目前，泉果基金已将官网调至黑白色调。公开资料显示，泉果基金是一家全国性公募基金管理公司，注 册地为上海，注册资本为1亿元人民币。王国斌为发起股东之一，其持有泉果基金35%的股份，与公司 董事长任莉为并列第一大股东。 据了解，王国斌在证券市场从业超过三十年，系东方红资产管理创始人、首任董事长，君和资本联合创 始人，逝世前为泉果基金董事、总经理。 新京报记者 潘亦纯 编辑 陈莉 11月3日，泉果基金发布讣告称，公司创始人、总经理王国斌先生，因病医治无效，于2025年11月3日不 幸逝世，享年57岁。 由于王国斌病逝，目前泉果基金由任莉代任总经理职务。据了解，任莉曾任东方证券股份有限公司资产 管理业务总部副总经理，上海东方证券资产管理有限公司总经理助理、副总经理等职务。 星标"新京报" 及时接收最新最热的推文 点击"在看"，分享热点 贝壳财经记者注意到，尽管泉果基金成立时间不长，但截至2025年9月30日其规模已突破百亿元，达 237.87亿元，主要为混合型基金，同比增长约为62.71亿元。其中，由赵诣管理的泉果旭源三年持有的合 计规模超190亿元，占了该公司总规模的大半比例，截至10月31日收盘，该基金年内回报近 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week (October 27 - October 31, 2025), the median weekly return of equity ETFs was 0.01%. Among broad - based ETFs, the median return of CSI 1000 ETF was 1.20%, the highest. By sector, the median return of cyclical ETFs was 1.76%, the highest. By theme, the median return of photovoltaic ETFs was 6.54%, the highest [1][13]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan, and the overall scale increased by 5.725 billion yuan. Among broad - based ETFs, the CSI 300 ETF had the largest net subscription, reaching 7.248 billion yuan; by sector, technology ETFs had the largest net subscription, at 6.922 billion yuan; by hot theme, chip ETFs had the largest net subscription, at 4.683 billion yuan [2]. Summary by Directory ETF Performance - From October 27 to October 31, 2025, the median weekly return of equity ETFs was 0.01%. The median returns of CSI 1000, CSI 500, ChiNext, A500, CSI 300, STAR Market, and SSE 50 ETFs were 1.20%, 1.06%, 0.49%, - 0.03%, - 0.40%, - 0.64%, and - 1.07% respectively. The median returns of bond, money, cross - border, and commodity ETFs were 0.28%, 0.01%, - 0.74%, and - 1.52% respectively [13]. - By sector, the median returns of cyclical, consumer, large - financial, and technology sector ETFs were 1.76%, 0.54%, - 0.64%, and - 1.47% respectively. By hot theme, the median returns of photovoltaic, new energy vehicle, and liquor ETFs were 6.54%, 4.79%, and 0.96% respectively, showing relatively strong performance; while the median returns of chip, AI, and bank ETFs were - 4.17%, - 2.83%, and - 2.28% respectively, showing relatively weak performance [17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3,693.7 billion yuan, 926.1 billion yuan, and 700 billion yuan respectively. The scales of commodity and money ETFs were relatively small, at 216 billion yuan and 161.9 billion yuan respectively. Among broad - based ETFs, the CSI 300 and STAR Market ETFs had relatively large scales, at 1,204.7 billion yuan and 214.7 billion yuan respectively [19]. - By sector, as of last Friday, the scale of technology sector ETFs was 427.6 billion yuan, followed by cyclical sector ETFs at 219.9 billion yuan. The scales of large - financial and consumer ETFs were relatively small, at 206 billion yuan and 187.1 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 159.4 billion yuan, 142.1 billion yuan, and 102.3 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan, and the overall scale increased by 5.725 billion yuan; money ETFs had a net redemption of 6.039 billion yuan, and the overall scale decreased by 6.024 billion yuan. Among broad - based ETFs, the CSI 300 ETF had the largest net subscription of 7.248 billion yuan, and its scale increased by 2.339 billion yuan; ChiNext - related ETFs had the largest net redemption of 354 million yuan, and its scale increased by 402 million yuan [27][28]. - By sector, last week, technology ETFs had the largest net subscription of 6.922 billion yuan, but their scale decreased by 903 million yuan; cyclical ETFs had the largest net redemption of 10.539 billion yuan, and their scale decreased by 4.598 billion yuan. By hot theme, last week, chip ETFs had the largest net subscription of 4.683 billion yuan, but their scale decreased by 2.471 billion yuan; bank ETFs had the largest net redemption of 2.822 billion yuan, and their scale decreased by 3.658 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the PE ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 83.35%, 83.43%, 97.28%, 97.20%, 59.03%, and 92.51% quantile levels respectively, and the PB ratios were at the 63.93%, 66.69%, 98.27%, 63.85%, 55.98%, and 91.92% quantile levels respectively. Compared with the previous week, the valuation quantiles of SSE 50, A500, and CSI 300 ETFs decreased significantly [35]. - As of last Friday, the PE ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 72.96%, 39.24%, 25.80%, and 94.97% quantile levels respectively, and the PB ratios were at the 77.99%, 51.81%, 34.05%, and 92.91% quantile levels respectively. Compared with the previous week, the valuation quantile of large - financial ETFs decreased significantly [38]. - As of last Friday, the PE quantiles of dividend, chip, and robot ETFs were relatively high, at 99.51%, 96.54%, and 96.29% respectively; the PB quantiles of AI, robot, and dividend ETFs were relatively high, at 97.53%, 96.04%, and 94.64% respectively. Overall, among broad - based ETFs, the valuation quantiles of ChiNext - related ETFs were relatively low; by sector, the valuation quantiles of consumer and large - financial ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and photovoltaic ETFs were relatively low [42][45]. ETF Margin Trading - From Monday to Thursday last week, the margin balance of equity ETFs increased from 46.994 billion yuan in the previous week to 48.051 billion yuan, and the short - selling volume increased from 2.568 billion shares in the previous week to 2.66 billion shares. Among the top 10 ETFs with the highest average daily margin buying amount and short - selling volume, securities ETFs and STAR Market ETFs had relatively high average daily margin buying amounts, and SSE 50 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [4][48]. ETF Managers - As of last Friday, Huaxia, E Fund, and HuaTai Ber瑞 had the top three total scales of listed non - money ETFs. Last week, 7 new ETFs were established. This week, 8 ETFs, including Tianhong CSI Agriculture Theme ETF, will be issued [5][60].

