Group 1 - The core point of the news is that Tian You Wei (603202.SH) reported its Q3 2025 results, revealing that 77 institutional investors hold a total of 19.1587 million shares, accounting for 11.97% of the total share capital [1] - The top ten institutional investors collectively hold 10.21% of the shares, with no change in their holdings [1] Group 2 - In the public fund sector, three funds increased their holdings compared to the previous period, with a total increase of 0.34% [2] - Three new public funds were disclosed this quarter, while 1,925 public funds were not disclosed compared to the previous quarter [2] - In the insurance investment sector, one new investor was disclosed, while one pension fund was no longer reported [2]

Core Insights - Zoran Co., Ltd. (688121.SH) released its Q3 2025 report on October 31, 2025, indicating a total of 10.4862 million A-shares held by four institutional investors, accounting for 4.49% of the total share capital [1] - The institutional holding ratio decreased by 1.46 percentage points compared to the previous quarter [1] Institutional Investors - Four institutional investors disclosed their holdings, including Qingdao Guotou Dingxing Private Fund Management Co., Ltd., Suzhou Yanying Investment Management Co., Ltd., China Construction Bank Co., Ltd., and Huashang Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1] - The total institutional holding ratio is now 4.49% [1] Public Funds - One new public fund was disclosed this period, namely Huashang Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1] - A total of 60 public funds were not disclosed this period, including Southern Junxin Flexible Allocation Mixed A, Tianhong Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A, and others [1] Social Security Funds - One social security fund was not disclosed this period, specifically the National Social Security Fund 602 Portfolio [1]

Core Viewpoint - The recent increase in gold prices has positively impacted gold-related ETFs, with significant movements observed in various funds following the Federal Reserve's decision to cut interest rates by 25 basis points and end balance sheet reduction, creating a favorable environment for precious metals [1] Group 1: Market Performance - As of 9:41 AM, the 华夏 Gold ETF (518850) rose by 1.31%, while the Gold Stock ETF (159562) increased by 1.17%. In contrast, the Nonferrous Metals ETF (516650) saw a decline of 0.34% [1] - The liquidity easing expectations have contributed to a rebound in precious metals, despite potential technical pullback pressures after surpassing the $3,700 mark [1] Group 2: Analyst Insights - Wang Yanqing, Chief Analyst of Precious Metals at CITIC Futures, noted that the current environment indicates a third round of a bull market for gold, with central bank gold purchases reshaping the long-term price center [1] - The report from the Gold Research Institute of Jinyafo suggests that while there may be short-term technical pressures, the overall trend remains bullish for gold [1] Group 3: Cost Efficiency - The management and custody fees for 华夏 Gold ETF (518850) and Gold Stock ETF (159562) are combined at 0.2%, which is among the lowest in similar products, enabling investors to participate in the gold market at a lower cost [1]

证券研究报告 固收点评报告 hyzqdatemark 2025 年 10 月 31 日 ——债基 2025 年 Q3 季报分析 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 马赫 请务必仔细阅读正文之后的评级说明和重要声明 联系人 mahe@huayuanstock.com 从 2025Q3 季报看利率债基变化 利率债基整体规模缩减，债券配置比例下降。截至 25Q3，利率债基资产总值为 3.1 万亿元，较 25Q2 下降 0.44 万亿元，其中主动型利率债基和被动型利率债基分别为 2.2 万亿元和 0.9 万亿元，较 25Q2 分别-0.23 万亿/-0.22 万亿元。从大类资产配置 来看，截至 25Q3，利率债基主要配置于债券（规模约为 3.0 万亿元，占比 96.39%）， 其次是现金（规模约为 0.03 万亿元，占比 0.92%），规模占比较上一季度分别 -0.90pct/+0.02pct，其中主动型利率债基的债券和现金配置规模分别为 2.1 万亿元和 0.02 万亿元，比例分别为 96.08%/1.11%，较上一季度分别 ...

Group 1 - The U.S. and China leaders agreed to maintain regular communication, with Trump suggesting a potential agreement involving the purchase of oil and gas from Alaska [1] - Meta's stock plummeted by 11% due to its significant AI spending plans, raising concerns about the return on investment for AI initiatives [1] - The S&P 500 index fell by 68.25 points, a decline of 0.99%, closing at 6822.34 points, while the Nasdaq dropped by 377.329 points, down 1.58%, closing at 23581.144 points [1] Group 2 - The Ping An 0-3 National Development Bank Bond ETF (159651) is positioned as a "money+" short-term cash management tool, offering advantages in yield, liquidity, and flexibility, making it suitable for the current volatile bond market [2] - As of October 30, 2025, the National Development Bank Bond ETF has seen a 1.65% increase over the past year, with a recent price of 106.58 yuan [5] - The ETF has a low management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in comparable funds [5] Group 3 - The National Development Bank Bond ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.013% over the past two months [6] - The ETF closely tracks the China Bond 0-3 Year National Development Bank Bond Index, which includes policy bank bonds with a maturity of up to three years [6]

