Core Insights - The enhancement of investment research capabilities is essential for public funds to implement the "investor-centric" philosophy and is fundamental to the industry's survival [1] - The China Securities Regulatory Commission (CSRC) has mandated the strengthening of core investment research capabilities, emphasizing the establishment of an evaluation system for fund companies' research capabilities [1] - Longsheng Fund exemplifies a robust investment research system, focusing on a "platform-based, integrated, multi-strategy" approach, moving away from reliance on "star fund managers" to a more systematic and team-oriented model [1][2] Investment Research System - Longsheng Fund has developed a vertical system from teams to fund managers, alongside a parallel system among fund managers with different styles [2] - The investment team conducts in-depth discussions on each investment target, covering market styles, industry patterns, competitive advantages, and shareholder structures [2] - In fixed income, the focus is on absolute returns, supported by a comprehensive risk control system to monitor the fundamentals of bond-issuing companies [2] Collaborative Decision-Making - Longsheng Fund is pursuing a "concentrated resources, effective transformation, and boutique breakthroughs" approach in its investment research system [2] - A mutual trust discussion mechanism is established to leverage collective intelligence for key decision-making [2] - A multi-layered, three-dimensional discussion framework is designed to ensure both depth and timeliness in research outcomes, enhancing investment effectiveness [2] Structured Research Mechanisms - Longsheng Fund has implemented a three-tiered fixed investment research discussion mechanism, including weekly report discussions, monthly simulated portfolio meetings, and quarterly investment committee meetings [3] - Weekly discussions maintain the freshness of information, while monthly meetings help capture industry dynamics [3] - The quarterly investment committee focuses on macro and micro comparisons, complemented by daily morning meetings and ad-hoc industry discussions to complete the research-to-investment conversion loop [3]

Core Viewpoint - The establishment of cross-border asset management pilot business in Hainan Free Trade Port marks a significant advancement in financial openness, entering a substantive operational phase with the approval of the first batch of pilot institutions [1][2]. Summary by Sections Pilot Institutions - The first batch of pilot institutions includes six entities: Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, Industrial Bank Haikou Branch, and Shanghai Pudong Development Bank Haikou Branch, which have completed the filing process [2][3]. - The four issuing institutions are responsible for designing and managing cross-border asset management products aimed at overseas investors, while the two banks will handle sales and service [3]. Implementation Details - The pilot program follows the release of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" in July, which supports overseas investors in investing in various financial products issued by Hainan's financial institutions [6][7]. - The initial total scale limit for the pilot is set at 10 billion yuan, covering multiple product categories including public funds, private asset management products, and insurance asset management products [7]. Market Opportunities - The pilot program presents new opportunities for wealth management institutions to internationalize their operations, leveraging the growing wealth of Chinese residents and the increasing interest in global asset allocation [8]. - Institutions are encouraged to integrate domestic and international resources and collaborate with global financial entities to adopt advanced concepts and practices from overseas markets [8].

当前，中国公募基金行业正迈入高质量发展的关键新阶段。随着经济结构向高质量转型升级不断深入， 作为资本市场"压舱石"和"稳定器"的公募基金，也正迎来发展路径的全面重塑。与此同时，行业竞争格 局持续优化，各类机构依托自身资源禀赋推进差异化布局，头部机构与中小机构之间的战略定位愈发清 晰。 随着监管政策持续引导行业回归资产管理本源，行业也在积极探索解决"基金赚钱、基民不赚钱"等问题 的有效路径。过去以规模扩张为导向的发展模式正在转变，取而代之的是一场围绕"投研核心化、服务 专业化、发展特色化"的全面升级。在这一进程中，国有公募基金因其独特的股东背景和资源禀赋，被 赋予了服务国家战略、践行金融报国的更高使命。它们将如何平衡市场化运营与政策性担当？如何在竞 争中开辟一条可持续的特色发展路径？这成为检验行业高质量发展成色的关键试金石。 服务大局 夯实高质量发展战略根基 "公募基金的高质量发展，首先体现在其战略定位与国家战略、实体经济发展需求的契合度上。"朱瑜开 宗明义地指出，"京管泰富从成立之初，就肩负着服务国家战略、赋能国企改革、引领价值增长的使 命，这决定了我们必须走一条兼具市场效率与战略价值的发展路径。" 他进一步 ...

