1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week (Oct 13 - Oct 17, 2025), the bond market sentiment warmed up with yields oscillating and recovering. The stock market's decline and the central bank's loose liquidity pushed the ultra - long - end bonds to rebound and lead the market. The short - term bond market's allocation cost - performance improved, and it may continue a mild oscillating pattern [3][10]. - The continuous decline of bond yields needs further observation, affected by factors such as the "15th Five - Year Plan" policy signals from the Fourth Plenary Session, the possibility of monetary policy easing (e.g., interest rate cuts), and the results of Sino - US trade negotiations [10]. - Last week, the US Treasury yields declined. The 10 - year US Treasury yield once fell below 4.0% and then rebounded above 4.0% due to improved market sentiment [10]. - Last week, the CSI REITs Total Return Index declined by 1.44%. Various types of REITs generally fell, but there were new developments in the primary market [11]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: From Oct 13 to Oct 17, 2025, the 1 - year Treasury yield rose 5.93BP to 1.44%, the 10 - year yield dropped 1.4BP to 1.82%, and the 30 - year yield dropped 7BP to 2.20%. The short - term bond market may maintain a mild oscillating pattern, and the continuous decline of yields needs further observation [10]. - **US Bond Market**: From Oct 13 to Oct 17, 2025, the 1 - year US Treasury yield dropped 4BP to 3.56%, the 2 - year yield dropped 6BP to 3.46%, and the 10 - year yield dropped 3BP to 4.02%. The 10 - year yield once fell below 4.0% and then rebounded [10]. - **REITs Market**: From Oct 13 to Oct 17, 2025, the CSI REITs Total Return Index declined 1.44% to 1043.46 points. There were 3 new first - issue REITs and 2 new expansion - offering REITs in the primary market [11]. 3.1.2 Public Fund Market Dynamics - On Oct 14, 2025, the CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund completed its fundraising, becoming the first successfully issued public REITs project in Northeast China [3][12]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | Last Week's Return | Since Inception Return | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.19% | | Short - Term Bond Fund Preferred Index | 0.05% | 4.32% | | Medium - and Long - Term Bond Fund Preferred Index | 0.16% | 6.23% | | Low - Volatility Fixed - Income + Fund Preferred Index | - 0.06% | 3.93% | | Medium - Volatility Fixed - Income + Fund Preferred Index | - 0.85% | 4.69% | | High - Volatility Fixed - Income + Fund Preferred Index | - 1.00% | 6.70% | | Convertible Bond Fund Preferred Index | - 2.61% | 19.80% | | QDII Bond Fund Preferred Index | 0.18% | 10.57% | | REITs Fund Preferred Index | - 2.43% | 31.01% | [4][5][13] 3.2.1 Money Enhancement Index Tracking - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve surpassing money funds. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [14]. 3.2.2 Pure Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, pursues a smooth curve while controlling drawdowns. It mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns. It selects 5 funds each period, adjusting duration and the ratio of credit bond funds and interest - rate bond funds according to the market [18]. 3.2.3 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is 10%, with 10 funds selected each period. It focuses on funds with an equity center within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [22]. - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is 20%, with 5 funds selected each period. It selects funds with an equity center between 15% - 25% in the past three years and recently [23]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%, with 5 funds selected each period. It selects funds with an equity center between 25% - 35% in the past three years and recently, focusing on bond - end stability and equity - end offensive capabilities [27]. 3.2.4 Convertible Bond Fund Preferred Index - Selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. 3.2.5 QDII Bond Fund Preferred Index Tracking - The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration [32]. 3.2.6 REITs Fund Preferred Index Tracking - The underlying assets are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity according to the type of underlying assets [33].

