Fund Overview - The fund is named "浦银安盛港股通消费混合型发起式证券投资基金" and is a mixed-type open-ended fund [9] - The fund will be publicly offered from November 17, 2025, to November 21, 2025 [5][17] - The fund's initial share value is set at 1.00 RMB [9] Fund Management and Custody - The fund is managed by浦银安盛基金管理有限公司 and the custodian is 招商银行股份有限公司 [1][65] Target Investors - The fund is available to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [10][17] Subscription Details - The minimum subscription amount for the electronic direct sales channel is 0.1 RMB, while for direct sales institutions, it is 10,000 RMB [25][4] - Investors can subscribe multiple times during the fundraising period, but once accepted, subscription applications cannot be revoked [26][25] Fund Investment Strategy - The fund primarily invests in stocks eligible for the Hong Kong Stock Connect, focusing on consumer-related stocks while aiming for returns that exceed the performance benchmark [11] Sales Channels - The fund will be sold through direct sales centers, electronic direct sales, and other sales institutions [12][13] - The sales period may be adjusted based on subscription conditions, but cannot exceed the legal fundraising period [17] Fund Contract and Effectiveness - The fund contract will become effective after meeting the necessary conditions, including a minimum subscription amount of 10 million RMB from the initiators [17][60] - If the fundraising conditions are not met by the end of the period, the fund contract will not take effect, and the raised funds will be returned to investors [18][60]

Group 1 - The establishment of the Jicang Phase III Equity Investment Fund (Beijing) has been confirmed, with a total investment of 1 billion yuan, focusing on private equity and venture capital fund management [1] - The fund is co-funded by eight companies, including Cainiao Network Technology Co., Ltd., China Life Capital, Shentong Express, AIA Life Insurance, and Zhonghong Insurance [1] - Shentong Express's wholly-owned subsidiary, Shanghai Shencheng Supply Chain Management Co., Ltd., contributed 300 million yuan, making it the largest investor with a 30% stake [2] Group 2 - The fund attracted participation from several insurance companies, with China Life Infrastructure Investment Management Co., Ltd. and China Life Industrial Investment Co., Ltd. each contributing 2.5%, Zhonghong Life Insurance contributing 20%, and AIA Life Insurance contributing 26.6% [2] - This is not the first collaboration between Cainiao and insurance capital; in February 2024, they established the Jiaxing Baocang Equity Investment Partnership with a scale of 1.7 billion yuan [2] - In May 2023, Cainiao and China Life set up a logistics equity investment fund exceeding 3 billion yuan, focusing on high-standard logistics infrastructure in the Yangtze River Delta economic circle [3] Group 3 - The logistics industry in China is experiencing rapid growth, driven by increasing demand from industrial production and e-commerce consumption [3] - The collaboration between insurance capital and logistics giants is expected to enhance the development of high-standard warehousing and logistics, leveraging technologies like IoT, big data, and artificial intelligence [3] - There is significant potential for cooperation in areas such as insurance for logistics assets, data resources, and the integration of quality logistics assets [3]

| 新任高级管理人员的相关信息 | | --- | | 新任高级管理人员职务 | 董事长、法定代表人 | | --- | --- | | 新任高级管理人员姓名 | 圧回方 | | 是否经中国证监会核准取得高管任职资格 | 不适用 | | 中国证监会核准高管任职资格的日期 | 不适用 | | 任职日期 | 2025年11月7日 | | 过往从业经历 | 历任兴业证券股份有限公司副总裁,自 | | | 2016年5月加入兴证全球基金管理有限公 | | | 司,历任公司董事长及法定代表人等职务。 | | | 现任兴证全球基金管理有限公司副董事 | | | 长、总经理、财务负责人。 | | 取得的相关从业资格 | 基金从业资格 | 11月7日晚间，兴证全球基金管理有限公司（下称"兴证全球基金"）发布公告称，原总经理庄园芳升任董事长，任职日期为2025年11月7日；原副总经理陈锦 泉升任总经理、财务负责人一职，任职日期为2025年11月6日。 公开资料显示，兴证全球基金成立于2003年9月30日，前身为兴业基金管理有限公司，法定代表人为庄园芳，注册资本为1.5亿元，股东为兴业证券股份有限 公司（持股51%）与全球人寿保 ...

