国海富兰克林基金总经理徐荔蓉： 中国资产全球再定价 把握港股长期投资机遇 ◎记者 王彭 今年以来，港股市场表现亮眼，恒生指数、恒生国企指数和恒生科技指数均实现显著上涨，在全球主要 市场中排名靠前。近日，国海富兰克林基金总经理兼投资总监徐荔蓉在接受上证报记者采访时表示，港 股市场正处在估值修复、流动性改善和盈利增长三重因素驱动的上行通道中。对于投资者而言，通过合 理的资产配置，并使用"主动+被动"的工具，或能更好把握这轮中国资产全球再定价的历史性机遇。 港股估值修复尚未结束 关于港股本轮上涨，徐荔蓉分析称，这是估值洼地修复、流动性结构质变、盈利改善三重因素叠加的结 果。这三者并非孤立存在，而是相互强化：资金流入推动估值修复，估值修复为企业融资和发展创造更 好条件，而盈利改善又有望进一步吸引资金流入。 "站在当前时点，我依然对港股市场保持乐观。这轮行情并非简单的反弹，而是中国资产在全球再定价 过程中的一个重要阶段。"徐荔蓉称。 在"定价误差"中寻找机会 徐荔蓉还特别强调了"逆向投资"策略在港股市场的作用。他表示，港股作为一个典型的离岸市场，其走 势经常受到海外流动性、国际政治关系、美元汇率波动等外部因素影响，这导 ...

Choice数据显示，截至11月12日，债券ETF共有53只，今年以来增加32只；规模则从去年底的1799.87亿 元升至7054.23亿元。百亿级债券ETF也批量涌现，截至11月12日，30只债券ETF规模在百亿元以上，而 2024年底仅有5只。在业内人士看来，今年以来债券ETF频现新品种，为投资者提供了丰富的资产配置 工具，后续更多创新产品值得期待 ◎记者 赵明超 债券ETF发展迅猛，最新规模已突破7000亿元，今年以来增长5200多亿元。与此同时，百亿级ETF阵营 持续扩容，在当前上市的53只债券ETF中，规模突破百亿元的产品有30只。 百亿级债券ETF达30只 Choice数据显示，截至11月12日，债券ETF共有53只，今年以来增加32只；规模则从去年底的1799.87亿 元升至7054.23亿元。 值得注意的是，百亿级债券ETF批量涌现。截至11月12日，30只债券ETF规模在百亿元以上，而2024年 底仅有5只。 具体来看，海富通中证短融ETF规模为686.1亿元，博时中证可转债及可交换债券ETF规模为572.63亿 元，富国中债7-10年政策性金融债ETF规模为437.27亿元，鹏扬中债-30 ...

公募发力红利产品 把握稳健资金"升级需求" 红利基金发行与资金流入"双向升温"的背后，折射出资金对于偏稳健方向权益资产的青睐。业内人士表 示，红利基金有望成为引导稳健型资金进入权益市场的重要跳板 ◎记者 朱妍 随着居民稳健投资需求升级，以及市场风格趋于均衡，公募基金正密集布局红利类产品。数据显示，四 季度以来，红利基金规模较三季度末增加80亿元，且新成立了14只产品。业内人士认为，资金流入与发 行加码的背后，是资金寻求稳健增值的需求，未来红利基金有望成为引导稳健型资金进入权益市场的重 要"跳板"。 Choice数据显示，截至11月13日，四季度以来，已有14只红利基金宣告成立。更多产品还在申报流程 中，涉及交银施罗德基金、银华基金、永赢基金、国联安基金等多家公募旗下产品。 "红利资产的配置价值是一直存在的，即便价格下跌，股息率也会提升，对中长期资金的吸引力反而会 增强。没有明确投资方向时可以增加红利权重，若有更好的方向则可降低其权重。"沪上某基金经理 说。 关于后续投资，国泰基金认为，投资者可延续均衡型配置。建议保持景气度主线，例如产品价格底部稳 步抬升的煤炭、仍处于涨价区间的光伏，以及受益于半导体周期的芯片 ...

