Core Viewpoint - Chen Guangming, the founder and investment manager of Ruiyuan Fund, announced the "closure" of the Ruiyuan Insight Value series of private equity products starting in November, which has attracted significant attention in the asset management industry [1][3][4]. Summary by Relevant Sections Company Overview - Chen Guangming has over 25 years of experience in the Chinese capital market and is recognized as a practitioner of value investment in China [1][3]. - The Ruiyuan Insight Value series was launched in 2018 and 2021, each time generating over 10 billion yuan in sales from high-net-worth clients [1][3]. Recent Developments - The recent "closure" applies to both new and existing clients, meaning that even existing clients cannot add to their investments [3]. - Other public and private funds have also begun to issue "purchase limits" in response to the improving capital market, aiming to control product scale and protect the interests of existing investors [1][6]. Market Context - The asset management industry has seen a resurgence in fund issuance and increased enthusiasm for new capital entering the market [1][6]. - Several funds have implemented purchase limits, including Ningquan Asset and Yongying Fund, to maintain stable growth and protect investor interests [6][7]. Investment Philosophy - Chen Guangming advocates for a long-term investment approach, emphasizing the importance of accurately assessing the future value of enterprises as a key evolution in value investing [5]. - He promotes a mindset akin to farming, suggesting that investors should patiently cultivate their investments rather than seeking quick gains [5]. Industry Trends - The recent changes in performance evaluation mechanisms for fund companies are shifting the focus from "seller mentality" to "buyer mentality," which may help improve investor satisfaction in the long run [8]. - The new performance assessment framework aims to prioritize fund investment returns over scale and profit metrics, addressing the previous short-term behaviors in the industry [7][8].

以下文章来源于公募排排网 ，作者小满 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 随着公募基金行业驶入高质量发展的"深水区"， 公募基金的非货币市场规模，已成为衡量一家基金公司主动管理能力与市场影响力的核心标 尺 。北京、上海、深圳，作为中国金融资源的三大高地，其汇聚的头部基金公司更是这场"实力竞赛"的领跑者。 公募排排网 整理数据显示，截至2025年三季度末， 纳入统计的 162家基金公司（含有公募资格的券商及券商资管，下同） 非货规模（剔除 ETF联接基金份额/净值）达21.13万亿元，在整体规模35.53万亿元中占比近六成。从办公城市看， 主要分布在北上深，其中坐落在上海的基 金公司最多，达 78家，北京、深圳各38家、33家 。 为此，笔者聚焦北上深及其他城市，揭晓各地区非货规模的基金群像，供投资者参考。 （ 点此查看上海、北京、深圳基金公司非货规模排名 ） 上海基金公司：富国基金非货规模领先！华泰柏瑞基金最赚钱！ 公募排排网 整理数据显示，截至三季度末，上海78家公募基金公司非货规模合计约为8.52 ...

业绩比较基准改革是推动公募基金高质量发展的系统性工程。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 基金公司火线解读行业重磅文件。 10月31日，中国证监会发布了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（以下简称 《指引》），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）》 （以下简称《操作细则》），向社会公开征求意见。 基金公司及相关机构普遍认为，《指引》及《操作细则》的实施，标志着我国公募基金行业向着更加规 范、透明、专业的方向发展，其核心在于推进公募基金业绩比较基准的规范管理，并强化主动投资过程中 的纪律约束，以此引导行业机构恪守"受人之托，代客理财"的初心，夯实各类投资风格的基础，致力于为 投资者提供长期可持续的回报，推动公募基金行业高质量发展，促进资本市场改革发展稳定。 引导行业机构恪守"受人之托，代客理财"初心 广发基金认为，《指引》和《操作细则》是公募基金行业落实《行动方案》基础性、整体性制度安排的切 实措施，对于行业建立健全利益绑定机制、优化考核与激励约束机制等，提供了重要的制度依据 ...

Core Viewpoint - Several sales channels have announced that Ruiyuan Fund's Ruiyuan Insight Value series private placement products will be "closed" starting in November, indicating a trend of limited purchases across multiple public and private equity funds as the capital market continues to improve [1] Group 1 - The recent trend of "closing" funds is a response to the recovering fund issuance market and increasing enthusiasm for new capital entering the market [1] - The implementation of purchase limits is aimed at controlling product scale, protecting the interests of existing investors, and facilitating better investment operations by fund managers [1]

Core Viewpoint - The announcement of "封盘" (closure) by Chen Guangming's Ruiyuan Fund indicates a strategic move to control fund size and protect investor interests amidst a recovering capital market [2][4][5]. Group 1: Ruiyuan Fund's Closure Announcement - Ruiyuan Fund's "洞见价值" series will be closed to new subscriptions starting November, affecting both new and existing clients [4][5]. - Chen Guangming, the founder and investment manager of Ruiyuan Fund, has a significant track record in the Chinese capital market, having raised over 100 billion yuan for his funds in previous launches [4][5]. - The closure is part of a broader trend where multiple public and private funds are implementing purchase limits to manage fund sizes and enhance operational efficiency [2][9]. Group 2: Investment Philosophy and Market Context - Chen Guangming advocates for value investing and long-term investment strategies, comparing investment to farming, emphasizing patience and careful evaluation of intrinsic value [7][8]. - The current economic environment demands stricter adherence to value investment principles, focusing on quality, growth certainty, and valuation [7]. - The shift towards limiting fund sizes is seen as a response to the need for better investor experiences and long-term profitability, moving away from short-term scale expansion strategies [10].

