瑞财经 刘治颖 10月17日，思卓基础设施私募资本开放式基金公司（以下简称：思卓基础设施基金）向港交所提交上市申请，是首只在香港申请上市的基础 设施私募信贷基金。星展银行为其独家上市代理人。 思卓资本亚太有限公司为该基金的投资管理人，也是投资顾问SIMCo(Sequoia Investment Management Company)之直接全资附属公司。 该基金为香港公众开放式基金型公司的封闭式基金，是根据香港法例以公司形式设立的具有有限责任的投资基金。其投资目标乃通过投资于多元化的优先级 及次级经济基础设施债务组合，为投资者提供定期、持续、长期的收益分配及资本增值。 该基金拟间接透过其全资拥有的特殊目的公司将其总资产的至少90%投资于符合指定投资标准的债务敞口。投资标准涵盖潜在投资的形式、司法权区、行业 及ESG要求并遵守以下投资集中度限制，其中规定： 按借款人分散：任何单一借款人及其联属人士不得超过总资产的10%。 | 「編纂」的「編纂]數目 | : [編纂](視乎[編纂] | | | --- | --- | --- | | | | 及[編纂]行使與否而定) | | [編纂][編纂]數目 | .. | [編 ...

Core Insights - The demand for low-energy and stable investment options is increasing among young investors, who prefer steady returns over high-risk strategies [2] - High-net-worth individuals are shifting their focus from chasing high returns to seeking stable growth and safety in their investments [2] - FOF (Fund of Funds) is emerging as a favorable choice for investors looking for diversified asset allocation and risk management [2][3] Group 1: FOF Fund Characteristics - FOF funds are constructed by professional fund managers, providing a diversified investment portfolio that mitigates risks associated with single assets or fund managers [3] - The management teams of FOF funds conduct in-depth research on over 10,000 funds to select high-quality options for their portfolios, reducing "selection anxiety" for investors [3] - FOF funds can dynamically adjust their asset allocation based on macroeconomic conditions, aiming to optimize returns while controlling risks [3] Group 2: Growth and Performance of FOF Funds - As of June 30, the number of public FOFs in China reached 519, with a total management scale of 165.1 billion, marking a nearly 12-fold increase since the first FOFs were issued in 2017 [5] - FOF funds have shown resilience through market cycles, with data indicating that they achieved positive returns in three out of five years from 2021 to 2024 [7] - Compared to major indices like the CSI 300 and S&P 500, FOF funds have demonstrated relatively stable performance with lower volatility [8] Group 3: Investment Strategies and Target Audience - FOF funds are categorized into ordinary FOFs and pension FOFs, each serving different investment goals and risk profiles [10] - Ordinary FOFs are more flexible and cater to a broader range of investors, while pension FOFs focus on retirement goals with stricter asset allocation limits [11] - The "工银价值稳健6个月持有混合（FOF）" fund exemplifies a middle-risk "fixed income+" FOF, showing strong performance and effective risk management [12]

Market Overview - The A-share market saw a decline across major broad-based indices last week, with the Shanghai Composite Index, CSI 300, and CSI 1000 recording returns of -1.47%, -2.22%, and -4.62% respectively. The STAR 50, SME Index, and ChiNext Index had poorer performances with returns of -6.16%, -5.77%, and -5.71% respectively [1] - Trading volume increased for major broad-based indices last week. In terms of sectors, banking, coal, and food & beverage sectors performed well with returns of 4.99%, 4.27%, and 0.85% respectively, while electronics, media, and automotive sectors lagged with returns of -7.10%, -6.28%, and -6.24% respectively [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 60.8 billion yuan, with stock ETFs seeing a net inflow of 33.8 billion yuan. Cross-border stock ETFs had a net inflow of 15.6 billion yuan, commodity ETFs saw a net inflow of 20.7 billion yuan, and money market ETFs had a net inflow of 4.7 billion yuan, while bond ETFs experienced a net outflow of 13.9 billion yuan [2] - Specific indices with significant net inflows included SGE Gold 9999 (18.4 billion yuan), Hang Seng Technology (11.7 billion yuan), CSI Bank (8.1 billion yuan), and Securities Companies (6.2 billion yuan). Conversely, indices such as CSI A500 and CSI 1000 saw net outflows of 6.4 billion yuan and 1.1 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -4.18%. Among broad-based ETFs, the SSE 50 ETF had the smallest decline at -0.21%. In sector classifications, the median return for financial ETFs was -2.31%, with bank ETFs showing the highest return of 5.07%. Conversely, robotics ETFs and AI-themed ETFs performed poorly, with the robotics ETF from Fortune down by 10.03% [10] - Year-to-date performance for various gold ETFs showed significant gains, with the top performers achieving returns exceeding 60% [12] New ETF Products - A total of 33 new funds were reported last week, an increase from the previous week. This includes 4 FOFs and 3 QDIIs, along with several ETFs focused on sectors such as satellite industry and artificial intelligence [16][17] - Seven new stock ETFs were launched last week, including the Fortune SSE Sci-Tech 100 ETF and others related to the Sci-Tech sector [17] Notable News - The first batch of Brazilian ETFs has been filed, marking a significant step in the interconnection between Chinese and Brazilian capital markets [18] - Gold ETFs have attracted over 85.1 billion yuan in inflows this year, with a total scale of 217.5 billion yuan across 20 gold-themed ETFs [18] - The total scale of ETFs in China reached a historical high of 5.63 trillion yuan by the end of Q3 this year [19] - Several precious metal funds have implemented purchase limits due to a surge in demand following recent price increases [20]

