Market Overview - The A-share market closed in October with the Shanghai Composite Index rising by 1.85%, briefly surpassing 4000 points, marking a nearly 10-year high [1] - Weekly market performance showed a mixed trend, with sectors such as energy metals, solid-state batteries, photovoltaic equipment, medical services, and cloud office leading in gains, while semiconductor, insurance, and banking sectors faced declines [1] Index Performance - The CSI 300 Index decreased by 0.4%, the CSI A500 Index fell by 0.05%, the ChiNext Index increased by 0.5%, the STAR Market 50 Index dropped by 3.2%, and the Hang Seng China Enterprises Index declined by 2.1% [1][3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: CSI 300 at 14.5x, CSI A500 at 17.0x, ChiNext at 42.4x, STAR Market 50 at 160.6x, and Hang Seng China Enterprises at 10.9x [3] Sector Analysis - The CSI A500 Index covers 500 securities from various industries, representing 91 out of 93 three-level industries, indicating broad market coverage [4] - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, heavily weighted towards strategic emerging industries, particularly in power equipment, communications, and electronics, which together account for nearly 60% [4] - The STAR Market 50 Index is characterized by "hard technology" leaders, with semiconductors making up over 50% and combined with medical devices and photovoltaic equipment, accounting for nearly 75% [4] Historical Performance - Over the past month, the CSI 300 Index has shown a cumulative change of -0.0%, while the ChiNext Index has seen a -1.6% change [7] - Year-to-date performance indicates the CSI 300 Index has increased by 17.9%, and the ChiNext Index has risen by 48.8% [7] - The Hang Seng China Enterprises Index has experienced a cumulative increase of 25.8% this year [7]

Core Insights - The number of new funds established in the first ten months of this year reached 1,224, surpassing the total of 1,135 from last year, indicating a growth of 7.84% [1] - The issuance of equity funds has significantly increased, with a total issuance of 35.48 billion units, accounting for 37.07% of the total issuance [1] - The fundraising pace for public funds has improved, with 278 funds raising at least 1 billion units, a 44.79% increase from the previous year [2] Fund Issuance Trends - The average fundraising period for public funds has decreased from 19.01 days last year to 14.45 days this year, a reduction of 4.56 days [1] - There were 24 funds that exceeded 5 billion units in issuance, with several funds reaching 6 billion units [1] Market Dynamics - A total of 344 funds announced early closure of fundraising, with 91 funds selling out in one day, indicating strong market demand [2] - Despite the overall increase in new fund numbers and sizes, the average issuance per fund remains low at 7.82 million units compared to the past decade [2] Structural Challenges - The market still faces structural issues, with a lack of large-scale successful active equity products and a more rational investor approach [2] - Suggestions for enhancing market vitality include focusing on performance for marketing, utilizing online platforms for investor engagement, and offering innovative products like floating fee rates [2] Future Outlook - The increase in new funds in the first ten months of 2025 is attributed to the recovery of the equity market and product structure upgrades, but challenges regarding average fund size and market disparities remain [2] - The public fund industry is expected to better connect residents' financial needs with capital market development as passive investment concepts become more widespread [2]

【导读】引导投资行为回归产品定位，公募基金业绩比较基准改革落地 超36万亿元的公募基金行业，又有重大改革落地！ 10月31日，中国证监会发布《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》），中国证券投资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）》（以下简称《操作细则》），向社会公开征求意见。 业内人士表示，《指引》《操作细则》的出台，将推动境内公募基金业绩比较基准规范化，也是强化投 资管理的纪律性的"关键一步"。此举将引导行业机构构建更加稳定的投资风格，更好发挥公募基金价值 投资工具属性，为投资者提供长期稳健回报，也为资本市场引入更多中长期资金。 要点1：突出基准对产品的表征作用 一方面，《指引》明确，基准应充分体现产品定位和投资风格，符合基金合同关于投资目标、投资范 围、投资策略、投资比例限制等约定。 其中，从产品设计来看，要求管理人通过科学合理的测评方式，评估业绩比较基准的适当性，确保业绩 比较基准能够体现基金产品主要的投资目标、投资范围、投资策略、投资比例和投资风格。 从基准展示来看，《操作细则》对于如何明确、清晰、简洁地展示业绩比较基准提出 ...

