Core Insights - The domestic ETF market in China has experienced significant growth in 2025, with the number of newly established ETFs and their issuance scale reaching historical records, marking the most active year since 2004 [1] - A total of 320 new ETFs were established in 2025, with an issuance scale of 249.68 billion yuan, surpassing previous years in both quantity and scale [1] - The stock-type ETFs dominated the market with 282 new funds and an issuance scale of 154.68 billion yuan, while bond-type ETFs also saw substantial growth with 32 new funds and an issuance scale of 91.48 billion yuan, accounting for 36.75% of the total [1][2] ETF Product Types - The stock-type ETFs included various themes such as the Sci-Tech Innovation Board, artificial intelligence, robotics, and new energy, indicating a strong market interest in growth sectors [2] - Notable bond ETFs, such as Tianhong's and Bosera's credit bond ETFs, achieved issuance scales of 3 billion yuan, reflecting a robust demand for stable income products [2] - The historical development of the ETF market shows a significant increase in new fund establishments since 2019, maintaining over 90 new funds annually and consistently exceeding 100 billion yuan in issuance scale [2] Market Competition - Major fund management companies, including E Fund, Huaxia Fund, and Southern Fund, continue to dominate the ETF market, launching multiple products and intensifying market competition [3] - Smaller fund companies are also actively participating in the ETF issuance wave, focusing on niche markets and innovative product designs to differentiate themselves [3][4] - Examples of new ETFs from smaller firms include various thematic and sector-focused funds, showcasing their strategic agility and market insight [3][4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 摩根基金管理（中国）有限公司已与国泰海通证券股份有限公司（以下简称"国泰海通"）签订了基金销 售代理协议，现决定自本公告之日起，新增国泰海通为摩根慧启成长混合型证券投资基金（A类份额代 码：025082；C类份额代码：025083）的代销机构。 有关摩根慧启成长混合型证券投资基金（A类份额代码：025082；C类份额代码：025083）销售的具体 事宜请仔细阅读本基金的招募说明书、基金产品资料概要及基金合同等相关法律文件。 投资者可通过以下途径咨询有关详情： 1、国泰海通证券股份有限公司 客服电话：95521或400-8888-666 公司网址：www.gtht.com 2、摩根基金管理（中国）有限公司 摩根基金管理（中国）有限公司（以下简称"本公司"）已与浙商期货有限公司（以下简称"浙商期货"） 签订了基金销售代理协议，现决定自本公告之日起，新增浙商期货为本公司以下基金的代销机构。投资 人可通过浙商期货开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理时间和办 理方式以浙商期货的规定为准。 ■ 有关上述基金销售的具体事 ...

上海證券家 19中国证券网 O get t a status 84 of Do I gh 19 李辉 向高质量进阶 探索银行系公募差异化突围 ——专访兴业基金总经理李辉 ◎记者 朱妍 "过去几年行业发展像在不停换挡，从固收稳到权益热，从主动强到被动兴，慢一步就会跟不上。"兴业 基金总经理李辉用一句话道出身处变局的迫切感受。这两年，兴业基金推进了战略调整——补强补全权 益战线，升级转型营销模式，打造"以客户为中心"的产品货架……每一步动作的核心，都紧扣"跟着行 业动，贴着需求走"的节奏。 作为银行系基金公司，"稳健"刻在了基因里，但李辉不想只守着固收的"舒适区"。目前，公司战略调整 的成效正在慢慢显现。据国泰海通证券的数据统计，截至三季度末，兴业基金近三年权益超额收益跻身 市场前30%。同时，被动指数战线快速落子，借助母行赋能融入"兴业ETF生态圈"。 在他看来，行业正在推进高质量发展，银行系基金既要保得住优势，又得补得上短板。而最终目标是让 投资者的获得感提升，同时公司的发展之路既要走得快也要走得稳。 "兴业基金所带的银行系公募基因'可遇难求'，是契合当下财富管理行业发展趋势的宝贵财富。"李辉说 道。在他看来 ...