目前A股市场已进入公司三季报披露时间窗口。已经有部分公司发布了2025年三季报，另外超百家公司 发布了2025年三季度业绩预告，不少公司前三季度净利润实现较大增长。绩优公司得到了公募基金的提 前布局，先达股份、英联股份等前三季度业绩增幅较大的公司得到了基金公司的大举增持，北方稀土、 立讯精密等绩优公司也被较多基金公司持有。（中证报） ...

Core Insights - Public funds have performed well this year, with active stock and mixed open-end funds achieving ten-year returns of 160.79% and 114.6%, respectively, significantly outperforming stock ETFs at 82.07% [1] - A limited number of funds have achieved the "Double Ten Fund" status, with seven products from China Europe Fund Company meeting the criteria of being established for over ten years and having an annualized return exceeding 10% [1] - The long-term performance of China Europe Fund Company is highlighted by its ranking in absolute returns among large equity fund companies, placing second over the past year and third over the past decade [2] Fund Performance - The "Double Ten Funds" from China Europe Fund Company include: - China Europe New Blue Chip A: 14.02% - China Europe Value Discovery A: 10.63% - China Europe New Power A: 12.87% - China Europe Value Select Return A: 16.27% - China Europe Growth Preferred Return A: 10.78% - China Europe Industry Growth A: 11.92% - China Europe Potential Value A: 10.53% [1][2] - China Europe New Blue Chip Mixed A, managed by veteran Zhou Weiwen, has delivered a cumulative return of over 535% since its inception, with an annualized return of 13.74% [3] Investment Strategy - Zhou Weiwen's investment style emphasizes balanced allocation, combining growth and value investments, focusing on long-term stable returns rather than short-term performance spikes [3][4] - The balanced investment approach requires extensive industry research and timely positioning within industry cycles, which is crucial for capturing undervalued opportunities [4] Research and Development - China Europe Fund Company has upgraded its research and investment system, introducing the "Asset Management Industrialization" concept, which focuses on professional, industrial, and intelligent investment strategies [7][8] - The company has a specialized research team of over 240 members, with more than 90 experts having over ten years of experience, covering over 20 niche sectors [7] Market Adaptation - The establishment of the "China Europe Manufacturing" system aims to produce high-quality investment products consistently, addressing the need for sustainable returns in a changing market environment [8] - The regulatory environment emphasizes the importance of long-term investment behaviors, pushing fund managers to move away from chasing short-term performance [8]

业内人士表示，新基金提前结募主要包括两方面原因，一是部分基金的认购资金达到了预期发行规模， 二是基金管理人主动缩短募集周期，希望尽早成立产品。 10月16日，中欧基金公告称，中欧价值领航混合基金10月16日起开始募集，原定募集截止日为10月28 日，10月16日即提前结束募集，基金首次募集规模不高于20亿元。从整体来看，10月9日以来，截至10 月16日，已有8只权益类基金宣布提前结束募集。其中，多只基金发行火热，认购资金超过募集规模上 限，启动了比例配售。 ...

随着监管政策持续引导行业回归资产管理本源，行业也在积极探索解决"基金赚钱、基民不赚钱"等问题 的有效路径。过去以规模扩张为导向的发展模式正在转变，取而代之的是一场围绕"投研核心化、服务 专业化、发展特色化"的全面升级。在这一进程中，国有公募基金因其独特的股东背景和资源禀赋，被 赋予了服务国家战略、践行金融报国的更高使命。它们将如何平衡市场化运营与政策性担当？如何在竞 争中开辟一条可持续的特色发展路径？这成为检验行业高质量发展成色的关键试金石。 当前，中国公募基金行业正迈入高质量发展的关键新阶段。随着经济结构向高质量转型升级不断深入， 作为资本市场"压舱石"和"稳定器"的公募基金，也正迎来发展路径的全面重塑。与此同时，行业竞争格 局持续优化，各类机构依托自身资源禀赋推进差异化布局，头部机构与中小机构之间的战略定位愈发清 晰。 近日，京管泰富基金总经理朱瑜在接受中国证券报记者专访时，结合公司实践，对这一问题给出了答 案。 服务大局 夯实高质量发展战略根基 "公募基金的高质量发展，首先体现在其战略定位与国家战略、实体经济发展需求的契合度上。"朱瑜开 宗明义地指出，"京管泰富从成立之初，就肩负着服务国家战略、赋能国企 ...

