Core Viewpoint - The article discusses the transformation in China's public fund industry regarding the recognition and application of performance benchmarks, emphasizing the importance of the "Active Share" metric to help investors identify differences in investment strategies and avoid pitfalls associated with "pseudo-active" funds [2][8]. Group 1: Introduction and Regulatory Changes - The article highlights the issue of fund managers in China neglecting performance benchmarks, leading to significant deviations in fund holdings and resulting in poor investor experiences [1]. - The China Securities Regulatory Commission (CSRC) issued an action plan on May 7, 2023, aimed at enhancing the quality of public funds, which emphasizes the central role of benchmarks in defining product positioning, investment strategies, and performance evaluation [1]. Group 2: Active Share Metric - Active Share is defined as a quantitative measure of the difference between a fund's portfolio and its benchmark, calculated by summing the absolute differences in weights of individual securities [4][5]. - The metric allows for a clearer distinction between active management and passive replication, addressing limitations of traditional metrics like R-squared and tracking error [6][7]. Group 3: Current State of Active Equity Funds - As of June 30, 2025, the average Active Share for three categories of active equity funds in China is 89.82%, with 87% of funds having an Active Share above 80% [10][14]. - The article notes that active fund managers often deviate from benchmarks in terms of style, industry, and individual stock selection, leading to high Active Share levels [13]. Group 4: Category Analysis - The average Active Share for large-cap growth, large-cap balanced, and small-cap funds is reported as 89.86%, 86.29%, and 96.26%, respectively, indicating that small-cap funds exhibit significantly higher Active Share [14]. - The article explains that the concentration of large-cap stocks in indices limits the active management opportunities, while small-cap stocks provide a broader range of potential excess returns [14]. Group 5: Case Studies - The article compares two funds within the same category, highlighting significant differences in their Active Share due to varying investment strategies, with one fund maintaining a stable Active Share around 70% and the other nearing 100% [17]. - The contrasting strategies illustrate how fund managers' approaches to portfolio construction can lead to different levels of risk and performance volatility [17]. Group 6: Future Insights - The next article will delve into the relationship between Active Share and fund performance, as well as how to identify strategy drift and "pseudo-active" funds in light of new regulations [23].

Core Insights - The Jiashi Fund's Sci-Tech Chip ETF (588200) has surpassed a scale of 43 billion yuan, setting a new historical high and leading in the same category of chip-themed ETFs [1] - As of October 29, the ETF's circulating scale reached 43.045 billion yuan, with a net inflow exceeding 1 billion yuan in a single day and a trading volume of 4.007 billion yuan [1] - Since October, the average daily trading volume has exceeded 4.7 billion yuan, indicating strong liquidity [1] - Year-to-date, the Sci-Tech Chip ETF has achieved a cumulative increase of 72.88%, with the third-quarter report showing a profit of 16.583 billion yuan for investors [1] - Industry analysis suggests that the continuous growth of the ETF's scale reflects market enthusiasm for the chip sector and recognition of Jiashi Fund's precise positioning and efficient management in high-volatility markets [1] - The "14th Five-Year Plan" emphasizes the promotion of key technologies such as integrated circuits, presenting a strategic opportunity for the domestic chip industry [1] - The rapid development of emerging industries like artificial intelligence and smart connected vehicles positions the Sci-Tech Chip ETF as an important tool for investors to seize opportunities in the domestic chip market [1]

Core Viewpoint - The establishment of the Ocean Sustainable Development (Qingdao) Equity Investment Fund Partnership (Limited Partnership) with a capital contribution of 2 billion yuan indicates a growing interest in sustainable investment opportunities in China [1] Group 1: Fund Details - The newly formed fund has a capital contribution of 2 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] Group 2: Investors - The fund is co-funded by Bank of China Financial Asset Investment Co., Ltd. and the State Power Investment Corporation's Guodian Investment Sanxin Phase II Industrial Equity Investment Fund (Tianjin) Partnership (Limited Partnership) [1]

来源：中国基金报 随着2025年基金三季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在三季度选择积极建仓，纳入统计的111只首次披露季报的主动权益基金 平均股票仓位超77%，属于中性偏上水平。有色金属、人形机器人、算力等热门赛道是不少次新基金布 局的重点方向。 次新主动权益基金积极建仓 一批自今年5月以来成立的主动权益基金首次披露季报，揭开了在三季度市场回暖之下的次新基金建仓 情况。 三季度A股市场持续上攻，与此同时，次新主动权益基金建仓积极。Wind数据显示，可统计111只(只统 计初始份额)首次披露季报的主动权益基金(包括股票型、混合型)平均股票市值占基金资产净值比例为 77.65%，属于中性偏上水平。 记者挑选了一些已经积极建仓且业绩表现相对较好的主动权益次新基金，从他们的三季报中，可以对基 金经理整体建仓思路有所了解。 崔宸龙管理的前海开源研究驱动于今年6月初成立建仓，截至10月28日，成立以来收益率超46%。该基 金重点保持了对于成长行业的配置，截至三季度末，该基金股票仓位为90.24%，前三大重仓股为华虹 半导体、中芯国际、博迁新材。崔宸龙在三季报中表示，未来 ...

