Core Insights - As market indexes approach all-time highs, investors are seeking alternatives to traditional equities to mitigate volatility and uncertainty [1] Investment Strategy - The article emphasizes a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]

Core Viewpoint - The 30-year Treasury ETF is experiencing a tight balance between bullish and bearish sentiments, with significant trading activity and liquidity observed in recent days [1]. Group 1: Market Activity - As of October 30, 2025, the 30-year Treasury ETF (511090) had a turnover rate of 1.26% during the trading session, with a transaction volume of 398 million yuan [1]. - Over the past month, the average daily trading volume of the 30-year Treasury ETF reached 10.059 billion yuan [1]. - The latest scale of the 30-year Treasury ETF is reported at 31.434 billion yuan, with a total of 264 million shares outstanding [1]. - The net inflow of funds into the 30-year Treasury ETF is recorded at 418 million yuan [1]. Group 2: Monetary Policy and Economic Outlook - On October 30, the central bank conducted a reverse repurchase operation of 342.6 billion yuan with an interest rate of 1.40%, while 212.5 billion yuan of reverse repos were set to mature on the same day [1]. - According to CITIC Securities, the central bank's decision to resume government bond trading is likely aimed at supporting fiscal efforts, ensuring ample liquidity for financial institutions by year-end, and reinforcing the central bank's control over the yield curve [1]. - The short-term outlook for the bond market appears to be downward, although the long-term operational logic remains largely unchanged [1]. - The overall bond market faced pressure in the third quarter, with recent widening of the yield curve attributed to a decline in institutional trading preferences and marginal changes in growth expectations [1].

Core Viewpoint - The article highlights the strong performance of Huashang Fund, a public fund management company with nearly 20 years of experience, emphasizing its active management capabilities and consistent positive returns across various funds [1][8]. Fund Performance Summary - As of September 30, 2025, Huashang Fund's actively managed fixed income funds ranked first in absolute returns over the past 7 and 5 years [1][9]. - The actively managed equity funds ranked second in the past 7 years and third in the past 5 years [1][9]. Specific Fund Highlights - **Huashang Advantage Industry Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 102.44% in the past year, with 5-year and 7-year growth rates of 205.07% and 464.21% respectively [3][10]. - Ranked second among peers over the past 5 years [3][10]. - **Huashang New Trend Preferred Flexible Allocation Mixed Fund**: - Recorded a net value growth rate of 51.08% in the past year, with 5-year and 7-year growth rates of 159.94% and 429.65% respectively [5][12]. - Ranked fifth among peers over the past 5 years [5][12]. - **Huashang Runfeng Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 146.96% in the past year, with 5-year and 7-year growth rates of 193.05% and 332.42% respectively [6][13]. - Ranked among the top ten in its category for all time frames [6][13]. - **Huashang Yuanheng Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 132.57% in the past year, with 5-year and 7-year growth rates of 200.52% and 297.54% respectively [6][14]. - Consistently ranked among the top ten in its category [6][14]. - **Huashang Shengshi Growth Mixed Fund**: - Ranked sixth among 586 similar funds over the past 5 years [7][15]. Management Team and Strategy - Huashang Fund emphasizes a strong research and management team, with each fund manager employing distinct investment strategies [8]. - The company focuses on active management and deep research to enhance investor returns, aiming for sustainable long-term performance [8].

Core Insights - The forum focuses on key investment topics, analyzing the asset allocation logic for 2025 and the value of ETFs under the context of major power competition [1] - It emphasizes investment opportunities in Hong Kong stocks, exploring the potential of various ETFs and sharing investment strategies from overseas experts applicable to the Hong Kong market [1] Agenda Highlights - Discussion on asset allocation considerations led by Liu Xin, Assistant General Manager of Minsheng Jia Yin Fund [2] - Exploration of small-cap stocks and enhanced return strategies by Ye Letian and Liu Weilin [2] - Investment logic for innovative pharmaceuticals in Hong Kong stocks presented by Liu Weilin [3] - Opportunities in technology and strategic resources amid major power competition discussed by Lv Yuexian [3] - Outlook on investment opportunities in the Hong Kong market by Lu Yayun [3] - Initial exploration of stock selection strategies for Hong Kong Stock Connect by Luo Lei [3]

