恒生前海恒源臻利债券A/C成立于2023年12月6日，截至2025年10月29日，其今年来收益率为1.42%、 1.00%，成立来收益率为50.07%、50.51%，累计净值为1.4911元、1.4970元。 中国经济网北京10月30日讯今日，恒生前海基金公告，恒生前海恒源臻利债券增聘钟恩庚，吕程、张昆 离任。 | 基金名称 | 恒生前海世辰媒和情券登证券投资基金 | | --- | --- | | 基金简称 | 恒生前高低赤媒和情好 | | 基金主代码 | 020069 | | 基金管理人名称 | 恒生前海基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息按露管理办法》、《孟会管理公司投资管理人员管理指导意见》等有关注律法规 | | 基金经理专事举型 | 캐聘基金经理,解聘基金经理 | | 新任基金经理姓名 | 钟图庚 | | 共同管理本基金的其他基金经理姓名 | | | 离任基金经理姓名 | 吕程、张昆 | 钟恩庚曾任恒生前海基金管理有限公司专户投资部投资经理、固定收益部债券研究员兼投资经理助理、 业务发展部业务发展经理，湖南省信托有限责任公司北京业务第三团队信托经理，中国民生信托有限公 ...

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down by 0.73%, the Shenzhen Component Index down by 1.16%, and the ChiNext Index down by 1.84% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 24,643 billion yuan, an increase of 1,736 billion yuan compared to the previous day [1] - A total of 4,100 stocks in the market experienced a decline [1] Sector Performance - The sectors that saw the highest gains included energy metals, steel, quantum technology, batteries, wind power equipment, port shipping, and phosphorus chemicals [1] - Conversely, the sectors with the largest declines included CPO, PET copper foil, coal mining and processing, gaming, lithography machines, and securities [1] ETF Performance - Rare metals sector ETFs saw a significant rise in the afternoon, with Guangfa Fund's rare metals ETF, ICBC Credit Suisse Fund's rare metals ETF, and Huafu Fund's rare metals ETF all increasing by over 2% [1] - The energy sector also performed well, with the Huatai-PineBridge Fund's oil and gas resources ETF rising by 1.96% [1] - The non-ferrous metals sector rebounded, with Penghua Fund's non-ferrous ETF and Southern Fund's non-ferrous metals ETF both increasing by 1% [1] - The ChiNext 50 ETF from Fortune experienced a significant drop of 9.67% after a late-session surge the previous day [1] - The Hong Kong stock market's innovative drug sector saw increased declines in the afternoon, with the Hong Kong Stock Connect innovative drug ETF from Southern and the Hang Seng innovative drug ETF falling by 4.3% and 3.5%, respectively [1] - The CPO sector experienced a pullback, with the Southern ChiNext artificial intelligence ETF and the communication equipment ETF declining by 3.65% and 3.5%, respectively [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report The layout of leading public fund managers in on - exchange and off - exchange active and passive funds varies significantly. In the third quarter of 2025, different fund managers showed different performance in terms of scale growth, scale increment, and scale ranking changes in various types of funds such as non - monetary funds, on - exchange ETFs, off - exchange active funds, and off - exchange passive funds [1][2][5]. Summary by Relevant Catalogs 1. Overview of the Whole Market Funds - The layout of leading public fund managers in on - exchange and off - exchange active and passive funds is quite different. Some focus on equity ETFs, while others like China Europe Fund and Xingzheng Global Fund mainly focus on off - exchange active and passive funds [1][5]. - In the third quarter of 2025, E Fund, China Asset Management, and Fullgoal Fund had the largest increase in non - monetary fund scale. E Fund led with a scale of 1666.7 billion yuan, and Invesco Great Wall Fund's scale ranking rose by 2 places compared to the second quarter [2][6]. 2. On - exchange ETFs 2.1 Equity ETFs - China Asset Management, E Fund, and Huatai - Peregrine Fund led in equity ETF scale. E Fund had the largest scale increment, and Penghua Fund had the most significant scale ranking change, rising 5 places compared to the second quarter [9]. 2.2 Bond ETFs - Haifutong Fund led in bond ETF scale. Bosera Fund had the largest scale increment, and Penghua Fund's scale ranking rose by 4 places compared to the second quarter [13]. 2.3 Commodity ETFs - Some institutions' scales shrank. Huaan Fund led in commodity ETF scale and also had the largest scale increment. Dacheng Fund's scale ranking rose by 3 places compared to the second quarter [15]. 3. Off - exchange Active Equity Funds 3.1 Active Equity Funds - Yongying Fund had a significant scale increase. E Fund led in active equity fund scale, China Europe Fund had the largest scale increment, and Yongying Fund's scale ranking rose by 11 places after a 48.2 billion - yuan increase in the third quarter compared to the second quarter [18]. 3.2 Active Industry Theme Funds - China Europe Fund led in active industry theme fund scale. Yongying Fund had the largest scale increment, and Ping An Fund's scale ranking rose by 8 places compared to the second quarter [20]. 4. Off - exchange Active Bond Funds 4.1 Pure Bond Funds - In the third quarter, the overall scale of pure bond funds shrank. Bosera Fund led in pure bond fund scale but had the largest scale shrinkage, decreasing by 51.7 billion yuan compared to the second quarter. GF Fund's scale ranking dropped by 4 places compared to the second quarter [23]. 4.2 Fixed - Income + Funds - E Fund led in fixed - income + fund scale. Invesco Great Wall Fund had the largest scale increment, and Huaan Fund and Bosera Fund had relatively large scale ranking changes, rising 10 and 9 places respectively compared to the second quarter [25]. 5. Off - exchange Passive Funds 5.1 Passive Equity Funds - E Fund led in off - exchange passive equity fund scale and also had the largest scale increment. China Europe Fund's scale ranking rose by 6 places compared to the second quarter [27]. 5.2 Passive Fixed - Income Funds - In the third quarter, the overall scale of passive fixed - income funds shrank. GF Fund led in off - exchange passive fixed - income fund scale but its scale decreased by 20.7 billion yuan compared to the second quarter. Huatai - Peregrine Fund had the largest scale shrinkage of 28.1 billion yuan. Shanghai Commercial Bank Fund increased its scale by 2.7 billion yuan and its scale ranking rose by 5 places compared to the second quarter [31].