Economic Overview - China's GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [2] - The growth rates for the three sectors were: primary industry at 3.8%, secondary industry at 4.9%, and tertiary industry at 5.4% [2] - The retail sales of consumer goods totaled 3,658.77 billion yuan, showing a year-on-year increase of 4.5% [2] - The per capita disposable income of residents was 32,509 yuan, with a nominal growth of 5.1% [2] Real Estate Market - In September, the housing prices in major cities showed a month-on-month decline, with first-tier cities down by 1% [4] - Fixed asset investment (excluding rural households) was 3,715.35 billion yuan, a year-on-year decrease of 0.5% [4] - Real estate development investment fell by 13.9% year-on-year, with residential investment down by 12.9% [4][5] Monetary Policy - The Loan Prime Rate (LPR) remained unchanged for five consecutive months, with the one-year LPR at 3.00% and the five-year LPR at 3.50% [6] - The central bank has not indicated any plans for interest rate cuts, focusing instead on liquidity management [6][7] Consumer Spending Initiatives - Various provinces, including Hunan and Zhejiang, are launching new rounds of consumption vouchers totaling 1 billion yuan to stimulate consumer spending [10] - The focus of these vouchers is on daily necessities, aiming to enhance consumer habits rather than just providing one-time subsidies [11] Technology Development - Huawei is set to release HarmonyOS 6, which integrates AI capabilities into the system, marking a significant advancement in its operating system development [12] - The new framework aims to enhance cross-device collaboration and improve user experience [12][13] Fund Market Trends - As of August, the total scale of money market funds reached approximately 14.81 trillion yuan, reflecting a growth of 1.2 trillion yuan from the end of last year [14] - The decline in deposit rates has made money market funds an attractive option for savers, despite a decrease in their yields [14][15]

Company Insights - Dachen Fund conducted a recent survey on Haitong Development, revealing Q3 2025 revenue of 1.209 billion, a year-on-year increase of 34.27%, while net profit attributable to shareholders was 166 million, a decrease of 1.49% [1] - For the first three quarters, the company reported revenue of 3.009 billion, up 16.32% year-on-year, with net profit attributable to shareholders at 253 million, down 38.47% [1] - The company adheres to a five-year special inspection and a three-year interim check, allowing underwater inspections to replace factory inspections for ships within 15 years [1] Industry Trends - The current ship repair peak has extended dry dock days by approximately ten days, impacting supply by over 1 percentage point [1] - China's countermeasures have expanded to capital stakeholders holding 25% or more of ships, significantly increasing costs for shipowners with U.S. backgrounds [1] - The company is advancing its "Hundred Ships Plan," aiming to reach 100 vessels by 2028-2029, with annual capital expenditures between 1 to 1.5 billion [1] - The heavy-lift vessel business is responding to the "Belt and Road" initiative, supporting equipment manufacturing exports [1] - The West Mandoo is expected to launch its first shipment in November, with a production capacity of 120 million tons by 2028, alongside Brazil's incremental growth and potential interest rate cuts from the Federal Reserve, which may widen the supply-demand gap in the industry [1]

Core Insights - The current bull market has significantly favored the growth of passive index funds, with active equity products showing relatively modest increases in scale [1] - The shift in focus from "sell-side sales" to "buy-side advisory" reflects a broader transformation in the public fund industry towards prioritizing client asset management over mere scale [2][3] Group 1: Market Trends - In 2025, the increase in non-money market fund products was primarily driven by passive index funds, with no active products showing significant growth [1] - The top passive index funds, such as the Huaxia CSI 300 ETF and the Huatai-PB CSI 300 ETF, have substantial assets under management, indicating strong investor preference for these products [2] Group 2: Regulatory Changes - The regulatory push for the transition of fund advisory business from pilot programs to regular practice signifies a deep transformation in the wealth management industry towards a client-centric model [3] - The China Securities Regulatory Commission initiated the fund investment advisory business pilot in October 2019, with a clear directive in 2025 to promote this transition for high-quality industry development [3] Group 3: Future Outlook - The future of fund advisory is expected to expand beyond public funds to include ETFs and REITs, providing a broader range of investment tools for asset allocation [3] - Predictions suggest that by 2030, the market size for fund advisory could exceed 10 trillion yuan, emphasizing the importance of research capabilities, client service experience, and technology application in industry competition [3]

