Core Viewpoint - The public fund issuance continues to show a warming trend, with a total of 145 public funds launched in November 2025, representing a 6.62% month-on-month increase from October's 136 funds [1]. Fund Issuance by Type - Equity funds dominate the issuance market in November, with 69 stock funds launched, accounting for 47.59% of the total. Among mixed funds, 31 equity-mixed funds were issued, making up 21.38%. Together, these two categories represent 68.97% of the total issuance for the month, indicating strong confidence in the equity market from both fund companies and investors [2][3]. - Passive index funds lead the stock fund category, with 49 issued in November, comprising 33.79% of the total fund issuance. Enhanced index funds accounted for 12.41% with 18 funds, while ordinary stock funds only had 2 issued, representing 1.38%. This structure suggests a preference for low-cost, high-transparency passive index products in the current market environment [3]. - Bond fund issuance saw a significant month-on-month increase, with 23 bond funds launched in November, up 64.29% from 14 in October. Mixed bond funds accounted for 65.22% of bond fund issuance, reflecting a continued focus on "fixed income plus" strategies to seek moderate equity-enhanced returns [3]. - FOF (Fund of Funds) products performed exceptionally well, with 17 launched in November, marking a new monthly high for 2025 and the highest in nearly 31 months. The FOF market has shown continuous expansion, with 76 new FOFs established in 2025, more than double last year's total, and issuance volume reaching 71.353 billion units, a four-year high [3]. Market Dynamics - The increase in bond fund issuance is driven by expectations of declining market interest rates and volatility in the equity market, which has created a demand for risk-averse investments. Regulatory guidance encouraging long-term capital to enter the market has also contributed to the rise in FOF fund issuance, which aligns with institutional needs for asset allocation and risk diversification [4]. - Despite fluctuations in the A-share market, there remains confidence in future market performance, supporting stable issuance of equity funds [5]. Issuance by Fund Companies - In November, 71 public fund institutions participated in the issuance, with 38 institutions each launching one product, while 33 institutions issued two or more products. Notably, GF Fund and E Fund each launched 9 public funds, primarily focusing on stock ETFs. Penghua Fund and China Europe Fund followed closely with 6 funds each, with the latter exclusively issuing mixed funds. Other notable issuers included Fortune Fund, Ping An Fund, and Tianhong Fund, each launching 5 funds [5].

10月份内，担纲整体增长"主力"的是货币基金，在收益率持续走低的背景下单月规模依旧上涨3855.36 亿元；此外QDII基金无论是净值还是规模均有显著增长；而在权益市场震荡的背景下，权益基金整体 规模有所下滑，债基因被多类机构减持，单月规模降幅超过1000亿元。 权益基金、债基规模略降 10月内，各大指数在达到阶段性高位后开始震荡，沪指单月上涨1.85%，深证成指跌约1.1%，在这一背 景下，权益型基金总体规模有所下滑。 据统计，截至10月底，股票基金总规模为5.93万亿元，与9月底相比减少289.24亿元；混合基金的总规模 为4.26万亿元，环比减少548.12亿元，二者降幅分别为0.49%和1.27%。 但从份额来看，股票型基金份额增加了656.85亿份，环比增加1.79%，而混合基金份额减少127.46亿 份，环比降0.44%。 受股债"跷跷板"等多重因素影响，近期债基表现持续不振，而10月份债基也有明显降幅。截至10月底， 债券基金总规模为7.10万亿元，与9月底相比下降1043.22亿元，环比降幅1.45%；债券基金总份额为5.63 万亿份，与9月底相比下降1338.91亿份，环比降幅2.32%。 ...

从市场表现看，截至收盘，跟踪恒生指数的相关ETF今日平均上涨0.41%，其中，涨幅居前的有华夏恒 生ETF（159920）、华夏沪港通恒生ETF（513660）等，今日分别上涨0.50%、0.47%。（数据宝） 恒生指数ETF12月1日成交额变动 统计显示，恒生指数ETF今日合计成交额8.60亿元，环比上一交易日增加2.31亿元，环比增幅为 36.64%。 具体来看，南方恒生指数ETF（513600）今日成交额2.31亿元，较上一交易日增加9229.27万元，环比增 幅为66.42%；华夏恒生ETF（159920）今日成交额4.72亿元，较上一交易日增加7697.16万元，环比增幅 为19.51%；华夏沪港通恒生ETF（513660）今日成交额1.39亿元，较上一交易日增加4869.72万元，环比 增幅为53.93%。 按成交金额环比增加看，鹏华恒生ETF（159271）、南方恒生指数ETF（513600）等今日成交额较上一 交易日分别增加319.12%、66.42%，增幅居前。 | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日增加 | 环比增幅 | | --- | --- | - ...

