Group 1 - The core viewpoint of the article is that equity funds outperform individual stocks in a bull market, while the opposite is true in a bear market [2][19] - In the current bull market, 81.82% of A-shares have risen, indicating a high probability of profit when buying stocks [4][8] - Growth stocks have a higher winning rate compared to value stocks, with winning rates of 76.51% and 67.17% respectively [5][6] Group 2 - Equity funds have a winning rate of 98.41% this year, significantly higher than the 81.82% winning rate of individual stocks [10][12] - Active funds, particularly mixed equity funds, show a winning rate of 98.52%, outperforming passive index funds [11][12] - The performance of equity funds has yielded significant excess returns compared to major stock indices, with a year-to-date increase of 33.27% for the CSI Equity Fund Index [14] Group 3 - In the bear market from 2022 to 2023, the winning rate of equity funds was only 2.28%, much lower than the 26.01% winning rate of stocks [26][27] - The performance of equity funds in terms of returns was also inferior to that of stocks during the bear market, with the CSI Equity Fund Index declining more than the major stock indices [27][28] - The article highlights the "see-saw effect" between the stock and bond markets, indicating that pure bond funds perform better in bear markets [29][30] Group 4 - The article concludes that in a bull market, equity funds have higher winning rates and returns compared to stocks, while in a bear market, stocks outperform equity funds [33] - Investors are advised to adjust their portfolios according to market conditions, favoring pure bond funds in bear markets for stability and higher winning rates [33]

受国际金价影响，国内珠宝品牌足金首饰价格也进一步走高。10月15日，老庙、周大福、六福珠宝的足金饰品价格已涨至1235元/克。 | 五分享X | | | | | | --- | --- | --- | --- | --- | | 避险抗通胀,长期配黄金 | | | | | | 国内现货 | 国际现货 | | 黄金实物 | | | 品牌 银行 | | 同收 | | | | 品牌 | | | 价格(元/克) | 日涨跌幅 | | 周大福 | | | 1235 | +1.65% | | 老凤祥 | | | 1230 | +1.99% | | 周六福 | | | 1160 | -0.60% | | 周生生 | | | 1233 | +1.65% | | 六福珠宝 | | | 1235 | +1.65% | | 金至尊 | | | 1235 | +1.65% | | 老庙 | | | 1235 | +1.40% | 公开信息显示，2025年初，上述珠宝品牌足金饰品价格围绕800元/克波动。年内足金饰品价格每克已上涨约400元。 10月15日，现货黄金涨势不止，史上首次突破4200美元/盎司关口，日内涨逾1.4%。 华安 ...

Group 1: ETF Innovation in the US - In the past three weeks, 91 new ETF products were launched in the US, indicating an accelerated pace of issuance [1][2][4] - Notable new products include Amplify Ethereum and various leveraged inverse ETFs targeting sectors like energy and technology [1][4] - The diversity of cryptocurrency-related products has increased, with regulatory attitudes becoming more favorable [4][5] Group 2: Fund Flows and Performance - In the last month, US ETFs saw inflows of nearly $180 billion, with stock products accounting for over $100 billion of this total [9][12] - iShares S&P 500 ETF IVV experienced significant inflows, surpassing $40 billion, while Bitcoin and gold products also saw notable inflows [12][13] - Aerospace and defense ETFs have performed exceptionally well, with some products showing returns exceeding 80% this year [14][15] Group 3: Recent Fund Launches - New fund managers like Liberty One have launched dividend-focused ETFs, while Global X introduced semiconductor and quantum computing ETFs [8][9] - ARK has entered the buffer ETF market with its DIET series, which offers unique exposure to market downturns [5][7] - Federated Hermes launched a market-neutral ETF utilizing a quantitative approach to optimize its portfolio [7]

从东方卓行18个月定开债券二季报看，该基金资产净值中的85.4%持有中期票据，另有34.9%为企 业债，17.44%为金融债。二季度前五大债券为23湖南银行01、23东方债01BC、23济南高新MTN003、 23西证01、21青岛城投MTN004。截至今年6月30日，其规模合计为96.40亿元。 | 代码 | 名称 | 复权单位净 累计单位 规模 基金成立日 投资类型 | | 直我经典 | 真金经理 | | --- | --- | --- | --- | --- | --- | | | | 值增长率% 净值元 亿元 | | | 最大年限 | | 008323.0F 东方卓行18个 | | -6.83 1.0684 | 0.00 2019-12-27 债券型基金 刘长俊,程旺, | | 7.64 | | 月定开债券C | | | | 车日 楠 | | | 008322.0F 东方卓行18个 | | -6.76 | 1.0838 96.40 2019-12-27 债券型基金 刘长俊,程旺, | | 7.64 | | 月定开债券A | | | | 车目簡 | | 来源：同花顺 （责任编辑：康博） 中国经济网北京1 ...

