Core Viewpoint - The overall economic operation in China is stabilizing and improving in the first half of 2025, but structural contradictions remain prominent, with investment, consumption, and exports not synchronizing. The focus for 2026 will be on deepening reforms to stimulate market vitality and balancing stable growth with structural optimization [1]. Group 1: Economic Context - The economic performance in the first half of 2025 is characterized by "policy efforts" and "export grabbing," leading to a steady improvement overall [1]. - There is a need to address new challenges in the second half of the year while consolidating the achievements of the first half [1]. - Key issues include stimulating private sector vitality, reshaping industrial chain advantages, promoting technological innovation, and improving expectations and confidence [1]. Group 2: Event Announcement - The 23rd Financial Wind and Cloud List is officially launched, aiming to identify industry leaders contributing significantly to China's economic and industry development [1]. - The evaluation will cover five major categories: listed companies, banks, insurance, finance, and comprehensive fields, using a dual-track evaluation system of "public voting + expert review" [1][2]. - The award winners will be announced at the Financial China 2025 Annual Meeting, with past winners achieving breakthroughs in brand voice and business innovation during the evaluation period [2]. Group 3: Participation Guidelines - Eligible companies must operate legally within China, covering all types (state-owned, private), nationalities (domestic, foreign, joint ventures), and scales (listed, non-listed) [3]. - Participating companies must comply with various laws and regulations and should not have significant violations or investigations in the past year [3]. - Each company can submit a maximum of two cases for one category, and the committee will ensure fairness and impartiality in the selection process [3].

Core Viewpoint - The event "Financial Life Carnival" organized by Dongfang Fund and other partners aims to promote financial literacy and rational investment concepts among the public, responding to the call for high-quality development of public funds in Beijing [2][5]. Group 1: Event Overview - The event took place on October 17 at Longhu Lize Tianjie in Beijing, featuring interactive activities and financial knowledge dissemination [2]. - It focused on addressing citizens' daily financial needs through engaging interactions and professional explanations [2][3]. Group 2: Educational Approach - The event included interactive elements such as "check-in stamps" and "knowledge quizzes" to educate participants about common financial scams, legitimate investment channels, and personal financial information protection [3][4]. - A shift from passive learning to active participation was emphasized, with participants engaging in hands-on activities to learn about fraud prevention and retirement planning [4]. Group 3: Community Engagement - Dongfang Fund aims to integrate professional financial knowledge into everyday consumer scenarios, enhancing the connection between fund companies and the public [5]. - The event was well-received, with many participants expressing that learning about financial management in a relaxed atmosphere was both practical and enjoyable [5].

Core Insights - The establishment of the Guoxin Venture Capital Fund and the Chengtong Science and Technology Investment Fund reflects a strategic move to support the development of strategic emerging industries and to provide "patient capital" for long-term investments [6][9]. Group 1: Guoxin Venture Capital Fund - The Guoxin Venture Capital Fund is selecting sub-fund management institutions without a submission deadline, following a "mature one, invest one" principle [2]. - The sub-fund's duration will not exceed August 25, 2039, with at least 70% of investments focused on strategic emerging industries and future industries [2]. - Each sub-fund's total scale should be no less than 200 million, with the mother fund's contribution not exceeding 20% of the sub-fund's total scale [2]. - The management fee during the investment period is capped at 2% per year of the mother fund's contribution, with potential flexibility [2]. Group 2: Chengtong Science and Technology Investment Fund - The Chengtong Science and Technology Investment Fund aims to establish a total scale of 300 billion, with the first phase set at 100 billion, focusing on seed, startup, and growth-stage technology innovation companies [3][5]. - The fund will target investments in hard technology sectors, including new materials, advanced manufacturing, and next-generation information technology, utilizing a combination of equity investment and ecological incubation strategies [4][5]. - The fund's design spans 15 years, aligning with the long-term nature of technology innovation and the need for substantial support for core technology demands over the next 3 to 10 years [5][6]. Group 3: Patient Capital Concept - The concept of "patient capital" emphasizes the need for long-term, stable investment that can withstand market cycles and tolerate risks associated with technology innovation [6][8]. - Recent policies encourage central enterprises to become more involved in venture capital, promoting a culture of strategic and value-based investments [8][9]. - The development of patient capital is seen as essential for fostering innovation and supporting early-stage investments in technology, which often carry higher risks and longer return timelines [8][9].

