Core Insights - The total trading volume of the CSI A50 Index ETF reached 875 million yuan today, an increase of 219 million yuan compared to the previous trading day, representing a growth rate of 33.40% [1] Trading Performance - E Fund CSI A50 ETF (563080) had a trading volume of 88.35 million yuan, up 60.58 million yuan from the previous day, with a growth rate of 218.11% [1] - CSI A50 (563350) recorded a trading volume of 49.52 million yuan, an increase of 38.52 million yuan, with a growth rate of 350.18% [1] - Great Wall CSI A50 ETF (159595) saw a trading volume of 262 million yuan, up 38.05 million yuan, with a growth rate of 17.03% [1] - The top increases in trading volume were seen in Bosera CSI A50 ETF (561750) and Penghua CSI A50 ETF (512240), with increases of 5347.22% and 1380.73% respectively [1] Market Performance - As of market close, the average decline for ETFs tracking the CSI A50 Index was 1.05%, with the largest declines recorded by Xinhua CSI A50 ETF (560820) and Penghua CSI A50 ETF (512240), which fell by 1.76% and 1.72% respectively [1]

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 推动投资者教育纳入国民教育，是践行公募基金行业普惠金融使命的重要工作，为进一步推动投教国民 教育不断取得新成效，工银瑞信投教基地积极响应中国证券投资基金业协会"一司一省一高校"专项行动 号召，9月15日，投教基地走进中国政法大学持续开展《SQL基础入门》校企合作课程，以金融技术教 育为抓手，丰富学生专业技能，搭建起校企协同育人的坚实桥梁。 课堂上，来自投教基地的讲师围绕"数据过滤及计算"专题展开授课。讲师以金融业务场景为切入点，剖 析数据过滤在投资分析、风险管控中的核心作用，教授通过SQL数据筛选技能提炼关键信息的步骤；在 计算方法讲解环节，结合收益率测算、资产配置比例核算等场景，详细讲解了如何通过SQL技术实现快 速准确的计算，从而提升工作效率。同学们在课堂上专注投入，主动进行提问交流，对SQL工具在金融 数据处理中的应用有了不少了解。在讲师的生动讲解下，学生们展现出对SQL技术浓厚的兴趣。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 此次校企合作课程的开展，既是工银瑞信投教基地践行投教责任的具体实践，也是校企协同培育金 ...

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 在北京证监局指导下，北京证券业协会携手辖区公募机构启动"北京公募基金高质量发展系列活动"之 际，中邮基金以其从"规模导向"到"价值导向"的转型之路，成为这一主题的生动实践者。这场转变不仅 关乎业绩考核，更涉及投研体系、产品结构和公司文化的全面重塑，彰显了中邮基金在行业变革中的积 极探索。 一、重塑考核机制，专注长期价值 在基金行业，短期业绩排名曾让不少基金经理陷入焦虑。中邮基金总经理张志名坦言："长周期考核是 行业必答题，它让基金公司跳出短期排名焦虑，回归为投资者创造长期价值的初心。" 中邮基金对投研激励机制进行重构，将"三到五年业绩稳定性"、"投资者长期留存率"、"风险控制达标 率"纳入核心考核指标，权重超过短期业绩。这一变革让投研团队不再纠结单季度排名，转而聚焦"产品 穿越多个市场周期仍稳健盈利"的能力。 考核导向的改变深刻影响了团队的操作逻辑。团队现在更关注"债券底仓久期匹配"、"权益增强部分长 期价值"，而非短期收益。一位固定收益部基金经理表示："筛选投资标的时，我们会从企业长期偿债能 力、行业韧性等长期维度出发，而非只看短期收益率。" 二 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in precious metals, particularly gold, which has seen prices surpass $4,100 per ounce, driven by factors such as expectations of Federal Reserve interest rate cuts and increased demand from global central banks [1][3] - As of October 14, the COMEX gold futures reached a peak of $4,190.9 per ounce before settling at $4,115 per ounce, indicating volatility in the market [3] - The total scale of gold-themed ETFs has exceeded 200 billion yuan, with five ETFs surpassing 10 billion yuan in scale, led by Huaan Gold ETF at 74.467 billion yuan [3]

