Core Viewpoint - The 2025 Financial Street Forum emphasizes the importance of advancing financial development through legal frameworks, highlighting the need for a robust financial legal system to support the construction of a financial powerhouse [1]. Group 1: Financial Legal System Development - The National People's Congress (NPC) is prioritizing financial legislation, including the formulation of a Financial Stability Law and amendments to the Banking Supervision Law [1]. - There is a call for enhanced research on foreign-related legal issues in finance to safeguard national financial security and promote high-level opening-up [1]. Group 2: Securities Dispute Resolution - The Beijing Financial Court has accepted 10,942 securities commercial cases from March 2021 to August 2025, with securities disputes accounting for 44.47% of its civil and commercial case filings [2]. - The court has handled 1,080 foreign-related cases involving 38 countries and regions, with securities misrepresentation and financial contract disputes being the most common types [2]. Group 3: Investor Protection and Fund Management - The rapid evolution of the private equity fund industry has led to challenges in governance and liquidation, prompting the China Securities Investment Fund Industry Association and the Beijing Financial Court to issue guidelines to protect investor rights [2]. - The court has introduced a dual-track dispute resolution mechanism to lower investor protection costs, including representative litigation and demonstration judgment mechanisms [3]. Group 4: Judicial Support for Capital Markets - Recent court rulings have clarified the legitimacy of investor representation in litigation when fund managers are unresponsive, addressing the "no one to perform duties" dilemma [3]. - The Beijing Financial Court has implemented innovative methods for loss calculation and has released guidelines to combat securities violations, clarifying responsibilities and regulating trading behaviors [3].

根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》《财通福盛多策略混 合型发起式证券投资基金（LOF）基金合同》（以下简称"《基金合同》"）的有关规定，现将财通福盛 多策略混合型发起式证券投资基金（LOF）（以下简称"本基金"）基金份额持有人大会的决议及相关事 项公告如下： 一、本基金基金份额持有人大会会议情况 财通基金管理有限公司（以下简称"本基金管理人"）组织召开了本基金基金份额持有人大会，对《关于 持续运作财通福盛多策略混合型发起式证券投资基金（LOF）的议案》（以下简称"《议案》"）所涉事 项进行表决。 会议投票表决时间自2025年9月25日起至2025年10月31日17:00止（投票表决时间以本次大会指定的收件 人收到表决票时间为准）。2025年11月3日，在本基金的基金托管人中国工商银行股份有限公司授权代 表的监督下，本基金管理人对本次大会表决进行了计票，上海源泰律师事务所对计票过程进行了见证， 上海市东方公证处对计票过程及结果进行了公证。 本次基金份额持有人大会的权益登记日为2025年9月24日，权益登记日登记在册的本基金全体基金份额 持有人或其授权的代理人均有权参加本次基 ...

国海富兰克林基金管理有限公司 2025年11月4日 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 富兰克林国海恒安30天持有期债券型证券投资基金基金合同全文和招募说明书全文于2025年11月4日在 本公司网站（http://www.ftsfund.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披 露，供投资者查阅。如有疑问可拨打本公司客服电话（400-700-4518、95105680、021-38789555）咨 询。 ...

Core Viewpoint - The introduction of the new guidelines and operational details for public fund performance benchmarks is a significant step for the industry, aiming to establish a sound ecosystem centered around benchmarks, enhance investor experience, and promote high-quality development in the public fund sector [2][3][6]. Group 1: Guidelines and Operational Details - The guidelines consist of six chapters and twenty-one articles, emphasizing the representation, constraint, and evaluation roles of performance benchmarks, and requiring fund managers to establish internal control mechanisms to ensure investment style stability [3]. - The operational details further clarify the selection, display, information disclosure, risk control, and compliance management related to performance benchmarks, consisting of six chapters and twenty-nine articles [3]. Group 2: Industry Challenges and Responses - The public fund industry has faced long-standing issues with the rough setting of performance benchmarks, with statistics showing that among 2,416 equity funds, there are 211 different benchmarks, with nearly half using the CSI 300 index [4]. - The choice of performance benchmark directly affects the ease with which fund managers can generate excess returns, as demonstrated by the difference in performance when using price indices versus total return indices [4]. Group 3: Impact on the Industry Ecosystem - The standardization of performance benchmarks is expected to reshape the industry ecosystem, benefiting the overall capital market, asset management by fund managers, and the investment experience of investors [6][7]. - The new guidelines will enforce strict supervision over the selection and modification of performance benchmarks, ensuring they accurately reflect product positioning, investment strategies, and performance measurement [7]. Group 4: Future Actions by Fund Companies - Fund companies are planning systematic reviews and evaluations of their performance benchmarks to ensure their rationality, fairness, and clarity, while also enhancing the constraints imposed by these benchmarks [8][9]. - Companies like E Fund are committed to strengthening the selection, monitoring, evaluation, and correction mechanisms for performance benchmarks to better align actual investment behavior with product strategy [9].

