记者丨李域 编辑丨姜诗蔷 11月12日，21世纪经济报道记者从业内获悉，前海开源基金创始人暨首任董事长王兆华因病医 治无效，于2025年11月10日在西安去世，终年69岁。 前海开源基金在悼念通知中写道："王兆华是公司的奠基者，为公司的成立和发展作出了不可 磨灭的贡献。他的离去，是我们公司巨大的损失，他的精神与风范，将长存于我们心中。" 前海开源基金终身顾问、知名业内人士王宏远亦发文悼念称，王兆华掌舵前海开源基金期间， 带领公司从零起步，一路披荆斩棘，将管理规模从零做到了千亿元级别，使公司迅速崛起为行 业中的重要力量。 公开资料显示，王兆华，出生于陕西乾县，1980年至1983年任中国人民银行西安市分行工 作，1983年至1986年脱岗学习。1986年至1998年历任中国工商银行西安市分行工业信贷处副 科长；中国工商银行西安开发区支行副行长；中国工商银行西安市分行信贷处副处长、处长。 1998年至2004年，王兆华历任华夏证券股份有限公司西安营业部副总经理、常务副总、总经 理；华夏证券股份有限公司济南管理总部党委书记、总经理；华夏证券股份有限公司总裁助理 兼重庆分公司党委书记、总经理；华夏证券股份有限公司总裁 ...

11月12日，博时基金管理有限公司发布高级管理人员变更公告，宣布公司党委副书记陈宇正式接任总经 理一职，任职日期自11月11日起生效。这一任命距离董事长张东履新仅一个月，标志着这家管理规模超 1.8万亿元的头部公募基金公司完成新一轮核心管理层换届。 | 基金管理人名称 | 博时基金管理有限公司 | | --- | --- | | | 《公开募集证券投资基金信息披露管理办法》、《证券基 | | 公告依据 | 金经营机构董事、监事、高级管理人员及从业人员监督 | | | 管理办法》 | | 高管变更类型 | 新任基金管理人总经理 | 任客户经理/副主任科员。陈宇还曾借调至中国证监会基金监管部三处任产品审核员，这段监管机构的 工作经历为他后续的职业发展奠定了坚实基础。 此后，陈宇历任华夏银行总行基金托管部副处长、资产托管部处长，泰康资产管理有限责任公司营销总 监、首席产品官、董事总经理、公司执委会成员，以及中邮人寿保险股份有限公司首席投资官。 2017年7月，陈宇加入招商局仁和人寿保险股份有限公司，历任党委委员、副总经理、首席投资官等 职，并兼任招商局仁和养老投资有限公司董事、CEO。2025年4月被任命为招商局仁 ...

1998年至2004年，王兆华历任华夏证券股份有限公司西安营业部副总经理、常务副总、总经理；华夏证 券股份有限公司济南管理总部党委书记、总经理；华夏证券股份有限公司总裁助理兼重庆分公司党委书 记、总经理；华夏证券股份有限公司总裁助理。2004年至2008年，任陕西海大实业有限责任公司总经 理。 2008年至2015年，王兆华历任开源证券股份有限公司总经理、董事长；2013年至2022年，王兆华担任前 海开源基金董事长，为公司的首任董事长，后因工作变动于2022年6月21日离任。现任前海开源基金董 事。 从业40多年，王兆华历经银行、证券、公募基金等多个金融业态的变迁，几乎完整参与了中国金融市场 化改革的全过程。 11月12日，21世纪经济报道记者从业内获悉，前海开源基金创始人暨首任董事长王兆华因病医治无效， 于2025年11月10日在西安去世，终年69岁。 前海开源基金在悼念通知中写道："王兆华是公司的奠基者，为公司的成立和发展作出了不可磨灭的贡 献。他的离去，是我们公司巨大的损失，他的精神与风范，将长存于我们心中。" 前海开源基金终身顾问、知名业内人士王宏远亦发文悼念称，王兆华掌舵前海开源基金期间，带领公司 ...

2008年至2015年，王兆华历任开源证券股份有限公司总经理、董事长；2013年至2022年，王兆华担任前 海开源基金董事长，为公司的首任董事长，后因工作变动于2022年6月21日离任。现任前海开源基金董 事。 （原标题：基金老将王兆华因病去世，曾任前海开源基金首任董事长） 21世纪经济报道记者李域 11月12日，21世纪经济报道记者从业内获悉，前海开源基金创始人暨首任董事长王兆华因病医治无效， 于2025年11月10日在西安去世，终年69岁。 前海开源基金在悼念通知中写道："王兆华是公司的奠基者，为公司的成立和发展作出了不可磨灭的贡 献。他的离去，是我们公司巨大的损失，他的精神与风范，将长存于我们心中。" 前海开源基金终身顾问、知名业内人士王宏远亦发文悼念称，王兆华掌舵前海开源基金期间，带领公司 从零起步，一路披荆斩棘，将管理规模从零做到了千亿元级别，使公司迅速崛起为行业中的重要力量。 公开资料显示，王兆华，出生于陕西乾县，1980年至1983年任中国人民银行西安市分行工作，1983年至 1986年脱岗学习。1986年至1998年历任中国工商银行西安市分行工业信贷处副科长；中国工商银行西安 开发区支行副行长 ...