Group 1 - The core point of the news is that Shangtai Technology's stock has increased by 5.57%, reaching a price of 98.20 CNY per share, with a total market capitalization of 25.611 billion CNY [1] - Shangtai Technology, established on September 27, 2008, specializes in the research, production, and sales of lithium-ion battery anode materials and carbon products, with 91.57% of its revenue coming from anode materials [1] - The company is located in the Economic Development Zone of Wuj County, Shijiazhuang City, Hebei Province, and was listed on December 28, 2022 [1] Group 2 - The Qianhai Kaiyuan Quantitative Preferred A Fund (002495) holds Shangtai Technology as its largest position, with 11,000 shares, accounting for 1.43% of the fund's net value [2] - The fund has achieved a year-to-date return of 33%, ranking 2776 out of 8154 in its category, and a one-year return of 28.33%, ranking 3195 out of 8046 [2] - The fund manager, Lu Qi, has a tenure of nearly 5 years, with the best return during this period being 27.83% [3]

Core Viewpoint - Gold prices have regained upward momentum, driven by a slight retreat in the US dollar index and a resurgence in safe-haven demand, with COMEX gold futures closing at $4038.3 per ounce, up 0.94% [1] Group 1: Market Dynamics - The Federal Reserve's Chair Powell indicated that further interest rate cuts in December are not guaranteed, leading to a cooling of market expectations for rate cuts, which has created some volatility in gold prices [1] - UBS Wealth Management's investment office stated that gold remains a strong diversification tool for investment portfolios and helps hedge against economic risks, supported by strong central bank buying and declining real interest rates, suggesting that gold prices will continue to find support [1]

| 基金代码 | 基金名称 | 规模(亿元) | 任职时间 | 任职回报 | | --- | --- | --- | --- | --- | | 004585 | 鹏扬汇利债券A | 12.09 | 2020-11-02 ~ 2021-03-02 | 3.92% | | 004586 | 鹏扬汇利债券C | 1.69 | 2020-11-02 ~ 2021-03-02 | 3.79% | | 005451 | 鹏扬双利债券A | 5.66 | 2019-09-12 ~ 2022-01-05 | 8.73% | | 005452 | 鹏扬双利债券C | 1.11 | 2019-09-12 ~ 2022-01-05 | 7.71% | | 6509900 | 鹏扬泓利债券A | 42.72 | 2020-11-02 ~ 2021-03-02 | 4.32% | | 006060 | 鹏扬泓利债券C | 22.27 | 2020-11-02 ~ 2021-03-02 | 4.18% | | 006832 | 鹏扬添利增强债券A | 0.50 | 2024-01-17 ~ 至今 | 10.68% | | 006833 ...

唐薇女士：中国国籍，清华大学经济学学士、金融学硕士。2018年5月加入博时基金管理有限公司，曾 任固定收益总部投资经理助理、投资经理，现任固定收益三部基金经理。2013年-2018年于中国国际金 融股份有限公司任固定收益部高级经理。曾获得新财富固定收益研究第一名(2017年第一，2016年第 二)、《证券市场周刊》水晶球奖债券研究第一名等。曾获2020年TheAsset《财资》亚洲本币债券睿智 投资者。2022年6月15日任博时富鑫纯债证券投资基金基金经理，2022年9月9日任博时富盛纯债一年定 期开放债券型发起式证券投资基金的基金经理、博时慧选纯债3个月定期开放债券型发起式证券投资基 金基金经理。2024年3月21日任博时聚润纯债债券型证券投资基金基金经理。2024年4月9日起任博时丰 达纯债6个月定期开放债券型发起式证券投资基金的基金经理。2024年5月7日任博时中高等级信用债债 券型证券投资基金基金经理。2024年8月13日任博时安仁一年定期开放债券型发起式证券投资基金基金 经理。2025年6月25日担任博时恒泰债券型证券投资基金基金经理。 证券之星消息，2025年10月31日，博时恒享债券（01778 ...

本次分红对象为权益登记日在本公司登记在册的本基金持有人。，权益登记日为11月3日，现金红利发 放日为11月4日。选择红利再投资方式的投资者所转换的基金份额将于2025年11月4日直接计入其基金账 户。2025年11月5日起可以查询。根据财政部、国家税务总局的财税字［2002］128号《关于开放式证券 投资基金有关税收问题的通知》，基金向投资者分配的基金收益，暂免征收所得税。收益分配采用红利 再投资方式免收再投资的费用。 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310104345710301240019号），不构成 投资建议。 | 分级基金筒称 | 代码 | 星准日基金净值 | | 分红方案 | | --- | --- | --- | --- | --- | | | | (元) | | (元/10份) | | 泰信伟券增强收益A 290007 | | | 1.16 | 0.46 | | 泰信伟券增强收益C 291007 | | | 1.14 | 0.34 | | 泰信伟券增强收益D 022516 | | | | | 证券之星消息，10月31日发布《泰信增强收益债券型证券投资基金分红公告》。20 ...