来源：新浪基金∞工作室 港股汽车ETF（159210）业绩比较基准为中证港股通汽车产业主题指数收益率(经估值汇率调整后)，管 理人为汇添富基金管理股份有限公司，基金经理为董瑾、乐无穹，成立（2025-05-22）以来回报为 11.29%，近一个月回报为1.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月15日，港股汽车ETF（159210）涨3.32%，成交额7203.24万元。当日份额减少240.00万份，最新份 额为6254.98万份，近20个交易日份额减少2000.00万份。最新资产净值计算值为6961.17万元。 ...

港股通创新药ETF南方（159297）业绩比较基准为国证港股通创新药指数(经估值汇率调整后)收益率， 管理人为南方基金管理股份有限公司，基金经理为张其思、叶震南，成立（2025-09-12）以来回报 为-9.56%，近一个月回报为-9.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 10月15日，港股通创新药ETF南方（159297）涨2.59%，成交额8511.41万元。当日份额增加3400.00万 份，最新份额为7.84亿份。最新资产净值计算值为7.09亿元。 ...

直播嘉宾：梁杏 国泰基金总经理助理、量化投资部总监 直播时间：2025年10月13日 主持人：上周美股三大指数集体重挫，对于市场这样表现，您是如何来看背后的原因？ 梁杏：我们认为上周五美股突然的重挫，背后有三方面因素： 第一，直接的导火索就是特朗普政府的表态，要对中国商品加征额外100%的关税，直接引发了市场恐 慌的情绪。 第二，其实跟美国经济自身的情况有比较大的关系。美国政府其实现在已经停摆了超过10天，这一次和 历史上的停摆有非常大的区别，之前停摆是让大家休假回家，但这一次竟然开始裁员了，这其实会进一 步放大老百姓对于政府作为的担忧。而且政府停摆了之后，就进入到了一个数据真空期，就是它的经济 特征或指标应该是怎么样的，现在已经没有人知道了，在数据的真空期也会引发市场的进一步担忧。 第三，之前在科技板块，尤其是人工智能的引领下美国股市涨得不错。我看到有一张图是描绘把美国这 七个最大的科技股摘出来之后，标普500的走势其实就非常普通了，所以它累积了非常大的一个获利 盘，遇到一点风吹草动，这些获利盘就想要获利了结，去保住它已经实现的利润。 这三方面因素叠加就导致了上周五整个美国股市的大幅调整，我们认为这个也是在 ...

Core Insights - The article highlights the increasing risk appetite of investors in the Hong Kong mutual fund market, with significant net inflows into equity and mixed funds, while bond funds experienced net outflows in Q3 2025 [1][7]. Fund Performance - The Morgan Asian Dividend Fund saw a remarkable net inflow exceeding 1.8 billion yuan in Q3 2025, driven by its focus on balancing capital appreciation and income, aiming to outperform the MSCI Asia Pacific ex-Japan Index [1]. - In contrast, global equity funds faced challenges due to uncertainties surrounding U.S. tariff policies, leading to significant outflows for funds like the East Asia Union Global Equity Fund [1]. Bond Fund Trends - Despite an overall trend of net outflows from bond funds, the Morgan Asian Total Return Bond Fund attracted nearly 1.8 billion yuan in Q3 2025, benefiting from a favorable yield compared to domestic pure bond funds [1]. - Some bond funds, such as the East Asia Union Asian Strategy Bond Fund and the Gao Teng Asian Income Fund, also ranked among the top ten in terms of net inflows during the same period [1]. Market Dynamics - As of September 2025, Morgan and HSBC maintained dominant positions in the Hong Kong mutual fund market, with asset management scales of 78.31 billion yuan and 34.42 billion yuan, respectively, collectively accounting for over 60% of the market [13]. - HSBC has been actively expanding its mutual fund offerings, recently launching the HSBC Asian Multi-Asset High Income Fund to enhance its product matrix [13]. Company-Specific Insights - Swiss Bank Pictet achieved the largest net inflow in the Hong Kong mutual fund market over the past three months, primarily through its Pictet Hong Kong - Pictet Strategy Income Fund, which has consistently ranked among the top 20 in terms of returns [6]. - Morgan continues to lead in net inflows year-to-date, while Schroders faced significant outflows from its only mutual fund, the Schroder Asian High Yield Equity and Bond Fund, placing it at the bottom of the net cash flow rankings [10].

