Core Viewpoint - The 365-day investment advisory portfolio has demonstrated strong performance, primarily through a mix of bond funds and a small allocation to stocks, aiming to provide stable returns while minimizing risks [3][4][6]. Group 1: Portfolio Characteristics - The 365-day investment advisory portfolio is primarily composed of bond funds, including government bonds and credit bonds, to reduce risk through diversification [8]. - The portfolio utilizes the negative correlation between stocks and bonds to mitigate volatility risks, allowing for strategic gains during market fluctuations [10][12]. - The portfolio employs a rebalancing strategy that automatically adjusts the allocation between stocks and bonds, facilitating a "buy low, sell high" approach without requiring investor intervention [15][18]. Group 2: Performance Metrics - Since its inception, the 365-day investment advisory portfolio has outperformed the secondary bond index by 2.92% as of October 17, 2025, with a maximum historical drawdown of -4.15%, significantly lower than the index's volatility [4][6]. - As of October 2025, the portfolio's stock and convertible bond allocation was reduced from 17% to 14%, while the bond and cash allocation increased from 83% to 86% following a market adjustment [22][23]. Group 3: Sources of Returns - The portfolio's returns are derived from three main sources: the stock component, which focuses on value stocks with stable dividends; the bond component, which is influenced by interest rates; and the rebalancing strategy that captures market fluctuations [24][30][47]. - The stock portion emphasizes value style, characterized by lower volatility during bear markets and higher dividend yields, providing a stable income stream [25][27][29]. - The bond component's performance is primarily affected by interest rates, with a focus on short to medium-term bonds to minimize risk [30][43][46]. Group 4: Investment Suitability - The 365-day investment advisory portfolio is suitable for investors with idle funds that are not needed for over a year, seeking stable growth with minimal volatility [63][64]. - It is particularly appropriate for those looking to transition funds temporarily while awaiting better market conditions for direct stock investments [64].

来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 海南自贸港跨境资产管理业务试点取得实质性进展 中新网海口10月24日电(记者 王子谦)中国人民银行海南省分行调查统计处处长王振兴24日表示，今年前 三季度海南自贸港金融对外开放水平进一步提升，其中"跨境资产管理业务试点工作取得实质性进展"。 中国人民银行海南省分行24日召开前三季度海南金融运行新闻发布会。王振兴在会上披露，今年7月 《海南自由贸易港跨境资产管理试点业务实施细则》印发实施后，各试点管理部门协同发力，已完成4 家试点发行机构规模的核定，申请试点总规模50亿元。近日，已有两家试点机构发行的试点产品完成境 外投资者资金划转。 中国人民银行海南省分行外汇管理处处长张园园进一步介绍，10月16日，中国人民银行海南省分行根据 4家试点发行机构(金元证券、万和证券、汇百川基金、鹏安基金)报备的试点规模材料，完成4家发行机 构申请的50亿元人民币试点规模核定。10月17日，已有两家试点发行机构发行的试点产品完成境外投资 者认购，境外投资者资金从投资账户到银行代销账户及产品募集账户，划转顺畅、高效，试点政策顺利 落地，为海南自贸港金融创新再添重要实践案例 ...

Core Insights - The conference hosted by Guotai Junan Securities focused on "Asset Allocation in a New Landscape," bringing together experts and institutional investors to explore new paradigms in global asset allocation [1] Group 1: Company Initiatives - Guotai Junan aims to enhance its global asset allocation capabilities by developing a systematic buy-side research and service framework, incorporating AI into its investment advisory platform, and upgrading its asset allocation service system and product offerings [2] - The company emphasizes innovation and professional capabilities to drive value creation in the evolving investment landscape [2] Group 2: Economic Outlook - Wang Yiming, from the China International Economic Exchange Center, highlighted the importance of high-quality development and expanding domestic demand in response to profound changes in the external environment and the ongoing technological revolution [2] - The "14th Five-Year Plan" is seen as a critical period for China to adapt to global changes and foster new growth drivers through technological innovation and new industrialization [2] Group 3: Investment Strategies - Su Gang, from China Pacific Insurance, pointed out the long-term investment value of Chinese assets amid declining global economic growth and emphasized the need for insurance funds to align asset-liability management with market cycles [3] - BlackRock's Chairman, Fan Hua, discussed the fundamental principles of asset allocation, including the importance of risk premium, diversification, and managing currency risks in a low-interest-rate environment [3] - Fan Hua also proposed three investment themes: maintaining risk appetite in the short term, strategically managing macro risks, and focusing on disruptive trends such as digital innovation and low-carbon transitions [3] Group 4: Industry Trends - Ye Lijian from浦银理财 noted the shift in China's economic model from a traditional cycle based on real estate and debt to a new model centered on technology, industry, and finance, with a focus on quality over scale in regulatory practices [4] - The future direction for asset management in a low-interest-rate environment is multi-strategy asset allocation tailored to investor needs, emphasizing the importance of setting performance targets and managing market volatility [5]

