港股通央企红利ETF南方（520660）业绩比较基准为中证国新港股通央企红利指数(人民币中间价)收益 率，管理人为南方基金管理股份有限公司，基金经理为罗文杰、潘水洋，成立（2024-06-26）以来回报 为7.02%，近一个月回报为3.17%。 来源：新浪基金∞工作室 10月22日，港股通央企红利ETF南方（520660）跌0.10%，成交额3781.48万元。当日份额增加800.00万 份，最新份额为24.00亿份，近20个交易日份额增加4.53亿份。最新资产净值计算值为25.00亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Core Insights - The essence of investment lies in managing risks, with excess returns being a reward for correctly assuming risks [1][2] Group 1: Market Awareness - Investors must maintain humility and respect for the market's unpredictability, which involves abandoning the fantasy of precise predictions and shifting to a responsive approach [1] - The bond market faces significant risks, particularly credit and interest rate risks, necessitating the use of safety margins and strict exit conditions to enhance risk control [2] Group 2: Discipline in Investment - Discipline is crucial in the battle against greed and fear, serving as a protective mechanism to avoid catastrophic losses and gradually realize compound returns [1][3] - Investment strategies should focus on maintaining a stable risk-return profile through active duration management and early detection of credit risks [3] Group 3: Patience and Adaptability - Patience is essential in navigating market volatility, as investors must be prepared to adapt to changing rules while maintaining a long-term investment style [2][4] - The long-term stability of investment styles will be rewarded by the market, as evidenced by the performance of long-duration bond index funds after enduring periods of low interest [2][4]

Market Overview - The market experienced fluctuations in the early session, with the CSI A500 index declining by 0.72% [1] - The coal sector showed resilience, while local stocks in Shenzhen collectively rose, and the media sector was active [1] - Conversely, the computing hardware sector faced a collective downturn, with CPO concept stocks leading the decline [1] ETF Performance - As of the morning close, ETFs tracking the CSI A500 index saw slight declines, with 12 related ETFs recording transaction volumes exceeding 100 million yuan, and 3 surpassing 2.7 billion yuan [1] - Specific transaction amounts for major ETFs included: A500 ETF Fund at 3.842 billion yuan, CSI A500 ETF at 2.941 billion yuan, and A500 ETF Huatai-PB at 2.782 billion yuan [2] Market Sentiment and Outlook - Institutions suggest that the index may continue to exhibit a fluctuating pattern in the short term, advocating for cautious positioning and appropriate control of holdings until clear improvement signals emerge [1] - In the medium term, factors such as sustained global technology investment enthusiasm, "anti-involution" policies, and increased household savings entering the market support the foundation of a slow bull market, indicating potential for continued strength in the A-share market in the fourth quarter [1]

Group 1 - The market is experiencing fluctuations due to a combination of cautious sentiment and external news, leading to a shift of funds from the technology sector to defensive sectors like banking and coal [1] - Looking ahead to Q4, significant events such as important meetings and the "14th Five-Year Plan" are expected to influence market trends, with a forecast of a stepwise upward movement in indices [1] - There is a potential for a style switch in November, with large-cap growth stocks possibly shifting towards small-cap or value stocks, depending on market consensus regarding the "14th Five-Year Plan" [1] Group 2 - If the market returns to a small-cap theme, there is an optimistic outlook for sectors such as commercial aerospace and satellites [1]

同时，南方基金在ETF业务全链条持续锤炼核心能力，在研究开发、投资运作、系统支持、风险管理、产品销售等领域积淀深厚经验：依托自主研发的"智能化ETF 投资管理系统"，截至2024年底南方基金旗下被动指数基金近三年规模加权跟踪误差仅0.38%，位列全行业第一；作为业内最早应用做市商制度的基金公司之一，南 方基金已形成完备的做市商量化考核机制，与多家业内知名的做市商机构开展深度合作，百亿资金便利进出。此外，南方基金还同步提供衍生品工具支持（如股指 期货、ETF期权策略适配）与指数策略编制研究，为合作券商及投资者提供全场景服务支撑。 强化联动，携手提升投资者获得感 ▲南方基金副总经理 侯利鹏 关于后续公募基金与券商在财富管理业务上的合作计划，南方基金侯利鹏强调未来将提供更精准的产品支持、共享更专业的投顾资源、搭建更高效的合作平台。 南方基金副总经理侯利鹏日前在2025中国证券业财富经纪论坛上表示，财富管理市场正处在"从规模扩张向质量深耕"的转型关键期，以ETF为代表的长期资金正 为股票市场持续注入活水，南方基金未来将通过提供更精准的产品支持、共享更专业的投顾资源、搭建更高效的合作平台，进一步强化与券商伙伴的联动，携 ...