Core Insights - The public fund industry in China is experiencing rapid growth in asset management scale, with a notable increase in competition among fund companies [1][2] - Index investment trends are accelerating, with a significant rise in the popularity of active equity products and "fixed income +" offerings [1][3] - Leading fund companies are expanding their market share, with top firms like E Fund and Huaxia Fund showing substantial growth in non-monetary fund scales [2] Industry Overview - As of the end of September, there are 165 public fund management institutions in China, managing a total net asset value of 36.74 trillion yuan [1] - The scale of index funds, including non-monetary ETFs and other index funds, has reached nearly 8 trillion yuan, with E Fund and Huaxia Fund each surpassing 1 trillion yuan in index fund scale [1] Competitive Landscape - E Fund's non-monetary scale reached 1.81 trillion yuan, while Huaxia Fund's reached 1.52 trillion yuan, both showing significant growth in Q3 [2] - The gap between the third and fourth largest fund companies, GF Fund and Fortune Fund, has narrowed, indicating a shift in competitive dynamics [2] Product Trends - The total scale of public ETFs has grown to 5.63 trillion yuan by the end of September, marking an increase of 1.3 trillion yuan since June [3] - "Fixed income +" products have also seen explosive growth, with total assets exceeding 2.7 trillion yuan, up over 450 billion yuan since June [4] New Fund Issuance - The market for new fund issuances remains strong, particularly for equity and stable products, with several funds achieving significant fundraising success [5] - Over 70 new funds are currently in the issuance process, focusing on index funds, active equity funds, and "fixed income +" products [5] Policy Environment - The development of equity funds is supported by favorable policies, including the "Action Plan for High-Quality Development of Public Funds," which aims to optimize product registration and enhance classification evaluation [6]

Core Insights - The public fund issuance has significantly increased since November, with 35 new funds expected to launch this week, up from 27 the previous week, indicating a growing market enthusiasm [1] - The average subscription period for new funds has shortened to 19 days, reflecting enhanced investor willingness and accelerated capital inflow [1] - Three main drivers are identified for this trend: improved overall A-share market conditions, a shift in residents' financial management attitudes towards public funds, and the positive effects of recent policies [1] Fund Types - Equity funds dominate this week's issuance, with 26 new funds launched, including 16 stock funds, of which 13 are passive index funds, highlighting strong market interest in equity investments [1][2] - Mixed funds saw the issuance of 10 new funds, all of which are equity-oriented, allowing fund managers flexibility in adjusting stock-bond allocations based on market conditions [2] - FOF (fund of funds) products have also seen a rise, with 5 new products launched, matching the highest weekly issuance record for the year, driven by investor demand for low-volatility and diversified fund options [2] Issuing Institutions - A total of 25 public fund institutions launched new funds this week, with 18 institutions issuing one fund each and 7 institutions issuing two or more [2] - E Fund led the issuance with 4 new products, primarily focusing on passive index stock funds, followed by Huatai-PineBridge with 3 new products [2]