Group 1 - As of October 29, public fund reports for the third quarter have been fully disclosed, with bond funds experiencing over 500 billion units of net redemptions, marking the highest net redemption among fund types [1][2] - The total scale of bond funds at the end of the third quarter was 10.58 trillion yuan, a slight decrease from 10.82 trillion yuan at the end of the second quarter [2] - Over 55% of bond funds recorded net redemptions, with more than 2,100 funds experiencing this trend, including 292 funds with net redemptions exceeding 1 billion units [2] Group 2 - Despite the overall negative performance of bond funds, certain convertible bond funds achieved significant returns, with some exceeding 20% in yield due to favorable equity market conditions [1][5] - The yield of bond funds was under pressure, with over 3,128 bond funds yielding less than 1%, and more than 1,000 funds recording negative returns [4][5] - The yield on government bonds increased, with 1-year, 3-year, 5-year, and 10-year government bond yields rising by 12 basis points, 20 basis points, 22 basis points, and 35 basis points respectively compared to the end of the second quarter [4] Group 3 - Looking ahead, the bond market is expected to be influenced by both bullish and bearish factors, with the central bank's operations likely to support the market [6][7] - The current economic growth level remains weak, suggesting that long-term interest rates do not have a solid foundation for sustained and significant increases [6][7] - The bond market is anticipated to return to being driven by economic fundamentals and monetary policy after the release of pressure on the liability side [6][7]

Group 1 - As of October 29, public fund reports for the third quarter have been fully disclosed, with bond funds experiencing over 500 billion units of net redemptions, marking the highest net redemption among fund types [1][3] - The total scale of bond funds at the end of the third quarter was 10.58 trillion yuan, a slight decrease from 10.82 trillion yuan at the end of the second quarter [3] - Over 2,100 bond funds recorded net redemptions in the third quarter, accounting for nearly 55% of the total, with 292 funds having net redemptions exceeding 1 billion units [3] Group 2 - The overall yield of bond funds was suppressed in the third quarter, with many funds showing yields below 1%, and over 1,000 funds recording negative returns [6][7] - The yield on government bonds increased, with the one-year, three-year, five-year, and ten-year government bond yields rising by 12 basis points, 20 basis points, 22 basis points, and 35 basis points respectively compared to the end of the second quarter [6] - Convertible bond funds performed well, with some achieving returns exceeding 20%, benefiting from a strong equity market [7] Group 3 - Looking ahead, the bond market is influenced by both bullish and bearish factors, with expectations of a supportive central bank and reduced selling pressure due to lower fund durations [9][10] - The current rise in long-term interest rates is seen as a normal response to changes in fundamental expectations, but a significant and sustained increase is not anticipated due to weak economic growth [9] - The bond market is expected to return to being driven by economic fundamentals and monetary policy after the release of pressure on the liability side [10]

Core Insights - The rapid growth of index funds is becoming a key driver of the stock market, with total assets nearing 8 trillion yuan, highlighting their role in capital market development and productivity enhancement [1][3] Fund Size and Performance - As of the third quarter, the total scale of public index products has reached nearly 8 trillion yuan, with non-monetary ETFs at approximately 5.5 trillion yuan, ETF-linked funds at 0.9 trillion yuan, and other off-market index funds at nearly 1.6 trillion yuan [3] - Leading fund companies, such as E Fund and Huaxia Fund, have emerged as major beneficiaries, with their index product scales exceeding 1 trillion yuan each, specifically 1.11 trillion yuan and 1.08 trillion yuan respectively [3][4] Market Trends and Innovations - The surge in index fund sizes is driven by the performance of sectors like innovative pharmaceuticals and technology, which have attracted significant investor interest [3][4] - New index funds have shown remarkable growth, with E Fund's Hong Kong Stock Connect Innovative Drug ETF growing from 286 million yuan to over 3 billion yuan in just six months [4] Shift in Fund Management Strategy - The development of index funds indicates a shift away from reliance on star fund managers, emphasizing the importance of platform capabilities for asset growth [5][6] - Large public fund companies are increasingly focusing on index funds to reduce dependence on individual managers, which can limit growth potential and introduce risks associated with manager turnover [5][6] Future of Index Funds - The demand for index funds is driven by their low fees, high transparency, and risk diversification, making them attractive to a growing number of retail investors [8] - The experience from mature markets, where index funds have outperformed many active funds, suggests a similar trend may emerge in China, supporting the strategic focus of leading public funds on index products [8][9]

