"这是一份为未来五年乃至更长时期内，中国经济社会发展定调的纲领性文件。"——10月23日，中 国共产党第二十届中央委员会第四次全体会议公报（以下简称"公报"）一经发布，便在证券业内引发高 度关注与热烈解读。 "公报全篇共计5000余字，产业、科技、安全、民生、改革、消费等关键词被多次提及。"开源证券 副总裁、研究所所长孙金钜告诉《金融时报》记者，特别是"产业"和"科技"，相较三中全会公报时被提 及频次大幅增加，预计科技创新、自主可控等将会是"十五五"规划重点。 长城证券首席经济学家汪毅在接受《金融时报》记者采访时表示，公报为"十五五"时期描绘了 以"高质量发展"为核心的顶层设计，释放出前瞻布局、内外兼修、民生为本的清晰信号。在发展方向 上，突出强调"原始创新"和"未来产业"，彰显出在科技革命竞争中抢占制高点的决心；通过强调"供需 良性互动"和"重点区域增长极"，旨在激发内需潜力并优化发展空间布局。 "公报主要聚焦四大维度。"中航基金固定收益部基金经理汪术勤向《金融时报》记者分享了他的观 点。一是科技自立自强成战略核心，二是扩大内需与消费升级成稳增长关键，三是高质量发展与高水平 安全动态平衡，四是政策"稳"与" ...

Core Insights - The best-performing fund managed by Zhao Zongting is the Huaxia National Index Semiconductor Chip ETF (159995), which achieved a quarterly net value increase of 53.81% as of Q3 2025 [1][2]. Fund Performance Summary - Zhao Zongting manages a total of 9 funds, with the following notable performances: - Huaxia National Index Semiconductor Chip ETF: 286.01 billion CNY, annualized return of 11.22%, and a quarterly increase of 53.81% [2]. - Huaxia CSI 300 ETF: 280.61 billion CNY, annualized return of 7.35%, and a quarterly increase of 19.04% [2]. - Huaxia Nasdaq 100 ETF (QDII): 111.02 billion CNY, annualized return of 17.40%, and a quarterly increase of 8.08% [2]. - Huaxia S&P 500 ETF (QDII): 33.65 billion CNY, annualized return of 20.10%, and a quarterly increase of 7.16% [2]. Stock Trading Cases - Notable stock trading cases managed by Zhao Zongting include: - Wuliangye (000858): Purchased in Q3 2017 and sold in Q4 2022, with an estimated return of 194.34% and a company profit growth of 175.90% during the holding period [5]. - Xingyuan Material (300568): Purchased in Q2 2021 and sold in Q3 2021, with an estimated return of 97.42% and a company profit growth of 133.49% during the holding period [5]. - Zijin Mining (601899): Purchased in Q4 2023 and sold in Q3 2024, with an estimated return of -86.51% despite a company profit growth of 51.76% during the holding period [5]. Fund Manager's Performance - Zhao Zongting's cumulative return as the manager of Huaxia CSI 300 ETF Link A (000051) is 56.2%, with an average annualized return of 5.36% [2]. - The fund had 75 adjustments in heavy stocks, with a success rate of 58.67% [2].

证券之星消息，截止2025年三季度末，基金经理王园园旗下共管理2只基金，本季度表现最佳的为富国 消费主题混合A（519915），季度净值涨11.12%。 | 在任基金 | 规模（亿元） | | 年化回报 | 2025年三季度涨幅 | | 第一重仓股 | 占净值比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 富国消费主题混合A | | 31.65 | 7.40% | | 11.12% | 石头科技 | 9.71% | | 519915 | | | | | | 688169.SH | | | 富国消费主题混合C | | 10.76 | -5.92% | | 10.91% | 石头科技 | 9.71% | | 011309 | | | | | | 688169.SH | | 王园园在担任富国消费主题混合A（519915）基金经理的任职期间累计任职回报141.41%，平均年化收 益率为11.1%。期间重仓股调仓次数共有38次，其中盈利次数为21次，胜率为55.26%；翻倍级别收益有 1次，翻倍率为2.63%。 以下为王园园所任职基金的部分重仓股调仓案例： ...