Core Insights - The bond ETF market has reached a significant milestone, surpassing 700 billion yuan as of October 31, with a total size of 700.44 billion yuan, reflecting strong investor recognition of this innovative tool [1] - The growth of the bond ETF market is not only in total size but also in the scale of individual products, with 50 out of 53 bond ETFs exceeding 1 billion yuan, and 30 products exceeding 10 billion yuan [2] - Continuous capital inflow has been a direct driver of the bond ETF's growth, with a net inflow of 422.94 billion yuan this year, and 20 bond ETFs attracting over 10 billion yuan each [2] - The introduction of innovative products such as Sci-Tech bond ETFs and benchmark market-making credit bond ETFs has significantly contributed to the explosive growth of the bond ETF market [4] - The bond ETF market is expected to continue expanding, with recommendations for investors to adopt a "barbell strategy" to balance defensive and offensive positions [5] Market Expansion - The bond ETF market has seen a rapid increase in the number of products, with 32 new bond ETFs established this year, collectively reaching a size of 374.72 billion yuan and accounting for 53.53% of the total bond ETF market size [4] - The newly launched Sci-Tech bond ETFs have attracted a net inflow of 182.11 billion yuan, contributing to a total size of 252.34 billion yuan [4] - Major fund companies like Bosera Fund and Haifutong Fund have surpassed 100 billion yuan in bond ETF management scale, becoming the only two fund managers in the market with over 100 billion yuan in bond ETF assets [2] Investor Sentiment - The bond ETF is transitioning from a niche tool to a mainstream allocation option, with advantages in liquidity and transparency becoming increasingly important in a low-interest-rate environment [2] - The bond ETF's dual advantages of low risk and stable returns have made it an important allocation tool for institutional investors [2][3]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth, highlighting the top-performing and bottom-performing funds as of November 3, 2025 [2][4][7]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Tongtai Huili Mixed A (008180) with a unit net value of 1.3716 and a cumulative net value of 1.5446, showing an increase from 1.3157 [2]. 2. Tongtai Huili Mixed C (008181) with a unit net value of 1.3399 and a cumulative net value of 1.5129, up from 1.2854 [2]. 3. GF Zhongzheng Photovoltaic Leading 30 ETF (560980) with a unit net value of 0.7313, unchanged from the previous period [2]. 4. Guotai Zhongzheng Film and Television Theme ETF (516620) with a unit net value of 1.1382, unchanged [2]. 5. Yinhua Zhongzheng Film and Television Theme ETF (159855) with a unit net value of 1.0184, unchanged [2]. 6. Huaxia Zhongzheng Animation and Game ETF (159869) with a unit net value of 1.4789, unchanged [2]. 7. Guotai Zhongzheng Animation and Game ETF (516010) with a unit net value of 1.4673, unchanged [2]. 8. Huatai Baichuan Zhongzheng Animation and Game ETF (516770) with a unit net value of 1.5304, unchanged [2]. 9. Founder Fubon Core Advantage Mixed A (018815) with a unit net value of 1.1638, unchanged [2]. 10. Founder Fubon Core Advantage Mixed C (018816) with a unit net value of 1.1498, unchanged [2]. - The bottom 10 funds with the lowest net value growth include: 1. Taixin Bond Enhanced Income D (022516) with a unit net value of 1.1137, down from 1.1594 [4]. 2. AVIC New Start Flexible Allocation Mixed A (005537) with a unit net value of 0.8543, down from 0.8809 [4]. 3. AVIC New Start Flexible Allocation Mixed C (005538) with a unit net value of 0.8379, down from 0.8639 [4]. 4. Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Core Resource Mixed A (003304) with a unit net value of 4.6310, down from 4.7590 [4]. 5. Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Core Resource Mixed C (003305) with a unit net value of 4.5850, down from 4.7110 [4]. 6. Tongtai Huiying Mixed C (008179) with a unit net value of 1.1344, down from 1.1620 [4]. 7. Tongtai Huiying Mixed A (008178) with a unit net value of 1.1619, down from 1.1901 [4]. 8. AVIC Mixed Reform Selected A (004936) with a unit net value of 0.9107, down from 0.9324 [4]. 9. AVIC Mixed Reform Selected C (004937) with a unit net value of 0.8895, down from 0.9106 [4]. 10. Hui'an Quantitative Pioneer Mixed C (007776) with a unit net value of 1.2861, down from 1.3141 [4]. Market Overview - The Shanghai Composite Index showed a slight recovery with a trading volume of 2.13 trillion, indicating a positive market sentiment with 3,535 stocks rising against 1,801 falling [7]. - Leading sectors included oil, media and entertainment, internet, and coal, all showing gains of over 2% [7]. - Notable concepts with significant growth included disperse dyes, solar thermal power, and Hainan free trade, each rising over 3% [7].