Core Insights - The Chinese financial market has undergone significant changes over the past decade, with a downward trend in risk-free interest rates and a shift in investor risk preferences towards rationality [1] - Xinda Australia Fund Management Co., Ltd. has emerged as a representative player in the fixed income sector, showcasing strong performance and a clear strategic layout [1] Group 1: Performance Metrics - As of September 30, 2025, Xinda Australia Fund's average return on fixed income assets over the past ten years reached 77.57%, ranking third among 71 comparable fund companies [1] - The company has consistently ranked in the top ten for both the past seven and five years, demonstrating its ability to generate sustained profits across market cycles [1] Group 2: Product Strategy - Xinda Australia has developed a clear and precise product line in fixed income, catering to diverse client risk preferences [1] - The company offers a short-term bond series focused on high liquidity and low volatility, as well as medium to long-term products like fixed-open bond funds and pure bond funds [1] - The "fixed income plus" product line aims to enhance portfolio yield while controlling volatility through a strategy of "bond foundation and equity enhancement" [1] Group 3: Investment Approach - The fixed income investment strategy emphasizes macroeconomic foresight, dynamic duration adjustment, and a rigorous credit evaluation system [2] - The investment team, led by experienced fund managers, integrates macro, credit, trading, and quantitative strategies to capture excess returns [2] - Xinda Australia aims to maintain a robust performance in a volatile market through a systematic and platform-based operation, supported by a comprehensive risk control mechanism [2] Group 4: Future Outlook - The macroeconomic environment is expected to impose higher demands on fixed income investments, with a continued downward trend in medium to long-term interest rates [2] - The company plans to deepen its focus on active management and diversify its product offerings to navigate market changes effectively [2]

