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） ...

Core Insights - The China Gold ETF (518850) has shown a significant increase of 1.94% as of October 21, 2025, with a recent price of 9.51 yuan, and a cumulative rise of 4.67% over the past week [3][4] Performance Metrics - The China Gold ETF has achieved a net value increase of 57.46% over the past year, ranking first among comparable funds and second among 50 precious metal funds [4] - The highest monthly return since inception was 11.49%, with the longest consecutive monthly gains lasting 6 months and a maximum increase of 16.34% [4] - The fund has a historical average monthly return of 3.32% and a yearly profit percentage of 75.00%, with a monthly profit probability of 62.93% [4] - The probability of profit over a 3-year holding period is 99.51% [4] Risk and Return Analysis - As of October 20, 2025, the Sharpe ratio for the China Gold ETF is 2.95, ranking first among comparable funds, indicating the highest return for the same level of risk [4] - The relative drawdown this year is 0.26%, which is lower than that of comparable funds, with a recovery time of 117 days, the fastest among peers [4] Fee Structure - The management fee for the China Gold ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [4] Tracking Accuracy - The tracking error for the past month is 0.003%, indicating the highest tracking precision among comparable funds [4]

科创成势，奔涌向前。在这波澜壮阔的时代图景中，科技金融与科创投教恰如睿智的"活水"，精准灌溉着科技强国的根 系，为其注入蓬勃生机。10月15日，上海证券报、鹏华基金"一司一省一高校"走进中国科学技术大学暨2025"上证杯"宣讲 会在国际金融研究院圆满举行。活动现场同步举行了"科创中国・营造学社"揭牌仪式。 科创成势，奔涌向前。在这波澜壮阔的时代图景中，科技金融与科创投教恰如睿智的"活水"，精准灌溉着科技强国的根 系，为其注入蓬勃生机。10月15日，上海证券报、鹏华基金"一司一省一高校"走进中国科学技术大学暨2025"上证杯"宣讲 会在国际金融研究院圆满举行。活动现场同步举行了"科创中国・营造学社"揭牌仪式。 积极推动科创教育进校园，不仅是培育具备创新精神与实践能力高素质人才的核心路径，更是助力国家实现科技自立自 强、增强国际竞争力的重要战略举措。在此背景下上证报与鹏华基金双方联合开展 "科创教育进高校" 投教活动，既能深化 高校投教活动，又能充分展示资本市场在推动企业创新发展、助力实体经济转型升级中的重要成果。本次"科创教育进高 校"投教活动以"产教融合・科创赋能"为主题，旨在搭建高校师生与资本市场、科创企业 ...

Core Insights - The public fund industry has seen a record high of 242 fund manager departures in the first eight months of 2025, indicating significant changes in talent dynamics within the industry [2] - Fund companies, such as Harvest Fund, are actively adjusting their management structures, promoting mid-generation managers to lead products previously co-managed with senior managers, reflecting a focus on sustainable talent development and value creation [2][3] Talent Development - The transition of fund managers is not merely a handover but involves the transmission and iteration of investment culture, methodologies, and discipline within the organization [3] - Harvest Fund has established a talent hierarchy that includes senior, mid-generation, and new fund managers, fostering a collaborative environment that enhances research capabilities and cultural continuity [3][4] - The dual-track talent cultivation model at Harvest Fund, which includes both external recruitment and internal training, is crucial for maintaining long-term competitiveness [3][5] Performance Metrics - As of September 30, 2025, 39 actively managed equity products from Harvest Fund have achieved over 40% performance growth in the past year, with 26 products exceeding 40% growth over the past three years [4] - Specific funds managed by Harvest Fund have shown remarkable performance, such as the "Jia Shi Mutual Selection Stock" with a net value growth rate of 145.77% over three years, ranking second in the market [4][5] Team Stability - Harvest Fund's research team consists of over 300 members, with more than 100 fund managers, showcasing a stable and vibrant talent ecosystem [5] - The average tenure of the investment team is 12 years, with an average company tenure of 7 years, indicating a solid foundation for sustained performance [5][6] Industry Perspective - The public fund industry views the "passing on of knowledge" as a long-term strategic investment in talent, with both co-managed and independently managed products serving as vehicles for systematic research and development [5][6] - The maturity of the talent ecosystem is characterized by the ability to maintain core competencies amidst personnel changes, which is essential for competitive advantage in a complex market [6]

