Core Viewpoint - The withdrawal of Guangfa Asset Management and Guangzheng Asset Management from the public fund management license application process indicates a shift in the industry from a focus on obtaining licenses to emphasizing operational capabilities and differentiation in product offerings [1][12][16] Group 1: License Application and Market Dynamics - Guangzheng Asset Management withdrew from the application process after waiting over two years, similar to Guangfa Asset Management, which manages over 250 billion in assets [1] - The urgency in obtaining licenses is driven by regulatory requirements mandating that certain products must complete public offering transformations by the end of 2025, or face liquidation or conversion to private funds [3][5] - The time-consuming nature of the application process has led firms to seek alternative strategies, such as transferring products to affiliated fund companies that already hold public licenses [5][6] Group 2: Cost-Benefit Analysis of Obtaining Licenses - The costs associated with obtaining a public fund license, including building research teams and compliance systems, can reach millions annually, making it less attractive for firms [8][10] - The competitive landscape for public fund management is saturated, with 164 firms vying for market share, making it difficult for new entrants to achieve significant scale [10] - In contrast, private fund strategies, such as FOF and alternative investments, offer higher profit margins and quicker returns, appealing more to leading firms [10] Group 3: Industry Evolution and Future Outlook - The industry is transitioning from a "license acquisition" mindset to one focused on "capability competition," where firms must demonstrate unique value propositions rather than simply holding licenses [12][14] - Regulatory scrutiny has increased, with a focus on differentiation among firms, as evidenced by feedback received by firms like Guozheng Asset Management [12][16] - The withdrawal from the license application process is seen as a rational decision, allowing firms to concentrate on their core competencies and deliver better products to investors [14][16]

Group 1: REITs Market Overview - E Fund's Guangxi Beitou Expressway REIT has officially been submitted for approval, marking the first public REIT project in Guangxi [3] - The market for REITs has seen a decline, with the CSI REITs Total Return Index dropping by 1.44% during the week of October 13-17, 2023, and 90% of products experiencing a decrease [6][7] - The trading activity in the secondary market has decreased, with the average turnover rate dropping from 0.9% in September to 0.45% in October [7] Group 2: Performance of Specific REITs - The top-performing REITs for the week included Guotai Junan Jinan Energy Heating REIT with a weekly increase of 1.65%, followed by Huatai-PB Jiuzhoutong Pharmaceutical REIT and Harvest China Power Construction Clean Energy REIT with increases of 0.99% and 0.71% respectively [7] - Despite the overall market decline, over 90% of REITs have shown positive year-to-date performance, with 14 products exceeding a 20% increase [8] Group 3: Recent Developments in REITs - Multiple public REITs have made progress, including the second expansion of Huaxia Huaren Commercial REIT, which is the first consumer REIT to initiate a second expansion [4] - Huaxia Fund's Huaren Youchao REIT has updated its expansion application status to "feedback received" [5] - The market has seen significant capital inflow, with Huaxia Zhonghai Commercial REIT receiving nearly 160 billion yuan in subscription applications, indicating strong investor interest [5]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report focuses on the performance of the quantitative fund market, summarizing the performance of major indices and quantitative funds in the past week, the overall performance and distribution of different types of public - offering quantitative funds, and the top - performing quantitative funds this week. During the week from October 13th to October 17th, 2025, the A - share market declined across the board, while index - enhanced funds recorded positive excess returns [1][2][6]. 3. Summary by Directory 3.1 Near - Week Performance of Major Indices and Quantitative Funds - A - shares declined across the board. The one - week returns of the CSI 300, CSI 500, and CSI 1000 were - 2.22%, - 5.17%, and - 4.62% respectively [3][6]. - Both active quantitative and market - neutral funds recorded negative returns. Active quantitative funds fell by an average of 2.94%, and market - neutral funds fell by an average of 0.12%. All types of index - enhanced funds had negative absolute returns but slightly outperformed their corresponding indices. The CSI 300, CSI 500, CSI 1000, and other index - enhanced funds achieved excess returns of 0.05%, 0.81%, 0.57%, and 0.37% respectively [4][9]. 3.2 Performance of Different Types of Public - Offering Quantitative Funds - **CSI 300 Index - Enhanced Funds**: The one - week return was - 2.17%, with an excess return of 0.05%. The maximum drawdown was - 2.15%, and the excess maximum drawdown was - 0.36% [14]. - **CSI 500 Index - Enhanced Funds**: The one - week return was - 4.35%, with an excess return of 0.81%. The maximum drawdown was - 3.97%, and the excess maximum drawdown was - 0.27% [14]. - **CSI 1000 Index - Enhanced Funds**: The one - week return was - 4.06%, with an excess return of 0.57%. The maximum drawdown was - 3.74%, and the excess maximum drawdown was - 0.30% [15]. - **Other Index - Enhanced Funds**: The one - week return was - 3.73%, with an excess return of 0.37%. The maximum drawdown was - 3.68%, and the excess maximum drawdown was - 0.32% [15]. - **Active Quantitative Funds**: The one - week return was - 2.94%, and the maximum drawdown was - 2.95% [16]. - **Market - Neutral Funds**: The one - week return was - 0.12%, and the maximum drawdown was - 0.33% [16]. 3.3 Performance Distribution of Different Types of Public - Offering Quantitative Funds The report presents the performance trends of different types of public - offering quantitative funds in the past half - year, as well as the performance distribution in the past week and the past year. Index - enhanced funds show their excess return performance [17]. 3.4 High - Performing Funds of Different Types of Public - Offering Quantitative Funds - **CSI 300 Index - Enhanced High - Performing Funds**: The sample - mean one - week excess return was 0.05%. Western Securities CSI 300 Index - Enhanced had a one - week excess return of 1.04% [27]. - **CSI 500 Index - Enhanced High - Performing Funds**: The sample - mean one - week excess return was 0.81%. Shenwan Hongyuan CSI 500 Index - Enhanced had a one - week excess return of 3.46% [28]. - **CSI 1000 Index - Enhanced High - Performing Funds**: The sample - mean one - week excess return was 0.57%. Mingya CSI 1000 Index - Enhanced had a one - week excess return of 1.81% [29]. - **Other Index - Enhanced High - Performing Funds**: The sample - mean one - week excess return was 0.37%. Huashang Shanghai Science and Technology Innovation Board Composite Index - Enhanced had a one - week excess return of 2.18% [30]. - **Active Quantitative High - Performing Funds**: The sample - mean one - week return was - 2.94%. Tianzhi Core Growth had a one - week return of 3.76% [31]. - **Market - Neutral High - Performing Funds**: The sample - mean one - week return was - 0.12%. ICBC Absolute Return had a one - week return of 1.17% [32].