Core Insights - The article highlights the significant performance of public funds in 2023, with an average return of 26.6% for 5,289 equity funds, indicating a strong year for the industry [4][6]. - A notable trend is the increasing presence of younger fund managers, with over 30% of managers having less than three years of experience, and a total of 1,344 new faces in the industry [6][7]. - The article emphasizes the shift away from traditional "star" fund managers, as younger managers are achieving impressive returns, demonstrating that experience is no longer the sole determinant of success [6][8]. Fund Performance - The top-performing equity funds this year have shown remarkable returns, with the leading fund, 永赢科技智选混合发起A, achieving a return of 240.17% [12][11]. - Other notable funds include 同泰产业升级混合A with a return of 190.57% and 永赢医药创新智选混合发起A with a return of 116.44% [17][27]. - The article lists the top twenty funds by net value growth, showcasing the diversity in performance among different fund managers [5]. Manager Trends - The article discusses the trend of younger fund managers taking over, with only 12.5% of managers having over ten years of experience, and a significant portion of assets being managed by those with less than five years of experience [6][30]. - New generation managers like 任桀, 王秀, and 单林 have emerged as strong performers, with returns exceeding 200% in some cases [8][25]. - The article notes that the traditional view of "star" managers is fading, as younger managers are proving their capabilities through strong performance [6][7]. Investment Strategies - The article highlights the investment strategies of successful fund managers, such as 任桀's focus on technology stocks, which contributed to his fund's high returns [12][15]. - 王秀's strategy involved rapid adjustments to his portfolio, focusing on sectors like robotics and machinery, which led to significant gains [20][23]. - 单林's approach emphasizes high-growth pharmaceutical stocks, showcasing a trend towards specialized investment strategies among newer managers [27][49]. Market Context - The article places the performance of these funds within the context of a bullish market, indicating that the current environment has favored aggressive investment strategies [7][10]. - The shift in fund management dynamics reflects broader changes in the investment landscape, where adaptability and sector focus are becoming increasingly important [6][8]. - The article concludes that while younger managers are currently thriving, their long-term success will depend on their ability to navigate different market conditions [30][49].

Market Outlook and ETF Strategy - The market is expected to experience short-term fluctuations and consolidation, with a cautious funding participation due to reduced trading volume and activity levels [2][6] - The volatility of the Shanghai Composite Index over the past 30 trading days is at a relatively low historical level, indicating insufficient momentum for a significant upward movement [2][7] - The report suggests a balanced allocation strategy, focusing on broad-based, strategic, and style ETFs due to the current market's rapid rotation and limited directional consensus among funds [2] Industry and Sector Trends - The technology growth sector is currently deemed to have a low probability of success, leading to its exclusion from the current allocation strategy, with a focus on defensive sectors instead [2][4] - The report recommends increasing allocations to defensive sectors such as coal and electricity ETFs, while also considering the performance support from the non-ferrous metals sector [4] - The strategy emphasizes the importance of maintaining some exposure to large-cap growth assets, particularly in technology, if market sentiment improves towards the end of the month [4]

Core Viewpoint - The article highlights the increasing difficulty in market investment since October due to various factors, including the escalation of China-US trade tensions, uncertainty in tariff policies, and China's export controls on rare earth-related technologies. It emphasizes the need for investors to capture alpha returns in a complex market environment and introduces the Debon Quantitative Team's newly launched index-enhanced fund, the Debon CSI 800 Index Enhanced Fund, which aims to provide intelligent investment tools for A-share core blue chips and growth leaders [1][18]. Group 1: Fund Overview - The Debon CSI 800 Index Enhanced Fund is designed to closely track the CSI 800 Index while continuously seeking stable excess returns through AI-driven quantitative strategies [1][12]. - The CSI 800 Index includes stocks from the CSI 500 and the Shanghai and Shenzhen 300, covering 30 primary industries, effectively blending value and growth, as well as large-cap and mid-cap stocks [3][10]. Group 2: Historical Performance - Historically, the CSI 800 Index has outperformed the Shanghai and Shenzhen 300 Index, with a cumulative increase of 398.60% since its base date (December 31, 2004) compared to 352.10% for the Shanghai and Shenzhen 300 Index, surpassing it by 46.5% [5]. - The top five weighted industries in the CSI 800 Index are electronics, power equipment, non-bank financials, banking, and pharmaceuticals, with effective risk diversification due to the distribution of individual stocks and industries [7]. Group 3: Investment Strategy - The index-enhanced strategy employs a "Beta + Alpha" dual-drive approach, aiming to track the index closely while actively managing to achieve excess returns [12]. - The Debon Quantitative Team utilizes advanced AI algorithms, high-quality factors, strict risk control, powerful computing capabilities, and efficient trading processes to enhance investment performance [11][14][15]. Group 4: Management Team - The fund is managed by Li Rongxing, who has a strong academic background in engineering and computer science, along with 14 years of industry experience, including 11 years in investment management [17]. - The overall research and investment capabilities of the company have been recognized, ranking highly in absolute return performance among equity funds [17].

