Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index achieving an eight-day winning streak, reaching its highest level since December 2021, closing up 0.48% [1] - The Shenzhen Component Index increased by 1.76%, while the ChiNext Index rose by 3.62% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,509 billion [1] ETF Performance - The top-performing ETF was the ChiNext 50 ETF (159367), which surged by 6.89% [2] - Other notable ETFs included the Communication ETF (215880) and Communication Equipment ETF (159583), both rising by 6.45% [2][3] - Several AI-related ETFs also saw significant gains, with the ChiNext AI ETF (Dacheng) increasing by 6.25% [3] AI Industry Developments - Kimi K2's new model ranked first in daily downloads on Hugging Face, while Baidu AI Search led in monthly active users domestically [4] - OpenAI launched its new flagship AI model, GPT-5, which integrates capabilities from various models to enhance performance [5] Banking Sector Insights - Bank-related ETFs experienced collective declines, but there is potential for growth driven by increased insurance capital allocation to bank stocks [6] Trading Activity - The Hong Kong Securities ETF (513090) had the highest trading volume, reaching 24.636 billion [8] - The turnover rate for the Shenzhen 100 ETF (Rongtong) was the highest at 392% [9] Upcoming ETF Launch - A new product, the Hong Kong Stock Connect Dividend ETF (159277), is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index [10]

Core Viewpoint - The resignation of Zhai Xiangdong from the position of fund manager at China Merchants Fund has been confirmed, with speculation that he may join a private equity fund, possibly Hillhouse Capital [1][2][3] Fund Manager Resignation - Zhai Xiangdong's departure is part of a broader trend, with 242 public fund managers leaving their positions in 2025, a 14.15% increase compared to the previous year [1][16][18] - Other notable fund managers who have left this year include those from various well-known funds, indicating a significant turnover in the industry [1][16] Performance and Management - Zhai Xiangdong managed the China Merchants Advantage Enterprise Fund, which achieved a return of 124.59% during his tenure, significantly outperforming the benchmark indices [5][6] - The fund's performance in 2023 and 2024 was strong, with returns of 27.25% and 30.16% respectively, but faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][10] Transition and Successor - Lu Wenkai has been appointed as the co-manager of the China Merchants Advantage Enterprise Fund, bringing nearly seven years of fund management experience [12][13] - Lu's investment style is more balanced compared to Zhai's focus on high-risk, high-reward strategies, indicating a potential shift in the fund's management approach [13] Industry Trends - The trend of fund managers moving from public to private equity is attributed to better compensation structures and greater investment freedom in private firms [19] - The public fund industry has seen a shift from expansion to a more competitive environment, leading to increased turnover among fund managers [18][19]

| | | YTD | 近3月 | 近6月 | 近1年 | 近3年 | 近5年 | 成立以来 (0.19年) | 年化回报 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申万姜信行业精选 混合A | | -8.23% | | | | | | -8.23% | -37.81% | | 申万菱信行业 精选混合A业绩 亿 基准 | | 5.28% | | | | - | . | 5.28% | 30.01% | | 沪深300 | 0 | 4.32% | 6.54% | 5.45% | 22.80% | -1.04% | -12.81% | 6.89% | 40.51% | | 同类排名 | ? | | | | | - | . | 4674/4675 | 4674/4675 | （来源：Choice数据，市值风云APP制表） 更令人震惊的是，这并非基民自愿的选择——申万宏源证券基层员工控诉公司领导施压，要求购买自 家产品，最终被迫为这场"政治任务"买单。 基民哭晕在厕所。 作者 | 市值风云基金研究部 编辑 | 小白 在A股市场整 ...

