Core Viewpoint - Dongyangguang experienced a decline of 5.03% on October 17, with a stock price of 20.41 CNY per share and a total market capitalization of 61.425 billion CNY [1] Group 1: Company Overview - Dongyangguang Technology Holdings Co., Ltd. is located in Dongguan, Guangdong Province, and was established on October 24, 1996, with its listing date on September 17, 1993 [1] - The company operates in four main business segments: electronic new materials, alloy materials, chemical products, and pharmaceutical manufacturing [1] - The revenue composition of the main business includes: high-end aluminum foil 40.81%, chemical new materials 27.63%, electronic components 25.40%, others (supplementary) 2.63%, energy materials 2.61%, and other categories 0.92% [1] Group 2: Fund Holdings - According to data, one fund under Qianhai Kaiyuan holds Dongyangguang as a top ten position, specifically the Qianhai Kaiyuan CSI 500 Equal Weight ETF (515590), which held 11,200 shares in the second quarter, accounting for 0.26% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 12,100 CNY [2] - The Qianhai Kaiyuan CSI 500 Equal Weight ETF (515590) was established on November 14, 2019, with a latest scale of 50.6122 million CNY, and has achieved a year-to-date return of 25.56% [2]

Group 1 - The core point of the news is that Zhongzi Technology's stock price dropped by 5.09% to 21.26 CNY per share, with a total market capitalization of 2.542 billion CNY as of the report date [1] - Zhongzi Technology, established on July 15, 2005, specializes in the research, production, and sales of environmental catalysts, with 96.12% of its revenue coming from internal combustion engine exhaust purification catalysts [1] - The company's other revenue sources include energy storage (2.06%), industrial catalysts (1.41%), and hydrogen energy (0.09%) [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has Zhongzi Technology as a significant investment, with 502,600 shares held, representing 0.43% of the fund's net value [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) has a total scale of 1.399 billion CNY and has achieved a year-to-date return of 61.45% [2] - The fund's manager, Kong Xianzheng, has a tenure of 4 years and 326 days, with the best return during this period being 77.63% [2]

Core Viewpoint - Recent market trends indicate a significant influx of capital into the "golden track," particularly in gold-related ETFs, with over 15 billion yuan flowing into the SGE Gold 9999 index in the past five days [2][6]. Market Trends - On October 16, A-shares showed mixed performance, with a shift in market style towards dividend sectors, coal stocks rising collectively, and insurance and banking sectors leading in gains [2]. - The stock ETF market experienced a net outflow of over 5 billion yuan, with broad-based indices like the CSI A500 seeing significant withdrawals [2][14]. ETF Performance - The total scale of the stock ETF market reached 4.58 trillion yuan, with a reduction of 11.47 million units in total shares on October 16, leading to a net outflow of 50.42 billion yuan [4][5]. - Gold ETFs continued to perform well, with year-to-date gains exceeding 60% for products like the Shanghai Gold ETF [7]. Capital Flow - In terms of capital flow, commodity ETFs and Hong Kong market ETFs saw the highest net inflows, amounting to 51.47 billion yuan and 33.74 billion yuan, respectively [6]. - The SGE Gold 9999 index led the inflow with 47.46 billion yuan on October 16, and over 153 billion yuan in the last five days [6]. Sector Analysis - The banking, brokerage, and coal sectors have shown increased activity, with significant net inflows into related ETFs [11]. - Conversely, technology stocks have faced challenges, with a notable shift of funds from emerging market tech stocks back to gold and other safer assets due to rising global risk aversion [9]. Future Outlook - Analysts suggest that the current market is at a critical juncture, with potential for policy-driven growth and performance verification in the upcoming earnings reports [18].

