从 2016 年成立的第一只 " 瑞系列 "—— 招商瑞庆混合，发展成为数十只 " 瑞系列 " 的含权产品 矩阵；从 "+" 的多元化开始探索，到招商安和、招商安康、招商安宁等数只量化红利低波策略的 " 安系列 " 初具规模；从朴素笼统的居民理财升级理念，到今天涵盖零售、互联网、机构等多类客 群，对每只产品风险收益比精益求精刻画的背后，招商基金如何打造 " 固收 +" 进化样本？ 更早的 " 固收 +" ：从 " 瑞系列 " 到全面的风险谱系产品线 早期的 " 固收 +" 约等于 " 债券 + 股票 " 模式，固收打底、股票增强策略，以少量的权益仓位争取 收益的弹性，这大概是市场对于 " 固收 +" 概念的初印象。 2025 年是 " 固收 +" 迎来长足发展的一年，业绩迭创新高，规模持续攀升，更重要的是持有人实实 在在地拥有了获得感：在产品回撤有限的前提下，获得了一定的绝对收益，产品净值多次创下新高， 股债市场波动间依然有不错的持有体验。 其中，招商基金作为业内领先的 " 固收 +" 管理人，旗下多只 " 固收 +" 产品在近一年持续突破新 高：截至 9 月 30 日，高波产品（权益仓位约 20-30% ） ...

Group 1 - The core point of the news is that E Fund Management Co., Ltd. has increased its stake in Cathay Securities (02611.HK) by purchasing 6.8064 million shares at an average price of HKD 15.1381 per share, totaling approximately HKD 103 million [1] - Following this transaction, E Fund's total shareholding in Cathay Securities has risen to 251,501,749 shares, increasing its ownership percentage from 6.98% to 7.17% [1][2]

Group 1 - The core point of the news is that E Fund Management Co., Ltd. has increased its stake in CITIC Securities (06030.HK) by purchasing 4.231 million shares at an average price of HKD 30.791 per share, totaling approximately HKD 130 million [1][2] - Following this transaction, E Fund's total shareholding in CITIC Securities has risen to 186,648,050 shares, increasing its ownership percentage from 6.96% to 7.12% [1][2]

Core Insights - E Fund Management Co., Ltd. increased its stake in China International Capital Corporation (CICC) by purchasing 4.6892 million shares at an average price of HKD 22.5864 per share, totaling approximately HKD 106 million [1][2] - Following this transaction, E Fund's total shareholding in CICC rose to 172,428,000 shares, increasing its ownership percentage from 8.81% to 9.06% [1][2] Summary by Category - **Transaction Details** - E Fund Management acquired 4.6892 million shares of CICC at an average price of HKD 22.5864 per share [1][2] - The total investment amounted to about HKD 106 million [1] - **Shareholding Changes** - E Fund's total shares held in CICC increased to 172,428,000 [1] - The ownership percentage increased from 8.81% to 9.06% [1]

Group 1 - The core viewpoint of the articles highlights a significant decline in the scale of Guoshou Anbao Fund in Q3 2023, primarily due to substantial redemptions in its fixed-income products [1][2] - As of the end of Q3 2023, Guoshou Anbao Fund managed a total of 320.85 billion yuan, down 8% from nearly 350 billion yuan at the end of the previous year, ranking 31st among similar funds [1] - The fund's equity business has struggled to expand, with several equity fund managers resigning this year, indicating potential instability within the management team [1][3] Group 2 - The fund's product structure shows a dominance of fixed-income products, with equity and mixed funds accounting for less than 10% of the total scale [2] - The performance of equity funds has been poor, with several funds experiencing negative returns this year and significant declines over the past three years [2] - The company has faced challenges with "mini" funds, leading to discussions about potential liquidation due to low asset values [2] Group 3 - Four fund managers have left Guoshou Anbao Fund this year, including a notable manager who recently announced his departure, leaving no managed public products [3] - The departures of key fund managers may impact the fund's performance and investor confidence, as evidenced by the negative returns of some funds they managed [3]

Core Viewpoint - The sudden passing of Wang Guobin, founder and general manager of Quanguo Fund, at the age of 57, is a significant loss for the Chinese asset management industry, as he was a prominent figure dedicated to the development of China's capital market and asset management sector [1][5]. Group 1: Company Development - Under Wang Guobin's leadership, Quanguo Fund rapidly grew within three years, promoting the investment philosophy of "seeking clear springs and planting good trees," which resonated well with investors [4]. - Wang's long-term value investment approach not only earned the company a good reputation but also provided substantial returns for investors, emphasizing the importance of patience in the investment process [4][5]. - Quanguo Fund expressed its commitment to continue Wang's legacy by maximizing long-term value for investors and maintaining the company's core values [4][5]. Group 2: Industry Impact - Wang Guobin's contributions to the Chinese securities market spanned 27 years, during which he witnessed and participated in significant reforms in the capital market post-reform and opening-up [5]. - His investment philosophy of "value-based and trend-following" has influenced many young investors, showcasing his impact on the next generation of financial professionals [5]. - The asset management industry will continue to benefit from Wang's investment principles, management wisdom, and professional ethics, which are expected to thrive in the sector [5][6].

