Group 1 - The total net asset value of public funds in China reached a record high of 36.74 trillion yuan as of September 2025, with 165 public fund management institutions operating in the market [2] - Two public index funds surpassed 1 trillion yuan in scale, with E Fund leading at approximately 1.11 trillion yuan and Huaxia Fund following closely at around 1.08 trillion yuan [3] - A total of 88 funds sold out on their first day of issuance, with passive index bond funds being the primary contributors [4] Group 2 - The newly launched "fixed income +" funds have exceeded 100 billion yuan in total issuance this year, with some products debuting at over 3.5 billion yuan [6] - Public funds achieved a record quarterly profit of 2.08 trillion yuan in the third quarter, marking the first time quarterly profits surpassed 2 trillion yuan [7] - Several public funds issued risk warnings regarding premium risks associated with funds tracking the Nikkei 225 index, following strong performance in the Japanese stock market [5]

其中会议指出，要着力深化重点领域改革，带动高水平对外开放，提升商品市场开放水平，优化服务市场准入规则，完善要素市场开放监管制度。要 主动对接国际高标准经贸规则，积极扩大自主开放，稳步扩大规则、规制、管理、标准等制度型开放。要注重发挥自由贸易试验区、自由贸易港等高 能级开放平台优势，探索形成更多可复制可推广的改革成果，持续提升制度型开放效能。 01 证监会、中基协，重磅发布！公募重要文件出炉 10月31日，证监会发布了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，基金业协会同步发布了《公开募集证券投资基金业绩比较基 准操作细则（征求意见稿）》，向社会公开征求意见。两份征求意见稿以增强公募投资行为稳定性、明晰产品投资风格、提升投资者获得感为目标， 从基金管理人内部明确业绩比较基准设定、变更、披露规范，完善内部控制机制方面；到外部加强托管、销售、评价等方面，全链条、多维度地完善 业绩比较基准的监管要求。 国务院总理李强10月31日主持召开国务院常务会议，研究深化重点领域改革扩大制度型开放工作，部署加快场景培育和开放推动新场景大规模应用有 关举措，审议通过《森林草原防灭火条例（草案）》。 国常会：研究深化重 ...

Core Viewpoint - Tianzhi Fund has appointed Lin Hongjun as the new general manager, marking a significant leadership change in the company, which has a history of 22 years [1][3]. Management Changes - On October 31, Tianzhi Fund announced a major management adjustment, with Lin Hongjun promoted from deputy general manager to general manager, effective from the same date [3]. - The announcement also stated that Chai Xiaoxiu will no longer act as the interim general manager [3]. - This change follows a series of high-level personnel shifts within the company, including the appointment of Chai Xiaoxiu as chairman and the resignation of former general manager Xu Jiahua earlier this year [3]. Company Background - Established in May 2003, Tianzhi Fund has been operating for 22 years, with its largest shareholder being Jilin Province Trust Co., Ltd., holding over 60% of shares [5]. - The second-largest shareholder is China Jilin Forest Industry Group Co., Ltd., with nearly 40% ownership [5]. Asset Management and Fund Performance - As of the end of Q3 this year, Tianzhi Fund's public asset management scale is less than 10 billion yuan, with over 80% of its assets in bond funds [5]. - The company has a significant number of small-scale funds, with 9 out of 16 funds having a size below 50 million yuan [5]. - In terms of performance, the company's equity funds have shown mixed results this year, with Tianzhi Trend Select achieving a return of 54.89%, ranking in the top 10% of its category, while Tianzhi Quantitative Core Select has a return of -11.91%, ranking at the bottom of its category [5]. Future Outlook - Industry insiders believe that with the establishment of a new executive team, Tianzhi Fund is expected to enter a new phase of development [4].

Group 1 - The core point of the article is the appointment of Lin Hongjun as the new general manager of Tianzhi Fund, marking a significant leadership change in the company [2][4]. - Lin Hongjun's appointment follows a series of high-level management changes within Tianzhi Fund, including the departure of the previous general manager and chairman [7][8]. - Tianzhi Fund has a history of 22 years and primarily focuses on bond funds, with over 80% of its assets in this category [9][10]. Group 2 - The company has been experiencing frequent executive changes this year, with the chairman and general manager both being replaced [7]. - As of the end of the third quarter, Tianzhi Fund's public asset management scale is still below 10 billion yuan, indicating a relatively small market presence [10]. - The performance of Tianzhi Fund's equity funds has been mixed, with some funds performing well while others have significantly underperformed [10].

