（文章来源：新华财经） 截至10月23日，全球最大的黄金ETF SPDR Gold Trust持仓量为1052.37吨，较前一个交易日维持不变。 ...

Core Points - Recent leadership changes at Taiping Fund with both the General Manager and Deputy General Manager resigning simultaneously, leading to the Chairman Liu Dong taking over as General Manager [1] - Taiping Fund is the first public fund company in China to be fully controlled by the insurance industry through mergers and acquisitions, established in 2013 [1] Company Overview - Taiping Fund's equity business accounts for less than 9% of its total operations [1] - The company has experienced significant management turnover in recent years, with multiple changes in leadership roles since 2021 [1] Fund Performance - As of mid-2023, Taiping Fund's 19 bond funds have a total scale of approximately 45.2 billion, accounting for nearly 80% of the fund's total, with a quarter-on-quarter decline of nearly 14% and a year-on-year decline of 9.21% [2] - The two money market funds have a combined scale of 7.139 billion, with a quarter-on-quarter decline of 14.18% and a year-on-year decline of 12.95% [2] - The only FOF (Fund of Funds) has a scale of 230 million, showing a slight quarter-on-quarter growth of 7% but a year-on-year decrease of 13% [2]

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies such as leveraged carry becoming more prominent [1][2]. Group 1: Market Conditions - The bond market has experienced significant fluctuations this year, contrasting with last year's upward trend, leading to a negative holding experience for many investors [2]. - The rise in risk appetite, particularly since the second half of the year, has pressured the bond market, resulting in notable adjustments [2]. - Despite the challenges, the fundamental support for the bond market remains, with monetary policy still moderately accommodative [2]. Group 2: Investment Strategies - The leveraged carry strategy is gaining traction as the advantages become more apparent, particularly in the context of mid to short-term instruments [2]. - Long-term instruments, while lacking trend opportunities, still hold value for range trading, allowing investors to capitalize on current volatility [3]. Group 3: Fixed Income Enhancement Products - The demand for fixed income enhancement products is rising as traditional pure bond assets struggle to meet investors' needs for stable returns [4]. - Various innovative and diversified methods for enhancing returns are being explored, including commodities, quantitative strategies, and index tools [4]. - The company has developed a comprehensive fixed income enhancement investment system that includes strategies across different volatility levels, utilizing convertible bonds, stocks, and quantitative methods [4][5]. Group 4: Convertible Bonds - Convertible bonds have gained attention this year, despite their average prices and conversion premiums reaching recent highs, as their adjustments are primarily driven by structural divergences in the equity market [4]. - A new product managed by the company, focusing on a low-volatility fixed income enhancement strategy, is currently being issued, which combines fixed income with convertible bonds [5].

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies such as leveraged carry becoming more prominent [1][2]. Group 1: Market Conditions - The bond market has experienced significant fluctuations this year, contrasting with last year's upward trend, leading to a negative holding experience for many investors [2]. - The rise in risk appetite, driven by "anti-involution" policies, has resulted in a notable pullback in the bond market, although the fundamental support for bonds remains intact [2][4]. - The lack of trend opportunities in the bond market has increased investment difficulty, prompting a defensive investment approach focused on controlling drawdowns [2][3]. Group 2: Investment Strategies - Leveraged carry strategies are becoming increasingly advantageous as the negative carry issue for mid-to-short duration bonds is alleviated, providing stability in the absence of capital gains [2]. - Long-duration bonds, while lacking trend opportunities, still hold value for range trading, allowing investors to capitalize on current volatility [3]. - Fixed income enhancement products are gaining traction as they combine traditional bond assets with equities and convertible bonds to meet investor demand for stable returns [4]. Group 3: Product Development - The company has developed a comprehensive fixed income enhancement investment system that includes strategies across low, medium, and high volatility, utilizing various methods such as convertible bonds and quantitative approaches [4]. - A new product, managed by the investment director, is being launched that employs a low-volatility fixed income enhancement strategy, focusing on high-quality credit bonds and a small allocation to convertible bonds for yield enhancement [5].

