Core Viewpoint - The article discusses the legal execution case against Western Lide Fund, highlighting the company's response and its financial stability despite the ongoing legal issues [2][7]. Group 1: Legal Issues - On November 6, the Shanghai Financial Court initiated enforcement against Western Lide Fund, with an execution amount of approximately 291 million yuan [2]. - Western Lide Fund stated that the original case has a valid arbitration ruling from the Shanghai International Arbitration Center, which mandates the asset management plan managed by the company to bear the corresponding principal, interest, and arbitration fees [7]. - The company emphasized that the asset management plan's assets are independent of the management and custody assets, and any debts incurred should be borne by the plan's assets themselves [7]. Group 2: Financial Performance - As of June 30, 2025, Western Lide Fund achieved a compound annual growth rate of over 25% in non-monetary fund management scale, surpassing 116.6 billion yuan, placing it among the top 50 in the industry [7]. - The company manages 74 public funds, with bond funds making up the majority at 78.9 billion yuan, and money market funds totaling 23.6 billion yuan [8]. - Over the past decade, the bond market has shown a "bull long bear short" characteristic, with Western Lide Fund's fixed-income products achieving a performance of 91.87% over nearly ten years, ranking 1st out of 71 in the industry [9]. Group 3: Management Changes - Recently, the company underwent a management change, with General Manager He Yanping retiring and Chairman He Fang taking over the role [8].

文 | 银行螺丝钉 （转载请注明出处） 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」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。 ◆◆◆ 成长股疯牛和价值股慢牛，止盈技巧 有什么区别? A股港股都有成长/价值风格轮动的特征。 价值风格的波动小经常呈现"慢牛走势"。 也就是每年波动都不大，上涨相对均匀、时 间长。 例如红利指数、自由现金流指数,拉出历史 走势，多的时候一年上涨百分之十几，少的 时候一年百分之几。遇到熊市也有下跌，但 跌幅不太大。 成长风格波动大，经常呈现"疯牛走势"。 上涨的时候一年翻倍，下跌时波动也很大。 像科创板,从2021年1700多点跌到2024年7 00多点，腰斩都不止，随后从底部翻倍。这 种波动幅度，价值风格中是比较难看到的。 这两种走势,也导致不同风格品种,止盈技 巧也有区别。 成长风格品种,如果能扛得住波动,低估 ...

Core Viewpoint - The article discusses the recent trend of actively managed equity funds in China experiencing rapid fundraising success, with several funds selling out on the first day of offering, indicating strong market demand and investor confidence in fund managers like Lan Xiaokang [1][3][9]. Fundraising Trends - On November 13, China Europe Fund announced that its new fund, Zhongou Xinyue Return One-Year Holding, reached its fundraising cap of 1.5 billion yuan (approximately 15 billion) on the first day, leading to a decision to close the fundraising period early [1][3]. - This trend of "one-day sell-out" funds has continued, with three actively managed equity funds achieving this status in November alone, following a similar occurrence in October [3][10]. Fund Size and Management Intent - Unlike previous "one-day sell-out" funds, the recent funds have generally been smaller in size, reflecting a deliberate strategy by fund companies to control fundraising amounts [4][11]. - The peak fundraising size for the newly launched funds this year has been capped at 5 billion yuan (approximately 50 billion), with most funds ranging between 1 billion to 3 billion yuan [11]. Performance of Fund Manager - Lan Xiaokang, the proposed fund manager for Zhongou Xinyue Return One-Year Holding, has seen significant success, managing over 22.8 billion yuan (approximately 228.39 billion) in public funds as of September, marking a growth of over 40% from the previous quarter [7][8]. - His long-term fund, Zhongou Hongli Youxiang, has achieved a return of 180.95% over more than seven years, ranking 122nd among 1,503 similar products [6][8]. Market Dynamics - The article notes that the frequency of one-day sell-out funds has increased, with a total of seven actively managed equity funds achieving this status in 2023, compared to only a few in previous years [10][11]. - The market has shown strong support for these funds, with significant inflows indicating investor confidence in the management and performance of these funds [7][9].

Core Insights - The public fund issuance market in China is experiencing a significant recovery, with a notable increase in the number of new funds launched in November 2023, indicating a resurgence in investor interest [2][3][4] Fund Issuance Trends - As of November 13, 2023, a total of 1,386 new public funds have been established this year, marking a 9.48% increase compared to 1,266 funds in 2022 and a 21.26% increase from 1,143 funds in 2024, setting a three-year high [4][6] - The average fundraising period for new funds has decreased to 16.92 days, down from 19 days the previous week, reflecting increased investor confidence in new fund products [3][4] Product Structure - Equity funds dominate the new fund issuance, with 39 new funds launched in the second week of November, of which 28 are equity products, accounting for 71.79% of the total [3][6] - Among the new equity funds, passive index funds and enhanced index funds are particularly popular, with 15 and 7 funds launched respectively, making up 56.41% of the new equity fund issuance [3][6] Market Dynamics - The issuance of stock funds has reached a 14-year high, with 767 stock funds launched this year, representing 55.34% of the total new funds and 36.95% of the total issuance volume [6][7] - Conversely, bond funds have seen a significant decline, with only 248 new bond funds launched, accounting for 17.89% of the total, and their issuance volume dropping to the lowest level in four years [7][8] FOF Fund Performance - FOF (Fund of Funds) funds have achieved a historic milestone, with 74 new FOF funds launched this year, representing 5.8% of the total issuance volume, the highest recorded since data collection began [8]