Group 1 - The core viewpoint of the article highlights a significant recovery in the issuance of active equity funds, with a total of 276 new funds established this year, raising a total of 1410.68 billion yuan, representing a year-on-year increase of 132.25% [1][2][3] Group 2 - A notable indicator of the recovery in active equity fund issuance is the early closure of fundraising for many funds, with 73 funds closing early this year, including several "daylight funds" [3] - The reasons for the recovery in active equity fund issuance include a rebound in the A-share market since last year's fourth quarter, improvements in corporate earnings, and the introduction of policies encouraging long-term investment in equity markets [3][4] - The issuance of passive index products has also surged, with over 760 new index funds established this year, raising more than 5500 billion yuan, marking a year-on-year growth of 89.36% in number and 24% in scale [4] - The market is currently experiencing a phase where both active equity and passive index products are growing, with a shift towards more diverse investment tools [4]

11月14日，深圳市华融泰资产管理有限公司（以下简称"华融泰"）董事长王利民在接受《证券日报》记 者采访时表示，面对当前经济发展新形势，上市公司应当坚持科技赋能，聚焦主业发展，通过创新驱动 和金融赋能，为耐心资本创造持续价值回报。 据悉，华融泰旗下拥有华控赛格和华控康泰两家上市公司，业务涵盖节能环保、医药健康、新能源以及 类金融四大板块，以及生物研发、基金、物业租赁等多个行业。 在王利民看来，过去企业往往追求多元化发展，从而增强抗风险能力，但从实际发展来看，现在更需要 围绕主责主业聚焦产业链，在专业化基础上实现高质量发展。 王利民认为，许多传统企业特别是老企业，在发展过程中过度依赖银行贷款等传统融资方式，缺乏对资 本市场多维度融资渠道的运用。实际上，通过小规模发展、研发投入、产业培育、并购重组以及股权合 作投资等多种方式，可以有效整合行业资源，推动企业快速发展。 基于这些感悟，王利民表示，华融泰未来将重点围绕新质生产力发展要求，聚焦三大主赛道。在新能源 领域，公司将告别过去的野蛮生长模式，转向理性发展和技术赋能，积极推动绿电园区、零碳园区建 设。针对旗下4个生物电厂面临的发展困境，公司将通过拉长产业链、发展供 ...

从行业趋势看，门槛下探并非个例。今年以来，德邦基金将部分货币市场型、短债基金申购最低申购门 槛设为0.01元，大成基金、国投瑞银基金也对旗下产品实施类似调整，低门槛产品覆盖范围持续扩大。 吸引更多投资者 门槛下调的背后，是公募基金行业适配渠道变革与业务创新的必然选择，其中互联网代销渠道的营销特 性成为重要推手。《证券日报》记者通过查询部分互联网理财软件发现，部分线上平台设置了"积分兑 换体验金""0.1元理财体验"等活动页面，参与门槛较低。 11月份以来，天弘基金、先锋基金等公募机构相继下调旗下产品申购门槛，其中先锋日添利B的起投门 槛由500万元降至0.01元，天弘基金将旗下56只产品申购门槛统一降至0.1元，覆盖主动权益类基金、债 券基金等品种。据记者梳理，今年以来已有易方达基金、德邦基金、大成基金跟进调整，基金投资门槛 逐步演化到"分角级"。多位业内人士认为，这既基于普惠金融的实践经验，也蕴含着渠道适配、投顾需 求与存续管理的多重考量。 代销与直销同步发力 近期基金申购门槛调整呈现出"全渠道、多品类"特征。代销方面，11月14日，银河基金公告称，即日 起，该公司旗下部分基金在民生证券开通定投、转换业务及 ...