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies involving stocks, convertible bonds, and quantitative methods being developed to create a comprehensive investment system [1][2]. Group 1: Market Conditions - The bond market has experienced significant adjustments this year, with a lack of trend-based opportunities and increased volatility impacting investor experiences [1][2]. - The rise in risk appetite has put pressure on the bond market, but the fundamental support for bonds remains, with monetary policy still moderately accommodative [2]. Group 2: Investment Strategies - The advantages of leveraged carry strategies are becoming more apparent, particularly as the negative carry issue for mid-to-short duration bonds has eased [2][3]. - The focus is shifting towards defensive strategies that control drawdowns, with an emphasis on capturing trading opportunities in a volatile environment [2][3]. Group 3: Convertible Bonds and Enhanced Products - There is a growing market for fixed income enhancement products that combine traditional bonds with equities and convertible bonds to meet investor demand for stable returns [3]. - The average price and conversion premium of convertible bonds have reached high levels, but current adjustments are seen as opportunities for allocation [3]. - A new product managed by the company, which combines fixed income with convertible bonds, is being launched, focusing on high-quality credit bonds while selectively engaging in long-duration bond trading [3].

Core Insights - The equity market has shown strength in the first three quarters of the year, with 53 public funds achieving a net value growth rate exceeding 100%, highlighting a focus on technology and innovative pharmaceuticals [1][2] Group 1: Fund Performance - Yongying Technology Smart Mixed Fund A achieved a remarkable net value growth rate of 194.49%, leading the market, followed by Huatai-PineBridge Hong Kong Advantage Selection Mixed Fund A at 161.10% and China Europe Digital Economy Mixed Fund A at 140.86% [1] - The Longview Pharmaceutical Industry Selection A Fund also performed well, with a net value growth rate of 102.02%, ranking 45th in the market [3] Group 2: Investment Strategies - Yongying Technology Smart Mixed Fund A employed a high industry concentration strategy, focusing on the global cloud computing sector, with a stock position of 91.59% as of the end of Q3 [2] - The top three holdings of Yongying Technology Smart Mixed Fund A include Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication, each with a market value exceeding 1 billion [2] Group 3: Fund Growth and Capital Inflows - The net asset value of Yongying Technology Smart Mixed Fund A surged from 1.166 billion to 11.521 billion, with shares increasing from 700 million to 3.466 billion [2] - Longview Pharmaceutical Industry Selection A Fund's size grew from 1.132 billion to 1.790 billion during the same period [3]

Core Viewpoint - Starting from October 24, 2025,招商基金管理有限公司 will add 民生证券 as a broker for on-site subscription and redemption of certain funds, enabling related business activities in the secondary market [1]. Group 1 - The agreement between 招商基金管理有限公司 and 民生证券 includes the provision for on-site subscription and redemption services for specific funds [1]. - Investors are advised to follow the relevant regulations of the sales institution for specific business types and procedures [2]. - Detailed information regarding the funds can be obtained by reading the fund contracts and prospectuses [2]. Group 2 - The announcement emphasizes the importance of understanding the risk-return characteristics of fund products before investing [2]. - Investors are encouraged to make independent decisions based on their risk tolerance, investment horizon, and objectives [2]. - The fund manager commits to managing and utilizing fund assets with honesty and diligence but does not guarantee profits or minimum returns [2].

一、公募REITs 基本信息 ■ 二、基础设施项目公司完成权属变更登记情况 中信建投沈阳国际软件园封闭式基础设施证券投资基金（以下简称"本基金"）的基金合同自2025年10月 20日起生效。截至本公告发布日，本基金已认购"中信建投沈阳国际软件园1期资产支持专项计划"（以 下简称"专项计划"）全部份额，专项计划管理人中信建投证券股份有限公司代表专项计划已取得沈阳庆 誉企业管理有限公司（以下简称"沈阳庆誉"）、沈阳仁泽企业管理有限公司（以下简称"沈阳仁泽"）与 沈阳鸿创企业管理有限公司（以下简称"沈阳鸿创"）（"沈阳庆誉""沈阳仁泽""沈阳鸿创"合称SPV公 司）全部股权，沈阳庆誉已取得沈阳国际软件园启元园区发展有限公司（项目公司）全部股权，沈阳仁 泽已取得沈阳国际软件园亨达园区发展有限公司（项目公司）全部股权，沈阳鸿创已取得沈阳国际软件 园永利园区发展有限公司（项目公司）全部股权，有关权属变更工商登记手续已完成。 本次权属变更登记完成后，本基金通过专项计划和SPV公司已合法拥有基础设施项目资产，待交割审计 完成后基金管理人将及时公告有关情况。 中信建投基金管理有限公司 2025年10月24日 特此公告。 ...

