Core Viewpoint - Guotou Ruijin Fund announced the suspension of large-scale subscriptions for its silver futures fund starting October 20, with specific limits on A and C share subscriptions [1] Fund Subscription Limits - A share subscription limit is set at 100 yuan, while C share is limited to 1000 yuan [1] - The fund management has the right to refuse subscriptions exceeding these limits for accounts registered under the same identification type and number [1] Market Context - The recent surge in investment interest in the non-ferrous metals sector, including silver, gold, copper, and aluminum, has led to significant price increases [1] - Implementing subscription limits at relatively high market levels aims to prevent excessive short-term inflows that could disrupt the fund's stable operation and dilute the interests of existing investors [1] - Additionally, these measures are intended to protect investors from potential losses due to entering the market at peak prices [1]

Core Viewpoint - The first cross-border asset management pilot program in Hainan Free Trade Port has been launched, providing a new channel for foreign investors to invest in the domestic market [1] Group 1: Cross-Border Asset Management Pilot - The pilot program is a collaboration between Huibaichuan Fund and Shanghai Pudong Development Bank, allowing foreign investors to subscribe to asset management products issued by Huibaichuan Fund [1] - The funds will be transferred across borders through the self-trade account system of Pudong Development Bank's Haikou branch, ultimately targeting the domestic capital market [1] - The asset management product was established on October 17 [1] Group 2: Advantages and Market Impact - Pudong Development Bank leverages its cross-border licensed institution and platform integration advantages, along with a "6+X" cross-border financial service system, to enhance the investment options for foreign investors [1] - The collaboration combines the bank's extensive cross-border financial service experience with Huibaichuan Fund's professional asset allocation and investment management capabilities [1] - This model represents a significant addition to China's high-level opening of the capital market and the internationalization of the Renminbi, following policies like Qualified Domestic Institutional Investor (QDII) and Qualified Foreign Institutional Investor (QFII/RQFII) [1]

Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has faced significant challenges in its four years of operation, including underperformance in product returns, management scale issues, and frequent personnel changes, leading to a perception of being out of sync with the Chinese public fund market [2][3]. Performance Issues - Since its establishment in June 2021, BlackRock Fund's initial fundraising reached 6.681 billion yuan, but the scale has since declined, with a significant drop to 4.321 billion yuan by the end of 2023. Although the scale briefly exceeded 10.785 billion yuan by the end of 2024, it again halved to 5.601 billion yuan in the first quarter of 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it had risen to 13.502 billion yuan, largely due to the issuance of a new bond fund [3][4][5]. - The performance of BlackRock's equity funds has been disappointing, with the BlackRock China New Horizons fund showing a return of -32.45% since inception, consistently underperforming its peers and the CSI 300 index [6][7][11]. Personnel Changes - BlackRock Fund has experienced unprecedented personnel turnover, particularly within its active equity team. The Chief Equity Investment Officer, Shen Yufei, resigned in September 2023 after only 2.5 years, during which the funds he managed performed poorly [10][11]. - Frequent changes in the executive team have also been noted, with key positions such as Chairman, General Manager, and Vice Presidents undergoing multiple changes since the company's inception in 2021. This instability has raised questions about the effectiveness of BlackRock's management in the Chinese market [10][15]. Strategic Shift - The appointment of new executives, such as Yu Peihua as the third General Manager in March 2025, indicates a strategic shift towards fixed-income markets, reflecting BlackRock's response to the challenges faced in the equity space [15][16]. - The launch of several bond funds, including the BlackRock China Bond Investment Preferred Green Bond Index, which raised 6 billion yuan, suggests a pivot in focus to stabilize the company's management scale and performance [16].

| 索 | bm56000001/2025-00012027 | ਜੋ 米 | 行政执法行政监管措施 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年10月17日 | | ਸਮ 称 | 深圳证监局关于对深圳前海京信供销基金管理有限公司采取麦令改正并对杨智采取出具警示函措施的决定 | | | | 文 름 | 行政监管措施决定书〔2025〕117号 | 主题词 | | 北京商报讯（记者 李海媛）10月17日，深圳证监局发文称，经查，深圳前海京信供销基金管理有限公司（以下简称"前海京信供销基金"）在从事私募基金 业务活动中，存在部分私募基金未按照合同约定进行投资运作，未履行谨慎勤勉义务的违规问题。杨智负责相关私募基金投资运作，实施了未按照合同约定 进行投资运作的违规行为，作为私募基金从业人员，未恪守相关行为规范。上述行为违反了相关规定。 依据有关规定，深圳证监局决定对前海京信供销基金采取责令改正并对杨智采取出具警示函的行政监管措施。 ...

