- The report analyzes the investment value of the Guotai SSE 10-Year Treasury Bond ETF, highlighting its advantages in terms of low fee rates, high transparency, and efficient tracking of the SSE 10-Year Treasury Bond Index[4][8][50] - The SSE 10-Year Treasury Bond Index (code: H11077.SH) is a bond index launched by the Shanghai Stock Exchange on March 7, 2013. It is composed of treasury bonds with remaining maturities between 6.5 and 10.25 years, calculated using a market capitalization-weighted method to reflect the overall price trend of treasury bonds in this maturity range[45][46][47] - The Guotai SSE 10-Year Treasury Bond ETF tracks the SSE 10-Year Treasury Bond Index, investing at least 90% of its net assets in the index's constituent bonds and alternative constituent bonds. The ETF aims to replicate the index's performance with minimal tracking error, providing investors with a convenient way to access a basket of high-credit-quality, liquid medium- to long-term treasury bonds[50][51][54] - The ETF demonstrates strong performance metrics: annualized return of 3.81%, annualized volatility of 2.65%, IR of 1.44, monthly win rate of 71.13%, and maximum drawdown of 3.79%. Relative to its benchmark, it achieves an annualized excess return of 2.20%, excess volatility of 0.59%, excess IR of 3.72, excess monthly win rate of 93.81%, and excess maximum drawdown of 0.73%[59][63][62] - The ETF's historical excess performance is consistently positive, with monthly excess win rates of 100% since 2021 and zero monthly excess drawdowns during the same period. For example, in 2021, the excess IR reached 13.42, and in 2023, it further improved to 21.22[63][62][59]

Core Viewpoint - China CITIC Bank announced adjustments to the risk ratings of 17 asset management products starting from October 15, with 15 products being upgraded and 2 products being downgraded, involving multiple institutions such as Huatai-PB, Harvest Fund, and E Fund [1] Group 1 - 17 asset management products will have their risk ratings adjusted [1] - 15 products will see an upgrade in their risk ratings [1] - 2 products will experience a downgrade in their risk ratings [1] Group 2 - The adjustments involve various asset management institutions including Huatai-PB, Harvest Fund, and E Fund [1]

Core Insights - The central theme of the articles discusses the recent cessation of four types of deposit products by the central bank, highlighting the potential pitfalls for consumers and the need for safer investment alternatives [2][3][4]. Group 1: Cessation of Deposit Products - The central bank has stopped four types of deposit products, which were previously available to consumers, leading to confusion and potential financial loss for many [2]. - Commonly affected products include online deposits, which often promised higher interest rates but were later found to be unavailable when consumers attempted to withdraw funds [2]. - Other problematic products included cross-regional deposits and structured deposits, which were misleadingly marketed as safe investments but often resulted in minimal returns [3][4]. Group 2: Alternative Investment Options - The articles suggest several safer investment alternatives, such as money market funds, which, while offering lower interest rates, provide more security and better returns than traditional savings accounts [4]. - Bond funds are recommended for slightly higher returns with low volatility, emphasizing the importance of a long-term investment strategy [4]. - Gold funds are also mentioned as a viable option, allowing investors to gain exposure to gold without the need to purchase physical bullion, although they come with higher volatility [4].

Core Insights - In the first three quarters of this year, 15 mixed funds experienced a decline of over 10%, with 11 of these funds managed by GF Fund [1] - All 11 underperforming funds are managed by Wang Mingxu, who has nearly 7 years of experience managing funds at GF Fund [1] Fund Performance Summary - The worst-performing fund is GF Value Advantage Mixed, with a decline of 15.37% [2] - Other notable declines include GF Domestic Demand Growth Mixed C at -15.01% and GF Domestic Demand Growth Mixed A at -14.77% [2] - The performance of additional funds managed by Wang Mingxu includes GF Value Preferred Mixed C at -13.59% and GF Value Preferred Mixed A at -13.34% [2] - The overall trend indicates a significant underperformance of GF Fund's mixed funds compared to the market [1][2]