Group 1: Industry Overview - Public funds are becoming increasingly important institutional investors in the capital market, playing a significant role in deepening reforms and promoting high-quality economic development [2][3] - The public fund industry has surpassed 35 trillion yuan in scale and is at a critical juncture for reform and high-quality development [6][8] Group 2: Huaxia Fund - Huaxia Fund actively guides social capital towards technology industries, enhancing its investment research capabilities in the tech sector [3][4] - The fund has developed a diverse range of thematic funds and ETFs focused on new productive forces, including the "Innovation Frontier" series and "Industry Leader" series [3][4] - As of now, Huaxia Fund manages over 200 billion yuan in investments directed towards technology companies in the secondary market [4] Group 3: Industrial and Technological Focus - Huaxia Fund emphasizes the importance of directing social capital towards new productive forces and technology industries, creating a high-level circulation ecosystem between technology, capital, and the real economy [4][5] - The fund has established a dedicated research team to enhance its ability to identify high-tech companies with strong innovation capabilities and good market prospects [4][5] Group 4: ICBC Credit Suisse Fund - ICBC Credit Suisse Fund has become a leading institution in the industry, with its first product achieving a cumulative return of 855.07% since inception [6][7] - The fund has demonstrated strong performance in both equity and fixed income sectors, with its active equity products ranking first in excess returns over various time frames [6][7] Group 5: Investment Strategy and Performance - The fund has developed a comprehensive investment strategy that includes a wide range of products, from fixed income to equity and pension finance, with a focus on long-term, value-driven investments [6][8] - ICBC Credit Suisse Fund has a robust talent development system, with over 70% of its fund managers being internally trained [9][10] Group 6: Jiashi Fund - Jiashi Fund has focused on guiding social capital towards high-value sectors during the "14th Five-Year Plan" period, managing assets totaling 1.61 trillion yuan [11][12] - The fund has invested over 220 billion yuan in sectors such as technology, manufacturing, and new energy, emphasizing deep research-driven fundamental investment [12][13] Group 7: Product Development and Investor Education - Jiashi Fund has built a comprehensive product system that includes both active and passive investment options, catering to various risk preferences [13][14] - The fund is committed to investor education, helping investors understand the value of technology investments and manage their risk preferences [14] Group 8: Jianxin Fund - Jianxin Fund has established a diverse product system covering various asset types, focusing on empowering the development of new productive forces [15][16] - The fund has launched multiple technology-focused products and has invested in over 1,400 technology-related enterprises [15][16] Group 9: Social Responsibility and Sustainable Development - Jianxin Fund actively participates in social responsibility initiatives, including investments in rural revitalization and green projects [17][18] - The fund has developed a robust risk management system to safeguard client assets and ensure compliance [17][18] Group 10: Future Outlook - Jianxin Fund aims to continue enhancing its research capabilities and product offerings to meet the wealth management needs of residents and support the transformation of the real economy [19]

Core Insights - Increasing resident funds are flowing into low-volatility, rights-containing funds, indicating a shift from low-risk assets to more stable investment options [1][2] - The popularity of "fixed income +" funds has surged, with a 141% increase in subscription scale and a 70% rise in user holdings year-on-year as of October 15 [1][2] - The performance of the equity market, particularly the Shanghai Composite Index's 16% increase over the past year, has positively influenced the demand for "fixed income +" funds, which have averaged a 6.7% return [1][2] Fund Performance and Investor Behavior - The average maximum drawdown of "fixed income +" funds is 10.3 percentage points lower than that of equity funds, providing a better holding experience for conservative investors [2] - Investors are increasingly favoring "fixed income +" funds due to their consistent positive returns and the declining bank deposit rates, which make these funds more attractive [2] - The expectation of significant market volatility in 2025 is driving investors towards "fixed income +" funds for stable returns, complemented by some equity exposure [2] Market Trends and Regulatory Environment - The China Securities Regulatory Commission's action plan emphasizes the development of low-volatility, rights-containing products, leading to a 26% increase in the establishment of "fixed income +" funds this year [3] - If the A-share market remains active and the economic fundamentals improve, it is anticipated that more funds will flow into the market, enhancing the attractiveness of "fixed income +" products [3]