基金领域也有"套娃"现象。常见的"基金套娃"有FOF和基金投顾组合，二者均投资一篮子基金，不少由 同一部门或同一班人马运作。柠檬君更看好投顾组合，但二者现阶段发展形态奇怪，FOF依赖单一渠 道，投顾组合依赖流量，业绩表现均不佳，不过"笨拙而有效"是其奥义。ETF联接基金是特殊的FOF， 主要投资目标ETF。柠檬君认为场内交易的ETF更有优势，其仓位高、交易效率高、费用低。此外，还 有一种"拼好基"产品，让权益和固收基金经理联手做"固收 +"基金，但实践证明，简单拼接优秀经理持 仓难以做好该类基金，还需考虑波动和回撤控制。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 股票名称[] 板块名称[] 基金套娃、FOF、投顾组合 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素 ...

核心观点 金融工程周报 ETF 业绩表现 证券研究报告 | 2025年11月16日 ETF 周报 上周科技 ETF 跌幅中位数超 4%，酒 ETF 逆势上涨 上周（2025 年 11 月 10 日至 2025 年 11 月 14 日，下同）股票型 ETF 周度 收益率中位数为-1.09%。宽基 ETF 中，上证 50ETF 涨跌幅中位数为 0.02%， 收益最高。按板块划分，消费 ETF 涨跌幅中位数为 2.10%，收益最高。按 主题进行分类，酒 ETF 涨跌幅中位数为 3.67%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净申购 114.02 亿元，总体规模减少 378.87 亿元。在宽基 ETF 中，上周科创板 ETF 净申购最多，为 29.79 亿元；按板块来看，科技 ETF 净申购最多，为 97.70 亿元；按热点主题来看，AIETF 净申购最多，为 49.38 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费、 大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒、光伏 ETF 的 估值分位数相对较低。 ETF 融资 ...