Core Viewpoint - The credit bond ETF (511200) has shown significant growth in both liquidity and scale, indicating strong market performance and investor interest [1][4]. Group 1: Performance Metrics - As of October 23, 2025, the credit bond ETF has increased by 0.05%, marking a three-day consecutive rise, with the latest price at 100.59 yuan [1]. - The fund's average daily trading volume over the past week is 9.549 billion yuan, ranking first among comparable funds [1]. - In the last six months, the fund's shares have increased by 16 million, and its scale has grown by 16.202 billion yuan, demonstrating substantial growth [1]. Group 2: Profitability - Since its inception, the credit bond ETF has experienced a maximum consecutive monthly increase of five months, with a maximum increase of 1.62% [1]. - The fund has a weekly profit percentage of 66.67%, and the historical probability of profit over a six-month holding period is 100% [1]. - Over the past three months, the fund has outperformed its benchmark with an annualized return of 0.06%, ranking first among comparable funds [1]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]. - As of October 22, 2025, the fund's tracking error over the past two months is 0.005%, indicating the highest tracking accuracy among comparable funds [4]. Group 4: Investment Strategy and Composition - The credit bond ETF primarily selects underlying bonds that are AAA-rated and have large issuance scales, with the majority being from high-quality central and state-owned enterprises [4]. - Currently, the fund consists of 338 underlying bonds with maturities ranging from 0 to 30 years, covering various durations and reflecting a characteristic of medium to short-duration credit bonds [4]. - Analysts recommend maintaining moderate participation in credit bond investments, focusing on medium to short durations while also including highly liquid long-duration bonds to avoid excessive chasing of price increases [4].

Core Insights - The 30-year government bond ETF from Bosera has seen a slight increase of 0.04%, marking a three-day consecutive rise, with the latest price at 107.24 yuan [3] - The ETF has accumulated a weekly increase of 1.31% as of October 22, 2025 [3] - The recent issuance of a government bond with a planned issuance of 55 billion yuan was fully subscribed, with an annual yield of 1.35% [3] Market Overview - As of the end of September 2025, foreign institutions held 3.78 trillion yuan in the interbank bond market, accounting for 2.2% of the total custody amount [4] - Among the bonds held by foreign institutions, 2.00 trillion yuan were government bonds, representing 52.9% of their holdings [4] - The market has seen the entry of 11 new foreign institutional entities into the interbank bond market in September [4] Economic Context - The uncertainty in geopolitical situations has eased, leading to a reduction in risk-averse sentiment [4] - There are ongoing concerns regarding insufficient domestic demand, necessitating a supportive monetary environment to stabilize demand [4] - The pressure to achieve economic growth targets for 2025 is relatively low, indicating strong resilience in the macro economy [4] ETF Performance - The latest scale of the Bosera 30-year government bond ETF reached 17.509 billion yuan [4] - The ETF closely tracks the Shanghai Stock Exchange's 30-year government bond index, reflecting the overall performance of corresponding maturity government bonds [5]

Core Viewpoint - Shannon Chip Innovation experienced a decline of 5.09% in stock price, closing at 102.23 CNY per share, with a trading volume of 2.621 billion CNY and a turnover rate of 5.56%, resulting in a total market capitalization of 47.412 billion CNY [1] Company Overview - Shannon Chip Innovation Technology Co., Ltd. is located at 166 Haide 3rd Road, Aerospace Science and Technology Plaza, Nanshan District, Shenzhen, and was established on September 16, 1998, with its listing date on June 10, 2015 [1] - The company's main business involves the distribution of electronic components, with revenue composition as follows: 97.03% from electronic component distribution, 1.93% from electronic component manufacturing, 0.93% from reducer business, and 0.11% from other supplementary activities [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Bosera Asset Management holds Shannon Chip Innovation as a significant investment. The Bosera CSI 1000 Enhanced ETF (561780) held 3,100 shares in the second quarter, accounting for 0.85% of the fund's net asset value, ranking as the fifth-largest holding [2] - The Bosera CSI 1000 Enhanced ETF (561780) was established on November 2, 2023, with a latest scale of 13.0547 million CNY. Year-to-date returns stand at 36.71%, ranking 1132 out of 4218 in its category; the one-year return is 40.9%, ranking 796 out of 3875; and since inception, the return is 42.7% [2] - The fund manager, Yang Zhenjian, has been in the position for 6 years and 327 days, managing total assets of 17.222 billion CNY, with the best fund return during his tenure being 67.64% and the worst being 2.11% [2]

Core Insights - The conference highlighted the importance of private equity funds in supporting China's modernization efforts and emphasized the role of government investment funds in leading and supporting this development [1][2] - The release of the "Shaanxi Fund Yearbook (2025)" provides a comprehensive overview of the past year's developments in the national and Shaanxi fund industry, serving as a crucial reference for understanding regional trends [2] - The establishment of the "Government Investment Fund Professional Committee" marks a new phase in organized research and collaboration in the government investment fund sector in Shaanxi, aiming to enhance efficiency and policy formulation [3] Group 1 - The conference underscored the need for compliance in the private equity industry, emphasizing risk management and adherence to core business principles [1] - The Shaanxi Securities Investment Fund Association has launched a "mediation studio" to improve dispute resolution mechanisms and protect investors' rights [2] - The committee will act as a think tank for policy development and a source of innovation in business practices, contributing to the construction of Shaanxi's modern industrial system [3]

10月23日，高新发展跌5.07%，截至发稿，报49.78元/股，成交4.81亿元，换手率4.97%，总市值175.36 亿元。 从高新发展十大流通股东角度 数据显示，南方基金旗下1只基金位居高新发展十大流通股东。南方中证1000ETF（512100）二季度增 持31.28万股，持有股数163.31万股，占流通股的比例为0.85%。根据测算，今日浮亏损失约434.4万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益24.16%，同 类排名2079/4218；近一年收益25.59%，同类排名1692/3875；成立以来收益9.88%。 截至发稿，崔蕾累计任职时间6年352天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 167.96%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，成都高新发展股份有限公司位于四川省成都高新区九兴大道8号，成立日期19 ...