Market Performance - The Shanghai Composite Index increased by 18.4% from November 2024 to September 2025, reaching a new high of over 3900 points in October, the highest in 10 years [1] - The average daily trading volume of stocks in Shanghai and Shenzhen was approximately 2.3 trillion yuan since August, significantly higher than the average of about 700 billion yuan during the same period last year [1] - The yield on 10-year government bonds remained stable between 1.75% and 1.85%, reversing the rapid decline seen in 2024 [1] Currency and Capital Flow - The onshore and offshore RMB exchange rates against the USD have stabilized around 7.1 to 7.2 since June, indicating balanced cross-border capital flows [1] Bond Market Dynamics - Despite a general outflow from credit bond ETFs, the Ping An Company Bond ETF (511030) saw an increase in scale by 102 million yuan, attributed to its short duration (1.94 years), high static yield (1.95%), minimal discount (weekly average -0.02%), and low drawdown (-0.50% year-to-date) [1] - The Ping An Company Bond ETF (511030) ranked first in controlling drawdown since the bond market adjustment, maintaining a relatively stable net value [1] Recent Market Trends - The bond market experienced fluctuations influenced by expectations surrounding US-China negotiations, anticipated interest rate cuts, delays in new fund redemption regulations, and policy expectations from the Fourth Plenary Session [1] - The credit performance in the bond market outperformed interest rates, with short-term credit spreads compressing to historically low levels [3] Credit Yield and Spread Analysis - As of October 24, 2025, the yield on various credit bonds showed a range of values, with AAA-rated bonds yielding between 1.67% and 2.12% for different maturities [4] - The credit spreads for AAA-rated bonds were recorded at 0.11% for 0.5-year bonds, indicating a very low risk premium [4]

Core Insights - The article highlights the significant growth of gold-linked ETFs, which have surpassed traditional broad-based ETFs in scale, marking a historic record just behind the CSI 300 ETF [1][2] - The traditional ETF market is experiencing stagnation, with many broad-based ETFs seeing a decline in total scale despite the increasing number of products [1][9] ETF Market Dynamics - The ETF market is witnessing a "Matthew Effect," where leading fund companies like Huaxia and E Fund leverage their extensive product offerings and resources to dominate the ETF space [2] - Many smaller fund companies are shifting focus from broad coverage to specialized ETFs, aiming to create differentiated products that can stand out in a competitive environment [2][6] Performance of Gold ETFs - Gold ETFs have seen a surge in scale, with seven fund companies' gold ETFs exceeding 200 billion yuan, marking a historical high [2] - Notable fund companies such as Huaxia, E Fund, and Bosera have reported significant net inflows into their gold ETFs, contributing to their overall growth [2] Case Studies of Successful ETFs - Huaxia's gold ETF has reached a scale of 829.84 billion yuan, significantly contributing to the company's growth and ranking in the industry [3] - Other successful ETFs include the Fortune CSI Hong Kong Stock Connect Internet ETF and the Hai Fu Tong CSI Short Bond ETF, which have also attracted substantial net inflows [3] Strategy of Niche Focus - Fund companies are increasingly adopting a strategy of focusing on niche themes and specialized sectors to carve out competitive advantages [6][8] - This approach allows them to avoid the crowded traditional ETF space and attract investors with specific allocation needs [6] Traditional ETF Market Challenges - The growth of traditional broad-based ETFs is stalling, with many failing to reach historical peaks despite strong market performance [9][10] - The reliance on passive net value increases rather than active investor subscriptions is evident, leading to a decline in some ETF scales [9][11] Emerging Trends in ETF Issuance - There is a noticeable shift in fund companies' interest from traditional broad-based ETFs to specialized products that cater to specific market demands [11] - Smaller fund companies are focusing on unique attributes or defensive strategies to differentiate themselves in the ETF market [11]

Core Insights - As market indexes approach all-time highs, investors are seeking ways to hedge against potential equity pullbacks [1] - PIMCO Access Income Fund (NYSE: PAXS) is highlighted as a potential investment option for income generation [1] Investment Strategy - The investment strategy involves a combination of classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] - This hybrid approach aims to achieve total returns comparable to traditional index funds like the S&P [1]