Group 1: Innovation Drug ETFs Performance - On October 31, innovation drug-themed ETFs collectively surged, with the top ten ETFs all being innovation drug-themed, each rising over 5% [1][2] - The top performers included the Science and Technology Innovation Drug ETFs from Huatai and Guotai, both exceeding 7% gains [2][3] - The Hong Kong Stock Connect Innovation Drug ETFs also showed strong performance, with gains over 5% [2][3] Group 2: Market Activity and Trends - On October 31, 11 ETFs had trading volumes exceeding 10 billion yuan, including several bond ETFs and cross-border ETFs like the Hong Kong Stock Connect Innovation Drug ETF [1][6] - On October 30, several industry ETFs, including securities, Hong Kong innovation drug, and medical ETFs, saw significant net inflows [8][9] - The previous trading day, broad-based ETFs experienced substantial net inflows, with those tracking the CSI 500 seeing over 1.1 billion yuan [8][9] Group 3: Decline in Communication Equipment ETFs - On October 31, communication equipment ETFs and communication ETFs led the decline, both dropping over 5% [4][5] - Specific ETFs such as the 5GETF and semiconductor equipment ETFs also experienced declines exceeding 4% [4][5] Group 4: Investment Opportunities in Innovation Drugs - The investment outlook for innovation drugs remains positive, with potential catalysts in the fourth quarter that could reactivate market sentiment [10] - The biotech sector in China is positioned as a key choice for multinational pharmaceutical companies due to its engineering talent and cost advantages [10] - The trend of domestic brands expanding internationally, particularly in sectors like automotive and innovation drugs, is expected to open up further market opportunities [10]

突出基准对产品表征作用 从境外成熟市场经验看，业绩比较基准能够在很大程度上帮助投资者形成对基金产品风格的基本认识和 对预期风险收益特征的基本判断，从而提升投资体验。 证监会将会同基金业协会，指导行业机构在规则过渡期内，稳妥做好存量产品的基准优化变更工作，使 基准更加符合基金合同约定和基金实际风格，确保不对市场稳定造成影响。下一步，还将修订出台薪酬 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。 中国证监会10月31日发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（下称《指 引》），中国证券投资基金业协会（下称"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）》（下称《细则》）。文件明确公募基金业绩比较基准应充分体现产品定位 和投资风格；基准一经选定不得随意变化；基金长期投资业绩明显低于业绩比较基准的，相关基金经理 的绩效薪酬应当明显下降等内容。 为此，一方面《指引》《细则》明确业绩比较基准应充分体现产品定位和投资风格，符合基金合同关于 投资目 ...