Group 1: Shenzhen Enterprises - The top three companies in the 2025 Shenzhen Enterprises 500 Strong list are Ping An, Huawei, and BYD [1] - The list shows a moderate recovery in operating performance, with slight pressure on profitability [1] - There is a continuous strengthening of mid-tier companies, while competition among leading enterprises is intense [1] Group 2: Public Fund Market - The total scale of public funds in China reached 36.74 trillion yuan, marking the sixth historical high this year [4] - In September, stock fund scale increased by over 400 billion yuan, while mixed fund scale grew by over 150 billion yuan [4] - Conversely, money market fund scale decreased by over 140 billion yuan, and bond fund scale saw a slight decline of 6.3 billion yuan [4] Group 3: Electronic Information Manufacturing - The added value of the electronic information manufacturing industry increased by 10.9% year-on-year in the first three quarters of 2025 [6] - In September, the growth rate was 11.3%, outperforming the overall industrial and high-tech manufacturing sectors [6] - Mobile phone production decreased by 4.8% to 1.11 billion units, while integrated circuit production rose by 8.6% to 381.9 billion units [6] Group 4: Company Performance - Tianfu Communication reported a net profit of 566 million yuan in Q3, a year-on-year increase of 75.68% [7] - The company’s revenue for Q3 was 1.463 billion yuan, up 74.37% year-on-year, driven by demand for high-speed optical devices [7] Group 5: International Developments - The United Nations General Assembly has again called for the U.S. to end its economic blockade on Cuba, marking the 33rd consecutive resolution of this nature [8] - The EU reported a decrease in household natural gas prices by 8.1% in the first half of 2025 compared to the second half of 2024 [9] Group 6: Major Corporations - Microsoft reported a 12% year-on-year increase in net profit for the first fiscal quarter, reaching 27.7 billion USD [10] - Azure cloud revenue grew by 40%, exceeding market expectations, while total revenue for the quarter was 77.67 billion USD [10] - Meta Platforms achieved record revenue of 51.2 billion USD in Q3, but net profit fell significantly due to a one-time tax expense [11]

Core Viewpoint - The rapid growth of index fund products is becoming a core engine for the stock market, with total assets nearing 8 trillion yuan, highlighting their role in driving market trends and capital flow [1][2]. Group 1: Index Fund Growth - As of October 28, the total scale of public index products has reached nearly 8 trillion yuan, with non-monetary ETFs at approximately 5.5 trillion yuan, ETF-linked funds at 0.9 trillion yuan, and other off-market index funds at nearly 1.6 trillion yuan [2]. - Leading public fund companies, such as E Fund and Huaxia Fund, have emerged as significant beneficiaries in the index fund market, with E Fund's index product scale reaching about 1.11 trillion yuan and Huaxia Fund at approximately 1.08 trillion yuan [2][3]. - The surge in index fund sizes is driven by the performance of sectors like innovative pharmaceuticals and technology, which have attracted substantial investments [2][3]. Group 2: Shift from Star Managers - The rapid development of index funds indicates a shift away from reliance on star fund managers, emphasizing the importance of platform capabilities for asset scale growth [4][5]. - Large public fund companies are increasingly moving towards a model that reduces dependence on individual fund managers, which can limit growth potential and introduce risks associated with manager turnover [4][5]. Group 3: Market Demand and Future Trends - The core factor behind the rapid growth of index funds is market demand, as they offer low fees, high transparency, and risk diversification, making them attractive to investors [6]. - The trend of increasing retail investor participation in the market highlights the appeal of index funds, which are perceived as more accessible and transparent compared to actively managed funds [6]. - Insights from mature markets, such as the U.S., where index fund assets reached 8.4 trillion USD by the end of 2019, suggest that China may follow a similar trajectory, with active and index funds potentially sharing market space [6].

导读：近日，景顺长城基金举办了"新高之后，变革之时"的四季度权益专场策略会。我很荣幸作 为圆桌论坛的主持人，和景顺长城四位新锐基金经理曾英捷、王开展、刘力思、张飞鹏做了一场 对话。 刘力思注重深度研究和认知聚焦，偏好对自己有定价能力的公司做长期重仓持有，能力圈涵盖了 科技、制造、周期类的资产。 张飞鹏是资深互联网分析师出身，看重企业的差异化能力，只聚焦在极少数的优质公司，对持仓 公司做到紧密跟踪和深度认知。 当然，一句话远远无法概况这四位风格鲜明的新生代基金经理。 曾英捷：产业趋势下的阿尔法捕手 从学生时代开始，曾英捷就一直在和汽车行业打交道。他是车辆工程专业的硕士，毕业后先后在 汽车产业和卖方研究所历练了几年，于2020年加入景顺长城基金。在景顺长城期间，曾英捷经历 了标准的从研究员到基金经理助理再到基金经理的职业路径。他也见证了新能源汽车渗透率的从 1到10突破。 在这个过程中，曾英捷以新能源、汽车的上下游产业链为载体，逐渐把能力圈拓展到了高端制 造、新材料、电力设备等领域。从2023年7月开始，曾英捷和资深基金经理杨锐文共同管理景顺 长城新能源产业，正式开启了投资生涯。 他们有着截然不同的性格和能力圈。 ...