来源：新浪基金∞工作室 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。 港股通创新药ETF工银（159217）业绩比较基准为经汇率调整后的国证港股通创新药指数收益率，管理 人为工银瑞信基金管理有限公司，基金经理为刘伟琳、焦文龙，成立（2025-03-26）以来回报为 48.64%，近一个月回报为4.74%。 11月14日，港股通创新药ETF工银（159217）跌1.00%，成交额11.26亿元。当日份额增加4100.00万份， 最新份额为37.64亿份，近20个交易日份额增加3.41亿份。最新资产净值计算值为55.95亿元。 ...

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。 11月14日，港股科技30ETF（513160）跌2.45%，成交额6.01亿元。当日份额增加400.00万份，最新份额 为42.02亿份，近20个交易日份额增加4.10亿份。最新资产净值计算值为53.15亿元。 来源：新浪基金∞工作室 港股科技30ETF（513160）业绩比较基准为恒生港股通中国科技指数收益率(经估值汇率调整)，管理人 为银华基金管理股份有限公司，基金经理为李宜璇，成立（2022-01-17）以来回报为26.49%，近一个月 回报为-3.41%。 ...

时隔一年半后，管理规模超百亿的主动权益基金经理（下称"百亿基金经理"）人数，重新回到100位以上。 券商中国记者近日从天相投顾基金评价中心（下称"天相投顾"）和理财魔方处获取的数据均显示，截至目前该人数已超过110 名。从阶段性分析来看，该人数历经此前持续下降后，已开始"探底回升"。 "百亿"规模新老有别。一是坚守消费、医药、新能源等赛道的基金经理逐渐淡出"百亿"舞台，新晋百亿基金经理在科技、红 利、量化等赛道崛起，契合了从"传统内需"向"科技创新+安全边际"的行情主线转变。二是新晋的百亿规模，主要是业绩与行 情共振的结果，与过往的"明星效应+大规模新发"形成鲜明对比。通过业绩做大规模固然可喜，但更重要的是避免重蹈覆辙， 通过制度和契约精神来实现规模与业绩的良性循环，并持续夯实循环根基。 "新"百亿基金经理的三大类型 天相投顾对券商中国记者提供的统计数据显示，百亿基金经理人数在2022年一季度是151位，于当年二季度升到163位高点， 平均管理规模超过200亿元。从2022年三季度开始，这一人数开始走低，到2023年末为106人。2024年一季度，百亿基金经理 人数跌破100，到2025年二季度末时只有82人 ...

Core Viewpoint - The article discusses how Huatai Fund, known for its active investment research, is leveraging its expertise to enhance index investment, positioning itself as a proactive player in a competitive market [2][3]. Group 1: Index Investment Growth - As of September, Huatai Fund's equity index fund scale exceeded 177 billion, with equity ETFs surpassing 100 billion, reaching 128.865 billion [1]. - The net inflow of Huatai's index business this year has reached 48.116 billion, indicating strong growth momentum [1]. Group 2: Active Selection Strategy - Huatai Fund emphasizes "active selection" in index investment, focusing on long-term sectors like consumption, pharmaceuticals, energy, and finance [3][4]. - The company aims to differentiate itself by not just replicating indices but by designing products that reflect deep market insights and strategic foresight [3][5]. Group 3: Product Design and Operation - The "smile curve" theory guides Huatai's focus on high-value product design and operation, ensuring each product serves a distinct purpose without overlapping risks [6][7]. - The company adopts a patient approach to nurturing products, as seen with the Consumer ETF, which grew from 7 billion to 22 billion despite market pressures [8]. Group 4: Solution-Oriented Approach - Huatai Fund aims to provide comprehensive index product solutions, driven by actual client needs rather than merely promoting its own products [11][12]. - The firm emphasizes in-house development of strategies to maintain control over its core capabilities, ensuring continuous improvement and adaptation to market conditions [12].