中证报中证网讯(王珞)2025年公募基金行业的分化格局中，中小机构的突围之路尤为引人关注。北信瑞 丰基金披露的2025年三季报显示，这家上半年完成管理层更迭的中小公募，在新领导班子带领下的首个 完整季度体现了强劲增长势头：截至三季度末，公司公募基金规模突破200亿元，达到二季度末的近8 倍。 同时，产品业绩表现不俗，固收业绩表现尤为突出，国泰海通最新数据显示，截至9月30日，北信瑞丰 固收类三年收益率跻身全市场同类排名第六，权益产品线亦涌现多只同类排名靠前的产品，如北信瑞丰 优势行业近一年收益率99.56%，全市场排名前2%；北信瑞丰量化优选近一年收益率64.42%，全市场排 名前8%。 银行系资源赋能：华夏银行提级管理，加速业务落地 近两年，关于华夏银行收购北信瑞丰基金的传言一直在业内流传。对此，记者联系北信瑞丰基金相关人 士了解到，目前华夏银行党委对北信瑞丰基金党支部实行提级管理，在人才、资源等方面给予大力支 持，也充分显示了总行对北信瑞丰基金的重视和对其基金业务的支持。 业内人士表示，中小公募在经历动荡后，往往需通过明确业务主线、提升运营效率来重建市场信心。据 了解，北信瑞丰基金目前已启动产品管线梳理， ...

图为嘉越月风投资创世号收益表现 本报（chinatimes.net.cn）记者耿倩 上海报道 日前，曾因净值暴跌至0.3元区间，被戏称为"三毛基"的网红私募产品上演了一场逆袭大戏。10月17 日，私募排排网最新数据显示，吴悦风管理的嘉越月风投资创世号单位净值已升至0.9854元，距离完全 回本仅一步之遥。 与此同时，但斌、陈宇等知名私募大佬集体发声唱多A股，为市场注入强心剂。神农投资陈宇表 示："牛市进入下半场，特征就是高位宽幅震荡。接下来这个阶段，将是主线龙头做价差的好时候。" 展望后市，富荣基金方面对《华夏时报》表示，A股市场有望在震荡中孕育结构性机会。市场核心矛盾 集中于外部风险与内部政策发力，市场震荡波动或短期放大。在市场高波动背景下，"科技成长+红利 防御"双主线策略或占优，有望兼顾业绩确定性与估值安全边际。 网红私募的逆袭与大佬的集体唱多，或许正预示着市场新一轮机会的到来。 "三毛基"逆袭，半年涨超171% 作为坐拥近300万微博粉丝的"财经大V"，吴悦风的投资履历颇具含金量。公开资料显示，他拥有厦门 大学经济学学士与中央财经大学经济学硕士学位，持有特许另类投资分析师（CAIA）资质，还是北美 准 ...

Market Overview - The market experienced a brief fluctuation last week, with some assets showing slight corrections after a strong prior performance, indicating a technical adjustment at high levels [1] - Overall, global markets maintain good resilience, with notable structural differentiation; gold and US stocks continue to lead, while bonds face slight pressure, and dividend sectors along with some emerging markets see minor declines [1] September Market Review - In September, the global market continued its strong performance, with most indices rising, except for the dividend sector, Germany, and Vietnam, which saw slight declines [2] - Gold was the standout performer, surging approximately 11% for the month, while Chinese bonds weakened, dropping about 0.6% [2] Investment Strategies Rui Ding Global Version - The Rui Ding Global Version portfolio achieved a monthly return of 4.41% in September, with a cumulative return of 15.98% year-to-date as of the end of September [5] - This portfolio has consistently delivered positive returns over the past three years, with an average annual return exceeding 10%, ranking in the top 9% among similar public funds [5] Lazy Balanced Portfolio - The Lazy Balanced Portfolio, which increases the proportion of bonds and cash to reduce volatility, recorded a monthly return of 2.84% in September, with an annual target return of 5.13% for 2024 [8] - Despite slightly lower returns compared to the Rui Ding Global Version, it exhibited significantly lower volatility, making it suitable for risk-averse investors [8] Performance Metrics - The Rui Ding Global Version has a maximum drawdown of -35.21% and an annualized volatility of 18.23%, with a Sharpe ratio of 0.77 [10] - The Lazy Balanced Portfolio has a maximum drawdown of -27.45% and an annualized volatility of 11.01%, with a Sharpe ratio of 0.02 [12] Market Sentiment - Recent US-China trade tensions are viewed as a temporary shock rather than a trend reversal, with expectations for supportive measures from the upcoming "Fourteenth Five-Year Plan" [11] - The overall market resilience remains strong, with potential for short-term adjustments due to geopolitical factors, but opportunities for strategic accumulation are anticipated [11]

