Core Insights - The 30-year government bond ETF (511090) has seen a 0.18% increase as of October 16, 2025, with a trading volume of 9.46 billion yuan and a turnover rate of 3.24% [1] - The latest scale of the 30-year government bond ETF has reached 29.144 billion yuan, with an average daily trading volume of 9.572 billion yuan over the past week [1] - On October 15, the Ministry of Finance of the People's Republic of China issued the fifth phase of RMB government bonds in Hong Kong, with a total issuance scale of 11 billion yuan and a subscription multiple of 3.13 times [1] Market Activity - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Bond Index, which consists of publicly issued 30-year government bonds with a maturity of 25-30 years [2] - The bonds issued include 40 billion yuan of 2-year bonds at a coupon rate of 1.50%, 40 billion yuan of 3-year bonds at 1.51%, and 30 billion yuan of 5-year bonds at 1.70% [1] Strategic Implications - Issuing RMB government bonds in Hong Kong is expected to enhance the use and influence of the RMB in international financial markets, promoting the internationalization of the currency [1] - The issuance in Hong Kong is seen as a way to attract global capital and increase the attractiveness of China's bond market [1]

Group 1 - The core point of the article is the appointment of Hu Qiaoyun as a new fund manager for the Xinao Hongli Smart Selection Mixed Fund (020657), effective from October 16, 2025, alongside Lin Jingyi [1] - As of October 15, 2025, the net value of the Xinao Hongli Smart Selection Mixed Fund was 1.0695, reflecting a daily increase of 0.63% and an annual increase of 8.82% [1] - Hu Qiaoyun holds a master's degree in insurance from Xiamen University and has prior experience as an analyst at Shanghai Shenwan Hongyuan Securities Research Co., Ltd. from July 2018 to May 2025 [1] Group 2 - Hu Qiaoyun has been managing the Xinao Vision Value Mixed Fund since August 1, 2025, with a current scale of 0.37 billion and a return of 20.57% [1] - She also manages the Xinao Vision Value Mixed Fund C, which has a scale of 0.10 billion and a return of 20.40% since August 1, 2025 [1]

本次分红对象为权益登记日在本基金注册登记机构中国证券登记结算有限责任公司登记在册的本基金全 体持有人。，权益登记日为10月20日，现金红利发放日为10月22日。1.选择红利再投资的投资者红利再 投资所得的基金份额将按2025年10月20日的基金份额净值计算确定。 2.选择红利再投资方式的投资者其 红利再投资所得的基金份额将于2025年10月21日直接计入其基金账户，2025年10月22日起可以查询、赎 回。 3.选择现金分红方式的投资者的红利款将于2025年10月22日由注册登记人划往各销售机构。根据财 政部、国家税务总局的财税字[2002]128号《关于开放式证券投资基金有关税收问题的通知》，基金向 投资者分配的基金收益，暂免征收所得税。1.本基金本次分红免收分红手续费。 2.选择红利再投资方式 的投资者，其红利再投资所得的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金简称 | 代码 | 基准日基金净值 | | 分红方案 | | --- | --- | --- | --- | --- | | ...

Core Viewpoint - The announcement details the first dividend distribution for the year 2025 from the E Fund CSI Dividend ETF Fund, highlighting the distribution plan and relevant dates for investors [1]. Summary by Sections Dividend Distribution Details - The dividend distribution is based on a record date of September 9, 2025, with specific amounts outlined for different fund classes: - E Fund CSI Dividend ETF Link A (009051) will distribute 0.52 yuan per 10 shares - E Fund CSI Dividend ETF Link C (009052) will also distribute 0.52 yuan per 10 shares - E Fund CSI Dividend ETF Link Y (022925) will distribute 0.52 yuan per 10 shares [1]. Important Dates - The record date for dividend eligibility is October 20, 2025, and the cash dividend payment date is October 21, 2025 [1]. - Investors opting for dividend reinvestment will have their shares calculated based on the net asset value on October 20, 2025, with confirmation provided on the payment date [1]. Tax and Fees - The fund's dividend distribution is exempt from income tax as per relevant laws and regulations - There are no fees for the dividend distribution, and investors choosing the reinvestment option will not incur subscription fees for the reinvested shares [1].