据证券日报，10月份以来，A股市场震荡中蕴含机遇，ETF（交易型开放式指数基金）市场凭借其交易 便捷、透明度高、成本低廉等优势，成为资金入市的重要通道，展现出强劲的"吸金"能力。 一、ETF行业快讯 1.三大指数集体上涨，多只创业板人工智能ETF上涨 今日，三大指数集体上涨，上证综指上涨0.63%，深证成指上涨0.98%， 创业板指上涨1.98%。多只通信 板块ETF上涨，其中，通信设备ETF（159583.SZ）上涨5.63%，创业板人工智能ETF南方（159382.SZ） 上涨3.90%，创业板人工智能ETF华夏（159381.SZ）上涨3.89%。 华创证券表示，本轮牛市AI产业链引领科技创新，三倍股主要集中在上游算力基础和下游端侧硬件。 去年924以来，政策与技术双轮驱动AI板块领涨。本轮行情AI板块涌现47只三倍股，主要集中在算力基 础与端侧硬件领域，创业板和科创板公司占比超八成。 2.月内ETF"吸金"近1000亿元 权益类贡献超九成 Wind资讯数据显示，截至10月17日，10月份以来ETF市场净流入额达991.61亿元。其中，权益类ETF贡 献924.57亿元，占比超九成，成为推动ETF市场资 ...

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, aiming for high-quality development to meet national strategies and public expectations [1] Group 1: Event Overview - The "New Era, New Fund, New Value" themed event took place on October 16 at Beichen Hui Shopping Mall, aimed at promoting the "Action Plan for High-Quality Development of Public Funds" [1] - The event was guided by the Beijing Securities Regulatory Bureau and organized by the Beijing Securities Association, with participation from multiple fund companies [1] Group 2: Educational Initiatives - Various financial institutions prepared educational materials, including books, brochures, and financial knowledge pamphlets, to engage attendees [3] - The event facilitated interaction between fund representatives and the public, enhancing understanding of financial concepts such as fund investment and personal pensions [3] Group 3: Public Engagement and Impact - The atmosphere of the event was lively, with all educational materials distributed, effectively promoting awareness of the high-quality development action plan [5] - The face-to-face interactions helped bridge the gap between financial institutions and the public, supporting the integration of financial knowledge dissemination with commercial resources [5] Group 4: Future Commitment - The company is committed to continuously optimizing investor service experiences and engaging in diverse educational activities to promote the long-term investment philosophy of public funds [5] - The focus on investor education is expected to yield positive outcomes, fostering rational investor behavior and transitioning the investment market towards high-quality development [5]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality, with a focus on achieving high-quality development that aligns with national strategies and public expectations [3]. Industry Summary - The China Securities Regulatory Commission (CSRC) has issued an action plan for promoting high-quality development in public funds, which includes optimizing fee structures for actively managed equity funds, strengthening the alignment of interests between fund companies and investors, and enhancing the industry's ability to serve investors [3]. - The public fund industry is responding to the challenges of fee reforms by emphasizing performance-driven growth rather than relying on high fees for sustainability [4]. Company Summary - Huashang Fund has been deeply involved in the public fund industry for 20 years, focusing on enhancing its active management capabilities and prioritizing performance as a key driver for growth [3][4]. - The company is one of the first to participate in the pilot program for floating fee rate products, which aligns its interests with those of its investors [4]. - Huashang Fund emphasizes investor engagement, especially during market downturns, by promoting rational investment concepts and guiding investors to recognize value opportunities [4]. - The company aims to continue its active management strategy, leveraging research and performance to create sustainable returns for investors while contributing to the high-quality development of the Chinese economy [4].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality and efficiency, aiming for high-quality development to meet national strategies and public expectations [1] Group 1: Industry Developments - The Beijing Securities Regulatory Bureau, in collaboration with the Beijing Securities Association and over 40 public fund management firms, launched a series of activities focused on high-quality development in the public fund sector, themed "New Era, New Fund, New Value" [1] - The initiative aims to enhance investor education and protection, promote the transformation and upgrading of the public fund industry, and improve its ability to serve the real economy [1] Group 2: Company Innovations and Strategies - Pengyang Fund has established itself as a rising force in the domestic public fund market, achieving a total management scale exceeding 200 billion yuan by the end of September 2025, driven by innovation embedded in its business development [1][2] - The company has launched the first short-term bond fund in the market in 2017 and has expanded into "fixed income plus" products to cater to shifting investor risk preferences [2] - In the equity business, Pengyang Fund has aligned its product offerings with national strategies and market demands, introducing investment tools focused on digital economy, advanced manufacturing, pharmaceuticals, and consumption [3] - The company has developed various index products, including the first quality factor smart index fund and the first digital economy theme index ETF, responding to the passive investment trend [3] - The "Action Plan for Promoting High-Quality Development of Public Funds" released in May 2025 serves as a guiding document for future product innovation and strategic direction [4] - Pengyang Fund plans to enhance its active investment management capabilities and develop more actively managed equity funds with clear investment styles and stable long-term returns [4]

