2、本基金是交易型开放式，股票型基金。 [重要提示] 1、鹏华中证科创创业人工智能交易型开放式指数证券投资基金（以下简称"本基金"）的募集及其基金 份额的发售已获中国证监会证监许可〔2025〕2584号文注册。中国证监会对本基金募集的注册并不代表 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。 基金管理人：鹏华基金管理有限公司 基金托管人：长城证券股份有限公司 3、本基金管理人为鹏华基金管理有限公司，基金托管人为长城证券股份有限公司，登记机构为中国证 券登记结算有限责任公司。 4、投资者可选择网上现金认购、网下现金认购两种方式认购本基金。本基金目前暂不开通网下股票认 购业务。网上现金认购是指投资人通过基金管理人指定的具有基金销售业务资格的上海证券交易所会员 用上海证券交易所网上系统以现金进行的认购，网下现金认购是指投资人通过基金管理人及其指定的发 售代理机构以现金进行的认购。 5、本基金募集期自2025年11月28日至2025年12月12日，通过网上现金认购、网下现金认购两种认购方 式公开发售。基金管理人可根据募集情况适当延长或缩短本基金的募集期限并及时公告。 6、本基金募集对象为符合法律法规规 ...

Report Industry Investment Rating There is no information provided in the text about the report's industry investment rating, so this section is skipped. Core Viewpoints of the Report - In 25Q3, the scale of wealth management increased steadily, with a super - seasonal rise of 1.5 trillion yuan. The break - even rate of wealth management first rose and then fell rapidly in October. The industry has entered the era of wealth management companies, and regulatory requirements are approaching those of public funds [2][6][13]. - In 25Q3, bank wealth management reduced its allocation to public funds. It significantly increased the allocation of cash and bank deposits, while reducing the allocation of equity assets and public funds, and the bond allocation ratio decreased [29]. - In 25Q3, wealth management reduced its allocation to bond - type funds. It mainly reduced the allocation of bond - type funds and increased the allocation of international/QDII funds, stock - type funds, and alternative investment funds [47][49]. Summary by Relevant Catalogs 1. 25Q3 Wealth Management Scale Steadily Grows - **Entering the Era of Wealth Management Companies**: Since 2018, a series of regulatory policies have been introduced, narrowing the gap between bank wealth management regulatory requirements and public funds. As of October 2025, 32 wealth management companies have been approved to be established and all are in operation. In H1 2025, the net profit of most wealth management companies increased year - on - year, with an overall growth of 1.7% [6][9][10]. - **25Q3 Scale Growth**: As of September 2025, the wealth management scale was 32.13 trillion yuan, with a super - seasonal increase of 1.5 trillion yuan in 25Q3. In October, the scale increased by 1.5 trillion yuan, higher than the seasonal increment. Most wealth management companies' scales increased in 25Q3, with different growth rates among different types of companies. Fixed - income products' Q3 scale increased compared to Q2, while equity products' Q3 scale decreased [13][14][16][18]. - **Break - even Rate and Performance Benchmark**: The break - even rate of wealth management rose from late July and then decreased rapidly in October. As of November 9, 2025, it was about 0.39%. The average performance comparison benchmark of newly issued RMB fixed - income wealth management products has been declining, and it is expected to slowly fall to around 2.0% [22][25]. 2. Bank Wealth Management Reduced Allocation to Public Funds in 25Q3 - **25Q3 Public Fund Investment Proportion Declined**: In 25Q3, wealth management significantly increased the allocation of cash and bank deposits, while reducing the allocation of equity assets and public funds. The proportion of public funds decreased by 0.3 pct compared to 25H1. The investment behavior of wealth management companies in public funds was differentiated in 25Q3 [29][30]. - **Asset Allocation Changes in H1 2025**: Large - bank wealth management companies generally increased the allocation of public funds, with the overall scale rising to 0.4 trillion yuan and the proportion rising to 3.8%. Joint - stock bank wealth management companies also generally increased the allocation of public funds and slightly increased the allocation of deposit - type assets. Most urban and rural commercial bank wealth management companies increased the allocation of deposit - type and public fund - type assets and reduced the allocation of bond - type assets in H1 2025. The indirect investment proportion has increased in recent years [34][38][43]. 3. 25Q3 Wealth Management Reduced Allocation to Bond - Type Funds - **Overall Public Fund Allocation**: In 25Q3, the allocation of public funds by wealth management decreased slightly. As of September 2025, the scale of public funds allocated by wealth management was about 1.3 trillion yuan, with a proportion of 3.9%, a decrease of 0.3 pct compared to 25Q2 [47]. - **Allocation of Different Types of Public Funds**: Bond - type funds are still the main type of public funds allocated by bank wealth management. In 25Q3, wealth management increased the allocation of international/QDII funds, stock - type funds, and alternative investment funds, while reducing the allocation of bond - type funds. Among bond - type funds, it increased the allocation of secondary bond funds, medium - and long - term pure bond funds, and convertible bond funds, and reduced the allocation of short - term pure bond funds. Among stock and hybrid funds, it increased the allocation of passive index - type stock funds [49][56][65].

