Group 1 - The report highlights that the equity market continued its upward trend in September 2025, although the growth rate was lower than in August, with a notable structural market characterized by strong performance in technology growth sectors [3][11] - In the bond market, September saw continued fluctuations, with a stronger equity market putting pressure on bond prices. The report notes that the bond market experienced volatility due to various factors, including changes in government policy and market sentiment [12][26] - The report emphasizes the importance of multi-dimensional asset allocation strategies to navigate market style shifts, suggesting that cyclical sectors may benefit from supportive economic policies, while funds may flow to other technology innovation areas if growth in AI-related sectors slows down [4][18] Group 2 - The report provides insights into the performance of various fund indices, indicating that active equity funds showed significant returns, with the Wande Active Equity Fund Index rising by 6.67% in September [13][14] - The report outlines the construction of preferred indices for active equity funds, focusing on sectors with high short-term prosperity and emphasizing the need for a balanced approach to fund selection based on performance and stability [21][22] - The report discusses the outlook for bond funds, suggesting that the bond market is likely to continue its oscillation, with adjustments made to the composition of bond fund indices to enhance returns through strategic selection of credit bonds [5][26]

Core Viewpoint - The implementation plan aims to accelerate the construction of a technology finance system in Beijing, targeting over 1 trillion yuan in new fund establishment by the end of 2027 to support high-level technological self-reliance and strength [1][3]. Group 1: Key Measures - The plan emphasizes the role of venture capital in supporting technological innovation, with five key measures including attracting national-level funds to Beijing and promoting the expansion of equity investment by long-term capital [1][3]. - The introduction of a mechanism for evaluating the entire lifecycle of funds and a due diligence exemption system is aimed at addressing industry pain points [4][5]. Group 2: Fund Development - Beijing has over 50 mother funds, showcasing a significant agglomeration effect in the venture capital industry, with district-level mother funds actively soliciting sub-funds [4][5]. - The Shunyi District government has launched a new equity investment guidance fund with a target scale of 1 billion yuan, indicating ongoing efforts to enhance the fund system at the district level [5]. Group 3: Investment Trends - The Beijing municipal government has established eight industry funds with a total scale of 100 billion yuan each, focusing on sectors such as robotics, artificial intelligence, and healthcare [6][7]. - The Beijing government investment guidance fund has increased its capital from 10 billion yuan to 25 billion yuan, reflecting a 150% growth and a shift towards private equity fund management [7][8]. Group 4: Future Outlook - The combined efforts at the municipal and district levels are expected to lead to a new wave of investment in Beijing, fostering innovation and early-stage investments in technology [8].

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to promote the development of technology finance and industrialization, leveraging government resources to guide social capital towards innovative enterprises and the real economy [1][29]. - The Mother Fund Branch consists of 85 participating institutions and provides weekly updates on relevant news [1]. Group 2 - The Central New Venture Capital Fund is publicly selecting sub-fund management institutions to enhance innovation capital investment, focusing on early-stage, small-scale, and long-term investments in hard technology [4][5]. - The selection process for sub-fund management institutions is ongoing without a set deadline, following a "mature one, invest in one" principle [5]. Group 3 - The Central New Venture Capital Fund aims to support the development of new productive forces and achieve high-level technological self-reliance through its investment strategy [4][5]. - The Zhengzhou Central Technology City Seed Fund is a policy-oriented fund that supports the transformation of scientific and technological achievements and the development of innovative enterprises [3]. Group 4 - The Guangzhou Development Zone Fund Group successfully held the second phase of the "I Want to Promote Projects" event, focusing on the energy storage sector [15][17]. - The event featured a simulation roadshow that highlighted innovative companies in the household energy storage field, showcasing their market potential and brand influence [17][18]. Group 5 - The Yellow Sea Bi-Cheng Ecological Partners Promotion Conference was held in Yancheng, discussing new paths for comprehensive energy development with industry experts and government representatives [21][22]. - The conference included strategic partnership signings with 16 quality enterprises in the energy sector, aiming to enhance collaboration and drive high-quality market development [22]. Group 6 - The Nanjing Key Industry Project Roadshow focused on artificial intelligence and software, gathering investment institutions and enterprises to discuss innovation applications and investment prospects [25][26]. - Nanjing is positioned as a national pilot zone for AI innovation applications, with a strong competitive market and high-quality enterprise development [26][27].

