Core Viewpoint - The market for technology innovation bonds (科创债) is expected to grow significantly, with the Penghua Science and Technology Bond ETF (科创债ETF鹏华) showing strong performance and potential for recovery in the bond market due to favorable monetary policies and market conditions [1][2]. Group 1: Market Performance - As of October 24, 2025, the Penghua Science and Technology Bond ETF recorded a slight pullback with a trading volume of 6.259 billion yuan, indicating active trading [1]. - The latest scale of the Penghua Science and Technology Bond ETF reached 19.257 billion yuan, ranking second in the market and first in the Shanghai Stock Exchange among similar products [1]. - The average yield of the Shanghai AAA Technology Innovation Bond Index is 2.02%, with a duration of 3.72 years [1]. Group 2: Investment Strategy - The Penghua Science and Technology Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which selects bonds with AAA ratings and above from technology innovation companies [1]. - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, high diversification, and efficient "T+0" redemption, which helps to mitigate investment risks and improve capital efficiency [1]. Group 3: Future Outlook - Huaxi Securities believes that the policy dividends will create a broad market space for technology innovation bonds, with the ETF's long-term value and market influence expected to continue to grow [2]. - Penghua Fund has been actively developing a range of fixed-income tools since the second half of 2018, aiming to become a domestic expert in fixed-income indices [2]. - The total scale of bond ETFs has surpassed 24 billion yuan, indicating a growing interest in this investment vehicle [2].

作者 | 第一财经 齐琦 经历暴跌后，国际金价重新站稳每盎司4100美元关口。 截至10月24日北京时间14:33，伦敦现货黄金报4101美元/盎司，日内跌幅1.06%。 回顾这一周，国际金价上演"超级过山车"行情，在周一（10月20日）冲上每盎司4398美元历史高 位后掉头向下，10月21日晚，伦敦现货黄金盘中突然暴跌超6%，创下近12年以来最大单日跌幅， 且周三最低触及4021美元/盎司。 尽管金价处于历史高位区间，但大众投资热情并未降温。据蚂蚁财富统计，平台最新数据显示，年轻 人现为线上黄金投资主力，平台黄金产品投资者中90后和00后占比超55%。 高位波动未阻"淘金"热潮 2025.10. 24 本文字数：1681，阅读时长大约3分钟 虽然金价在本周一度大跌超300美元，但黄金的年内涨幅目前仍超过50%。 关注高波动仍是机构提示的关键词。南华期货分析称，尽管从中长期维度看，央行购金与投资需求增 长仍将助推贵金属价格重心继续上抬，但短期进入调整阶段，高波动风险不容忽视。 永赢黄金股ETF基金经理刘庭宇分析称，当前黄金期权的隐含波动率处于历史高位水平，资产拥挤度 较高，短期需要注意风险、理性投资。随着市场 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the volatility rankings of various option underlying assets and provides T - type quotation tables, volatility trading suggestions, and risk - free arbitrage analysis for multiple ETF options on the Shanghai Stock Exchange. 3. Directory Summary 3.1 Option Underlying Assets Volatility Ranking - Ranking is based on three aspects: at - the - money option implied volatility, 30 - day historical volatility of the underlying asset, and the real - time volatility of the underlying asset on the day. For example, lc2512 ranks 1st in at - the - money option implied volatility with 2.6%, and the Science and Technology Innovation Board 50ETF November ranks 1st in real - time volatility on the day with 4.6% [3]. - At - the - money option implied volatility reflects market expectations of future fluctuations; 30 - day historical volatility reflects past actual market conditions; real - time volatility on the day reflects intraday market conditions [5]. 3.2 Shanghai Stock Exchange Options 3.2.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 676,066 lots, the open interest is 665,178 lots, the trading volume ratio of call options to put options is 1.55, and the weighted average implied volatility is 16.15% [21]. - **Volatility Trading**: Sell options in the month with the upper curve and buy those in the month with the lower curve; sell options above the curve and buy those below the curve within the same month [24]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 5.15% at the settlement price and 0.62% at the counter - party price [28][30]. 3.2.2 Huatai - Berry CSI 300ETF - **Basic Information**: The trading volume of the main options is 591,434 lots, the open interest is 591,691 lots, the trading volume ratio of call options to put options is 1.33, and the weighted average implied volatility is 16.67% [33]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in the month with the upper curve and buy those in the month with the lower curve; sell options above the curve and buy those below the curve within the same month [37]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 8.25% at the settlement price and 2.48% at the counter - party price [40][42]. 3.2.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options is 1,045,522 lots, the open interest is 588,097 lots, the trading volume ratio of call options to put options is 1.22, and the weighted average implied volatility is 20.32% [45]. - **Volatility Trading**: The same trading suggestions as above, sell options in the month with the upper curve and buy those in the month with the lower curve; sell options above the curve and buy those below the curve within the same month [48]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 42.1% at the settlement price and 9.25% at the counter - party price [52][54]. 3.2.4 Huaxia Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options is 1,207,404 lots, the open interest is 825,033 lots, the trading volume ratio of call options to put options is 1.75, and the weighted average implied volatility is 34.02% [56]. - **Volatility Trading**: Sell options in the month with the upper curve and buy those in the month with the lower curve; sell options above the curve and buy those below the curve within the same month [58]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 9.07% at the settlement price and 2.47% at the counter - party price [62][64]. 3.2.5 E Fund Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options is 230,846 lots, the open interest is 237,063 lots, the trading volume ratio of call options to put options is 1.7, and the weighted average implied volatility is 34.27% [67]. - **Volatility Trading**: Similar trading suggestions, sell options in the month with the upper curve and buy those in the month with the lower curve; sell options above the curve and buy those below the curve within the same month [71]. - Risk - free Arbitrage information is not provided in the report.