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 25 只，合计发行规模为 141.73 亿元，较前一周有所减 少。此外，上周有 41 只基金首次进入发行阶段，本周将有 33 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 56 只基金， 较 上上周申报数量 上升。 申报的产品包括 1 只 QDII ，天弘中证人工智能主题 ETF 、华宝中证全指电力公用事业 ETF 、鹏华中 证港股通互联网 ETF 、易方达中证全指食品 ETF 等。 上周 A 股市场主要宽基指数全线下跌，上证综指、中证 1000 、沪深 300 指数收益靠前，收益分别为 -0.18% 、 -0.52% 、 -1.08% ，科创 50 、创业板指、中小板指指数收益靠后，收益分别为 -3.85% 、 -3.01% 、 -1.71% 。 从成交额来看，除深证成指和中证 1000 外，上周主要宽基指数成交额均 有所下降。行业方面，上周消费者服务、纺织服装、医药收益靠前，收益分 别为 4.81% 、 4.43% 、 3.29% ，通信、电子、计算机收益靠后，收 ...

为落实《推动公募基金高质量发展行动方案》， 10 月底，公募基金业绩比较基准征求意见稿公布， 11 月 4 日，改革加速落地，业绩比较基准要素一类库、二类库名录已经下发。 业内期待已久的业绩"尺"与"锚"有了标准。 当产品的 " 人设 " 被基准牢牢锁定后，对于投资者而言，更关键问题或许是回答：自身投资目标应该选择怎样 的锚点？ 如果是主动权益产品的投资，一个朴素的准则，或许应该是跟上，或者跑赢平均水平。 跑赢不难，难的是持续跑赢 首先，怎么定义市场平均？ 如果自身目标只是跑赢沪深 300 或者中证 A500 之类的宽基指数，选择相应的指数增强产品，大概率可以满足 目标。但是如果投资主动权益基金，所谓"平均"水平，目前使用较多的是 Wind 偏股混合基金指数（ 885001 ），这是 Wind 根据市场上所有成立时间超过 3 个月的偏股混合型基金等权编制的，大体上反映国内偏股混合 型基金的整体表现。 从近十年的表现来看，偏股混基金指数能持续稳定跑赢市场主流宽基指数。某种程度上，这种"超额"，也是主动 权益基金这类群体的阿尔法体现。 | 年度 | 偏股混合型基 金指数 | 万得全A | 沪深300 | 中证50 ...

Core Insights - The article discusses the advancements made by Galaxy Fund's quantitative team in deep quantitative stock selection research, emphasizing the shift from traditional linear analysis to nonlinear analysis for better market insights and investment opportunities [1][2] Group 1: Quantitative Research Strategies - The quantitative research approach combines linear and nonlinear strategies, utilizing multi-factor models alongside nonlinear machine learning models to achieve stable excess returns and reduce tracking errors [1][2] - The team has developed strategies that include both linear methods, primarily multi-factor models, and nonlinear methods such as XGBoost and LightGBM, which enhance the model's adaptability to market changes [2][3] Group 2: Neural Network Development - The development of complex neural network learning is highlighted, where the approach integrates long-term rules with short-term information to improve the training of supervised learning models [3] - The focus is on extracting features from raw data while addressing the noise present in the data, which aids in the model's ability to adapt quickly to market fluctuations [3] Group 3: Satellite Strategies - To further enhance market adaptability, satellite strategies are employed, including dividend selection and large-cap growth selection, which target specific market characteristics [4] - The dividend selection strategy focuses on high dividend yield stocks, while the large-cap growth strategy emphasizes stocks with large market capitalization and high growth potential [4] Group 4: Risk Management and Product Development - A financial risk management strategy has been developed to mitigate unexpected impacts from risk events, forming a comprehensive quantitative strategy system [5] - The Galaxy Fund has launched two index enhancement products: the Galaxy CSI 300 Index Enhanced Fund and the Galaxy CSI A500 Index Enhanced Fund, with plans to issue the Galaxy CSI 800 Index Enhanced Fund, which offers a balanced representation of both large-cap and mid-cap growth styles [5]

Group 1 - The implementation of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" has led to a richer toolbox for market value management, with companies actively using methods such as dividends, buybacks, mergers, and stock incentives to enhance investment value [1] - ESG (Environmental, Social, and Governance) factors are reshaping the logic of corporate market value management, with companies preparing their ESG ratings prior to going public to attract capital and achieve long-term value growth [2] - The A-share market is experiencing significant fluctuations around the 4000-point mark, influenced by both domestic and international factors, with a potential for continued sector rotation and a focus on technology and advanced manufacturing sectors for future growth [3] Group 2 - The lithium battery industry is witnessing a trend of long-term contracts and order locking, indicating a strong demand for production capacity, particularly highlighted by a recent agreement between Rongbai Technology and CATL [4] - The domestic ETF market has seen unprecedented growth in both the number of newly established funds and the total issuance scale, marking 2025 as a record year for ETF activity [5] - The point bond market is expanding rapidly, with nearly 980 billion yuan issued this year, driven by strong demand from offshore RMB financing markets [7] - Cross-border ETF trading has increased significantly, with total cross-border ETF assets reaching 923.78 billion yuan, reflecting a growth of over 117% since the beginning of the year [8]