Core Viewpoint - The "National Team," including Central Huijin Investment and its asset management plans, has maintained a stable position in broad-based ETFs while making minor adjustments in sector-specific ETFs, reflecting a strategic approach to stabilize the A-share market [1][2][3]. Group 1: ETF Holdings and Performance - The "National Team" has kept its holdings in broad-based ETFs largely unchanged, with significant performance in the third quarter, where the average increase of ETFs held exceeded 20%, resulting in a scale increase of over 200 billion yuan [2][6]. - As of mid-2025, the "National Team" holds over 40% of the total A-share ETF market, indicating a strong influence on market stability [3]. - The total scale of ETFs held by Central Huijin Investment and its asset management plans reached 1.55 trillion yuan by the end of the third quarter, marking an increase of over 200 billion yuan from the previous quarter [7]. Group 2: Specific ETF Adjustments - Central Huijin Asset Management's two specialized asset management plans have shown more frequent trading activity, including a reduction in holdings of specific ETFs, which should not be interpreted as a broader "National Team" strategy [4][5]. - Notably, the specialized plans reduced their holdings in the Guotai Zhongzheng 800 Automotive and Parts ETF by 800,000 shares in July, and completely divested from the Huaxia Hang Seng China Mainland Enterprises High Dividend ETF [4]. Group 3: Market Conditions and Influences - The significant rebound in the A-share market during the third quarter was a primary driver of the "National Team's" unrealized gains, supported by favorable domestic liquidity conditions and expectations of U.S. Federal Reserve interest rate cuts [8]. - Factors such as policy support, active trading, and capital inflows contributed to the overall positive market performance, with a notable increase in risk appetite among investors [8].

10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作细 则，向社会公开征求意见。 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。本次 业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关键一 步"，进入"存量改革"阶段。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好坏。它 不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基金经理的投资风格，让他们别 跑偏，确保基金老老实实按约定策略操作，追求相对基准的超额收益，并切实提升超额收益的稳定性。 近年来，投资者对部分公募基金"风格漂移""货不对板"等问题不满意。还有，部分基金公司和基金经理 片面追求规模和排名，过度追逐短期热门主题，追涨杀跌，忽视了基金原本的定位和风格，导致基金业 绩大幅波动。 这就说明业绩比较基准没有成为真正的"尺"和"锚"，基金公司和基金经理对业绩比较基 ...

中国证监会10月31日消息，证监会就《公开募集证券投资基金业绩比较基准指引(征求意见稿)》公开征 求意见，基金业协会同步发布《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)》。规则突 出基准对产品的表征作用，强化基准对投资的约束作用，发挥基准对考核的指导作用，强化基准的外部 监督。 按照《推动公募基金高质量发展行动方案》安排，下一步证监会将修订出台薪酬考核规则，细化基金经 理薪酬考核具体指标要求；完善基金管理人分类评价监管体系，将业绩比较基准相关考核指标纳入有关 指标体系；常态化注册与业绩比较基准挂钩的浮动管理费基金产品。基金业协会将组织成立行业专家 组，研究建立基金行业业绩比较基准要素库，基准库未来将用于鼓励、引导行业机构规范选取表征权益 资产的基准要素。 发挥基准对考核的指导作用 今年5月，证监会印发行动方案，坚持以投资者为本的理念，提出围绕公募基金业绩比较基准的系列改 革措施。 业绩比较基准是管理人基于产品定位和投资目标而为基金设定的业绩参考标准，可以发挥"锚"和"尺"的 功能作用。其中，"锚"的作用主要表现为明晰投资风格、约束投资行为，防止基金产品投资"风格漂 移"、提高投资稳定性；"尺"的作 ...

证券之星消息，11月1日发布《红塔红土30天持有期债券型证券投资基金分红公告》。本次分红为2025 年第一次分红。公告显示，本次分红的收益分配基准日为10月10日，详细分红方案如下： | 分级基金筒称 | 代码 | 基准日基金净值 | | 分红方案 | | --- | --- | --- | --- | --- | | | | (元) | | (元/10份) | | 红塔红十30天持有期债券A 021761 | | | 1.03 | 0.10 | | 红塔红十30天持有期债券C 021762 | | | 1.03 | 0.10 | 本次分红对象为权益登记日在本公司登记在册的本基金份额持有人，权益登记日为11月4日，现金红利 发放日为11月6日。选择红利再投资的投资者，其红利将按2025年11月4日的基金份额净值为计算基准确 定再投资份额。根据财政部、国家税务总局的相关规定,基金向投资者分配的基金收益,暂免征收所得 税。1）本基金本次分红免收分红手续费；2）选择红利再投资方式的投资者其红利再投资的基金份额免 收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457103012 ...

Core Viewpoint - The announcement details the first dividend distribution of the Guotai Haitong Anping One-Year Open-End Bond Fund, highlighting the distribution date and amounts for investors [1]. Summary by Sections Dividend Announcement - The dividend distribution date is set for October 10, 2025, with a distribution plan indicating a net asset value of 1.04 yuan per share and a dividend of 0.28 yuan per 10 shares [1]. Eligibility and Dates - The beneficiaries of the dividend are all shareholders registered by the equity registration date of November 3, 2025, with cash dividends to be distributed on November 5, 2025 [1]. Reinvestment Option - Investors opting for the reinvestment of dividends will have their new fund shares calculated based on the net asset value on November 3, 2025, with shares credited to their accounts on November 4, 2025, and available for inquiry starting November 5, 2025 [1]. Tax and Fees - The fund's dividend distribution is exempt from income tax according to the relevant tax regulations, and there are no fees for the dividend distribution. Additionally, there are no subscription fees for shares converted from reinvested dividends [1].