Core Viewpoint - The article discusses the recent decline in the A-share market, attributing it to high valuations in certain sectors, profit-taking by investors, and external uncertainties such as trade policies and global market sentiment [1][3]. Market Adjustment Factors - The market adjustment is primarily driven by heightened trade tensions, leading to decreased risk appetite among investors. This has resulted in profit-taking from previously high-performing sectors, particularly technology [2][3]. - External factors, including the recent crisis in U.S. regional banks and uncertainties surrounding tariffs, have contributed to increased market volatility [3]. Short-term Market Outlook - Despite the current market pressures, fund companies believe that the downside potential is limited. The ongoing U.S.-China trade negotiations are expected to stabilize after a period of volatility [4][5]. - The market is currently in a risk release phase, but this is anticipated to be short-lived, with a focus on upcoming trade negotiation milestones in November [5][6]. Investment Strategy - Fund managers suggest that the market correction presents an opportunity for balanced portfolio allocation. They recommend focusing on sectors that may benefit from policy support and improving earnings expectations [7][8]. - Specific sectors highlighted for investment include AI, semiconductor self-sufficiency, solid-state batteries, and commercial aerospace, which are expected to show resilience during market adjustments [8][9]. Defensive Investment Considerations - Following two months of market adjustments, sectors like banking are regaining their dividend yield appeal, making dividend stocks a defensive option during periods of market volatility [9]. - The technology sector remains a focal point, although caution is advised due to the liquidity-driven nature of the recent market rally [9].

中证报中证网讯(记者张凌之)随着居民财富管理需求的日益增长，基金投顾迎来发展机遇期。在财富管 理转型的关键时期，以银华基金为代表的公募基金公司，通过不断探索实践，加强投顾投研体系建设， 提升投资顾问专业能力，从而更好服务居民理财需求。 面对当前的低利率环境挑战，银华基金投顾以工业化"策略工厂"为核心，通过整合权益、债券及量化投 研资源，打造覆盖"低波、多元、生息、养老"等需求驱动的解决方案矩阵，借助纪律性的多资产联动和 灵活的工具运用，持续降低投资者持有波动，助力实现风险收益的平衡。 银华基金表示，未来，随着专业投顾队伍的逐步充实，专业能力及AI赋能下策略与服务的持续优化， 服务内容及展业形式的日益多样化，基金投顾业务有望迈入规模与质量同步高速发展的扩张新阶段。银 华基金将继续深耕投顾业务，提升专业服务能力，与同业携手，开启高质量发展新篇章。 银华基金于2021年6月获得投顾业务试点资格，为客户提供一站式的基金投资顾问服务。自获得试点资 格以来，银华基金组建了一支由多领域专家组成的精英团队。在拥有20年金融与互联网复合经验的负责 人杨宇带领下，团队汇聚了来自基金、券商、银行等不同背景顾问专家以及资深的互联网投 ...

Core Insights - The "fixed income +" funds have shown significant resilience in 2025, with over 95% of products achieving positive returns, driven by a recovery in the equity market [1][2][11] - Convertible bond funds have emerged as leaders, with some products reporting annual returns exceeding 38% [1][2] - The "fixed income +" strategy is increasingly recognized as an important asset allocation tool, particularly in a low-interest-rate environment [21][22] Performance Metrics - As of October 14, 2025, key indices for various "fixed income +" fund categories have shown notable increases: mixed bond type primary index (2.09%), mixed bond type secondary index (4.8%), bond-mixed fund index (5.68%), and convertible bond fund index (19.05%) [1][2] - Among the 3,800+ "fixed income +" funds, nearly 5% have achieved returns exceeding 15% this year [2] Fund Management and Strategy - The competitive landscape for "fixed income +" funds has become increasingly pronounced, with top-performing funds often focusing on technology and financial convertible bonds [3][5] - The top three "fixed income +" funds by performance include Southern Changyuan Convertible Bond A, Penghua Convertible Bond A, and招商安瑞进取A, with returns of 38.35%, 28.59%, and 28.02% respectively [4][5] Market Trends and Growth - The "fixed income +" market has experienced two significant expansion phases since its recognition as an independent product in 2019, with a potential third expansion phase underway [8][11] - The total scale of "fixed income +" funds has surpassed 2 trillion yuan, marking a clear growth trend [11][15] Investor Preferences and Risk Management - The current market conditions have led to a structural shift in investor preferences, with a notable increase in demand for "fixed income +" products as a stable investment option [15][21] - Fund managers emphasize the importance of risk management, particularly in maintaining a balance between absolute returns and risk exposure [22][23] Competitive Landscape - The "fixed income +" market has seen a shift towards a more competitive environment, with leading firms like E Fund,招商基金, and广发基金 dominating the market [16][18] - Despite the dominance of top firms, there is still room for smaller players to gain market share through differentiated strategies and product offerings [18][19]