Core Insights - Recent market trends indicate a significant influx of capital into the "golden track," with over 15 billion yuan flowing into the SGE Gold 9999 index in the past five days [1][4] - The A-share market showed mixed performance on October 16, with notable gains in the coal, insurance, and banking sectors, while technology and controlled nuclear fusion stocks faced declines [1][5] Fund Flow Analysis - The total scale of all stock ETFs in the market reached 4.58 trillion yuan as of October 16, with a net outflow of over 5 billion yuan from the stock ETF market on the same day [2][3] - Commodity ETFs and Hong Kong market ETFs saw the highest net inflows, amounting to 5.15 billion yuan and 3.37 billion yuan respectively [4] - The SGE Gold 9999 index led the inflows with 4.75 billion yuan on October 16, contributing to a total of over 15.3 billion yuan in the last five days [4][6] Sector Performance - Gold-related ETFs have shown strong performance, with year-to-date gains exceeding 60% [6] - In contrast, the broad-based ETFs experienced significant outflows, with the CSI A500 index seeing a net outflow of 2.36 billion yuan on October 16 [9][10] - Specific ETFs such as the bank ETF, rare earth ETF, and non-bank Hong Kong stock ETFs attracted substantial inflows, indicating a shift in investor sentiment towards these sectors [7][8] Market Sentiment - The current market sentiment is influenced by rising global risk aversion and ongoing U.S.-China tensions, leading to a shift from emerging market tech stocks to safer assets like gold [5][11] - Analysts suggest that the market is at a critical juncture, with upcoming policy initiatives and earnings reports expected to guide future investment directions [11]

10月16日，易方达产业优选（A/C：025824/025825）发布发售公告，将于10月20日起公开发行。公开资 料显示，这是一只偏股混合型基金，股票资产占基金资产的比例为60%~95%，其中港股通股票不超过 股票资产的50%，拟由老将祁禾和新晋基金经理方鑫宸共同管理。 据了解，该产品采用浮动费率模式，是易方达基金推出的第3只新型浮动费率产品。具体来看，若投资 者持有份额不满一年，按1.2%/年收取管理费；若持有份额达到一年及以上，将根据持有期间的年化超 额收益水平，适用三档不同管理费率。当持有期间年化收益率为正且跑赢业绩比较基准超6%时，管理 费率为1.50%/年；当持有期间年化收益率跑输业绩比较基准3%或更多时，管理费率为0.6%/年；其他情 形下，管理费率为1.2%/年。 自今年5月《推动公募基金高质量发展行动方案》发布以来，易方达等基金公司积极布局新型浮动费率 产品，将管理费率与每笔投资的持有时间、持有回报水平挂钩，通过差异化收费引导长期投资、与投资 者利益共担。 ...

Core Insights - The trading volume of ETFs in China is expected to continue growing by 2025, attracting more global market makers and enhancing market liquidity and pricing efficiency [2] - The widespread application of quantitative investment research is injecting new growth momentum into the ETF market in China, Asia-Pacific, and globally [2] Group 1: Event Overview - Bloomberg is hosting a seminar focusing on the future growth points of the ETF market in China and other key global markets, as well as practical experiences in quantitative research and risk management [2][3] - The seminar aims to provide insights into the future landscape of ETFs and capture diverse investment opportunities [2] Group 2: Agenda Highlights - The event will feature discussions on customized indices empowering ETF investment strategies and include interactive exchanges [7] - Key topics include the future blueprint of ETFs, opportunities and risks in quantitative research, and strategy optimization through various market cycles [3][7] Group 3: Featured Speakers - The seminar will host industry experts from various financial institutions, including senior managers and directors from major asset management firms [8][9][10]

Core Insights - Three stock ETFs have recently announced their listing, with varying stock positions: GF Zhongzheng Satellite Industry ETF at 33.38%, Qianhai Kaiyuan Zhongzheng Private Enterprise 300 ETF at 82.97%, and E Fund SSE 580 ETF at 11.61% [1] - A total of 10 stock ETFs have announced listings in October, with an average position of 36.18%. The highest position is held by Chuangjin Hexin Zhongzheng State-Owned Enterprise Dividend ETF at 98.80% [1] - ETF listings must meet the position requirements specified in the fund contract, and if the position is low, they will complete the building of positions before the official listing [1] Fund Statistics - The average number of shares raised for the ETFs listed in October is 5.12 million, with the largest being GF Zhongzheng Satellite Industry ETF at 11.71 million shares, followed by Huaan Guozheng Hong Kong Stock Connect Consumer Theme ETF at 6.39 million shares, and Fuguo SSE Sci-Tech Innovation Board 100 ETF at 5.56 million shares [2] - Institutional investors hold an average of 13.46% of the shares, with the highest proportions in Penghua Hong Kong Stock Connect Low Volatility Dividend ETF at 97.57%, Fuguo SSE Sci-Tech Innovation Board 100 ETF at 7.17%, and GF SSE Sci-Tech Innovation Board 200 ETF at 6.52% [2] - The ETFs with the lowest institutional investor holdings include GF Zhongzheng Satellite Industry ETF at 1.31%, Chuangjin Hexin Zhongzheng State-Owned Enterprise Dividend ETF at 2.20%, and Penghua Zhongzheng Financial Technology Theme ETF at 2.25% [2]

