Group 1 - The "Qihang" action's "Listed Companies Hainan Tour"招商大会 and signing ceremony took place in Haikou, with four strategic cooperation agreements signed, aiming to raise over 2 billion RMB for emerging industries such as aerospace, low-altitude economy, intelligent manufacturing, high-end equipment, and digital information [1][3] - A total of 12 companies, including Shandong Gold Group and Zhongtai Securities, signed investment intention letters during the event, which attracted over 90 companies nationwide, including 70 listed companies with a total market value exceeding 1.6 trillion RMB [3][4] - The event highlighted the advantages of Hainan's free trade port policies, with companies expressing intentions to deepen cooperation in regional funds, industrial funds, and mergers and acquisitions to seize opportunities in high-tech industry development [3][4] Group 2 - The signing of the "Initiative to Support the Development of Hainan Free Trade Port" by participating companies aims to build cooperation bridges, introduce advanced international technologies, mature management experiences, and quality projects to promote Hainan as a headquarters base for Chinese enterprises going global and foreign enterprises coming in [5]

Group 1 - The core viewpoint of the new policy is to enhance the protection of small and medium investors in the capital market, addressing issues such as high pricing of new stock issuances and promoting fair practices in the market [1][2][3] Group 2 - The new policy mandates the optimization of the new stock issuance pricing mechanism, including increasing the allocation ratio for offline investors with higher lock-up ratios and longer lock-up periods [1] - It emphasizes the need for listed companies to adopt methods like cancellation-based buybacks to reward investors and encourages multiple dividend distributions within a year to enhance dividend stability [1] - The China Securities Regulatory Commission reported that the cash dividend amount for listed companies in the Shanghai and Shenzhen markets is projected to be 2.3 trillion yuan in 2025, remaining stable compared to the previous year [1] Group 3 - The new policy places responsibility on operating institutions, such as securities and fund companies, to resolve disputes with small and medium investors effectively [2] - It requires these institutions to offer products and services that are suitable for small and medium investors, thereby enhancing market vitality and supporting the real economy [2] - The policy supports courts and arbitration bodies in interpreting contract terms favorably for small and medium investors during dispute resolutions [2] Group 4 - The new policy aims to strengthen the protection of small and medium investors during the delisting process, particularly in cases of major violations leading to forced delisting [3] - It encourages controlling shareholders and actual controllers to take preemptive compensation measures during the delisting process and mandates cash options for investors in voluntary delisting scenarios [3] - The policy also calls for increased penalties against fraudulent issuance and financial information disclosure violations that severely harm investor rights [3]

人民财讯10月27日电，近日，中国证监会印发《合格境外投资者制度优化工作方案》。其中提到，明确 外资公募基金短线交易适用规则。给予外资公募基金与境内公募基金按产品账户维度计算短线交易持股 比例的同等待遇，便利境外大型资产管理机构开展投资。 ...