当前，中国公募基金行业正迈入高质量发展的关键新阶段。随着经济结构向高质量转型升级不断深入， 作为资本市场"压舱石"和"稳定器"的公募基金，也正迎来发展路径的全面重塑。与此同时，行业竞争格 局持续优化，各类机构依托自身资源禀赋推进差异化布局，头部机构与中小机构之间的战略定位愈发清 晰。 随着监管政策持续引导行业回归资产管理本源，行业也在积极探索解决"基金赚钱、基民不赚钱"等问题 的有效路径。过去以规模扩张为导向的发展模式正在转变，取而代之的是一场围绕"投研核心化、服务 专业化、发展特色化"的全面升级。在这一进程中，国有公募基金因其独特的股东背景和资源禀赋，被 赋予了服务国家战略、践行金融报国的更高使命。它们将如何平衡市场化运营与政策性担当？如何在竞 争中开辟一条可持续的特色发展路径？这成为检验行业高质量发展成色的关键试金石。 近日，京管泰富基金总经理朱瑜在接受中国证券报记者专访时，结合公司实践，对这一问题给出了答 案。 服务大局夯实高质量发展战略根基 "公募基金的高质量发展，首先体现在其战略定位与国家战略、实体经济发展需求的契合度上。"朱瑜开 宗明义地指出，"京管泰富从成立之初，就肩负着服务国家战略、赋能国企改 ...

Group 1 - The core point of the article is the launch of the Bosera National Certificate Industrial Software Theme Exchange-Traded Fund (ETF), which is a stock-type open-ended index securities investment fund, registered with the China Securities Regulatory Commission (CSRC) [1][15] - The fund's initial fundraising scale is capped at 8 billion RMB, excluding interest and subscription fees during the fundraising period [3][27] - The fundraising period is set from October 27, 2025, to November 7, 2025, with a maximum duration of three months [3][17] Group 2 - Investors can subscribe to the fund through online cash subscription or offline cash subscription methods, with specific procedures outlined for each [2][34] - The fund's initial share value is set at 1.00 RMB per share, and investors can subscribe in multiples of 1,000 shares for online subscriptions [20][30] - The fund management company is Bosera Fund Management Co., Ltd., and the fund custodian is CITIC Securities Co., Ltd. [49][50] Group 3 - The fund will be available for subscription to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [17][18] - The fund's contract will become effective once the fundraising conditions are met, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB [47][48] - If the fundraising fails to meet the required conditions, the fund management will return the investors' contributions along with interest [19][48]

Core Viewpoint - The article discusses the investment philosophy of Wang Qian, a fund manager at Yongying Fund, who emphasizes value investing and maintaining a stable investment style despite market fluctuations [1][2][3] Investment Philosophy - Wang Qian advocates for long-term value investing, focusing on buying high-quality assets at reasonable prices to provide sufficient safety margins for fund holders [1] - The primary criterion for purchasing assets is the safety margin, with a disciplined approach to valuation, avoiding overpaying for "good companies" [2] - A combination of contrarian strategies and long-term holding is seen as an effective approach, even if it may lead to short-term relative underperformance [2] Market Perspective - Despite the current dominance of technology growth styles, Wang remains optimistic about value investing, recognizing that market style rotations are a natural occurrence [3] - The recent improvement in market liquidity and the positive impact of policies aimed at reducing competition in certain sectors are expected to benefit cyclical and domestic demand assets [3][4] Asset Allocation - Wang's portfolio is diversified across various sectors, including chemicals, food and beverage, non-bank financials, and agriculture, reflecting a balanced approach to investment [4] - The article notes that the hidden return rates of cyclical stocks are attractive, but further improvement in the fundamental economic environment is necessary for these assets to perform well [5] Fund Launch - The Yongying Value Return Mixed Fund, led by Wang Qian, was officially launched on October 13, with the firm committing 10 million yuan to subscribe to the fund's Class A shares, indicating confidence in the long-term stability of the Chinese capital market [5]