中国经济网北京10月15日讯今日，新疆前海联合基金管理有限公司公告，任命贺国灵为总经理、法定代 表人、财务负责人，并代任董事长。原总经理、法定代表人吴昱村因工作安排离任，原董事长黄炜离 任。邹文庆不再代履行公司总经理、法定代表人职责。 贺国灵历任洛阳银行股份有限公司资金经营中心经理，平安银行股份有限公司金融市场产品部承销与发 行室负责人、金融市场事业部经纪业务中心承销与发行室副经理(主持工作)、资金运营中心销售交易中 心机构销售部副总经理(主持工作)，国海富兰克林基金管理有限公司资产管理部总经理、机构二部总经 理，华泰保兴基金管理有限公司专户投资部总经理，上海证券有限责任公司资产管理总部联席总经理、 资产管理总部总经理，2025年10月加入新疆前海联合基金管理有限公司。 | 基金管理人名称 | 新疆前海联合基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集正券投资基金信息技案管理办法》 | | | 《证券基金经营机构董事、监事、高级管理人 | | | 员及从业人员监督管理办法》 | | | 新任基金管理公司总经理、代任基金管理公司 | | 高管变更类型 | 董事长、离任基金管理公司 ...

Core Insights - Recent surge in gold and silver prices has led to multiple precious metal-themed funds implementing purchase limits to protect investors and ensure stable fund operations [1][2][8] Fund Purchase Restrictions - On October 15, Huatai-PineBridge Fund announced a limit on large purchases for its gold and precious metals fund, capping single or cumulative purchases at 20,000 RMB starting October 16, 2025 [2][4] - Similarly, Guotai Asset Management announced limits for its silver fund, with periodic investment caps set at 6,000 RMB for Class A and 40,000 RMB for Class C, effective October 15, 2025 [2][7] Performance of Precious Metal Funds - Year-to-date, gold prices have surged nearly 60%, while silver prices have increased over 80%, both reaching historical highs [8] - Precious metal-themed funds have also seen significant net asset value growth, with gold ETFs averaging over 50% returns this year [9] - For instance, Huatai-PineBridge's gold fund reported a cumulative return of 52.79% as of October 13, 2023, while Guotai's silver fund achieved a return of 51.78% [9] Market Dynamics - The recent price increases in gold and silver are attributed to various factors, including U.S. government shutdown risks, debt concerns, and expectations of Federal Reserve interest rate cuts [8] - Long-term support for gold prices is bolstered by central banks' continued accumulation and a strategic shift away from the U.S. dollar [9]

Market Performance - The A-share market has regained upward momentum, with the Shanghai Composite Index closing above the 3900-point mark, increasing by 1.22% [1] - The Shenzhen Component Index rose by 1.73%, and the ChiNext Index increased by 2.36%, with total trading volume in the Shanghai and Shenzhen markets reaching 2,072.9 billion [1] ETF Performance - The CSI A100 Index ETF (561770) saw a significant increase of 4.34%, leading the top-performing ETFs [2] - Other notable ETFs include the Automotive Parts ETF (562700) and Online Consumption ETF (159793), which also rose over 4% [2] Automotive Industry Insights - In September, China's automotive production and sales reached 3.276 million and 3.226 million units, respectively, marking year-on-year growth of 17.1% and 14.9% [3] - New energy vehicle production and sales hit record highs of 1.617 million and 1.604 million units, with year-on-year growth of 23.7% and 24.6% [3] - Market sentiment is cautious due to rising trade tensions with the U.S., but the traditional automotive sector remains less affected compared to robotics and AIDC sectors [3] Sector Performance - The rare metals sector experienced a collective pullback, with several ETFs in this category showing declines [4][5] - Despite this, the overall global asset market is trending upwards, particularly in the renewable energy-related sectors, driven by increased demand for new energy vehicles and storage solutions [6] Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume, amounting to 45.686 billion [7] - The turnover rate for the China-Korea Semiconductor ETF (513310) was notably high at 249%, indicating strong trading activity [8]

