Core Viewpoint - The article discusses the recent performance of A-shares, highlighting the rotation between growth and value styles, with value stocks currently showing strength and returning to normal valuations after a period of underperformance [4][5][12]. Group 1: Market Performance - The overall market experienced a slight decline, with the CSI All Share Index down by 0.44% [1][2]. - Large-cap stocks showed slight gains, while small-cap stocks fell by over 1% [3]. - The Hong Kong stock market saw minor fluctuations, closing with little overall change [7]. Group 2: Style Rotation - A-shares exhibit characteristics of rotation between growth and value styles, with growth stocks significantly outperforming value stocks from 2020 to 2021, while the opposite trend has been observed from 2022 to 2024 [8][9]. - In the first three quarters of this year, growth stocks surged, while value stocks showed only modest gains [10]. - After the National Day holiday, growth stocks began to decline while value stocks started to rise [13]. Group 3: Valuation Insights - The 300 Value Index has returned to normal valuation levels, with some dividend and free cash flow stocks still undervalued but approaching normal valuations [14]. - The article provides a valuation table for various dividend indices, indicating their current earnings yield, price-to-earnings ratio, and other metrics [40]. Group 4: Long-term Performance - Value style funds have demonstrated a slow bull market trend over the years, with significant cumulative gains since 2019, outperforming many global indices [15][17][19]. - The article notes that both growth and value styles have shown long-term upward trends, but their volatility and return characteristics differ significantly [25][28]. Group 5: Investment Strategy - The article emphasizes the importance of considering both growth and value styles when they are undervalued, suggesting that investors can benefit from holding either style over the long term [38][39]. - It highlights that value style investments are generally easier to manage, with lower volatility and consistent returns, while growth style investments require more precise timing for entry and exit [31][33][34].

2025年9月，《每日经济新闻》记者从业内获悉，博时基金董事长将更换，总经理张东或将接替江向阳 出任公司董事长。 公开履历显示，江向阳，经济学博士。历任博时基金管理有限公司董事长、总经理，招商局金融集团副 总经理；中国证监会办公厅、党办副主任兼新闻办（网信办）主任等职。 江向阳管理博时基金的10年时间里，博时基金规模大幅增长。Wind统计显示，按照基金公司历史规模 回溯，2015年三季度末统计时，博时基金的全部资产合计为1432.62亿元，到2025年二季度末统计时， 博时基金的全部资产合计为1.13万亿元。 举行四季度投资联席会 接任董事长的张东，此前的工作经历与招商局集团深度绑定，他曾在招商银行总行财富管理部、总行信 用卡中心、总行零售金融总部等多个部门任职。 博时基金表示，张东深耕金融行业超36年，在招商系工作长达31年，在财富管理领域的积淀尤为深厚， 全程参与和推动了招行财富管理体系的构建发展并形成了领先优势。 《每日经济新闻》记者了解到，博时基金2025年四季度投资联席会议于10月16日在线上举行，博时基金 党委书记、董事长张东在会议上致辞。据悉，这是他接任博时基金董事长之后的首次公开露面。 10月 ...

近日，新疆前海联合基金接连发布股东及实控人变更、董事变更、高管变更三则公告，标志着上海证券正式完成对其100%股权的收购，百联集团有限公司 因持有上海证券50%的股权且为第一大股东，而成为新疆前海联合基金的实际控制人。 与此同时，新疆前海联合基金的管理层迎来全面调整，新任总经理贺国灵同时代任董事长，原总经理吴昱村、原董事长黄炜离任。这一系列变动，宣告这家 成立十年、规模不足90亿元的公募基金公司开启了新的发展阶段。 实控人易主 四年未发新产品 根据公开资料，新疆前海联合基金成立于2015年8月7日，是证监会批准成立的国内第99家基金管理公司。其总部位于广东省深圳市，注册资本金为2亿元。 新疆前海联合基金10月15日发布公告称，经中国证监会核准，上海证券已依法受让公司100%股权，成为全资控股股东。本次股权变更后，公司注册资本保 持不变，仍为2亿元，百联集团有限公司成为公司实际控制人。 此次股权变更始于今年2月，上海证券在司法拍卖中以3766万元的价格竞得深圳市钜盛华股份有限公司持有的新疆前海联合基金30%股权。随后在今年4月， 上海证券提交了股东变更申请，直至9月获得证监会正式核准。 在本次变更前，新疆前海联 ...