Core Insights - The Nikkei 225 index has reached a historic high, surpassing 49,000 points for the first time, closing at 49,185.50 points with a 3.4% increase on October 20 [4] - Several ETFs linked to the Nikkei index have seen significant price increases, prompting a warning from Huaxia Fund regarding premium risks in the secondary market [2][5] Market Performance - The Nikkei 225 index's rise is attributed to political developments, including a potential coalition agreement between the ruling Liberal Democratic Party and the Japan Innovation Party [4] - On the same day, Huaxia's Nikkei ETF led the market with a 6.57% increase, while other ETFs also performed well, with trading volumes showing high activity [5][6] ETF Growth - The total size of five ETFs related to Japanese stocks has increased by nearly 60% year-to-date, reaching 6.867 billion yuan as of October 17 [7] - The E Fund's Nikkei 225 ETF has seen the largest growth, increasing by 144%, while Huaxia's ETF grew by nearly 70% [7] Economic Factors - The rise in the Nikkei index is linked to favorable corporate fundamentals and external factors such as the Federal Reserve's potential interest rate cuts, which lower funding costs and attract investment to Japan [7][8] - Japan's low interest rate policy and a weak yen have also contributed to the attractiveness of the stock market, benefiting export-oriented companies [8] Future Outlook - Analysts expect continued support for the market from improved earnings, structural reforms in Japanese companies, and potential stock buybacks [8] - Political uncertainty remains a concern, but the potential election of a pro-stimulus candidate could provide further positive momentum for the market [8]

Core Insights - The article emphasizes the transition of the public fund industry from scale expansion to quality enhancement, driven by the "Action Plan for Promoting High-Quality Development of Public Funds" [1] Group 1: Platform-Based Investment Research - Platform-based investment research aims to address the chaotic nature of retail investment by leveraging the strong research platforms built by fund companies, enhancing the effectiveness of investment performance [2] - The establishment of a unified data platform, knowledge base, and toolchain allows for the sharing of research reports, models, and risk control standards across the company, significantly improving research efficiency and investment performance [2] - The construction of a "research-investment-risk control" knowledge graph enables the reuse of research outcomes in core areas, enhancing risk control capabilities and creating a feedback loop that improves investment capabilities [2] Group 2: Integrated Research-Investment-Risk Control - The integrated system creates a feedback loop that connects research signals to investment decisions, performance feedback to research optimization, and risk control adjustments to investment strategies, addressing traditional disconnects between research, investment, and risk control [3] - Implementing an integrated reform is expected to significantly enhance the relevance of research, the effectiveness of investment strategies, and the monitoring of risk control [3] Group 3: Multi-Strategy Adaptability - The development of a diverse strategy library, including value, growth, event-driven, and quantitative hedging strategies, allows for dynamic adjustments to optimize risk and return in volatile market conditions [4] - Establishing cross-asset investment collaboration breaks down the research silos between equities and bonds, creating a research team focused on macro rates, credit cycles, and asset comparisons [4] - The combination of platform-based, integrated, and multi-strategy research systems will help fund companies build their core competitiveness and lay the foundation for high-quality development in the fund industry [4]