Group 1 - The public fund investment strategy shows robust growth in both scale and number, with active equity funds achieving an average return of 29.69% in 2025, outperforming major indices [2][23][27] - The top three sectors for active equity fund holdings are technology, manufacturing, and cyclical industries, indicating a strong focus on growth-oriented sectors [2][28] - The market outlook for 2026 suggests continued structural opportunities in A-shares, with technology growth remaining a key theme, while Hong Kong stocks are seen as undervalued [2][3] Group 2 - The index fund market has reached a historical high in both scale and number, with total assets amounting to 6.14 trillion yuan, reflecting a significant increase of 32.27% from the previous year [2][37][40] - The ETF segment dominates the index fund market, accounting for 76.10% of total assets, with a notable increase in industry-themed ETFs [2][38][40] - The performance of thematic funds, particularly in technology, has been outstanding, with technology-themed funds achieving an average return of 44.06% in 2025 [2][27][28]

Core Viewpoint - The former chief professional of China Three Gorges Financial Co., Cheng Zhiming, has been expelled from the Party and public office due to serious violations of discipline and law [1][2]. Group 1: Violations and Investigations - Cheng Zhiming was found to have lost his ideals and beliefs, acted disloyally to the Party, colluded with others, and resisted organizational investigations [2]. - He violated the spirit of the Central Eight Regulations and integrity discipline by accepting gifts, consumption cards, and attending banquets that could influence his official duties [2]. - Cheng was involved in providing assistance in employee recruitment in exchange for financial benefits, organized gambling activities among subordinates, and engaged in power-for-money transactions, leading to significant losses of state assets [2]. Group 2: Disciplinary Actions - The Central Commission for Discipline Inspection and the National Supervisory Commission decided to expel Cheng from the Party and public office, and confiscate his illegal gains [2]. - His case has been transferred to the prosecutorial authorities for legal review and prosecution [2]. Group 3: Background Information - Cheng Zhiming, born in March 1968, held a graduate degree and was a senior economist with extensive experience in various leadership roles within China Three Gorges Corporation [3]. - He served as the chairman of China Three Gorges Financial Co. and was previously a board member of Funiu Co., which he resigned from due to job changes [3]. - The company, established in 1997, aims to enhance the centralized management of funds and improve the efficiency of fund usage for the Three Gorges Group, with a registered capital of 7.5 billion yuan [3][4].

【导读】三峡财务有限责任公司原首席专业师程志明被开除党籍和公职 中国基金报记者 晨曦 金融反腐新消息来了！ 11月27日，中央纪委国家监委官网通报：三峡财务有限责任公司原首席专业师程志明被开除 党籍和公职。 日前，经中央纪委国家监委批准，中央纪委国家监委驻中国三峡集团纪检监察组、湖北省监 委对三峡财务有限责任公司原首席专业师程志明严重违纪违法问题进行了立案审查调查。 经查，程志明 存在以下问题： ● 丧失理想信念，背弃初心使命，对党不忠诚不老实，与他人串供，对抗组织审查； ● 违反中央八项规定精神和廉洁纪律，违规收受礼品、消费卡，接受可能影响公正执行公务 的宴请； ● 违背组织原则，在职工录用等工作中为他人提供帮助并收受财物； ● 追求低级趣味，多次组织下属进行带有财物输赢性质的打麻将活动； 通报指出， 程志明严重违反党的政治纪律、中央八项规定精神、组织纪律、廉洁纪律和生活 纪律，构成严重职务违法并涉嫌受贿、国有公司人员滥用职权犯罪，且在党的十八大后不收 敛、不收手，性质严重、影响恶劣，应予严肃处理。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政 务处分法》等有关规定，经中 ...

Group 1 - A new company, 招银金融资产投资有限公司, has been established with a registered capital of 150 billion yuan [1] - The company is fully owned by 招商银行 (China Merchants Bank) [1] - The business scope of the new company includes non-bank financial services [1]

Core Insights - A new company, China Merchants Bank Financial Asset Investment Co., Ltd., has been established with a registered capital of 15 billion RMB, fully owned by China Merchants Bank [1] Group 1 - The company is set to engage in non-banking financial services, specifically market-oriented debt-to-equity swaps and pilot equity investment businesses [1] - The establishment has received approval from the financial regulatory authority, indicating a regulatory endorsement for its operations [1]

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) increased by 0.24% on November 20, with a trading volume of 1.106 billion yuan [1] - The fund's shares rose by 93.5 million, bringing the total shares to 15.218 billion, with an increase of 2.494 billion shares over the past 20 trading days [1] - The latest net asset value is calculated at 25.696 billion yuan [1] - The fund's performance benchmark is the return rate of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, using valuation exchange rates [1] - Managed by GF Fund Management Co., Ltd., the fund has achieved a return of 68.82% since its establishment on November 10, 2023, and a return of 2.56% over the past month [1]