Core Insights - The "Southbound ETF Connect" is expanding, with 6 new products being added to the list, increasing the total from 17 to 23 [1][7] - The total number of products under the "ETF Connect" will rise from 265 to 271 [1] Group 1: Expansion Details - The new ETFs will officially be included in the Southbound ETF Connect starting November 10 [2] - The newly added ETFs include products from two institutions: Southern Asset Management and China Merchants Securities Asset Management [7] - The new ETFs cover a diverse range of asset classes, including those that are not solely Hong Kong stocks, marking a significant development in the product offerings [7][8] Group 2: Market Performance - The average daily trading volume of the Southbound ETF Connect has exceeded 4.2 billion HKD, reflecting a year-on-year increase of 128% [9][10] - The Southern Asset Management's Hang Seng Technology Index ETF has a market share of 90% among all Southbound ETFs, indicating its popularity and strong capital attraction [10] Group 3: Advantages of Southbound ETF Connect - The Southbound ETF Connect offers significant advantages, such as longer trading hours, T+0 trading support, and a lack of price limits, enhancing capital efficiency for investors [10] - The program utilizes the Hong Kong Stock Connect quota, which is relatively ample, and benefits from a mature market-making system that keeps premium rates low [10]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of October 31, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 中航优选领航混合发起C with a unit net value of 1.8264, up from 1.6624, showing an increase of 0.16 2. 中航优选领航混合发起A with a unit net value of 1.8359, up from 1.6711, also increasing by 0.16 3. 申万菱信医药先锋股票A with a unit net value of 0.5106, up from 0.4719, an increase of 0.03 4. 申万菱信医药先锋股票C with a unit net value of 0.5019, up from 0.4639, an increase of 0.03 5. 东方阿尔法健康产业混合发起C with a unit net value of 1.0013, up from 0.9259, an increase of 0.07 6. 东方阿尔法健康产业混合发起A with a unit net value of 1.0030, up from 0.9275, an increase of 0.07 7. 同泰大健康主题混合C with a unit net value of 0.5288, up from 0.4902, an increase of 0.03 8. 同泰大健康主题混合A with a unit net value of 0.5385, up from 0.4992, an increase of 0.03 9. 广发医药创新混合发起式C with a unit net value of 1.3928, up from 1.2939, an increase of 0.09 10. 广发医药创新混合发起式A with a unit net value of 1.4113, up from 1.3111, an increase of 0.10 [2][4]. - The bottom 10 funds with the lowest net value growth include: 1. 永赢高端制造A with a unit net value of 1.7642, down from 1.8874, a decrease of 0.12 2. 水赢高端制造C with a unit net value of 1.7430, down from 1.8647, a decrease of 0.12 3. 山证资管策略精选混合 with a unit net value of 1.6421, down from 1.7552, a decrease of 0.11 4. 德邦露星价值A with a unit net value of 3.3857, down from 3.6114, a decrease of 0.22 5. 德邦鑫星价值C with a unit net value of 3.2544, down from 3.4713, a decrease of 0.21 6. 宏利绩优混合A with a unit net value of 2.3849, down from 2.5435, a decrease of 0.15 7. 宏利绩优混合C with a unit net value of 2.3532, down from 2.5096, a decrease of 0.15 8. 信澳业绩驱动混合C with a unit net value of 1.5438, down from 1.6463, a decrease of 0.10 9. 长安鑫瑞科技6个月定开混合C with a unit net value of 0.9629, down from 1.0268, a decrease of 0.06 10. 信澳业绩驱动混合A with a unit net value of 1.5739, down from 1.6783, a decrease of 0.10 [4][6]. Market Analysis - The overall market showed a decline with the Shanghai Composite Index closing lower, while the ChiNext Index experienced a brief recovery before falling again. The total trading volume reached 2.35 trillion, with a market breadth of 3760 gainers to 1553 losers [6]. - Leading sectors included Media & Entertainment, Pharmaceuticals, Internet, and Hospitality, all showing gains of over 2%, while sectors like Communication Equipment and Semiconductors faced declines exceeding 3% [6].

Core Insights - The latest data from the Asset Management Association of China indicates that as of the end of September, the total net asset value of public funds in China reached 36.74 trillion yuan, marking a new high and reflecting strong growth momentum in the industry [1][5]. Fund Management Institutions - There are currently 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1]. Fund Size and Growth - The public fund asset net value has increased for six consecutive months since April, surpassing significant thresholds of 33 trillion, 34 trillion, 35 trillion, and 36 trillion yuan [1]. - The total number of public funds reached 13,307, with a total net value of 367,416.08 billion yuan as of September 30 [3]. Fund Categories Performance - Equity funds have become the main driver of growth, with stock funds reaching a scale of 5.95 trillion yuan, an increase of over 400 billion yuan month-on-month [5]. - Mixed funds grew to 4.31 trillion yuan, increasing by over 150 billion yuan, while QDII funds reached 0.91 trillion yuan, up by over 100 billion yuan [5]. - Conversely, money market funds decreased to 14.67 trillion yuan, down by over 140 billion yuan, and bond funds fell to 7.2 trillion yuan, down by over 6 billion yuan [5]. Market Trends - The stock market has shown a recovery, with the Shanghai Composite Index nearing 3900 points by the end of September, while the bond market has experienced fluctuations [5]. - The current market is characterized by "index fluctuations and rapid sector rotation," with a focus on sectors like technology and defensive assets such as metals and chemicals [6].