Core Viewpoint - The "fixed income +" products have shown diverse net value curves in the context of a strong stock market and weak bond market, with some products achieving outstanding performance through high elasticity allocations in stocks and convertible bonds, while others focusing on long-duration bonds performed relatively poorly [1][2]. Group 1: Performance of "Fixed Income +" Products - The average increase of "fixed income +" products this year is approximately 4.8%, with top performers like Huazhong Zhili rising by 47.77% and Huashang Shuangyi by 44.4% [4]. - The leading products have significant allocations in equity assets, with over 40% of assets in stocks for top performers, benefiting from high-elasticity technology stocks [4]. - The performance of other high-ranking products, such as Fuguo Jiuli and Minsheng Jiayin, also shows a strong focus on convertible bonds, with allocations exceeding 70% [4]. Group 2: Risk Level Adjustments - Several public funds and distribution channels have raised the risk levels of their "fixed income +" products, with many being upgraded from R2 (medium-low risk) to R3 (medium risk) [8]. - The adjustments in risk levels are influenced by regulatory requirements, market conditions, and changes in target customer profiles [8][9]. Group 3: Market Outlook - The bond market is expected to maintain a stable operation, while the equity market is anticipated to continue with structural trends, leading to a consensus on seeking higher risk-return ratios through "fixed income +" products [2][12]. - The overall scale of "fixed income +" funds reached 1.48 trillion yuan by the end of the second quarter, with a significant increase of over 100 billion yuan in a single quarter [11]. - The current economic indicators suggest a weak recovery, providing a stable foundation for the bond market, while also presenting new challenges [12].

Core Viewpoint - The third-quarter report from Chen Jinwei, manager of Penghua Industrial Select Fund, has gained significant attention for its insights on the rise of technology stocks and the debunking of four misconceptions about "anti-involution" [1][2]. Group 1: Fund Performance - In the third quarter, Penghua Industrial Select Fund achieved a net value growth of 13.90%, with a year-to-date increase of 30.56%, ranking in the top 35 among 2,292 flexible allocation funds [1]. - The report highlights the importance of fund managers communicating their operational strategies and market views through financial reports, which serve as a crucial channel for investor engagement [1]. Group 2: Insights on Technology Stocks - Chen Jinwei noted that the market exhibited characteristics of a "slow bull" in the third quarter, with a significant portion of gains driven by a few technology leaders, as the top 10 stocks contributed nearly half of the gains in the CSI 300 index [3]. - Despite not holding technology stocks, Chen expressed a positive outlook on their rise, emphasizing that the development of emerging industries requires some market bubble to thrive, which ultimately benefits society [4][5]. Group 3: Debunking Misconceptions about "Anti-Involution" - Chen Jinwei addressed four misconceptions regarding "anti-involution," arguing that true market efficiency is hindered by involution, which is often perpetuated by local governments' leniency towards enterprises [8]. - He clarified that "anti-involution" encompasses both supply-side and demand-side policies, as it involves market reforms that enhance the returns on various factors of production, thus stimulating domestic demand [8][9]. - The report also suggests that "anti-involution" does not necessarily require significant capacity reduction, as controlling new increments can be effective [9]. - Chen pointed out that the disparity between leading and secondary companies has widened, indicating that only industry leaders currently possess substantial growth potential [9]. Group 4: Investment Strategy - The current focus of Penghua Industrial Select Fund is on midstream cyclical leaders, particularly in the chemical, pharmaceutical, and service consumption sectors [11]. - The fund has significantly increased its holdings in midstream cyclical leaders, with a notable emphasis on the chemical sector due to its competitive advantages and resilience against global consumption fluctuations [13]. - Chen Jinwei remains optimistic about specific segments within the pharmaceutical and consumer sectors, particularly service consumption, which is expected to benefit from easing supply and time constraints [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、华安沣泰债券型证券投资基金（以下简称"本基金"）的发售已于2025年8月6日经中国证监会《关于 准予华安沣泰债券型证券投资基金注册的批复》（证监许可【2025】1658号）准予注册。中国证监会对 本基金的注册并不代表中国证监会对本基金的风险和收益作出实质性判断、推荐或者保证。 2、本基金是债券型证券投资基金。 3、本基金的管理人和登记机构为华安基金管理有限公司（以下简称"本公司"），基金托管人为上海浦 东发展银行股份有限公司。 4、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 本基金暂不向金融机构自营账户销售，如未来本基金开放向金融机构自营账户公开销售或对销售对象的 范围予以进一步限定，基金管理人将另行公告。 5、本基金自2025年11月11日至2025年11月21日通过上海浦东发展银行股份有限公司销等售机构公开发 售。本基金的募集期限不超过3个月，自基金份额开始发售之日起计算。本公司也可根据基金销售情况 在募集期限内适当延长或缩短基金 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 9、本基金首次认购最低限额为1元（含认购费），追加认购不受首次认购最低金额的限制（基金管理人 直销及各销售机构可根据业务情况设置高于或等于前述的交易限额，具体以基金管理人及各销售机构公 告为准，投资者在提交基金认购申请时，应遵循基金管理人及各销售机构的相关业务规则）。 募集期间不设置投资者单个账户最高认购金额限制。但如本基金单个投资人累计认购的基金份额数达到 或者超过基金总份额的50%，基金管理人可以采取比例确认等方式对该投资人的认购申请进行限制。基 金管理人接受某笔或者某些认购申请有可能导致投资者变相规避前述50%比例要求的，基金管理人有权 拒绝该等全部或者部分认购申请。投资人认购的基金份额数以基金合同生效后登记机构的确认为准。 重要提示 1、景顺长城和熙稳进三个月持有期混合型基金中基金（FOF）的募集已获中国证监会证监许可 【2025】2304号文准予募集注册，中国证监会对本基金的注册并不代表中国证监会对本基金的风险和收 益做出实质性判断、推荐或者保证。 2、本基金是混合型基金中基金。 3、 本基金的管理人和登记机构为景顺长城基金管理有限公司（以下简称"本 ...

