中国证监会10月31日发布 公募基金业绩比较基准指引 征求意见稿 完善对业绩比较基准的监管安排 全面升级公募基金业绩"参照系" 引导行业形成更加稳定清晰的投资风格 更好发挥公募基金价值投资属性 证监会相关部门负责人介绍，新规将切实发挥业绩比较基准对基金投资行为的约束和指导作用，完善对业绩比较基准的 监管安排，引导基金行业进一步回归投资者利益导向，保护投资者利益，促进基金行业服务能力提升，推动基金行业高 质量发展。 新华社权威快报 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）》。中国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）》，向社会公开征求意见。征求意见截止到11月29日。 新华社国内部出品 记者：刘慧、刘羽佳 海报制作：刘羽佳 ...

10月31日，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。其中 提到，压实托管人投资监督职责。要求托管人加强对基金投资标的风格库的审慎复核，督促管理人夯实 研究支持，确保入库标的符合基金合同约定、与基金投资风格相匹配；同时，加强对投资风格稳定性的 监督，对主题型产品投资风格偏离主题、非主题型产品行业集中度过高等风险加强提醒。 ...

人民财讯10月31日电，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，其中提出，基金管理人应当按照规定建立以基金投资收益为核心的考核体系，充分体现基金产品 业绩和投资者盈亏情况，建立健全与基金投资收益相挂钩的薪酬管理机制。基金管理人衡量主动管理权 益类基金产品业绩时，应当加强与业绩比较基准对比，做好业绩归因分析，科学评估超额收益质量和偏 离基准情况，合理剔除指数编制、风险应对等客观因素带来的正负超额收益情况。主动管理权益类基金 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。 ...

中国证监会10月31日发布 公募基金业绩比较基准指引 征求意见稿 完善对业绩比较基准的监管安排 全面升级公募基金业绩"参照系" 引导行业形成更加稳定清晰的投资风格 更好发挥公募基金价值投资属性 新华社权威快报 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）》。中国 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）》，向社会公开征 求意见。征求意见截止到11月29日。 证监会相关部门负责人介绍，新规将切实发挥业绩比较基准对基金投资行为的约束和指导作用，完 善对业绩比较基准的监管安排，引导基金行业进一步回归投资者利益导向，保护投资者利益，促进基金 行业服务能力提升，推动基金行业高质量发展。 记者：刘慧、刘羽佳 海报制作：刘羽佳 新华社国内部出品 【纠错】 【责任编辑:邱丽芳】 ...

1. Report Summary - **Report Title**: Pioneer Futures Options Daily Report - **Report Date**: October 31, 2025 - **Report Type**: Futures and Options Market Analysis 2. Core Views - The report provides a comprehensive analysis of the options market, including the volatility rankings of various option underlying assets, and offers trading suggestions for volatility trading and risk - free arbitrage in different exchange - listed options [3][5]. 3. Key Information by Category 3.1 Option Underlying Volatility Ranking - The report presents a list of option underlying assets' volatility rankings, including at - the - money implied volatility, 30 - day historical volatility, and daily true volatility. For example, 'ps2512' has an at - the - money implied volatility of 2.7%, ranking 1st; 30 - day historical volatility of 2.1%, ranking 6th; and daily true volatility of 2.9%, ranking 5th [3]. 3.2 Exchange - Listed Options Analysis 3.2.1 Shanghai Stock Exchange Options - **Shanghai 50ETF**: The trading volume of the main options is 755,468 lots, the open interest is 848,612 lots, the trading volume ratio of call options to put options is 1.16, and the weighted average implied volatility is 15.82%. Volatility trading suggestions are to sell the month with the upper curve and buy the month with the lower curve for different months; sell the option with the upper point on the curve and buy the option with the lower point on the curve for the same month. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 6.58% at the settlement price and 1.26% at the counter - party price [19][22][26]. - **Huatai - Berich CSI 300ETF**: The trading volume of the main options is 797,684 lots, the open interest is 720,276 lots, the trading volume ratio of call options to put options is 1.24, and the weighted average implied volatility is 16.72%. Similar volatility trading suggestions are provided. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 3.54% at the settlement price and 1.23% at the counter - party price [29][34][38]. - **Southern CSI 500ETF**: The trading volume of the main options is 1,271,310 lots, the open interest is 772,262 lots, the trading volume ratio of call options to put options is 1.09, and the weighted average implied volatility is 20.48%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 22.8% at the settlement price and 5.57% at the counter - party price [40][47][49]. - **Huaxia SSE STAR 50 ETF**: The trading volume of the main options is 1,127,777 lots, the open interest is 1,153,991 lots, the trading volume ratio of call options to put options is 1.29, and the weighted average implied volatility is 37.07%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 12.7% at the settlement price and 1.58% at the counter - party price [52][56][60]. - **E Fund SSE STAR 50 ETF**: The trading volume of the main options is 218,476 lots, the open interest is 277,730 lots, the trading volume ratio of call options to put options is 1.41, and the weighted average implied volatility is 37.35%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 23.5% at the settlement price and 4.61% at the counter - party price [63][69][72]. 3.2.2 Shenzhen Stock Exchange Options - **Harvest CSI 300ETF**: The trading volume of the main options is 116,253 lots, the open interest is 146,481 lots, the trading volume ratio of call options to put options is 1.29, and the weighted average implied volatility is 17.51%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 8.65% at the settlement price and 0.10% at the counter - party price [75][83][86]. - **E Fund ChiNext ETF**: The trading volume of the main options is 1,736,584 lots, the open interest is 1,044,215 lots, the trading volume ratio of call options to put options is 1.09, and the weighted average implied volatility is 33.19% [89][91].