Core Viewpoint - The stock ETF market experienced a net outflow of approximately 800 million yuan on October 29, 2023, despite the A-share market showing strong performance with the Shanghai Composite Index stabilizing above 4000 points [2][10]. Market Performance - The overall trading volume of stock ETFs decreased by nearly 11%, with a total transaction amount of 190.86 billion yuan, down from 214.40 billion yuan on the previous trading day [5]. - The banking, non-ferrous metals, and coal industry theme ETFs were the main products for profit-taking, with the dividend sector seeing significant net outflows [3][10]. ETF Highlights - The photovoltaic sector ETFs saw substantial gains, with leading ETFs in this category rising by 8.81% to 12.29% [4][6]. - The new energy battery sector also performed well, with several ETFs in this category increasing by over 6% [6]. Fund Flows - The top outflowing ETFs included the Securities ETF (-1.05 billion yuan), the ChiNext ETF (-868 million yuan), and the Banking ETF (-570 million yuan) [11]. - Conversely, the top inflowing ETFs included the Sci-Tech Chip ETF (908 million yuan) and the Securities Insurance ETF (692 million yuan) [13]. Fund Size and Growth - The total scale of the stock ETF market reached 4.7 trillion yuan, with 1237 ETFs in circulation [5]. - Leading fund companies like E Fund and Huaxia Fund saw significant inflows, with E Fund's ETF scale increasing by 9.67 billion yuan on the same day [15]. Market Outlook - Analysts suggest that after the Shanghai Composite Index reached a ten-year high, market divergence may increase, and investors should focus on core assets and dividend stocks while remaining cautious [16].

智通财经APP获悉，10月30日，香港证监会黄天祐在金融街论坛发表演说指，香港市场韧性十足且充满 活力，北京企业在港股市值与数量均占重要地位。未来，香港欢迎更多创新及传统产业的企业，进一步 利用香港国际融资平台，在获得资金的同时，为京港发展带来强大的新动能。 黄天祐表示，内地与香港市场互联互通进入第十一年，有效促进了资金双向流动。同时，内地企业善用 香港强大的国际集资平台，今年前九个月在港IPO集资1,400亿港元，凸显香港在"一国两制"下的独特优 势，以及国际资金对内地发展的高度认可。 作为国际金融中心，香港位居全球三甲，不仅以自由经济、法治精神及稳健监管享誉国际，同时连接中 外市场，集聚资本与人才，奠定了资本市场成功的基石。 除了强韧，香港市场也充满活力。港股二级市场交易活跃，前九个月日均成交额比去年上升超过九成。 港股市值接近五十万亿港元，在亚洲排名第三。 他提到，为进一步推动京港两地协同，北交所与港交所已通过签署备忘录探索跨境合作，支持符合条件 的上市公司在对方市场申请上市，并在市场推广、投资者教育等多方面合作，势必推动两地市场的共同 繁荣。 同时，香港积极支持设在北京的金融机构，如银行、券商、基金及 ...

Group 1 - The core viewpoint of the news highlights the performance and growing popularity of the Free Cash Flow ETF (159201), which has seen a net inflow of 605 million yuan over the past 12 trading days, reaching a new high of 5.17 billion yuan in total assets [1] - The China Securities Regulatory Commission (CSRC) has issued guidelines to enhance the protection of small investors, encouraging companies to implement multiple dividends annually, which is expected to boost the value of high free cash flow assets [1] - The Shanghai Composite Index has surpassed 4000 points for the first time in ten years, indicating a market environment with fundamental support and a structural revaluation characteristic of the current market trend [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the National Index of Free Cash Flow, focusing on companies with high free cash flow rates, which enhances its risk resistance amid macroeconomic uncertainties [2] - The fund management fee for the ETF is set at an annual rate of 0.15%, and the custody fee is at 0.05%, both of which are among the lowest in the market [2]