Core Viewpoint - The article discusses the strong performance of various asset classes in the first three quarters of the year and explores investment opportunities for the fourth quarter, emphasizing the importance of a balanced asset allocation strategy amid market uncertainties [1][2]. Group 1: Equity Assets - Multiple institutions express optimism about the performance of equity assets in the fourth quarter, citing factors such as moderate inflation, easing monetary policy, stable corporate earnings, and valuation advantages in certain markets [3]. - The expectation of interest rate cuts by the Federal Reserve is anticipated to benefit emerging market equities, with historical trends indicating that emerging markets typically outperform developed markets during periods of a weakening dollar [3]. - The Hong Kong stock market is expected to see a rebound due to its low valuation and sensitivity to foreign capital flows, while the A-share market is supported by policies aimed at stabilizing earnings and promoting technology and high-end manufacturing sectors [3][4]. Group 2: Gold - Despite recent adjustments in gold prices, the fundamental logic supporting gold's strength remains intact, driven by demand from central banks and investors as a hedge against sovereign debt risks and inflation [5][6]. - Short-term technical pressures may affect gold prices, but the long-term outlook remains positive due to the Fed's easing cycle and ongoing global uncertainties that bolster safe-haven demand [6][7]. - The gold sector is viewed as a strong investment choice due to multiple converging factors, including concerns over global trade policies and a weakening dollar, which enhances gold's investment appeal [6][7]. Group 3: Commodity Focus - Institutions are also paying attention to commodities like aluminum and coal, with low global inventories and increased demand due to economic growth during the inflation cycle [7]. - The upcoming winter heating demand is expected to support coal prices, making it a sector worth monitoring [7]. Group 4: Balanced Strategy - A consensus among institutions suggests adopting a balanced strategy for asset allocation in the fourth quarter, combining stocks, bonds, and commodities to mitigate risks and seize opportunities [8]. - The strategy emphasizes the importance of diversifying across global markets to reduce single-market risks while focusing on structural opportunities in equity markets [8][9]. - The proposed allocation includes a core focus on A-shares, Hong Kong stocks, and gold, with satellite investments in industrial metals like copper and aluminum [9].

Core Insights - The public fund issuance market is experiencing a unique pattern of "reduced volume but increased efficiency" with a decrease in the number of new products issued this week compared to the previous week, while the fundraising efficiency has significantly improved [1][2] Group 1: Market Trends - A total of 25 new public fund products were issued this week, down 16.67% from 30 products the previous week, indicating a contraction in supply [1] - The average subscription days for new products decreased from 27.8 days to 21.92 days, showing a faster fundraising pace [1] Group 2: Investor Sentiment - Market participants exhibit a complex mindset, with some investors showing caution due to concerns about the sustainability of profits, leading to a "fear of heights" mentality [1] - Public fund institutions are adopting a more prudent approach in their issuance strategies, focusing on stability and control over the pace of new product launches [1] Group 3: Product Structure - Equity assets remain the dominant focus for public fund institutions, with 20 out of 25 new products being equity funds, accounting for 80% of the total [2] - Among the new equity products, there are 11 stock funds primarily consisting of passive index products and 9 equity-mixed funds [2] Group 4: Institutional Activity - 22 public fund institutions launched new funds this week, indicating a relatively concentrated market activity [2] - Most institutions (20 out of 22) issued only one new product, while 2 institutions launched two or more new funds [2] Group 5: Notable Fund Issuances - Huaxia Fund had the highest issuance activity with three new equity funds focusing on resource and renewable energy sectors [3] - Bosera Fund followed closely with two new equity funds, further emphasizing the strategic focus on equity funds in the current market environment [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week (from October 20 to October 24, 2025), the median weekly return of equity ETFs was 3.45%. Among broad-based ETFs, the median return of ChiNext ETFs was 8.06%, the highest. By sector, the median return of technology ETFs was 6.60%, the highest. By theme, the median return of AI ETFs was 10.92%, the highest [1][13]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, but the overall scale increased by 109.578 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the highest net subscription of 884 million yuan; by sector, consumer ETFs had the highest net subscription of 581 million yuan; by hot theme, securities ETFs had the highest net subscription of 1.426 billion yuan [2]. - As of last Friday, among broad-based ETFs, ChiNext ETFs had relatively low