非银行金融 行业周报（20251110-20251114） 领先大市-A(维持)) 提升资本市场内在稳定性，券商基本面持续向好 2025 年 11 月 18 日 行业研究/行业周报 | 彭皓辰 | | --- | | 执业登记编码：S0760525060001 | | 邮箱：penghaochen@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | 资料来源：最闻 提升资本市场内在稳定性。上海证券交易所国际投资者大会 11 月 12 日正式启幕，开幕式上证监会副主席表示，资本市场平稳健 康运行，具备良好的基础条件，证监会将深化投融资综合改革，着 力提升资本市场制度的包容性、适应性。融资端，纵深推进两创板 改革，加快落实科创板"1+6"政策举措，推动科创成长层平稳运 行。抓紧启动实施深化创业板改革，积极发展多元股权融资。投资 端 ...

Group 1 - The core view of the report is positive regarding the financial industry's outlook in Hong Kong, with improved visibility in revenue growth driven by stable deposit increases and a stable HIBOR, leading to net interest income growth [1] - Wealth management business is performing strongly and is a major driver of non-interest income growth [1] - The report indicates a slight decrease in commercial real estate risk due to improved sentiment in the residential market, although different banks have varying views on risks associated with retail and office commercial real estate [1] Group 2 - The report highlights that Hong Kong banks have diverse strategies regarding digital assets, with Standard Chartered (02888) having the most comprehensive layout in the stablecoin and cryptocurrency ecosystem [1] - Overall, the report maintains an optimistic outlook for Hong Kong banks, with Standard Chartered being the preferred stock in the industry [1] - For non-bank financial institutions, the report anticipates that Hong Kong Exchanges and Clearing (00388) will benefit from stable market sentiment and IPOs, driving earnings per share growth, although new derivative measures are unlikely to be significant revenue drivers in the short to medium term [1]

Group 1 - The A-share market continues to experience fluctuations, with lithium battery materials seeing price increases, leading to a surge in lithium carbonate futures and related stocks [1] - The total net inflow of funds into ETFs reached 17.1 billion yuan on November 17, with about one-third of ETFs receiving additional investments [1] - The largest battery ETF (159755) saw a net inflow of 361 million yuan, increasing its total size to 16.29 billion yuan, making it the only battery-themed index fund over 10 billion yuan in size [1] Group 2 - The "lonely" Hong Kong Stock Connect non-bank ETF (513750) received a net inflow of 310 million yuan, reaching a new high of 25.8 billion yuan after 12 consecutive trading days of being favored by investors [2] - The largest Hong Kong innovative drug ETF (513120) also saw a net inflow of 57 million yuan, accumulating over 1.7 billion yuan in net inflows for November, with a total size of 25.4 billion yuan [2] - The combined size of two innovative drug ETFs managed by GF Fund has exceeded 30 billion yuan, making it the only fund manager with over 30 billion yuan in innovative drug-themed ETFs [2] Group 3 - The Shanghai Gold ETF (518600) recorded a net inflow of 145 million yuan, with a total size of 3.82 billion yuan and a year-to-date return of 49.71% [3] - Over the past three complete calendar years (2022-2024), the Shanghai Gold ETF has shown returns of 8.41%, 15.36%, and 26.63%, indicating strong defensive attributes [3] - The market sentiment indicators suggest a neutral zone, with potential opportunities for investors to adjust their positions towards a "barbell strategy," focusing on technology and defensive dividend sectors [3]

摩根大通发表研究报告指，对香港金融行业前景看法正面，行业的收入增长可见度有改善，受惠于存款 稳健上升和稳定的HIBOR，带动净利息收入增长，而财富管理业务表现强劲，亦成为非利息收入增长 的主要推动力。风险方面，摩通相信，由于香港宅市场情绪回暖，商业房地产风险略为下降，然而，不 同银行对涉及零售和写字楼的商业房地产风险存在不同看法。 该行提到，港银在数字资产方面的战略各异，其中渣打在稳定币和加密货币生态中具有最全面的布局。 整体而言，该行对港银持乐观态度，渣打为行业首选股。至于非银行金融机构方面，摩通预期港交所可 受惠于稳健的市场情绪和IPO，以推动每股盈利增长，但新的衍生品措施于短期至中期内成为收入驱动 因素的机会不高，且现时尚未有将REITs纳入互联互通的时间表。 ...