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.55% to close at 3976.52 points, the Shenzhen Component Index rose 0.19% to close at 13404.06 points, and the ChiNext Index rose 0.29% to close at 3196.87 points. The total trading volume of A - shares in the two markets was 2132.5 billion yuan. The top - performing sectors were Media (3.13%), Coal (2.52%), and Petroleum & Petrochemical (2.28%), while the bottom - performing sectors were Non - Ferrous Metals (-1.21%), Household Appliances (-0.66%), and Comprehensive (-0.39%) [2][6] 2. Stock ETFs - Among the stock ETFs with high trading volume, the Huaxia CSI A500ETF had a change of 0.00% with a premium rate of 0.15%; the Huaxia Shanghai Sci - Tech Innovation Board 50ETF fell 1.21% with a premium rate of -1.12%; the Cathay CSI A500ETF rose 0.17% with a premium rate of 0.20% [3][7] 3. Bond ETFs - The top - traded bond ETFs included the Haifutong CSI Short - Term Financing Bond ETF with a change of 0.00% and a premium rate of 0.00%; the Huaxia CSI AAA Science and Technology Innovation Corporate Bond ETF rose 0.03% with a premium rate of -0.12%; the Cathay CSI AAA Science and Technology Innovation Corporate Bond ETF rose 0.04% with a premium rate of -0.02% [4][9] 4. Gold ETFs - Gold AU9999 fell 0.16% and Shanghai Gold fell 0.11%. Among the high - volume gold ETFs, the Huaan Gold ETF rose 0.03% with a premium rate of -0.20%; the E Fund Gold ETF rose 0.11% with a premium rate of -0.22%; the Bosera Gold ETF rose 0.10% with a premium rate of -0.21% [12] 5. Commodity Futures ETFs - The Dacheng Non - Ferrous Metals Futures ETF rose 0.66% with a premium rate of 0.43%; the Huaxia Feed Soybean Meal Futures ETF rose 0.31% with a premium rate of 1.72%; the Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.40% with a premium rate of -0.70% [13][14] 6. Cross - border ETFs - The previous trading day saw the Dow Jones Industrial Average rise 0.09%, the Nasdaq rise 0.61%, the S&P 500 rise 0.26%, and the German DAX fall 0.67%. On the reporting day, the Hang Seng Index rose 0.97% and the Hang Seng China Enterprises Index rose 0.98%. Among the high - volume cross - border ETFs, the GF CSI Hong Kong Innovative Drugs ETF rose 1.02% with a premium rate of 2.48%; the E Fund CSI Hong Kong Securities Investment Theme ETF fell 0.09% with a premium rate of 0.57%; the Huatai - Berry Hang Seng Technology ETF rose 0.25% with a premium rate of 0.74% [15] 7. Money Market ETFs - The money market ETFs with high trading volume were the Yin Hua Rili ETF, the Hua Bao Tian Yi ETF, and the Money Market ETF Jianxin Tian Yi [17]