"日光基"频现 11月14日，中欧基金发布公告称，中欧鑫悦回报一年持有期混合11月13日结束募集，该基金募集期内有 效认购申请总金额（不含募集期利息）已超过限额15亿元。据悉，这只基金的募集时间仅为一天。 这是基金经理蓝小康近1个月来的第二只"日光基"。10月21日晚间，中欧基金发布《中欧价值领航混合 基金合同生效公告》。根据公告，中欧价值领航混合基金一日募集资金为19.7亿元，获近万户有效认 购。其中，基金管理人运用固有资金认购900万份，基金管理人的从业人员认购111.89万份，两者合计 占比约为0.51%。公告显示，中欧价值领航混合基金原定发售日期为10月16日至10月28日，但该基金仅 发售一天就提前结束募集。 11月14日，中欧基金发布公告称，中欧鑫悦回报一年持有期混合已于11月13日结束募集，该基金募集期 内有效认购申请总金额（不含募集期利息）已超过限额15亿元。据悉，该基金拟由基金经理蓝小康管 理。 10月末，由蓝小康担纲的中欧价值领航混合基金亦仅发售一天，募集近20亿元。此外，鹏华启航量化选 股混合、华泰柏瑞盈泰稳健3个月持有FOF等多只近期新发基金也出现"一日结募"。 公开资料显示，截至11 ...

Core Insights - Recent data shows a nearly 130 percentage point performance gap between different products managed by the same fund manager at Morgan Stanley Fund, highlighting potential risks in the "star manager, light product" investment model [2][6] - The case raises questions about the research and investment system, risk control mechanisms, and product layout rationality within fund companies [2] Group 1: Fund Manager Performance - Lei Zhiyong, a fund manager at Morgan Stanley, achieved the best market performance in 2024 with his fund focused on the digital economy, boasting a cumulative return of 125.88% since March 2, 2023, significantly outperforming the average of 12.47% [4] - Lei manages a total of 8 funds, with some showing outstanding performance, while others, like the Morgan Stanley Innovation Mixed A fund, have underperformed, with a return of -7.72% since May 7, 2020, compared to the average of 45.38% [5][6] Group 2: Performance Disparity Among Products - Wang Dapeng, another core fund manager at Morgan Stanley, has a stark performance disparity among his products, with the best-performing fund, Morgan Stanley Health Industry Mixed A, returning 81.40%, while the worst, Morgan Stanley Health Industry Mixed C, has a return of -47.78% [6][7] - The significant performance gap raises concerns about investor trust and reflects potential deficiencies in compliance and responsibility awareness among fund managers [7] Group 3: Market and Strategy Impact - Analysts suggest that the performance of fund managers is closely linked to the alignment of their investment strategies with market conditions, indicating that external factors such as macroeconomic changes can heavily influence fund performance [8] - The phenomenon of performance disparity may also stem from fund managers' divided attention when managing multiple products, leading to varied execution priorities and outcomes [8]

【导读】走进工银瑞信基金 | 第2期：主动权益谈 文：陈梦 在瞬息万变的市场当中，有人用被动策略追踪指数，有人用量化模型捕捉机会。主动权益基金则是通 过团队的深入研究和动态决策，力争为持有人挖掘每一分超额收益的可能。 不过，近年来随着被动投资工具受到广泛关注，主动权益投资也面临着诸多挑战。如何在复杂的宏观 和市场环境中持续创造阿尔法，以满足不断变化和日益多样化的投资需求，已成为行业热议的焦点。 在市场的震荡波动下，工银瑞信基金主动权益团队坚持长期投资理念，通过系统化的投资流程和纪律 严明的投资框架，不仅努力实现了跨越周期的稳健回报，也凸显了穿越牛熊的投资实力。 国泰海通证券数据显示，截至2025年9月30日，工银瑞信基金在13家权益类大型公司中近7年、近5 年、近3年的绝对收益排名均为第3（3/13）；近7年、近5年、近3年权益类基金大型公司超额收益 排名分别为第2（2/13）、第3（3/13）和第2（2/13）。 出色的主动投资业绩离不开工银瑞信基金的一体化投研模式和资深投资团队。独特的"平台型"机制， 不仅助力了老将与新秀之间的传承与交融，也推动了整个团队的不断进化与成长；高效的投研体系和 团队合作，也使 ...

