Core Insights - The issuance of equity funds in China has significantly increased this year, with 276 active equity funds established and a total issuance scale of 141.068 billion yuan, representing a year-on-year growth of 132.25% [1][3][4] Fund Issuance Trends - A total of 276 active equity funds were established by November 14, with a combined issuance scale of 141.068 billion yuan, marking a 132.25% increase compared to the previous year [3][4] - Notably, 11 funds raised over 2 billion yuan, with the highest approaching 5 billion yuan, while the highest fundraising amount in the same period last year was less than 1.4 billion yuan [3][4] Early Closure of Fundraising - The early closure of fundraising for many active equity funds indicates a recovery in the market, with 73 funds closing early this year, including several "sunshine funds" [4] - Examples include the E Fund Technology Pioneer, which announced early closure with a fundraising cap of 2 billion yuan, and the China Universal XinYue Return fund, which sold out in one day with a cap of 1.5 billion yuan [4] Market Recovery Factors - The recovery in active equity fund issuance is attributed to the rebound of the A-share market since the fourth quarter of last year, driven by breakthroughs in sectors like AI, robotics, and innovative pharmaceuticals, leading to improved corporate earnings and market sentiment [4] - Policy initiatives such as the "Implementation Plan for Promoting Long-term Capital into the Market" and "Action Plan for Promoting High-Quality Development of Public Funds" have encouraged long-term investment in equity markets [4] Growth of Index Products - The issuance of passive index products has also surged, with over 760 new index funds established this year, totaling over 550 billion yuan, reflecting year-on-year growth of 89.36% in number and 24% in scale [6] - The market is entering a phase where both active equity and passive index products are growing together, with a wider variety of investment tools available [6] Future Outlook - The future performance of active equity funds will depend on their ability to consistently generate returns that exceed market performance and their differentiation from passive products [6] - Active equity products have shown good excess returns this year, particularly in a market environment favoring growth styles and emerging industries, suggesting a potential for continued strong performance in active management [6]

（原标题：规模飙升超200%！这类基金火了） 【导读】避险需求爆发，商品ETF"双丰收" 中国基金报记者 曹雯璟 今年以来，商品ETF市场迎来"双丰收"：规模较年初增长超200%，达到2300亿元；业绩表现可圈可点， 最高超53%。 业内人士表示，商品ETF的规模和业绩实现双增长，是避险需求、政策预期与资金虹吸共同作用的结 果。 年内规模增长205% 数据显示，截至11月13日，今年以来，17只商品ETF资金合计净流入966.24亿元，总规模达到2314亿 元，较年初增长205.79%。其中，华安黄金ETF以878.37亿元规模领先；博时、易方达旗下黄金ETF规模 也较大，分别为390.71亿元、338.66亿元。 周期属性在全球需求疲软下转为业绩拖累。而且，能源转型加速压制传统油气价格，工业金属需求受经 济增长放缓制约，而黄金受益于央行持续购金的稳定需求支撑，基本面结构性分化显著。此外，市场风 格轮动中资金明确从周期品转向防御资产，加剧了资金流动的不平衡。 汇成基金研究中心表示，商品基金规模增长主要源于三大核心驱动：其一，避险需求集中爆发，地缘冲 突与经济不确定性推动黄金ETF规模大幅增长，占商品ETF总增 ...

