12月5日晚间，信达澳亚基金公告称，方敬自12月5日起正式出任公司总经理一职，不再担任公司副总经理。此前，方敬于今年9月5日起代任信达澳亚基 金总经理职务。 | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 方敏 | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2025年12月5日 | | 过往从业经历 | 曾任职于中国人寿资产管理有限公司,中国民生银 | | | 行股份有限公司,中信证券股份有限公司,中新融 | | | 创资本管理有限公司和中国银河证券股份有限公 | | | 司,前海开源基金管理有限公司专户业务部负责人, | | | 曾任信达澳亚基金管理有限公司代任总经理、副总 | | | 经理。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 硕士研究生、硕士 | 来源：基金公告 公开资料显示，方敬拥有保险、银行、证券、基金等多领域的金融机构从业经历。他曾任职于中国人寿资管、中国民生银行、中信证券、中新融创资本 管理有限公司 ...

Core Insights - The article discusses a unique subset of fund managers in the public fund industry who manage only one fund throughout their careers, highlighting the rarity of such "dedicated" managers [2][6]. Group 1: Fund Manager Statistics - A total of 46 fund managers meet the criteria of managing a single active equity fund for over three years, with only four managers exceeding a scale of 10 billion yuan [2][4]. - The four fund managers with assets over 10 billion yuan are: Zhu Shaoxing from Fuquan Fund (24.15 billion yuan), Fu Pengbo from Ruiyuan Fund (23.629 billion yuan), Zhao Yi from Quanguo Fund (19.069 billion yuan), and Zhao Feng from Ruiyuan Fund (12.441 billion yuan) [3][5]. - The top four fund managers collectively manage approximately 70% of the total assets of the 46 managers, indicating a trend of capital concentration towards top brands and well-known managers [5]. Group 2: Management Scale Distribution - The management scale distribution among the 46 fund managers shows a pyramid structure, with only two managers exceeding 20 billion yuan and a significant drop in scale below this threshold [4][5]. - Most fund managers have a management scale below 5 billion yuan, with 31 out of 46 managers (67%) managing less than 1 billion yuan [5]. Group 3: Longevity and Performance - Among the 46 fund managers, only five have managed the same fund for over ten years, including Zhu Shaoxing and others [6]. - Some long-term managers have not seen significant growth in their fund sizes, which may be attributed to various factors such as investment style stability and market dynamics [6][8]. Group 4: Investment Strategies and Market Trends - The article notes that some fund managers, despite not being long-term managers, have seen significant growth due to alignment with recent market trends, such as Chi Chen Sen from Anxin Fund [7]. - The reasons behind a fund manager's decision to manage a single fund can be complex, including investment strategy uniqueness and the desire to maintain strategy purity [8][10]. Group 5: Industry Perspectives - There are differing opinions within the industry regarding the phenomenon of fund managers managing only one fund, with some viewing it as a sign of extreme focus and others as a form of risky betting [9][10]. - The article suggests that this "single fund" approach may reflect a strategic choice by fund companies to create benchmark products or a deliberate decision by managers to control the scale of their funds [10].

Core Insights - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1050.58 tons of gold, an increase of 4 tons from the previous trading day [6] - Gold prices fluctuated around $4200 per ounce, closing at $4208.60, up $5.67 or 0.13% [6] - The U.S. labor market shows mixed signals, complicating market expectations for the Federal Reserve's monetary policy, with an 85% probability of a 25 basis point rate cut in the upcoming meeting [6][7] Group 1: Gold ETF Holdings - As of December 4, the SPDR Gold Trust's holdings reached 1050.58 tons, marking a notable increase [6] - The increase in ETF holdings coincides with gold prices stabilizing around the $4200 mark [6] Group 2: Market Conditions - The U.S. labor market is showing signs of cooling, with initial jobless claims dropping to the lowest level since September 2022, while layoffs remain high [6] - The mixed signals from the labor market are leading to a complex outlook for the Federal Reserve's policy direction [6][7] Group 3: Price Dynamics - The dollar index's decline is favorable for precious metals, but rising U.S. Treasury yields are suppressing gold's upward momentum [7] - Despite profit-taking, any pullback towards $4000 could attract new buyers, indicating strong underlying demand for gold [7] Group 4: Technical Analysis - Gold is forming a triangular consolidation pattern around $4200, with technical indicators showing no clear direction [8] - Resistance levels are identified at approximately $4230, $4240, and $4264, while support is noted at $4178 and $4165 [8]

近期，有债券基金连续几个交易日出现较大幅度回撤，对追求"稳稳幸福"的基民带来显著心理冲击。业 内人士称，基金持有的个别债券受市场环境影响出现了较大幅度的调整，是导致基金产品净值显著下跌 的主要原因。并且，最近几个交易日基金连续出现大额赎回，进一步加剧了基金净值的波动，此类负面 影响需要一定时间逐步消化。结合过往情况来看，类似事件涉及中小基金公司旗下固收产品的几率较 大。业内人士认为，这暴露出中小基金公司在投资策略与产品战略上的矛盾。尤其在产品规模相对较小 的情况下，一旦出现风险可能导致集中赎回，迅速提升了产品的流动性风险。因此，投资者在选择固收 产品时，需要综合考量基金管理人能力、产品中长期业绩可持续性、自身风险收益特征、产品费率等多 方因素。 ...

TORONTO, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Citadel Income Fund (TSX – CTF.UN) (the “Fund”) is pleased to announce that, with respect to the previously announced annual redemption of 284,514 units of the Fund, the redemption price per unit is $3.8905. The pro-rata redemption rate will be 23.44% (i.e., for every 1,000 units submitted by a unitholder for redemption, 234 units will be redeemed). Fund expects to pay the redemption proceeds to redeeming unitholders on or before December 18, 2025. For more informa ...