Core Viewpoint - The article highlights the growth and achievements of ICBC Credit Suisse Asset Management Company (工银瑞信基金) over the past 20 years, emphasizing its role in the high-quality development of the public fund industry in Beijing [1] Group 1: Company Overview - ICBC Credit Suisse Asset Management, established in 2005, is the first bank-affiliated fund company in China, managing over 2 trillion yuan in assets [1] - The company has served more than 90 million clients and leads the industry in pension fund management [1] Group 2: Industry Development - In September, under the guidance of the Beijing Securities Regulatory Bureau, a series of activities aimed at promoting high-quality development in the public fund sector were launched [1] - The theme of the activities is "New Era, New Fund, New Value," focusing on enhancing Beijing's role as a national financial management center and promoting the transformation and upgrading of the public fund industry [1] Group 3: Future Outlook - ICBC Credit Suisse expresses gratitude for the recognition it has received and commits to professionalism and collaboration as it moves forward on its long-term development path [1] - The company looks forward to its 20th anniversary in 2025, standing at a new starting point with new expectations [1]

Core Viewpoint - Xinjiang Qianhai United Fund has undergone a significant ownership change, with Shanghai Securities becoming the wholly-owned controlling shareholder, and the company appointing He Guoling as the new general manager and acting chairman, marking its transition into a "brokerage-backed" fund company [1][2][3]. Company Overview - Xinjiang Qianhai United Fund was established on August 7, 2015, and is the 99th fund management company approved by the CSRC, headquartered in Shenzhen with a registered capital of 200 million yuan [2]. - Prior to the ownership change, the shareholder structure included Shenzhen Jushenghua Co., Ltd. (30%), Shenzhen Yue Shang Logistics Co., Ltd. (25%), Shenzhen Deep Yue Holdings Co., Ltd. (25%), and Kaixin Heng Co., Ltd. (20%) [2]. - Shanghai Securities acquired the 30% stake from Shenzhen Jushenghua for 37.66 million yuan, with the CSRC officially approving the change in September [2]. Management Changes - He Guoling has been appointed as the new general manager and is also serving as the acting chairman [3]. - The previous general manager, Wu Yucun, has officially left the position after a three-year interim by Zou Wenqing, and the former chairman Huang Wei has also stepped down due to board restructuring [3]. Fund Performance and Challenges - As of June 30, 2025, Xinjiang Qianhai United Fund's public offering scale was less than 9 billion yuan, with over 8 billion yuan in bond funds, primarily supported by the Qianhai United Chunfeng 87-month open-end bond fund, which alone accounted for 8.02 billion yuan [4]. - The fund's performance has been underwhelming over the past decade, particularly after the shareholders faced a liquidity crisis, leading to a continuous decline in management scale since August 2021 [4]. - The company has not launched any new public products in recent years, indicating a stagnation in product line updates [4]. Industry Context - The challenges faced by Xinjiang Qianhai United Fund are reflective of broader issues within the industry, as several other struggling fund companies may look to its development path for potential strategies to overcome difficulties [5].

十一之后，A股市场短期震荡调整，目前已逐步企稳。10月15日，A股科技成长相关板块迎来反弹，数 据显示，当日科创创业50、创业板指、科创100等两创板块指数涨超2%，深证100、北证50等指数涨幅 在1.5%以上。 短期回调不改A股向上趋势。自去年"9·24"以来，在政策利好、情绪升温等多重因素下，A股市场触底 反弹、持续走牛，以捕捉超额收益见长的主动权益基金 顺势崛起。根据数据进行统计，截至9月30日， 市场上有85只主动权益基金近一年净值实现翻倍，超200只收益率在80%以上。 今年5月，证监会发布的《推动公募基金高质量发展行动方案》提出，对基金投资收益全面实施长周期 考核机制，其中三年以上中长期收益考核权重不低于80%。据了解，部分头部机构在此之前，早已经将 近三年、近五年业绩权重提升至80%，并进一步将风格稳定性、回撤控制、投资者实际盈利情况等纳入 考核体系，引导投研人员专注于挖掘企业长期价值。 1 本文的主动权益基金指股票资产占基金资产比重在50%及以上，采取主动管理的股票型基金、混合型 基金（偏债混合型基金除外），以上两种类型均包含QDII，同一基金不同份额仅统计主份额。股票资 产占基金资产比重取 ...