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。其投资目标是通过投资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。 私募信贷包括企业贷款、房地产融资、资产支持型融资和基础设施贷款。根据另类信贷委员会 (Alternative Credit Council)的资料，2024年其规模达到3兆美元。全球基础设施私募信贷基金的资产管理 规模从2021年的1,449亿美元增至2024年的1,805亿美元，2021年至2024年期间6的符合年增长率为 7.6%。由于公共资金不足，基础设施私募信贷预计将在填补全球基础设施投资缺口方面发挥重要作 用。 全球范围内，基础设施私募信贷基金管理规模（不包括保险公司及其他机构投资者的直接投资）预计将 以8.6%的复合年增长率增长，到2029年达2,725亿美元。这一增长由能源、交通和电信等基础设施细分 领域强劲的投资需求所驱动。在全球数字化、去碳化和去全球化趋势的推动下，相关领域的基础设施升 级进程预计将显着加速，从而创造巨大的资本需求。这些新兴主题的背后，还伴随着长期人口结构变化 ...

Group 1 - The market is currently in a bull market consolidation phase, characterized by high capital moving to lower valuations, index stagnation, and reduced trading volume [2] - The logic of the bull market remains intact, supported by structural prosperity and ample liquidity, with limited downside potential [2] - A style switch has begun, with short-term focus on "countermeasures + risk aversion" and year-end attention on dividend and technology styles [2] Group 2 - The A50 ETF, A100 ETF, and A500 ETF are launched by Huabao Fund, providing diverse options for investors to gain exposure to the Chinese market [2] - The A50 ETF tracks the A50 Index, focusing on 50 leading companies, while the A100 ETF encompasses the top 100 industry leaders [2] - The A500 ETF targets a broader range of 500 companies, offering a comprehensive investment strategy [2]

分析师：孙书娜 登记编号： S0890523070001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025.10.13-2025.10.17），A股波动相对较大，主要指数均收跌，创业板指领跌，录 得5.71%的跌幅，沪深300录得了2.22%的跌幅，上证指数录得1.47%的跌幅。分版块而言，仅银行、煤炭为代 表的红利和价值板块出现逆势上涨，电子、传媒、通信等科技成长板块出现较大回调。 公募基金市场动态： 2025年内超315亿资金入场，公募参与定增同比增超五成。 主动权益基金指数表现跟踪： 主动股基优选指数：上周收跌3.91%，成立以来累计录得13.56%的超额收益。 科技股基优选指数：上周收跌5.53%，成立以来累计录得21.77%的超额收益 。 高端制造股基优选指数：上周收跌6.30%，成立以来累计录得-5.59%的超额收益 。 周期股基优选指数：上周收跌1.11%，成立以来累计录得-2.38%的超额收益。 风险提示： 基金的过往业绩及基金经理管理其他产品的历史业绩不代表未来表现；本报告根据历史公开数据及 定期报告整理，存在失效风险，不代表对基金未来资产配置 ...

Market Overview - The bond market sentiment improved last week (2025.10.13-2025.10.17), with yields fluctuating. The 1-year government bond yield rose by 5.93 basis points to 1.44%, while the 10-year yield fell by 1.4 basis points to 1.82%, and the 30-year yield decreased by 7 basis points to 2.20%. The overall weak stock market and the central bank's release of liquidity contributed to the rebound of long-term bonds, leading the bond market [3][14]. - The U.S. Treasury yields also declined last week, with the 1-year yield down by 4 basis points to 3.56%, the 2-year yield down by 6 basis points to 3.46%, and the 10-year yield down by 3 basis points to 4.02%. The decline was influenced by dovish comments from the Federal Reserve Chairman and concerns about the U.S. regional banking system [14]. Public Fund Market Dynamics - On October 14, the CITIC Construction Investment Shenyang International Software Park closed-end infrastructure securities investment fund (referred to as "Shenyang International Software Park REIT") successfully completed its fundraising, marking the first public REIT project successfully issued in Northeast China. The initial assets of the Shenyang International Software Park REIT consist of 13 industrial buildings in Shenyang, with a total property area of 201,200 square meters, primarily focused on research and development office space [17][16]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 4.19% since inception [4][19]. - The Short-term Bond Fund Index increased by 0.05%, with a cumulative return of 4.32% since inception [5][19]. - The Medium to Long-term Bond Fund Index rose by 0.16%, with a cumulative return of 6.23% since inception [6][19]. - The Low Volatility Fixed Income + Fund Index fell by 0.06%, with a cumulative return of 3.93% since inception [7][19]. - The Medium Volatility Fixed Income + Fund Index decreased by 0.85%, with a cumulative return of 4.69% since inception [8][19]. - The High Volatility Fixed Income + Fund Index dropped by 1.00%, with a cumulative return of 6.70% since inception [9][19]. - The Convertible Bond Fund Index fell by 2.61%, with a cumulative return of 19.80% since inception [10][19]. - The QDII Bond Fund Index rose by 0.18%, with a cumulative return of 10.57% since inception [11][19]. - The REITs Fund Index decreased by 2.43%, with a cumulative return of 31.01% since inception [12][19].

