点击注册小程序 查看完整报告 特别申明： 基金产品表现跟踪： 长期行业主题基金指数表现来看，本周医药主题基金表现占优，TMT主题基金回撤明显。截至2025年11 月14日，医药、周期、消费、金融地产、新能源、行业轮动、行业均衡、国防军工、TMT主题基金本周涨 跌幅分别为4.69%、2.00%、1.68%、0.77%、-0.43%、-0.68%、-1.24%、-1.95%、-4.42%。 ETF市场跟踪： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.11.10-2025.11.14）黄金价格上涨，国内权益 市场指数集体回调。行业方面，本周综合、纺织服饰、商贸零售行业涨幅居前，通信、电子、计算机行业 跌幅居前。基金市场方面，本周债券型基金表现 ...

Group 1 - The recent increase in cross-border ETF trading activity has led to significant premiums for popular products, such as the Southern S&P 500 ETF (QDII) and the Huaxia Nasdaq 100 ETF (QDII) [1] - As of November 14, the premium for the Southern S&P 500 ETF (QDII) exceeded 5%, prompting the fund manager to issue a warning about the risks associated with trading at inflated prices [1] - The total scale of cross-border ETFs reached 923.782 billion yuan by November 16, marking a growth of over 117% since the beginning of the year [1] Group 2 - Hong Kong stock ETFs have shown remarkable performance, with several achieving net value growth rates exceeding 50% this year [2] - Five Hong Kong stock ETFs, including the Wanji Zhongzheng Hong Kong Innovation Drug ETF and the Guangfa Zhongzheng Hong Kong Innovation Drug (QDII-ETF), reported net value growth rates above 90% [2] - The investment focus on innovative drugs and technology sectors has been a significant driver of the high net value growth rates for Hong Kong stock ETFs [2]

南方某公募基金人士在接受上海证券报记者采访时表示，基金公司必须摒弃过去那种依赖渠道优势和规 模扩张的商业模式，而是要通过提升投研能力、提高风控水平、优化考核管理、进化客户服务等，持续 为投资者创造回报，赢得投资者信任，并带动基金公司自身实现更好发展。 （上接1版） 上海证券报记者还了解到，不少基金公司从内部控制、投研体系、考核机制、投资者教育等方面入手， 对标对表推进改革举措落地落实，比如强化对业绩比较基准的选择论证，构建"平台式、一体化、多策 略"投研体系，在考核中偏重长期业绩、团队贡献及合规风控等指标，组建专业化金融科技团队等。 他建议：在运营管理方面，可成立专门部门加强对投资运作的过程管理，强化业绩比较基准的约束作 用；在考核评价方面，在前期已经提高长期业绩权重的同时，探索将基金利润率、盈利投资者占比等指 标纳入考核范围；在投研改革方面，加强AI在投研领域的探索应用；在投资者服务方面，持续加大投 资者教育与服务陪伴，引导投资者优化自身投资行为；在产品销售方面，加大市场低位布局力度，同时 在市场相对高位采取限额限购等方式调节销售行为。 ...

受访基民今年以来收益情况 受访基民今年以来是否进行了资产配置 受访基民看好的权益类基金细分赛道 受访基民看好的基金类型 郭晨凯 制图 ◎记者 朱妍 今年以来，资本市场稳步走强，权益类基金在科技、创新药、新能源等热点的轮番带动下强势崛起。数 据显示，普通股票型基金、偏股基金指数年内涨幅均在30%左右，跑赢上证指数和沪深300指数同期表 现。而且，权益类基金最新规模已突破10万亿元，较去年末增逾2万亿元。 在这场资本盛宴中，基民的投资之旅是怎样一番景象？他们能否在权益类基金的繁荣中充盈荷包，摆 脱"基金赚钱，基民不赚钱"的魔咒？临近年末，展望后市，如何实现更好的投资体验？带着这些问题， 近期上海证券报在微信公众号上以投票形式进行了一场基民调研（下称"调研"）。 2025年基民众生相 今年以来，在科技、创新药等多个热点的轮番表现下，权益类基金再度迎来"高光"时刻，投资收益可圈 可点。 Choice数据显示，截至11月14日，上证指数年内涨幅达19.06%，与此同时，普通股票型基金、偏股基金 指数涨幅分别为31.65%、29.2%。中国证券投资基金业协会数据显示，截至9月末，股票型、混合型基 金的规模已超10万亿元， ...

2、本基金的基金类型是债券型证券投资基金，基金运作方式是契约型开放式，基金存续期限为不定 期。 3、本基金的销售机构包括直销机构和代销机构（如有）。其中直销机构是指富国基金管理有限公司 （以下简称"本公司"或"基金管理人"），包括直销中心和网上交易系统。代销机构包括中国工商银行股 份有限公司。基金管理人可根据有关法律法规的要求，选择其它符合要求的机构代理销售本基金，并在 基金管理人网站公示。 登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：富国基金管理有限公司 基金托管人：中国工商银行股份有限公司 重要提示 1、富国稳健双景债券型证券投资基金（以下简称"本基金"）于2025年8月6日获得中国证监会准予注册 的批复（证监许可【2025】1665号）。中国证监会对本基金的注册并不代表中国证监会对本基金的风险 和收益做出实质性判断、推荐或者保证，也不表明投资于本基金没有风险。 4、本基金将于2025年11月26日至2025年12月16日通过各销售机构公开发售，基金管理人可根据募集情 况适当调整本基金的募集期限并及时公告。 5、本基金发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资 ...