从基金经理、投资策略到产品机制，全方位专业布局。 当前期收益悄然回吐、新入场资金举棋不定——绝大多数投资者都在经历一场 "情绪与财富的双重考 验"。 在贪婪与恐惧的摇摆之间，究竟该如何为资产寻找一处安稳的栖息地？ 此时，底层资产稳固纯债基金，价值愈发凸显。作为其中一员，汇添富丰穗60天纯债基金（A 类： 021801/C 类：021802）凭借其专业设计与亮眼表现，为投资者在不确定的市场中搭建起一道坚实的财 富防线。 与此同时，当前市场普遍预期货币政策将趋于宽松。而利率下行往往会推动债券价格上涨，使得债券型 基金有望实现净值与市值的双重提升。这意味着纯债基金不仅是风险对冲的工具，更是把握利率下行机 遇的优质载体。 图源：罐头图库 此外，相较于传统银行存款及第三方平台货币基金，债券型基金在保持较好流动性的同时，能够在风险 可控的基础上，争取进一步增厚组合收益。以中国银行2025年5月20日发布的人民币存款利率表为例， 整存整取1年利率仅为0.95%；第三方平台的某货基产品近7日年化收益率也仅为1.02%。（数据来源： 中国银行官网，支付宝，截至2025/11/5） 与此相对应的，是万得中长期纯债型基金指数在20 ...

该指数由中证指数公司于2025年5月14日发布，样本选自科创板和创业板上市的股票和红筹企业发行的存托凭证中满足以 下条件的证券：上市时间超过6个月（除非该证券自上市以来的日均总市值在沪深市场中排名前30位），且非ST、*ST证券。 在此基础上，进一步筛选过去一年日均成交金额排名位于样本空间前90%的证券，并从中选取涉及三类人工智能业务的上市公 司证券作为待选样本——包括人工智能基础资源、人工智能技术以及人工智能应用领域。最终，在待选样本中，按过去一年日 均总市值由高到低排序，选取排名前50只证券作为指数样本。 在ETF业务方面，摩根资产管理走出了一条结合主动管理优势的差异化发展道路。截至2025年9月末，摩根资产管理已成 为全球第二大主动型ETF管理人，2024年主动ETF净流入规模位居全球第一。在中国市场，摩根资产管理（中国）于2023年开 始发力ETF业务，截至2025年10月底，该公司以精品化策略布局了11只ETF产品，覆盖宽基、策略、行业主题、跨境等多个品 种。在产品设计上，该公司注重投资者体验，创新性地推出"季度强制分红"机制，打造了包括摩根中证A50ETF、摩根中证 A500ETF、摩根沪深300 ...