Group 1 - The report highlights the performance of the "Xinxuan ETF Absolute Return Strategy," which achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of only 8.6% and a Sharpe ratio of 1.44 [10] - As of 2024, the total return of the Xinxuan ETF portfolio is 54.04%, outperforming the equal-weighted ETF by 11.1%, with a Sharpe ratio of 1.55 and a maximum drawdown of 6.3% [10] - The latest holdings of the Xinxuan ETF strategy include various ETFs such as the Innovation Drug ETF (15%) and the Bank ETF (10%) [11] Group 2 - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 27.75% since the beginning of 2024, with a maximum drawdown of 3.62% and a Sharpe ratio of 2.56 [13] - This strategy diversifies across different assets and strategies, including gold ETFs and U.S. equity ETFs, to enhance returns while reducing overall portfolio volatility [15] Group 3 - The "Recovery Fixed Income+" strategy aims to balance inflation and credit factors while maintaining liquidity, utilizing a monthly rotation among 15 high-liquidity ETFs in the Hong Kong market [19] - Since 2021, this strategy has achieved an annualized return of 7.63% with a volatility of 7.06% and a Sharpe ratio of 1.07 [19] Group 4 - The "China-U.S. Core Asset Portfolio" includes strong trend assets such as liquor, dividends, gold, and the Nasdaq, achieving an annualized return of 33.66% since early 2015, outperforming equal-weighted indices by 12.11% [21] - The latest holdings in this portfolio include the Dividend ETF [23] Group 5 - The "High Prosperity/Dividend Rotation Strategy" has generated an annualized return of 25.49% since early 2021, significantly outperforming equal-weighted indices by 22.91% [26] - The strategy adjusts holdings based on economic signals, switching between high-growth ETFs and dividend ETFs [26] Group 6 - The "Double Bond LOF Enhancement Strategy" has achieved an annualized return of 6.43% since early 2019, with a Sharpe ratio of 2.48 and a maximum drawdown of 2.42% [29] - This strategy focuses on increasing the weight of bonds in the portfolio while maintaining exposure to other assets [29] Group 7 - The "Structured Risk Parity Strategy (QDII)" has yielded a return of 28.53% since the beginning of 2024, with a maximum drawdown of 2.38% and a Sharpe ratio of 2.57 [32] - This strategy combines domestic long-term bond ETFs with QDII equity products and gold to enhance returns [32] Group 8 - The report indicates that 24 new public funds were established this week, raising a total of 141.73 billion yuan, with 14 new index funds accounting for 65.90 billion yuan of this total [39] - The new index funds include various themes such as technology, agriculture, and energy [39] Group 9 - As of November 14, 2025, A-share, bond, commodity, and cross-border ETFs saw net subscription amounts of 122.0 billion yuan, -2.7 billion yuan, 59.4 billion yuan, and 102.4 billion yuan, respectively [49] - In the A-share ETF segment, the net inflow was led by sectors such as electric power equipment and new energy [50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The performance of the first batch of Sci - tech Bond ETFs has been on the market for nearly 4 months, and the second batch for nearly 2 months. There is a differentiation in the yields of different products within the same batch, with some Sci - tech Bond ETFs leading in performance [1]. - Products tracking the "Shenzhen AAA Sci - tech Bonds" have outperformed. The best - performing Sci - tech Bond ETFs in both batches are the only ones tracking the "Shenzhen AAA Sci - tech Bonds" in their respective batches [2]. - Most Sci - tech Bond ETFs continue to increase their duration, while the duration of benchmark - making credit bond ETFs is relatively stable [3]. - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs, especially when the spread between "non - constituent bonds - constituent bonds" is high [3]. 3. Summary by Related Catalogs 3.1 Performance Differentiation of Sci - tech Bond ETFs - In the first batch, the best - performing is Invesco Great Wall Sci - tech Bond ETF with a since - listing yield of 0.35%, followed by E Fund Sci - tech Bond ETF with a yield of 0.29%, and the yields of other ETFs are below 0.2% [1]. - In the second batch, the best - performing is Wanjia Sci - tech Bond ETF with a since - listing yield of 0.48%, and the yields of Huatai - Peregrine, Dacheng, and Tianhong Sci - tech Bond ETFs are between 0.41% - 0.46% [1]. 3.2 Reasons for Performance Differentiation - The "Shenzhen AAA Sci - tech Bonds" have performed relatively well. The index yield of the "Shenzhen AAA Sci - tech Bonds" in the past 3 months is 0.32%, while those of the "CSI AAA Sci - tech Bonds" and "Shanghai AAA Sci - tech Bonds" are 0.21% and 0.20% respectively [2]. - There are only 2 ETFs tracking the "Shenzhen AAA Sci - tech Bonds", so the trading is less crowded. Also, the "Shenzhen AAA Sci - tech Bonds" do not have requirements for the implied ratings of constituent bonds, leaving a certain spread [2]. 3.3 Scale and Component Bond Changes - On November 14, the scale of credit bond ETFs reached 493.7 billion yuan, basically unchanged from November 7. The weekly scale changes of each ETF are generally within (- 2%, 2%) [2]. - The newly issued central and state - owned enterprise bonds with a term of over 5 years are still the types of bonds being increased by Sci - tech Bond ETFs. The 2 - 3 - year term is also a major term for bond - increasing, mainly in the finance and power industries. The bonds being reduced are concentrated in the 2 - 3 - year term, mainly in the building materials industry [2]. 3.4 Duration Changes - 18 Sci - tech Bond ETFs, accounting for 75%, continue to increase their duration. Among them, China Merchants Sci - tech Bond ETF's duration increased by 0.2 years to 4.05 years last week, becoming the Sci - tech Bond ETF with the longest duration [3]. - The duration of benchmark - making credit bond ETFs is relatively stable, basically unchanged from November 7 [3]. 3.5 Individual Bond Strategy - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs. When the spread between "non - constituent bonds - constituent bonds" is high, there is room for compression [3]. - Last week, the spreads between the "non - constituent bonds - constituent bonds" of Sichuan Expressway Investment Group, Dongfeng Motor Group, and China Railway Co., Ltd. have narrowed from over 20bp to within 20bp. This week, attention should continue to be paid to the non - constituent bonds of Shaanxi Yanchang Petroleum, China National Energy Conservation and Environmental Protection Group, and China Merchants Highway Network Technology [3].