Market Overview - The bond market experienced narrow fluctuations last week (2025.10.20-2025.10.24), with the 1-year government bond yield rising by 2.82 basis points to 1.47%, the 10-year yield up by 2.40 basis points to 1.85%, and the 30-year yield increasing by 1.24 basis points to 2.21% [3][14] - Factors such as the easing of China-US trade tensions boosted stock market sentiment, leading to pressure on the bond market, which displayed an overall oscillating pattern [3][14] - The bond market may present trading opportunities, supported by two factors: reduced catalysts for significant stock market increases and the typical "allocation rush" for bonds in the fourth quarter due to institutional year-end performance assessments [14] Fund Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.22% since inception [4][17] - The Short-term Bond Fund Index also increased by 0.03%, achieving a cumulative return of 4.35% since inception [5][17] - The Mid-to-Long-term Bond Fund Index saw a rise of 0.08%, with a cumulative return of 6.44% since inception [6][17] - The Low Volatility Fixed Income + Fund Index increased by 0.23%, with a cumulative return of 4.18% since inception [7][17] - The Medium Volatility Fixed Income + Fund Index rose by 0.73%, achieving a cumulative return of 5.69% since inception [8][17] - The High Volatility Fixed Income + Fund Index increased by 0.75%, with a cumulative return of 7.56% since inception [9][17] - The Convertible Bond Fund Index rose by 1.67%, achieving a cumulative return of 21.79% since inception [10][17] - The QDII Bond Fund Index decreased by 0.03%, with a cumulative return of 10.54% since inception [11][17] - The REITs Fund Index increased by 0.69%, achieving a cumulative return of 31.92% since inception [12][17] Bond Yield Trends - US Treasury yields fluctuated last week (2025.10.20-2025.10.24), with the 1-year yield rising by 3 basis points to 3.58%, the 2-year yield up by 2 basis points to 3.48%, and the 10-year yield increasing by 2 basis points to 4.02% [15] - The market's risk aversion was heightened due to factors such as the ongoing US government shutdown, credit pressures, and geopolitical risks, followed by disappointing US CPI data that reinforced rate cut expectations [15] REITs Market Activity - The CSI REITs Total Return Index rose by 0.16% last week, closing at 1045.13 points, with the environmental and data center sectors leading the gains [15] - As of October 24, 2025, 18 public REITs have been successfully issued this year, with two new public REITs making progress last week [15]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of long-term funds as a stabilizing force in the financial market, advocating for reforms in public funds and the implementation of long-term assessments for corporate pensions and insurance funds [1] Group 1 - The focus is on enhancing the role of medium to long-term funds as a "ballast" and "stabilizer" in the financial market [1] - There is a commitment to advancing public fund reforms to better support long-term investments [1] - The initiative includes enriching products and risk management tools that are suitable for long-term investments [1]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of long-term funds as a "ballast" and "stabilizer" in the financial market, advocating for reforms in public funds and the implementation of long-term assessments for corporate annuities and insurance funds [1] Group 1 - The focus is on enhancing the role of medium to long-term funds in stabilizing the financial market [1] - There is a commitment to advancing public fund reforms to better support long-term investments [1] - The initiative aims to enrich products and risk management tools that are suitable for long-term investments [1]

（编辑：罗辑 审核：夏欣 校对：颜京宁） 中经记者 郭婧婷 北京报道 10月27日，中国证监会主席吴清在2025金融街论坛上表示，着力发挥中长期资金"压舱石"和"稳定器"作 用，扎实推进公募基金改革，推动企业年金、保险资金等全面落实长周期考核，丰富适配长期投资的产 品和风险管理工具，努力完善"长钱长投"市场生态。 ...

Core Insights - The bond fund products are experiencing significant redemptions, with at least 81 bond products facing large redemptions since the second half of 2025, particularly in October [1][2] - The shift in market preference has led to a decline in bond fund performance, while "fixed income+" and mixed products are gaining popularity [2][7] - The overall bond market is under pressure due to increased risk appetite for equities, resulting in a "strong stock, weak bond" market dynamic [1][3] Bond Market Performance - As of October 27, 2025, the average total return for short-term pure bond funds was only 0.03% for the past week and 0.20% for the past month, indicating poor performance [6] - The issuance of bond funds has significantly decreased, with only 19.52 billion units issued in October compared to 599.54 billion units in September [6][7] - The 10-year government bond yield fluctuated, with a recent drop to 1.8%, reflecting a volatile market environment [3][6] Market Dynamics - The bond market is facing a lack of clear direction, with trading logic rapidly changing and overall profitability weaker than in the equity market [2][3] - The new public fund fee regulations are impacting the market, leading to increased competition among fund managers, particularly affecting smaller public funds [2][8] - The anticipated changes in redemption rules and performance benchmarks are expected to reshape the investment landscape for bond funds [9]