Group 1: Market Overview - The A-share market saw mixed performance last week, with major indices showing more declines than gains, while the overall market style was relatively favorable. The average daily trading volume across the market was 21,928.52 billion yuan [1] - In terms of industry performance, the banking, coal, and food and beverage sectors performed relatively well, while the automotive, media, and electronics sectors lagged behind [1] Group 2: Macroeconomic Analysis - The core CPI continued to rise year-on-year, with September CPI at -0.3% and PPI at -2.3%, indicating a need for price support. The rise in core CPI was driven by consumer subsidy policies and rising gold prices [2] - There is strong market expectation for the effects of "anti-involution" policies, with industrial product prices increasing since July, particularly in raw materials and upstream sectors. Recent policy measures include easing real estate purchase restrictions in major cities and the launch of 500 billion yuan in new policy financial tools [2] - September export data exceeded expectations, with a year-on-year increase of 8.3% in dollar terms, while social financing data showed a slight decline in growth to 8.7% [2] Group 3: Policy Developments - The macroeconomic adjustment remains positive, with fiscal measures being ramped up to support effective investment. The central government allocated 500 billion yuan from local government debt limits to support investment [3] - Upcoming events such as the 20th Central Committee's Fourth Plenary Session and the Politburo meeting are expected to provide further policy guidance [3] - A new round of trade negotiations between China and the U.S. is anticipated, with discussions scheduled for October 24, indicating a potentially optimistic outlook for trade relations [3] Group 4: Investment Strategy - The current market is characterized by high levels and increased uncertainty, leading to a cautious trading environment. However, there is potential for a new market trend to emerge following a period of reduced trading volume [4] - The upcoming policy window in mid to late October, including potential growth-stabilizing policies and international meetings, may provide favorable conditions for investment [4] - The focus should be on third-quarter earnings reports, particularly in sectors such as AI, renewable energy, and financial services, which are expected to show resilience [5] Group 5: Thematic Directions - Continued attention should be paid to sectors benefiting from U.S.-China trade tensions and the "14th Five-Year Plan," particularly in emerging technologies and regional economic development strategies [6]