Core Insights - As of Q3 2025, the total management scale and share of public funds have steadily increased, but there is a divergence in the scale trends between equity and bond funds. The net value improvement has led to significant growth in mixed equity funds, while pure bond fund scales have declined. The public indexation level continues to deepen, with ETF scales reaching new highs. Under the expectation of a slow bull market, the expansion of balanced allocation secondary bond funds is evident [1][2][11]. Group 1 - The management scale and share of public funds have steadily increased, but there is a divergence in the scale trends between equity and bond funds. As of October 31, 2025, the share of equity funds reached 312,419 billion units, with a management scale of 53,875 billion yuan, reflecting a quarter-on-quarter increase of 1.12% and 26.16%. In contrast, bond fund shares reached 91,336 billion units, with a management scale of 107,585 billion yuan, showing a quarter-on-quarter decline of 4.82% and 1.41% [2][11]. - The public funds are increasingly passive, with significant expansion in secondary bond funds under balanced allocation. The share of passive equity index products increased by 3,103 billion units in Q3 2025. Benefiting from the rights attributes of secondary bond funds and the strong performance of the equity market under slow bull expectations, the share and scale of secondary bond funds have significantly expanded, increasing by 3,847 billion units compared to Q2 2025 [3][15][17]. Group 2 - Recent equity market indices have turned volatile, showing resilience during adjustments, highlighting the allocation value of mixed bond funds. In terms of monthly returns, since October, mixed first-level, mixed second-level, and convertible bond funds recorded returns of 0.43%, 0.20%, and -0.65%, significantly outperforming ordinary equity funds (-1.96%), mixed equity funds (-2.14%), and flexible allocation funds (-1.12%). The strong defensive attributes of fixed income plus products are evident, with the scale of convertible bonds held by public funds reaching a historical high of 352.9 billion yuan as of Q3 2025 [4][18][19]. - The demand side for convertible bonds remains strong despite a marginal decrease in supply, and the natural defensive attributes of mixed bond funds are expected to provide a sufficient safety cushion. The scale of secondary bond funds and passive bond indices has continued to increase, with quarter-on-quarter growth rates of 46.8% and 158.6%, respectively [4][18][19].

Group 1 - The State Council, led by Premier Li Qiang, is focusing on deepening reforms in key areas and expanding institutional openness, aiming to enhance the level of market openness and optimize service market access rules [2] - The China Securities Regulatory Commission (CSRC) and the Asset Management Association of China (AMAC) have released important draft guidelines to enhance the stability of public fund investment behavior and clarify product investment styles [3] - The Ministry of Finance and the State Taxation Administration announced tax policies regarding gold transactions, including exemptions from value-added tax for certain transactions involving standard gold [4] Group 2 - A significant breakthrough in the nuclear energy sector was reported, with China achieving the conversion of thorium-uranium nuclear fuel based on molten salt reactors, which could lead to industrial applications of thorium-based molten salt reactors [5] - The high-end equipment manufacturing sector has seen major advancements, including the acceptance of the world's largest skin-stretching machine, marking a significant step in domestic production capabilities in aviation and high-speed rail [6] - The latest holdings of the "national team" in ETFs show a substantial increase in average returns, with an average gain of over 20% in the third quarter [7] Group 3 - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement may be signed soon, with both countries expressing a willingness to enhance economic cooperation [8] - Major U.S. stock indices closed higher, with the Nasdaq achieving a seven-month consecutive increase, driven by significant gains in tech stocks like Amazon [9] - Upcoming economic data releases include October import and export figures, as well as CPI and PPI data, which are expected to provide insights into economic trends [10] Group 4 - The eighth China International Import Expo is scheduled to take place from November 5 to 10, showcasing China's commitment to opening up its market [11] - The CSRC has approved IPO registrations for two companies, indicating ongoing activity in the capital markets [12] - A total of 36 companies will have their restricted shares unlocked this week, with a total market value of approximately 205.46 billion yuan [15][16]