Core Viewpoint - The announcement of fund manager Guo Xiangbo's departure from Tianhong Fund on October 14, 2025, due to personal reasons, marks a significant change in the management of Tianhong's healthcare-related funds [2][4]. Group 1: Fund Manager Departure - Guo Xiangbo has left his position as the fund manager for Tianhong Medical Innovation and Tianhong Selected Health, effective October 14, 2025 [2][4]. - Guo Xiangbo has been with Tianhong Fund for 11 years, having joined in February 2014, and previously served as the Director of Health Investment [4][5]. - During his tenure, Guo managed four funds, with the longest management period being for Tianhong Medical Health A, which achieved a return of 55.89% over 7 years [4][6]. Group 2: Fund Performance - The annualized returns for Tianhong Medical Innovation A and Tianhong Selected Health A are 2.45% and 7.27%, respectively, with both funds ranking in the top 50% of their peers [4][6]. - Tianhong Medical Health A, managed by Guo, has a return ranking of 163 out of 497 similar funds [4][6]. - Guo's managed assets were valued at 1.243 billion yuan before his departure, having peaked at over 2.1 billion yuan at the end of 2021 [5][6].

Core Viewpoint - The Chinese public fund industry is at a new historical starting point, focusing on high-quality development as the core theme, driven by the implementation of the new "National Nine Articles" and the accelerated formation of the capital market "1+N" policy system [1][2] Group 1: High-Quality Development Consensus - High-quality development has become a consensus within the industry, with a solid institutional foundation established over the past year [2] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" provides a concrete action guide, emphasizing a return to investor-centric values [2] Group 2: Trust as the Foundation - The core of high-quality development is to win and maintain investor trust, which is derived from sustained investment returns and deep demand insights [3] - The public fund industry is evolving from providing single products to offering comprehensive wealth management solutions driven by customer needs [3][4] Group 3: Tailored Investment Strategies - Public funds have categorized different types of funds based on attributes like "active money," "surplus money," and "long-term money," creating tailored investment strategies and products [4] - The integrated model of "customer needs deconstruction - strategy formation - product supply - research and investment matching - quality management" is becoming a key practice for enhancing investor satisfaction [4] Group 4: Serving the Real Economy and Diverse Wealth Management Needs - The high-quality development of public funds is reflected not only in investment returns but also in their dual empowerment of the real economy and residents' wealth [5] - Public funds play a crucial role in promoting inclusive finance and pension finance, providing a variety of transparent public products to lower the barriers for public participation in the capital market [5]

Group 1 - The core viewpoint of the article is the launch of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, marking a new phase of reform and efficiency improvement in the public fund industry [1] - The public fund industry in China has seen significant growth, with assets under management increasing from 8 trillion yuan to 36 trillion yuan over the past decade, highlighting its importance in the capital market [2] - The industry is shifting focus from scale to investor returns, emphasizing the need for a systematic capability building that resonates with investors, industries, and market demands [2] Group 2 - The article discusses the establishment of a platform-based research and investment (R&I) system by companies like Harvest Fund, which has been in place since 2009, focusing on an "all-weather, multi-strategy" investment approach [2] - Harvest Fund has developed a comprehensive talent cultivation system, covering over 20 sub-industries, and has formed cross-industry research groups to enhance collaborative research efforts [3] - The company is leveraging digital tools and technologies, such as big data and machine learning, to create a standardized R&I data system that facilitates high-quality investment decision-making [3] Group 3 - Harvest Fund emphasizes deep fundamental research as a core aspect of its investment strategy, with significant holdings in manufacturing, information technology, and scientific research sectors, totaling over 220 billion yuan [4] - The company is focusing on strategic emerging industries such as semiconductors, artificial intelligence, and biomedicine, having conducted over 2,000 company research sessions in the past year [4] - The implementation of the "Action Plan" is expected to enhance the role of public funds in wealth management, capital market stability, and support for the real economy and national strategies [4] Group 4 - The future outlook for the public fund industry is positive, with expectations for the emergence of outstanding investment institutions and long-lasting firms [5]