中国经济网北京12月1日讯近日，西部利得基金公告，西部利得鑫泓增强债券葛山、计旭。 葛山2012年8月至2014年4月任长江证券股份有限公司研究所研究员，2014年5月至2014年12月任光大证 券股份有限公司研究所研究员，2015年5月至2017年10月任长江证券(上海)资产管理有限公司基金经理 助理，2017年10月至2023年6月任东亚前海证券有限责任公司投资经理，2023年7月加入西部利得基金管 理有限公司，曾任高级销售经理、研究部总经理助理、基金经理，现任研究部副总经理、基金经理。 计旭2016年7月至2018年4月任中债资信评估有限责任公司信用分析师，2018年4月至2019年7月任华宝基 金管理有限公司信用风险分析师。2019年8月加入西部利得基金管理有限公司，曾任研究员、基金经理 助理，现任基金经理。 西部利得鑫泓增强债券A/C成立于2020年11月19日，截至2025年11月28日，其今年来收益率 为-1.17%、-1.58%，成立来收益率为3.51%、1.23%，累计净值为1.0351元、1.0123元。 | 基金名称 | 西部利得鑫泓增强债券型证券投资基金 | | --- | --- | ...

Core Viewpoint - The recent trend of financial institutions in China, such as Northeast Securities and China Aviation Fund, abolishing their supervisory boards reflects a significant shift in internal governance structures, driven by the new Company Law effective from July 2024, which allows for the audit committee to assume the supervisory board's responsibilities [1][2]. Group 1: Background and Context - Financial institutions established supervisory boards to prevent power abuse through financial and performance oversight, but issues such as lack of independence and professionalism have led to their marginalization [1]. - The new Company Law provides a legal basis for financial institutions to optimize governance structures by allowing the audit committee to take over the supervisory board's functions [1]. Group 2: Implications of the Change - The transition from supervisory boards to audit committees is expected to enhance governance efficiency by resolving overlapping supervisory functions, which previously led to unclear responsibilities and resource wastage [2]. - Audit committees, typically composed of independent directors with financial and risk management backgrounds, are seen as more capable of providing effective oversight compared to the often internally dominated supervisory boards [2]. - The integration of the audit committee within the board of directors allows for earlier involvement in major decision-making processes, thereby strengthening risk control from the outset [2]. Group 3: Challenges Ahead - While the audit committee is positioned to enhance internal governance, it faces the challenge of ensuring accountability not only to the management but also to the board of directors, which is crucial for effective oversight [2].

Core Insights - The new fund issuance market in the first 11 months of the year has shown significant growth in quantity, with over 1,375 new funds launched, a year-on-year increase of nearly 35%, while the total fundraising amount reached over 1.06 trillion yuan, slightly up from the previous year [1][2] - Equity funds have surged, surpassing bond funds in fundraising scale, accounting for over half of the total issuance [1][2] Fund Issuance Overview - As of November 28, 2023, a total of 1,376 new funds were established, with total issuance reaching 1,062.46 billion units, marking a 34.38% increase in the number of funds and a 2.72% increase in fundraising compared to the same period last year [2] - Equity funds (including stock and mixed funds) and bond funds have been the main drivers of issuance, with 768 stock funds raising 390.04 billion units (36.71%) and 257 mixed funds raising 147.07 billion units (13.84%), together accounting for 50.55% of the total [2] - The structure of new fund issuance has shifted significantly compared to last year, with equity funds now making up over half of the total, a substantial increase from 21.47% for stock funds and 5.92% for mixed funds last year [2] November Fund Issuance - In November, 136 new funds were established, with a total issuance of 94.57 billion units, indicating a steady pace despite market fluctuations [4] - Equity funds continued to dominate, raising 54.67 billion units (57.81%), while bond funds raised 21.67 billion units, marking a new low for the year [4] - FOF products maintained strong performance, with 11 new products raising a total of 16.98 billion units, following a record high in October [4] Popular Products - Among individual products, stable funds attracted significant interest, with the top 10 largest issuances being FOF or bond funds [3] - Notable fund issuances included the E Fund Industry Preferred with 3.16 billion units, and the Fuguo Xinghe and Penghua Qihang Quantitative Stock with 3 billion and 2.98 billion units respectively, all completed within a single day [5] - In the FOF category, E Fund Ruiyi Ying'an raised over 5.8 billion units, with several other products exceeding 1.3 billion units [6]