上证报中国证券网讯（记者 王彭）11月3日，ETF市场涨跌不一。其中，中韩半导体ETF上涨4.62%，光 伏ETF龙头上涨4.55%，影视ETF、光伏ETF指数基金、游戏ETF等多只产品均涨逾3%。科创信息ETF、 黄金股ETF、黄金股票ETF等产品跌逾2%。 华泰柏瑞中证光伏产业ETF基金经理李茜和李沐阳在基金三季报中表示，四季度光伏行业盈利修复有望 加速，政策引导的产能整合与硅料"收储"方案若落地，将强化供需平衡。需求端关注国内集中式项目年 底抢装及海外圣诞采购潮，钙钛矿、BC技术迭代红利向设备环节扩散。 汇添富中证光伏产业ETF基金经理董瑾在基金三季报中表示，光伏装机需求长期仍有望持续增长。当前 板块景气度仍处于筑底阶段，在"反内卷"措施的推动下，随着产能逐步出清、产业链价格企稳，行业景 气度将有望回暖。 来源：上海证券报·中国证券网 对于黄金未来表现，华安基金发表公开观点表示，黄金近期在短期过热后的调整已逐渐趋于充分，利空 事件也靴子落地，后续建议投资者仍以大类资产配置为出发点，以分散风险、稳健投资理念参与黄金投 资，在低位时可适当布局。展望后市，美联储降息周期有望延续，美债信用下行和去美元化下全球央 ...

11月3日，泉果基金发布公告称，总经理王国斌已于当日离任，离任原因为病逝。董事长任莉代任总经 理。 记者从业内了解到，泉果基金创始人王国斌于近期因病突发离世，年仅57岁。 公告发出后，泉果基金 官网已变黑白。 | 基金管理人名称 | 泉果基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理 | | | 办法》《证券基金经营机构董事、监事、 | | | 高级管理人员及从业人员监督管理办法》 | | | 等相关法律法规 | | 高管变更类型 | 代任基金管理公司总经理 | | | 离任基金管理公司总经理 | | 代任高级管理人员职务 | 总经理 | | --- | --- | | 代任高级管理人员姓名 | 任莉 | | 是否经中国证监会核准取得高 | | | 管任职资格 | | | 中国证监会核准高管任职资格 | | | 的日期 | | | 任职目期 | 2025-11-03 | | 过往从业经历 | 现任泉果基金管理有限公司董事长。曾任东方证券 | | | 股份有限公司资产管理业务总部副总经理,上海东 | | | 方证券资产管理有限公司总经理助理、副总经理、 | ...

Core Viewpoint - The article discusses the asset allocation philosophy of "Fixed Income Plus" (固收+), emphasizing its growing importance in the context of high volatility in the A-share market and the evolution of mixed investment products since 2017 [3][4][6]. Group 1: Historical Context - The "Fixed Income Plus" strategy gained popularity around 2019, with the total market size of related products expanding significantly, now exceeding ten times the size from that year [4]. - The development of "Fixed Income Plus" products has been marked by increased sophistication and risk management capabilities among fund managers, leading to a more diversified product range [3][4]. Group 2: Market Characteristics - The A-share market exhibits high volatility, with returns and volatility often positively correlated, contrasting with the U.S. market where they are negatively correlated [5][6]. - The article highlights that during bull markets, A-shares can experience rapid price increases, leading to potential bubbles that require extended periods to digest [5]. Group 3: Value of "Fixed Income Plus" - "Fixed Income Plus" products serve to help investors with asset allocation in a volatile environment, aiming to optimize risk-return profiles [6][8]. - The strategy is designed to manage both conventional volatility and tail risks, with a focus on maintaining lower drawdowns while seeking returns [15][19]. Group 4: Investment Philosophy - The investment approach for "Fixed Income Plus" differs from traditional equity funds, focusing on dual parameters: optimizing returns while minimizing drawdowns [8][11]. - The strategy emphasizes a preference for assets with favorable risk-reward ratios, often favoring lower volatility assets over high-return but high-risk options [10][12]. Group 5: Risk Management - Effective risk management involves distinguishing between regular volatility and tail risks, with a structured approach to handle unexpected market events [15][16]. - The article stresses the importance of systemic error tolerance in investment strategies, aiming for long-term stability over short-term gains [19][20].