记者丨李域 编辑丨姜诗蔷 万亿级基金公司迎来新任"掌门人"。 10月15日晚间，博时基金发布高级管理人员变更公告，经博时基金第九届董事会2025年第五次临时会议 决议，同意江向阳因工作安排辞任公司董事长。博时基金党委书记、总经理张东将正式接任公司董事 长，同时自10月15日起代为履行公司总经理职务。 江向阳执掌博时基金十余年。在此期间，博时基金持续完善价值投资体系，持续打造固收优势，推动公 司全面发展，管理规模保持前十。对此，博时基金对江向阳在任期间做出的重要贡献表示衷心感谢。21 世纪经济报道记者获悉，江向阳即将履新招商局集团旗下全资子公司招商局融资租赁。 关于公司下一步战略发展方向，博时基金表示，将坚持价值导向与长期主义，把握市场机遇，强化固收 和权益、主动和被动、场内和场外、线上和线下、境内和境外协调发展。最新数据显示，截至2025年9 月30日，博时基金（含子公司）管理资产总规模逾1.8万亿元人民币，累计服务客户总数超过1.8亿人。 图/IC "招行老将"张东接任董事长 正式接任董事长的张东深耕金融行业超36年，在招商系工作长达31年。 公开履历显示，张东1989年8月至1994年6月在中国银行工作。 ...

Group 1 - The core viewpoint of the news highlights the active performance of innovative drugs and medical device stocks, while the semiconductor sector shows weakness. The STAR Market indices, including the STAR Growth Index, STAR 50 Index, STAR Comprehensive Index, and STAR 100 Index, all experienced declines ranging from 0.8% to 1.2% [1] - As of yesterday, the STAR 50 ETF (588080) has a total scale of 74.3 billion yuan, ranking first among similar products, with a management and custody fee rate of only 0.2% per year [1] - The STAR 50 ETF will distribute dividends this month, with investors receiving 0.14 yuan for every 10 fund shares held. The record date for rights is October 16, the ex-dividend date is October 17, and the cash dividend payment date is October 22. This marks the first dividend distribution since the product's launch and is also the first for all ETFs tracking the STAR 50 Index [1]

未来资产持续拓展的备兑认购期权产品线涵盖多只追踪不同指数的ETF，均于香港交易所上市。这 些创新产品旨在通过提供以月度派息为目标的投资方案，帮助投资者实现更有效的资产配置。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 智通财经APP获悉，10月15日，未来资产宣布，其备兑认购期权系列创新产品实现两项重要里程 碑。旗舰产品Global X国指备兑认购期权主动型ETF(03416)不仅连续19个月实现每月派息，更从初始发 行规模200万美元跃升至逾10亿美元管理资产规模。 与此同时，旗下科技策略产品Global X恒生科技备兑认购期权主动型ETF(03417)快速成长，管理资 产规模快速突破1亿美元，使投资者在布局高成长科技指数的同时，还能获得权利金收益。 ...

Core Viewpoint - The article discusses the leadership transition at Bosera Fund, with Zhang Dong taking over as chairman from Jiang Xiangyang, who has led the company for over a decade. The company aims to continue its focus on value-oriented and long-term investment strategies while enhancing its asset management capabilities [1][4]. Leadership Transition - Jiang Xiangyang has resigned as chairman of Bosera Fund after more than ten years, during which he significantly contributed to the company's growth and solidified its position in the market [1][7]. - Zhang Dong, with over 36 years in the financial industry and extensive experience at China Merchants Bank, has been appointed as the new chairman and will also serve as the general manager [3][4]. Company Performance - As of September 30, 2025, Bosera Fund manages over 1.8 trillion RMB in assets and has served more than 180 million clients [1]. - The fund has shown a notable improvement in equity performance, with a 26.76% return on active stock investments from September 2023 to August 2025, placing it in the top 30 of the industry [5]. Strategic Development Direction - Bosera Fund plans to focus on four key areas to enhance its high-quality development: 1. Creating value for clients by aligning products and services with customer needs [9]. 2. Discovering investment value through improved research and integrated investment capabilities [9]. 3. Leading high-quality development by enhancing services to the real economy, particularly in technology and green finance [10]. 4. Contributing to the construction of a "financial strong country" by participating in industry reforms and enhancing internationalization efforts [10].