiang and Jiangsu social security science and technology innovation funds, each with an initial scale of 500 billion [1] - The establishment of the first cross-provincial fiscal and tax sharing fund in China marks a new development in the Yangtze River Delta, focusing on green and technological innovation [1] Group 1: Shanghai - Shanghai's Future Industry Fund is actively investing in six sub-funds, covering cutting-edge fields such as brain science and synthetic biology, with a total scale of 100 billion [2] - The Shanghai National Investment Fund has made rapid decisions on 36 projects within 10 months, leading to over 1 trillion in social capital being injected into key industries [4] - New strategic investment funds have been established at the district level, with a total scale exceeding 500 billion, focusing on various high-tech industries [5] Group 2: Jiangsu - Jiangsu's provincial mother fund, with a total scale of 500 billion, has a well-structured operation model, creating a "Jiangsu model" for mother fund development [7][8] - The first two batches of 36 specialized funds under the Jiangsu strategic emerging industry mother fund have been established, totaling 914 billion, with a focus on local industry strengths [9] - Suzhou has developed a unique "Suzhou model" for venture capital, providing a comprehensive government investment fund system for different stages of enterprise development [9] Group 3: Zhejiang - Zhejiang has established a "Zhejiang model" for mother funds, with significant activity in VC/PE fundraising, including the launch of multiple large-scale funds [10][14] - The province's three major 100 billion-level fund clusters focus on strategic emerging industries, state-owned enterprise restructuring, and high-quality development of listed companies [15] Group 4: Anhui - Anhui has innovated its government investment fund regulatory mechanism, aiming for a comprehensive regulatory system to promote healthy development [17] - The province's new emerging industry guidance fund has a total scale of 500 billion, with a focus on key industries like information technology and artificial intelligence [18] - Hefei's "Hefei model" emphasizes government investment to attract social capital, with a total recognized scale of nearly 2600 billion in funds [20] Group 5: Future Outlook - The Yangtze River Delta is expected to continue developing a specialized, industrialized, and scaled "fund matrix" to drive industrial transformation and upgrading [21]

Core Viewpoint - The trading volume of the CSI 300 Index ETFs reached 9.133 billion yuan today, an increase of 2.338 billion yuan from the previous trading day, representing a growth rate of 34.41% [1] Trading Volume Summary - The Huatai-PB CSI 300 ETF (510300) had a trading volume of 5.709 billion yuan, up 2.035 billion yuan from the previous day, with a growth rate of 55.37% [1] - The E Fund CSI 300 ETF (510310) recorded a trading volume of 1.458 billion yuan, increasing by 701 million yuan, with a growth rate of 92.52% [1] - The FT Fund CSI 300 ETF (159300) had a trading volume of 88.087 million yuan, up 53.220 million yuan, with a growth rate of 152.64% [1] - The Guolian An CSI 300 ETF (515660) and Minsheng Jianyin CSI 300 ETF (515350) saw significant increases in trading volume, with growth rates of 1117.45% and 434.82% respectively [1] Market Performance Summary - As of market close, the CSI 300 Index (000300) fell by 0.75%, while the average decline for related ETFs was 0.72% [1] - The ETFs with the largest declines included the China Merchants CSI 300 Enhanced Strategy ETF (561990) and the Invesco Great Wall CSI 300 Enhanced Strategy ETF (159238), both down by 1.05% [1]

历史降息周期印证：黄金ETF的长期配置价值 自2000年以来，美联储四轮降息周期均推动黄金资产实现显著增值，黄金ETF的长期配置逻辑随之不断强化。2000年12月至2003年8月，黄金涨幅达31.9%； 2007年4月至2009年2月，涨幅升至49.4%；2019年5月至2020年6月，黄金仍维持31.4%的涨幅；而2024年9月开启本轮降息周期至2025年10月，黄金涨幅已创 下53.8%的新纪录。作为与黄金价格紧密挂钩的工具，黄金ETF在每轮周期中均同步承接市场配置需求，其净值与规模增长和降息环境下黄金资产属性强化 深度绑定，历史数据充分验证了降息周期对黄金ETF的长期推动作用。 图：美联储历次降息下黄金资产表现 数据来源：wind，区间2000/1- 2025/10 10月30日，黄金市场强势回升，现货黄金收于4024.46美元/盎司，当日涨幅2.4%，创10月回调以来最大单日涨幅，资金从风险资产向黄金转移趋势显著。当 地时间10月30日，美股科技板块整体承压，Meta因净利润下滑、AI资本开支预期上调，遭市场集中抛售，股价单日跌11.33%（近三年最大跌幅），拖累科 技板块情绪并加剧风险资产抛压。与之 ...