记者丨 庞华玮 编辑丨姜诗蔷 年终临近，债券基金市场再度掀起波澜。 继三季度全市场债基遭遇逾4700亿份的净赎回后，四季度赎回压力仍在持续。 截至12月2日， 10月以来，已有至少60只债券型基金因遭遇机构大额赎回而发布提高份额净值 精度的公告。 一场由市场风格切换、政策预期与机构行为共同驱动的资金迁徙正在上演，而纯债基金与"固 收+"产品的命运走向不同：纯债基金的"稳定器"功能被重新定价，而"固收+"的平衡优势得到 凸显。 债基市场的格局之变，已然拉开序幕。 赎回潮持续 多家基金公司向记者证实了赎回压力的存在。 一位大型基金公司人士透露，年底公司旗下部分纯债产品确实流失了很多份额， 主要是机构 端资金的赎回。 另一家基金公司则指出，四季度以来，公司固收业务整体规模保持平稳，从结构上看，公司旗 下中长期纯债基金出现小幅赎回，而二级债基则实现了净流入。 今年下半年， 债基成为"失血"最严重的基金品类。 Wind数据显示，本轮赎回潮贯穿下半年。截至三季度末，全市场债基份额较二季度末锐减 4743.96亿份（二季度末份额为95938.18亿份，三季度末降至91194.22亿份），规模也同步缩 水1695.34亿元（ ...

袁志刚，上海宏观经济学会副会长、复旦大学就业与社会保障研究中心主任、华东师范大学经济与管理 学部学术委员会主任，法国巴黎高等社会科学研究学校经济学博士，教育部长江学者特聘教授，国家教 学名师，博士生导师，享受国务院政府特殊津贴。 曹啸，上海财经大学讲席教授、博士生导师、金融学院副院长，量化金融研究中心主任，曾主持完成国 家社科重点以及财政部、发改委、中国人民银行、上海市等委托的课题研究，研究成果多次获得国家主 要领导和省部级领导的批示。 本期沙龙的主嘉宾薛宏立，浦发银行金融市场总监、总行首席经济学家、浦发研究院执行院长，经济学 博士，正高级经济师，在金融行业从业超20年，深入研究市场交易、债券投资、量化交易、衍生品对冲 套保、产业基金与PPP、流动性风险管理、市场风险管理、ALM、FTP等领域，获2019年上海市领军人 才等荣誉，并入选2023年东方英才计划领军项目。 本期沙龙圆桌对话的主持人由浦发银行金融市场部总经理彭松担任。他于2003年加入浦发银行，历任浦 发银行总行金融市场部总经理助理、副总经理，浦发银行伦敦分行筹备组副组长、副行长、行长，深耕 金融市场领域超20年，是极具国际视野的金融市场业务专家。 ...

天眼查工商信息显示，近日，北京京国创智算并购股权投资基金（有限合伙）成立，执行事务合伙人为 北京京国创基金管理有限公司，出资额300亿人民币，经营范围为私募股权投资基金管理、创业投资基 金管理服务。合伙人信息显示，该基金由北京能源集团有限责任公司、北京创新产业投资有限公司、北 京京国创基金管理有限公司共同出资。 ...

Group 1 - The core viewpoint is that gold remains a favorable investment due to factors such as a weak dollar driven by liquidity easing, ongoing geopolitical risks, and potential market uncertainties ahead of the 2026 U.S. midterm elections [1] - Gold is expected to benefit from the continuation of global central bank gold purchases, which will provide fundamental resilience to gold prices [1] - The relative attractiveness of U.S. Treasury bonds is increasing due to rising economic and policy uncertainties in Europe and Japan, leading to a higher proportion of gold in international reserves while the dollar's share declines [1] Group 2 - In the medium to long term, gold prices are anticipated to trend upward, suggesting that investors may consider participating in subsequent pullbacks and gradually accumulating positions [1] - Direct investment in physical gold and tax-exempt gold ETFs (518800) are recommended, along with gold stock ETFs (517400) that cover the entire gold industry chain [1]

Core Viewpoint - Hengyue Fund, established in 2017 in Shanghai with a registered capital of 230 million yuan, aims to become a differentiated and boutique public fund manager focusing on active management and stable long-term returns for investors [4][7]. Company Overview - Hengyue Fund was founded in 2017 and has a registered capital of 230 million yuan [4][7]. - The major shareholder, Li Shujun, has extensive experience in private equity, with his firm, Zhixin Capital, being a well-known private equity investment institution in the Asia-Pacific region [4]. - The company emphasizes active management, balancing active equity and unique "fixed income+" strategies [4]. Product Line - Hengyue Fund offers a variety of products, including: - Active equity funds such as Hengyue Advantage Select, Hengyue Growth Select, and Hengyue Blue Chip Select [11]. - Fixed income products like Hengyue Seasonal Joy and Hengyue Pure Bond [11]. - Thematic and value-oriented funds focusing on domestic demand and technology [11]. Performance - Over the past five years, Hengyue Fund's equity funds have performed well, ranking 10th out of 137 public fund companies in terms of absolute returns from July 1, 2020, to June 30, 2025 [12]. Investment Team - The investment team at Hengyue Fund is robust, with an average of nearly 9 years of experience in the securities industry among the 10 fund managers [16]. - The research team covers a wide range of industries, including essential and discretionary consumption, pharmaceuticals, technology, and finance [17]. Recognition - Hengyue Fund received the "Most Growing Fund Company Award" at the 19th Shanghai Securities Awards in 2022, highlighting its growth and performance in the industry [7].