Group 1 - The total value of Mandatory Provident Fund (MPF) assets in Hong Kong reached approximately HKD 1.53 trillion as of the end of September, representing a 173% increase over the past decade [1] - In Q3, total contributions to the MPF amounted to HKD 22.4 billion, with mandatory contributions at HKD 16.9 billion and voluntary contributions at HKD 5.5 billion [1] - The average annualized net returns for stock funds and mixed asset funds, which account for nearly 80% of total MPF assets, were 5.1% and 4.5% respectively, outperforming the annualized inflation rate of 1.8% during the same period [1] Group 2 - As of the end of September, there were 362,000 MPF accounts invested in the Default Investment Strategy (DIS), which represents nearly one-third of all 1,132,000 MPF accounts, with total assets under DIS amounting to HKD 160.9 billion [1] - The core accumulation fund and the fund for those aged 65 and above under DIS recorded average annualized net returns of 6.8% and 2.5% respectively since their launch in April 2017, also surpassing the 1.8% inflation rate [1] - The number of tax-deductible voluntary contribution (TVC) accounts reached 89,000, a year-on-year increase of 14%, with total contributions amounting to HKD 13.7 billion since the implementation of TVC in April 2019 [1] Group 3 - In Q3, there were 6,900 claims for early withdrawal of MPF due to permanent departure from Hong Kong, representing a 7.8% increase quarter-on-quarter but a 9.2% decrease year-on-year, involving an amount of HKD 1.661 billion [2] - Claims for MPF withdrawal to offset severance payments totaled 9,300 in Q3, a 15.5% decrease quarter-on-quarter but a 13.4% increase year-on-year, with an amount of HKD 0.791 billion [2] - Claims for MPF withdrawal to offset long service payments amounted to 6,100 in Q3, reflecting a 16.4% decrease quarter-on-quarter and a nearly 9% decrease year-on-year, involving an amount of HKD 0.95 billion [2]

人民财讯11月24日电，宁波华翔（002048）11月24日公告，公司下属子公司华翔启源拟参与投资上海瓴 智新创创业投资合伙企业(有限合伙)，其中华翔启源作为有限合伙人认缴出资500万元。该基金的管理 人为珠海高瓴私募基金管理有限公司，该基金将主要围绕具身智能产业链相关的创新企业进行投资。 ...

Market Overview - A-shares experienced a significant pullback last week, with major broad-based indices generally declining. Sectors such as banking and consumer goods, which are characterized by dividends and low valuations, saw relatively smaller declines, while sectors like media and military, which had already corrected earlier, showed more stable performance [1] - The market continues to exhibit structural differentiation, with small-cap growth styles under pressure, while value and dividend sectors remain relatively stable, indicating intensified competition for funds amid declining risk appetite [1] Macro Analysis - Domestic indicators such as industrial production, consumption, and investment growth rates slowed down in October compared to September. This is attributed to short-term disturbances from holiday timing and high base effects from last year's policy stimulus. Industrial production and import/export data have shown phase fluctuations due to these factors [2] - Credit performance from both enterprises and households has been relatively weak, with social financing growth continuing to decline in October due to reduced government bond issuance. However, new policy financial tools are gradually reflecting their impact, which may support corporate loans in the near future [2] - The pressure to meet annual economic targets appears manageable, with a shift in policy focus expected towards the implementation and observation of existing tools rather than immediate new stimulus [2] External Risks - Key external risks include uncertainties surrounding potential interest rate cuts by the Federal Reserve, which are affecting global risk assets. The U.S. job market shows mixed signals, with strong job growth but rising unemployment rates, indicating a moderate slowdown [3] - The debate over an AI valuation bubble is intensifying, leading to volatility in the U.S. stock market. However, data suggests that the current Nasdaq index performance and valuation levels are significantly lower than during the tech bubble of 1995-2000, with core company earnings accelerating [3] - Overall, internal and external risk factors are accelerating, with expectations that global liquidity risks and short-term domestic economic pressures may soon reach a turning point [3] Investment Strategy - Following the market pullback in October, there has been a notable decline in financing buy-ins and trading volume. As various risk factors begin to stabilize, the market is expected to enter a phase of emotional recovery, with a rising demand for sector rebalancing and fund reallocation [4] - Emerging technology is anticipated to remain a key investment theme, with a focus on undervalued consumer sectors and brokerage firms. Specific areas of interest include: - Technology growth sectors such as internet, semiconductors, media, power equipment, and innovative pharmaceuticals [4] - Consumer sectors showing signs of bottoming out, with valuations and holdings at historical lows, including consumer goods, hotels, airlines, and retail [4] - Financial sectors, which are crucial for stabilizing the market and are expected to benefit from increased asset management demand and active market trading, including brokerage firms, insurance, and banks [4]