Report's Investment Rating - No information provided on the industry investment rating in the report Core Views - Last week, the major broad-based indices in the A-share market all declined, with the Shanghai Composite Index, CSI 1000, and CSI 300 having relatively better returns of -0.18%, -0.52%, and -1.08% respectively, while the STAR 50, ChiNext Index, and Small and Medium-sized Board Index had relatively poorer returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of trading volume, except for the Shenzhen Component Index and CSI 1000, the trading volumes of the major broad-based indices decreased last week [1] - In the industry aspect, consumer services, textile and apparel, and pharmaceuticals had the top returns last week, at 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers had the bottom returns, at -4.90%, -4.44%, and -3.72% respectively [1] - As of last Friday, the central bank had a net reverse repurchase injection of 626.2 billion yuan, with 495.8 billion yuan of reverse repurchases maturing, and a net open market injection of 1.122 trillion yuan. Except for the 1-year term, the treasury bond yields of different terms declined, and the yield spread narrowed by 0.61 BP [1] - Last week, a total of 56 funds were reported, an increase compared to the previous week. The reported products included 1 QDII, such as Tianhong CSI Artificial Intelligence Theme ETF, Huabao CSI All-Share Electric Power and Utilities ETF, etc. [1] - On November 13, China Europe Fund announced that its China Europe Xinyue Return One-Year Holding Hybrid reached the 1.5 billion yuan fundraising cap on the first day of issuance, ending the fundraising early and initiating proportional allocation [2] - On November 10, 6 ETFs listed in Hong Kong were officially included in the list of Hong Kong Stock Connect ETFs under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. After this expansion, the total number of "Southbound Connect ETF" products increased from 17 to 23, and for the first time, ETFs containing US stock assets were included [2] - Last week, the median excess return of index-enhanced funds was 0.09%, and the median return of quantitative hedging funds was -0.04%. So far this year, the median excess return of index-enhanced funds has been 4.13%, and the median return of quantitative hedging funds has been 1.16% [2] - As of the end of last week, there were 258 ordinary FOF funds, 118 target-date funds, and 153 target-risk funds among open-ended public funds. So far this year, the target-date funds have had the best median performance, with a cumulative return of 16.98% [2] - Last week, 25 new funds were established, with a total issuance scale of 14.173 billion yuan, a decrease compared to the previous week. In addition, 41 funds entered the issuance stage for the first time last week, and 33 funds will start issuing this week [3] Summary by Directory 1. Last Week's Market Review 1.1 Related Hotspots Review - **Fund Declaration and Issuance Dynamics**: Last week, 56 funds were reported, an increase from the previous week. The reported products included various types such as QDII, index funds, and bond funds [9][13] - **Appearance of a "Sunlight Fund"**: On November 13, China Europe Xinyue Return One-Year Holding Hybrid reached the 1.5 billion yuan fundraising cap on the first day of issuance, ending the fundraising early and initiating proportional allocation [10] - **Expansion of "Southbound Connect ETF"**: On November 10, 6 Hong Kong-listed ETFs were included in the Hong Kong Stock Connect ETF list, increasing the total number of "Southbound Connect ETF" products from 17 to 23, and for the first time, ETFs containing US stock assets were included [11] - **Premium Risk Warnings for Multiple Cross-Border ETFs**: From November 11 to 16, multiple public funds issued announcements warning investors about the premium risks of their US and Japanese stock-related ETFs [12] - **Rare Centralized Dividends of Growth-Style Funds**: Since the fourth quarter of this year, multiple growth-style active equity products have announced dividends, which is rare. For example, E Fund's Kexun, Pingwen Growth, and Kexiang announced dividends in October and November, with many of them having their first dividends since 2021 [14] 1.2 Stock Market - **Index Returns**: Last week, the major broad-based indices in the A-share market all declined. The Shanghai Composite Index, CSI 1000, and CSI 300 had relatively better returns, while the STAR 50, ChiNext Index, and Small and Medium-sized Board Index had relatively poorer returns. In the past month, the ChiNext Index had the highest return, and the STAR 50 Index had the lowest return. So far this year, the ChiNext Index has had the highest cumulative return [16] - **Trading Volume**: Except for the Shenzhen Component Index and CSI 1000, the trading volumes of the major broad-based indices decreased last week. On a monthly basis, the average daily trading volumes of the major broad-based indices also decreased in the past month [19][20] - **Industry Returns**: Last week, consumer services, textile and apparel, and pharmaceuticals had the top returns, while communication, electronics, and computers had the bottom returns. In the past month, the basic chemicals industry had the highest cumulative return, and the automotive industry had the lowest return. So far this year, non-ferrous metals, communication, and power equipment and new energy have had relatively high cumulative returns [23] 1.3 Bond Market - **Central Bank Operations**: As of last Friday, the central bank had a net reverse repurchase injection of 626.2 billion yuan, with 495.8 billion yuan of reverse repurchases maturing, and a net open market injection of 1.122 trillion yuan [26] - **Interest Rates**: Except for the 1-year term, the treasury bond yields of different terms declined, and the yield spread narrowed by 0.61 BP. The interest rates of AA+ and AA-rated credit bonds of different terms also declined, and the credit spreads of AA+ and AA-rated credit bonds of different terms decreased [27][30] 1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 0.47%, with a cumulative trading volume of 342.6 billion yuan, an increase of 31.9 billion yuan compared to the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 26.71%, a decrease of 0.50% compared to the previous week, and the median pure bond premium rate was 26.34%, an increase of 0.94% compared to the previous week [31] 2. Performance of Open-Ended Public Funds 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.52%, -0.41%, and 0.03% respectively. So far this year, alternative funds have had the best performance, with a median return of 32.08%, followed by active equity, flexible allocation, and balanced hybrid funds with median returns of 28.48%, 21.69%, and 15.07% respectively [34][35] 2.2 Quantitative Public Funds - Last week, the median excess return of index-enhanced funds was 0.09%, and the median return of quantitative hedging funds was -0.04%. So far this year, the median excess return of index-enhanced funds has been 4.13%, and the median return of quantitative hedging funds has been 1.16% [36] 2.3 FOF Funds - As of the end of last week, there were 258 ordinary FOF funds, 118 target-date funds, and 153 target-risk funds. Last week, 4 new FOF funds were established. Generally, target-date funds have a higher equity position, with most target-risk funds having an equity position below 50%, and ordinary FOF funds having their equity positions mainly distributed below 25% and between 65% - 100%. Last week, the median returns of ordinary FOF, target-date, and target-risk funds were 0.19%, -0.03%, and 0.18% respectively. So far this year, the target-date funds have had the best median performance, with a cumulative return of 16.98% [39] 3. Changes in Fund Managers - Last week, the fund manager situations of 104 fund products of 41 fund companies changed, including 13 products of China Merchants Fund, 5 products of Orient Securities Asset Management, and 4 products of Tianhong Fund [43] 4. Fund Product Issuance Situation 4.1 Newly Established Funds Last Week - Last week, 25 new funds were established, with a total issuance scale of 14.173 billion yuan, a decrease compared to the previous week. Among them, equity funds issued 9.033 billion yuan, hybrid funds issued 4.838 billion yuan, and bond funds issued 303 million yuan. There were no new issuances of alternative funds and money market funds. The types with a relatively large number of new funds were passive index funds (10) and partial equity hybrid funds (4), with issuance scales of 3.475 billion yuan and 2.443 billion yuan respectively [46][47] 4.2 Funds Starting Issuance Last Week - Last week, 41 funds entered the issuance stage for the first time [50] 4.3 Funds to Be Issued This Week - This week, 33 funds will enter the issuance stage, including 9 partial equity hybrid funds, 6 index-enhanced funds, and 4 passive index bond funds [52]