Core Viewpoint - The article emphasizes the importance of diversified asset allocation in investment management, highlighting the expertise of Chen Wenyang, a seasoned fund manager at Dongfanghong Asset Management, in managing multi-asset FOF (Fund of Funds) products to achieve stable returns and mitigate risks [2][4][16]. Group 1: Investment Strategy - Chen Wenyang employs a comprehensive approach to asset allocation, focusing on identifying high-odds and reasonable-win-rate investment opportunities across various asset classes, including stocks, bonds, commodities, and gold [10][14]. - The FOF management process at Dongfanghong involves a systematic strategy design, asset selection, and fund manager evaluation, leveraging team collaboration to enhance research capabilities [4][5]. - The newly launched Dongfanghong Xinheng Stable 3-Month Holding Mixed FOF aims to provide absolute return strategies through diversified asset allocation [2][16]. Group 2: Performance Metrics - The Dongfanghong Yihe Stable Pension Two-Year FOF, managed by Chen Wenyang, has demonstrated strong performance, ranking 5th out of 25 and 8th out of 61 in its category over the past five and three years, respectively [5][17]. - The fund's historical performance indicates a consistent ability to manage risks and achieve returns, with a net value growth rate of 6.57% in 2024, outperforming its benchmark [17]. Group 3: Asset Selection Criteria - Chen Wenyang emphasizes the significance of selecting assets with upward trends, noting that the choice of underlying assets is more critical than merely selecting funds [10][11]. - The FOF team utilizes both quantitative and qualitative research methods to evaluate fund managers, focusing on their investment logic and consistency in execution [15][16]. - The strategy includes a careful selection of fixed-income funds based on risk-return characteristics, prioritizing stability over high returns [15].

Core Insights - The Hong Kong Mandatory Provident Fund (MPF) market remains stable overall as of October 2025, despite initial volatility due to US-China trade tensions [1] - The AQUMON MPF "Composite Fund Index + Inflation Index" recorded a positive return of 0.61% in October [1] - Fund switching activities surged on October 13, exceeding the monthly average by more than 2.5 times, indicating a proactive approach by members in managing their investments [1] Market Reactions - Global geopolitical tensions in October led to temporary market fluctuations, prompting members to adjust their investment portfolios [1] - Members displayed a balanced approach between "risk aversion" and "market entry," reflecting an increasing rational investment awareness among MPF members [1] - The heightened sensitivity to market changes and proactive management of retirement savings are key to long-term stable growth [1]

Core Viewpoint - The management transition at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, is expected to provide a stable foundation for the company's ongoing development [1][2]. Group 1: Management Changes - Zhuang Yuanfang has been promoted to Chairman after serving as acting Chairman for nearly five months [1]. - Chen Jinqian will assume the role of General Manager and Financial Responsible Person starting November 6, 2025 [1]. - Both Zhuang and Chen have over ten years of experience at the company and a strong collaborative history [2]. Group 2: Management Background - Zhuang Yuanfang has over 33 years of experience in asset management and has held various senior positions at Xingye Securities [1]. - Chen Jinqian has a rich investment research background, having worked at Huazheng Securities and Ping An Insurance before joining Xingzheng Global Fund in 2010 [1]. Group 3: Company Financials - As of June 30, the total assets of Xingzheng Global Fund were 10.658 billion, with net assets of 7.863 billion [2]. - The company achieved operating income of 1.785 billion and net profit of 719 million in the first half of the year [2]. - As of October 31, 2025, the management scale of Xingzheng Global Fund reached 741.992 billion, managing 143 funds [2]. Group 4: Product Structure - The company has shown a trend of "heavy on fixed income, light on equity" in recent years [2]. - As of the end of Q3, the scale of equity products was 1.779 billion, mixed products at 137.638 billion, and bond and money market products at 115.436 billion and 452.601 billion respectively [2].

Core Insights - The overall market experienced fluctuations last week (November 3-7, 2025), with investor sentiment becoming cautious. Dividend-themed ETFs are gaining traction as a valuable core allocation option [1] Market Performance - The first dividend low volatility ETF (512890) saw a net inflow of 574 million yuan over four days, making it the only dividend-themed ETF to exceed 500 million yuan in net inflows during this period. Its latest fund size reached a historical high of 25.814 billion yuan [1] - The Hong Kong Stock Connect Dividend ETF (513530) also experienced increased trading activity, with a cumulative net subscription of 175 million yuan since October 30, 2025, raising its fund size to 2.388 billion yuan, the highest since August 27, 2025 [1] Interest Rate Environment - The low interest rate environment is a significant factor enhancing the long-term allocation value of dividend assets. As of November 7, 2025, the 10-year government bond yield fell to 1.81%, while the dividend yields of the dividend low volatility ETF (512890) and the Hong Kong Stock Connect Dividend ETF (513530) still show a spread of 2.28% and 3.95%, respectively, which is higher than 53.92% and 51.07% over the past decade [1] Market Outlook - Huatai Securities indicated that the market is currently in a policy and earnings vacuum, requiring more catalysts for a significant upward breakthrough. The market is expected to remain volatile, with potential allocation opportunities in banks and certain cyclical dividend sectors amid domestic and international uncertainties [1] Company Background - Huatai Baichuan Fund, one of the first ETF managers in China, has over 18 years of experience in dividend-themed index investments. The firm manages five dividend strategy ETFs, including the first dividend low volatility ETF (512890) and the first Hong Kong Stock Connect high dividend ETF (513530), with a total management scale of 46.795 billion yuan as of November 7, 2025 [1]