Core Viewpoint - The recent surge in gold and silver prices has led multiple related theme funds to implement purchase limits, with minimum investment amounts now below 10,000 RMB [2][4]. Fund Purchase Restrictions - On October 15, Huatai-PineBridge Fund announced a limit on large purchases for its gold and precious metals fund, effective from October 16, 2025, capping single-day investments at 20,000 RMB [4][6]. - Previously, on September 2, 2025, the same fund had set a limit of 50,000 RMB for large purchases [4]. - Similarly, Guotai Junan Fund announced on October 15, 2025, that it would limit regular investment amounts for its silver fund to 6,000 RMB for Class A and 40,000 RMB for Class C [4][9]. Performance of Precious Metals - Gold and silver have shown remarkable performance this year, with gold prices increasing nearly 60% and silver prices rising over 80%, both reaching historical highs [10]. - As of October 14, 2023, gold ETFs have reported returns exceeding 50%, with the Huatai-PineBridge gold fund achieving a cumulative return of 52.79% this year [10]. - The total scale of gold-themed ETFs has surpassed 200 billion RMB, with five ETFs exceeding 10 billion RMB in scale [10]. Factors Influencing Gold Prices - The recent rise in gold prices is attributed to multiple factors, including U.S. government shutdown risks, debt concerns, and expectations of interest rate cuts by the Federal Reserve [11]. - Long-term support for gold prices is provided by central banks' continued purchases and the trend of de-dollarization [11].

Group 1 - The core viewpoint of the article is that the newly approved Jiashi Growth Sharing Mixed Securities Investment Fund represents a continuation of Jiashi Fund's innovative approach to floating fee rate funds, aiming to enhance investor experience through refined fee structures and risk-sharing mechanisms [1][2] - The new fund emphasizes a deep binding of management fees to fund performance, ensuring that the interests of investors are prioritized, thereby achieving a model of "shared returns and shared risks" [1] - The floating fee rate fund will adjust management fees based on the fund's performance relative to a benchmark, allowing for personalized service that reflects individual investor needs [1] Group 2 - Jiashi Fund is committed to exploring innovations in floating fee rates with a focus on the best interests of investors, leveraging its experience in equity investment and floating fee management to capture market opportunities [2] - The company aims to enhance its research and investment management capabilities, striving to provide long-term, stable, and sustainable returns for investors [2] - According to data from Galaxy Securities, Jiashi Fund's public products generated over 20 billion yuan in returns in the first half of the year, and as of October 15, the company had distributed dividends 149 times, totaling over 8.2 billion yuan [2]

Core Viewpoint - Bond funds are a common asset class with distinct yield and risk characteristics, positioned between money market funds and stock funds in terms of stability and volatility [3][4][101]. Bond Fund Yield and Risk - Bond funds exhibit yield and volatility risks that are generally more stable than stock funds but higher than money market funds [4][101]. - Investors need to be aware of "踩雷" risks, where certain bond funds may experience significant short-term declines [6][101]. Types of Bond Funds - Common categories of bond funds include: - Short-term pure bond funds, which typically have minimal volatility and returns slightly higher than money market funds [9][14]. - Long-term pure bond funds, which have greater volatility and are influenced by interest rate fluctuations [10][11][23]. - "Fixed Income +" funds, which combine bonds with a small allocation to stocks or convertible bonds [12][45][101]. Short-term vs Long-term Bond Funds - Short-term bond funds invest in bonds with maturities of one year or less, offering low volatility and serving as a tool for managing short-term cash needs [22][30]. - Long-term bond funds, on the other hand, are more sensitive to interest rate changes, with potential declines in net asset value during rising interest rate environments [23][30][101]. "Fixed Income +" Funds - "Fixed Income +" funds typically consist of a core of low-risk bonds supplemented by equities or convertible bonds to enhance returns [45][67]. - These funds benefit from the negative correlation between stocks and bonds, which helps reduce overall volatility [54][57]. Investment Considerations - Investors should focus on the underlying asset allocation of "Fixed Income +" funds, particularly the proportion of stocks and the types of bonds included [79][82]. - The current market conditions suggest that "Fixed Income +" funds remain an attractive investment option, especially given the low interest rate environment [90][101]. Performance Metrics - As of September 19, 2025, the "90-day advisory portfolio," primarily composed of short-term bond funds, achieved an annualized return of 2.26% with a maximum drawdown of only -0.26% [32][33]. - The 10-year government bond yield is considered a benchmark for assessing the investment value of long-term bonds, with a reasonable yield range of 2%-3% [25][26][101].