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].

【 导读 】三季报密集披露，绩优基金调仓曝光 中国基金报记者 曹雯璟 伴随公募三季报密集披露，绩优基金经理持仓动向备受市场关注。 10月27日，鹏华碳中和主题、永赢医药创新智选、中航机遇领航、安信新回报等多只"翻倍基"披露三季报。其中，"翻倍基"大多布局了人 工智能、算力、创新药等近年来比较热门的赛道。 在前十大重仓股中，还涌现出多只"大牛股"。 记者注意到，伴随业绩表现亮眼，中航机遇领航三季度末规模达132.31亿元，较二季度末猛增近12倍。永赢医药创新智选三季度末规模为 78.29亿元，较二季度末增长157.28%。 韩浩：AI算力的成长空间依然很高 根据中航机遇领航最新发布的三季报，该基金主要布局AI算力产业链。截至三季度末，该基金股票仓位为88.56%。 具体来看，英维克、新易盛、中际旭创、胜宏科技前四大重仓股持有市值均在12亿元以上。截至发稿，这四只股票今年以来股价分别涨超 148%、391%、315%、682%。 前十大重仓股中，有多达7只个股被大幅度增持。其中，该基金对沪电股份的持仓股数较二季度末增加669.13%，增持幅度尤为显著。天孚 通信、胜宏科技也增持幅度超500%。此外，英维克、中际旭 ...

Core Viewpoint - The recent performance of the Tianhong Dividend Low Volatility ETF (159549) indicates a growing interest in dividend-paying, low-volatility assets amid a declining interest rate environment in China, with significant inflows and a strong dividend yield compared to government bonds [1][2]. Group 1: ETF Performance - As of October 24, the Tianhong Dividend Low Volatility ETF (159549) closed up 0.25%, with constituent stocks such as Tebian Electric Apparatus and Agricultural Bank of China rising over 2% [1]. - The fund has a total of 3.331 billion shares, leading among similar products, and has seen an increase in shares for 19 out of the last 20 days [1]. - In terms of net capital flow, the ETF has recorded net inflows on 12 out of the last 20 days, accumulating nearly 240 million yuan, with over 70 million yuan in the last three days alone [1]. Group 2: Market Context - Analysts suggest that the recent rise in dividend indices is a response to external market fluctuations, with investors rebalancing portfolios due to risk aversion and profit-taking in growth sectors [2]. - The A-share market is currently experiencing a phase of reduced trading volume and volatility due to macroeconomic uncertainties, but there remains a limited pullback in investor sentiment, indicating potential opportunities for defensive dividend sectors [2].

【深圳商报讯】（记者 詹钰叶）今年以来权益市场赚钱效应显著，长盛基金旗下仍有不少产品跑输同 期业绩比较基准。公司旗下9只权益基金收益为负，其中长盛成长龙头混合等两只产品净值大跌。 上半年基金小盘成长股占比较低、大盘价值股占比较多，4月份大盘下跌时产品跟随大盘下跌，但是在 后续反弹中反弹较少，未能获得反弹收益。 同花顺（300033）数据显示，今年以来约九成权益基金实现正收益，其中股票型基金的整体平均收益率 为27.21%，混合型基金的整体平均收益率为24.06%。长盛基金旗下权益产品年内表现平淡，超20只基 金（仅统计A份额）年内收益不足24%，净值涨幅为个位数的有10只；对比同期基准收益率，长盛成长 龙头混合A、长盛成长精选混合A、长盛成长价值混合A等15只权益基金跑输基准，其中前两只基金分 别跑输26个与10个百分点。 ...

Core Insights - The A-share market has shown significant profit-making effects this year, boosting the "fixed income +" fund sector and driving the growth of traditional equity firms' "fixed income +" businesses [1][4] - In particular, the performance of Invesco Great Wall's "fixed income +" funds has been outstanding, with an average return of 6.83% year-to-date, significantly outperforming various bond indices [1][4] Fund Performance - In the secondary bond fund sector, the Invesco Great Wall Jingyifengli fund has achieved a return of 20.73% this year, ranking 9th out of 502 in the past year and 1st out of 421 over the past two years [1][2] - The Invesco Great Wall Ningjing fund, managed by Dong Han and Li Xunlian, has employed a barbell strategy, achieving a return of 13.05% this year, with strong rankings in the past three years [2] - The Invesco Great Wall Stable Income fund, managed by Li Xunlian and He Jiangbo, has focused on convertible bonds, achieving a return of 9.75% this year, ranking 10th out of 267 in the past year [3] Risk Management and Strategy - The average maximum drawdown for the 24 "fixed income +" funds is -2.34%, which is lower than the average drawdown of -3.28% for similar funds [3] - Invesco Great Wall emphasizes the diversity of enhancement strategies across its "fixed income +" products, tailoring strategies to different fund managers' styles and client risk preferences [3][4] Overall Investment Capability - Invesco Great Wall ranks first among large fixed income fund companies in absolute returns over the past two, three, and five years, according to a report by Guotai Junan Securities [4] - The company's strong equity investment capabilities complement its fixed income performance, contributing to the overall success of its "fixed income +" funds [4]