Core Viewpoint - The 华夏安博仓储 REIT experienced a highly successful issuance, selling out in one day and initiating a proportional allocation for investors, indicating strong market confidence in logistics assets in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4][6]. Summary by Sections Issuance and Subscription Details - The public investor subscription confirmation ratio for 华夏安博仓储 REIT was 5.83%, with offline investors at a low of 0.68%, reflecting high demand [4][6]. - The total effective subscription amount reached 617.2682 million shares, exceeding the initial fundraising cap, leading to an early closure of the fundraising period [4][6]. - The subscription price was set at 6.121 yuan per share, with a total expected fundraising amount of 2.4484 billion yuan [6]. Market Performance - The 中证 REITs total return index rose by 0.86% this week, showing signs of stabilization in the secondary market [3][8]. - As of November 14, the index closed at 1050.45 points, with a year-to-date increase of 8.53% despite a previous decline of over 6.6% since June [8]. - Among the 77 listed public REITs, 56 saw weekly gains, particularly in sectors like parks, highways, rental housing, and logistics [8][11]. Notable Performers - The top performer for the week was 中金联东科创 REIT, with a weekly increase of 6.24%, followed by 中金山东高速 REIT and 招商基金蛇口租赁住房 REIT with increases of 5.18% and 4.10%, respectively [11]. - Several REITs have shown significant annual gains, with 9 exceeding 30% growth, and 嘉实物美消费 REIT surpassing 50% [11].

近日，西部利得基金管理有限公司（下称"西部利得基金"）被上海金融法院列为被执行人，执行金额为2.91亿元。尽管没有详细的被执行原因，但舆论中已 有关于公司股东之一利得科技股权质押的关联猜想。 11月14日，《每日经济新闻》记者向西部利得基金了解情况，上海金融法院此前作出的裁定源于公司旗下专户产品的商事纠纷，与股东股权质押无关。 公司方面表示，股东与公司经营的界限清晰，不会参与公司的经营。此外，本次法院裁定不会对基金公司的经营产生重大影响。 公司回应：被执行原因来自旗下专户产品商事纠纷 来源：天眼查 照此推算，利得科技持股的金额大约为1.813亿元。碰巧的是，利得科技在今年已分两次出质股权，出质股权的数额合计恰好也是1.813亿元。因此，外界对 二者之间的关联十分重视，记者也注意到，利得科技已经被列为被执行人。 | 全部４ | 股权出质 4 7 历史股权出质 17> 身为质权人 | 身为出质人 4 | 身为股权标的企业 | | 登记日期~ | 状态不限 · | | Q 点击进行 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | ...

Report Industry Investment Rating - Not provided in the report. Core Viewpoint - The stock index options are experiencing a downward increase in volatility, and a bearish put spread strategy can be considered [2]. Summary by Related Catalogs 1. Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of major indices and ETFs all declined, with the Shanghai - Shenzhen 300 Index dropping 73.93 points to 4628.14, the CSI 1000 Index falling 87.82 points to 7502.76, and the Shanghai 50 Index decreasing 35.24 points to 3038.43. Trading volumes also generally decreased, such as the Shanghai - Shenzhen 300 Index with a trading volume of 192.09 billion hands, a decrease of 15.27 billion hands [3]. - **Option Market Statistics**: The trading volumes of most option varieties decreased, while the open - interest of some increased. For example, the trading volume of Shanghai 50 Index options was 33387, a decrease of 7626, and the open - interest was 71949, an increase of 126. The VL - PCR and OI - PCR of different option varieties showed different characteristics, with the CSI 1000 Index options having an OI - PCR of 110.17% [3]. 2. Option Volatility Statistics - **Near - month Options**: The ATM - IV of most option varieties increased. For instance, the ATM - IV of Shanghai 50 Index options was 13.32%, an increase of 0.17%, and the ATM - IV of Shanghai - Shenzhen 300 Index options was 13.96%, an increase of 1.17%. The HV of most options also increased, and the skew generally decreased [6]. - **Next - month Options**: The changes in ATM - IV and HV of different option varieties were mixed. For example, the ATM - IV of Shanghai 50 Index options was 15.15%, an increase of 0.18%, while the ATM - IV of CSI 1000 Index options was 20.73%, a decrease of 0.01% [6]. 3. Option Charts for Different Varieties - **Index Options (Shanghai 50, Shanghai - Shenzhen 300, CSI 1000)**: There are charts showing the full - contract PCR, main - contract skewness, volatility cone, and volatility term structure. These charts can help analyze the market sentiment and volatility characteristics of different index options [10][14][23]. - **ETF Options (Shanghai 50ETF, Huatai - Baorui 300ETF, etc.)**: Similar to index options, there are also corresponding charts for each ETF option variety to show the PCR, skewness, volatility cone, and volatility term structure, which are used to analyze the market conditions of ETF options [27][31][40].