中海商业REIT 网下认购倍数创新高 公募 REITs 周度跟踪（2025.10.13-2025.10.17） 《假期前后四连跌，华润商业 REIT 公募 REITs 周 尔扩 莫已由指 (2025.09.29-2025.10.10)》 2025/10/11 E单首发项目注册生效- 一八皇 REITs 闇鹰眼镜 (2025.09.22-2025.09.26)》 2025/09/27 《流动性连续第四周环降— -公募 REITs 周度跟踪 (2025.09.15-2025.09.19)》 2025/09/20 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 2025 年 10 月 18 日 联系人 曹璇 (8621)23297818× caoxuan@swsresearch.com 申万宏源研究微信服务号 流动性触底回升，两单新发项目吸引资金超 2000 亿元。节后首周，REITs 市场 ...

Core Viewpoint - The performance of newly established active equity funds has shown significant divergence due to the current structural market conditions, with a performance gap exceeding 30 percentage points between the best and worst performing funds [1][2]. Fund Performance Divergence - In the first two months of the second half of the year, the market was strong, with the Shanghai Composite Index rising over 12% in July and August. However, from September 1 to October 15, the index only increased by 1.41%, indicating a shift to a sideways market [2]. - Among 66 newly established active equity funds, 43 showed positive net value growth while 23 had negative growth during the period from September 1 to October 15. The highest net value increase was 20.35%, while the lowest was -13.17%, resulting in a performance gap of over 33 percentage points [2][3]. Investment Range and Strategy - The top-performing funds often focused on sectors like resources and semiconductors, while those with poor performance were primarily invested in the medical sector. This highlights the importance of sector selection in fund performance [4][5]. - The best-performing fund's investment strategy aligned with sectors that experienced significant gains, such as non-ferrous metals and coal, while the underperforming funds were heavily invested in sectors that faced declines [5]. Stock Selection and Manager Impact - The performance of active funds is heavily influenced by the stock selection capabilities of fund managers. Even funds within the same sector can show performance differences based on the manager's style and stock choices [7][8]. - The timing of stock purchases and the ability to adapt to market conditions are critical for fund performance. Smaller funds tend to be more agile in adjusting their portfolios compared to larger funds [8]. Market Conditions and Investment Strategy - In the current sideways market, value-based investment strategies are recommended, focusing on undervalued stocks while being cautious of overhyped stocks [9]. - Structural opportunities may arise in specific sectors, such as AI and innovative pharmaceuticals, which could provide investment opportunities despite market volatility [9].