Core Viewpoint - The first batch of actively managed equity fund reports for Q3 indicates strong performance driven by AI technology and recovery sectors, with several funds achieving significant positive returns and scale expansion [1][4]. Group 1: Fund Performance - The fund managed by Zhao Yi, Quan Guo Xu Yuan, reported a year-to-date return of 35.59%, significantly outperforming the CSI 300 index and the average of equity mixed funds [2]. - 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 [2]. - The top ten holdings of the fund all achieved positive returns, with notable increases in stocks like Ningde Times and Enjie [2]. Group 2: Investment Focus - The fund's portfolio is concentrated in high-end manufacturing sectors such as new energy, electronics, machinery, and military industry, with a dual focus on AI technology and recovery opportunities [3]. - Fund managers believe that the AI industry chain is moving towards a "performance realization" phase, with technology growth expected to continue driving structural market trends [5][6]. Group 3: Market Outlook - Zhao Yi expressed confidence in the long-term positive trend of China's equity market, anticipating a turning point in dollar liquidity that could enhance market liquidity [3]. - Fund managers across various technology-themed funds expect that the investment opportunities in the technology industry will shift from "theme-driven" to "performance realization" in the coming years [5][6].

Core Insights - The recent announcement by Huabao Fund regarding the share split of its ETFs reflects a trend towards refined operations in the ETF market, aiming to lower the investment threshold for retail investors [1][2][3] Group 1: ETF Market Developments - Huabao Fund's share split resulted in the number of shares for Huabao CSI A50 ETF and Huabao CSI A500 ETF increasing to 978 million and 1.27 billion respectively, with net asset values dropping to 0.6235 yuan and 0.5947 yuan [1] - The total scale of the ETF market has surpassed 5.63 trillion yuan, indicating significant growth and a shift from scale expansion to refined operations within the public fund industry [1][3] Group 2: Investor Impact - The direct benefit of the share split is the reduction in the price per share, making it easier for small investors to participate in ETF investments, thereby expanding the investor base and enhancing liquidity [2][3] - There is a cautionary note regarding the potential "low-price illusion" among investors, who may mistakenly perceive lower net asset values as indicative of cheaper or safer investments, despite the unchanged inherent value and risk-return characteristics of the funds [2][3] Group 3: Market Trends - The share splits this year have included a mix of broad-based and thematic ETFs, covering key market sectors such as artificial intelligence, military, and technology, indicating a diverse product landscape [2] - Industry experts anticipate that increased competition and diverse investor demands will lead to more innovative products with low thresholds and high liquidity, further driving market development [3]

上周，国际金价再度走强，盘中一度刷新纪录高位。黄金类ETF的管理规模同步扩张，投资热度明显升 温。 多家公募机构分析认为，本轮金价攀升受地缘风险、全球信用体系和资金流动性等因素共同推动，全球 央行与机构资金持续增持，进一步强化了黄金的上涨逻辑。 展望后市，业内人士认为，尽管短期或面临高位震荡，但中长期支撑因素仍在，黄金作为核心资产配置 的重要性和韧性持续凸显。 金价保持强势，黄金类ETF规模加速扩张 近期，国际金价强势表现延续。10月20日，现货黄金日内涨幅达2.0%，报4333.42美元/盎司。COMEX 黄金期货涨超3.1%，刷新日高至4351美元。 连日来，随着金价屡创新高，资金持续流入黄金相关ETF产品。券商中国记者注意到，多只黄金ETF在 近一周内规模显著增长。华安黄金ETF的最新管理规模增长至852.35亿元，周增144.18亿元；博时黄金 ETF规模扩大至396.67亿元，近一周规模增长70.61亿元；易方达黄金ETF规模升至339.06亿元，周规模 增65.88亿元；国泰黄金ETF规模也增至268.49亿元，近一周规模增长57.23亿元。 黄金股ETF方面，永赢中证沪深港黄金产业股票ETF的规 ...

Core Viewpoint - The article highlights significant regulatory penalties imposed on major financial institutions due to inadequate risk management and compliance failures, emphasizing the need for enhanced risk monitoring systems and processes [1][2]. Group 1: Regulatory Penalties - On September 12, the National Financial Regulatory Administration disclosed administrative penalties totaling nearly 140 million yuan against three large financial institutions for issues related to loan management, investment operations, and regulatory data reporting [1]. - The penalties reflect a broader trend of failures in post-loan management, investment risk control, and system monitoring across the financial sector [1]. Group 2: Risk Management Challenges - Many financial institutions face common pain points, including reliance on manual checks that often overlook risk warnings, necessitating an upgrade in risk control practices [3]. - The difficulty in dynamically monitoring holdings leads to an underestimation of actual risks, and the time-consuming nature of report writing results in delayed risk reporting [4]. Group 3: AI-Driven Solutions - The article introduces AliceRisk, an AI-powered tool designed to enhance risk monitoring and reporting, enabling real-time oversight of portfolio risks [6][10]. - AliceRisk integrates with Wind's risk knowledge base, allowing for dynamic risk alerts, automated report generation, and traceability of various risk events [7][10]. Group 4: Risk Event Analysis - The analysis of risk events indicates a concentration of issues within specific companies, with notable instances of negative sentiment and high-risk ratings for certain entities, such as 汇添富基金管理股份有限公司 [15][20]. - The report highlights the need for ongoing monitoring of regional credit environments and potential impacts from litigation and refinancing activities [29][31].