Core Viewpoint - The A-share market continues to strengthen, but public REITs with quasi-fixed income attributes have experienced a pullback, with five out of six completed public REITs trading at a discount compared to their expansion prices [1][2]. Group 1: Market Performance - Since the third quarter, the public REITs market has been in a state of fluctuation and pullback, with the CSI REITs Total Return Index dropping over 7% from a peak of 1124.91 points on June 23 to 1045.13 points on October 24 [2]. - Among the six public REITs that have completed expansion, five are currently trading at a discount, with an average discount rate of 12.34% [2]. Group 2: Discount Analysis - Specific REITs have shown significant discounts, such as Huazha Zhangjiang Industrial Park REIT at over 19%, and both CICC ProLogis REIT and Bosera Shekou Industrial Park REIT at over 17% [2]. - The discounts are attributed to the timing of the expansion, which occurred when the REITs market was at a high valuation, leading to a decline in market prices shortly after the expansions [2][4]. Group 3: Long-term Implications - While the short-term impact of discounts may affect market confidence, it is believed that this could lead to a return to value investing in the long run [4]. - The underlying assets' ability to generate stable cash flows and the establishment of effective price discovery and liquidity mechanisms are crucial for long-term market health [4]. Group 4: Investment Value - Current issues in the REITs market include a lack of significant positive changes in the underlying factors that previously drove valuations, such as declining interest rates [5]. - The absolute distribution rates of REITs have improved but still do not present a significant advantage compared to dividend stocks, indicating a need for positive changes on both the asset and parent company levels for price appreciation [5].

全球最大黄金ETF--SPDR Gold Trust持仓报告显示，10月23日黄金etf持有量为1046.93吨，与上一交易日 减少5.44吨。周四(10月23日)截止收盘，现货黄金报4110.69美元/盎司，跌幅0.38%，日内最高上探至 4144.21美元/盎司，最低触4043.69美元/盎司。 巴西总统卢拉：（就特朗普是否在会谈中做出承诺表示）不，总统无权做出承诺，特朗普向我保证我们 将达成协议，速度将超乎想象，我们必须追求我们想要的东西。 【市场要闻速递】 摘要全球最大黄金ETF--SPDRGoldTrust持仓报告显示，10月23日黄金etf持有量为1046.93吨，与上一交 易日减少5.44吨。周四(10月23日)截止收盘，现货黄金报4110.69美元/盎司，跌幅0.38%，日内最高上探 至4144.21美元/盎司，最低触4043.69美元/盎司。 中美经贸团队在马来西亚首都吉隆坡结束为期两天的磋商。路透社称，这是自今年5月以来中美经贸团 队的第五次面对面磋商。会谈结束后，贝森特在接受美媒采访时表示，经过吉隆坡为期两天的会谈，双 方达成了"非常实质性的框架协议"，美方"不再考虑"对中国加征100% ...

截至2025年10月27日 14:19，中证沪深港黄金产业股票指数(931238)强势上涨1.90%，成分股江西铜业(600362)上涨6.86%，华钰矿业 (601020)上涨6.15%，江西铜业股份(00358)上涨5.06%，潮宏基(002345)，赤峰黄金(600988)等个股跟涨。黄金股ETF(517520)上涨2.06% 买黄金，就买黄金股ETF（517520）： 流动性方面，黄金股ETF盘中换手2.57%，成交3.36亿元。拉长时间看，截至10月24日，黄金股ETF近1月日均成交6.87亿元，居可比基金 第一。份额方面，黄金股ETF近2周份额增长3.87亿份，实现显著增长. 截至10月24日，黄金股ETF近2年净值上涨94.29%，指数股票型基金排名居于前4.18%。从收益能力看，截至2025年10月24日，黄金股 ETF自成立以来，最高单月回报为21.81%，最长连涨月数为4个月，最长连涨涨幅为40.27%，涨跌月数比为13/10，上涨月份平均收益率 为9.65%，年盈利百分比为100.00%，历史持有2年盈利概率为100.00%。截至2025年10月24日，黄金股ETF近6个月超越基准年化收 ...

这位从公司内部成长起来的高管，从其丰富的任职经历可以看出华宝基金及其股东方对其培养的持续投 入。 近日，华宝基金管理有限公司发布高管变更公告，宣布任命欧江洪为公司副总经理，任职日期为2025年 10月24日。 此次任命发生在行业转型与公司调整的关键节点。今年以来，华宝基金已历经副总经理吕笑然 1 月离 任、原董事长黄孔威 6 月退休等变动，新任董事长夏雪松此前明确提出 "巩固优势 + 产品创新" 的双线 战略，重点布局主题 ETF 与 "固收 +" 业务。 | 董事长 | | | | | | --- | --- | --- | --- | --- | | 姓名 | 即多 | 任职日期 | 高职日期 | 任职时长 | | 買智松 | 苗事长 | 2025-08-22 | | | | 育孔威 | 画面长 | 2022-07-02 | 2025-08-22 | 3年2月 | | 姓名 | में सिरे | | 任职日期 | 十 案职日期 | | 吕笑然 | 副总经理 | | 2025-01-09 | 2025-06-27 | 深耕体系多年 复合型履历适配转型需求 公告履历显示，欧江洪拥有丰富的集团内部任职经历。 ...