在破解融资瓶颈堵点方面，广西通过以机制创新打通民营企业融资堵点，持续提升财政资金引导效能， 在参与设立和投资各类基金过程中，广西政府投资基金实施"超额收益让渡"政策，对投资效益显著、产 业带动作用突出的基金，自治区本级财政超额收益让渡比例最高达100%，有效吸引社会资本深度参 与。 此外，广西坚持市场化、专业化原则，建立健全科学决策、风险防控和绩效评价机制，以独立文件形式 出台省级尽职免（减）责工作指引，对于市场因素导致的正常投资亏损等情形予以免（减）责，有效破 解"不敢投、不愿投"难题，并着力提升服务效能，简化流程，提高投资效率，主动对接民营企业需求， 积极做好"服务员"角色。通过不定期组织投融资对接会、项目路演、政策宣讲等活动，搭建起政府、基 金、民营企业之间的沟通桥梁。 新华社南宁11月16日电（记者雷嘉兴）记者从广西壮族自治区财政厅获悉，近年来广西财政部门充分发 挥政府投资基金的引导和撬动作用，通过市场化运作方式，引导社会资本投向民营经济重点领域，有效 激发民营企业发展活力。截至2025年10月底，广西政府投资基金通过参与投资各类基金89只，累计投资 区内民营企业项目77个，投资金额达98.28亿元。 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate, marking the second reduction this year and bringing the target range to 3.75% to 4.00%, the lowest level in three years [1] - This decision is interpreted as a sign of renewed global liquidity, amidst a backdrop of slowing economic growth and declining interest rates, leading to a "search for yield" dilemma among investors [1][3] - Multi-asset allocation is increasingly viewed as a key strategy to hedge against market uncertainties, with Asian assets gaining prominence in this context [1][3] Group 2 - In a low-interest and high-uncertainty market, the logic of multi-asset allocation becomes clearer, allowing investors to reduce overall portfolio volatility and optimize risk-return profiles [3] - Historical market cycles demonstrate that no single asset can consistently outperform, reinforcing the importance of diversified asset allocation over timing and stock selection [3] - Diversified portfolios tend to exhibit stronger risk resilience and more attractive risk-adjusted returns compared to single-asset strategies [3] Group 3 - The acceleration of the Fed's rate-cutting cycle is reshaping global capital flows, with a weakening dollar likely to benefit emerging markets, particularly in Asia [5] - Historically, periods of dollar weakness have led to outperformance of emerging markets compared to developed markets, as concerns over the U.S. fiscal deficit grow [5] - The dual environment of declining rates and a weaker dollar enhances the attractiveness of Asian bonds and equities, with Asian dollar-denominated investment-grade corporate bonds becoming a focal point for investors [7][10] Group 4 - The Asia-Pacific region is projected to experience a GDP growth rate of 4.5% by 2025, significantly higher than the global average of 3.0%, driven by domestic demand in countries like China, India, and Indonesia [7][10] - The resilience of Asia is attributed to diverse industries and strong regional cooperation, with key players like Japan, Taiwan, and South Korea positioned well in global supply chains [7][10] - The low correlation of assets within the Asian market provides ample diversification opportunities for investors, enhancing portfolio resilience [8] Group 5 - HSBC's Asia Multi-Asset High Income Fund focuses on a diversified asset allocation strategy, investing primarily in high-yield stocks (42.24%), high-yield bonds (21.19%), and investment-grade bonds (11.64%) [12] - The fund aims to balance dividend income and capital appreciation, leveraging the significant role of dividends in total returns in the Asian market [12] - The current macroeconomic environment presents a new asset allocation window, with the fund positioned to capture growth opportunities in Asia while managing portfolio volatility [12][10]