Core Points - Morgan Fund announced the resignation of fund manager Mao Shichao from eight funds due to personal reasons, leaving him with no managed funds [2][3] - Mao Shichao's resignation took effect on October 22, 2025, and he previously managed the Morgan CSI Carbon Neutral 60 ETF, which was liquidated on April 22, 2025, due to its net asset value falling below 50 million yuan for 50 consecutive working days [3] - Among the eight funds Mao Shichao resigned from, four were established in 2025, with the Morgan CSI 300 Free Cash Flow ETF Link Fund being active for less than four months under his management [3][4] Fund Performance and Risks - The Morgan CSI 300 Index Enhanced Initiation Fund, established in December 2022, had a net asset value of approximately 23.28 million yuan as of the end of the second quarter of 2025, indicating a "mini" status and potential liquidation risk [4] - The fund's contract stipulates that if the net asset value falls below 200 million yuan three years after the contract's effective date, the fund will automatically terminate without the possibility of extension through a shareholder meeting [5]

Core Insights - The total trading volume of S&P 500 index ETFs reached 556 million yuan today, an increase of 164 million yuan from the previous trading day, representing a growth rate of 41.85% [1] Trading Volume Summary - Huaxia S&P 500 ETF (QDII) (159655) had a trading volume of 224 million yuan today, up 116 million yuan from the previous day, with a growth rate of 107.77% [1] - Southern S&P 500 ETF (QDII) (513650) recorded a trading volume of 283 million yuan, an increase of 27.11 million yuan from the previous day, with a growth rate of 10.61% [1] - Guotai S&P 500 ETF (159612) had a trading volume of 49.44 million yuan, up 20.66 million yuan from the previous day, with a growth rate of 71.85% [1] Market Performance Summary - As of market close, the average increase for ETFs tracking the S&P 500 index was 1.79%, with notable gains from Southern S&P 500 ETF (QDII) (513650) and Huaxia S&P 500 ETF (QDII) (159655), which rose by 2.10% and 2.02% respectively [1]

中国经济网北京10月27日讯近日，申万菱信基金公告，申万菱信乐同混合增聘卜忠林。 申万菱信乐同混合A/C成立于2021年9月6日，截至2025年10月24日，其今年来收益率为26.25%、 25.85%，成立来收益率为-18.77%、-20.10%，累计净值为0.8123元、0.7990元。 | 基金名称 | 申万菱信乐同混合型证券投资基金 | | --- | --- | | 基金简称 | 申万菱信乐同混合 | | 基金主代码 | 013085 | | 基金管理人名称 | 申万菱信基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 卜思林 | | 共同管理本基金的其他基金经 | 付贿 | | 理姓名 | | 卜忠林2016年起从事金融相关工作，曾任职于兴业证券、潇湘资本、凯盛融英科技等公司，2022年2月 加入申万菱信基金，现任基金经理。 ...

赖中立曾任泰达宏利基金管理有限公司风险管理分析师。2010年8月加入汇添富基金管理股份有限 公司，历任金融工程部分析师、基金经理助理。2012年11月1日至今任基金经理。 中国经济网北京10月27日讯 近日，汇添富基金公告，汇添富华证专精特新100指数发起式、汇添富 中证环境治理指数（LOF）增聘赖中立。 | 基金名称 | 汇添富华证专精特新 100 指数型发起式证券投资基金 | | --- | --- | | 基金简称 | 汇添富华证专精特新 100 指数发起式 | | 基金主代码 | 018774 | | 基金管理人名称 | 汇添富基金管理股份有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金 | | | 管理公司投资管理人员管理指导意见》等法律法规规 定,以及汇添富基金管理股份有限公司总经理办公会 | | | 会议决定。 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 赖中立 | | 离任基金经理姓名 | 器 | | 共同管理本基金的其 | 无 | | 他基金经理姓名 | | | 基金名称 | 汇添富中证环境治理指数型证券投资基金(LOF ...

| 基金管理人名称 | 金元顺安基金管理有限公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管理人 | | | 员及从业人员监督管理办法》、《公开募集证券 | | | 投资基金信息披露管理办法》、《证券基金经营 | | | 机构信息技术管理办法》等相关法律法规 | | 高管变更类型 | 离任基金管理人副总经理 | | 离任高级管理人员职务 | 副总经理 | | --- | --- | | 离任高级管理人员姓名 | 李锐 | | 离任原因 | 工作调整 | | 离任日期 | 2025年10月23日 | | 转任本公司其他工作岗位的说明 | 转任公司其它岗位 | 中国经济网北京10月27日讯近日，金元顺安基金公告，副总经理李锐因工作调整于2025年10月23日离 任，后续将转任公司其他岗位。 ...

