Core Viewpoint - The public fund industry in China is undergoing significant transformation, driven by capital market reforms, diverse wealth management needs, and financial technology innovations, positioning public funds as a crucial bridge between capital markets and individual wealth [1] Group 1: Investment Research and Capabilities - The foundation of public funds lies in their investment research capabilities, with the company focusing on building a comprehensive, platform-based, and multi-strategy investment research system [2] - A unified research platform and decision support system are being developed to enhance the efficiency of research outcomes and the scientific nature of investment decisions [2] - The company is expanding its investment strategy tools, focusing on sectors such as total cycle, healthcare consumption, technology, new energy, quantitative investment, multi-asset allocation, and absolute return strategies to meet diverse investor needs [2] Group 2: Service to the Real Economy and National Strategy - The development of the public fund industry is closely linked to the real economy, with the company committed to helping investors share in the long-term growth of the Chinese economy [3] - The company has launched various products across different risk-return profiles in areas such as active equity management, index enhancement, fixed income, and multi-asset allocation [3] - The focus is on sectors like innovative technology, new energy vehicles, artificial intelligence, and high-end manufacturing to support the growth of technology-driven enterprises [3] Group 3: Enhancing Investor Experience and Trust - The principle of "investor-centric" is fundamental to high-quality development, emphasizing the importance of improving investor experience and fostering a rational investment mindset [4] - The company is transitioning its marketing team from a product sales focus to a customer service orientation, enhancing investor education through various channels [4][5] - Collaborative efforts with banks and universities aim to promote investment knowledge and encourage long-term investment culture among younger demographics [5] Group 4: Future Outlook - The public fund industry is at a critical juncture towards high-quality development, with new opportunities and challenges arising from deepening capital market reforms and evolving investor demands [6] - The company aims to integrate the service of the real economy and national strategy into its development, focusing on enhancing internal control systems, investment research platforms, and industry culture [6] - Continuous improvement in investment capabilities and investor service is prioritized to meet the wealth management needs of diverse investors and enhance their investment experience [6]

二季度末管理规模为50亿元-100亿元的公募基金经理共有420位，今年前三季度收益均值为17.26%，中 位数为6.11%。前20强的上榜"门槛"接近62%。该规模组今年前三季度收益居前5的基金经理依次是：中 银基金的郑宁、易方达基金的刘健维、东吴基金的刘元海、易方达基金的欧阳良琦、易方达基金的郑 希。其中，易方达基金占据3席。 二季度末管理规模为20亿元-50亿元的公募基金经理共有548位，今年前三季度收益均值为22.93%，中位 数为19.35%。前20强的上榜"门槛"超67%。该规模组今年前三季度收益居前5的基金经理依次是：永赢 基金的单林、富国基金的李元博、宝盈基金的容志能、易方达基金的武阳、融通基金的李进。 二季度末管理规模为5亿元-20亿元的公募基金经理共有829位，今年前三季度收益均值为24.82%，中位 数为21.59%。前20强的上榜"门槛"约为24.56%。该规模组今年前三季度收益居前5的基金经理依次是： 永赢基金的任桀、中航基金的韩浩、安信基金的陈鹏、长城基金的梁福睿、中欧基金的杜厚良。 【深圳商报讯】(记者 陈燕青)今年前三季度行情已经落下帷幕，A股表现不俗。其中，上证指数涨幅为 15 ...

Core Insights - The public fund issuance market remains robust in October, following a record high in September, with 92 new funds planned for subscription this month [1][3] - Equity funds dominate the issuance landscape, accounting for over 70% of the new products, primarily focusing on passive index funds [1][4] - The new funds are strategically targeting sectors such as technology innovation and the Hong Kong stock market [1][4] Fund Issuance Trends - A total of 92 new funds are set to be launched in October, with 54 products opening for subscription in the week of October 13-17 [3][4] - Among the 92 new funds, 70 are equity funds, representing 76% of the total, including 35 passive index funds, 24 active equity funds, and 11 enhanced index funds [3][4] - The issuance of public funds has been accelerating since June, with significant increases in the number of new funds and total issuance volume [9][10] Market Focus - The current focus of public funds is on technology sectors such as information technology, artificial intelligence, and high-end manufacturing, alongside a growing interest in the Hong Kong market [4][5] - The trend indicates a shift towards thematic and diversified market strategies, moving beyond traditional broad-based indices [4][5] Performance Metrics - In September, the issuance volume reached a record high for the year, with 202 new funds launched and an average issuance of 8.29 billion units per fund [7][11] - Year-to-date, the total issuance volume for public funds has reached approximately 8,955.96 billion units, reflecting a 5% increase compared to the previous year [11][10] Institutional Dynamics - Nearly 80% of public fund institutions have launched new products this year, with significant disparities in the number of new funds issued among different firms [12][13] - Leading fund companies, such as FuGuo Fund and HuaXia Fund, have significantly outperformed smaller firms in terms of new fund issuance [13] Future Outlook - Industry experts predict continued optimization of product structures and a focus on diverse investment themes in the fourth quarter, with equity funds remaining a key area of interest [14] - Potential themes for upcoming fund issuances include technology growth, domestic demand, and traditional manufacturing sectors, although uncertainties in macroeconomic data and international politics may impact issuance volumes [14]