【摘要】：资产管理行业近年来蓬勃发展，基金公司通过专业化投资为委托人实现资产增值与保值。但 随着基金管理人增多，行业面临着愈演愈烈的竞争。基金管理人根据能力圈布局并完善具有公司特点的 产品线或成为基金管理人脱颖而出的重要路径。基金专户业务作为基金公司的重要业务板块，业务特征 与公募基金存在显著差异，作为面向高净值客群的特定客户资产管理业务，基金专户产品重要的属性应 是关注回撤，控制波动，致力于每年提供相对稳健的收益。通过对基金专户产品建立明确的定位管理体 系，可以使得专户产品按照其既定的投资目标来管理运作，符合产品投资人的整体风险偏好，保障专户 产品全周期的稳健运作，给投资人提供良好的投资体验。所以，基金管理人对追求收益和控制回撤应均 予以侧重，目前业绩报酬的计提机制在追求收益方面激励较大，需要补充控制回撤的能力予以制衡。在 充分了解客户诉求的基础上，确定不同产品追求的细分投资目标和需要控制的回撤风险，给予不同产品 清晰的定位，后续投资和管理均按照此定位逻辑展开。通过成功的产品布局，不断完善产品线、培养主 动管理能力，才能在行业内形成强大的竞争力。 综上，专户产品管理需以客户需求为原点，通过收益与风险的动态平 ...

Core Viewpoint - The sudden leadership change at Xinyi Fund, which recently achieved a significant increase in scale, raises questions about the new chairman's ability to manage the firm effectively amidst ongoing challenges in the public fund industry [1][3]. Group 1: Leadership Change - Liu Zongzhi, who has no prior experience in public funds, has been appointed as the new chairman, relying solely on his investment banking background at Industrial Bank [3][4]. - His extensive experience in investment banking, including roles in bond underwriting and merger financing, may not directly translate to managing a public fund [5][6]. Group 2: Fund Performance and Structure - Xinyi Fund's current management scale is 454 billion, with 418.5 billion allocated to bond and money market funds, reflecting a significant increase of 93 billion from the previous year [10]. - Despite impressive growth, the fund's reliance on fixed-income products raises concerns, as only a small number of high-yield equity products exist, with many large funds yielding around 1% [10][12]. Group 3: Market Challenges - The recent fee rate reforms pose a significant challenge, reducing service fees for money market funds to below 0.15% and for bond funds to a maximum of 0.2%, which could lead to substantial revenue losses for Xinyi Fund [12][20]. - The removal of the 7-day redemption fee for short-term bond funds may drive institutional clients away, further impacting the fund's performance [12][20]. Group 4: Future Outlook - There are mixed opinions on Liu Zongzhi's appointment; some believe his investment banking experience could help Xinyi Fund innovate and develop differentiated products, while others question his ability to manage the research team and balance scale with returns [16][17]. - The fund's historical performance in fixed-income products has been strong, with excess returns ranking highly over various time frames, indicating a solid foundation for future growth [16][20].

Core Insights - The global capital markets have entered a high volatility environment since October 2025, influenced by multiple factors, with rising risk aversion pushing international gold prices to new highs and significant corrections in China's high-tech stock market, while defensive sectors like consumer and dividend stocks have performed well [2] - The potential style shift in equity markets is a hot topic among investors, with short-term strong style shifts driven by A-share quarterly reports and seasonal effects, while long-term changes in China's investment paradigm require a new mindset to embrace changes and discover alpha opportunities [2][3] Market Environment - China is currently in a "low interest rate + major transformation" phase, where economic development relies on stabilizing employment and economic foundations while also driving growth through technological and cultural breakthroughs [3] - Both dividend and growth sectors are expected to benefit from this trend, with high-dividend companies attracting capital due to their stable cash flows and low-interest environments reducing financing costs for high-risk growth enterprises [3] Investment Strategy - The investment strategy proposed involves a "barbell strategy" combining dividend-themed products and technology-focused products, allowing investors to switch between aggressive and defensive positions based on risk appetite [3][4] - The focus on selecting quality companies with strong business models is emphasized, particularly those with clean balance sheets, effective ROE levels, and high growth potential to generate significant alpha [4] Sector Focus - In the growth technology sector, there is optimism about the development of the entertainment industry, including film, media, and gaming, driven by a shift from material to spiritual consumption in China and advancements in AIGC technology [4] - In the value dividend sector, avoiding "high dividend traps" is crucial, with a focus on leading companies with genuine competitive advantages and traditional industries capable of generating marginal growth [4] Fund Performance - The fund managed by the company, "Shangyin Future Life Flexible Allocation Mixed A," has shown impressive performance with a net value growth rate of 49.69% over the past year as of September 30, 2025, and has received multiple five-star ratings for its performance [6][7] - The fund's investment approach emphasizes diversification across different sectors and asset classes to adapt to the changing investment paradigm, moving away from a narrow focus on single sectors [6][10] Future Outlook - The Chinese risk assets represented by A-shares are expected to undergo a systematic revaluation, with industry rotation providing significant alpha opportunities in the fourth quarter, alongside a potential increase in valuation levels [7]