Core Insights - The article discusses the shift in consumer behavior from "necessities" to "self-indulgent" products, emphasizing the emotional and identity aspects of modern consumption [1] - It highlights the concept of "emotional value" in new consumption, where consumers prioritize products that fulfill their emotional needs over mere functionality [4][5] Group 1: New Consumption Trends - The essence of new consumption is respecting emotional needs, with consumers seeking happiness and fulfillment from their purchases [4] - In a mature consumer society, the value paid for a product is more related to the satisfaction it provides rather than its production cost [5] - The article identifies a trend where consumers are willing to pay for non-essential items that bring them joy, encapsulated in the phrase "not necessary, but very much wanted" [4] Group 2: Investment Opportunities in New Consumption - To identify genuine investment opportunities, companies must be able to continuously create new products that resonate with consumer desires [5] - Successful companies in the new consumption space are characterized by a democratic culture where product managers' insights are valued, fostering innovation [5] - The founder's alignment with consumer needs and their commitment to the brand's vision are crucial for long-term success [5] Group 3: Financial Management and Investment Strategy - Consumers are encouraged to respect the principle of living within their means while planning for the future, balancing emotional spending with savings [7] - Transforming "consumption power" into "investment power" is essential, as understanding the emotional drivers behind new consumption can help predict market trends and purchasing power [7] - The article suggests that consumers should consider the investment potential of companies behind products that bring them joy, such as collectibles or concert experiences [8]

Core Insights - The article discusses the upcoming 2026 strategy conference organized by Guotai Junan Securities, focusing on smart asset allocation and leveraging strategies in the context of margin trading and ETFs [3][4]. Group 1: Conference Agenda - The conference will feature a series of presentations and discussions, starting with a welcome address by Liu Shuo, General Manager of the Margin Trading and Securities Lending Department [3]. - Key topics include global asset allocation strategies in an environment of increased risk appetite, market sentiment from a margin trading perspective, and the development of ETF research systems [4]. - A roundtable forum will include experts from various fund management companies discussing precise allocation and smart leverage strategies [4]. Group 2: ETF and Margin Trading Insights - The conference will cover volatility control in multi-asset ETF portfolios, emphasizing the importance of managing risk while maximizing returns [4]. - Strategies for enhancing investment through margin trading in the ETF era will also be a focal point, highlighting innovative approaches to leverage [4].