【深圳商报讯】（记者 詹钰叶）继英大基金后，方正富邦基金也宣布撤销公司监事会。业内认为这是 基金公司顺应法规变化，在治理结构方面进行的优化升级。 2024年7月修订的新《公司法》第121条规定，股份有限公司可以通过在董事会下设立审计委员会，替代 原先监事会的职能；国有独资公司也获得制度空间，在设立审计委员会的前提下，可不再保留监事会。 同年12月27日，中国证监会发布了关于新《公司法》配套制度规则实施相关过渡期安排，其中提到证券 基金期货经营机构可按公司章程规定，在董事会中设置由董事组成的审计委员会，行使监事会职权，不 设监事会或者监事；并明确要求须在2026年1月前完成内部监督机构的调整。 上海源泰律师事务所律师黄梦梦认为，本次公募基金管理公司治理结构的优化升级，是公募基金行业高 质量发展的重要举措。 有业内人士指出，撤销监事会，能更好地整合监督职能，避免职责重叠，监督职能将集中于董事会的审 计委员会，有望提高监督效率；同时也能强化董事会核心地位，加强董事会对公司整体运营的监督和把 控。此举还能适应现代金融机构治理需要，简化治理结构、提高决策效率，已成为提升金融机构竞争力 的必然要求。公司治理结构的优化是一 ...

Group 1 - The core viewpoint of the news is the promotion of high-quality development of public funds in China, focusing on enhancing the service capabilities of fund companies for various types of medium- and long-term capital, particularly in relation to personal pension investments [1] - The China Securities Regulatory Commission (CSRC) has introduced an action plan to support the entry of medium- and long-term capital into the market, which is seen as a significant milestone for capital market development [1] - According to Huaxia Fund, medium- and long-term capital serves as a stabilizing force for the capital market, and its increased market share is expected to enhance market stability and improve the investment experience for individual investors [1] Group 2 - Huaxia Fund has positioned pension business as a strategic development direction since its inception, managing over 360 billion yuan in various pension assets by the end of 2024, including 150 billion yuan in social security funds and over 210 billion yuan in enterprise annuities [2] - The company has been recognized for its management of social security funds and has achieved excellent evaluations, serving over 200 clients in enterprise annuities and covering all 33 national planning schemes for occupational annuities [2] - Huaxia Fund was the first in the industry to launch a pension target fund in 2018 and currently offers 13 such funds, covering retirement populations from 2035 to 2060 [2] Group 3 - To enhance the supply of pension finance, Huaxia Fund aims to diversify its product offerings to meet the varied needs of pension investments, focusing on risk management and the diverse retirement savings and consumption demands of the public [3] - The company is committed to improving its professional capabilities to meet the long-term investment needs of pensions, emphasizing long-term and value investment principles while establishing a rigorous investment research and decision-making process [3] - Looking ahead, Huaxia Fund plans to actively implement the action plan's requirements, enhance investor service levels, and develop more personalized pension financial services to guide investors towards long-term investments [3]

Core Insights - In the first three quarters of this year, 98% of the 976 comparable ordinary equity funds achieved positive performance, with only 23 funds experiencing declines [1] Group 1: Top Performing Funds - The top four performing ordinary equity funds, namely Huaan Pharmaceutical Biotechnology Stock A, Huaan Pharmaceutical Biotechnology Stock C, E Fund Information Industry Select Stock A, and E Fund Information Industry Select Stock C, all saw their performance double, with increases of 103.31%, 102.65%, 102.03%, and 101.26% respectively [1] - Huaan Pharmaceutical Biotechnology Stock's second-quarter report indicates heavy investments in companies such as Innovent Biologics, CSPC Pharmaceutical Group, and others, with significant stock price increases, particularly for 3SBio, which surged over four times [1] - E Fund Information Industry Select Stock's top ten holdings are primarily in the semiconductor sector, including companies like NewEase, Huitian Technology, and Tencent Holdings [1] Group 2: Fund Management and Performance - The E Fund Information Industry Select Stock is managed by Zheng Xi, who has extensive experience in equity investment management and has held various roles within E Fund [2] - Other notable funds such as E Fund Strategic Emerging Industries Stock A and C, and Jiashi Mutual Selection Stock A and C, also reported over 90% increases in the first three quarters [2] - Jiashi Mutual Selection Stock focuses on pharmaceutical stocks, with major holdings in companies like Innovent Biologics and Hengrui Medicine, managed by Hao Miao, who has a strong background in biomedical research [2] Group 3: Underperforming Funds - The fund with the largest decline, Minsheng Jianyin Preferred Stock, fell by 7.39%, primarily investing in blue-chip consumer stocks [4] - The fund's top ten holdings include companies like CATL and BYD, with the current manager, Liu Hao, having less than a year of experience [4] - Other underperforming funds include Changxin Consumer Select Quantitative Stock and Qianhai Kaiyuan Traditional Chinese Medicine Stock, both down by over 5% [4]

