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]

固定收益 | 固定收益专题 固定收益 证券研究报告 不动产投资信托基金（Real Estate Investment Trust, REITs）是向投资者发 行收益凭证，募集资金投资于不动产，并向投资者分配投资收益的一种投 资基金。 公募 REITs 的二级市场 一文全析"公募 REITs" 公募 REITs 的概念及核心结构 中国公募 REITs 未采用海外市场常见的公司型或契约型，而是基于现有法 律框架，采用了"公募基金+ABS"的双层 SPV 结构。 公募 REITs 的发展历程 中国公募 REITs 市场的发展历程大致可分为三个阶段：（1）早期探索与类 REITs 时代（2005-2019）；（2）试点启动与市场诞生（2020-2021）：2021 年 6 月 21 日，首批 9 单基础设施公募 REITs 产品成功挂牌上市，标志着中 国公募 REITs 市场正式诞生。（3）探索并实现常态化发行（2022 年以来）： 2024 年 7 月，发改委发布《关于全面推动基础设施领域不动产投资信托基 金（REITs）项目常态化发行的通知》，标志着中国基础设施公募 REITs 正式 迈入常态化发行的新阶段。 公 ...

Core Insights - The scale of gold-themed ETFs has surpassed 200 billion yuan, with three "doubling funds" emerging as gold prices reach new highs [3][4]. Group 1: Gold Price Trends - As of October 14, international gold prices have continued to rise, with London spot gold reaching $4,140 per ounce and COMEX gold futures hitting $4,160 per ounce, marking historical highs [1][3]. - The long-term outlook for gold prices is supported by factors such as the potential for the Federal Reserve to initiate a rate-cutting cycle, increasing uncertainty in overseas macro policies, and a global trend towards de-dollarization [3][6]. Group 2: ETF Performance and Inflows - Year-to-date, gold-themed ETFs have seen a net inflow of 74.577 billion yuan, bringing the total scale to 203.342 billion yuan, which is an increase of over 180% compared to the end of last year [4]. - Five gold-themed ETFs have entered the "billion club," with Huaan Gold ETF leading with an inflow of 25.516 billion yuan, reaching a total scale of 73.816 billion yuan, a nearly 160% increase from the previous year [4][5]. Group 3: Fund Performance - As of October 13, the average year-to-date net asset value growth rate for gold-themed ETFs is 64.55%, with several funds achieving returns exceeding 95% [4][6]. - Notable "doubling funds" include those managed by Yongying, Huaxia, and Industrial Bank of China, with performance rates above 100% [4][6].

Core Viewpoint - Xianglou New Materials experienced a decline of 5.05% in stock price, closing at 57.10 CNY per share, with a trading volume of 140 million CNY and a turnover rate of 3.15%, resulting in a total market capitalization of 6.615 billion CNY [1] Company Overview - Suzhou Xianglou New Materials Co., Ltd. was established on December 8, 2005, and went public on June 6, 2022. The company specializes in the research, production, and sales of customized precision stamping special steel materials [1] - The revenue composition of the company includes: 83.08% from automotive parts precision stamping materials, 10.69% from industrial precision stamping materials, 5.47% from other (supplementary) materials, and 0.76% from precision stamping materials for other uses [1] Shareholder Information - Among the top ten circulating shareholders of Xianglou New Materials, Penghua Fund's carbon neutrality theme mixed fund (016530) reduced its holdings by 349,200 shares, now holding 3.5112 million shares, which accounts for 6.53% of the circulating shares. The estimated floating loss today is approximately 10.674 million CNY [2] - The Penghua Carbon Neutrality Theme Mixed Fund (016530) was established on May 5, 2023, with a latest scale of 2.08 billion CNY. Year-to-date returns are 95.85%, ranking 47 out of 8162 in its category; the one-year return is 160.2%, ranking 9 out of 8015; and since inception, the return is 94.32% [2]

Group 1 - The core point of the news is that Placo New Materials Co., Ltd. experienced a 5.02% drop in stock price, closing at 72.35 yuan per share, with a trading volume of 667 million yuan and a turnover rate of 3.73%, resulting in a total market capitalization of 20.946 billion yuan [1] - Placo New Materials, established on September 17, 2009, and listed on December 30, 2019, specializes in the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductors for efficient and environmentally friendly operation of power electronic devices [1] - The company's main business revenue composition includes 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Group 2 - From the perspective of major fund holdings, one fund under GF Fund has a significant position in Placo New Materials, with the GF Growth Enterprise Board Two-Year Open Mixed Fund (162720) holding 135,000 shares, accounting for 2.99% of the fund's net value, ranking as the tenth largest holding [2] - The GF Growth Enterprise Board Two-Year Open Mixed Fund (162720) has a current scale of 210 million yuan and has achieved a return of 48.93% this year, ranking 1118 out of 8162 in its category, with a one-year return of 53.33%, ranking 1092 out of 8015 [2]