Core Insights - The article highlights the outstanding performance of actively managed equity funds in the first three quarters of 2025, particularly those focused on technology and emerging industries, driven by the strong performance of the AI sector [2][3] Fund Performance - Yongying Technology Smart A Fund achieved a remarkable net value growth rate of 194.49%, making it the top performer among actively managed equity funds [2] - Other notable funds include China Europe Digital Economy A with a growth rate of 140.86%, and Hengyue Advantage Selection and China Aviation Opportunity Navigation A with growth rates of 128.21% and 127.17%, respectively [2] Fund Size Growth - Yongying Technology Smart A Fund's asset net value surged to 11.521 billion, an increase of 888.08% from the previous quarter and nearly 45 times from the first quarter [3] - The fund's top holdings include high-performing stocks in the optical module sector, such as Xinyisheng, Zhongji Xuchuang, and Tianfu Communication [3] Investment Strategy - The fund manager of Yongying Technology Smart A, Ren Jie, emphasizes the importance of the global cloud computing industry and the increasing value of AI models, which have seen a 100% quarter-on-quarter growth in token numbers and a 10%-20% growth in computing power investment [3] - China Europe Digital Economy A Fund focuses on five core investment areas: AI infrastructure, intelligent robotics and driving, AI applications, edge AI, and domestic AI industry chains [4] Market Trends - The current AI investment landscape shows a dual nature of opportunities and risks, with high valuations and potential for market volatility [7] - The AI sector is experiencing a clear differentiation, with strong performance in applications that have real use cases, while some smaller models are showing signs of decline [7][8] Structural Challenges - The A-share market faces a scarcity of quality AI-related stocks, with many innovative companies yet to be listed, contributing to structural shortages in the market [8]

