Core Viewpoint - The A-share market has shown a structural differentiation in the first 11 months of this year, with new economy sectors like artificial intelligence and innovative pharmaceuticals leading the market, while traditional sectors like liquor have underperformed, creating a stark contrast [2][3]. Investment Strategy - The significant differentiation between new and old market drivers has become a key factor in investment success this year. The rapid expansion of ETF management scale and the issuance of floating fee rate funds have led public funds to focus more on performance benchmarks, resulting in clearer investment styles and directions [3][4]. Core and Satellite Strategy - The "core + satellite" strategy is recommended for investors as a stable allocation method. Core assets should be balanced and historically stable with low drawdowns, while satellite assets should target emerging industries with greater return elasticity. This approach is essential for funds to generate excess returns across different market conditions [4]. Performance of Fund - The Guangfa Multi-Factor Fund (002943) has shown impressive long-term performance, with a net value growth rate of 376.1% from early 2018 to November 28, 2025, translating to an annualized return of 21.82%. It has consistently outperformed major indices during bull and bear markets [5][8][9]. Fund Management - The fund is managed by experienced professionals, including Yang Dong, who has 19 years of experience in investment management. The fund's holdings are well-diversified across 30 industries, and it employs a dynamic adjustment strategy based on a "macro four-cycle" framework to capture excess returns [10][11]. Sector Allocation - The fund has effectively managed its exposure to the electronics sector, increasing its allocation significantly in 2024 and adjusting it based on market performance. This strategic allocation has allowed the fund to maintain a competitive edge [12]. Satellite Asset Tools - The Guangfa team has developed Smart Beta and thematic enhancement products to provide investors with tools for enhanced returns. These products aim to achieve stable excess returns through a combination of strategies, catering to various investor preferences [17][18]. New Product Launch - The Guangfa Quality Selection Fund, utilizing a "PB-ROE" strategy, has been launched to adapt to changing market preferences, focusing on quality and valuation. This strategy aims to identify undervalued companies with strong profitability potential [23][24].

Core Viewpoint - In November 2025, all funds managed by Lu Bin at HSBC Jintrust Fund Company experienced significant declines, with 12 funds dropping over 8%, indicating potential management and investment strategy issues [1][3]. Fund Performance Summary - HSBC Jintrust Research Selected Mixed Fund had the largest decline at 9.97% in November, with a cumulative return of -3.23% since its inception on January 21, 2022 [1]. - HSBC Jintrust Core Growth Mixed C and A funds also saw declines of 9.87% and 9.83% respectively in November, with cumulative returns of -8.76% and -6.67% since their launch on May 24, 2021 [1][2]. - Other funds, such as HSBC Jintrust Era Pioneer Mixed, also reported significant losses, with cumulative returns of -12.13% and -13.90% for A and C shares respectively [2][3]. Investment Focus - The investment strategy of the funds primarily focuses on the renewable energy sector, particularly in the photovoltaic industry, with major holdings including companies like Yiwei Lithium Energy, JA Solar Technology, and Xinyi Solar [1][3]. - The top ten holdings for HSBC Jintrust Era Pioneer Mixed also reflect a strong emphasis on the photovoltaic sector, featuring companies such as Trina Solar and LONGi Green Energy [3]. Management Background - Lu Bin has over six years of experience managing public funds and has held various positions within HSBC Jintrust, including Assistant General Manager and Investment Director [3]. - Despite a strong track record with a few funds managed before 2021, the majority of Lu Bin's recent funds have significantly underperformed compared to their peers [3].

来源：深圳商报 读创客户端记者 陈燕青 近期，债市有所调整，部分债基出现回撤。其中，华宸未来稳健添利A最近三个交易日净值累计大跌 6.66%，如此大的跌幅在债券基金中实属罕见，令人震惊。有市场人士猜测其踩雷了某地产信用债。公 司客服回应称，该基金净值出现比较明显的回撤，与持有的个别债券受市场环境影响发生了较大幅度的 调整有关。 公司客服还称，最近几天该基金连续发生了比较大额的赎回，短期内赎回量突然放量，进一步加剧了基 金净值的波动，其负面影响需一定时间逐步消化。 WIND数据显示，该基金11月27日、11月28日、12月1日净值分别下跌1.77%、3.56%、1.48%，累计跌幅 近7%。截至12月1日，该基金今年以来净值跌幅高达5.89%，在债券型基金中排名垫底。 不过，华宸未来稳健添利三季报显示，截至三季度末，其前五大重仓债券以国债为主，持有的5只国债 合计占基金资产净值比例为36.55%，并未有企业债等信用债的持仓。然而，最近上述5只国债波动并不 大，不可能造成如此大的净值跌幅，是否最近两个月的持仓发生改变？目前不得而知。 责任编辑：刘万里 SF014 来源：深圳商报 读创客户端记者 陈燕青 近期，债市 ...