Market Performance - On November 24, the three major A-share indices closed higher, with the Shanghai Composite Index rising by 0.05% to 3836.77 points, the Shenzhen Component Index increasing by 0.37% to 12585.08 points, and the ChiNext Index up by 0.31% to 2929.04 points [1]. Fund Manager Changes - In the past 30 days (October 25 to November 24), a total of 644 fund managers have left their positions across various funds. On November 24 alone, 72 funds announced changes in their fund managers [3]. - The reasons for the changes include 15 fund managers leaving due to job changes from managing 40 funds, 6 due to product expiration from managing 9 funds, and 3 for personal reasons from managing 23 funds [3]. Fund Manager Performance - Lu Yushan from Southern Fund currently manages assets totaling 1.109 billion yuan, with the highest return of 147.82% achieved in the Southern Reform Opportunity fund over 6 years and 305 days [5]. - Yu Haiyan from E Fund manages assets of 440.629 billion yuan, with the highest return of 155.84% from the E Fund CSI 300 Non-Bank ETF over 11 years and 154 days [5]. Fund Research Activity - In the past month, the most active fund company in conducting company research was Chuangjin Hexin Fund, which researched 214 listed companies. Other active fund companies included Bosera Fund, Huaxia Fund, and Ping An Fund, researching 117, 113, and 112 companies respectively [7]. - The medical device industry was the most researched sector, with 639 instances of research, followed by the chemical products industry with 502 instances [7]. Recent Company Focus - The most researched company in the last month was Luxshare Precision, with 76 fund management companies participating in the research. Other notable companies included Lens Technology and Ninebot, with 74 and 72 fund management companies involved respectively [8]. - In the past week (November 17 to November 24), Ninebot was the most researched company, receiving attention from 47 fund institutions, followed by Lens Technology, Rongbai Technology, and Boying Special Welding [9].

11月24日，国脉文化涨5.37%，截至发稿，报13.54元/股，成交1.38亿元，换手率1.32%，总市值107.74 亿元。 资料显示，新国脉数字文化股份有限公司位于上海市江宁路1207号，成立日期1992年4月1日，上市日期 1993年4月7日，公司主营业务涉及商旅预订业务、酒店运营及管理业务和积分运营业务;文娱旅游服 务。主营业务收入构成为：数字内容28.54%，酒店运营25.97%，数智应用20.06%，权益运营及新消费 18.42%，大网融合6.64%，其他(补充)0.36%。 从国脉文化十大流通股东角度 数据显示，南方基金旗下1只基金位居国脉文化十大流通股东。南方中证1000ETF（512100）三季度减 持2.14万股，持有股数291.33万股，占流通股的比例为0.37%。根据测算，今日浮盈赚取约201.02万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益20.09%，同类 排名2059/4209；近一年收益14.36%，同类排名2433/3982；成立以来收益6.27%。 南方中证1000ETF（512100）基金经理为崔蕾。 截 ...

数据显示，华泰柏瑞基金旗下1只基金位居欣灵电气十大流通股东。华泰柏瑞中证2000指数增强A （019923）三季度新进十大流通股东，持有股数13.21万股，占流通股的比例为0.48%。根据测算，今日 浮盈赚取约19.42万元。 华泰柏瑞中证2000指数增强A（019923）成立日期2024年1月12日，最新规模3.12亿。今年以来收益 40.9%，同类排名499/4209；近一年收益42.57%，同类排名299/3982；成立以来收益64.47%。 华泰柏瑞中证2000指数增强A（019923）基金经理为盛豪、雷文渊、孔令烨。 截至发稿，盛豪累计任职时间10年46天，现任基金资产总规模44.17亿元，任职期间最佳基金回报 119.7%， 任职期间最差基金回报-29.48%。 11月24日，欣灵电气涨5.13%，截至发稿，报30.15元/股，成交6487.12万元，换手率7.97%，总市值 30.89亿元。 资料显示，欣灵电气股份有限公司位于浙江省乐清经济开发区纬十九路328号,浙江省乐清经济开发区浦 南五路55号，成立日期1999年3月31日，上市日期2022年11月9日，公司主营业务涉及低压电器产品的研 发 ...