信用债ETF总规模4757亿元，单日下降18.1亿元，其中基准做市ETF上升0.3亿元、科创债ETF下降19.1亿元；加权久期中位 数3.1年。流动性：整体成交金额2117亿元，平均单笔成交额518万元（基准做市337万元、科创债563万元）；换手率中位 数43.6%。估值情况：收益率中位数1.93%，贴水率中位数-22.0BP（基准做市-35.0BP、科创债-20.7BP）。 在债市新一轮回调背景下，长假前后多数信用债ETF均折价10-30bp，平安公司债ETF仍保持升水状态，周均溢价1bp，原因 在于市场下跌时不断的客户买入，由于产品成立更久且风险控制优秀，在极端行情下交易仍保持活跃，产品折价保护优势 相对突出。 关注今年债市调整以来平安公司债ETF（511030）回撤控制排名第一，净值相对稳健且回撤可控，近1周平均升水1BP，可 参考下表： | 46 | 简称 | 易内简称 | 托管人 | 規模(亿) | 近1周族 | 近1周均贴 | 近1周湿装 | 质押率 | 本轮调报 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Huashang Fund's Zhang Mingxin is a fund manager with profound research background and a systematic investment framework, managing a total fund size of 4.241 billion yuan as of the end of the second quarter of 2025. His investment philosophy of "value as the foundation, trend as the wings" enables him to maintain strong adaptability and competitiveness in complex market environments [2]. - Zhang Mingxin's two current public - offering funds, Huashang Equal - Growth and Huashang Advantage Industry, have excellent performance. As of September 22, 2025, their excess returns relative to similar funds reached 67.07% and 57.18% respectively, and their performance rankings are among the top 0.86% and 1.25% in similar funds [2]. - Another fund he manages, Huashang Zhiyuan Return, is a floating - rate fund, which reflects the confidence of Huashang Fund and the fund manager in its future performance [3]. - The product YDZC - Taihe Preferred No. 2 managed by Zhang Mingxin at Yingda Insurance Asset Management achieved an excess return of 75.05% relative to the CSI 300 index. From early 2021 to early 2025, it achieved a positive return of 44.01% while the market declined by 31.04% [3]. - Based on the fund TM attribution analysis, Zhang Mingxin shows significant and positive stock - selection ability and strong adaptability under different market conditions and value - growth style dominance [3]. - Zhang Mingxin is long - term optimistic about the AI industry trend, believing that overseas computing power is the starting point of a long - cycle, and AI applications are reshaping the world. He also believes that there may be systematic investment opportunities in new consumption, innovative drugs, and military trade and defense industries [4]. Summary According to the Directory 1. Investment Philosophy Kernel: Value as the Foundation, Trend as the Wings 1.1 Investment Framework - Zhang Mingxin believes that investment is to find the paradigm of "stocks will rise in this situation", and the essence of stock - selection is to find the market's feedback mechanism to information. He has formed an investment philosophy of industry trend investment driven by value [9]. - Value investment aims to achieve the highest - probability investment paradigm. He believes that value = deep value + growth value + gaming value, and mainly earns from company growth value and partial deep - value regression. He participates in different stages of the industry cycle [11]. - The core investment concept is industry trend investment driven by value, which can balance short - term and long - term performance. It requires comprehensive value assessment, cross - industry tracking, and finding alpha targets in booming industries. Zhang Mingxin is good at rotating investments in multiple industries [13]. 1.2 Views on the Market - In 2025, the market first strengthened due to the global large - model equalization wave led by DeepSeek, then declined due to the global trade war initiated by the US, and finally gradually returned to trading fundamentals after a series of policies [17][18]. - Zhang Mingxin continued to follow the investment philosophy of industry trend investment based on value. After the market decline in early April, he adjusted his positions and increased the allocation of overseas computing power sectors in May, achieving good returns [18]. - Looking forward to the second half of the year, the economy has a bottom line, policies support the capital market, and the AI industry's progress is expected to drive the long - term bullishness of the capital market [19]. 2. Fund Performance: Past Managed Funds Achieved Excess Returns of 75.05% in a Bear Market, and Currently Managed Funds Continue the Excellent Historical Performance 2.1 Overview of the Fund Manager's Managed Fund Performance - As of the end of the second quarter of 2025, Zhang Mingxin managed a total fund size of 4.241 billion yuan. The product YDZC - Taihe Preferred No. 2 achieved an excess return of 75.05% relative to the CSI 300 index from early 2021 to early 2025, ranking first among 68 similar products [21]. - Huashang Equal - Growth and Huashang Advantage Industry had excess returns of 67.07% and 57.18% respectively relative to similar funds as of September 22, 2025, and their performance rankings were among the top 0.86% and 1.25% in similar funds [22]. 