进入2025年12月后，市场交易核心或将围绕美联储议息会议和国内年底重要会议两个因素展开，叠加季 节性因素、内外流动性变化等多重考量，在市场投资情绪趋于谨慎之际，具备较高盈利确定性的港股红 利类资产有望成为资金进行风险防御的重要工具。 作为国内首批ETF管理人之一，华泰柏瑞基金在红利类主题指数投资领域拥有超过19年的管理经验，除 了聚焦港股红利低波类资产的港股通红利低波ETF（520890），还打造了市场首只（成立于18/12/19） 红利低波ETF（512890）、首只（成立于06/11/17）红利ETF（510880），以及首只（成立于2022/4/8） 通过QDII模式投资港股通高股息（CNY）的港股通红利ETF（513530）等在内的5只策略类型丰富的"红 利全家桶"。交易所数据显示，截至2025年12月1日，华泰柏瑞旗下5只"红利全家桶"管理规模达474.24 亿元。 注：华泰柏瑞港股通红利低波ETF成立于20240904，2025年上半年收益为14.10%。业绩比较基准为： 恒生港股通高股息低波动指数收益率（使用估值汇率折算），同期涨跌幅为11.88%。历任基金经理： 李茜（20240904至今） ...

证券之星消息，12月2日国投证券资产管理有限公司发布《安信资管瑞安30天持有期中短债债券型集合 资产管理计划基金暂停赎回的公告》。公告中提示，为本集合计划变更注册申请已经获得中国证监会的 批复，本集合计划管理人将变更为安信基金管理有限责任公司，并将变更注册为安信瑞安30天持有期中 短债债券型证券投资基金。为保护本集合计划平稳完成变更注册相关事宜，维护本集合计划份额持有人 的利益，暂停赎回业务，自2025年12月4日起安信资管瑞安30天持有期中短债债券型集合资产管理计划 基金暂停赎回，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暫停（大额）申购 | 申购限额 | 转入限额 定投限额 | | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | (元) | (元) (元) | | 安信资管瑞安30 天持有期中短债A | 970154 | 를 | | | | 安信资管瑞安30 | 970155 | 를 | | | | 天持有期中短债B | | | | | | 安信资管瑞安30 | 970156 | 를 | | | | 天持有期中短债C | | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1.国泰海通招阳混合型发起式证券投资基金（以下简称"本基金"）根据中国证券监督管理委员会《关于 准予国泰海通招阳混合型发起式证券投资基金注册的批复》（证监许可[2025]1682号）进行募集。 2.本基金为契约型开放式混合型基金。 3.本基金的基金管理人和登记机构均为上海国泰海通证券资产管理有限公司（以下简称"本公司"），基 金托管人为招商银行股份有限公司。 4.本基金将自2025年12月01日至2025年12月12日通过基金管理人指定的销售机构公开发售。基金管理人 根据认购的情况可适当调整募集时间，并及时公告，但最长不超过法定募集期限。 5.基金份额分类：本基金收取认购费、申购费，基金份额不分类别。具体费率的设置及费率水平在招募 说明书或相关公告中列示。 6.本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境外 投资者、发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 7.认购最低限额：在基金募集期内，投资者通过非直销销售机构认购，单个基金账户首次最低认购金额 为1元（含认购费），追加认购 ...