数据显示，截至8月12日，主动权益基金今年以来平均收益率近16%，超九成产品实现正收益，69只主 动权益基金涨幅超60%，多集中在投研实力较强的头部大厂。拉长时间来看，截至8月12日，近一年全 市场主动权益基金中诞生了41只翻倍基，其中鹏华碳中和主题A以153%的净值增长率，在4338只同类 基金中排名第10位。另外，鹏华基金旗下净值增长率在50%以上的主动权益产品有21只。 将考核周期拉长至更能体现基金管理能力的三年维度，鹏华基金的实力更为凸显。面对过去三年复杂多 变的市场环境，鹏华基金旗下有22只主动权益基金，净值增长率超10%，8只超30%。 7月以来，在"反内卷"政策的催化下，A股走出连涨行情，上证指数站上3600点，8月13日，上证指数收 涨3683.46点，创下年内新高，市场风险偏好明显回暖。整体回望今年以来的A股市场，行业呈现"电风 扇式"轮动上涨，年初至三月中旬AI产业链爆发；三月下旬至四月上旬，市场回调，防御性板块占优； 年中医药、红利、港股陆续走强，创下亮眼涨幅。 布局紧扣时代脉搏，科技、医药、消费全面发力 在行业快速切换的市场环境中，主动管理能力成为基金致胜的关键，抓住结构性机会的基金经 ...

盛夏8月，由广发基金公益基金会支持、满天星公益举办的"书语者阅读教师研习营.广州站"圆满落幕。77位来自各个县区的一线阅读骨干教师，在三天半的 学习与实践中，经历了一场"AI+教育"深度体验，为未来乡村教育注入新的可能。 广发基金公益基金会以"让AI成为教与学的真正伙伴"为方向，希望引导一线骨干教师们从真实的教学场景出发，带着教学问题参与，形成可落地的教学方 案，用自己的方式重新定义"AI+教学"。 阅读不仅是知识输入，更是培养批判性思维、情感连接和审美能力的基础。在AI的时代，如何让AI温柔而有力地赋能阅读教育，成为本次研习营的核心议 题。 为帮助教师们突破对AI的认知，更好地理解AI、与AI协作，本次研习营采用项目式学习的方式，将参训教师分为高、中、低三个年级组，要求教师们借助 AI，设计出贴合学情、体现成长价值的优质教学方案，并将此能力迁移至日常课程设计中。 怀着跃跃欲试的心情，各位教师用秘塔找灵感、用DeepSeek写故事、用豆包做海报、用即梦生成创意画面，在真实体验中感受不同AI平台的能力特征。经 过一次又一次的修改与确认之后，教师们最终呈现出一份既有教育温度、又能落地实施的绘本教学方案设计。 最后 ...

Core Viewpoint - The Guangdong Provincial Yueke Mother Fund is seeking to select excellent sub-fund management institutions to collaborate with its 15 mother funds through a regular selection process [2] Group 1: Mother Fund Overview - The Yueke Mother Fund will focus on strategic emerging industries in Guangdong Province, including high-quality projects related to the industrial chain of key industries [3] - The mother funds have specific investment requirements, including a maximum investment ratio of 50% of the sub-fund's total scale [3] - The sub-funds are expected to be newly established funds, with a minimum capital requirement of 50 million yuan [3] Group 2: Investment Areas and Requirements - Investment areas include advanced manufacturing, green energy, biomedicine, new materials, and other key development industries [3] - Sub-funds must align with the investment scope and requirements of the mother funds, focusing on high-quality projects within the specified industries [3] - The core management team of the sub-fund should hold a certain percentage of the fund's shares [3] Group 3: Selection Criteria - The selection process will consider the past performance of the fund management institutions and their ability to meet the investment goals set by the mother funds [4] - The mother fund's investment in a single sub-fund is generally not to exceed 30% of the sub-fund's total commitment [4] - Each investment tranche will be disbursed only after all other investors have completed their contributions [4]

先锋期货期权日报 2025-8-13 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下,我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任,投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下,我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标的 | 平值期权隐 | 排名 | 标的30天历 | 排名 | 标的当同 | 排名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 中波索日 | | 真实波幅 | | | 1c2510 | 4.0% | 1 | 4.0% | 2 | 6.3% | 2 | | ps2510 | 3.8% | 2 | 4.3% | 1 | 3.6% | 6 | | si2510 | 3.3% | 3 | 3.3% | 5 | 3.8% | 4 | | ao2509 | 2.5% | 4 | 2.9% | 6 | 3.1% | 8 ...

