0 17 mm 485 国际 A No. of Deliver a 6-1 0 TESTITUTI STATUS IN CONSULERS 资料图。本文来源：新浪基金 公告送出日期: 2025年 11月 4日 1 公告基本信息 | 基金管理人名称 | 泉果基金管理有限公司 | | --- | --- | | 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》 | | | 等相关法律法规 | | 高管变更类型 | 代任基金管理公司总经理 | | | 离任基金管理公司总经理 | 2 代任高级管理人员的相关信息 | 代任高级管理人员职务 | 总经理 | | --- | --- | | 代任高级管理人员姓名 | 任莉 | | 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 | | | 的目期 | | | 任职日期 | 2025-11-03 | | 过往从业经历 | 现任泉果基金管理有限公司董事长。曾任东方证券 | | | 股份有限公司资产管理业务总部副总经理,上海东 | | | ...

Group 1 - The Fund Social Media Index for September 2025 shows stability among top institutions, with Huaxia Fund, China Europe Fund, and Fuguo Fund maintaining their positions in the top three [1] - New entrants to the ranking are mainly at the bottom, with Invesco Great Wall Fund and HSBC Jintrust Fund replacing Huafu Fund and Yongying Fund from the previous month [1] Group 2 - The top content on Douyin focuses on investor education, with the leading piece from Huaxia Fund combining emotional appeal with anti-fraud themes [2] - E Fund's entry uses a martial arts theme to explain index investments, showcasing innovative use of AIGC technology [2] - Wanji Fund's content emphasizes the long-term nature of investing through a simulated exam scenario, reinforcing the importance of scientific asset allocation [2] Group 3 - The trend of IP-based operation for fund video accounts is evident, with many entries being structured series that help establish content recognition and user habits [3] - High-traffic content on the Zhaocai account is primarily lightweight, focusing on benefits and hot topic analysis, with E Fund's analysis of the Vietnamese market gaining significant attention [3] - The WeChat public account entries mainly combine red envelope giveaways with investor education [3]

Group 1 - The macroeconomic expectations are gradually entering a "calm period" after being realized, with a focus on the effectiveness of domestic policy financial tools and export performance during the off-season [1] - The resumption of government bond trading and the replacement of some MLF with outright funds are expected to stabilize bank liability expectations, with the central bank likely to maintain a stable funding environment [1][2] - The bond market's winning rate in November has significantly improved compared to October, necessitating attention to the expectations of loose monetary policy and institutional year-end rush [2] Group 2 - There is a potential year-end rush in the bond market for 2023-2024, with various institutions such as rural commercial banks, funds, and insurance companies expected to enter the market sequentially [3] - The expectation for a decline in yields next year is not high, and the extent of yield decline from the rush may be limited [3] - Recommended strategies include: short-end bonds at a reasonable position around 1.3% for 1-year government bonds, long-end bonds fluctuating between 1.75%-1.83% before new fund rate regulations, and potential yield decline towards 1.7% post-regulation [3] Group 3 - The Ping An Company Bond ETF (511030) has seen a counter-trend growth of 102 million, attributed to its short duration (1.95 years), static high yield (currently 1.92%), and low drawdown (-0.50% year-to-date) [4] - The ETF's performance in controlling drawdown ranks first, with a relatively stable net value and a recent average discount of only 2 basis points [4]

Core Viewpoint - The A-share market continues to adjust, with the A500 ETF (512050) experiencing a 1.1% decline on October 31, but still attracting significant capital inflow, indicating ongoing investor interest despite market fluctuations [1][2]. Group 1: Market Performance - The A500 ETF (512050) recorded a daily trading volume of 5.71 billion yuan and a net capital inflow of nearly 600 million yuan on the same day [1]. - From January to October, the A500 ETF (512050) has increased by 23.58%, outperforming the CSI 300 index, which rose by 17.94% during the same period [1]. Group 2: Economic Outlook - A consensus on U.S.-China trade has been reached, and the dual expansionary fiscal and monetary policies in the U.S. for 2026 are expected to support external demand and domestic economic stability [1]. - The anticipated slowdown in the Federal Reserve's interest rate cuts may create short-term volatility in market liquidity and risk appetite, necessitating close monitoring of U.S. inflation and economic recovery [1]. Group 3: Investment Strategy - The A-share market is expected to see active thematic investments in November, with a potential shift in focus towards sectors with anticipated growth in the coming year [2]. - The A500 ETF (512050) employs a dual strategy of industry-balanced allocation and leading company selection, covering all 35 sub-industries, and is particularly overweight in AI, pharmaceuticals, and renewable energy sectors compared to the CSI 300 [2].