公告称，申万菱信宁通六个月持有期混合型证券投资基金（基金代码：025668）经中国证券监督管 理委员会证监许可【2025】2075号文准予注册，该基金募集期自2025年10月20日至2025年11月7日。现 决定将该基金募集时间延长至2025年11月21日，即该基金的认购截止日由2025年11月7日变更为2025年 11月21日。 中国经济网北京11月4日讯 今日，申万菱信基金管理有限公司发布关于申万菱信宁通六个月持有期 混合型证券投资基金延长募集时间的公告。 （责任编辑：康博） 该基金拟任基金经理为刘敦。其2008年起从事金融相关工作，曾任职于艾利士通资产管理有限公 司、平安资产管理有限公司、申银万国证券研究所等。2015年03月加入申万菱信基金管理有限公司，曾 任专户投资经理，后任基金经理。 ...

Group 1 - The core viewpoint of the reports indicates a significant market rebound in Q3, driven by delays in US-China trade negotiations, with the Shanghai Composite Index nearing 3900 points by the end of the quarter [1] - Key sectors such as technology, electronics, non-ferrous metals, new energy, communications, chemicals, and machinery saw index increases of over 30%, highlighting the dominance of AI-related, non-ferrous, electric new energy, and robotics sectors [1] - Conversely, sectors like banking, petrochemicals, transportation, food and beverage, and electricity lagged behind, reflecting a weaker performance in consumer-related stocks tied to macroeconomic conditions [1] Group 2 - In the healthcare sector, the A/H market experienced a broad-based rally, primarily led by technology and precious metals, with A-share trading volumes exceeding 2 trillion yuan daily towards the end of the quarter, indicating active market sentiment [2] - Despite the strong performance of technology sectors, innovative pharmaceuticals entered a correction phase due to rapid gains in the first half of the year and negative impacts from TMT sector funding, leading to a more significant pullback in A-share innovative pharmaceuticals compared to H-shares [2] - Many innovative pharmaceutical stocks are now considered highly cost-effective, presenting potential investment opportunities [2] Group 3 - The investment outlook remains positive for the integration of technology innovation and the pharmaceutical industry, supported by favorable global conditions and domestic policies [3] - The pharmaceutical sector is expected to benefit from long-term demographic changes, enhancing its attractiveness after significant price adjustments [3] - Although AI healthcare applications underperformed compared to AI hardware, the acceleration of AI infrastructure development is expected to drive advancements in medical applications, including diagnostics and innovative drug development [3]

Group 1 - Jepter's stock price has declined by 1.32% to 146.96 CNY per share, with a trading volume of 208 million CNY and a turnover rate of 1.48%, resulting in a total market capitalization of 13.968 billion CNY. The stock has experienced a cumulative decline of 12.94% over the past three days [1] - The main business of Shenzhen Jepter Optoelectronics Co., Ltd. includes the research, development, production, and sales of lasers and intelligent equipment for precision testing and micro-processing related to integrated circuits and semiconductor optoelectronic devices. The revenue composition is as follows: lasers 53.32%, laser/optical intelligent equipment 38.19%, other main businesses 6.61%, fiber optic devices 1.81%, and others 0.07% [1] Group 2 - Southern Fund's Southern Strategy Optimization Mixed Fund (202019) holds 58,200 shares of Jepter, accounting for 2.43% of the fund's net value, ranking as the fifth-largest holding. The estimated floating loss today is approximately 114,000 CNY, with a total floating loss of 1.2706 million CNY during the three-day decline [2] - The Southern Strategy Optimization Mixed Fund (202019) was established on March 30, 2010, with a current scale of 338 million CNY. Year-to-date returns are 42.98%, ranking 1576 out of 8150 in its category, while the one-year return is 44.13%, ranking 1461 out of 8043. Since inception, the fund has achieved a return of 121.56% [2]

11月4日，亨通光电跌5.04%，截至发稿，报20.90元/股，成交15.44亿元，换手率2.96%，总市值515.55 亿元。 天弘中证全指通信设备指数发起A（020899）成立日期2024年4月15日，最新规模1.65亿。今年以来收益 93.55%，同类排名8/4216；近一年收益93.87%，同类排名10/3896；成立以来收益131.85%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，天弘基金旗下1只基金重仓亨通光电。天弘中证全指通信设备指数发起A（020899）三季度 增持70.83万股，持有股数80.75万股，占基金净值比例为2.28%，位居第七大重仓股。根据测算，今日 浮亏损失约89.63万元。 责任编辑：小浪快报 天弘中证全指通信设备指数发起A（020899）基金经理为张戈。 截至发稿，张戈累计任职时间2年334天，现任基金资产总规模82.23亿元，任职期间最佳基金回报 129.5%， 任职期间最差基金回报-18.12 ...