截至发稿，刘旺累计任职时间1年317天，现任基金资产总规模8.29亿元，任职期间最佳基金回报 38.24%， 任职期间最差基金回报33.68%。 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。 责任编辑：小浪快报 数据显示，大成基金旗下1只基金重仓禾望电气。大成中证1000指数增强发起式A（018661）三季度持 有股数3.64万股，占基金净值比例为0.79%，位居第六大重仓股。根据测算，今日浮盈赚取约5.61万 元。 大成中证1000指数增强发起式A（018661）成立日期2023年8月1日，最新规模8479.95万。今年以来收益 36.94%，同类排名1197/4216；近一年收益30.38%，同类排名1002/3951；成立以来收益40.9%。 大成中证1000指数增强发起式A（018661）基金经理为刘旺。 11月13日，禾望电气涨5.04%，截至发稿，报32.11元/股，成交5.81亿元，换手率4.09%，总市值146.98 亿元。 资料显示，深圳市禾望电气股份 ...

Group 1 - The core viewpoint of the news is that Donghua Technology has seen a significant increase in its stock price, rising by 5.45% to reach 13.16 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 9.317 billion CNY [1] - Donghua Engineering Technology Co., Ltd. is located in Hefei, Anhui Province, and was established on July 18, 2001, with its listing date on July 12, 2007. The company primarily engages in engineering businesses related to chemicals, environmental governance, and infrastructure, as well as modern service industries such as commercial factoring [1] - The revenue composition of Donghua Technology includes 88.80% from general contracting, 8.28% from other sources, and 2.92% from design and technical services [1] Group 2 - From the perspective of the top ten circulating shareholders of Donghua Technology, Western Lide Fund has a fund that entered the top ten shareholders, holding 1.3236 million shares, which accounts for 0.24% of the circulating shares. The estimated floating profit today is approximately 900,000 CNY [2] - The Western Lide Carbon Neutral Mixed Fund A (012975) was established on August 9, 2021, with a latest scale of 771 million CNY. Year-to-date returns are 50.24%, ranking 923 out of 8145 in its category, while the one-year return is 29.99%, ranking 2008 out of 8059. Since its inception, it has incurred a loss of 11.63% [2] Group 3 - The fund manager of Western Lide Carbon Neutral Mixed Fund A is Chen Baoguo, who has been in the position for 5 years and 274 days. The total asset scale of the fund is 1.67 billion CNY, with the best fund return during his tenure being 179.87% and the worst being -12.05% [3]

Group 1 - The core viewpoint of the news is that Huayou Cobalt Co., Ltd. has seen a significant stock price increase of 5.12%, reaching 63.65 CNY per share, with a total market capitalization of 120.69 billion CNY [1] - Huayou Cobalt's main business involves the research and manufacturing of new energy lithium battery materials and cobalt new materials, with revenue composition including nickel products (34.54%), cathode materials (16.28%), and other segments [1] - The company is located in Tongxiang Economic Development Zone, Zhejiang Province, and was established on May 22, 2002, with its listing date on January 29, 2015 [1] Group 2 - From the perspective of fund holdings, Huayou Cobalt is the top holding of the Hengsheng Qianhai Fund, specifically in the Hengsheng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332), which holds 32,100 shares, accounting for 2.43% of the fund's net value [2] - The fund has achieved a year-to-date return of 33.76%, ranking 2404 out of 8145 in its category, and a one-year return of 31.03%, ranking 1886 out of 8059 [2] - The fund manager, Xing Cheng, has been in position for 3 years and 237 days, with the best fund return during this period being 87.69% [3]

Group 1 - The announcement details that China AMC's public funds participated in the initial public offering (IPO) of Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) at a price of RMB 14.99 per share [1] - The joint lead underwriter for this issuance is Zhongtai Securities Co., Ltd., which is also the custodian for some of the public funds managed by China AMC [1] - The announcement includes information about the participation of China AMC's funds in the IPO, highlighting the evaluation of the company's reasonable investment value and market conditions [1] Group 2 - The announcement states that the fifth dividend distribution for the Huaxia Dingxin Bond Fund will occur, with the announcement date being November 13, 2025 [2] - It specifies that the cash dividend for investors choosing this method will be transferred from the fund custodian account on November 18, 2025 [2] - The announcement clarifies that fund shares purchased on the record date will not be entitled to this dividend, while redeemed shares will be eligible [2][3] Group 3 - The announcement indicates that a communication-based meeting for the Huaxia Juhong Preferred One-Year Holding Mixed Fund of Funds (FOF) will be held to discuss the continuous operation of the fund [4] - The meeting will take place via communication, with voting tickets being collected from November 18, 2025, to December 22, 2025 [5] - The record date for voting rights is set for November 17, 2025, allowing all registered fund shareholders to participate in the voting [8] Group 4 - The proposal for the continuous operation of the Huaxia Juhong Preferred One-Year Holding Mixed Fund of Funds (FOF) is due to the fund's net asset value being below RMB 50 million for 60 consecutive working days [40] - The fund management company, in collaboration with the custodian, proposes to continue the fund's operation and will seek authorization to handle related matters [40] - The proposal will be presented for shareholder approval during the upcoming meeting [41]