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净值卖 示 = 2 观 可 人 | | | --- | --- | --- | --- | --- | | 1 | 东方阿尔法 ... C | 1.1144 | 6.24% | | | | 025778 | 2025-11-17 | | | | 2 | 东方阿尔法... A | 1.1144 | 6.22% | 8 | | | 025777 | 2025-11-17 | | | | 3 | 泰信发展主... 合 | 2.0350 | 4.90% | 23 | | | 290008 | 2025-11-17 | | | | 4 | 泰信现代服...合 | 2.2980 | 4.64% | 7 | | | 290014 | 2025-11-17 | | | | 5 | 圆信永丰高 ... C | 3.0301 | 4.59% | 8 | | | 025395 ...

Core Insights - The commodity ETF market has experienced explosive growth in 2023, with total net inflows reaching 102.02 billion yuan and total assets growing by 203.92% to 229.99 billion yuan as of November 14 [1] - The primary driver of this growth is the performance of gold ETFs, with leading products like Huaan Gold ETF reaching a scale of 87.38 billion yuan, a 70-fold increase since its inception in 2013 [1] - Factors contributing to the growth include rising commodity prices, the attractiveness of commodity ETFs as low-threshold investment tools, and the expansion of product lines [1][3] Commodity Price Performance - Gold prices have surged this year, with COMEX gold up 48%, SEG gold 54.17%, and Shanghai gold 54.33% as of November 14 [2] - The strong performance of gold directly impacts the net asset value of related commodity ETFs, with the highest net value growth rate reaching 53.94% for 14 products [2] Market Dynamics - The demand for gold ETFs has been bolstered by increased risk aversion, asset allocation optimization, and favorable index investment policies [3] - While gold ETFs have thrived, other commodity ETFs have shown mixed performance, with some experiencing losses, indicating structural differentiation within the market [4][5] Future Outlook - Industry experts anticipate a continued positive trend for commodity ETFs, although structural differentiation is expected to persist [6] - Factors such as potential interest rate cuts by the Federal Reserve may support commodity prices and the overall performance of commodity ETFs, while agricultural and energy chemical ETFs may remain under pressure [6]

Group 1 - The public fund issuance market has experienced a significant recovery, with a total of 1,378 public funds issued by November 17, surpassing last year's total of 1,143 funds, marking the highest issuance in three years [1] - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating a faster fundraising cycle and increased market activity [1] - The main drivers for the recovery include positive overall performance in the A-share market, improved corporate profit expectations, ample market liquidity, and increased investor confidence [1] Group 2 - FOF (Fund of Funds) products have seen explosive growth, with 72 new FOF products issued this year, doubling from 33 last year, reflecting growing recognition of their value [2] - As the equity market rebounds, there has been a significant increase in the issuance of equity funds, while bond fund issuance has declined, demonstrating a typical "seesaw" effect between stocks and bonds [2] Group 3 - A total of 19 public REITs and 18 QDII funds have been issued this year, with index funds emerging as a major highlight in the issuance market, comprising 813 of the 1,378 new funds, nearly 60% [3] - Index investment has penetrated various fund categories, with over 90% of stock funds being index products and nearly 25% of bond funds being index bond funds, indicating a trend towards lower-cost, clearer-style products [3] - The industry remains highly concentrated, with 131 public institutions issuing new funds, and 22 institutions issuing 20 or more funds, led by Fortune Fund with 60 new funds [3]

当全球化浪潮席卷而至，中资金融机构"出海"已从可选之路变为必由之路。 行业数据显示，2020-2024年，中资海外基金规模从320亿美元飙升至800亿美元，年复合增长率超 25%，香港证监会9号牌持牌机构数量五年内增长47%，开曼群岛注册的中资美元基金数量年均增幅达 33%。 进入2025年，这一增长势头更为强劲，仅前三季度，中资海外基金新发产品数量同比增长67%，高瓴、 景林、高毅等头部机构持仓市值均实现30%以上的大幅增长，其中高瓴旗下HHLR Advisors三季度持仓 总市值增至41亿美元，景林资产更是飙升54%至44.4亿美元。 然而在热闹背后，中资管理人出海之路布满荆棘：净值披露零散无章、国际话语权缺失、跨境服务资源 碎片化、投资者信任难以建立……在这片充满机遇与挑战的蓝海，新智基金网(www.inbfund.com)顺势 而生。 作为中资海外基金净值披露领域的开创者与权威平台，新智基金网由智通财经孵化倾力打造，自成立以 来便以"织就中资出海的星图"为使命，摒弃"冰冷的排名机器"定位，立志成为"持灯巡岸的引航者"。 创始团队汇聚了海外基金、财经媒体、行政管理人、律所等多领域资深人士，凭借深厚的行业 ...

- The report tracks the performance of enhanced index funds, highlighting the best-performing funds across different indices such as CSI 500, CSI 1000, and CSI 2000. For example, the Ping An CSI 500 Enhanced Index Fund achieved an excess return of 2.03% last week, while the Taiping CSI 1000 Enhanced Index Fund recorded an excess return of 1.84%[5][38][41] - Over the past year, the best-performing enhanced index funds include the E Fund CSI 300 Enhanced Fund with a 12.83% excess return, the Penghua CSI 500 Enhanced Fund with an 18.90% excess return, and the Huaxia CSI 1000 Enhanced Fund with a 28.67% excess return[39][42] - The report also provides detailed performance metrics for various enhanced strategy ETFs, such as the China Merchants CSI 2000 Enhanced Strategy ETF, which achieved a 31.60% excess return over the past year and 22.17% since 2025[27][28][39]