Core Viewpoint - The real estate market in first-tier cities is experiencing a significant downturn, while Hong Kong's property market is thriving, highlighting a stark contrast in investment opportunities and strategies [1][3][5]. Group 1: First-tier Cities Real Estate Market - As of September 2025, second-hand housing prices in Beijing, Shanghai, Guangzhou, and Shenzhen have seen substantial declines, with Beijing down 2.1% month-on-month and Guangzhou experiencing a year-on-year drop exceeding 10% [3]. - Shenzhen's property prices have plummeted by 41.8% from historical highs, indicating a loss of over 4 million yuan on properties that were once valued at 10 million yuan [3]. - The number of second-hand homes listed for sale continues to rise, with Beijing adding 18,448 new listings in September alone, bringing the total for the first nine months to nearly 160,000 [3]. - Rental yields in these cities are low, with the highest being only 1.89%, insufficient to cover a mortgage interest rate of 3.2% [3]. Group 2: Hong Kong Real Estate Market - As of October, the private residential price index in Hong Kong has risen for five consecutive months, with rental prices increasing for nine months, reaching a six-year high [5]. - In prime areas like Hong Kong Island, rental prices for small units under 40 square meters have surged to 527 HKD per square meter [5]. - The rental yield in Hong Kong has climbed to 3.5%, surpassing the mortgage rate of 3.375%, making "renting to pay mortgage" a viable strategy [5]. - Notably, over half of the luxury property transactions exceeding 50 million HKD in Hong Kong this year involved mainland buyers, indicating a shift in investment focus [5]. Group 3: Investment Strategies and Market Trends - The contrasting trends in real estate markets are prompting investors to reconsider their asset allocation strategies, moving away from the traditional approach of concentrating investments in domestic properties [5][8]. - Investors are increasingly diversifying their portfolios, with a suggested allocation of 40% in domestic ETFs and government bonds, 30% in overseas funds, 20% in bonds, and 10% in gold ETFs [7][8]. - The establishment of over 50 new FOF funds in 2025, with a total issuance of 42.1 billion yuan, reflects a shift in investor sentiment towards diversified investment strategies [8]. - Ordinary investors can now access overseas investments through domestic platforms with minimal entry requirements, facilitating a broader investment approach [8].

Core Viewpoint - The article highlights the significant outperformance of foreign public funds in the A-share market, driven by proactive industry positioning and robust investment strategies, with some funds achieving returns exceeding 50% year-to-date [2][3]. Fund Performance and Strategies - Several foreign public funds have shown remarkable performance this year, with some flagship products achieving returns over 50%. The focus has been on sectors such as technology manufacturing and resource energy, which are expected to continue performing well in the fourth quarter due to low interest rates and ample liquidity [2][3]. - As of October 31, BlackRock Advanced Manufacturing Fund reported a year-to-date return of 66.44%, with a significant allocation of 92.52% of its stock investments in the manufacturing sector. The top holdings include companies like CATL and Hikvision, with notable stock price increases contributing to the fund's performance [3]. - The Robeco Resource Select Fund achieved a year-to-date return of 79.00%, diversifying its investments across manufacturing, raw materials, and energy sectors. Key holdings include Zijin Mining and Ganfeng Lithium, both of which saw stock price increases exceeding 80% [3][4]. - Allianz China Select Fund reported a year-to-date return of 54.48%, focusing on manufacturing, information technology, and healthcare sectors, reflecting confidence in China's technological innovation and industrial upgrades [4]. Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, anticipating that low interest rates and liquidity will support the A-share market's medium to long-term performance. However, they caution about potential short-term disruptions from geopolitical factors and overseas policy changes [5][6]. - The BlackRock fund managers emphasize that the current weak growth in the real estate market will anchor a low interest rate environment, which may drive investors towards riskier assets with positive cash flows. They foresee a mid-term bull market for stocks, particularly large and mid-cap assets [6][7]. - Robeco's fund manager expresses optimism about the resource sector, indicating that resource prices are at the beginning of a new upward cycle with significant growth potential [6][7]. - Allianz's fund manager expects the macroeconomic growth to remain resilient, with the technology sector likely to accelerate. The market is anticipated to experience a range-bound upward trend in the fourth quarter, with quality tech assets expected to perform well [7].