Core Viewpoint - The A-share market is experiencing intensified competition and divergence among fund managers following the Shanghai Composite Index's rise above 4000 points, with varying strategies and performances reflecting differing market outlooks [1][2][3] Market Dynamics - The Shanghai Composite Index reached 4000 points for the first time in a decade, but market enthusiasm remains subdued, with trading volumes around 2 trillion yuan and significant adjustments in high-position sectors [2][3] - Fund managers exhibit a cautious stance, with over 40% of actively managed equity funds reducing stock positions despite the rising market, indicating a deep-seated market divergence [2][3] - The total share of actively managed equity funds decreased by 163.4 billion units in Q3, with net redemptions reaching 216.2 billion units, highlighting investor caution amid rising fund values [2] Fund Manager Perspectives - Fund managers express varied opinions on the market, with some suggesting a potential pause in the bull market while others remain optimistic about long-term growth driven by economic recovery and supportive policies [3][4] - The technology sector is a focal point of debate, with some managers advocating for cautious investment due to high valuations, while others emphasize the sector's long-term potential [4][5] Performance Disparity - There is a stark performance divide among fund managers, with over 40 funds doubling their performance in the past year, while more than 200 funds remain in a loss position [7] - Investment strategies significantly influence performance, with growth-oriented managers benefiting from emerging industries, while those adhering to value investing principles lag behind [7] Future Outlook - Market predictions are mixed, with expectations of continued liquidity but potential volatility due to changes in high-risk funding sources [8] - The technology sector is viewed as a key driver for market growth, with recommendations to focus on sectors aligned with national strategies and industry trends, such as semiconductors and renewable energy [8]

Group 1 - The market is expected to experience positive momentum in November due to multiple favorable factors, including the completion of annual goals set by the Fourth Plenary Session and anticipated policy support such as consumption subsidies and new productivity initiatives [2] - The opening of the Federal Reserve's interest rate cut cycle provides more room for domestic monetary policy operations, with expectations of the central bank taking measures to counterbalance the expiration of 900 billion MLF in November [2] - The launch of three major broad-based ETFs by Huabao Fund offers investors diverse options to invest in China, tracking the CSI A50, CSI A100, and CSI A500 indices [2][3] Group 2 - The market capitalization of the A50 ETF Huabao is focused on the top 50 core leading companies, while the CSI A100 ETF encompasses the top 100 industry leaders, and the CSI A500 ETF includes a broader range of 500 companies [2][3] - The overall market performance on November 3 showed a slight increase in major indices, with the Shanghai Composite Index rising by 0.55% and the Shenzhen Component Index increasing by 0.29% [1] - The total trading volume in the two markets reached 2.11 trillion yuan, reflecting a decrease of 210.7 billion yuan compared to the previous day [1]

Core Points - The announcement of a senior management change at QuanGuo Fund due to the passing of General Manager Wang Guobin, with Chairman Ren Li taking over the role temporarily [2][3] - Wang Guobin, a veteran in the securities industry with 31 years of experience, co-founded QuanGuo Fund in 2022 and was known for his long-term value investment philosophy [4][6] - Ren Li, who has a diverse background in both the pharmaceutical and financial sectors, will serve as the acting General Manager [8] Management Change - Wang Guobin passed away on November 3, 2025, at the age of 57 [3][4] - Ren Li, currently the Chairman, has taken over as acting General Manager, with a history of significant roles in the financial industry [3][8] - The board of QuanGuo Fund approved this change and will file it according to relevant laws and regulations [2] Company Performance - QuanGuo Fund has five mixed funds, all of which have positive returns since inception, with notable performances including a 33.16% return for the QuanGuo Jiayuan three-year holding period mixed A fund [4][5] - The overall management scale of QuanGuo Fund is reported to be 23.787 billion yuan [5] Background of Key Personnel - Wang Guobin had a distinguished career, having previously worked at Southern Securities and Oriental Securities, and founded Dongfang Hong Asset Management [4][6] - Ren Li transitioned into finance in 2003 after a career in the pharmaceutical industry, holding various positions before co-founding QuanGuo Fund [8]

Core Viewpoint - The announcement of the management change at Quan Guo Fund Management Co., Ltd. highlights the passing of General Manager Wang Guobin and the appointment of Chairman Ren Li as the acting General Manager, effective November 3, 2025 [2][4]. Group 1: Management Change - Wang Guobin, the General Manager, passed away due to illness on November 3, 2025 [4]. - Ren Li, currently the Chairman, will serve as the acting General Manager starting from the same date [2][3]. - Ren Li has extensive experience in the securities industry, having held various senior positions at Dongfang Securities and possesses a master's degree [3][5]. Group 2: Company Background - Quan Guo Fund was established on February 8, 2022, and is recognized as the only "personal system" public fund approved in that year [7]. - The company has a registered capital of 100 million RMB and is headquartered in Shanghai [7]. - As of September 30, 2025, the total assets under management amount to 23.787 billion RMB, with six funds, primarily in mixed funds [10]. Group 3: Legacy of Wang Guobin - Wang Guobin was a prominent figure in the asset management industry, known for founding Dongfang Hong Asset Management and leading it to obtain the first public fund license for a securities firm [5]. - He was recognized as one of the "Top Ten Outstanding Youths in Shanghai" in 2007 and published his first book, "Investing in China," in 2022 [5]. - His insights on value investing and market confidence have left a lasting impact on the industry, and his passing has been met with significant mourning from peers [11].