Core Insights - The stock market has significantly rebounded over the past year, leading to the emergence of high-performing fund products. Huashang Fund, with nearly 20 years of experience, focuses on enhancing investor returns through active management [1][8] - As of September 30, 2025, Huashang Fund's actively managed fixed-income funds ranked first in absolute returns over the past 7 and 5 years, while its actively managed equity funds ranked second and third, respectively [1][9] Fund Performance - Huashang Fund has six equity funds that achieved positive returns for five consecutive years from 2020 to 2024. These funds include: - Huashang Advantage Industry Flexible Allocation Mixed A - Huashang New Trend Preferred Flexible Allocation Mixed - Huashang Runfeng Flexible Allocation Mixed A - Huashang Runfeng Flexible Allocation Mixed C - Huashang Yuanheng Flexible Allocation Mixed A - Huashang Shengshi Growth Mixed [1][8] Individual Fund Highlights - **Huashang Advantage Industry Flexible Allocation Mixed A**: - 1-year net value growth rate: 102.44% - 5-year net value growth rate: 464.21% - Ranked 2nd in 5-year performance among 329 similar funds [3][10] - **Huashang New Trend Preferred Flexible Allocation Mixed**: - 1-year net value growth rate: 51.08% - 5-year net value growth rate: 429.65% - Ranked 5th in 5-year performance among 356 similar funds [5][10] - **Huashang Runfeng Flexible Allocation Mixed A**: - 1-year net value growth rate: 146.96% - 5-year net value growth rate: 332.42% - Ranked 3rd in 5-year performance among 356 similar funds [6][10] - **Huashang Runfeng Flexible Allocation Mixed C**: - 5-year performance ranked 1st among 129 similar funds [6][10] - **Huashang Yuanheng Flexible Allocation Mixed A**: - 1-year net value growth rate: 132.57% - 5-year net value growth rate: 297.54% - Ranked 2nd in 5-year performance among 356 similar funds [6][10] - **Huashang Shengshi Growth Mixed**: - Ranked 6th in 5-year performance among 586 similar funds [7][10] Management Strategy - Huashang Fund emphasizes active management and deep research, with a focus on building a talent pipeline among fund managers. Each manager has a unique investment philosophy, contributing to the overall performance of the funds [8][9]

Core Insights - The domestic equity market showed strong performance in Q3, with public fund management scale surpassing 35 trillion yuan, marking a significant increase of over 2 trillion yuan in scale during the quarter [1][2] Fund Management Scale - As of the end of Q3, the total scale of public funds exceeded 35 trillion yuan, with significant contributions from stock funds (1.14 trillion yuan), mixed funds (580 billion yuan), and money market funds (460 billion yuan) [2] - The top ten public fund management institutions included E Fund, Huaxia Fund, and GF Fund, with E Fund adding over 250 billion yuan in Q3 [2] ETF Performance - Leading broad-based ETFs continued to expand, with notable increases such as Huatai-PB CSI 300 ETF growing by over 50 billion yuan and several others increasing by over 30 billion yuan [3] - Industry-themed ETFs and bond ETFs became important tools for capital participation, with the largest Hong Kong stock-themed ETF, the Fortune CSI Hong Kong Internet ETF, increasing by over 49 billion yuan [3] "Fixed Income +" Products - The "fixed income +" products experienced explosive growth, particularly in the context of ongoing adjustments in the bond market and a strong stock market, with secondary bond funds increasing by over 490 billion yuan in Q3 [4] - Notable products included the Yongying Stable Enhanced Bond Fund, which saw its scale increase to 34.859 billion yuan, with a return rate of 7.37% for the quarter [4] - Other "fixed income +" products, such as the China Universal Bond Fund and the Fortune Enhanced Bond Fund, also reported significant scale increases of over 15 billion yuan [5][6]

Core Viewpoint - Huatai-PB Fund Management Co., Ltd. has appointed Cui Chun as the new General Manager, marking a significant leadership transition within the company, which manages over 800 billion yuan in assets [4][5]. Group 1: Management Changes - Cui Chun, former Chairman of Huatai Securities Asset Management, has taken over as General Manager effective October 28, 2025, following the interim leadership of Jia Bo after the departure of former General Manager Han Yong in May 2025 [3][4]. - Cui Chun has over 20 years of experience in the financial industry, with a background in securities, funds, and banking, and has been instrumental in the growth of Huatai Securities Asset Management since its inception [5]. Group 2: Company Overview - Huatai-PB Fund was established in November 2004 with a registered capital of 200 million yuan and is a Sino-foreign joint venture headquartered in Shanghai [6]. - The company is recognized as one of the first in China to focus on ETF business, with a total management scale of 808.39 billion yuan as of September 30, 2025, including an ETF management scale of 597.8 billion yuan, which has increased by 118.6 billion yuan year-on-year [6]. Group 3: Financial Performance - In the first half of 2025, Huatai-PB Fund reported operating revenue of 952 million yuan and a net profit of 204 million yuan, reflecting a decline compared to the same period in 2024 [7]. - The company faces challenges in profitability due to industry fee reductions and intensified market competition, with passive index products accounting for over 70% of its non-monetary public fund scale [7].