本次分红对象为权益登记日登记在册的本基金份额持有人，权益登记日为10月20日，现金红利发放日为 10月22日。选择红利再投资方式的投资者所转换的基金份额将以2025年10月20日的基金份额净值为计算 基准确定再投资份额，红利再投资所转换的基金份额于2025年10月21日直接划入其基金账户，2025年10 月22日起投资者可以查询、赎回。根据财政部、国家税务总局的财税[2002]128号《财政部 国家税务总 局关于开放式证券投资基金有关税收问题的通知》及财税[2008]1号《关于企业所得税若干优惠政策的 通知》的规定，基金向投资者分配的基金利润，暂免征收所得税。本基金本次分红免收分红手续费。选 择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，10月16日发布《博时中债5-10年农发行债券指数证券投资基金分红公告》。本次分红为 2025年度的第3次分红。公告显示，本次分红的收益分配基准日为9月9日，详细分红方案如下： | 分级基金简称 | 代码 | 草准日星尖净 ...

Core Viewpoint - The announcement details the third dividend distribution for the Galaxy CSI A500 Index Enhanced Securities Investment Fund for the year 2025, with specific dates and amounts outlined for both cash and reinvestment options [1]. Dividend Distribution Details - The dividend distribution base date is set for September 9, 2025, with the following dividend plan: - Galaxy CSI A500 Index Enhanced A (Code: 022706) will distribute 0.36 yuan per 10 units - Galaxy CSI A500 Index Enhanced C (Code: 022707) will distribute 0.34 yuan per 10 units [1]. Key Dates - The equity registration date for the dividend is October 20, 2025, and the cash dividend payment date is October 21, 2025 [1]. Reinvestment Options - Investors choosing the dividend reinvestment option will have their reinvested fund shares calculated based on the net asset value on October 20, 2025, and credited to their accounts on October 21, 2025, with the ability to query or redeem starting October 22, 2025 [1]. - For those opting for cash dividends, the funds will be transferred from the fund's custody account on October 21, 2025 [1]. Tax and Fees - The fund's dividend distribution is exempt from income tax as per the relevant tax regulations [1]. - There are no dividend distribution fees for this fund, and investors choosing the reinvestment option will not incur subscription fees for the reinvested shares [1].

Group 1 - Recent market volatility has led to increased interest in broad-based ETFs, with the CSI A500 ETF (159338) receiving nearly 1.5 billion yuan in inflows over the past 10 days, according to Wind data [1] - The CSI A500 index offers comprehensive and balanced industry coverage, achieving 100% industry representation and neutral industry treatment, making it more representative of the A-share market [2] - The CSI A500 index includes approximately 50% traditional value industries and 50% emerging growth industries, reducing the presence of traditional sectors compared to the CSI 300, while incorporating more leaders in emerging fields such as power equipment, pharmaceuticals, electronics, and computers [2]