破解"风格漂移" 推动公募基金主题投资迈向新阶段 中国基金报记者李树超 近日，中国基金业协会起草《公开募集证券投资基金主题投资风格管理指引》（以下简称《指引》）， 并向基金管理人征求意见。 业内人士表示，《指引》旨在解决主题基金"风格漂移""名不副实"等问题。从长远看，《指引》将规范 公募基金主题投资，提升投资者获得感，引导塑造良好行业文化，公募基金主题投资进入高质量发展新 阶段。 在制度、系统、人员等方面 进行调整 为规范主题投资基金"风格漂移"问题，《指引》对主题投资基金的合同约定、基金管理人投资风格管 理、托管人投资风格监督提出了明确要求。同时，提出建立"风格库"以及明确更新频率等安排。 多家机构表示，根据《指引》要求，已在制度、系统、人员等多个方面进行调整和准备。 华北一家中型基金公司表示，公司已建立了主题库，由权益研究部负责维护，严格依照基金合同约定的 投资目标和风格筛选入库股票，通过持续跟踪上市公司基本面变化和实地调研情况等，对主题库进行动 态调整，并定期对主题库进行全面检视，确保在库股票符合基金合同及内部制度要求。 同时，公司合规风控部对主题基金实施全流程监控，通过事前事后投资管理系统监测主题证 ...