Core Viewpoint - The commodity ETF market has experienced significant growth in both scale and performance this year, driven by heightened risk aversion, policy expectations, and capital inflows [2][3]. Scale Growth - As of November 13, the total net inflow into 17 commodity ETFs reached 96.624 billion, with a total scale of 231.4 billion, marking a 205.79% increase from the beginning of the year [5]. - The leading commodity ETF, Huaan Gold ETF, has a scale of 87.837 billion, followed by Bosera and E Fund's gold ETFs at 39.071 billion and 33.866 billion, respectively [5]. Performance Analysis - The performance of commodity ETFs has been impressive, with the highest returns exceeding 53% as of November 14, primarily driven by precious metals [7]. - There is significant performance differentiation among products, with a 70 percentage point gap between the best and worst performers [8]. Key Drivers of Growth - The growth in commodity fund scale is attributed to three main drivers: 1. A surge in risk aversion due to geopolitical conflicts and economic uncertainty, leading to a substantial increase in gold ETF scale, which accounts for about 70% of the total increase in commodity ETFs [5]. 2. Improved policy and market conditions, with the China Securities Regulatory Commission promoting high-quality development of index investment, alongside increased participation from long-term funds such as pensions and insurance [5]. 3. The advantages of ETF products, including low fees, high transparency, and ease of trading, aligning with current investor needs for diversified asset allocation [5][6]. Future Outlook - The growth of commodity ETFs is expected to be sustainable but may exhibit structural differentiation, with gold-themed funds benefiting from central bank purchases and long-term risk aversion, while agricultural and energy ETFs may face performance pressures due to global economic slowdowns [6][9]. - Investors are advised to be cautious of single commodity cycle fluctuations and to focus on products with strong research capabilities and diverse strategies to navigate the differentiated landscape [6].

Core Viewpoint - The issuance of active equity funds in China has rebounded significantly this year, with a total of 276 new funds established and a total fundraising scale of 141.068 billion yuan, representing a year-on-year increase of 132.25% [2][4]. Group 1: Active Equity Fund Issuance - A total of 276 active equity funds were established this year, with a fundraising scale of 141.068 billion yuan, marking a 132.25% year-on-year growth [4][5]. - There were 73 active equity funds that ended their fundraising early, indicating strong demand, with several funds being sold out in just one day [5]. - The rebound in active equity fund issuance is attributed to the recovery of the A-share market, improvements in corporate earnings, and supportive government policies aimed at encouraging long-term investments in equity markets [5]. Group 2: Passive Index Product Issuance - The issuance of passive index products has also surged, with over 760 new index funds established this year, raising over 550 billion yuan, reflecting a year-on-year growth of 89.36% in number and 24% in scale [6][7]. - The market is currently experiencing a phase where both active equity and passive index products are growing, with a diversification of investment tools available to investors [7]. - The future performance of active equity funds will depend on their ability to consistently generate returns that exceed market performance and their differentiation from passive products [7].

Core Viewpoint - The article discusses the newly proposed "Guidelines for the Suitability Management of Investors in Publicly Offered Securities Investment Funds," which aims to enhance investor protection and ensure appropriate matching of investment products to investors' risk profiles [1][3]. Group 1: Investor Suitability Management - The guidelines emphasize the obligation of fund managers and sales institutions to assess investors' risk tolerance and match them with suitable fund products based on their investment goals and risk preferences [3][4]. - Fund managers must provide complete information regarding the risk classification of funds to sales institutions, and if such information is incomplete, sales institutions are required to refuse sales [4]. - The guidelines stipulate that the frequency of risk assessments for ordinary investors should be controlled, with a maximum of two assessments per day and eight assessments within twelve months [4][6]. Group 2: Risk Assessment and Fund Classification - The guidelines require that the risk classification of funds incorporates factors such as stock position, historical volatility of fund net value, and maximum drawdown, using both quantitative and qualitative analyses [2][8]. - Fund managers and sales institutions must establish a mechanism for regular review and dynamic adjustment of fund risk classifications, with at least one review conducted annually [9]. - The guidelines specify that the risk classification results used by sales institutions must not be lower than those determined by fund managers [6][8]. Group 3: Special Considerations for Older Investors - When selling high-risk funds (R4 level and above) to investors aged 65 and above, fund managers and sales institutions must adhere to special obligations, including more cautious sales processes and enhanced risk disclosures [6][7]. Group 4: Communication and Transparency - Fund managers and sales institutions are required to improve communication with investors, ensuring they have a comprehensive understanding of fund characteristics and risks [3][7]. - In cases of changes in risk tolerance or fund risk classification, timely notifications must be sent to investors through various communication channels [6][9].