Core Viewpoint - The public fund industry is undergoing a deep adjustment centered on benchmark reconstruction, driven by the "Action Plan for Promoting High-Quality Development of Public Funds" implemented since May 7, 2025. This adjustment reflects a shift from scale expansion to quality improvement, emphasizing the importance of benchmarks in defining product positioning and investment strategies [2][3]. Group 1: Benchmark Adjustment Overview - Since the implementation of the "Action Plan," 57 funds have initiated benchmark adjustments, with bond and mixed funds being the primary focus, each accounting for 18 funds, representing over 63% of the total adjustments. Stock funds follow with 14 adjustments, while FOF products have 5, indicating a concentrated effort in high market share and complex strategy fund types [6][8]. - The adjustments are characterized by a shift from broad indices to more targeted indices, such as moving from the "CSI All Bond Index" to the "China Bond Composite Index," which allows for a more accurate reflection of the fund's investment characteristics and risk-return profile [9][10]. Group 2: Specific Fund Adjustments - Notable examples of benchmark changes include the "浦银安盛稳健增利债券" fund, which changed its benchmark from "CSI All Bond Index 100%" to a combination of "China Bond Composite (Full Price) Index Yield 85% + CSI Convertible Bond Index Yield 5% + Bank Demand Deposit Rate (after tax) 10%" [9]. - The adjustments also reflect a trend of incorporating various yield factors, such as including bank deposit rates in benchmarks, which enhances the relevance of the benchmarks to the funds' investment strategies and risk profiles [10][20]. Group 3: Mixed and Stock Fund Adjustments - Mixed and stock funds are also adjusting their benchmarks to better align with their investment strategies, moving from broad indices like the "CSI 300" to more specific indices that reflect their investment focus, such as the "CSI Sports Industry Index" and "CSI TMT Industry Theme Index" [14][16]. - The adjustments aim to resolve the mismatch between benchmarks and strategies, ensuring that the benchmarks accurately reflect the funds' investment characteristics and risk-return profiles [15][17]. Group 4: Risk and Liquidity Management - Funds are adjusting their fixed income or cash components in benchmarks to balance risk and liquidity needs. High equity proportion funds are replacing bond indices with bank demand deposit rates to meet liquidity management requirements, while low equity proportion funds are adjusting bond index weights to align with their risk profiles [20][21].

Core Viewpoint - The launch of the Huazhong Advantage Navigation Mixed Fund is managed by experienced fund manager Luan Chao, who emphasizes the importance of dynamic industry allocation based on economic cycles and industry trends to achieve long-term stable growth for investors [1][2]. Investment Strategy - Luan Chao's investment style focuses on fundamental analysis rather than market speculation, aiming to generate returns through understanding industry cycles and selecting individual stocks based on their growth potential and risk-reward ratios [2][3]. - The fund will adopt a "growth + new dividends" dual-driven approach, balancing aggressive and defensive strategies [1][3]. Performance Overview - The Huazhong Advantage Leading Mixed Fund, managed by Luan Chao since July 1, 2024, has shown a 19.87% increase in net value over the past year, outperforming its benchmark of 17.83% [2]. - Historical performance data for the Huazhong Advantage Leading Mixed Fund indicates a net value growth rate of -26.50% from its inception until mid-2024, with a subsequent recovery phase [4]. Market Outlook - Luan Chao believes that the current market environment is characterized by a return of confidence and risk appetite driven by industrial factors, easing external disturbances, and supportive domestic policies [2][3]. - Future investment focus will be on identifying "new demand" in sectors such as AI-driven technological innovation, self-sufficiency in development models, and consumption upgrades, while also considering the impact of declining interest rates on new dividend opportunities [3].

【资讯导读】 ·美联储"褐皮书"：加征关税拉动美国物价继续上涨 ·美国ETF正以"史上最快"速度吸金 ·贝森特：计划在感恩节后向特朗普呈交三到四位美联储主席的候选人 ·2029年全球公共债务规模预计将首次突破GDP的100% ·报告：全球可再生能源增长创新高但还不够 【市场资讯】 ·美国联邦储备委员会15日发布的全国经济形势调查报告显示，受加征关税影响，9月初到10月中旬美国 所有联邦储备区物价继续上涨。 ·据AXIOS网站报道，美国管理和预算局主任Vought表示，在政府停摆期间，可能会有1万多名联邦工作 人员被解雇。这是白宫上周在法庭文件中表示的解雇人数的两倍多。在上周提交给法庭的文件中，白宫 表示计划裁员至少4100名联邦工作人员。Vought在被问及相关问题时表示："这个数字'可能会更高'。我 认为我们最终可能会（裁员）超过1万人。" ·美联储官员发言一览： 美联储理事米兰表示，近期的贸易紧张局势加大了经济增长前景的不确定性，因此决策者更有必要尽快 降息。虽然他个人倾向于更大力度的降息，但考虑到FOMC成员的中位预测，年内再降息两次是现实的 预期。 美联储理事沃勒表示，人工智能导致的裁员和减少招聘预计 ...

