Core Viewpoint - The implementation of the new guidelines and operational rules for performance benchmarks in the public fund industry marks a significant step towards a more standardized, transparent, and professional development in China’s public fund sector [2][9]. Summary by Sections Regulatory Changes - The China Securities Regulatory Commission and the Asset Management Association of China have issued draft guidelines and operational rules for performance benchmarks, inviting public feedback [2]. - The new regulations aim to enhance the binding of interests between fund companies and investors, providing better services and improving investor satisfaction [2][9]. Impact on Fund Management - The new rules require fund managers to strengthen the tracking, evaluation, and disclosure of performance benchmarks, which will help prevent "style drift" and clarify product positioning [4][5]. - The guidelines emphasize the importance of performance benchmarks in guiding investment strategies and ensuring that fund managers adhere to the agreed investment strategies [5][7]. Industry Response - Multiple public fund institutions have expressed strong support for the new regulations, viewing them as a means to translate high-quality development principles into actionable measures [9][10]. - Fund companies are expected to implement the new rules actively, ensuring compliance with the established benchmarks and enhancing the overall investment experience for clients [9][10]. Investor Benefits - Clear performance benchmarks will help investors form reasonable return expectations and accurately assess the risk-return characteristics of products, aiding in informed asset allocation decisions [10][12]. - The new guidelines are anticipated to improve the transparency and reliability of performance benchmarks, allowing investors to objectively evaluate fund managers' capabilities [10][12].

如今的4000点，已不再是牛熊分界线或情绪火焰，而是理性标尺。资金更关注结构性机会和估值，市场 迎来新常态。 中金公司指出，中美元首会晤和经贸磋商取得积极成果，符合市场预期。中期市场有望延续良好趋势。 不过，短期由于预期较为充分，可能影响有限，市场预计将维持原先的震荡上行趋势。 但需要关注的是，市场存在局部过热，进一步上行之后难免继续面临资金获利了结，以及热门板块过度 拥挤问题，若市场缺乏新的催化可能再次转为震荡。 本报（chinatimes.net.cn）记者王兆寰 北京报道 近日，在二十届四中全会和"十五五"规划建议出台后，上证综指重返4000点，最高冲至4025点，创下10 年新高。 对市场而言，这不仅是历史刻度，更是内核蜕变的里程碑。十年间，A股总市值从50万亿跃升至120多 万亿，科技股占比从不足20%飙升至45%，外资持仓规模增长超10倍。 10月31日，A股三大股指开盘后震荡走低。截至收盘，沪指收于3954.79点，下跌0.81%。 不一样的4000点 据国投证券统计，沪指共有三次站上4000点。2007年5月9日，沪指首次站上4000点后，在经济高速增长 与流动性过剩的推动下，5个月内狂飙至6 ...

Core Insights - The "Southbound ETF Connect" has announced an expansion, increasing the number of ETFs from 17 to 23, effective from November 10, 2025 [1] Group 1: Expansion Details - The latest expansion includes the addition of 6 new ETFs [1] - The asset categories under the Southbound ETF Connect will become more diverse, including ETFs that contain non-Hong Kong assets for the first time [1] Group 2: Product Offerings - New ETFs include the Southern Eastern FTSE East-West Stock Selection ETF and the Southern Eastern Hang Seng Hong Kong-US Technology ETF, enhancing product choices for investors [1] - This expansion allows investors to diversify their assets in Hong Kong more efficiently [1]