Core Viewpoint - The report highlights the achievements of the company in serving national strategies, protecting investor interests, and promoting responsible finance, showcasing its commitment as a leading asset management firm since 2010 [1] Group 1: National Strategy and Economic Service - The company actively integrates into national development, focusing on key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - In technology finance, the company emphasizes investments in semiconductor, artificial intelligence, and new energy sectors, launching various ETFs to guide capital towards technological innovation [2] - The company has developed an ESG evaluation system and is a signatory of the UN Principles for Responsible Investment, aiming to incorporate ESG issues into investment analysis and decision-making [2] Group 2: Inclusive Finance and Pension Finance - The company aims to meet the diverse wealth management needs of residents by offering a comprehensive product system and enhancing investor education and advisory services [3] - As of the end of 2024, the company has established 13 pension target funds with a total scale of approximately 4 billion, catering to different risk preferences and life cycle needs [3] Group 3: Digital Finance and Customer Service - The company is accelerating its digital transformation, utilizing digital and AI technologies across various operational aspects, with over 200 million customers served through its e-commerce platform by the end of 2024 [3] - The company prioritizes investor education, investing nearly 15 million in 2024 for educational activities, maintaining a customer satisfaction rate of over 98% [6] Group 4: Product Innovation - The company has created a multi-layered product system, including various types of funds, and has been a leader in product innovation, launching 32 public fund products in 2024, bringing the total to 342 [5] Group 5: Public Welfare and Charity - The company emphasizes gratitude as a core value, engaging in various charitable projects, including educational assistance and community support, with initiatives like the "River·Children" project continuing for 16 years [7] - In the financial charity sector, the company has trained 270 professionals in charitable asset management, managing a total of over 26.7 billion in charitable assets [8] - The company has contributed to rural revitalization and community welfare projects, including donations for water supply and medical equipment in Inner Mongolia [8]

Core Insights - Public FOF (Fund of Funds) achieved a record profit in Q3, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [1][2] Performance Highlights - In Q3, FOF products generated a total profit of 14.606 billion yuan, marking a historical high for a single quarter, which is over 5.3 times the profit of the previous quarter and exceeds the best annual performance of 10.927 billion yuan in 2020 [2] - The average return for FOF products reached 10.42% in Q3, a significant increase from 1.87% in Q2, with over 98% of products achieving positive returns [2] - As of October 31, the average annual return for 987 FOF products was 14.02%, with the highest return being 69.53% for Guotai's selected leading fund [2] Scale Growth - The total scale of FOF products reached 193.419 billion yuan by the end of Q3, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [3] - More than half of existing funds saw growth in scale, with some funds experiencing significant increases, such as Xingsheng Global's fund growing nearly 4.6 times [3] Investment Preferences - FOF managers are focusing on multi-asset allocation and passive investment strategies, with a notable decrease in active equity holdings and an increase in passive index products [5][6] - Bond funds remain the primary investment choice, accounting for 66% of FOF holdings, with significant investments in various bond ETFs [5] - Gold ETFs have seen increased holdings, with the Huaan Gold ETF being the only non-bond fund in the top ten holdings, reflecting a shift towards commodity assets [5][6] Market Outlook - Fund managers express cautious optimism for Q4, with expectations of limited upward movement in the stock market and potential for sectoral corrections [8][9] - There is a focus on gold stocks due to rising gold prices, with plans to balance investments in gold and rare earth sectors [8] - Managers are adjusting their portfolios based on macroeconomic conditions, with a preference for technology and resource assets while reducing financial sector exposure [10]