Core Viewpoint - The "Southbound ETF Connect" is expanding, with 6 new products being added, increasing the total from 17 to 23 ETFs, enhancing investment options for investors in the Hong Kong and mainland markets [2][4][8]. Group 1: Expansion Details - On October 31, the Shanghai and Shenzhen Stock Exchanges announced the adjustment list for the "Southbound ETF Connect," effective from November 10 [2][4]. - The total number of ETFs under the "ETF Connect" will increase from 265 to 271 [2]. - The newly added ETFs include products from two institutions, with five from Southern Eastern and one from China Merchants Securities Asset Management [8][11]. Group 2: New Products Overview - The new ETFs include: - 工银南方中国 (ICBCCSOPCHINA) - 南方恒生生科 (CSOP HSBIOTECH) - 招商恒生科技 (CMS HS TECH) - 南方港股通 (CSOP HKCNCON) - 南方东西精选 (CSOP EWSELECT) - 南方港美科技 (CSOP HKUSTECH) [6][7]. - Notably, the Southern Eastern FTSE East-West Select ETF and Southern Eastern Hang Seng US Technology ETF include non-Hong Kong assets for the first time [8]. Group 3: Market Performance - The average daily trading volume of the "Southbound ETF Connect" exceeded HKD 4.2 billion, marking a year-on-year increase of 128% [9][10]. - Since the launch of the "ETF Connect" in July 2022, trading activity has been robust, with the investment scope expanding to include eligible ETFs [10]. Group 4: Advantages of Southbound ETF Connect - The Southbound ETF Connect offers significant advantages, including longer trading hours, T+0 trading support, and a mature market-making system that results in lower premium rates [11]. - The ongoing deepening of the mutual market access is expected to provide substantial growth opportunities for the number and structure of ETFs in the future [11].

Core Viewpoint - The financial law forum emphasizes the importance of legal frameworks in promoting financial development, innovation, and transformation, highlighting the need for a robust financial legal system to support the construction of a financial power and modern governance capabilities [1][4]. Group 1: Financial Legal System Development - The establishment of a sound financial legal system is crucial for building a financial power and modernizing financial governance [4]. - Legislative tasks in the financial sector are significant, with goals set by the 20th National Congress to formulate financial laws, including the Financial Stability Law and amendments to existing banking laws [4][5]. Group 2: Risk Prevention and Legal Framework - Preventing and mitigating financial risks, particularly avoiding systemic financial risks, is a core function of financial law [6]. - The Supreme People's Court has been guiding lower courts in major risk management, providing legal frameworks to address risks in areas like internet finance and real estate [6][7]. Group 3: Cross-Border Financial Challenges - The forum discussed the legal challenges and responses in cross-border finance, with a focus on the increasing complexity of international capital flows [11][14]. - The Beijing Financial Court highlighted the prevalence of securities fraud and disputes related to financial loans and investment contracts, reflecting the diverse legal needs arising from international cooperation [14]. Group 4: Regulatory Developments in Hong Kong - Hong Kong is adapting its regulatory framework to address new challenges, such as the implementation of a licensing system for virtual asset trading platforms to protect investors [8]. Group 5: Collaborative Outcomes - The Beijing Financial Court and industry associations released two reports focusing on judicial support for the high-quality development of the capital market and investor protection practices [18][19]. - These reports aim to address industry challenges, particularly concerning the management of private investment funds and the legal implications of fund manager failures [19].