Group 1 - The report highlights that mixed funds have become a key focus for fund companies, surpassing index funds in terms of application and review decisions in September 2025 [1][4] - The number of bond fund applications has decreased, likely due to changes in the review rules for bond funds [4][6] - Guangfa Fund received approval on September 19, 2025, to establish a subsidiary, Ruichen Equity Investment Fund Management Co., Ltd., with a registered capital of 100 million RMB, focusing on private equity investment fund management [1][14] Group 2 - Xinjiang Qianhai United Fund received approval on September 19, 2025, for a change in major shareholders and actual controllers, with Shanghai Securities Co., Ltd. becoming the main shareholder [2][22] - The report indicates that a total of 174 fund products were accepted in September 2025, a decrease from 201 in the previous month, with mixed funds increasing by 10 [4][5] - The report notes that four fund companies received approvals for establishing branch institutions from January to September 2025, including Guangfa Fund's new subsidiary [9][10]

Global Market Performance - The global market shows increasing divergence, with US stocks and Indian markets leading the performance [1][3] - The A-share market has shown a decline of 1.21%, while the Indian Sensex30 has increased by 2.47% [1] - Vietnam's stock market experienced a significant drop of 7.29%, which was proactively avoided in asset allocation [1] Investment Strategies - The "Rui Ding Tou Global Version" portfolio achieved a return of 0.87% last week, bringing its total return since 2025 to 18.57% [6] - The portfolio's consistent positive returns over three years highlight the robustness and foresight of the global allocation strategy [6] - The strategy capitalizes on structural opportunities in AI-related assets, demonstrating a diversified global approach [6] Performance of Investment Combinations - The "Lazy Balanced Combination" recorded a return of 0.92% last week, with a year-to-date return of 12.87%, marking a historical high [11] - The "Rui Ding Tou Global Version" is designed for investors seeking higher returns with a tolerance for volatility, while the "Lazy Balanced Combination" is aimed at those preferring stability [12][15] - The difference in returns between the two combinations is approximately 18% versus 12%, catering to different investor profiles [12] Market Trends and Future Outlook - The overall market logic is characterized by a liquidity-driven structural differentiation [2] - The US stock market continues to show resilience despite geopolitical tensions and economic uncertainties [17] - The upcoming "Fourteenth Five-Year Plan" is expected to introduce measures to consolidate economic growth, which may positively impact the A-share market [17]

Core Viewpoint - The article highlights the significant inflow of funds into high-performing funds in the technology and pharmaceutical sectors during the third quarter, indicating a bullish market sentiment and investment opportunities in these areas [3][4]. Fund Performance - Multiple fund companies, including China Europe Fund and Yongying Fund, have reported substantial growth in their fund sizes for the third quarter, particularly in technology and pharmaceutical sectors [3]. - The China Europe Digital Economy Mixed Fund, managed by Feng Ludan, saw its size increase from 1.527 billion to 13.022 billion, a growth of over 750%, with a year-to-date return exceeding 127% [5]. - Yongying Technology Select Fund's size expanded from 1.166 billion to 11.521 billion, achieving a year-to-date return of over 185% [5]. - The Long城 Pharmaceutical Industry Select Fund increased its size from 1.132 billion to 1.790 billion, with a year-to-date return exceeding 80% [6]. Investment Trends - The article notes a significant increase in holdings of key stocks in the technology sector, such as Xin Yiseng and Alibaba, by the Yongying Technology Select Fund [5]. - In the pharmaceutical sector, the Long城 Pharmaceutical Industry Select Fund's top holdings include companies like Innovent Biologics and 3SBio, focusing on clinical data and overseas licensing [6]. AI Sector Insights - The AI sector is experiencing both investment opportunities and risks, with high valuations leading to increased scrutiny on performance [8][9]. - The global cloud computing industry remains a focal point for investment, with AI model values being optimized through various strategies [9][10]. - The article suggests that investors should diversify their investments in the AI sector to mitigate risks associated with high valuations and market volatility [9]. Future Outlook - The Long城 Pharmaceutical Industry Select Fund manager emphasizes a shift towards focusing on core pipeline competitiveness and the balance between long-term growth potential and market expectations [10].