Core Insights - China's capital market is becoming increasingly attractive to global investors due to its resilience amid economic fluctuations, valuation advantages, and industrial upgrades [1][2] - Foreign institutional investors are particularly interested in sectors aligned with China's economic transformation, such as high-end manufacturing, technology innovation, and consumption [2][3] Group 1: Market Trends - The 2025 Shanghai Stock Exchange International Investor Conference highlighted the growing interest of foreign investors in Chinese assets, with a focus on long-term growth potential and fundamental company performance [1] - International capital flows are being closely monitored, with foreign investors showing a positive attitude towards the Chinese market [1] Group 2: Investment Focus - Key investment themes identified include innovation, restructuring, and international expansion, with consumption upgrades being a significant outcome of these trends [2] - The emphasis on hard technology and the promotion of ETFs related to China's technological innovation are seen as ways to enhance interaction between domestic and foreign capital [2] Group 3: Long-term Investment Strategies - Temasek's investment strategy in China aligns with four long-term directions: digitalization, sustainable living, future consumption, and longevity, focusing on sectors like digital technology, renewable energy, and life sciences [2][3] - The belief in the growth potential of these sectors reflects the future development trajectory of the Chinese economy [3]

自10月张东由博时基金总经理升任董事长后，新任总经理人选终于在近日落定。11月11日，博时基金公 告称，陈宇自当日起任公司总经理。从公开简历看，陈宇曾在多家"招商系"机构任职。回顾年内，同 为"招商系"资管公司的博时基金和招商基金旗下董事长、总经理相继出现变动，从新就任人选来看，均 拥有丰富的"招商系"从业背景。在业内人士看来，有着同一集团背景的高管人员到任，或更熟悉相关机 构的业务，更有利于公司资源的整合与高效利用，提升整体竞争力。 | 基金管理人名称 | 博时基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《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》 | | 高管变更类型 | 新任基金管理人总经理 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 陈宇 | | 是否经中国证监会核准取 | | | 得高管任职资格 | | | 中国证监会核准高管任职 | | | 资格的日期 | | | 任职日期 | 2025年11月11日 | | 过往从业经历 | 2025 ...

Core Viewpoint - The investment philosophy of Fusheng Asset emphasizes performance-driven investment, focusing on identifying opportunities through objective analysis and understanding market dynamics [2][7][22]. Investment Strategy - Fusheng Asset has consistently adapted its investment strategy to market conditions, successfully identifying major growth stocks in various sectors over the years, including new energy, coal, oil, and consumer goods [2][3][4]. - The firm emphasizes the importance of understanding supply and demand dynamics, with a focus on scarcity as a key factor in stock selection [3][4]. Key Investment Themes - The concept of "female consumer population dividend" has been highlighted as a significant investment opportunity, with increasing willingness among female consumers to pay for emotional value [3][10][19]. - The firm has successfully identified and invested in stocks related to new consumption trends, such as trendy blind boxes, ancient gold, and gaming stocks, which cater primarily to female consumers [11][12][21]. Performance Analysis - Fusheng Asset's investment decisions are driven by performance metrics, with a clear strategy of buying undervalued stocks based on dynamic valuations and selling when valuations exceed 35 times [4][22]. - The firm has demonstrated a disciplined approach to investment, avoiding speculative trading and focusing on companies with strong fundamentals and performance [4][22]. Market Outlook - The firm maintains an optimistic outlook on the market, citing undervalued currency and signs of economic recovery as potential catalysts for growth [30][31]. - Fusheng Asset is cautious about investments driven solely by liquidity without fundamental support, emphasizing the importance of valuation in investment decisions [31][32].