Core Insights - The total scale of credit bond ETFs is 493 billion yuan, with a daily decrease of 1.3 billion yuan, indicating a slight contraction in the market [1] - The weighted median duration is 3.3 years, suggesting a moderate interest rate sensitivity among the ETFs [1] - The average transaction amount is 6.92 million yuan, with a median turnover rate of 33.8%, reflecting active trading in the market [1] Liquidity - The overall transaction amount reached 189.8 billion yuan, with the benchmark market-making ETF averaging 4.87 million yuan per transaction [1] - The median yield is 1.84%, with a median discount rate of -18.3 basis points, indicating a slight underperformance compared to benchmarks [1] Valuation - The Ping An Company Bond ETF (511030) saw an inflow of 470 million yuan, attributed to its short duration of 1.95 years and a static high yield of 1.90% [1] - The ETF has a relatively stable net value with a year-to-date drawdown of -0.50%, showcasing its competitive edge in the current market environment [1] Performance Comparison - The performance of various ETFs shows significant differences, with some experiencing inflows while others face outflows, highlighting the competitive landscape [1] - The table provided illustrates the recent trading volumes and performance metrics of different ETFs, indicating varying levels of investor interest and market dynamics [1]

Core Insights - The number of newly launched funds in the market has reached 1,371 as of November 11, marking a three-year high [1][5] - The average fundraising scale for new funds is only 782 million, indicating a shift in the public fund issuance market towards a "tool-oriented, segmented, and institutionalized" approach [3][6] Fund Issuance Trends - The public fund issuance has rebounded this year, surpassing previous years with 1,371 new funds launched, exceeding the total for 2023 and 2024 [5][6] - The trend has shifted from creating blockbuster funds to a "broad net" strategy, focusing on low-cost, efficient tool products to meet changing market demands [6][10] - The total fundraising scale for new funds this year is approximately 965.3 billion, the lowest since 2019, with an average fundraising scale of 782 million [5][6] Fund Types and Market Dynamics - There is a notable increase in equity funds, with 761 new equity funds launched, a 62% increase compared to the previous year [8][9] - Equity funds now account for 37% of total new fund issuance, significantly higher than previous years [8] - Conversely, bond funds have seen a decline, with only 247 new bond funds issued, the lowest in nearly a decade [9] Future Outlook - The market is expected to continue favoring equity products, particularly index funds, due to their cost advantages and growing investor demand [10] - The issuance of bond funds is anticipated to remain stable, with a shift towards bond ETFs replacing traditional bond funds [10]

Group 1 - The core viewpoint is that China's primary equity market has entered a phase of stock game, with increasing severity in capital return issues, and the role of the S market as an exit point will become more significant against the backdrop of changes in IPO policies and macroeconomic adjustments [1] - From 2024 to 2025, a divergence is expected between the domestic and overseas markets, with the overseas market rebounding and continuing to rise, while the domestic market remains sluggish [1] - The event aims to create an efficient and precise communication platform for LPs, GPs, and S fund managers, and to release the "2025 China S Market Research Report" to discuss market trends, solve transaction challenges, and explore cooperation opportunities [1]

Core Points - The Barings Global Short Duration High Yield Fund announced a monthly dividend of $0.1223 per share for November 2025, payable on December 1, 2025 [1] - The dividend represents an annualized yield of 9.57% based on the Fund's share price of $15.33 as of October 31, 2025 [1] - The Fund expects the dividend to be comprised of net investment income based on current projections [1]

Group 1 - Gold prices have risen, with New York futures reaching $4060 per ounce, up 1.06% for the day, while spot gold surpassed $4040 per ounce, increasing by 1.09% [1] - The gold ETF (159937) has increased by 49.43% year-to-date, reflecting strong market interest [2] - The central bank has increased its gold reserves for 12 consecutive months, with the latest data showing reserves of 7.409 million ounces as of the end of October, an increase of 30,000 ounces from the end of September [2] Group 2 - A new "gold tax" policy effective November 1 allows for exemption from value-added tax on transactions that do not involve physical delivery, encouraging investment in virtual gold and ETFs [2] - The gold ETF (159937) has seen significant inflows, with 327 million yuan in the last two days, leading the category, and a total net inflow of 13.799 billion yuan year-to-date, bringing its latest scale to 37.409 billion yuan [2] - According to a report from China International Capital Corporation, gold is expected to continue its upward trend next year, with structural and cyclical opportunities likely to resonate [2]

Core Insights - The public fund market in October 2025 saw a combined issuance scale of approximately 743.76 billion yuan, representing a year-on-year increase of 82.44% but a month-on-month decrease of 56.1% [1][2] Fund Issuance Structure - In October, the largest issuance scale was for equity funds, exceeding 200 billion yuan, with a total of 225.38 billion yuan for equity funds, followed by FOF funds at 172.94 billion yuan, mixed funds at 158.88 billion yuan, and bond funds at 145.21 billion yuan [2][3] - The issuance scale for QDII funds was relatively small at 14.52 billion yuan [2] Top Fund Products - The largest product by issuance scale was the Huatai-PB Yingtai Stable 3-Month Holding Fund, which had an issuance scale of 55.77 billion yuan and effective subscriptions of 15,214 households [3] - The Southern Growth Enterprise Board Artificial Intelligence ETF Link ranked second in issuance scale [3] - The Fortune Stable Tianrong Fund also had a significant issuance scale of 35.7 billion yuan, classified as a mixed bond secondary fund [3] Fund Company Activity - Huaxia Fund and Southern Fund were the companies with the highest number of new fund issuances in October, each launching five new products [5] - A total of six funds announced extensions for their fundraising periods, including products from Wanji Fund and Taikang Fund [8]