Report Industry Investment Rating No relevant content provided. Core View - The "Fixed Income +" strategy combines fixed - income assets with other risk assets to enhance returns. As domestic interest rates decline, investment innovation in "Fixed Income +" funds is expanding, with various attempts in different asset classes [1][2]. Summary According to the Catalog What is "Fixed Income +"? Definition of "Fixed Income +" - "Fixed Income +" refers to an investment portfolio with fixed - income assets like bonds as the main allocation, supplemented by other risk assets for higher returns. Common "+" assets include stocks, convertible bonds, derivatives, and commodities [1][12]. Main Features of the "Fixed Income +" Portfolio - The risk and return of the "Fixed Income +" portfolio lie between pure - bond and stock products. It has relatively small fluctuations and a higher Sharpe ratio, aiming for absolute returns [13]. Performance Review of Fixed Income + Public Offering Funds - In the past decade, the annualized returns of various sub - category Fixed Income + public offering fund indices were 3.71%, 3.57%, 4.40%, 7.08%, 4.07%, and 3.06% respectively, with corresponding Sharpe ratios of 1.13, 0.46, 0.73, 0.47, 0.25, and 0.16. The annualized return of flexible allocation funds was the highest, and the Sharpe ratio of hybrid bond - type primary funds was the highest. From 2004 to now, the best - performing years for Fixed Income + funds were usually A - share bull markets, and the worst - performing years were usually A - share bear markets. As of the end of Q2 2025, the total scale of China's Fixed Income + funds was 2327.6 billion yuan, with an average scale of 1.7 billion yuan. In Q2 2025, bond assets accounted for 88.2%, stock assets 7.9%, and bank deposits 1.4%. Among bonds, convertible bonds accounted for 10.6%, corporate bonds 39%, financial bonds 27.5%, and interest - rate bonds 19.7%. The proportion of stock - related assets (stocks + convertible bonds) in the total scale was as high as 17.3% [14][15][18][28][29]. Performance Attribution of High - Performing Fixed Income + Public Offering Funds Fund A: Forward - Looking Asset Allocation - Fund A, established in 2005, has excellent long - term performance. Since 2012, its annualized return has been 7.77%. It has flexible allocation of convertible bonds, stocks, and bonds. In recent five years, the value factor contributed 34%, the market factor 16.6%, and the remaining characteristics accounted for 58.8% in stock investment. In bond investment, 64% of the return came from interest income and 36% from capital gains. Its stock industry allocation is concentrated with low turnover. The price - earnings ratio and price - to - book ratio of its holdings are lower than the industry average. Its leverage ratio fluctuates between 103% and 140%, with an average of 123%. In 2025, it increased stock positions in the first half of the year to share the A - share market's rise [35][36][43][45][47][54][57][59]. Fund B: High - Position Convertible Bonds + Stock Band - Trading - Fund B, established in 2015, has an annualized return of 6.14% and has achieved positive returns every year. Since 2019, it has increased the allocation of convertible bonds, and since 2021, it has significantly increased its stock position. It uses the characteristics of convertible bonds to enhance returns, with a "dumbbell - shaped" convertible bond position distribution. In recent five years, the value factor contributed 62%, the market factor 12%, and the remaining characteristics accounted for 36% in stock investment. In bond investment, 44% of the return came from interest income and 56% from capital gains. Its stock industry allocation is concentrated with relatively low turnover. The price - earnings ratio and price - to - book ratio of its holdings are lower than the industry average. Its leverage ratio fluctuates between 101% and 140%, with an average of 117%. In 2025, it reduced convertible bond positions in the first half of the year to reduce portfolio risk exposure [60][61][66][72][74][82][85][88]. Fund C: Asset Comparison + Risk Diversification - Fund C, established in 2016, has an annualized return of 4.8% and a Sharpe ratio of 0.78 in the past three years. It has achieved positive returns in most years with small drawdowns. It has reduced convertible bond allocation and increased stock positions in recent years. In recent five years, the value factor contributed 33%, the market factor 17%, and the remaining characteristics accounted for 73% in stock investment. In bond investment, 82% of the return came from interest income and 18% from capital gains. Its stock industry allocation is diversified with low turnover. The price - earnings ratio and price - to - book ratio of its holdings are lower than the industry average. Its leverage ratio has decreased in recent years, with an average of 115% since 2021. In Q2 2025, it reduced convertible bond positions and shared the A - share market's rise through stock selection [91][92][97][99][107][111][114][117]. New Exploration of Fixed Income + Public Offering Funds - As domestic interest rates decline, investment innovation in "Fixed Income +" funds is expanding. As of Q2 2025, 63.5% of funds in the sample pool invested in stocks, 27.3% in Hong Kong stocks, 2.16% in other funds, 5.1% in Treasury bond futures, and 1% in stock index futures. Different products have different asset - investment proportions [118][120][123][125][132].

Core Viewpoint - A significant number of dividend-focused ETFs are set to distribute dividends in October, with over 15 ETFs scheduled for payouts, indicating a robust trend in dividend investment strategies [1] Group 1: Dividend Distribution - The E Fund's Dividend ETF will distribute a cash dividend of 0.61 yuan per 10 fund shares, totaling approximately 420 million yuan [1] - The Dividend Value ETF will distribute a cash dividend of 0.1 yuan per 10 fund shares, totaling around 7 million yuan, marking its second distribution this year [1] - Since 2020, the E Fund's Dividend ETF has consistently paid dividends for six consecutive years, accumulating over 1 billion yuan in total dividends [1] Group 2: Management Fees - E Fund is currently the only fund company offering all its dividend-focused ETFs at a low management fee rate of 0.15% per year [1] - The low management fees apply to the E Fund's Dividend ETF, Dividend Value ETF, Hang Seng Dividend Low Volatility ETF, and Dividend Low Volatility ETF, facilitating cost-effective dividend investment for investors [1]