2.2 Introduction to Fund Basic Information - Huashang Equal - Growth A (011369.OF) is a partial - stock hybrid fund. Zhang Mingxin took over on March 4, 2025, and the fund size was about 185 million yuan as of June 30, 2025 [24]. - Huashang Advantage Industry (000390.OF) is a flexible - allocation fund. Zhang Mingxin took over on March 12, 2025, and the fund size was about 4.055 billion yuan as of June 30, 2025 [25]. 3. Fund Performance: Currently Managed Products Have Outstanding Excess Performance, and Past Managed Products Had Positive Excess Returns in Each Full Year 3.1 Performance of Currently Managed Funds - Zhang Mingxin has strong performance - acquisition ability. From March 4, 2025, to September 22, 2025, Huashang Equal - Growth A had a fund return of 93.25%, ranking 37/4488 (top 0.82%) among similar funds, with an excess return of 71.23% relative to the benchmark [27]. - Huashang Advantage Industry A had a recent quarterly return of 79.29%, ranking 36/2326 (top 1.54%) among similar funds, with a Sharpe ratio of 4.83 [29]. 3.2 Historical Performance of Past Managed Products - From January 28, 2021, to January 19, 2025, the Taihe Preferred No. 2 product managed by Zhang Mingxin had positive excess returns in each full year, with excess returns of +22.69%, +29.48%, and +9.62% relative to the CSI 300 index in 2022, 2023, and 2024 respectively [33]. - Zhang Mingxin adheres to the investment idea based on fundamentals and industry trends, and achieved significant absolute and relative returns for clients by selecting booming growth industries during the volatile capital market from 2022 to 2024 [33]. 4. Source of Excess Returns: Significant and Positive Stock - Selection Ability and Strong Adaptability under Different Market Conditions and Value - Growth Style Dominance 4.1 Stock - Selection and Timing Ability of the Fund Manager - The T - M model is used to measure the stock - selection and timing ability of the fund manager. The analysis shows that the Taihe Preferred No. 2 fund showed significant and continuous positive stock - selection ability during certain periods [36][39]. 4.2 Strong Adaptability under Different Market Conditions and Value - Growth Style Dominance - The analysis shows that Zhang Mingxin showed strong adaptability under different market rise - fall ranges and different value - growth style dominance when managing the Taihe Preferred No. 2 fund, and had stronger adaptability to the small - cap style compared to the large - cap style [42][49]. 5. Conclusion - Zhang Mingxin is a fund manager with strong investment ability. His currently managed funds have excellent performance, and his past managed products also achieved good results. He is long - term optimistic about the AI industry and other sectors, and investors interested in relevant fields are recommended to pay attention to Huashang Equal - Growth, Huashang Advantage Industry, and Huashang Zhiyuan Return [50][52].

Group 1 - The core point of the news is that Jiangsu Jiejie Microelectronics Co., Ltd. experienced a stock decline of 5.03%, with a current share price of 30.58 yuan and a total market capitalization of 25.445 billion yuan [1] - The company, established on March 29, 1995, specializes in the research, design, production, and sales of power semiconductor discrete devices, with its main business revenue composition being 67.12% from power semiconductor devices, 30.73% from power semiconductor chips, 1.42% from other sources, and 0.73% from packaging and testing of power devices [1] Group 2 - Among the top ten circulating shareholders of Jiejie Microelectronics, the Southern Fund's Southern CSI 500 ETF (510500) entered the list in the second quarter, holding 7.3814 million shares, which accounts for 1.02% of the circulating shares [2] - The Southern CSI 500 ETF has a total scale of 113.438 billion yuan and has achieved a year-to-date return of 28.06%, ranking 1804 out of 4218 in its category [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a tenure of 12 years and 182 days, with the fund's total asset scale at 138.999 billion yuan [3] - During his tenure, the best fund return was 150%, while the worst return was -47.6% [3]