Core Viewpoint - The marketing strategy of Shangyin Fund, which emphasizes the fund manager Chen Bo as a personal brand, has sparked controversy within the industry, raising questions about its effectiveness and alignment with regulatory guidelines [4][18]. Marketing Strategy - Shangyin Fund has launched a large-scale advertising campaign featuring fund manager Chen Bo's image, promoting him as a "new trendy buyer" [1][5]. - The campaign includes interactive activities on social media platforms, such as a lottery for users who engage with the promotional content [7][18]. - The marketing approach has drawn comparisons to "fan culture," with many users focusing on promotional giveaways rather than discussing the performance of Chen Bo's managed funds [9][11]. Fund Performance - Chen Bo manages six funds, with only one, Shangyin Future Life Flexible Allocation Mixed Fund, showing a year-to-date return of 36.36%, outperforming the CSI 300 Index's 20.66% [13][14]. - The performance of the other funds under Chen Bo's management has been subpar, with several facing potential liquidation risks due to low asset values [15][18]. Regulatory Concerns - The marketing strategy of emphasizing a single fund manager contrasts with regulatory calls for a more team-oriented investment approach, which could lead to increased risks for investors [18][22]. - As of the end of Q3, Shangyin Fund's total management scale was 251.5 billion yuan, with equity products accounting for less than 2% of its total assets, indicating a need for growth in this area [18][22].

近期，中共中央举行新闻发布会解读党的二十届四中全会精神，会议通过"十五五"规划《建议》，明确 将建设现代化产业体系、实现科技自立自强置于战略核心。 广发证券认为，金融体系需精准对接国家战略，深化投融资改革，资本市场制度的包容性与适应性有望 提升，进一步增强资本市场的韧性与抗风险能力，为科技创新企业提供更高效的资本支持。深圳近期发 布并购重组行动方案，以支持战略性新兴产业整合为核心，通过多元化融资工具与跨境创新试点，为科 技企业并购注入新动能。 截至2025年10月30日 13:52，科创债ETF博时(551000)上涨0.02%， 冲击4连涨。最新价报99.85元。拉长 时间看，截至2025年10月29日，科创债ETF博时近1周累计上涨0.43%，涨幅排名可比基金1/6。 流动性方面，科创债ETF博时盘中换手45.32%，成交46.00亿元，市场交投活跃。拉长时间看，截至10 月29日，科创债ETF博时近1月日均成交30.47亿元。 消息面上，10月27日，中国人民银行行长在2025金融街论坛年会开幕式上表示，今年初，考虑到债券市 场供求不平衡压力较大、市场风险有所累积，中国人民银行暂停了国债买卖。目前，债市 ...

Core Insights - FOF products have shown remarkable performance in 2023, with top performers achieving returns of 68%, 58.33%, and 57.47%, significantly outperforming the market average and many well-known actively managed equity funds [1][3] - The success of FOFs highlights the value of selecting funds over direct stock picking, demonstrating their unique role in asset allocation and fund selection [1] Performance Highlights - The top three FOFs in terms of performance are Guotai Youxuan Lihang, E Fund Advantage Return, and Guotai Industry Rotation, with annual returns of 68%, 58.33%, and 57.47% respectively [1][3] - The impressive returns of these FOFs have surpassed many leading actively managed equity funds [1] Investment Strategy - Leading FOFs have focused on narrow-based index funds with distinct industry characteristics, such as gold ETFs, battery ETFs, and innovative drug ETFs [3] - Guotai Youxuan Lihang's third-quarter report indicates a concentrated investment in specific narrow-based index products, while E Fund Advantage Return has diversified into sectors like information technology, high-end manufacturing, resources, and biopharmaceuticals [3] Market Outlook - FOF fund managers express intentions to continue exploring narrow-based products in promising sectors such as manufacturing, consumption, and resources [3] - Guotai Youxuan Lihang's fund manager notes that while the overall upward potential of the stock market in Q4 may be limited, there are localized opportunities, with a significant divergence between growth and cyclical sectors [3]