老年群体受特别关照，规范直播卖基金 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。 整体而言，《细则》明确基金管理人、基金销售机构是投资者适当性管理的责任主体，需依法依规、勤 勉尽责，基于投资者投资目标、风险偏好及可承受损失，严格落实风险识别、产品匹配等义务，真正实 现"将适当的基金销售给适合的投资者"。 作为投资者与产品匹配的关键前置环节，此前部分机构存在"测评流于形式""结果长期有效"等问题，甚 至"过去有投资者随便勾选问卷，结果长期用同一等级买产品，亏了钱才发现不匹配"。此次，风险测评 管理被纳入严格规范。 首先，《细则》对风险测评的频次作出明确，投资者在同一机构进行风险承受能力评估单日不得超过两 次，12个月内累计不得超过8次；结果与最近一次结果不一致的，应当提示投资者关注变动情况并进行 确认。 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 ...

中国基金业协会近日就《公开募集证券投资基金投资者适当性管理细则》公开征求意见，拟从四大维度 强化基金销售规范。文件明确直播销售须全程风险提示，并为65岁以上投资者购买高风险产品设置冷静 期机制。 征求意见稿包含18项条款，要求基金销售机构根据投资者风险承受能力匹配产品，建立股票仓位、净值 波动率、最大回撤等量化指标评定基金风险等级。新规拟限制投资者风险测评次数，单日同一机构评估 不得超过两次，年度累计不超过八次，评估结果有效期最长12个月。 意见反馈截止时间为2025年11月26日，业内普遍认为这将推动投资者保护与产品销售的良性互动，缓解 市场波动带来的售后压力。 针对直播销售新业态，文件要求将适当性管理嵌入线上流程，直播中需完整说明风险收益特征，确保投 资者完成风险测评，所有销售环节实现可回溯管理。对于老年投资者群体，销售R4及以上风险产品需 追加风险提示、延长考虑时间并提高回访频率。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 面对中央汇金的重仓布局，很多投资者都在思考：能否"抄作业"？业内人士普遍认为，比起直接"抄作 业"，普通投资者理解其背后的资产配置框架显得更为重要。（图/包图网） 来源|21世纪经济报道 文|庞华玮 编辑|姜诗蔷 近期，定位中国资本市场类"平准基金"的中央汇金（包括中央汇金投资、中央汇金资产，以及华夏基金 和易方达基金的中央汇金资管单一资产管理计划，下同）的最新投资动向浮出水面。 最新数据显示，中央汇金三季度ETF持仓规模或突破1.5万亿元，单季度暴增2000亿元。 根据2025年基金三季报披露数据统计，中央汇金持仓比例超20%的ETF产品共28只，持仓总市值1.48万 亿元，环比二季度末增加2332亿元。 21世纪经济报道记者根据半年报同类数据推算，截至9月30日，中央汇金合计持有的ETF规模约1.53万 亿元，创历史新高，环比二季度末规模增加约2400亿元，增幅约19%。 总体来看，三季度，中央汇金投资、中央汇金资产对宽基ETF的持仓数量基本不变，但整体持仓规模因 股市回暖而显著增长 ...

Core Insights - Recent surge in cross-border ETFs has led to noticeable premiums in the secondary market, attracting market attention [1][3] - The rapid expansion of cross-border ETF scale reflects increasing investor demand for overseas asset allocation and the continuous inflow of incremental funds [2][5] Group 1: Market Dynamics - Cross-border ETFs are experiencing a phase of premium due to a mismatch between price and net value, influenced by structural capital flows and market sentiment [2][4] - Multiple cross-border ETFs have issued premium announcements recently, with significant premiums observed in products like E Fund MSCI US 50 ETF and E Fund Nikkei 225 ETF, indicating high trading activity in cross-border assets [3][4] Group 2: Structural Premiums - The structural premium in cross-border ETFs arises from the asynchronous nature of net value updates and overseas market trading, leading to short-term price mismatches [4] - External factors such as overseas market volatility, exchange rate changes, and liquidity of constituent stocks also impact the speed of premium convergence [4] Group 3: Growth of Cross-Border ETFs - The scale of cross-border ETFs has doubled this year, reaching 923.78 billion, up from 424.02 billion at the beginning of the year, indicating a rapid growth in this segment of public funds [5] - Notable products like the FTSE China Hong Kong Internet ETF and Huaxia Hang Seng Technology ETF have surpassed 40 billion in scale, contributing to the overall growth of cross-border ETFs [5]