Core Insights - The personal pension fund directory has expanded again in Q3, with a total of 302 products as of the end of September, an increase of 8 from the end of Q2 [2][3] - The average net value growth of personal pension funds has exceeded 15% this year, with the highest return reaching 46% [2][5] Fund Expansion and Characteristics - The recent expansion of personal pension funds shows a clear trend of "precise matching," with five out of the eight new products being index-enhanced funds, primarily tracking the CSI 500 and CSI 300 indices [3][4] - The new products include various types such as index-enhanced funds, fund of funds (FOF), and an ETF-linked fund [3] Performance and Market Dynamics - As of October 17, only one out of 302 personal pension funds reported negative returns this year, with an overall average net value increase of 15.13% [5] - High-performing products include 19 funds with returns exceeding 30%, many of which track the STAR Market and ChiNext indices, with the top fund achieving a 46.37% increase [5] Fund Size and Differentiation - By the end of Q2, the total scale of 290 personal pension fund Y shares reached 12.405 billion, marking a 35.7% increase compared to the end of last year [6] - There is a noticeable differentiation among products, with only one fund exceeding 1 billion in scale, while most remain below 200 million [6] Investment Strategy and Future Outlook - As the fourth quarter approaches, it is considered a critical period for personal pension account funding and product allocation, prompting investors to reassess their portfolios [7] - Analysts suggest a balanced allocation between stocks and bonds, focusing on sectors aligned with national long-term development strategies, such as technology innovation and high-end manufacturing [7][8] - The personal pension fund market is entering a new phase of "quantity and quality improvement," with ongoing product expansion and enhanced performance attracting investor interest [8]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The bond ETF market has experienced the largest redemption wave this year, with all bond - related ETFs showing net outflows. The net outflows of treasury - bond ETFs and sci - tech bond ETFs reached new highs this week. Only corporate bond ETFs and urban investment bond ETFs had small net inflows. Different types of bond ETFs presented various trends in share and net value changes [4][7]. 3. Summary According to the Directory 3.1 Various Bond ETF Fund Inflow Situations - Bond - related ETFs had net outflows across the board. Last week, the net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were - 49.60 billion yuan, - 74.56 billion yuan, and - 9.41 billion yuan respectively, with a total net inflow of - 133.57 billion yuan in the bond ETF market. As of October 17, 2025, the bond ETF fund scale was 6778.33 billion yuan, down 2.00% from the previous week's close, up 277.05% from the beginning of the year, and accounting for 12.27% of the total market ETF scale, a 43 - basis - point decrease from the previous weekend [4][7]. - Treasury - bond ETFs and sci - tech bond ETFs had record - high weekly net outflows. Only corporate bond ETFs (+1.09 billion yuan) and urban investment bond ETFs (+1.89 billion yuan) had small net inflows last week, while the net inflows of other types of bond ETFs were negative. The net outflows of sci - tech bond ETFs and treasury - bond ETFs were relatively large, at - 49.52 billion yuan and - 48.59 billion yuan respectively, both reaching new highs in weekly net outflows since the beginning of 2024 [7]. 3.2 Various Bond ETF Share Trends - The shares of treasury - bond, credit - bond, and convertible - bond ETFs had significant outflows. As of the close on October 17, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs changed by - 45.47 million shares, - 0.93 million shares, no change, - 55.97 million shares, and - 71.20 million shares respectively compared to the close on October 10, 2025, with a total change of - 173.57 million shares for bond - related ETFs [20]. 3.3 Main Bond ETF Share and Net Value Trends - Among the representative products, only the urban investment bond ETF had positive share growth. As of the close on October 17, 2025, the shares of 30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF changed by - 5.33 million shares, - 0.46 million shares, no change, 18.60 million shares, and - 51.70 million shares respectively compared to the close on October 10, 2025 [24]. - The net values continued to rise, except for the convertible - bond ETF. As of the close on October 17, 2025, the net values of 30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF changed by 1.47%, 0.37%, 0.16%, 0.10%, and - 2.26% respectively compared to the close on October 10, 2025 [28]. 3.4 Benchmark Market - Making Credit - Bond ETF Share and Net Value Trends - The shares had an overall outflow. As of the close on October 17, 2025, the shares of 8 existing credit - bond ETFs changed by no change, - 2.00 million shares, - 1.80 million shares, 0.01 million shares, no change, 0.10 million shares, - 2.90 million shares, and - 1.80 million shares respectively compared to the close on October 10, 2025 [31]. - The net values continued the upward trend. As of the close on October 17, 2025, the net values of 8 credit - bond ETFs changed by 0.12%, 0.12%, 0.12%, 0.12%, 0.12%, 0.13%, 0.16%, and 0.13% respectively compared to the close on October 10, 2025 [34]. 3.5 Sci - Tech Bond ETF Share and Net Value Trends - The shares generally had outflows. Among the 24 existing sci - tech bond ETFs, the top three in terms of share size were Sci - Tech Bond ETF Harvest, Sci - Tech Bond ETF Penghua, and Sci - Tech Bond ETF China Merchants. The top three products in terms of share net inflow last week were Sci - Tech Bond ETF E Fund, Sci - Tech Bond ETF Penghua, and Sci - Tech Bond ETF Taikang, with changes of 0.30 million shares, 0.30 million shares, and 0.04 million shares respectively compared to the close on October 10, 2025 [37]. - The net values generally increased. The top three sci - tech bond ETFs in terms of net - value increase last week were Sci - Tech Bond ETF Dacheng, Sci - Tech Bond ETF Harvest, and Sci - Tech Bond ETF Huaxia, with increases of 0.16%, 0.15%, and 0.14% respectively [38]. 3.6 Single Bond ETF Market Performance - The net values of long - term interest - rate bond ETFs rebounded, and only the net values of convertible - bond ETFs declined. Last week, the net - value increases of 30 - year treasury - bond ETF and 30 - year treasury - bond ETF Boshi led, while only the net values of convertible - bond ETF and Shanghai - Stock - Exchange Convertible - Bond ETF adjusted downward, expected to be affected by the decline of the equity market in the second half of the week [40]. - In terms of premium/discount rates, the benchmark market - making credit - bond ETFs and sci - tech bond ETFs had significantly higher discounts than other products. Credit - Bond ETF Boshi, Sci - Tech Bond ETF Invesco, and Corporate Bond ETF E Fund had the highest discount rates [40]. - In terms of scale changes, urban investment bond ETFs and corporate bond ETFs had positive net inflows, while short - term financing ETFs, Treasury - Bond ETF Dongcai, and 30 - year Treasury - Bond ETF Boshi had the largest net outflows last week [40].