孙成林2016年7月至2023年6月任汇添富基金管理股份有限公司固定收益分析师。2023年7月14日至今任 基金经理助理。 汇添富稳益60天持有债券A/C成立于2023年9月14日，汇添富稳益60天持有债券B成立于2024年5月10 日，截至2025年10月24日，其今年来收益率为1.04%、0.88%、1.04%，成立来收益率为6.35%、5.91%、 3.80%，累计净值为1.0635元、1.0591元、1.0638元。 汇添富稳福60天滚动持有中短债A/C/E成立于2022年1月25日，汇添富稳福60天滚动持有中短债B成立于 2023年3月8日，截至2025年10月24日，其今年来收益率为1.16%、1.00%、1.14%、1.16%，成立来收益 率为9.99%、9.21%、9.94%、6.27%，累计净值为1.0999元、1.0921元、1.0994元、1.0992元。 汇中国经济网北京10月27日讯近日，汇添富基金公告，汇添富稳益60天持有债券、汇添富稳福60天滚动 持有中短债、汇添富稳丰中短债债券、汇添富收益快线货币增聘孙成林。 汇添富稳丰中短债债券A/C成立于2023年3月7日，截至2025年1 ...

Core Viewpoint - The rapid growth of Hong Kong stock technology ETFs is driven by artificial intelligence, with some funds experiencing scale increases of 5 to 20 times within nine months [2][3]. Group 1: ETF Growth - Multiple Hong Kong stock technology and pharmaceutical ETFs have seen significant scale growth, with the Penghua CSI Hong Kong Stock Connect Technology ETF reaching nearly 1.2 billion yuan, up from 256 million yuan at the beginning of the year [3]. - The China Merchants CSI Hong Kong Technology ETF's scale increased over tenfold in the first nine months of the year, from 120 million yuan to 1.463 billion yuan [3]. - The Wan Jia Hang Seng Internet ETF, established in April, grew from 237 million yuan to over 1.2 billion yuan by the third quarter [3]. - The Yinhua Guozheng Hong Kong Stock Connect Innovative Drug ETF surged from 380 million yuan to 7.7 billion yuan, marking a growth of over 19 times [3]. Group 2: Fund Redemption - There is a noticeable redemption of funds in broad-based and consumer ETFs, with a specific broad-based ETF's scale declining from 567.5 million yuan to 47.73 million yuan by the end of September [4]. - A consumer ETF reported a slight decrease in scale from 295 million yuan to 272 million yuan, indicating limited capital inflow [4]. - Some ETFs have warned of contract termination risks due to asset scales falling below 50 million yuan for 60 consecutive working days [5][6]. Group 3: Market Outlook - Fund managers remain optimistic about technology and consumer assets, predicting that the Hong Kong market will attract international capital, providing liquidity support [7]. - Expectations for GDP growth in the fourth quarter are around 4.5%, with a full-year target of approximately 5%, driven by macro policies focusing on demand and consumption [8]. - The traditional consumer sector is seen as having reached a cyclical bottom, with AI and policy support expected to drive new opportunities in the market [8][9].

恒越智选科技混合A/C成立于2023年11月17日，截至2025年10月24日，其今年来收益率为14.44%、 13.97%，成立来收益率为25.81%、24.58%，累计净值为1.2581元、1.2458元。 中国经济网北京10月27日讯近日，恒越基金公告，恒越智选科技混合增聘吴海宁。 吴海宁曾任江苏瑞华投资控股集团有限公司研究员、西南证券股份有限公司研究员、上海混沌投资(集 团)有限公司研究员、上海钦沐资产管理合伙企业(有限合伙)投资经理。2023年2月加入恒越基金。 | 基金名称 | 恒越智选科技混合型证券投资基金 | | --- | --- | | 基金简称 | 恒越智选科技混合 | | 基金主代码 | 019257 | | 基金管理人名称 | 恒越基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 吴海宁 | | 共同管理本基金的其他基 | 杨漆 | | 金经理姓名 | | ...