Group 1 - The core point of the news is that Chuangyuan Co., Ltd. experienced a stock price increase of 5.7%, reaching 28.56 CNY per share, with a total market capitalization of 5.152 billion CNY [1] - Chuangyuan Co., Ltd. is based in Ningbo, Zhejiang Province, and was established on June 14, 2001, with its listing date on September 19, 2017 [1] - The company's main business involves the design, production, and sales of paper-based leisure cultural products, with revenue composition as follows: educational and leisure products 55.38%, sports and fitness products 32.88%, home living products 7.39%, and others 3.93% [1] Group 2 - According to data from the top ten heavy stocks of funds, Huaxia Fund holds a significant position in Chuangyuan Co., Ltd. through its fund Huaxia Consumption Selection Mixed Initiation A (017719), which held 584,100 shares, accounting for 3.18% of the fund's net value [2] - The fund was established on February 21, 2023, with a current scale of 188 million CNY and has achieved a year-to-date return of 16.67% [2] - The fund managers, Liu Wencheng and Xu Man, have different tenures and performance records, with Liu having a tenure of 4 years and 324 days and Xu having 2 years and 264 days [2]

Group 1 - The core point of the news is that Jiusheng Electric experienced a decline of 5.01% in its stock price, reaching 20.28 CNY per share, with a trading volume of 263 million CNY and a turnover rate of 6.14%, resulting in a total market capitalization of 4.59 billion CNY [1] - Jiusheng Electric, established on May 19, 2004, and listed on October 27, 2021, is located in Huzhou, Zhejiang Province, and specializes in the research, production, sales, and service of fire-resistant special cables and power cables [1] - The revenue composition of Jiusheng Electric includes: plastic insulated cables (44.51%), inorganic mineral insulated metal sheath cables (19.56%), power cables (18.88%), mineral insulated cables (12.48%), and others (4.57%) [1] Group 2 - Among the top ten circulating shareholders of Jiusheng Electric, a fund under Dacheng Fund has entered the list, specifically the Dacheng CSI 360 Internet + Index A (002236), which holds 905,900 shares, accounting for 0.43% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A fund was established on February 3, 2016, with a latest scale of 788 million CNY, and has achieved a return of 39% this year, ranking 1249 out of 4216 in its category [2] - The fund has a one-year return of 40.96%, ranking 612 out of 3917, and a cumulative return since inception of 227.83% [2]

Core Insights - The QDII funds market has shown strong performance in the first ten months of the year, with 95.1% of the 650 comparable funds reporting net value increases, while only 32 funds experienced declines [1] Fund Performance - The top-performing QDII funds include Huatai-PineBridge Hong Kong Advantage Selected Mixed A and C, both achieving returns of 117.54% and 117.53% respectively [1] - A total of 10 QDII funds recorded gains exceeding 78%, with E Fund's Global Growth Selected Mixed A and C (USD and RMB) each surpassing 83% [2][3] - The leading funds in the innovation drug sector have significantly contributed to the overall performance, with notable funds like the GF CSI Hong Kong Innovation Drug ETF and others achieving returns between 78.11% and 88.09% [3] Investment Focus - The investment strategy of the top-performing funds emphasizes sectors such as innovative pharmaceuticals and high-barrier medical equipment, targeting companies with global competitiveness and growth potential [1][3] - The top holdings of the leading funds include major players in the biotech and pharmaceutical industries, such as TSMC, NVIDIA, and Alibaba [2][3] Market Trends - The innovation drug sector has rebounded, leading to a broad increase in related stocks, which has positively impacted the performance of funds heavily invested in this area [1][3] - Conversely, funds focused on oil and gas, as well as real estate, have underperformed, indicating a sector rotation within the QDII market [4]