Market Overview - During the National Day holiday, the sentiment in the precious metals market continued to rise, driven by concerns over US-China trade disputes and risks in US regional banks, which boosted safe-haven demand [1][2] - In the week from October 13 to October 17, international gold prices surged, approaching $4400, while the RMB gold price reached a historical high of 1000 yuan per gram, marking a weekly increase of over 5%, the strongest performance since May [1][2] US Government Shutdown - The US government shutdown has reached its third-longest duration in history, with no signs of reconciliation between the two parties, indicating limited willingness from the Trump administration to reach a short-term agreement with the Democrats [1][2] Regional Bank Issues - Recent loan fraud incidents at US regional banks have raised concerns reminiscent of the systemic risks posed by the 2023 SVB crisis, although the affected banks are smaller and the current situation appears to be more of an isolated credit loss rather than a systemic issue [2][3] - The liquidity position of the involved regional banks is healthier compared to SVB during its crisis, suggesting that the current events may not lead to sustained financial turmoil, but the impact of the government shutdown on liquidity needs further observation [2][3] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated that some liquidity indicators are tightening, and the Fed may halt balance sheet reduction in the coming months, providing marginal support to market liquidity [2][3] Investment Opportunities - The BoShi Gold ETF and its linked funds track the performance of gold prices in the Shanghai Gold Exchange, offering investors a new avenue for gold investment with a minimum purchase starting at 1 yuan [3]

Group 1: Market Overview - The bond market is neutral, with future opportunities arising from monetary policy easing; A-shares are likely to experience significant fluctuations, similar to Hong Kong stocks, which need to guard against overseas shocks [1] - Recent developments in the U.S. include ongoing trade tensions and risks from private credit and regional banks, leading to a tightening of dollar liquidity and a rise in VIX, while the 10Y U.S. Treasury yield briefly fell below 4% [1] - In China, the growth rate of social financing slightly slowed in September, with government bond net issuance decreasing year-on-year; however, M2 growth remains stable and M1 growth is accelerating [1] Group 2: A-shares Analysis - A-shares have shifted from TACO trading to defensive trading due to external disturbances and internal structural imbalance risks; the upcoming U.S.-China negotiations may reduce external uncertainties [2] - The market indicators are currently in a state of stagnation, suggesting that structural risks have not been fully released, necessitating close monitoring of changes in incremental capital, especially high-risk preference funds [2] - The market is expected to stabilize over time, with a focus on the "14th Five-Year Plan" and Q3 reports as key trading directions [2] Group 3: Hong Kong Stocks - There is a need to guard against the transmission of high volatility in tariffs and overseas shocks affecting Hong Kong stocks in the short term [3] Group 4: Commodity Insights - In the oil market, demand remains weak, supply continues to be released, and inventory accumulation is putting pressure on prices [4] - The medium to long-term trend for gold is positive, although short-term threats from tariffs and the U.S. government shutdown may drive gold prices higher [4]

Core Viewpoint - Ping An Fund announced the appointment of Ma Haoran as a new fund manager for several ETFs, indicating a strategic move to enhance management expertise in key sectors such as automotive parts, photovoltaic, new energy vehicles, and new materials [1][2]. Fund Performance Summary - **Ping An CSI Automotive Parts Theme ETF**: Established on April 29, 2024, with a year-to-date return of 29.60% and a cumulative net value of 1.3657 yuan as of October 20, 2025. The total return since inception is 36.57% [1]. - **Ping An CSI Photovoltaic Industry ETF**: Established on February 9, 2021, with a year-to-date return of 19.99% and a cumulative net value of 0.7508 yuan. The total return since inception is -24.92% [1]. - **Ping An CSI New Energy Vehicle Industry ETF**: Established on December 31, 2019, with a year-to-date return of 47.49% and a cumulative net value of 2.3327 yuan. The total return since inception is 133.20% [1]. - **Ping An CSI New Materials Theme ETF**: Established on July 9, 2021, with a year-to-date return of 28.88% and a cumulative net value of 0.6586 yuan. The total return since inception is -34.15% [2]. - **Ping An CSI New Energy Vehicle ETF Initiated Link A/C**: Established on June 29, 2021, with year-to-date returns of 45.49% and 45.00%, and total returns since inception of -17.16% and -18.58%, with cumulative net values of 0.8284 yuan and 0.8142 yuan respectively [2]. - **Ping An CSI Automotive Parts Theme ETF Initiated Link A/C**: Established on March 4, 2025, with total returns since inception of 12.85%, 12.64%, and 23.87% [2]. Fund Manager Appointment Details - Ma Haoran has been appointed as the new fund manager for multiple ETFs, including the Ping An CSI Automotive Parts Theme ETF, Ping An CSI Photovoltaic Industry ETF, Ping An CSI New Energy Vehicle Industry ETF, and Ping An CSI New Materials Theme ETF [3][4][5]. - The appointment is part of a broader strategy to enhance fund management capabilities within Ping An Fund Management Co., Ltd. [3][4][5].