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 的一倍。2025年 A股港股的科技等品种, 上涨也比较多。 为啥会有这种割裂的情况呢? 其实驱动经济增长的动力来源，这几年在 发生变化。 基金投顾是什么? 有什么伺用? 一长按添加@课程小助手,回复「基金投顾」 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 基金有风险,投资需谨慎 #螺丝钉小知识 urn 银行螺丝钉 普通家庭，如何分享经济增长呢? 有朋友问了一个挺有意思的问题。 看身边好像不 ...

（原标题：破解"风格漂移"！大动作来了，最新解读） 破解"风格漂移" 多家机构表示，根据《指引》要求，已在制度、系统、人员等多个方面进行调整和准备。 近日，中国基金业协会起草《公开募集证券投资基金主题投资风格管理指引》（以下简称《指引》）， 并向基金管理人征求意见。 业内人士表示，《指引》旨在解决主题基金"风格漂移""名不副实"等问题。从长远看，《指引》将规范 公募基金主题投资，提升投资者获得感，引导塑造良好行业文化，公募基金主题投资进入高质量发展新 阶段。 在制度、系统、人员等方面 进行调整 为规范主题投资基金"风格漂移"问题，《指引》对主题投资基金的合同约定、基金管理人投资风格管 理、托管人投资风格监督提出了明确要求。同时，提出建立"风格库"以及明确更新频率等安排。 推动公募基金主题投资迈向新阶段 中国基金报记者 李树超 华北一家中型基金公司表示，公司已建立了主题库，由权益研究部负责维护，严格依照基金合同约定的 投资目标和风格筛选入库股票，通过持续跟踪上市公司基本面变化和实地调研情况等，对主题库进行动 态调整，并定期对主题库进行全面检视，确保在库股票符合基金合同及内部制度要求。 同时，公司合规风控部对主题 ...