Group 1 - The core viewpoint of the news is that Purun Semiconductor has seen a significant increase in stock price, with a rise of 5.09% to 115.28 CNY per share, and a total market capitalization of 17.067 billion CNY [1] - Purun Semiconductor, established on January 4, 2016, specializes in the research, design, and sales of integrated circuit products, with 100% of its main business revenue coming from chip sales [1] Group 2 - From the perspective of fund holdings, Bosera Fund has a significant position in Purun Semiconductor, with its Bosera Smart Selection Quantitative Multi-Factor Stock A fund increasing its holdings by 157,100 shares in the second quarter, bringing the total to 296,800 shares, which represents 1.24% of the fund's net value [2] - The Bosera Smart Selection Quantitative Multi-Factor Stock A fund has achieved a year-to-date return of 47.47%, ranking 549 out of 4,218 in its category, and a one-year return of 69.03%, ranking 189 out of 3,864 [2]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - The Campisi model, a classic attribution framework in the fixed - income field, decomposes the total return of a pure - bond fund into four effects: income, treasury, spread, and selection effects, helping to evaluate a fund manager's abilities such as duration management and credit mining [6]. - The net - based Campisi model (RBA) constructs seven risk factors through factor regression, with advantages in high - frequency tracking and dynamic adaptability, capable of capturing strategy adjustments and market environment changes [2][80]. - The net - based Campisi model has strong explanatory power for fixed - income funds. From early 2025 to August 22, 2025, the adjusted R - squared generally exceeded 0.6, indicating that the model can explain most of the income sources [2][80]. - The model can identify strategy characteristics. For example, in 2025, interest - rate bond funds generally extended their durations, and credit bond funds shifted to a diversified strategy due to narrowing spreads. "Fixed - income +" funds balanced risks and returns through diversified rating allocations and maintained high exposure to option - containing assets [2][80][81]. 3. Summary by Relevant Catalogs 3.1 Performance Attribution of Fixed - Income Funds - The core value of fixed - income fund performance attribution lies in evaluating management capabilities, guiding investment decisions, and optimizing risk management. Its practical significance benefits investors, managers, and regulatory agencies [5]. 3.2 Net - based Campisi Model 3.2.1 Campisi Model Principle - The Campisi model decomposes the total return of a pure - bond fund into four effects: income, treasury, spread, and selection effects, helping to assess a fund manager's abilities in various aspects [6]. - The income effect is the coupon income during bond holding, independent of market interest rate fluctuations. The treasury effect measures the impact of changes in risk - free interest rates on bond prices, and the spread effect reflects the impact of changes in credit spreads on bond prices. The selection effect reflects the fund manager's active management ability [7][8][13]. - The Campisi model can be divided into the portfolio - based (PBA) and net - based (RBA) models. PBA has high decomposition accuracy but low timeliness, while RBA has high - frequency tracking and dynamic adaptability [14]. 3.2.2 Model Construction and Factor Selection - The net - based Campisi model decomposes bond returns into seven factors: interest - rate level, term structure, convexity, credit spread, rating spread, convertible bond, and equity factors [18]. - Each factor has its own construction method and reflects different aspects of a fund's risk exposure and strategy preference. For example, the interest - rate level factor reflects the impact of the parallel shift of the interest - rate curve on bond portfolio returns, and the convertible bond factor captures the income contribution of convertible bond assets [20][34]. 3.2.3 Factor Performance and Processing - Since January 2020, the convertible bond and equity factors have fluctuated greatly, while non - option - containing factors have shown an upward trend in the long - term. The interest - rate level, term structure, credit spread, and rating spread factors have stable long - term trends, and the convexity factor has the smallest fluctuation [39]. - There are certain correlations among the factors. For example, the convertible bond factor and the equity factor have a strong positive correlation, while the interest - rate level factor has a negative correlation with the convertible bond and equity factors [40]. 3.3 Bond Fund Performance Evaluation Empirical Analysis 3.3.1 Pure - Bond Fund Attribution Analysis - From early 2025 to August 22, 2025, the adjusted R - squared of interest - rate bond funds and credit bond funds was generally high, indicating that the model can explain most of the fund income [45]. - Compared with 2024, in 2025, interest - rate bond funds generally extended their durations and increased exposure to convexity factors. Credit bond funds also extended their durations but to a lesser extent, and their investment strategies became more diversified [45][50][52]. - Short - term bond funds have a higher average exposure to the term structure factor, reflecting their preference for short - term bonds. Medium - and long - term bond funds have more diversified investment directions in credit bonds [55]. 3.3.2 Characteristics of Top - Ranked Pure - Bond Funds in Alpha in 2025 - Top - ranked medium - and long - term interest - rate bond funds in Alpha generally have higher exposure to the interest - rate level factor and negative exposure to the term structure factor. Alpha, mainly from the selection effect, has a relatively small impact on their performance [58]. - Top - ranked medium - and long - term credit bond funds in Alpha have negative exposure to the rating spread factor, indicating a tendency to reduce credit risk exposure. Alpha also has a relatively small impact on their performance [61]. 3.3.3 "Fixed - Income +" Fund Attribution Analysis - From early 2025 to August 22, 2025, the adjusted R - squared of "fixed - income +" funds was generally high, and most of them had positive Alpha, indicating strong overall active management ability [63]. - In a low - interest - rate environment, "fixed - income +" funds balance risks and returns through diversified rating allocations and maintain high exposure to option - containing assets [67]. 3.3.4 Characteristics of "Fixed - Income +" Funds with Strong Active Management Ability in 2025 - Top - ranked "fixed - income +" funds in Alpha rely more on the fund manager's active management ability, and Alpha has a greater impact on their performance [76]. - Top - ranked "fixed - income +" funds in the convertible bond factor also mostly have strong active management ability [78]. 3.4 Investment Analysis Opinions - The net - based Campisi model provides a systematic tool for fixed - income funds, helping investors screen and allocate funds with stable strategies and strong active management abilities [80][81].

（责任编辑：韩艺嘉） 智通财经10月15日电，万亿公募巨头博时基金高管变动落定。博时基金最新公告显示，江向阳因工 作安排辞任公司董事长，博时基金党委书记、总经理张东正式接任公司董事长，同时代为履行公司总经 理职务，高管人员平稳过渡。张东在招商系工作长达31年，在财富管理领域的积淀深厚，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。江向阳离开任职十年的博时基金后，将履新招商 局集团旗下全资子公司招商局融资租赁。（智通财经记者 闫军） ...