Core Insights - The recent surge in new fund issuances, with 51 new funds launched and 82% being equity products, signals a potential market recovery, but underlying patterns suggest caution [1][11][12] Fund Issuance Overview - A total of 51 new funds were launched in the first trading week after the National Day holiday, with 31 funds starting their fundraising on the same day [1] - Equity products accounted for 82% of the new fund offerings, indicating a strong interest in this asset class [1][11] Market Behavior and Trends - Historical parallels are drawn to the 2007 bull market, where similar patterns of fund issuance were observed, suggesting that current enthusiasm may not be sustainable [1][12] - The market has seen a strong recovery since April, with the banking sector rising over 12% and micro-cap stocks increasing by 35% [3] Investment Strategies and Risks - The current earnings season is highlighted as a critical period where stock performance becomes closely tied to earnings reports, but this can also lead to misleading market movements [5][6] - The concept of "fake drops" and "real declines" is introduced, emphasizing the need for investors to be wary of market manipulations that can mislead retail investors [5][6] Data-Driven Investment Approach - The importance of using quantitative data to analyze market trends and fund performance is stressed, as it can reveal underlying truths that are not apparent through traditional analysis [11][12] - Investors are advised to remain calm amidst market excitement and focus on data-driven decision-making rather than emotional reactions [12][13]

Core Insights - The public fund industry in China is experiencing significant growth, with the number of fund companies surpassing the trillion yuan mark reaching ten, indicating a strong market concentration and competitive landscape [1][3]. Group 1: Market Trends - The total assets managed by the top ten fund companies have reached 14.79 trillion yuan, accounting for 41.20% of the total market size of 35.90 trillion yuan, reflecting an increase in market concentration [3]. - The competition among the top fund companies is intensifying, particularly between the leading firms, with a notable proximity in asset sizes, indicating a potential shift in market leadership [4]. Group 2: Investment Strategies - The exchange-traded funds (ETFs) segment is witnessing rapid growth, especially in broad-based and popular industry ETFs, becoming a key battleground for major players [6]. - Despite the rise of passive investment strategies, long-term performance remains crucial for maintaining brand loyalty and investor trust, highlighting the importance of active management capabilities [7]. Group 3: Industry Challenges - The emergence of ten trillion-yuan fund companies marks a pivotal moment in the development of the public fund industry, suggesting increased maturity and a shift in competitive dynamics [7]. - Fund managers face challenges in balancing scale with performance, maintaining flexibility and innovation, and adapting to potential regulatory changes, which are critical for future success [7].

| HK 01810 | 04.1 JIL | 21.1416 | +7.61 Z | | --- | --- | --- | --- | | 中芯国际 | 31.68 乙 | 18.82亿 | 50.50亿 | | HK 00981 | | | +12.86亿 | | 腾讯控股 | 26.66亿 | 18.03亿 | 44.69亿 | | HK 00700 | | | +8.63 乙 | | 来可未营体 HK 01347 | 17.99亿 | 12.39 乙 | 30.38亿 | | | | | +5.60 乙 | | 盈富基金 | 21.01亿 | 2683.27万 | 21.28亿 | | HK 02800 | | | +20.75亿 | | 美团-W | 9.741Z | 4.62亿 | 14.36亿 | | HK 03690 | | | +5.12 乙 | | 中兴通讯 | 8.33亿 | 5.35亿 | 13.68 乙 | | HK 00763 | | | +2.97 乙 | | 药明生物 | 4.28亿 | 6.96亿 | 11.24亿 | | HK 02269 | | | -2.68 Z- | ...

Group 1 - The ETF market is experiencing rapid growth, attracting more fund companies to enter and expand their product lines, including the recent launch of innovative ETFs such as the first batch of Sci-Tech Bond ETFs and Sci-Tech Composite Index ETFs [1][4] - Major fund companies known for active equity investment are increasingly focusing on ETF business, with notable entries from firms like Xingzheng Global Fund and Jiao Yin Schroder Fund, which have recently submitted their first ETF applications [2][3] - The competitive landscape of ETFs shows a significant concentration of assets, with 15 fund managers having ETF management scales exceeding 100 billion yuan, collectively accounting for nearly 90% of the total market size [3] Group 2 - The introduction of new products continues, with a notable expansion in both broad-based and thematic equity ETFs, providing investors with a wider array of investment tools [4] - The bond ETF segment is also rapidly developing, with multiple batches of credit bond ETFs launched this year, indicating strong market demand and growth potential [4] - Several fund companies are preparing to report constant equity-bond ETFs, reflecting a trend towards diversified asset allocation tools for investors [5] Group 3 - The ETF ecosystem is evolving into a new stage, focusing on providing integrated solutions that combine products, strategies, and services, driven by technological advancements [7] - The essence of ETFs as tools is emphasized, with a shift from merely expanding product numbers to offering scenario-based solutions that enhance investor experience [7] - The need for product matrix upgrades is highlighted, with a call for more innovative ETF products to meet investor demands for risk management and stable returns [7][6]