Core Viewpoint - The recent surge in gold prices has led to significant inflows into gold-themed ETFs, with total assets nearing 210 billion yuan and over 80 billion yuan attracted this year alone [1][2]. Group 1: Gold Price and ETF Performance - As of October 15, COMEX gold futures prices briefly surpassed $4,200 per ounce, reflecting a strong gold market [1]. - The total scale of gold-themed ETFs in China reached 209.39 billion yuan as of October 14, marking a 188% increase from the end of last year, with net inflows of 81.14 billion yuan this year [2]. - The commodity gold ETFs accounted for 192.11 billion yuan, a 173% increase year-on-year, while stock gold ETFs surged by 698% to 17.28 billion yuan [2]. - From October 9 to 14, net inflows into gold-themed ETFs exceeded 10 billion yuan, with commodity ETFs receiving 9.19 billion yuan and stock ETFs 1.86 billion yuan [2]. Group 2: Major Gold ETFs - The largest gold-themed ETF in China, Huaan Gold ETF, reached a scale of 75.87 billion yuan, 2.65 times larger than the end of last year [3]. - Other significant ETFs include Bosera Gold ETF at 34.88 billion yuan, E Fund Gold ETF at 29.74 billion yuan, and Guotai Gold ETF at 23.55 billion yuan [3]. - The SPDR Gold Trust, the world's largest gold ETF, saw its gold holdings increase to 1,021.45 tons, with a monthly rise of 44.65 tons and an annual increase of 148.93 tons [3]. Group 3: Future Outlook for Gold Prices - Multiple institutions remain optimistic about the future performance of gold, with expectations for continued price increases driven by factors such as inflation hedging and risk aversion [4]. - Concerns over U.S. government debt and the potential for dollar depreciation are expected to lead global central banks to continue purchasing gold [4]. - The shift from net sellers to net buyers in global gold ETFs is anticipated to further elevate gold demand and prices [4]. - Historical trends indicate that gold stocks typically experience significant price increases following the establishment of an upward trend in gold prices, with potential gains exceeding three times that of physical gold [4].

汇安基金管理有限责任公司董事长 何斌 作为资本市场重要的机构投资者，公募基金在服务居民财富管理和支持实体经济发展方面的重要性日益 提升。中国证券投资基金业协会最新数据显示，截至2025年8月底，公募基金资产净值合计达36.25万亿 元，首次突破36万亿元大关，再创历史新高。 规模迭创新高之际，公募基金也面临提升投资能力、优化客户体验、增强投资者信任等重要课题。2025 年5月中国证监会发布的《推动公募基金高质量发展行动方案》，旨在解决经营理念有偏差、功能发挥 不充分、发展结构不均衡、投资者获得感不强等问题，推动行业加快实现高质量发展，也为行业从规模 导向转向回报导向提供了路线图。站在"36万亿"的新起点，越来越多的基金公司已行动起来，为行业高 质量发展贡献应有之力。 汇安基金作为公募基金行业的一员，秉承"以投资者为本"的理念，积极响应并付诸实践，致力于"汇聚 理性之光，照亮投资之路"。 投资者是市场之本，保护投资者特别是中小投资者的合法权益，是资本市场的永恒主题，也是践行"以 人民为中心"、金融为民的集中体现。但投资者教育与保护工作并非一时之功，不能"毕其功于一役"， 需要从长计议。汇安基金自成立以来就高度重 ...

Group 1 - The core viewpoint of the articles highlights a significant shift in investment trends, with funds moving from bond funds to equity funds due to the "see-saw" effect between stocks and bonds [1][2] - Recent data indicates that stock funds have an average return of over 26% this year, while bond funds have only achieved an average return of 1.73%, prompting large redemptions from bond funds [2] - Several bond funds, including Yongying Taili Bond C and Hengyue Short Bond D, have announced an increase in net asset value precision due to substantial redemptions, aimed at protecting the interests of fund holders [1] Group 2 - In the past month, five bond funds, including Hai Fu Tong Shanghai Stock Investment Grade Convertible Bond ETF, experienced net outflows exceeding 1 billion yuan, while 17 bond funds saw net inflows of over 1 billion yuan [2] - Equity funds, such as the Fortune China Securities Hong Kong Stock Connect Internet ETF, attracted over 5 billion yuan, with 56 equity funds receiving more than 1 billion yuan in inflows [2] - Analysts suggest that to improve the poor earning effect in the bond market, external factors such as monetary easing or overseas shocks may be necessary, with market expectations focused on potential interest rate cuts by the central bank in the fourth quarter [2]