更值得注意的是，广发基金旗下这11只基金的基金经理均为王明旭。资料显示，王明旭曾任东北证券研 究所策略研究员，生命人寿资管中心组合投资经理，恒泰证券资产管理部资深投资经理，东方证券研究 所首席策略师，兴全基金管理有限公司专户投资部投资经理。现任广发基金管理有限公司总经理助理、 投资管理部总经理，2018年10月开始任广发基金旗下基金经理，至今已接近7年。 具体来看，这11只基金和业绩表现分别是广发价值优势混合跌15.37%、广发内需增长混合C跌15.01%、 广发内需增长混合A跌14.77%、广发价值优选混合C跌13.59%、广发价值优选混合A跌13.34%、广发睿 铭两年持有期混合C跌13.03%、广发睿铭两年持有期混合A跌12.76%、广发稳健优选六个月持有期混合 C跌11.28%、广发均衡优选混合C跌11.15%、广发稳健优选六个月持有期混合A跌11.01%、广发均衡优 选混合A跌10.88%。 中国经济网北京10月14日讯在今年前三季度混合型基金跌幅榜中，共有15只混基跌幅超过了10%，而在 这15只基金中，广发基金旗下产品就占到了11席(各份额分开计算，下同)。 | 序号 代码 | 名标 | 复权单 ...

| 基金名称 | 汇安趋势动力股票型证券投资基金 | | --- | --- | | 基金简称 | 汇安趋势动力股票 | | 基金主代码 | 005628 | | 基金管理人名称 | 汇安基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》以及 | | | 《基金管理公司投资管理人员管理指导意见》、《证 | | | 券期货经营机构投资管理人员注册登记规则》等相 | | | 关法律法规 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 陈思余 | | 解聘基金经理姓名 | 单柏霖 | 单柏霖曾任华融证券研究部权益研究员，2020年7月加入汇安基金管理有限责任公司，担任权益投资部 基金经理一职。 汇安趋势动力股票A/C成立于2018年4月25日，截至2025年10月13日，其今年来收益率为33.80%、 33.27%，成立来收益率为47.56%、41.76%，累计净值为1.4756元、1.4176元。 中国经济网北京10月14日讯今日，汇安基金公告，单柏霖离任汇安趋势动力股票。 ...

Core Insights - The issuance of public funds remains strong as the market shows positive trends, with 54 new funds launched in the week following the National Day holiday, particularly on October 13, when 31 new funds were issued, predominantly equity funds [1][3] Fund Issuance Trends - A significant portion of the new funds issued on October 13 were equity funds, with 25 out of 31 funds falling into this category, representing over 80% of the total. Among these, passive index funds accounted for more than half, totaling 14 funds [3] - The trend towards issuing ETFs (Exchange-Traded Funds) is notable, driven by the accelerated development of the ETF market and increasing investor preference for this investment vehicle as the equity market rises [3][4] Market Performance and Sector Focus - The A-share market has shown a preference for growth styles, particularly in the technology sector, which has performed strongly. New funds launched include those focused on themes such as aviation, robotics, and artificial intelligence [4] - The recent recovery in the equity market has boosted confidence among fund companies, leading to several equity funds setting their initial fundraising caps at 8 billion yuan, with subscription periods generally under 20 days [4] Sector-Specific Insights - The rare earth sector has seen significant gains, with the Wind rare earth concept index rising by 9.49% on October 13, driven by policy tightening and structural demand increases from industries like new energy vehicles and wind power [6] - The core logic for technology investments remains unchanged, with domestic demand and policy support for domestic substitution expected to sustain the sector's growth trajectory [7] Investment Outlook - The current market environment is characterized by significant internal structural differences, leading to varied valuations and sentiments across sectors. The impact of tariffs differs among sectors, with domestic substitution concepts benefiting from the trend towards self-sufficiency [7] - Investors are advised to focus on companies with reasonable valuations based on fundamental trends over a 1 to 3-year horizon, rather than being overly concerned with short-term geopolitical fluctuations [7]