valuation quantiles; by sector, consumer and large financial ETFs had relatively moderate valuation quantiles; by sub - theme, wine and photovoltaic ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of A500 and large financial ETFs increased significantly [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.670 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, science and technology innovation board ETFs and chip ETFs had relatively high average daily margin trading purchases, while CSI 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [4]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. This week, 6 ETFs such as Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Boshi Industrial Software ETF will be issued [5]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 3.45%. The median returns of different broad - based ETFs were: ChiNext ETFs 8.06%, science and technology innovation board ETFs 6.23%, A500 ETFs 3.65%, CSI 500 ETFs 3.49%, CSI 300 ETFs 3.33%, CSI 1000 ETFs 3.28%, and Shanghai 50 ETFs 2.80%. The median returns of cross - border, bond, money, and commodity ETFs were 2.90%, 0.12%, 0.01%, and - 6.19% respectively [13]. - By sector, the median returns of technology, cyclical, large financial, and consumer sector ETFs were 6.60%, 2.76%, 1.70%, and 0.50% respectively. By hot theme, the median returns of AI, chip, and robot ETFs were 10.92%, 8.33%, and 4.82% respectively, showing relatively strong performance, while the median returns of wine, medicine, and dividend ETFs were - 2.17%, 0.60%, and 1.14% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3,675.5 billion yuan, 916.8 billion yuan, and 575.8 billion yuan respectively. The scales of commodity and money ETFs were relatively small, at 225.4 billion yuan and 167.9 billion yuan respectively. Among broad - based ETFs, the CSI 300 ETF and science and technology innovation board ETF had relatively large scales, while the A500, Shanghai 50, ChiNext, CSI 500, and CSI 1000 ETFs had relatively small scales [18][21]. - By sector, as of last Friday, the scale of technology sector ETFs was 421.7 billion yuan, followed by cyclical sector ETFs at 224 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 206.1 billion yuan and 182.2 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and medicine ETFs were the highest, at 161.8 billion yuan, 139.7 billion yuan, and 99.2 billion yuan respectively [25]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, and the overall scale increased by 109.578 billion yuan; money ETFs had a net subscription of 1.3895 billion yuan, and the overall scale increased by 1.3909 billion yuan. Among broad - based ETFs, the Shanghai 50 ETF had the highest net subscription of 884 million yuan, and its scale increased by 6.116 billion yuan; the ChiNext ETF had the highest net redemption of 6.832 billion yuan, and its scale increased by 7.146 billion yuan. By sector, consumer ETFs had the highest net subscription of 581 million yuan, and their scale increased by 358 million yuan; technology ETFs had the highest net redemption of 7.084 billion yuan, and their scale increased by 22.091 billion yuan. By hot theme, securities ETFs had the highest net subscription of 1.426 billion yuan, and their scale increased by 4.062 billion yuan; chip ETFs had the highest net redemption of 3.047 billion yuan, and their scale increased by 9.108 billion yuan [28][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 90.35%, 88.62%, 99.01%, 96.04%, 63.07%, and 99.70% quantile levels respectively, and the price - to - book ratios were at the 75.60%, 71.81%, 99.26%, 64.06%, 57.71%, and 99.70% quantile levels respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of science and technology innovation board ETFs are at the 98.43% and 71.81% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500 ETF increased significantly [36][37]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 71.56%, 50.12%, 29.76%, and 99.42% quantile levels respectively, and their price - to - book ratios were at the 79.88%, 67.68%, 36.60%, and 94.06% quantile levels respectively. Compared with the previous week, the valuation quantile of large financial ETFs increased significantly [39]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has been on an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.670 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares [48]. - From Monday to Thursday last week, among the top 10 equity ETFs with the highest average daily margin trading purchases, science and technology innovation board ETFs and chip ETFs had relatively high average daily margin trading purchases. Among the top 10 equity ETFs with the highest average daily short - selling volumes, CSI 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [51][56]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs and had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs. E Fund ranked second in the total scale of listed non - monetary ETFs and had a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third in the total scale of listed non - monetary ETFs and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [60]. - Last week, 10 new ETFs were established. This week, 6 ETFs such as Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Boshi Industrial Software ETF will be issued [63].