Group 1 - The article provides an objective ranking of open-end fund net values, highlighting the top and bottom performers without subjective bias [1] - The top 10 funds with the highest net value growth include: Huatai-PB Hongrui Mixed A, Huatai-PB Hongrui Mixed C, Guotou Ruijin Silver Futures C, Guotou Ruijin Silver Futures A, AVIC Vision Leading Mixed A, AVIC Vision Leading Mixed C, Wanjia Trend Leading Mixed A, Wanjia Trend Leading Mixed C, Wanjia State-Owned Enterprise Power Mixed A, and Wanjia State-Owned Enterprise Power Mixed C [2] - The bottom 10 funds with the lowest net value growth include: Taikang Yangtze Economic Belt Bond D, Debang Enjoy Life Mixed C, Debang Enjoy Life Mixed A, AVIC Preferred Leading Mixed C, AVIC Preferred Leading Mixed A, Galaxy Core Advantage Mixed A, Galaxy Core Advantage Mixed C, Zhongyin Securities Health Industry Mixed, Yinhua Growth Smart Selection Mixed C, and Yinhua Growth Smart Selection Mixed A [3] Group 2 - The article notes that Taikang Yangtze Economic Belt Bond D experienced a decline in net value, while its A and C counterparts did not, indicating that the decline is not due to issues with the fund's holdings but rather a result of a valuation adjustment [4] - The market analysis indicates that the Shanghai Composite Index opened high and fluctuated upward, while the ChiNext opened high and then fell before recovering, with a total transaction volume of 1.88 trillion, and a stock rise-to-fall ratio of 3398:2872 [6] - The leading sectors include non-ferrous metals, tourism, and transportation services, each with gains exceeding 2%, while the transportation equipment sector lagged [6] Group 3 - The top holdings of the funds show a concentration of 53.17% in the top ten positions, with notable performers including ST Huashang, Tencent Holdings, and TCL Electronics, indicating a focus on growth-oriented stocks [7] - The fund with the lowest net value growth, Debang Enjoy Life Mixed C, shows a concentration of 60.72% in its top ten holdings, with only one stock, Honggong Technology, experiencing a significant decline [7]

蜀道装备公告，公司拟与蜀道产融管理公司、蜀道股权基金公司共同投资设立蜀道（四川）气体产业股 权投资基金（有限合伙），基金规模20亿元。蜀道装备作为LP认缴10亿元，占比50.00%；蜀道股权基 金公司作为LP认缴9.98亿元，占比49.90%；蜀道产融管理公司担任GP认缴200万元，占比0.10%。基金 首期出资到位1000万元，后续出资根据投资项目投资决策金额及合伙企业运作需要，按各合伙人在基金 中的认缴出资比例履行实缴出资义务。 ...

嘉实基金相关人士表示，与沪深300、中证A500等上述重点宽基指数挂钩的ETF、指数基金投资资金规 模较大，指数市值覆盖率、基本面覆盖率相对较高，部分指数还是主动权益基金业绩的基准"标尺"构 成，调样后优势指数投资价值有望进一步提升，或将为广大投资者布局后市提供更好的工具指引。 展望未来，嘉实基金认为，短期市场存在一定的整固需求，不过在新一轮扩内需、反内卷政策落地和取 得成效，以及增量资金仍有潜力的假设前提下，对未来市场方向依旧乐观，未来宏观经济更明显改善、 企业盈利回升可能是助推中期上行行情的主要动力；中期可持续聚焦本轮行情三大结构主线："资源 +出海链"、科技AI+、"反内卷+自主可控"。 嘉实基金相关人士表示，对于广大投资者来说，指数投资的优势之一在于选股方面较为省心，原因在于 指数投资有明确的指数编制规则，指数编制机构会围绕指数编制原则定期筛选、调整样本股，将不符合 指数编制规则的个股剔除，同时吸纳符合指数编制规则的"新生力量"。指数调样能让指数的表征作用更 加清晰准确，为ETF、指数基金等被动投资工具提供基础，更好地引导资金流向、资源配置，从而促进 资本市场健康发展、良性循环。 以沪深300、中证A ...

Core Viewpoint - Oriental Communication has experienced a continuous increase in stock price, with a total rise of 11.2% over the past six days, indicating strong market interest and potential investor confidence [1][2]. Group 1: Company Overview - Oriental Communication Co., Ltd. is located at 66 Dongxin Avenue, Binjiang District, Hangzhou, Zhejiang Province, and was established on August 1, 1996, with its listing date on November 26, 1996 [1]. - The company's main business activities include communication, financial electronics, and network services, with revenue composition as follows: smart manufacturing 67.51%, information communication 47.39%, financial technology 5.45%, and others 4.67% [1]. Group 2: Stock Performance - As of the report, Oriental Communication's stock price is 13.80 CNY per share, with a trading volume of 4.17 billion CNY and a turnover rate of 3.17%, leading to a total market capitalization of 173.33 billion CNY [1]. - The stock has seen a consistent upward trend, with a 0.51% increase on December 1, contributing to a total of six consecutive days of price increases [1]. Group 3: Shareholder Information - Among the top ten circulating shareholders, a fund under Guotai Fund, the Guotai CSI All-Index Communication Equipment ETF (515880), has entered the top ten in the third quarter, holding 2.8876 million shares, which is 0.23% of the circulating shares [2]. - The Guotai CSI All-Index Communication Equipment ETF has achieved a year-to-date return of 95.97%, ranking 1 out of 4207 in its category, and a one-year return of 104.35%, also ranking 1 out of 4009 [2].