Group 1: Public Fund Industry - The public fund industry in China, valued at over 36 trillion yuan, is undergoing significant reforms with the release of new guidelines for performance benchmarks [1] - The guidelines aim to standardize performance benchmarks and enhance investment management discipline, promoting stable investment styles and long-term returns for investors [1] Group 2: Li Auto - Li Auto announced a recall of 11,411 MEGA vehicles due to safety hazards linked to insufficient corrosion resistance in the cooling liquid, which could lead to battery thermal runaway [2] - The recall affects vehicles produced between February 18, 2024, and December 27, 2024, and is part of Li Auto's commitment to prevent future incidents [2] Group 3: Proya - Proya's Q3 2025 revenue was 1.736 billion yuan, a year-on-year decline of 11.63%, with net profit dropping 23.64% to 227 million yuan, marking the largest quarterly decline in recent years [3] - The main brand's revenue showed signs of stagnation, with a slight decrease in H1 2025, indicating challenges in maintaining growth [3] Group 4: Volkswagen - Volkswagen reported a net loss of 1.072 billion euros in Q3 2025, with a 61.5% year-on-year decline in net profit for the first three quarters [6] - Porsche's poor performance significantly impacted the group's overall results, with a 99% drop in operating profit to 40 million euros due to a shift in electric vehicle strategy [6] Group 5: ZTE Corporation - ZTE Corporation experienced an 88% drop in net profit in Q3 2025, with a revenue of 100.52 billion yuan, reflecting a 32.69% year-on-year decline in net profit [12] - The decline is attributed to reduced revenue from traditional communication services and pressure on margins in emerging computing businesses [12] Group 6: Eight Horse Tea - Eight Horse Tea's stock surged 86.7% on its debut, but the company faces challenges in a competitive market, holding only a 1.7% share in the high-end tea market [10][11] - Despite significant marketing investments totaling approximately 875 million yuan over the past three and a half years, revenue growth has been modest [11] Group 7: Xpeng Motors and WeRide - A public dispute arose between Xpeng Motors and WeRide over misleading data in Xpeng's roadshow materials, highlighting intense competition in the autonomous driving sector [7] - This incident occurred as both companies prepared for simultaneous listings, intensifying the rivalry in the market [7] Group 8: DJI - The chairman of Yingshi Innovation publicly criticized DJI for monopolistic practices, coinciding with DJI's significant market share in the panoramic camera sector [8] - DJI captured 43% of the global market share shortly after launching its first product, indicating fierce competition in the consumer electronics space [8] Group 9: Vanke - Vanke reported a net loss of 28.02 billion yuan in the first three quarters of 2025, with a revenue of 161.39 billion yuan and a low gross margin of 2.0% [9] - The losses are attributed to declining project settlement scales, low gross margins, and increased provisions for inventory depreciation [9]

Core Insights - The event "Focusing on Five Major Articles, Investor Education to Support Financial Power" was successfully concluded, aiming to implement the central government's strategy for building a financial power by combining financial knowledge dissemination with practical education [1] - The event included various activities targeting different investor groups, enhancing financial literacy and promoting rational, value-based, and long-term investment concepts [1][8] Group 1: Investor Education Activities - The event featured "Three In" activities, where financial education was brought into enterprises, business circles, and campuses, providing differentiated financial education services [1] - In collaboration with listed companies, the "Discover Investment 'New Power'" series was launched to help investors explore the intrinsic value of excellent enterprises and experience the achievements of high-quality economic development [1][2] Group 2: Community Engagement - Financial knowledge was disseminated in busy commercial areas, with activities designed to reach a broader audience, including a financial education market in Guangxi and Xinjiang, where promotional materials were distributed to educate the public on capital market basics and fraud prevention [4] - The interactive nature of these events attracted significant public participation, making financial knowledge more accessible and relatable [4] Group 3: University Outreach - The initiative also focused on educating university students, who are seen as the future of the capital market, by integrating financial education into the national education system [6] - Lectures on integrity in finance and strategies to prevent financial fraud were conducted at universities, aiming to instill a culture of honesty and compliance among future financial professionals [6] Group 4: Future Commitment - The series of activities received positive feedback from investors, highlighting the importance of ongoing investor education as a long-term and systematic effort [8] - The company plans to continue its commitment to investor education, emphasizing a customer-centric approach and deepening cooperation to serve a wider range of investors [8]

Market Overview - The three major indices in the A-share market experienced declines, with the Shanghai Composite Index down by 0.81%, the Shenzhen Component Index down by 1.14%, and the ChiNext Index down by 2.31 [1][3] - The Nikkei 225, Northbound 50, and CSI 1000 indices showed positive performance, with daily increases of 2.12%, 1.89%, and 0.29% respectively [3] ETF Performance - The total scale of cross-border ETFs has exceeded 900 billion yuan, reaching 903.39 billion yuan, an increase of 479.17 billion yuan since the beginning of the year, with the number of funds rising to 184 [2] - The best-performing ETFs today were in the pharmaceutical sector, with the Kexin Innovation Drug ETF from Guotai rising by 7.27%, and the Kexin Pharmaceutical ETF from Huatai gaining 5.16% [1][10] - The average performance of commodity ETFs was the highest at 0.85%, while stock-type scale index ETFs had the worst average performance at -1.18% [8] Sector Performance - The pharmaceutical, media, and retail sectors ranked highest in daily performance, with increases of 2.42%, 2.39%, and 2.08% respectively [6] - In contrast, the communication, electronics, and non-ferrous metals sectors performed poorly, with declines of -4.07%, -3.06%, and -2.03% respectively [6] ETF Trading Volume - The top three ETFs by trading volume were the CSI 300 ETF with 6.852 billion yuan, the A500 ETF with 5.710 billion yuan, and the Kexin 50 ETF with 5.699 billion yuan [12]