Core Viewpoint - The recent leadership change at Bosera Fund, with Zhang Dong taking over as chairman from Jiang Xiangyang, reflects the company's commitment to stable management and growth in the public fund industry [1][2][7]. Group 1: Leadership Transition - Jiang Xiangyang has officially stepped down as chairman after a decade, during which he significantly increased the fund's management scale from 143.26 billion to 1.09 trillion [2]. - Zhang Dong, previously the general manager and a veteran in the financial industry, has taken over as chairman and will also serve as general manager [3][7]. Group 2: Company Performance - Under Jiang's leadership, Bosera Fund's bond fund scale exceeded 450 billion, ranking first in the market, while its non-cash ETF management surpassed 220 billion [2]. - In the first half of 2025, Bosera Fund reported revenues of 2.356 billion and net profits of 763 million [3]. Group 3: Market Environment and Strategy - The public fund industry is undergoing significant transformation, with a need to enhance equity fund offerings amidst increasing competition [7]. - Bosera Fund aims to balance its strengths in fixed income with a focus on growing its equity fund segment, which presents both opportunities and challenges for Zhang Dong [7][8]. Group 4: Industry Trends - The public fund industry has seen 318 executive changes across 129 companies this year, indicating a trend of leadership turnover driven by strategic adjustments and talent mobility [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The liquidity of the REITs market has bottomed out and rebounded, with two new projects attracting over 200 billion yuan in funds. The first - level market's new - issue enthusiasm remains high, and the overall liquidity has improved, especially in the affordable housing sector [3]. - As of October 10, 2025, 18 REITs have been successfully issued this year, with a scale of 36.34 billion yuan, a year - on - year decrease of 21.5%. Three new - issue and two expansion - issue REITs have made new progress this week [4]. - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%. The liquidity of both property - type and franchise - type REITs has increased, and the data center sector is the most active. In terms of valuation, the warehousing and logistics, transportation, and park sectors rank among the top [5]. 3. Summary According to the Directory 3.1 First - level Market: Three New - issue Public REITs Made New Progress - As of October 17, 2025, 77 REITs have been issued, with a total issuance scale of 199.6 billion yuan, a total market value of 217.4 billion yuan, and a circulating market value of 108 billion yuan. Among them, property - type REITs account for a large proportion in terms of quantity and scale [16]. - This week, three new - issue REITs made progress: E Fund Guangxi Beitou Expressway REIT has been declared, and China AMC China Overseas Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][17]. - Two expansion - issue REITs made progress: China AMC China Resources Commercial REIT has been accepted, and China AMC China Resources Youchao REIT has received feedback [4][18]. 3.2 Second - level Market: Liquidity Bottomed out and Rebounded this Week 3.2.1 Market Review: CSI REITs Total Return Index Fell 1.44% - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. Year - to - date, it has risen 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [5]. - By project attribute, property - type REITs fell 2.09%, and franchise - type REITs fell 1.64%. By asset type, the data center, transportation, environmental protection and water services, and park sectors performed better [5]. - Among individual bonds, 4 rose and 70 fell. The top three were Huatai - PineBridge Nanjing Jianye REIT, Southern Runze Technology Data Center REIT, and Huatai - PineBridge Baowan Logistics REIT, while the bottom three were Yin Hua Shaoxing Raw Water Conservancy REIT, Hongtu Shenzhen Anju REIT, and Huatai - PineBridge Baowan Logistics REIT [5]. 3.2.2 Liquidity: Turnover Rate Bottomed out and Rebounded, with the Affordable Housing Sector Improving Most Significantly - The average daily turnover rates of property - type and franchise - type REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points compared to last week. The trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [5][27]. - The data center sector was the most active, and the affordable housing sector had the most significant improvement in liquidity [3][27]. 3.2.3 Valuation: The Affordable Housing Sector has a Higher Valuation - According to the China Bond valuation yield, the yields of property - type and franchise - type REITs are 3.94% and 4.16% respectively. The warehousing and logistics, transportation, and park sectors rank among the top [5][32]. 3.3 This Week's News and Important Announcements - News: The Ministry of Civil Affairs supports the cultivation of pension REITs; 9 departments including the Ministry of Housing and Urban - Rural Development support eligible new - type urban infrastructure to issue REITs; the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs has been announced [36]. - Announcements: China AMC Joy City Commercial REIT will conduct a second dividend in 2025; the Q3 operating conditions of AVIC Shougang Green Energy REIT and CITIC Construction Investment Mingyang Smart New Energy REIT have been announced; the strategic placement shares of China Merchants Shekou Rental Housing REIT will be lifted from restrictions [37].