Group 1 - The core point of the news is that Anji Technology's stock price increased by 5.07% to 212.53 yuan per share, with a trading volume of 686 million yuan and a turnover rate of 1.95%, resulting in a total market capitalization of 35.823 billion yuan [1] - Anji Microelectronics Technology (Shanghai) Co., Ltd. is located in the Pudong New Area of Shanghai and was established on February 7, 2006, with its listing date on July 22, 2019. The company focuses on the research and industrialization of key semiconductor materials [1] Group 2 - From the perspective of major fund holdings, one fund under Agricultural Bank of China Asset Management has a significant position in Anji Technology. The fund, Agricultural Bank of China CSI 1000 Index Enhanced A (017323), held 1,430 shares in the second quarter, accounting for 0.4% of the fund's net value, ranking as the eighth largest holding [2] - The Agricultural Bank of China CSI 1000 Index Enhanced A (017323) was established on July 18, 2023, with a latest scale of 23.0714 million. Year-to-date returns are 20.23%, ranking 2368 out of 4218 in its category; the one-year return is 27.06%, ranking 1635 out of 3868; and since inception, the return is 22.19% [2] - The fund manager of Agricultural Bank of China CSI 1000 Index Enhanced A (017323) is Song Yong'an, who has a cumulative tenure of 13 years and 83 days, with total assets under management of 1.548 billion yuan. The best fund return during his tenure is 137.96%, while the worst is -21.85% [2]

Group 1 - The core viewpoint of the news is that Rongtai Co., Ltd. has seen a 5% increase in stock price, reaching 42.00 CNY per share, with a trading volume of 594 million CNY and a turnover rate of 5.13%, resulting in a total market capitalization of 11.878 billion CNY [1] - Rongtai Co., Ltd. is primarily engaged in the research, production, and sales of aluminum alloy precision die-casting parts, with its main business revenue composition being 81.14% from automotive, 8.61% from molds, 6.81% from equipment, 3.24% from other sources, and 0.20% from motorcycles [1] Group 2 - From the perspective of fund holdings, Hengyue Fund has a significant position in Rongtai Co., Ltd., with its Hengyue Smart Technology Mixed A Fund holding 34,300 shares, accounting for 4.75% of the fund's net value, making it the fifth-largest holding [2] - The Hengyue Smart Technology Mixed A Fund has a total scale of 25.3762 million CNY and has achieved a year-to-date return of 12.26%, ranking 5300 out of 8162 in its category [2] - The fund manager, Yang Zao, has been in charge for 1 year and 340 days, with the fund's total asset size at 31.8199 million CNY, achieving a best return of 20.37% and a worst return of -22.56% during his tenure [2]

Core Insights - The macro environment is stabilizing, and structural market trends are expanding, leading to strong performance from leading fund managers' products [1] - The AI technology and recovery sectors are highlighted as key investment areas, with many funds reporting significant positive returns and growth in scale [1][4] Group 1: Fund Performance - The fund managed by Zhao Yi, Quan Guo Xu Yuan, achieved a year-to-date return of 35.59%, significantly outperforming the CSI 300 index and the average of equity mixed funds [1] - As of the end of Q3, the fund's management scale reached 19.069 billion yuan, an increase of 6.088 billion yuan from the end of Q2 [1] - The top ten holdings of the fund all recorded positive returns in Q3, with several stocks, including Ningde Times and Enjie Co., seeing gains exceeding 50% [2] Group 2: Market Outlook - Zhao Yi anticipates a stable upward trend in China's equity market, with improved liquidity expected from a potential turning point in US dollar liquidity [3] - The team expresses confidence in China's high-quality economic development, which is expected to maintain a long-term positive trajectory [3] Group 3: Technology Sector Insights - Multiple technology-themed funds reported impressive returns and scale growth in Q3, with notable performances from funds like Tongtai Digital Economy and Beixin Ruifeng Advantage Industry [4][5] - The focus on AI hardware and domestic chip production is expected to be a primary investment theme over the next 3-5 years, with a belief that "the future of technology lies in China" [5] - Fund managers are optimistic about the ongoing commercialization of domestic computing chips and AI edge chips, anticipating significant market opportunities [5]