第四个消息，周末2天呢监管对于啊4起内幕交易作出了处罚，而且呢对于呢两家券商以及投行进行了立 案追责。那么从这一点来看的话，一方面呢代表着监管呢还在严肃查处市场的违法事件。另外一方面啊 对于这几家券商来说，它会形成短期的利空。 第五消息，周末两天财政部和税务总局发布了关于黄金有关税收的政策公告，其中这里面主要是交易模 式的问题，线上交易这块呢不受什么影响，而线下尤其是实物交割会增加一定的税率，所以说呢影响的 主要是线下的交易黄金。 最后一个消息，周末两天呢公募基金的业绩比较基准以及呢配套规则征求意见稿已经发布了，其中这里 面明显强调了啊长期显著跑输业绩比较基准的基金经理的业绩薪酬将大幅下调，干得漂亮就应该这样。 因为这个交易呢直接呢把整体的基金业绩和基金经理的薪酬直接挂钩了，如果你确实给大家带来不了收 益，尤其是长期跑输的话，你凭什么拿高工资？啊所以说从这一点来看的话，啊我认为呢对于整个基金 行业来说算是一个好事，有助于呢推动整个行业继续呢向好。 周末重要消息解读，我们来看一下周末这两天国内外市场发生哪些重要的大事，又将会如何影响下周的 市场？第一个消息，监管的高层呢在周末呢发布了一个署名文章，其中在这里面明 ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market trends, fund positioning, and industry allocation changes, such as the decrease in active equity fund positions below 90% and the increase in electronic sector allocation[4][6][24] - Active equity funds showed a shift towards large-cap growth style, with large-cap growth exposure rising to 36.99% (+1.8pct), while large-cap value exposure dropped to 7.6% (-1.68pct)[5][31][33] - Industry allocation changes include increased exposure to electronics (20.50%, +1.27pct), non-bank financials (3.11%, +0.60pct), and machinery (6.06%, +0.49pct), while sectors like pharmaceuticals (10.48%, -1.12pct) and food & beverage (3.05%, -0.69pct) saw reductions[6][34][36] - ETF market trends show net inflows into broad-based indices like CSI 300 and CSI A500, while thematic ETFs experienced mixed flows, with TMT and financial sectors gaining, and cyclical manufacturing sectors losing[38][39][65] - Newly established funds this week include 62 domestic funds, with active equity funds accounting for 16, totaling 98.74 billion shares issued[44][68][69]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Guidelines for the Selection and Use of Performance Benchmarks for Publicly Offered Securities Investment Funds (Draft for Comments)" and the Asset Management Association of China has released the "Operational Details for Performance Benchmarks for Publicly Offered Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks in the mutual fund industry, enhance internal controls of fund managers, and protect investors' rights [1]. Group 1: Guiding Investment and Product Characteristics - The performance benchmark serves as a "baseline" for fund companies based on the fund's type, investment scope, and strategy, and the guidelines emphasize the principles of representativeness, objectivity, constraint, and continuity in selecting and using benchmarks [2]. - Fund companies are required to set objective and reasonable performance benchmarks based on their investment strategies, which cannot be changed arbitrarily once selected, thereby enhancing the benchmark's role in representing and constraining the product [2]. - Fund managers are encouraged to strengthen internal process controls and stability management of investment styles to ensure actual investment behavior aligns with product strategy [2]. Group 2: Enhancing Investor Understanding and Expectations - The guidelines require that the elements and weights of performance benchmarks align with the fund contract's investment goals, scope, strategies, and restrictions, improving the clarity of fund product positioning and investment styles [3]. - Investors will be able to understand product characteristics more comprehensively through performance benchmarks, allowing them to evaluate fund managers' capabilities by comparing fund performance against benchmarks [3]. - A better understanding of products before investment helps guide investors to form reasonable expectations, thereby aiding in informed decision-making and protecting their rights [3]. Group 3: Scientific Performance Measurement and Evaluation - A significant highlight of the guidelines is the linkage of performance benchmarks to fund manager performance evaluations, establishing a core assessment system based on fund investment returns [3]. - The guidelines promote a compensation management mechanism tied to fund investment returns, which is expected to foster a long-term performance evaluation system in the industry, encouraging fund managers to adopt a "long-term investment, value investment" philosophy [3]. - Additional requirements regarding custodial supervision, sales performance display, and fund evaluation awards are also included, contributing to an ecosystem that values performance benchmarks and encourages long-term returns [4]. Group 4: Implementation and Future Steps - The company plans to systematically review and assess the performance benchmarks of its funds in accordance with the guidelines and operational details, selecting reasonable benchmarks based on investment strategies [4]. - The company aims to establish a scientific evaluation mechanism and refine the fund manager assessment system, further binding it to investor returns and enhancing service quality [4].

截至10月31日，年内已有180多只基金率先调整基准。 新基准均朝着投资策略和风格清晰化方向推进，如体育文化主题基金的基准去掉沪深300指数，引入中证体育 产业指数。但这仅是第一步，基准精细化管理还要提高真实可比性。 相关研究指出，当前国内有近75%的基金基准是价格指数，其中的股票和混合基金几乎没基金以全收益指数作 为业绩比较基准。价格指数没有考虑红利回报和再投资回报等因素，回报一般低于全收益指数回报。用更"容 易"跑赢的指数作为基准，会降低基金业绩"及格线"，也掩盖了基金运作中的费率损耗，使基金评价真实性打 折扣。10月31日下发的公募基金基准指引和操作细则的征求意见稿（下称"基准新规"），对不符规则的存量产 品基准调整，给予1年或6个月过渡期。 180多只基金基准已更新 晨星研究显示，当前国内有近75%的基金基准是价格指数，其中的股票和混合基金几乎没基金以全收益指数作 为业绩比较基准。而在过去20年里，中证全指全收益和价格指数之间的年化回报分别是10.84%和9.31%；中证 综合债券财富指数和中证综合债券净价指数的年化回报分别为4.19%和0.39%。这些收益差距主要来自分红及 分红再投资，过去20年里 ...