中国经济网北京10月24日讯今日，招商基金公告，招商招享纯债增聘刘禛君。 招商招享纯债A/C成立于2017年3月17日，招商招享纯债D成立于2024年3月14日，截至2025年10月23 日，其今年来收益率为-2.35%、-2.56%、-2.47%，成立来收益率为33.58%、2.98%、7.35%，累计净值为 1.2928元、1.0297元、1.0750元。 | 基金名称 | 招商招享纯债债券型证券投资基金 | | --- | --- | | 基金简称 | 招商招享纯债 | | 基金主代码 | 003440 | | 基金管理人名称 | 招商基金管理有限公司 | | 公告依据 | 《基金管理公司投资管理人员管理指导意 | | | 见》《公开募集证券投资基金信息披露管理办 | | | 法》《证券期货经营机构投资管理人员注册登 | | | 记规则》 | | 基金经理变更类型 | 增暗重令经西 | | 新任基金经理姓名 | 刘祺君 | | 共同管理本基金的其他基金经理姓名 | 王国 | 刘禛君2014年12月至2019年5月在招商财富资产管理有限公司工作，任基金会计，从事交易结算和估值 核算工作；2019年5月加入 ...

中加邮益一年持有混合A/C成立于2022年1月4日，截至2025年10月23日，其今年来收益率为7.40%、 6.96%，成立来收益率为7.74%、5.71%，累计净值为1.0774元、1.0571元。 | 基金名称 | 中加科丰价值精选混合型证券投资基金 | | --- | --- | | 基金简称 | 中加科丰价值精选混合 | | 基金主代码 | 008356 | | 基金管理人名称 | 中加基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《基金管理公司投资管理人员管理指导意见》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 钟伟先生 | | 金经理姓名 | | | 离任基金经理姓名 | 庞智桐先生 | 中国经济网北京10月24日讯 昨日，中加基金公告，庞智桐离任中加科丰价值精选混合、中加心享混 合、中加邮益一年持有混合。 中加科丰价值精选混合成立于2020年5月8日，截至2025年10月23日，其今年来收益率为2.89%，成立来 收益率为32.66%，累计净值为1.3144元。 中加心享混合A/C成立于2015年12月2日和2016年3 ...

中国经济网北京10月24日讯今日，泰康基金发布关于泰康沪深300指数增强型证券投资基金延长募集时 间的公告。 公告称，泰康沪深300指数增强型证券投资基金(泰康沪深300指数增强A：025676；泰康沪深300指数增 强C：025677，)自2025年10月13日开始募集，原定募集截止日为2025年10月24日，现决定将该基金的募 集期延长至2025年10月31日。 该基金拟任基金经理袁帅2018年6月加入泰康公募，现任泰康基金量化基金经理。2024年6月7日起至今 担任泰康中证港股通大消费主题指数型发起式证券投资基金经理。2024年6月7日起至今担任泰康港股通 中证香港银行投资指数型发起式证券投资基金经理。2025年2月7日起至今担任泰康中证500指数增强型 发起式证券投资基金经理。2025年2月7日起至今担任泰康中证1000指数增强型发起式证券投资基金经 理。2025年2月7日起至今担任泰康半导体量化选股股票型发起式证券投资基金经理。2025年6月30日至 今担任泰康上证科创板综合指数增强型证券投资基金经理。 ...

朱黎明曾任中证鹏元资信评估有限公司债券分析师、国联安基金管理有限公司信用研究员。2019年6月 加入长信基金管理有限责任公司，曾任固收研究部研究员，现任基金经理。 长信30天滚动持有短债债券A/C成立于2021年9月9日，截至2025年10月23日，其今年来收益率为 1.31%、1.14%，成立来收益率为13.23%、12.31%，累计净值为1.1323元、1.1231元。 中国经济网北京10月24日讯今日，长信基金公告，长信30天滚动持有短债债券增聘朱黎明。 | 基金名称 | 长信 30天滚动持有短债债券型证券投资基金 | | --- | --- | | 基金简称 | 长信30天滚动持有短债债券 | | 基金主代码 | 013236 | | 基金管理人名称 | 长信基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 朱黎明 | | 共同管理本基金的其他基金经理姓名 | 王蔚杰、杜国吴 | ...