Core Viewpoint - The article highlights the recent surge in international gold prices and the significant growth of gold-themed ETFs in the market, indicating a strong investor interest in gold as a safe-haven asset amid economic uncertainties [1][3]. Group 1: Gold Price Movement - As of October 14, international gold prices have been on the rise, with COMEX gold futures reaching a peak of $4,190.9 per ounce before settling at $4,140.9 per ounce by 16:14 Beijing time [1]. Group 2: Gold-themed ETFs Growth - The total scale of gold-themed ETFs has surpassed 200 billion yuan, with five ETFs exceeding 10 billion yuan in scale [3]. - The leading gold-themed ETF is the Huaan Gold ETF, with a scale of 74.467 billion yuan, reflecting an increase of 8.32% over the past week and 14.01% over the past month [4]. - Other notable ETFs include Bosera Gold ETF, Guotai Gold Fund ETF, Yongying Gold Stock ETF, and E Fund Gold ETF, all showing significant growth in their scales [3][4].

Core Insights - The article emphasizes the growth and significance of the Science and Technology Innovation Board (STAR Market) in China, highlighting its role as a driving force for innovation and investment opportunities in the tech sector [3] - It discusses the performance and strategic positioning of Guotai Fund, particularly in the ETF market, showcasing its differentiated product offerings and robust growth despite market challenges [4][5] Group 1: ETF Market Performance - As of October 1, 2025, the number of STAR Market ETFs reached 102, with a total scale of nearly 300 billion yuan, indicating a thriving ETF ecosystem [3] - Guotai Fund's ETF business has shown significant growth, with a single-week increase of nearly 20 billion yuan in late September 2025, contributing to an annual growth exceeding 100 billion yuan [3][4] - Guotai Fund's CES Semiconductor ETF surpassed 10 billion yuan, becoming a preferred tool for investors in the semiconductor industry [5] Group 2: Strategic Positioning and Growth - Guotai Fund has adopted a differentiated and refined operational strategy since launching its first industry ETF in 2011, focusing on a comprehensive product line across various asset classes [4] - The fund's proactive approach has led to the establishment of a complete product ecosystem, including unique offerings like coal and steel ETFs, and targeted investments in technology sectors [4][5] - The fund's commitment to long-term growth and investor experience has resulted in a balanced approach between scale and quality, with a focus on sustainable returns [7] Group 3: Challenges and Areas for Improvement - Despite the growth in ETFs, Guotai Fund faces challenges in its wide-based ETF segment, with the Guotai CSI A500 ETF experiencing a significant drop in scale from 281 billion yuan to 184.38 billion yuan by mid-2025 [16] - The active equity management segment has shown weakness, with stock and mixed fund sizes declining to 97.38 billion yuan and 335.94 billion yuan respectively, indicating a need for improved performance [18] - The fund's research and investment capabilities require enhancement, particularly in talent development and the integration of quantitative tools to better capture market opportunities [19]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资本市场风云变幻的当下，资产管理机构如何在波动中行稳致远，成为行业关注的焦点。作为业内首批公募基金子公司，博时资本把"多资产 策略"写进基因，成为资本市场上屹立超十年的老牌公募基金子公司之一。 PART 0 1 以多资产策略为投资框架！博时资本累计管理规模逾2万亿元 博时资本管理有限公司成立于2013年2月，注册资本为8.5亿元。博时资本的母公司为博时基金，博时基金第一大控股股东为招商证券，持股比例 为49%。值得注意的是，招商证券的控股股东为招商局集团，后者是国务院国资委直属的中央企业。 依托博时基金 27年深厚的投研积淀和招商 局集团的战略协同，博时资本累计发行产品超1500只，累计管理规模逾2.24万亿元。 博时资本和母公司博时基金既一脉相承，也形成了自己的差异化发展路线。从风控体系来看，博时资本使用与母公司相同标准的风控系统，风险 指标全面检测，并进行自上而下的合规风控管理。在投资策略体系上，博时资本的投资策略与母公司投资策略体系形成互补，提供差异化产品。 从具体的产品体系上看， 博时资本遵循多策略投资框架 ，目前主要包括固收策略、固收 ...