Group 1 - The core viewpoint of the articles highlights the surge in the precious metals market during the National Day holiday, driven by uncertainties in U.S. government operations and economic data, leading to increased investment in safe-haven assets [1][2][3] - Gold prices have reached new historical highs, with international gold prices surpassing $4000 and RMB gold prices exceeding 900 yuan per gram, indicating a strong bullish sentiment in the market [1][2] - The U.S. government shutdown has delayed the release of key economic data, such as non-farm payrolls and CPI, which has further impacted market confidence and reinforced expectations for potential interest rate cuts [1][3] Group 2 - The escalation of U.S.-China trade tensions, including China's restrictions on rare earth exports and Trump's threats of 100% tariffs on Chinese imports, has heightened market risk aversion [2] - The current macroeconomic environment, characterized by both risk aversion and monetary easing, has led to increased allocations to gold, as investors seek to capitalize on favorable conditions [2] - The mixed signals from Federal Reserve officials regarding interest rate cuts reflect ongoing uncertainty in the U.S. economic outlook, with some advocating for caution while others support further easing [3]

本报告中的信息均来源于公开资料，我公司对该等信息的准确性及完整性不作任何保证。在任何情况下 本报告中的信息或所表达的意见不构成我公司实际的投资结果，也不构成任何对投资人的投资建议。 特朗普威胁将自11月1日起对中国的所有产品征收100%的关税，并对关键软件实施出口管制，全球股债 汇大跌。考虑到非理性关税下美国自身通胀压力，市场普遍预期其为累积谈判筹码。此次冲击小于4月 对等关税，市场信心也较强，但A港股估值更高，全球风险资产"挖坑反弹"幅度或不及4月，重点关注 黄金+自主可控链条。 海外方面，10月10日晚，特朗普威胁将自11月1日起对中国的所有产品征收100%的关税，并对关键软件 实施出口管制，全球股债汇大跌。考虑到非理性关税下美国自身通胀压力，市场普遍预期其为累积谈判 筹码。此次冲击小于4月对等关税，市场信心也较强，但A港股估值更高，全球风险资产"挖坑反弹"幅 度或不及4月。 国内方面，9月制造业PMI较8月的49.4%边际回升至49.8%，非制造业商务活动指数较8月的50.3%略回 落至50%，生产端改善强于需求侧。市场高位大幅震荡，关税威胁冲击下重点关注黄金+自主可控链 条。 市场策略方面，债券方面， ...

Group 1: Fund Company Developments - Fund companies are increasingly dissolving their supervisory boards, with Fangzheng Fubang Fund following Yingda Fund in this trend [1] - The supervisory board of Fangzheng Fubang Fund was dissolved after approval from the shareholders' meeting, and the audit committee of the board will assume its responsibilities [1] Group 2: Fund Manager Performance - The average return for public fund managers in the first three quarters is approximately 19.77%, with a median return of 14.97% [2] - A total of 169 fund managers achieved returns exceeding 60% during the same period [2] Group 3: Fund Manager Career Changes - On October 14, Luo Xin Pharmaceutical announced the resignation of its board secretary due to job relocation, with Jiang Ying, a former analyst and fund manager at Guotai Fund, appointed as the new secretary [3] Group 4: New Fund Launches - Notable fund managers, including Lan Xiaokang from China Europe Fund, are launching new funds, with Lan's new fund set to be issued on October 16 [4] - Lan Xiaokang currently manages assets worth 13.637 billion, with three products showing strong returns [4] - Jin Zicai from Caitong Fund is also launching a new fund, managing 4.318 billion with a maximum return of nearly 593% across six products [5] Group 5: ETF Market Overview - The market experienced fluctuations, with the Shanghai Composite Index down 0.62%, the Shenzhen Component down 2.54%, and the ChiNext Index down 3.99% [6] - The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion, an increase of 221.5 billion from the previous trading day [6] Group 6: ETF Performance Highlights - The Shanghai 180 ETF Index led the gains with an increase of 3.02%, while sectors like insurance, gas, and coal performed well [7][8] - Conversely, the semiconductor sector faced significant declines, with related ETFs dropping by as much as 6.85% [9] Group 7: Industry Insights - The sales performance during the recent holidays met expectations, showing signs of marginal improvement despite a year-on-year decline [10] - Major liquor companies are outperforming the overall industry, and with easing policy pressures, demand is expected to show weak recovery [10] - The industry is currently at a low valuation, and the outlook is becoming clearer, with leading liquor companies increasing dividend payouts, enhancing their attractiveness for investment [10]