Core Insights - The announcement from the company indicates that the subscription confirmation ratio for the Fuquo Xinghe Mixed Fund reached 84.2716% on November 3 [1] - The fundraising period for the fund was originally set from November 3 to November 14, but it was concluded early due to the effective subscription amount exceeding the limit of 3 billion yuan on November 3 [1] - The fund is actively managed by renowned fund manager Fan Yan, who joined Fuquo Fund in May 2024 and currently manages two funds with a total scale of 14.131 billion yuan as of the end of Q3 this year [1]

Core Viewpoint - The total scale of public funds in China has reached a historical high of 36.74 trillion yuan, marking a nearly 7% increase from the end of the second quarter of 2025, driven by a recovering stock market and strong performance of equity funds [1][3]. Fund Scale and Growth - As of September 2025, the total net asset value of public funds in China is 36.74 trillion yuan, a 14.56% increase year-on-year and an increase of 2.35 trillion yuan in the third quarter alone [3][5]. - All major fund types, except for bond funds, experienced growth in the third quarter, with overseas investment funds showing the fastest growth rate of 33.18% [4][5]. Fund Type Performance - The scale of various fund types at the end of the third quarter is as follows: - Stock funds: 5.94 trillion yuan, up 25.3% from the end of June - Mixed funds: 3.91 trillion yuan, up 17.89% - Money market funds: 14.40 trillion yuan, up 3.32% - Overseas investment funds: 904.52 billion yuan, up 33.18% - FOF: 193.49 billion yuan, up 17.22% - Bond funds: 10.62 trillion yuan, down 1.33% [4][5]. Market Leaders - The top ten fund management companies account for 41.31% of the total market scale, with their combined net asset value reaching 15.06 trillion yuan [5][6]. - The leading fund management companies by scale as of September 2025 are: - E Fund: 2.53 trillion yuan - Huaxia Fund: 2.25 trillion yuan - GF Fund: 1.61 trillion yuan - Southern Fund: 1.48 trillion yuan - Other notable firms include Tianhong, Jiashi, Boshi, and Huitianfu, all exceeding 1 trillion yuan [6][7]. Investor Behavior - There is a significant divergence in the subscription of equity funds, with tool-type products like industry-themed ETFs and cross-border ETFs being highly favored, achieving net subscriptions of over 10 billion units each [10][11]. - Conversely, some actively managed equity funds have also seen substantial net subscriptions, but their "attraction" is not as strong as that of ETFs [12]. - Despite the overall market expansion, there is a notable trend of profit-taking among investors, particularly in sectors that have recently rebounded [12][13].

Core Insights - The performance of Qianhai Kaiyuan Cycle Selected Mixed Fund A/C and C in October was notably poor, with returns of -15.61% and -15.65%, placing them at the bottom of the monthly mixed fund performance rankings [1][2] - Despite a strong A-share market in 2023, the cumulative return of Qianhai Kaiyuan Cycle Selected Mixed Fund was only 5% as of November 3 [2] - The Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C also underperformed, with a cumulative return of -8.91% since its inception [2][3] Fund Performance - Qianhai Kaiyuan Cycle Selected Mixed Fund A/C has been managed by Wu Guoqing since its establishment on January 21, 2023, who has 10 years of management experience [1][2] - The fund's top holdings included gold and mining stocks in the first half of the year, but shifted entirely to the semiconductor sector in the third quarter, which still resulted in only a 23% quarterly increase [2] - The top holdings of Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C included companies like Goertek and Rockchip, but it still recorded a negative return since inception [2][3] Fund Rankings - In the October mixed fund performance rankings, Qianhai Kaiyuan Cycle Selected Mixed Fund A/C and C ranked among the top six funds with the largest declines [4][5] - The specific rankings were as follows: Qianhai Kaiyuan Cycle Selected Mixed Fund C at -15.65%, Qianhai Kaiyuan Cycle Selected Mixed Fund A at -15.61%, and Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C at -12.70% [5]