在发行规模和投资业绩齐齐助推下，主动权益基金持续成为市场焦点。 截至8月12日，已有易方达和中欧等公募旗下的第二批浮动费率基金，官宣提前结束募集。与此同时，近期成立的其他主动权益基金，出现多只规模超10亿元的产 品，最高规模接近25亿元，是年内成立规模最大的主动权益基金。 另一方面，逾95%的主动权益基金近3月实现盈利。今年以来，更有基金的回报率超过120%。实际上，近期业绩贡献突出的并非只有医药主题产品，半导体、集成 电路、机器人等科技行业基金取得了显著回报。 10亿元以上的主动权益新基金持续增加 当前主动权益基金回暖，主要有两个表现：一是市场对浮动费率基金表现出持续的热情，新发产品纷纷提前结束募集；二是新成立的基金中，出现了多只规模超10 亿元的产品。 截至8月12日，4只已发售的第二批浮动费率基金，已有2只提前结束募集。根据中欧基金8月12日公告，中欧核心智选混合基金于8月4日起开始募集，募集截止日由 8月15日提前至8月12日，8月13日起不再接受投资者的认购申请。同样于8月4日开始发售的易方达价值回报混合基金，募集截止日由8月20日提前至8月13日，8月14 日起不再接受认购申请。 此外，建信医疗创 ...

Core Viewpoint - The Chinese wealth management industry is entering a high-growth cycle, with investment advisors playing a crucial role in guiding asset allocation for clients [1] Group 1: Market Trends and Strategies - The current market is characterized by a "structural bull market," with significant differences in returns across industries, making rotation strategies effective for capturing excess returns [2][3] - The second quarter GDP growth rate was 5.2%, indicating a recovery in corporate earnings and providing a solid foundation for market support [3] - Northbound capital saw a net increase of $10.1 billion in the first half of the year, while financing balances increased by 75 billion yuan since April, reflecting a trend of retail savings entering the market through public funds [3] Group 2: Investment Advisor Challenges and Opportunities - Investment advisors face challenges in transforming service models from "sell-side sales" to "buy-side advisory," requiring a restructuring of income sources and balancing short-term gains with long-term asset allocation [4][5] - The integration of technology is essential, as AI can replace basic analysis tasks, but advisors must enhance their skills in human-machine collaboration to meet clients' emotional needs [4][5] - The demand for cross-disciplinary knowledge is increasing, particularly in areas like retirement, taxation, and cross-border assets, highlighting the need for composite talent in the advisory field [4] Group 3: Future Development of Investment Advisory Services - The core path for enhancing service capabilities involves shifting to a client-centric approach, focusing on account-level returns and satisfaction, and building deep trust with clients [5] - The future of advisory services will rely on "human-machine collaboration," where AI handles standardized processes, allowing advisors to focus on emotional support and client relationships [5] - The goal is to enhance both the financial and emotional value of client accounts, addressing the issue of market gains not translating into client profits, and moving towards a new stage of inclusive finance [5]

Core Viewpoint - The Chinese wealth management industry is entering a high-growth cycle, driven by the increasing financial awareness of residents, with investment advisors playing a crucial role in asset allocation [1] Group 1: Investment Advisor Performance - Investment advisor Wang Weilong achieved a simulated portfolio monthly return of 28.27%, ranking sixth in July [1] - Wang emphasizes the importance of identifying undervalued stocks and avoiding chasing high prices while preparing for market trends [2] Group 2: Future Development of Investment Advisory - Wang highlights the need for investment advisors to enhance independent thinking and provide more personalized, warm services to investors [2] - The institution, Zhongyin Securities, prioritizes the professional capabilities of investment advisors, encouraging them to express independent views supported by logical reasoning [2]