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。 ...

Market Overview - The A-share indices experienced an overall increase this week, with the Shanghai Composite Index rising by 2.88%, the Shenzhen Component Index by 4.73%, and the ChiNext Index by 8.05% [1] - Among the 31 first-level industries, 28 saw gains, with the top three performing sectors being Communication, Electronics, and Electric Equipment, which increased by 11.55%, 8.49%, and 4.90% respectively [1] - The average daily trading volume was 17,973 billion yuan this week [1] Bond Market Review - The central bank's net monetary injection was 78.1 billion yuan this week, with total monetary issuance at 867.2 billion yuan and withdrawal at 789.1 billion yuan [7] - Most interest rates rose, with the interbank pledged repo rates for 1D, 7D, 14D, and 1M changing by 0.94 BP, -0.25 BP, -1.18 BP, and 0.99 BP respectively [10] - The yield on government bonds for various maturities showed mixed results, with 6M, 1Y, 3Y, 5Y, and 10Y government bond yields changing by -1.23 BP, 3.70 BP, -0.12 BP, 0.50 BP, and -0.56 BP respectively [13] Fund Market Overview - A total of 20 new funds were established this week, with a total issuance of 12.754 billion units, including 12 equity funds and 2 mixed funds [22] - As of October 24, 2025, there were 13,327 public funds in China, with a total net asset value of 35,294.6 billion yuan [24] - All fixed-income fund indices increased this week, with the short-term pure bond fund index rising by 0.04% and the medium to long-term pure bond fund index by 0.02% [29] Fund Manager Insights - Fund managers highlighted the importance of monitoring government bond supply and institutional behavior in the bond market, with expectations of limited negative impact from the issuance of 500 billion yuan in local government bonds [37] - The AI sector is seen as progressing through various stages, with significant advancements expected in the coming years, particularly in the areas of reasoning and autonomous task completion [40][41] - Concerns regarding high valuations in the AI sector are noted, with a focus on identifying attractive investment opportunities amidst a backdrop of declining overall asset returns [45]

Core Viewpoint - Economic uncertainty has heightened risk aversion, leading to a rebound in gold prices after hitting a low, with COMEX gold futures trading around $4092 per ounce [1] Market Performance - As of 14:23, the China Gold ETF (518850) decreased by 0.37%, while the Gold Stock ETF (159562) increased by 1.89%, and the Non-ferrous Metals ETF (516650) rose by 2.58% [1] Economic Context - The U.S. White House has warned that due to the ongoing government shutdown, it may not release the inflation data for October, marking the first time in history this data will not be published [1] - In the absence of this data, the interaction between Federal Reserve policy expectations and market sentiment will be the primary driver of gold price fluctuations [1] Investment Insights - According to Guangfa Fund Advisory, the recent pullback in gold prices is mainly due to easing concerns over geopolitical conflicts and some profit-taking by investors [1] - Despite the high volatility expected in the medium to long term, gold still holds certain asset allocation value [1]

Core Insights - On October 24, the A-share market experienced a broad increase, with major indices rising significantly, yet stock ETFs saw a net outflow of over 8.8 billion yuan on the same day [1][2] - For the week, stock ETFs faced a total outflow of nearly 18 billion yuan, with significant losses observed in broad-based index ETFs such as the Sci-Tech 50, CSI 300, and ChiNext [1][5] ETF Market Overview - As of October 24, the total scale of 1,232 stock ETFs (including cross-border ETFs) reached 4.61 trillion yuan [2] - On October 24, 24 stock ETFs recorded net inflows exceeding 100 million yuan, with the top three being coal ETF, battery ETF, and the SSE 50 ETF, each with inflows over 300 million yuan [2][4] Fund Flow Analysis - The top three stock ETFs by net inflow were: 1. Coal ETF: 517 million yuan 2. Battery ETF: 384 million yuan 3. SSE 50 ETF: 336 million yuan [4] - Conversely, the top three stock ETFs by net outflow included: 1. Sci-Tech 50 ETF: 1.036 billion yuan 2. CSI 300 ETF: 782 million yuan 3. ChiNext ETF: 689 million yuan [7] Sector Performance - The outflow was particularly pronounced in broad-based index ETFs and sector-specific ETFs, with semiconductor and banking ETFs also experiencing significant losses [5] - Notably, four semiconductor-related ETFs saw a combined outflow of nearly 1.4 billion yuan [5] Market Sentiment - Fund managers expressed a cautious outlook, suggesting that while the market may face increased volatility, the downside potential appears limited, with a preference for large-cap blue-chip stocks over small-cap stocks [6]