中国经济网北京10月21日讯 今日，鹏扬基金公告，鹏扬数字经济先锋混合增聘章宏帆。 （责任编辑：康博） 章宏帆曾任浙商财产保险股份有限公司资产管理部研究员，敦和资产管理有限公司股票投资部研究 员。现就职于鹏扬基金管理有限公司权益研究部。 鹏扬数字经济先锋混合A/C成立于2021年9月7日，截至2025年10月20日，其今年来收益率为 46.24%、45.29%，成立来收益率为-6.32%、-9.38%，累计净值为0.9368元、0.9062元。 | 基金名称 | 鹏扬数字经济先锋混合型证券投资基金 | | --- | --- | | 基金简称 | 鹏扬数字经济先锋混合 | | 基金主代码 | 012456 | | 基金管理人名称 | 鹏扬基金管理有限公司 | | 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》、《鹏扬数字经济先 | | | 径混合型证券投资基金基金合同》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 重宏帆 | | 其同管理本基金的其他基金经理姓名 | 张勋 | ...

平安双盈添益债券A/C成立于2022年12月5日，平安双盈添益债券E成立于2024年8月28日，截至 2025年10月20日，其今年来收益率为0.22%、-0.10%、-0.02%，成立来收益率为9.18%、7.92%、 0.82%，累计净值为1.0918元、1.0792元、1.0879元。 中国经济网北京10月21日讯 今日，平安基金公告，平安可转债、平安双盈添益债券增聘江正清。 江正清曾任宝盈基金管理有限公司固收研究员。2021年3月加入平安基金管理有限公司，现担任平 安可转债债券型证券投资基金、平安双盈添益债券型证券投资基金基金经理。 平安可转债A/C成立于2019年8月7日，截至2025年10月20日，其今年来收益率为14.75%、14.37%， 成立来收益率为25.78%、22.71%，累计净值为1.2578元、1.2271元。 | 基金名称 | 平安可转债债券型证券投资基金 | | --- | --- | | 基金简称 | 平安可转债 | | 基金主代码 | 007032 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开赛集证券投资基金信息按露管理办法》 | | 基金 ...

泰信中证A500指数增强A/C成立于2025年9月23日。 | 基金名称 | 泰信中证 A500 指数增强型证券投资基金 | | --- | --- | | 基金简称 | 泰信中证 A500 指数增强 | | 基金主代码 | 023981 | | 基金管理人名称 | 泰信基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 张海涛 | | 共同管理本基金的其他经 | 陈颖 | | 理姓名 | | 中国经济网北京10月21日讯今日，泰信基金公告，泰信中证A500指数增强增聘张海涛。 张海涛曾任华夏基金管理有限公司资产配置部研究员，北京源峰私募基金管理合伙企业(有限合伙)研究 部研究员。2024年9月加入泰信基金管理有限公司，曾任基金经理助理兼研究员，2025年1月起任基金经 理。 ...

据Wind数据，现金流ETF（159399）实时盘中净流入1600万份，连续5日净流入超1.1亿元，资金抢筹现 金流资产。 相关机构表示，展望未来，短期在三季报密集期与外部不确定性未退潮前，红利风格性价比凸显。长期 看，当前新"国九条"、市值管理等政策鼓励上市公司分红。对于央企来说，健全分红政策，稳定分红预 期，既有助于增加投资者回报；又有助于央国企获得价值认同、估值修复，是市值管理的有效路径，也 符合"中特估"重塑价值的要求。新"国九条"指引叠加无风险收益率下行，红利类资产显现出较高的配置 价值。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流 ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，自上市以来已经连续分红8个月，感兴趣的投资者或可 持续关注。 （文章来源：每日经济新闻） ...