【文/羽扇观金工作室】 一位"90后"基金经理的堕落轨迹，再次将海富通基金推向舆论的风口浪尖。 近日，证监会公布行政处罚决定书显示，海富通基金原基金经理杨宁嘉因利用职务便利向好友透露未公 开信息，构成"老鼠仓"违法行为，被处以50万元罚款。 这位曾手握17.35亿元资金的年轻基金经理，不仅在投资业绩上交出了惨淡答卷——其管理的核心产品 任职回报亏损最高达近40%，更在职业操守上越过了红线。更令市场忧虑的是，这已是海富通基金近十 年来第三次曝出"老鼠仓"丑闻，继2014年和2018年两次违规事件后，合规风控的短板再次暴露无遗。 "老鼠仓"行为不仅严重破坏市场公平交易秩序，损害基金持有人的合法权益，更对整个资产管理行业的 信誉造成难以修复的伤害。目前，海富通基金管理规模虽已突破2000亿元，但公司营收和利润已连续三 年下滑，新任董事长谢乐斌正面临着提升投资业绩与修复品牌形象的双重压力，这家老牌公募基金的转 型之路愈发艰难。 业绩惨淡叠加违规操作，"90后"基金经理栽了跟头 从行业角度看，杨宁嘉案例反映出的问题具有一定的代表性。一些年轻基金经理在面对业绩压力时，心 理承受能力不足，风险意识淡薄，在利益诱惑面前放松了 ...

Report Overview - Report date: October 27, 2025 [5] - Analyst: Ma Yaoshi [5] - Qualification certificate: S1330524050001 [5] - Contact email: mayst@hxzb.cn [5] - Contact phone: 15201282186 [5] Market Overview - A-share market: The Shanghai Composite Index rose 0.71% to 3,950.31 points, the Shenzhen Component Index rose 2.02% to 13,289.18 points, and the ChiNext Index rose 3.57% to 3,171.57 points. The total trading volume of A-shares in the two markets was 1.9918 trillion yuan [2][6] - Leading gainers: Communications (4.73%), electronics (4.72%), and national defense and military industry (2.34%) [2][6] - Leading losers: Petroleum and petrochemicals (-1.36%), coal (-1.29%), and food and beverages (-1.18%) [2][6] Stock ETF - Top trading volume: The top three were the Harvest Shanghai - Science and Technology Innovation Board Chip ETF (up 5.40% with a discount rate of 5.47%), the ChinaAMC Shanghai - Science and Technology Innovation Board 50 ETF (up 4.21% with a discount rate of 4.31%), and the ChinaAMC CSI A500 ETF (up 1.38% with a discount rate of 1.49%) [3][7] Bond ETF - Top trading volume: The top three were the Haitong Fortune CSI Short - Term Financing Bond ETF (up 0.01% with a discount rate of 0.01%), the Bosera CSI Convertible and Exchangeable Bond ETF (up 0.43% with a discount rate of 0.54%), and the ChinaAMC Shanghai Benchmark Market - Making Treasury Bond ETF (down 0.02% with a discount rate of - 0.02%) [4][9] Gold ETF - Gold prices: AU9999 fell 0.60%, and Shanghai Gold fell 0.49% [12] - Top trading volume: The top three were the Huaan Gold ETF (down 0.49% with a discount rate of - 0.60%), the E Fund Gold ETF (down 0.50% with a discount rate of - 0.58%), and the Bosera Gold ETF (down 0.51% with a discount rate of - 0.63%) [12][13] Commodity Futures ETF - Performance: The Dacheng Non - Ferrous Metals Futures ETF rose 1.22% with a discount rate of 1.67%, the CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.40% with a discount rate of - 0.03%, and the ChinaAMC Feed Soybean Meal Futures ETF fell 0.26% with a discount rate of 4.36% [13][14] Cross - Border ETF - Overseas indices: The Dow Jones Industrial Average rose 0.31%, the Nasdaq Composite rose 0.89%, the S&P 500 rose 0.58%, and the German DAX rose 0.23% the previous day. The Hang Seng Index rose 0.74%, and the Hang Seng China Enterprises Index rose 0.68% today [15] - Top trading volume: The top three were the E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.28% with a discount rate of 1.65%), the Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF (up 4.36% with a discount rate of 4.36%), and the Huatai - Peregrine Hang Seng Technology ETF (up 1.01% with a discount rate of 2.05%) [15][16] Money ETF - Top trading volume: The top three were the Yin Hua Day - to - Day Profit ETF, the Hua Bao Add - Benefit ETF, and the CCB Add - Benefit Money ETF [17][19]