Core Insights - The article discusses the launch of the Yin Hua Xin He Mixed Securities Investment Fund, which features a floating management fee structure linked to investor holding periods and performance [1][2] - The fund aims to create a shared interest between the fund manager and investors, encouraging long-term investment while enhancing investor satisfaction [1][2] Fund Structure and Fee Model - The fund charges a management fee of 1.20% for holdings of less than one year, which can increase to 1.50% if annualized excess returns exceed 6% and decrease to 0.60% if excess returns fall below -3% after one year [1][2] - The fund will invest 60%-95% of its assets in stocks, with up to 50% of stock investments allocated to Hong Kong Stock Connect stocks, allowing for diversified asset allocation [2] Performance and Management - The fund manager, He Wei, has a strong track record, with the Yin Hua Hu Shen Stock Connect Mixed A fund achieving a net value growth rate of 24.08% over three years, outperforming its benchmark by 35.69% [2][4] - The fund manager emphasizes risk-reward balance and aims for long-term excess returns while actively managing drawdowns [1][2] Market Outlook - Analysts suggest that the restructuring of the global monetary order and the declining safety of dollar assets will lead to a revaluation of RMB assets, indicating a stable foundation for market growth [2] - The upcoming policy initiatives and favorable trends in sectors like technology are expected to support a long-term and steady market environment, despite potential short-term adjustments [2]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core View of the Report - Last week (from October 20 to October 24, 2025), the bond market showed a narrow - range oscillation. Driven by factors such as the easing of Sino - US trade frictions and the "15th Five - Year Plan", the stock market sentiment was boosted, and the bond market was under pressure due to the stock - bond seesaw effect [3][10]. - Bond yield is unlikely to rise significantly because the stock market may turn to stable operation after the "15th Five - Year Plan" is implemented, and there is often a "bond rush" phenomenon in the fourth quarter. However, the downward space for yield has not been fully opened, as the progress of Sino - US negotiations and the implementation of the new fund fee regulations are important variables [10]. - The US bond yield oscillated last week. Affected by multiple factors such as the US government shutdown, credit pressure, and geopolitical risks, the market's risk - aversion sentiment increased. The release of the under - expected US CPI data in September strengthened the expectation of interest rate cuts [11]. - The CSI REITs Total Return Index rose by 0.16% last week, with the environmental protection, people's livelihood, and data center sectors leading the gains. Two new public REITs made progress in the primary market [11]. 3. Summary by Related Catalogs 3.1. Weekly Market Observation - **Pan - fixed - income Market Review and Observation** - The bond market had a narrow - range oscillation last week. The 1 - year, 10 - year, and 30 - year treasury bond yields increased by 2.82BP, 2.40BP, and 1.24BP to 1.47%, 1.85%, and 2.21% respectively [3][10]. - The US bond yield oscillated. The 1 - year, 2 - year, and 10 - year US bond yields increased by 3BP, 2BP, and 2BP to 3.58%, 3.48%, and 4.02% respectively [11]. - The CSI REITs Total Return Index rose by 0.16% to 1045.13 points. Two new public REITs made progress in the primary market [11]. 3.2. Pan - fixed - income Fund Index Performance Tracking | Index Classification | Last Week | Last Month | YTD | Since Strategy Launch | | --- | --- | --- | --- | --- | | Money Enhancement Index | 0.03% | 0.12% | 1.24% | 4.22% | | Short - term Bond Fund Preferred | 0.03% | 0.15% | 0.94% | 4.35% | | Medium - and Long - term Bond Fund Preferred | 0.08% | 0.38% | 0.80% | 6.44% | | Low - volatility Fixed - income + Fund Preferred | 0.23% | 0.38% | 2.89% | 4.18% | | Medium - volatility Fixed - income + Fund Preferred | 0.73% | 0.35% | 5.15% | 5.69% | | High - volatility Fixed - income + Fund Preferred | 0.75% | 0.27% | 7.82% | 7.56% | | Convertible Bond Fund Preferred | 1.67% | 0.94% | 18.10% | 21.79% | | QDII Bond Fund Preferred | - 0.03% | 0.45% | 5.45% | 10.54% | | REITs Fund Preferred | 0.69% | - 2.75% | 23.13% | 31.92% | [12] 3.3. Money Enhancement Index Tracking - **Money Enhancement Strategy Index** - The index aims for liquidity management, seeking a curve that surpasses money funds and rises smoothly. It mainly invests in money market funds and inter - bank certificate of deposit index funds [14]. - The performance benchmark is the CSI Money Fund Index (H11025.CSI) [14]. 3.4. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index** - The index aims for liquidity management, pursuing a smooth - rising curve while controlling drawdowns. It focuses on credit and risk management and consists of 5 selected funds [16]. - The performance benchmark is 50% * Short - term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [16]. - **Medium - and Long - term Bond Fund Preferred Index** - The index invests in medium - and long - term pure bond funds, aiming for stable returns while controlling drawdowns. It selects 5 funds, balancing coupon strategies and band operations [19]. - It adjusts the duration according to market conditions to cope with interest rate changes [19]. 3.5. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index** - The equity center is set at 10%, and 10 funds are selected each period. It focuses on funds with an equity position within 15% in the past three years and recently [20][22]. - The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [22]. - **Medium - volatility Fixed - income + Preferred Index** - The equity center is 20%, and 5 funds are selected each period. It selects funds with an equity position between 15% - 25% [23]. - The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [23]. - **High - volatility Fixed - income + Preferred Index** - The equity center is 30%, and 5 funds are selected each period. It chooses funds with an equity position between 25% - 35% [27]. - The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [27]. 3.6. Convertible Bond Fund Preferred Index - The sample space consists of bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters [29]. - An evaluation system is built from the perspectives of funds, fund managers, and fund companies to select 5 funds [29]. 3.7. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds, covering regions such as the world, Asia, and emerging markets. They are divided into investment - grade and high - yield products based on credit ratings [32]. - 6 funds with stable returns and good risk control are selected to form the index [32]. 3.8. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. The unit net value volatility is relatively limited [33]. - 10 funds with stable operations, reasonable valuations, and certain elasticity are selected according to the underlying asset types [33].