Core Insights - The issuance of Fund of Funds (FOF) has rebounded in 2023, with new establishment scale surpassing 73.55 billion yuan, marking the second-highest annual total since the first public FOF was established in 2017 [1][2] - The total issuance scale of FOF in 2023 is the highest in the last three years, with a gap of less than 35 billion yuan from the historical peak of 108.36 billion yuan in 2021 [1][2] FOF Fund Issuance Overview - As of November 28, 2023, 69 new FOF funds have been established, with a total issuance scale of 73.55 billion yuan, averaging 10.66 million units per fund [2][4] - In comparison, the average issuance scale of new FOFs in 2021 was 12.46 million units, indicating a significant recovery in 2023 [2][4] Performance and Market Dynamics - The performance of existing FOFs has been a driving factor for the rebound in issuance, with 460 established FOFs achieving an average return of 19.06% year-to-date, outperforming the CSI 300 index, which returned 15.04% [3][6] - Notable new FOFs established in late November include several with significant fundraising, such as the Tianhong Yingyue Stable Allocation Fund, which shortened its fundraising period and raised 1.133 billion yuan [3][4] Major Fund Managers - The top fund managers by new FOF issuance include: - Fuguo Fund with 3 new FOFs totaling 8.208 billion yuan - Dongfanghong Asset Management with 2 new FOFs totaling 7.882 billion yuan - Ping An Fund and E Fund, each exceeding 6 billion yuan in new FOF issuance [5][6] - The "TREE Long-term Plan" by China Merchants Bank has significantly supported the issuance of large-scale FOFs, with many top-performing funds being part of this initiative [6] Long-term Performance Trends - Over the past three years, 273 FOFs have achieved positive returns, a significant increase from only 28 at the end of the previous year [7] - However, 23 FOFs still reported losses over the same period, indicating a mixed performance landscape [7]

11月27日，中欧基金国际率先发布消息，以公司名义向本次受火灾影响社群捐赠10万港元，助力解决其 当下生活燃眉之急。本次捐赠的善款将全数用于受灾民众的实际帮扶（不扣除任何行政费用），具体包 括为灾民提供现金援助或实物支援，包括购买应急用品、药物及搬迁到过渡性房屋等开支。与此同时， 中欧基金国际员工亦自发以个人名义自愿参与捐款，以点滴爱心凝聚帮扶力量。 11月28日，多家基金公司陆续跟进捐赠。华夏基金表示，公司及华夏基金（香港）员工共同捐赠200万 元人民币，专项支援受灾群众的应急生活所需及社区灾后重建；南方基金联合南方基金慈善基金会通过 相关渠道捐赠300万港元，助力香港大埔的应急救灾及灾后重建工作；易方达资产管理（香港）有限公 司联合易方达公益基金会同步启动500万港元紧急捐赠，为火灾救援及灾后重建注入力量。 此外，大成基金联合香港子公司大成国际、大成慈善基金会，启动200万港元紧急捐赠，与受灾同胞共 渡难关；永赢基金及永赢基金香港子公司决定捐赠200万港元，专项用于火灾救援及灾后救助工作；汇 添富基金及汇添富香港公司捐赠300万港元，助力火灾救援与灾后重建；睿远基金（香港）有限公司捐 赠100万港元，覆盖 ...

Core Insights - As of October 2025, the total net asset value of public funds in China reached 36.96 trillion yuan, marking a historical high for the seventh consecutive month [1][2] - The number of public fund management institutions in China stands at 165, including 150 fund management companies and 15 asset management institutions with public qualifications [1][2] Fund Performance - The total number of public funds is 13,381, with a total share of 313.80 billion units, reflecting a month-on-month increase of 1.08% in shares and a 0.59% increase in total scale [2][3] - Year-to-date, the public fund scale has increased by 4.13 trillion yuan, representing a growth rate of over 12% compared to the end of last year [2] Fund Categories - Different fund categories show varying investor preferences, with stock, QDII, and money market funds experiencing growth in shares, while bond, mixed, and closed-end funds faced net redemptions [3] - Money market funds saw a significant inflow of funds post-quarter-end, with an increase of 385.54 billion yuan, reflecting a month-on-month growth of 2.63% [3] - QDII funds also gained popularity, with shares reaching 736.73 billion units, a month-on-month increase of 7.09%, and a scale of 939 billion yuan, up 3.12% [3]

NEWARK, N.J.--(BUSINESS WIRE)--PGIM High Yield Bond Fund, Inc, PGIM Global High Yield Fund, Inc. and PGIM Short Duration High Yield Opportunities Fund declared monthly distribution. ...