Core Viewpoint - The article discusses the introduction of the "Guidelines for the Management of Theme Investment Styles in Publicly Raised Securities Investment Funds" aimed at addressing issues of "style drift" and "misleading themes" in theme funds, promoting high-quality development in the public fund industry [3][10][11]. Group 1: Guidelines and Implementation - The guidelines set clear requirements for theme investment funds regarding contract stipulations, management style, and supervision by custodians, including the establishment of a "style library" [5][30]. - Several institutions have begun adjusting their systems, processes, and personnel in response to the guidelines, with a focus on compliance and risk management [6][8]. - The guidelines are seen as a significant step towards correcting the "pseudo-theme" phenomenon in the industry, enhancing regulatory compliance, and protecting investor interests [10][11]. Group 2: Impact on Industry Practices - The guidelines aim to systematically address long-standing issues of style drift and misleading themes, pushing the public fund industry towards high-quality development [10][19]. - The introduction of a style library and clear investment direction requirements is expected to enhance the stability and transparency of fund operations, thereby improving investor trust [11][29]. - The guidelines encourage a shift from a scale-driven approach to one that prioritizes quality and compliance, fostering a culture focused on long-term value creation [14][20]. Group 3: Investor Benefits - The emphasis on "name matching reality" and clear definitions will significantly improve investors' decision-making efficiency, allowing for better identification of fund investment directions [22][26]. - The guidelines are designed to reduce information asymmetry, enabling investors to make more informed choices and enhancing their overall investment experience [23][24]. - By ensuring that funds adhere to their stated themes, the guidelines help mitigate risks associated with style drift, promoting a more stable investment environment [28][29]. Group 4: Future Outlook - The guidelines are expected to lead to a more standardized and transparent investment process, ultimately benefiting the long-term health of the capital market [14][30]. - The establishment of a style library with defined update frequencies will encourage fund managers to focus on long-term strategies rather than short-term market trends [31][33]. - Overall, the guidelines represent a foundational shift towards a more disciplined and research-driven investment culture within the public fund industry [19][20].

Core Viewpoint - The recent style switch in the A-share market has added uncertainty to the annual performance competition among public funds, with the technology sector experiencing high-level consolidation and cyclical sectors gaining strength [2][4]. Fund Performance Overview - As of November 14, 2023, 103 active equity funds (including QDII funds) have achieved a unit net value growth rate exceeding 80%, with Yongying Technology Select Mixed Fund leading at 184.04% [6][7]. - The leading fund's advantage has decreased from nearly 100 percentage points to less than 40 percentage points due to recent market fluctuations [6][3]. - Other notable funds include Hengyue Advantage Select at 146.88% and GF Growth Navigation at 140.60%, with significant movements in rankings observed [6][7]. Market Dynamics - The market is currently characterized by increased volatility, particularly as the Shanghai Composite Index hovers around 4000 points, impacting fund performance and rankings [10]. - Factors influencing fund performance include the fund manager's active management ability, market environment, and the performance of key holdings [10][11]. Investment Strategy Insights - Fund managers emphasize a long-term perspective over short-term performance, focusing on structural opportunities rather than chasing trends [11]. - The technology sector remains a mid-term focus, with ongoing investment opportunities in hardware, semiconductors, and storage, despite recent market corrections [12][15]. Future Outlook - The global wave of technological innovation is expected to continue, with a shift in market focus anticipated towards balancing valuation and profit quality [14]. - The AI sector is projected to present significant investment opportunities, particularly in infrastructure and application development, as the market evolves through 2026 [14][15].

2025.11. 16 本文字数：3093，阅读时长大约5分钟 作者 | 第一财经 曹璐 买基金总被推荐"看着热闹但不太懂"的产品？老年人被推销高波动基金没人多提醒？直播里听几 句"稳赚"就下手？就这些让基民头疼的问题，监管层在基金业绩基准规范、主题基金纠偏等政策基 础上，再度发布基民适当性管理新规！ 日前，中国证券投资基金业协会发布《公开募集证券投资基金投资者适当性管理细则（征求意见 稿）》（下称《细则》），向社会公开征求意见，意见反馈截止时间为11月26日。 这份新规从风险测评、基金风险评级、老年群体要"特别关照"到直播卖基金规范等，都一一划了重 点。在业内人士看来，随着政策持续落地，基金销售"把合适产品卖给合适的人"不再是一句口号， 而是嵌入流程的硬约束，进一步体现"卖者尽责、买者自负"的监管导向。 风险测评管理被纳入严格规范 为进一步规范公募基金销售行为，强化投资者适当性管理义务，切实保护投资者合法权益，监管再次 下发规范性文件。此次《细则》从基金销售行为出发，进一步细化并规范基金管理人及销售机构的适 当性管理行为，涉及多项重点环节的管理要求。 在产品端，基金风险等级划分标准同步升级。新规要求管理人、 ...