Core Insights - The 2025 Shanghai Suhewan Conference highlighted the importance of technology and finance in China's economic development, with the "new economy" contributing 18% to GDP and the financial sector accounting for 8% [1] Group 1: Technological Impact on Finance - The financial industry is expected to undergo digitalization, intelligence, and scenario-based trends, leading to a more diverse range of financial activities and blurred boundaries between financial services and products [3][4] - A new wave of technological revolution is anticipated to create new financial business models, expanding the scope of financial services, as seen in historical shifts from metal currency to paper money and the rise of cross-border financial services [3][4] - The integration of technologies such as AI, big data, and cloud computing is reshaping the financial service landscape, necessitating collaboration between financial institutions and external tech companies [4] Group 2: Changing Consumer Behavior - Public financial consumption behaviors are increasingly characterized by online, platform-based, and scenario-driven interactions, leading to a complex interplay between financial and non-financial services [4][5] - The accumulation of high-frequency data from daily activities allows for precise analysis of customer financial needs, enabling a seamless transition from data processing to financial service provision [5] Group 3: Regulatory Recommendations - To address the challenges posed by technological advancements in finance, it is recommended to apply equal regulatory standards across similar financial activities and to maintain a focus on risk management [5]

Group 1: Market Dynamics and Asset Allocation - The global asset pricing system is undergoing structural reconstruction due to uncertainties from Trump's policies, AI's disruptive impact on traditional industries, and Web3 technology's transformation of financial infrastructure [1][2] - The proportion of real estate investments among Chinese residents has significantly decreased from nearly 70%, while equity investments have steadily increased to around 15% [1][4] - Investors are facing a critical question: beyond gold, what other assets can be purchased? A diversified allocation is essential to withstand uncertainties [1][3] Group 2: Gold as an Investment - Gold's price has surged over 60% this year, reflecting a reconstruction of the global monetary trust system, but its volatility poses significant trading risks [1][2] - There is a divergence in market consensus regarding gold; some view it as a strategic allocation opportunity, while others warn of potential severe corrections due to crowded trades [2][3] - For ordinary investors, gold should not be viewed in a binary manner; its defensive value against currency credit and geopolitical risks remains significant, but tactical allocation must consider individual risk tolerance [3] Group 3: Structural Opportunities and Challenges - Chinese residents are increasingly diversifying their asset allocation beyond traditional real estate, moving towards stocks, bonds, mutual funds, private equity, insurance, and commodities [4][5] - The demand for cross-border asset allocation among residents is growing, but there is a mismatch with the supply of domestic financial products, particularly in innovative areas like green finance and cross-border ETFs [5] - The gradual improvement of China's capital market is providing more space for asset allocation, with a focus on long-term returns that match risk [6] Group 4: Economic Resilience and Investment Logic - Global economic growth resilience is under severe examination, with significant volatility in asset prices becoming a new norm [7] - The overall risk appetite of Chinese investors is undergoing a complex reshaping process, as evidenced by fluctuations in monthly deposit behaviors [7][8] - Long-term value anchoring should focus on understanding the interplay of institutional evolution, technological innovation, and social change rather than chasing single asset surges [8]

Core Insights - Investors in active equity funds, who faced challenges in the past two years, are now experiencing a turnaround with many products showing improved performance, particularly in the technology sector driven by favorable policies and industrial upgrades [2][5] - Huian Fund has capitalized on this opportunity, with several of its funds performing strongly, including nine funds that have doubled their performance since inception [2][5] Fund Performance Summary - As of October 15, Huian Fund has nine funds with performance doubling since inception, with two funds achieving over 100% returns in the past year, ten funds over 50%, and sixteen funds over 40% [2][3] - Notably, the Huian Growth Preferred A fund, managed by Dan Bailin, has a year-to-date return of 104.24%, significantly outperforming the benchmark [3][13] - Other funds managed by veteran manager Zou Wei also showed strong performance, with all six funds achieving over 60% returns this year [2][5] Investment Strategy and Team Structure - The impressive performance is attributed to Huian Fund's platform-based and systematic research capabilities, emphasizing team collaboration and complementary skills among team members [5][17] - The investment team is structured with a mix of experienced veterans and emerging talents, ensuring a balance of stability and innovation in investment strategies [5][17] - Zou Wei, with 25 years of experience, focuses on growth sectors like AI and semiconductors, while Dan Bailin employs an engineering mindset to analyze industry fundamentals, leading to differentiated investment insights [13][17] Diverse Investment Styles - Huian Fund incorporates various investment styles, including quantitative strategies led by Liu Yucai, who combines deep research with quantitative analysis to enhance investment efficiency [15][17] - The fund's diverse product offerings cater to different risk appetites, combining stable value, growth potential, and quantitative diversification [19][17] Research and Investment Framework - Huian Fund has developed a "four-in-one" investment system that emphasizes deep value research, long-term performance, diversity in strategies, and risk management [17][18] - The research team covers macro strategies and various sectors, ensuring a comprehensive approach to investment [18][19] - The fund's structured investment strategy groups allow for clear roles and collaborative efforts, enhancing overall performance [18][19]