Group 1 - The core point of the announcement is to inform investors about the premium risk associated with the E Fund MSCI US 50 ETF, which had a closing price of 1.719 yuan on October 31, 2025, reflecting a premium of 5.31% over its reference net asset value (IOPV) [1] - The fund management company emphasizes that if the premium does not decrease effectively, they may apply for temporary trading suspension to warn the market about the risks [1] - The announcement also states that the fund is currently operating normally and that the management will adhere to legal regulations and fund contracts [2][17] Group 2 - E Fund has appointed Guosen Securities as a liquidity service provider for several ETFs to enhance market liquidity and stability, effective November 3, 2025 [4] - Additionally, E Fund has also appointed Zheshang Securities and CITIC Securities as liquidity service providers for other ETFs, effective the same date [7][8] - The company has also added Changjiang Securities and AVIC Securities as primary dealers for certain ETFs, which will facilitate the subscription and redemption processes [12][16]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational rules for the performance comparison benchmarks of publicly raised securities investment funds, aiming to address existing issues in the fund industry and enhance investor trust [1][2]. Group 1: Issues in the Fund Industry - The previous performance comparison benchmarks were ineffective, leading to phenomena such as style drift, excessive focus on specific sectors, and poor investment experiences for investors [1]. - These issues have resulted in significant fluctuations in fund performance and a lack of transparency in fund managers' holdings, negatively impacting investor confidence and the industry's reputation [1]. Group 2: New Guidelines and Operational Rules - The new guidelines require that benchmarks reflect the product's positioning and investment style, aligning with the fund's contract regarding investment goals, scope, strategies, and restrictions [2]. - The guidelines aim to reduce the discretionary power of fund managers in portfolio construction, addressing issues like style drift and inconsistent investment strategies [2]. - Performance evaluations of actively managed equity funds will now be directly linked to the performance comparison benchmarks, with a clear impact on fund managers' compensation based on their performance relative to these benchmarks [2].

Core Viewpoint - The China Securities Regulatory Commission and the Asset Management Association of China have released draft guidelines to address issues of style drift and misleading practices in public offering securities investment funds [1][5]. Group 1: Regulatory Changes - The new guidelines aim to ensure that performance benchmarks accurately reflect the product's positioning and cannot be changed arbitrarily once established [5]. - Fund managers are required to create a performance evaluation system centered on fund investment returns, linking compensation management to investment performance [5][9]. Group 2: Impact on the Industry - The draft guidelines transform performance benchmarks from loose references to rigid constraints, promoting a closed-loop system of "performance, compensation, and reputation" [7]. - The new regulations provide investors with a clear standard for evaluating funds and impose strict oversight on fund companies' selection of performance benchmarks [9]. - Regulatory authorities will guide industry institutions to gradually optimize and change existing product benchmarks over a one-year transition period [9].

Core Viewpoint - The Vanguard Long-Term Corporate Bond Index Fund ETF (VCLT) is highlighted as a suitable option for investors seeking exposure to long-term US corporate credit [1] Group 1 - VCLT is designed to invest in very long-term US corporate credit [1]

《基金"盲盒"时代要结束了》 ——从"模糊对标"到"精准锚定"，新规让公募基金更透明、更靠谱 你有没有买过这样的基金：宣传稳健如"养老型"，结果净值像"过山车"？ 别慌，这种"风格漂移"的乱象，终于要被按下暂停键了。 10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，配套操作细则同步亮相。这一次，监管层是要动真格 的——给公募基金的"导航仪"换代升级。 过去，不少基金喜欢"自定参照系"，对标宽松指数、展示虚高业绩。新规要求：业绩基准必须与投资策略匹配，一旦设定，不得随意修改；同时 引入内控与托管双重监管机制，基金经理再也不能随意"漂移"。更关键的是，绩效薪酬也要和基准挂钩，*跑赢才是真赢*。 对投资者而言，这意味着：你终于能看清一只基金的"真功夫"——不再被"包装业绩"迷惑，而是看到它到底值不值得托付。更透明、更稳定、更 专业，这才是中国基金行业高质量发展的应有模样。 基准升级，不只是换算法，而是重塑信任。 （唐加文，笔名金观平；本文成稿后，经AI审阅校对） ...

Core Insights - The article emphasizes the potential of closed-end funds (CEFs) and exchange-traded funds (ETFs) for income investing, particularly highlighting the opportunity to purchase CEFs at a discount [2]. Group 1: Investment Strategy - The CEF/ETF Income Laboratory manages portfolios targeting safe and reliable yields of approximately 8% [2]. - The service offers managed portfolios, actionable income and arbitrage recommendations, and in-depth analysis of CEFs and ETFs [2]. - The community consists of over a thousand members focused on finding the best income ideas, catering to both active and passive investors [2]. Group 2: Expertise and Background - Nick Ackerman, a former financial advisor with over 14 years of personal investing experience, contributes to the CEF/ETF Income Laboratory [2]. - The team includes other experts like Stanford Chemist and Juan de la Hoz, who provide research and insights into income and arbitrage strategies [2].