Core Viewpoint - The article discusses the growth and evolution of active investment strategies at both BlackRock and China Asset Management, highlighting the success of China Asset Management in the ETF market and its recent achievements in active equity funds [2][3]. Group 1: ETF Market Position - BlackRock has become the world's leading ETF provider with over $5 trillion in assets under management after acquiring Barclays iShares in 2009 [2]. - China Asset Management, often referred to as "China's BlackRock," launched its first ETF in 2004 and has seen its ETF management scale reach 903.562 billion as of Q3 this year, making it the leader in China's ETF market [2]. Group 2: Active Investment Growth - Both BlackRock and China Asset Management have not abandoned active investment; instead, they are expanding their active investment teams and strategies across various asset classes, including equities, fixed income, REITs, and private equity [2]. - China Asset Management's active equity funds have shown remarkable performance, with several funds achieving over 100% returns in the past year [3][4]. Group 3: Fund Performance - Notable funds managed by China Asset Management include: - China Digital Industry A: 104.19% return vs. 21.82% benchmark [4]. - China Software Leader A: 37.02% return vs. 8.16% benchmark [4]. - China Semiconductor Leader A: 50.06% return vs. 31.01% benchmark [4]. - The firm has consistently outperformed benchmarks across various sectors, including clean energy and digital economy [3][4]. Group 4: Strategic Vision - The General Manager of China Asset Management, Li Yimei, emphasizes the company's goal to create a "Lego" of asset management, offering a diverse range of asset categories to meet varied investment needs [5]. - The firm aims to build a global multi-asset platform, moving beyond just index asset management to a comprehensive asset management approach [5]. Group 5: Innovation and Market Leadership - China Asset Management has been a pioneer in the asset management industry, being the first to launch various products, including the first ETF and the first pension target fund in China [7]. - The firm has established a strong REITs department and has been proactive in exploring new markets, such as the North Exchange [7][8]. Group 6: Research and Development - The active investment strategy at China Asset Management is supported by a dedicated research team that focuses on emerging technologies and sectors, ensuring the firm captures key investment opportunities [13][14]. - The firm has developed innovative products based on thorough research, such as the CNQQ index, which reflects a proactive investment approach [15][16]. Group 7: Client Engagement - China Asset Management aims to enhance the investment experience for its clients, serving over 240 million individual clients and managing 2.85 trillion in assets [17]. - The company has developed tools like "Red Rocket" to make investment more engaging and accessible for clients, emphasizing the importance of clear product definitions and risk characteristics [18].

Group 1 - The core point of the news is that Wentech Technology's stock price dropped by 5.02% to 43.93 CNY per share, with a trading volume of 2.872 billion CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 54.677 billion CNY [1] - Wentech Technology, established on January 11, 1993, and listed on August 28, 1996, is primarily engaged in real estate development and operation, research and manufacturing of mobile internet devices, and upstream semiconductor products. The revenue composition is 69.00% from smart terminals, 30.88% from semiconductor products, and 0.12% from other sources [1] Group 2 - From the perspective of major fund holdings, only one fund under Huatai-PineBridge has a significant position in Wentech Technology. The Huatai-PineBridge CSI Intelligent Automotive Theme ETF (159795) reduced its holdings by 22,900 shares in the third quarter, now holding 40,300 shares, which accounts for 4.45% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 93,500 CNY [2] - The Huatai-PineBridge CSI Intelligent Automotive Theme ETF (159795) was established on January 27, 2022, with a latest scale of 421.141 million CNY. Year-to-date return is 19.35%, ranking 2877 out of 4216 in its category; the one-year return is 7.1%, ranking 3249 out of 3937; and the return since inception is 5.85% [2]

Core Points - Fund manager Li Deqing has resigned from six funds due to personal reasons, effective November 7, 2025 [2][3] - Li Deqing has no other funds under management following this resignation [2] - The funds managed by Li Deqing include the Xin'ao Hengsheng Mixed Fund and the Xin'ao Xinyu 6-Month Holding Period Bond Fund, among others [2][3] Fund Performance Summary - The Xin'ao Xinyu 6-Month Holding Period Bond Fund has a net asset value of only 21.76 million yuan as of the end of Q3, with a single institution holding 45.88% of its shares [3] - This fund has experienced a decline, with its net asset value falling below 50 million yuan for 60 consecutive working days, prompting the fund company to report to regulatory authorities [3] - Since its inception on March 21, 2024, the fund has seen a unit net value growth of 7.02%, underperforming its benchmark by 4.44 percentage points [4] - The Xin'ao Hengsheng Mixed Fund has a net asset value of approximately 53.44 million yuan as of Q3, also nearing the threshold for a mini-fund [4] - This fund has recorded a unit net value growth of only 0.74% since its inception on September 24, 2021, lagging behind its benchmark by 14.62 percentage points [4] Holdings Overview - The Xin'ao Xinyu 6-Month Holding Period Bond Fund holds 4.26% in stocks and 59.12% in bonds, with top holdings including Zijin Mining, Tencent Holdings, and Alibaba [4] - The Xin'ao Hengsheng Mixed Fund has a stock allocation of 20% and a bond allocation of 59.92%, with similar top holdings to the Xin'ao Xinyu fund, including Alibaba and Tencent [4][5]