Group 1 - The core viewpoint indicates that uncertainty is decreasing, leading to a potential "slow bull" market, supported by macroeconomic conditions and liquidity improvements [2] - The A50 ETF by Huabao was launched on March 18, 2024, while the CSI A100 ETF was launched on August 1, 2022, and the CSI A500 ETF by Huabao is set to launch on December 2, 2024 [1][2] - The top three industries with net capital inflow are pharmaceuticals and biotechnology (13.586 billion), media (9.149 billion), and public utilities (9.069 billion) [1][2] Group 2 - The macro environment is expected to improve with the onset of a Federal Reserve rate cut cycle, leading to a more relaxed global liquidity situation [2] - Continuous trade negotiations between China and the U.S. are anticipated, with a focus on enhancing China's technological and economic strength [2] - The "A series" ETFs by Huabao provide diverse options for investors looking to invest in China's market [2]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - As of the end of Q3 2025, the number of short - term pure bond funds was 338, accounting for 2.74% of the entire fund market, with a decrease in issuance compared to the same period last year. The total assets and net assets of these funds were 990.7 billion yuan and 890.1 billion yuan respectively, showing a decline from the end of the previous quarter. The average leverage ratio also decreased, and the single - quarter average net value growth rate was 0.18%, lower than that of the previous quarter. [1][10][11] - In terms of asset allocation, bonds accounted for the highest proportion (95.6%) in Q3 2025, with a decrease of 2.3% compared to the previous quarter. The main bond types held were interest - rate bonds, financial bonds (excluding policy - related financial bonds), and enterprise - issued bonds. [2][28][31] - The two funds with the highest returns both heavily allocated enterprise bonds, adopted defensive strategies in Q3, reduced bond asset allocation, and increased the allocation of repurchase assets, achieving net value returns of 0.6% and 0.5% respectively. [2] Summaries by Related Catalogs 2025 Q3 Short - Term Pure Bond Fund Basic Situation - **Number of Bond Funds**: As of the end of Q3 2025, there were 338 short - term pure bond funds, accounting for 2.74% of the whole fund market. In Q3, 3 funds were issued, a decrease compared to the same period last year. [10] - **Bond Fund Scale**: By the end of Q3 2025, the total assets and net assets of short - term pure bond funds were 990.7 billion yuan and 890.1 billion yuan respectively, down 243.9 billion yuan and 186.9 billion yuan from the end of the previous quarter. The average total assets and net assets were 29 billion yuan and 26 billion yuan respectively, down 8 billion yuan and 6 billion yuan. Among 335 old funds, 73 had positive net asset growth, and 262 had a decline, with the largest decline of 8.88 billion yuan in Bank of Communications Stable - Yield Medium and Short - Term Bond Fund. [11] - **Leverage Ratio**: At the end of Q3 2025, the average leverage ratio of short - term pure bond funds was 1.11 under the overall method and 1.12 under the average method, both down 0.04 from the end of the previous quarter. [17] - **Net Value Growth Rate**: In Q3 2025, the bond market yield showed a significant upward trend. The 10 - year Treasury bond yield ranged from 1.64% to 1.92%, closing at 1.88% at the end of the quarter. The single - quarter average net value growth rate of short - term pure bond funds was 0.18%, lower than that of the previous quarter. Among 342 funds, 298 had positive net value growth, accounting for 87.1%, with a decrease compared to the previous quarter. The net value growth rate was mainly distributed between [-1,0) and [0,1), accounting for 86.5% and 12.9% respectively. [20][23] 2025 Q3 Short - Term Pure Bond Fund Asset Allocation - **Large - Category Asset Allocation**: By the end of Q3 2025, the total assets of short - term pure bond funds were 990.7 billion yuan, including 947.4 billion yuan in bonds, 125 billion yuan in bank deposits, 264 billion yuan in repurchase assets, and 44 billion yuan in other assets. Bonds accounted for 95.6%, down 2.3% from the previous quarter; repurchase assets accounted for 2.7%, up 1.7%; bank deposits and other assets accounted for 1.3% and 0.4% respectively, with changes of 0.6% and - 0.1% compared to the previous quarter. [28] - **Bond Type Allocation**: As of the end of Q3 2025, the main bond types held were interest - rate bonds, financial bonds (excluding policy - related financial bonds), and enterprise - issued bonds, accounting for 15.7%, 16.8%, and 64.4% of the total bond assets respectively. Compared to the end of the previous quarter, the proportions of medium - term notes, short - term financing bills, financial bonds, and policy - related financial bonds in bond assets changed by 0.1%, 0.8%, - 2.4%, and 2.6% respectively, while enterprise bonds, inter - bank certificates of deposit, Treasury bonds, asset - backed securities, local government bonds, and other bonds changed by 0.7%, - 0.8%, - 0.8%, 0.1%, - 0.1%, and - 0.1% respectively. [31][35] 2025 Q3 Analysis of High - Performing Funds - **Fund A with the Highest Net Value Return**: Focused on enterprise - issued bonds, achieved a net value return of 0.6% in Q3. Its asset allocation strategy was defensive, with about 90.5% in bonds and 8.7% in repurchase assets. It allocated 79.8% in enterprise - issued bonds, and its leverage ratio slightly increased to 103.9% in Q3. [43] - **Fund B with the Second - Highest Net Value Growth**: Also heavily allocated enterprise - issued bonds and adopted a defensive strategy in Q3, achieving a net value return of 0.5%. Its duration and leverage both decreased, and it reduced bond asset allocation and increased repurchase asset allocation. [49]

Group 1 - Lin Hongjun has been appointed as the new general manager of Tianzhi Fund as of October 31, 2025, with a background in several prominent funds [1] - The number of fund managers in the active equity sector managing over 10 billion yuan has increased to 109, up by 34 from the previous quarter [2] - Central Huijin's holdings in ETFs have reached approximately 1.55 trillion yuan, an increase of over 200 billion yuan compared to the previous quarter [3] Group 2 - Fund manager Xie Zhiyu has increased his stake in Shuguang Shuchuang, with his funds holding 2.3496 million shares and 1.5845 million shares respectively as of the end of Q3 [3] - The market experienced a downturn, with the ChiNext index dropping over 2%, and the total trading volume in the Shanghai and Shenzhen markets was 2.32 trillion yuan, a decrease of 103.9 billion yuan from the previous trading day [4] Group 3 - The Chinese innovative drug industry is entering a new phase of global leadership, supported by comprehensive policy backing, transitioning from imitation to original innovation [7] - The newly launched fund "Fuguo Xinghe Mixed" is a mixed securities investment fund managed by Fan Yan, with a performance benchmark based on a combination of various indices [8]