Core Insights - The A-share market showed resilience against tariff impacts, with overall net inflow into stock ETFs exceeding 24.6 billion yuan on October 13, despite a collective decline in major indices [1][2]. ETF Market Overview - On October 13, stock ETFs (including cross-border ETFs) recorded a net inflow of 24.643 billion yuan, bringing the total scale to 4.59 trillion yuan [2]. - Industry-themed ETFs and Hong Kong market ETFs led the inflows, with net inflows of 18.151 billion yuan and 7.344 billion yuan, respectively [2]. - The Hang Seng Technology Index-related ETFs saw the highest single-day net inflow of 3.339 billion yuan, with over 6.5 billion yuan flowing in over the past five days [2]. Fund Company Performance - E Fund's ETF reached a scale of 819.2 billion yuan, with a net inflow of 4.98 billion yuan on October 13, and an increase of 218.55 billion yuan since 2025 [3]. - The E Fund's CSI 300 ETF had a net inflow of 1.09 billion yuan, bringing its scale to approximately 303 billion yuan [3]. - Huaxia Fund's chip ETF and Hang Seng Technology Index ETF also saw significant inflows of 1.025 billion yuan and 0.697 billion yuan, respectively [3]. Popular ETF Categories - Bank, non-ferrous metals, and chip ETFs emerged as the main "money magnets," attracting substantial inflows [4]. - The top inflow ETFs included Bank ETF (1.131 billion yuan), CSI 300 ETF (1.09 billion yuan), and non-ferrous metals ETF (1.063 billion yuan) [5]. Outflow Trends - Conversely, broad-based ETFs such as the Sci-Tech 50 ETF, CSI 500 ETF, and CSI 300 ETF experienced significant outflows, with the Sci-Tech 50 ETF seeing a net outflow of 1.151 billion yuan [6]. - The semiconductor, real estate, and communication ETFs also faced notable outflows [6]. Market Outlook - The market is expected to experience short-term volatility due to emotional factors, but significant adjustments may present better investment opportunities [7]. - Mid-term trends suggest that sectors like non-ferrous metals and AI hardware may remain key investment themes [7].

Core Viewpoint - On October 13, the A-share market experienced a collective decline in the three major indices, but the drop was limited, indicating resilience against tariff impacts. The overall net inflow of funds into stock ETFs exceeded 24.6 billion yuan, with certain industry-themed ETFs attracting significant investment [2][3]. Fund Flow Summary - The total net inflow of stock ETFs (including cross-border ETFs) reached 24.643 billion yuan, bringing the latest total scale to 4.59 trillion yuan. Industry-themed ETFs and Hong Kong market ETFs led the inflows, with net inflows of 18.151 billion yuan and 7.344 billion yuan, respectively. The scale of industry-themed ETFs increased by 17.133 billion yuan [5]. - The Hang Seng Technology Index-related ETFs saw the highest single-day net inflow of 3.339 billion yuan, with over 6.5 billion yuan flowing into these ETFs over the past five days [5]. Top Fund Companies - E Fund's ETF had a latest scale of 819.2 billion yuan, with a net inflow of 4.98 billion yuan on October 13. Since 2025, its scale has increased by 218.55 billion yuan. The E Fund's CSI 300 ETF saw a net inflow of 1.09 billion yuan, bringing its latest scale to approximately 303 billion yuan [6]. - China Asset Management's chip ETF and Hang Seng Technology Index ETF had significant net inflows of 1.025 billion yuan and 0.697 billion yuan, respectively, with latest scales of 29.368 billion yuan and 43.86 billion yuan [6]. Popular ETFs - Bank, non-ferrous metals, and chip-themed ETFs emerged as the main "money magnets," attracting substantial investments. Additionally, Hang Seng Technology ETFs and China concept internet ETFs also received considerable attention from investors [7][8]. Net Outflow Summary - Conversely, several broad-based ETFs, including the Sci-Tech 50 ETF, CSI 500 ETF, CSI 300 ETF, and ChiNext 50 ETF, experienced significant net outflows, indicating a shift in investor sentiment [10]. - The top net outflow ETFs included the Sci-Tech 50 ETF with a net outflow of 1.151 billion yuan, the CSI 500 ETF with 0.696 billion yuan, and the CSI 300 ETF with 0.495 billion yuan [11]. Market Outlook - Looking ahead, the market may view recent tariff events as a one-time shock rather than a trend, with potential opportunities arising from any significant market adjustments. Analysts suggest that the latter half of October may present favorable conditions for bullish strategies, particularly in sectors like non-ferrous metals and AI hardware [12].

10月14日 ，金价冲高后快速回落，黄金相关ETF涨幅大幅收窄。截至13:45，黄金ETF华夏（518850） 涨1.83%，盘中波动超3%；黄金股ETF（159562）跌1.54%，有色金属ETF基金（516650）跌2.04%。 消息面上，全球贸易局势紧张态势升级，显著提升了资本的避险需求，为黄金及相关资产的价格提供了 强有力的支撑。 值得注意的是，高盛在最新报告中维持对黄金的乐观展望，当前金价的上涨主要由结构性因素驱动，包 括各国央行持续购金、ETF资金流入强劲以及地缘政治风险升级。高盛特别强调，央行购金行为正在重 塑黄金的传统定价逻辑，使其在一定程度上独立于利率周期。基于此，高盛将2026年底的金价预测上调 至4900美元/盎司。 值得注意的是，黄金ETF华夏（518850）和黄金股ETF（159562）管理费加托管费合计0.2%的费率在同 类产品中处于最低水平，助力投资人以更低成本参与黄金行情。 每日经济新闻 ...