证监会10月31日消息，证监会起草了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，现 向社会公开征求意见。 征求意见稿明确基准的选取规范。一是代表性要求。基准的构成要素与权重应当符合基金合同关于投资 目标、投资范围、投资策略、投资比例等约定，能够表征基金的投资风格。 四是强化管理人、托管人责任。管理人应当按照差异化、合理化布局原则开发产品，明晰产品定位和投 资风格，选取匹配的基准，并选任具备相关投研经验的基金经理。托管人应当加强基金合同审核，对基 准的选取和变更进行评估，确保相关基准符合法规规定和基金合同约定。 二是客观性要求。基准的计算方法、数据来源等信息应当清晰透明、可持续、可量化，标的资产可公允 定价。 五是授权协会建立基准要素库。基金管理人可以从基金业协会建立的基金行业业绩比较基准要素库中选 取基准要素。 三是指数的特别要求。选取的指数应当满足代表性强、编制方案合理、成份券具备较好流动性、持续披 露信息等条件，且相关指数编制机构应当具备较强的研发能力和运维能力，有完备的人员团队、组织架 构和内外部监督机制等。 ...

Group 1 - The China Securities Regulatory Commission and the Asset Management Association of China have released draft guidelines and operational details for the performance comparison benchmarks of publicly offered securities investment funds, seeking public feedback [1] - The documents include the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds (Draft for Comments)" and "Operational Details for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds (Draft for Comments)" [1]

Core Viewpoint - The establishment of the China Capital Market Society aims to enhance research capabilities and provide a platform for academic exchange and decision-making consultation in the capital market [3][5]. Group 1: Establishment and Structure - The China Capital Market Society was officially launched on October 31, 2025, and is supervised by the China Securities Regulatory Commission (CSRC) [3]. - The society was founded to consolidate research efforts in the capital market and to facilitate discussions on major reforms, regulatory policies, and market conditions [3][5]. - The society's leadership includes CSRC Chairman Wu Qing as President and CSRC Vice Chairman Li Chao as Executive Vice President, with a total of nine Vice Presidents from various financial and academic institutions [6]. Group 2: Research and Development Focus - The society aims to conduct extensive research on national strategic issues, frontier areas of the capital market, and significant reform and development challenges [6]. - It plans to create a digital research platform, publish academic journals, and hold high-level academic conferences to enhance its influence and recognition [6][8]. - The society will leverage the expertise of its members, collaborating with academic institutions and industry experts to provide authoritative policy advice [6][8]. Group 3: Membership and Governance - The society has established a council, academic committee, and professional committees, gathering professionals from various sectors including academia, industry, and government [8][9]. - The first council consists of 45 members from the CSRC, academic institutions, and market organizations, ensuring a diverse representation [8]. - The academic committee, the highest academic body within the society, includes 29 members recognized for their contributions to capital market research [8][9].

2025 年 10 月 31 日 中欧小盘成长: 广度优势+暴 控,打造高性价比小盘基 基金经理研究系列报告之八十五 申万宏源研究微信服务号 相关研究 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 奚佳诚 (8621)23297818× xijc@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 小盘风格投资价值分析：量化舒适区，当下估值分位数与盈利预期相对占优 ○ 0 多维成长、内涵丰富，相比大盘估值或具备盈利预期与估值上的双重优势：1）行业结构: 年内收益靠前的行业多具备成长属性，而小盘指数成长属性更为突出；年内收益表现靠后 的行业在小盘指数中占比较少，如银行、食品饮料等；2）年内热点主题反映小盘具备丰富 内涵：提取了规模增长的非宽基、非港股指数，三只指数成分股均普遍由中小盘股票构 ...