Report Industry Investment Rating No relevant content provided. Core Views - Low interest rates will become the norm in the long - term economic operation. The continuous decline of interest rates is a long - term global trend, and China's interest rate center has significantly shifted downward due to economic transformation [1][13]. - With the central bank restarting bond purchases, there are still periodic opportunities in the bond market. The current domestic economy faces pressure, and the restart of bond purchases is conducive to restoring investor sentiment, and long - term bonds are expected to rebound in the short term [2][27]. - In the context of the downward shift of the interest rate center, the ten - year Treasury bond ETF is a preferred tool for optimizing asset portfolios, with both income elasticity and risk controllability [3]. Summary by Directory 1. Interest Rate Central Tendency Downward Judgment - **Global Interest Rate Evolution**: Interest rates have shown a long - term downward trend over the past few centuries, with the decline being more obvious after 1500. Interest rate decline is a general trend, and different countries' real interest rates are becoming more correlated [14]. - **Domestic Interest Rate Outlook**: China's economic transformation from a capital - driven to a technology - driven model has led to a significant downward shift in the interest rate center. Since 2002, the interest rate center of China's ten - year Treasury bonds has gradually decreased in three stages [17][18]. 2. Central Bank Restarts Bond Purchases, Long - term Bonds May Rebound Periodically - **2025 Bond Market Review**: In the first three quarters of 2025, the bond market yield showed an "N" - shaped trend. The bond market was affected by factors such as central bank policies, economic data, and market sentiment. Since August, the ten - year Treasury bond yield has rebounded, and the central bank's restart of bond purchases is expected to improve the bond market environment [21][22][24]. - **Future Outlook**: The current domestic economy still faces pressure. The restart of central bank bond purchases is conducive to restoring investor sentiment, and long - term bonds are expected to rebound in the short term [2][27]. 3. Reasons to Focus on Ten - year Treasury Bond ETF - **Asset Allocation Perspective**: The ten - year Treasury bond has low volatility and good drawdown control. It has better risk - control capabilities and more stable returns compared to other assets, making it a good choice for risk - averse investors [35][38]. - **Ten - year vs. Ultra - long - term Bonds**: The ten - year Treasury bond is more stable and flexible than ultra - long - term bonds. It can better reflect economic expectations and policy orientation, and has higher trading activity [40][41]. - **ETF Form Value - added**: Investing in bond ETFs has advantages such as high liquidity, low transaction costs, low investment thresholds, and high transparency. The bond ETF market has grown rapidly this year [46]. 4. Investment Value Analysis of Ten - year Treasury Bond ETF - **Product Information**: The ten - year Treasury bond ETF is a low - risk fund under Guotai Fund, which tracks the Shanghai Stock Exchange 10 - year Treasury bond index using an optimized sampling replication strategy [50]. - **Performance**: The ten - year Treasury bond ETF has outstanding historical performance, significantly outperforming its performance benchmark. Its one - year and three - year interval returns, annualized interval returns, and Sharpe ratios are better than the median of similar funds [53]. - **Manager Background**: Guotai Fund is a comprehensive and diversified large - scale asset management company with a complete product line. The fund managers of the ten - year Treasury bond ETF have rich experience [58][59].

Core Insights - The total scale of bond ETFs has officially surpassed 700 billion yuan, marking the sixth "billion" milestone achieved this year [1][2] - Over 70% of the current scale was added in 2025, with 32 out of 53 products launched this year, accounting for more than 60% [1] - The bond ETF market has seen a net inflow of approximately 4.23 billion yuan, contributing significantly to the overall ETF market's net inflow of around 9.8 billion yuan [5][7] Growth of Bond ETFs - As of November 3, the total scale of bond ETFs reached 700.44 billion yuan, having increased by 1 billion yuan since late September [2] - The bond ETF market has consistently broken through multiple thresholds since early 2025, with significant growth observed in the number of products and their individual scales [2][3] - The number of bond ETF products has increased to 53, with a total scale of 700.44 billion yuan, of which 520.58 billion yuan is new growth this year, representing 74.29% of the total [3] Product Performance - Among the 53 bond ETFs, 30 have surpassed 10 billion yuan in scale, with 9 exceeding 20 billion yuan [4] - The largest bond ETF is the short-term bond ETF from Hai Fu Tong Fund, exceeding 65 billion yuan, followed by several others with significant scales [4] - The variety of bond ETFs has expanded to include convertible bonds, government bonds, corporate bonds, and more, with a notable increase in the number of sci-tech bond ETFs launched recently [4] Market Trends - The continuous inflow of funds into bond ETFs indicates a strong market trend, with 45 out of 53 products experiencing net inflows this year [5][7] - The trend towards multi-asset ETFs with a focus on bonds is expected to grow, with companies likely to lead in this area due to their first-mover advantage [5][8] - The bond ETF market is compared to the rapid growth of stock ETFs a few years ago, suggesting a similar trajectory for future development [9] Future Outlook - There is a prevailing sentiment that the scale of bond ETFs could theoretically surpass that of stock ETFs, given the larger underlying asset base in the bond market [9][10] - Factors influencing this potential growth include the performance of actively managed bond funds and the management costs associated with bond ETFs [10]