Core Viewpoint - On October 24, the A-share market experienced a broad increase, with major indices rising significantly, yet stock ETFs saw a net outflow of over 8.8 billion yuan on the same day [2][3]. Fund Flow Analysis - On October 24, stock ETFs had a net outflow exceeding 8.8 billion yuan, contributing to a total outflow of nearly 18 billion yuan for the week [3][6]. - The Shanghai Composite Index rose by 2.88% for the week, while the ChiNext Index surged over 8% [3]. - The outflow was primarily from broad-based indices such as the STAR 50 Index, CSI 300 Index, and ChiNext Index ETFs [3][11]. ETF Performance - As of October 24, the total scale of 1,232 stock ETFs (including cross-border ETFs) reached 4.61 trillion yuan [5]. - The top three ETFs with the highest net inflows included the Coal ETF, Battery ETF, and Shanghai 50 ETF, each with inflows exceeding 300 million yuan [6][9]. - The top 20 ETFs by net inflow included three related to dividend themes and four related to Hong Kong stocks, focusing on sectors like technology and internet [6][7]. Sector-Specific Trends - In terms of industry themes, ETFs related to robotics and batteries saw significant interest, with three and two respective ETFs showing inflows [7]. - Conversely, semiconductor, banking, and artificial intelligence ETFs experienced notable outflows, with the top 20 ETFs by outflow including the STAR 50 ETF and CSI 300 ETF [11][12]. Fund Manager Insights - Fund managers maintain a positive outlook on the revaluation of Chinese assets, with a focus on sectors like non-bank financials and manufacturing that possess global competitiveness [12]. - Despite the recent market rally, some managers have reduced holdings in certain stocks, shifting towards those with better valuation prospects [12].

Core Viewpoint - Huahong Semiconductor Company has seen a significant stock increase of 5.87%, reaching a price of 134.99 CNY per share, with a total market capitalization of 234.27 billion CNY as of October 27 [1] Group 1: Company Overview - Huahong Semiconductor, established on January 21, 2005, is primarily engaged in specialty process wafer foundry services, focusing on embedded/non-volatile memory, power devices, analog and power management, logic, and RF [1] - The company's revenue composition includes 94.60% from integrated circuit wafer foundry, 4.78% from other services, and 0.62% from leasing income [1] Group 2: Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds Huahong Semiconductor as a top ten position, specifically the Caitong Ziyuan Xinyi Mixed A Fund (004888), which held 5,104 shares, accounting for 0.74% of the fund's net value [2] - The fund has achieved a year-to-date return of 22.7% and a one-year return of 24.51%, ranking 4057 out of 8226 and 3540 out of 8099 respectively in its category [2] Group 3: Fund Manager Performance - The fund manager, Li Jing, has a tenure of 3 years and 361 days, with a total asset size of 230 million CNY, achieving a best return of 101.08% during his tenure [3] - Co-manager Shi Yushan has been in position for 3 years and 177 days, managing assets of 2.89 billion CNY, with a best return of 21.76% [3]

财通证券认为，我国货币基金中长期看仍具发展潜力和空间。因为我国的财富管理市场仍在发展之中， 可供普通投资者选择的、兼具低波动与良好流动性的理财产品并不多。货币基金因独特的产品特性，正 成为政策引导下的潜在受益者，对低风险偏好的投资者吸引力较大，在政策和市场需求的双重驱动下， 预计将继续受益。此外，线上支付场景深度绑定，平台构筑"活钱入口"与"支付即理财"的生态闭环，大 幅提升了货基的竞争优势。 事实上，尽管收益率持续下行，货币基金的规模却在逆势增长。中国证券投资基金业协会数据显示，截 至2025年8月31日，我国货币基金总规模为14.81万亿元，较6月底增长约5800亿元，较年初增长了约1.2 万亿元。这组数据表明，货币基金作为闲钱理财工具仍具备相当的生命力，未来在广大普通投资者的理 财体系里，依然有望扮演重要的角色。 近日，中美关税博弈再起波澜，市场对外需不确定性的担忧加剧。对此，多家机构认为，四季度货币 宽松或超预期。伴随政策利率不断向下，货币基金收益率规模性"破1%"或是大势所趋，但仍具扩容潜 力。 10月17日，银河证券研报认为，四季度货币宽松或超预期。原因在于美国对中国加征关税可能给中国出 口带来一 ...

Core Viewpoint - The Hang Seng High Dividend Yield Index has shown resilience, with a notable increase of 0.74% as of October 27, 2025, amidst a broader market decline, indicating a shift towards dividend-focused investments in a volatile environment [3][4]. Group 1: Market Performance - The Hang Seng High Dividend Yield Index increased by 0.74%, with notable gains from stocks such as China Hongqiao (+3.25%) and CITIC Limited (+3.10%) [3]. - The BoShi Hang Seng Dividend ETF rose by 0.72%, marking its third consecutive increase, with a recent price of 1.12 yuan [3]. - Over the week leading up to October 24, the BoShi Hang Seng Dividend ETF accumulated a total increase of 2.40% [3]. Group 2: Liquidity and Fund Flows - The BoShi Hang Seng Dividend ETF recorded a turnover rate of 1.78% and a trading volume of 105 million yuan [3]. - The ETF has seen a consistent inflow of funds over the past 11 days, with a peak single-day net inflow of 148 million yuan, totaling 336 million yuan in net inflows [4]. Group 3: Investment Strategy - Analysts suggest a "barbell strategy" for investors, combining defensive dividend assets with growth-oriented technology stocks to balance risk and return [4]. - The BoShi Hang Seng Dividend ETF has reached a new high in scale at 5.829 billion yuan and a new high in shares at 5.275 billion [4]. Group 4: Index Composition - As of October 8, 2025, the top ten weighted stocks in the Hang Seng High Dividend Yield Index accounted for 28.98% of the index, including companies like Orient Overseas International and China Shenhua [5].