Group 1 - The article highlights the establishment and recruitment of various mother funds across regions such as Sichuan, Guangxi, Jiangsu, Hunan, and Zhejiang, focusing on sectors like electronic information, equipment manufacturing, green food, aerospace, artificial intelligence, low-altitude economy, and new energy [2] - Chengdu's "Jiaozi Manyuan Industrial Development Fund" was launched with an initial scale of 1 billion yuan and a long-term goal of 5 billion yuan, aiming to support local industrial development [3][4] - The "Hechi Venture Capital Mother Fund" in Guangxi has completed registration with a total scale of 1 billion yuan, focusing on strategic emerging industries and traditional industry upgrades [6][7] - The "Nanjing Advanced Manufacturing Mother Fund" has been established with a scale of 5 billion yuan, targeting strategic emerging industries and optimizing the local industrial system [8][9] - The "Xingwang Mother Fund" in Hunan has been registered with a focus on advanced manufacturing and new energy sectors, employing a multi-layered investment model [12] - The "Dongguan Songshan Lake Industrial Investment Mother Fund" has been established with a total scale of 10 billion yuan, aiming to support strategic emerging industries and regional industrial upgrades [22][23] Group 2 - The "Central Enterprise Strategic Emerging Industry Development Fund" has been launched with an initial scale of 51 billion yuan, focusing on supporting state-owned enterprises in strategic emerging industries [24][25][26] - The "Zhejiang Social Security Science and Technology Innovation Fund" has been established with a scale of 50 billion yuan, aimed at supporting innovation-driven development in Zhejiang [27] - The "Jiangsu Social Security Science and Technology Innovation Fund" has also been launched with a scale of 50 billion yuan, focusing on strategic emerging industries and enhancing regional industrial resilience [28] - The "Wuxi High-Tech Investment Fund" has been registered with a scale of 2 billion yuan, focusing on the integrated circuit industry and supporting local enterprises [29][30] - The "Huatai New Energy Fund" has been established with a scale of 1 billion yuan, targeting new energy sectors and leveraging market-oriented operations [31] - The "Chengdu High-Level Talent Innovation and Entrepreneurship Fund" has been established to promote talent-driven industrial development [32] - The "Xiong'an Concept Verification Fund" has been set up with a scale of 20 million yuan, focusing on key industries such as artificial intelligence and biotechnology [33] - The "Zhuhai Zuguang New Intelligence Fund" has been registered, focusing on high-end intelligent manufacturing [34] - The "Nanning New Generation Information Technology Fund" has been established with a scale of 100 million yuan, focusing on artificial intelligence and regional economic development [35]

2025 年 11 月 02 日 中银基金李思佳：在均衡稳健中追 求可持续可复制的成长性收益 ——基金经理研究系列报告之八十六 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 蒋辛 (8621)23297818× jiangxin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 相关研究 - ⚫ 中银基金李思佳：剑桥大学金融硕士。具备 8 年证券从业经验，2 年投资管理年限。2017 年加入中银基金，曾任研究员、价值与周期组组长、基金经理助理。2023 年 10 月至今 任中银战略新兴产业的基金经理，2025 年 4 月至今任中银增长的基金经理，共计 2 只在 管基金，总管理 ...

Core Insights - Over 180 funds have adjusted their benchmarks as of October 31, 2023, moving towards clearer investment strategies and styles [1][2] - The new guidelines for public fund benchmarks aim to enhance comparability and accuracy in performance evaluation [1][4] Fund Benchmark Adjustments - The number of funds changing their performance benchmarks since 2025 is 183, with over 70 changes occurring after the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2023 [2] - Many funds are shifting from broad indices to more specific industry indices, such as a sports culture fund changing its benchmark from the CSI 300 to a combination of industry-specific indices [2][3] Focus on Full Return Indices - Current research indicates that nearly 75% of domestic fund benchmarks are price indices, with very few using total return indices, which account for dividends and reinvestment [5][6] - The annualized returns over the past 20 years show a significant difference between total return indices and price indices, highlighting the importance of using full return indices for accurate performance comparison [5][6] Need for Enhanced Benchmark Management - The adjustment of benchmarks is seen as a necessary step towards more refined management, with a focus on improving the comparability of benchmarks [4][7] - Factors to consider for effective benchmark management include risk-return characteristics, strategy alignment, transparency, and market representation [8]