Core Viewpoint - The conference focused on "Global Asset Allocation in a New Landscape," bringing together experts and institutional investors to explore new paradigms in global asset allocation [1] Group 1: Conference Highlights - The conference featured a welcome speech by Geng Xuling, emphasizing the importance of global vision and innovation in asset allocation, aiming to enhance client investment experiences [3] - Wang Yiming discussed the macroeconomic situation and the importance of high-quality development and expanding domestic demand in the context of the 14th Five-Year Plan [5] - Su Gang from China Pacific Insurance highlighted the long-term investment value of Chinese assets amid global economic challenges and shared asset allocation methodologies [5] Group 2: Investment Strategies - Fan Hua from BlackRock outlined the principles of asset allocation, emphasizing risk premium, diversification, and managing macro risks in a low-interest-rate environment [7] - Ye Lijian from浦银理财 discussed the shift in China's economic model and the importance of multi-strategy asset allocation in the current low-interest-rate context [9] - The conference introduced a new asset allocation service by Guotai Junan, focusing on a standardized six-step process to enhance wealth management [11] Group 3: Roundtable Discussions - The first roundtable discussed global asset allocation under innovation, with experts noting the need to balance opportunities and risks amid international trade tensions [11] - The second roundtable focused on ETF practices in a low-interest-rate environment, highlighting the growing importance of asset allocation and the efficiency of ETFs [13] - The third roundtable featured top private equity managers discussing investment opportunities and strategies in the current market conditions [14] Group 4: Future Outlook - Guotai Junan aims to build an internationally influential asset allocation platform by 2025, focusing on the construction of a global asset management center in Shanghai [14]

Core Insights - The precious metals market experienced a significant downturn on October 21, with gold and silver prices dropping sharply, marking the largest single-day decline since April 2013 [2][4] - The decline was characterized as a "technical correction" by market experts, indicating that the market had been overbought prior to the drop [2][11] Market Dynamics - The sell-off began in the Asian market and escalated as it moved to London and then the U.S., triggering a wave of stop-loss orders that amplified the decline [7] - Contributing factors included improved sentiment regarding the Russia-Ukraine conflict and expectations of consensus from the upcoming APEC meeting, which reduced the demand for gold as a safe haven [9][12] Long-term Outlook - Despite the short-term volatility, the long-term fundamentals supporting gold remain intact, driven by concerns over the reliability of the U.S. dollar and rising geopolitical risks [12][15] - Central banks globally have been increasing their gold reserves, with gold's share in global reserves surpassing that of the euro, indicating a shift towards gold as a stable asset [15][17] Investment Strategies - Investors are advised to approach gold as a means of risk management and value preservation rather than speculative trading, with recommendations to avoid high leverage and focus on regulated investment channels [20][24] - Analysts remain optimistic about gold's future price trajectory, with projections suggesting potential increases to $4,500 per ounce in the coming year [22][24]

| 索 引 号 | bm56000001/2025-00012287 | ਦੇ 类 | 行政监管措施;基金监管 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年10月24日 | | ਸਮ 称 | 关于对浙江君弘资产管理有限公司采取出具警示函措施的决定 | | | | 등 文 | | 主题词 | | 北京商报讯（记者 刘宇阳）10月24日，浙江证监局发布公告表示，经查，浙江君弘资产管理有限公司（以下简称"浙江君弘资管"）在开展私募基金业务 中，存在员工为其他私募基金管理人提供服务；非本公司员工知晓基金产品信息、给予投资建议、进行客户沟通维护等行为。 浙江证监局指出，上述行为反映浙江君弘资管内控管理不完善，未能勤勉谨慎履行私募基金管理人管理职责，违反了相关规定，决定对其采取出具警示函的 监督管理措施，并记入证券期货市场诚信档案。 同时，兰俊作为公司的法定代表人、执行董事和总经理，未勤勉谨慎履行相关职责与义务，对上述问题负有主要责任，也被浙江证监局采取出具警示函的监 督管理措施，并记入证券期货市场诚信档案。 ...

| 索 引 号 | bm56000001/2025-00012290 | ਜੋ | ਵੇਂ | 行政监管措施;基金监管 | | --- | --- | --- | --- | --- | | 发布机构 | | 发文日期 | | 2025年10月24日 | | 80 称 | 关于对冯炎英采取出具警示函措施的决定 | | | | | 文 를 | | 主题词 | | | 北京商报讯（记者 刘宇阳）10月24日，浙江觉航私募基金管理有限公司（以下简称"浙江觉航私募基金"）在开展私募基金业务中，存在未履行特定对象确 定程序即推介基金产品；片面节选少于6个月的过往整体业绩或过往基金产品业绩进行宣传；为投资者出具虚假收入证明提供便利、对收入证明的审查流于 形式；未按基金合同约定披露基金份额净值；委托不具有基金销售业务资格的机构募资并支付其介绍费；未建立激励奖金递延发放机制等行为。 浙江证监局指出，上述行为违反了相关规定，决定对浙江觉航私募基金采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 同时，冯炎英作为公司的法定代表人、执行董事和总经理，未勤勉谨慎履行相关职责与义务，对公司上述问题负有主要责任，违反了相关规定 ...