Core Insights - The release of the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds" and the "Operational Details for Performance Benchmarking" marks a significant step towards enhancing the asset management industry's focus on high-quality development and reshaping the public fund ecosystem [1][7] Group 1: Key Highlights of the Guidelines - The guidelines establish the performance benchmark as a core element, redefining its role from a mere reference to a binding anchor for investment behavior and performance evaluation, thus preventing style drift and ensuring stability in investment strategies [2][3] - A comprehensive management framework covering the entire lifecycle of performance benchmarks is introduced, ensuring accurate selection, effective management, and optimal application, with strict requirements for benchmark selection and monitoring [3][4] - A systematic support mechanism is designed to facilitate the smooth implementation of the new regulations, including integrating benchmark performance into the fund manager's evaluation system and establishing a one-year transition period for existing products [4] Group 2: Implications for the Industry - The standardization of performance benchmarks is expected to promote rational investment styles among various public funds, leading to more balanced and stable investment operations, thereby reducing short-term speculation in the capital market [5] - Fund managers will benefit from clearer product positioning and improved research capabilities, fostering a more stable investment style and enhancing competitive advantages in asset management [5] - Investors will gain clearer product labels through standardized benchmarks, improving decision-making efficiency and reducing information asymmetry, while also enhancing their overall investment experience [5]

Group 1 - The core viewpoint of the article highlights the new regulations from the China Securities Regulatory Commission (CSRC) aimed at addressing the discrepancies between fund names and their actual investment strategies, ensuring transparency for investors [1] - The new rules mandate that fund performance benchmarks must align closely with the fund's stated investment strategy, preventing misleading marketing practices [1] - Fund managers will face direct salary cuts if they engage in "style drift," where the fund's investments deviate from its declared focus, such as a fund named "Consumption Selection" heavily investing in new energy stocks [1] Group 2 - The regulations require fund companies to establish independent departments to monitor deviations from benchmarks, which may lead to increased operational costs [3] - Currently, the management fees for actively managed equity funds are around 1.5%, while index funds charge approximately 0.5%, indicating a potential rise in costs for fund companies due to the new compliance requirements [3]

Core Viewpoint - Over 180 funds have adjusted their benchmarks as of October 31, 2023, moving towards clearer investment strategies and styles, with a focus on refining benchmark management for better comparability [1][3][5]. Benchmark Adjustments - As of October 31, 2023, 183 funds have changed their performance comparison benchmarks, with over 70 of these changes occurring after the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2023 [3]. - The new benchmarks are shifting from broad indices to more specific industry indices, enhancing clarity in investment strategies. For example, a sports culture fund changed its benchmark from a composite of the CSI 300 and bond indices to a combination of industry-specific indices and deposit rates [3][4]. Focus on Full Return Indices - Current research indicates that nearly 75% of domestic fund benchmarks are price indices, with very few using total return indices, which account for dividends and reinvestment returns. This discrepancy leads to lower overall returns for funds using price indices [2][6][7]. - A study by Morningstar shows that funds using the CSI 300 price index had a 68% success rate in outperforming their benchmark, compared to only 55% for those using the total return index over the past five years [6]. Importance of Benchmark Precision - The adjustment of benchmarks is seen as a necessary step towards more precise management, which should consider factors such as risk-return characteristics, strategy alignment, understandability, and market representation [8][9]. - Analysts emphasize that the effectiveness of benchmarks in guiding investment behavior has not been fully realized, necessitating a more structured approach to benchmark setting [8][9]. Conclusion - The ongoing adjustments in fund benchmarks reflect a broader trend towards enhancing the accuracy and relevance of performance measurement in the investment industry, aiming to provide clearer insights into fund performance and strategy alignment [5][9].

Core Insights - The overall asset management scale of China's public fund industry has reached 36 trillion yuan, with the top ten fund companies all surpassing one trillion yuan in management scale, indicating a trend of increasing concentration in the industry [3][5] - More than 30% of fund managers have experienced a decline in scale compared to the previous quarter, highlighting a "stronger becoming stronger, weaker becoming weaker" phenomenon [3][4] Industry Overview - The public fund industry is entering a phase of elimination, driven by stricter regulations, intensified competition, and the maturation of investors, which will squeeze the survival space for companies lacking core competitiveness [4] - The era of merely pursuing scale expansion is over, and companies must focus on sustainable excess returns, effective passive product capabilities, and enhancing investor experience to thrive [4] Competitive Landscape - As of October 29, 2025, all top ten public fund companies have crossed the one trillion yuan mark in management scale, with E Fund leading at 23,928 billion yuan, followed by Huaxia Fund at 21,508 billion yuan [5][6] - The competition among the top companies is fierce, with E Fund and Huaxia Fund forming a distinct first tier, while companies like GF Fund, Southern Fund, and Fortune Fund are vying for positions in the second tier [7] Growth Dynamics - The mid-tier companies, with management scales between 500 billion and 1 trillion yuan, are experiencing significant competition, with notable growth disparities among them [8][9] - China Universal Fund leads this tier with a growth rate of 17.32%, followed closely by Invesco Great Wall Fund at 16.35%, primarily driven by net value growth in equity funds [9] ETF Market Competition - The ETF market has become a critical battleground for medium to large fund companies, with various firms competing across multiple dimensions [10][13] - Huaxia Fund currently leads in non-monetary ETF scale at 9,037 billion yuan, but faces strong competition from E Fund, which has rapidly increased its scale [11][12] Fixed Income Opportunities - Some fund companies have seen significant growth in their fixed income plus (固收+) products, despite challenges in the traditional pure bond business [15][16] - Notably, Invesco Great Wall Fund's fixed income plus scale grew by 755 billion yuan in a single quarter, indicating a shift in investor preferences towards these products [16][17] Challenges and Risks - Companies heavily reliant on money market funds, such as China Construction Fund and Tianhong Fund, face challenges in diversifying their business and finding new growth paths [20] - Some firms are experiencing declines in traditional core business areas, particularly in the bond market, which has seen significant volatility [20][21]

Core Viewpoint - The A-share market has shown strong performance in 2023, driven by policy support, technological breakthroughs, and improved market sentiment, with the ChiNext Index leading with over 52% growth as of October 28 [3]. Group 1: Market Performance - As of October 28, the ChiNext Index has increased by over 52%, the Shenzhen Component Index by nearly 30%, and the Shanghai Composite Index by approximately 18.95% [3]. - The average return for equity mixed funds is 34.57%, while ordinary stock funds have an average return of 33.84% this year [3]. Group 2: Fund Manager Performance - The top-performing stock fund managers have been identified, with the threshold for the top 100 being a return of 66.79% [6]. - The leading fund manager is Ren Jie from Yongying Fund, with a return of 219.85% and a fund size of approximately 128.78 billion yuan, marking a significant increase of 1004.01% from the previous quarter [7]. - Han Hao from AVIC Fund ranks fifth, achieving a return of 126.48% with a fund size of about 155.89 billion yuan, reflecting a growth of 771.99% from the previous quarter [8]. Group 3: Investment Focus - Ren Jie has heavily invested in AI-related stocks, focusing on companies in the cloud computing and AI sectors, which have shown significant market validation from May to August [7]. - Han Hao emphasizes the long-term growth potential of AI computing, while also noting short-term volatility in the sector [8]. - The top 14 fund managers with over 10 billion yuan in assets under management have predominantly focused on AI, computing, or robotics [9]. Group 4: Additional Insights - Ouyang Liangqi from E Fund has a return of 98.07%, focusing on AI, computing, and semiconductor sectors, indicating a broadening demand across various industries [11]. - Liu Yuanhai from Dongwu Fund has achieved a return of 89.00%, capitalizing on the AI computing investment opportunities [12]. - Zhang Lu from Yongying Fund, with a fund size of 229.22 billion yuan, has a return of 72.99%, indicating strong performance among large fund managers [12].