Core Viewpoint - The leadership transition at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, is expected to create a stable environment for the company's continued development [2][4]. Group 1: Leadership Changes - Zhuang Yuanfang has over 33 years of experience and has held various positions within Xingye Securities and Xingzheng Global Fund since joining in 1992 [2][3]. - Chen Jinqian, who has been in the securities industry since 1999, has served in multiple roles at Xingzheng Global Fund since 2010, including Deputy General Manager and Director of Fixed Income [3][4]. - Both leaders have over 10 years of tenure at the company, fostering a culture of responsibility and professionalism [4]. Group 2: Company Overview - Xingzheng Global Fund was established in 2003, with a stable shareholder structure where Xingye Securities holds 51% and Dutch Global Life Insurance International Company holds 49% [4]. - As of the end of Q3, the total public fund size managed by Xingzheng Global Fund was 741.99 billion, with non-monetary funds amounting to 289.39 billion [4]. - The fund primarily focuses on actively managed equity products, with mixed funds totaling 137.64 billion, bond funds at 122.5 billion, and stock funds at 11.04 billion [4]. Group 3: Industry Context - The public fund industry has seen a significant turnover in leadership, with 338 executives changing roles across 136 firms this year [6]. - The transition of leadership is viewed as a normal part of the industry's evolution, with experienced figures retiring and new talent entering the field [7].

Core Insights - Xingsheng Global Fund appointed Zhuang Yuanfang as Chairman and Chen Jinqian as General Manager, marking a significant leadership transition within the company [1][3]. Management Changes - Zhuang Yuanfang has been promoted to Chairman, having previously served as General Manager and has over 33 years of industry experience, including roles at Xinyi Securities [2][3]. - Chen Jinqian, with over 26 years of investment research experience, has taken over as General Manager and Financial Officer, previously holding various positions within Xingsheng Global Fund since 2010 [2][3]. Company Performance - As of the end of Q3, Xingsheng Global Fund's non-monetary assets reached 288.45 billion yuan, ranking 20th in the market, while its equity assets ranked 21st and active equity assets ranked 9th [1][3]. Product Development - Xingsheng Global Fund has launched its first ETF product, the Xingsheng Global CSI 300 Quality Index ETF, which aims to track high-quality companies based on profitability and stability [4][5]. - The total market size of stock ETFs in China reached 4.45 trillion yuan as of November 6, with non-monetary ETFs nearing 5.5 trillion yuan [5].

Core Insights - As market indexes approach all-time highs, investors are seeking ways to hedge against uncertainty and volatility in traditional equities [1] Group 1: Investment Strategies - The Barings Global Short Duration High Yield Fund is highlighted as a potential investment option for those looking to mitigate risks associated with traditional equities [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds is suggested to enhance investment income while achieving total returns comparable to traditional index funds [1]

证监会也想有个大牛市啊！为了让散户投资者入场，除了直接开户自己炒股之外，对于间接入场，例如购买股票类理财产品和基金类理财产品，也是煞费 苦心，创造一切有利条件。在9月5日，证监会出台《公开募集证券投资基金销售费用管理规定》，不过这是修订意见稿，何时会修订完毕，正式出台，还 要等待。 这其中的《规定》一共分了六章共28条，德先生看后，觉得非常好，条条都是为了散户投资者服务的，其中讲述了要合理调降公募基金认购费、申购费、 销售服务费率，对投资者持有期限超过一年退出将不再计提销售服务费。另外还对于基金销售的利息归属、基金投顾业务双重收费等做梦了明确约定，同 时开启了基金行业机构投资者直销服务平台，既为从业人员展业服务，更是为保护金融投资者利益服务。 不过投资者更关心的是基金财产的归属问题，证监会在征询意见时，明确说明公募基金赎回费全额计入基金财产。这也是一个重大意义，过去赎回费可是 不计入基金财产的，这部分利益就会被基金经理直接拿走，变成基金公司的收入，最终投资者发现，越是赎回的多，不是反应了基金经理水平的下降，而 是增加了他们的收入和利润。 更为严重的是，这更会导致基金份额的净值下降，对投资者的利益产生不利影响。 ...

Group 1 - The recent rumor regarding a physical altercation between fund managers Yan Siqian and Wang Zijian at Penghua Fund has been officially denied by the company, which stated that the claims are false and part of misinformation [2] - Penghua Fund has initiated an internal investigation to verify the claims and has urged the public not to believe or spread false information [2] - Yan Siqian, who joined Penghua Fund in January 2022, currently manages six funds with a total scale of 20.802 billion, while Wang Zijian, who joined in November 2022, manages two funds with a total scale of 2.544 billion [2] Group 2 - The jointly managed fund by Yan Siqian and Wang Zijian, Penghua Innovation Future Mixed Fund, has a scale of 2.479 billion, with a return of 17.51% over the last three months and 46.68% over the past year [3] - As of September 30, 2025, Penghua Fund's total asset management scale exceeds 1.3 trillion, managing 370 public funds and 20 social security and pension funds [3] - In the first half of 2025, Penghua Fund reported a net profit of 387 million, a year-on-year increase of 1.24%, and an operating income of 1.863 billion, up 4.14% year-on-year [3]

Core Insights - Investing in U.S. large-cap growth companies is commonly done through the S&P 500, but there are alternative funds with broader exposure, such as the iShares Russell 1000 Growth [1] Group 1: Investment Strategies - The article highlights the importance of exploring various investment options beyond the S&P 500 for large-cap growth exposure [1] Group 2: Analyst Background - The author has a Master's in Banking & Finance and a diverse background in corporate finance, M&A, and investment analysis, focusing on real estate, renewable energy, and equity markets [1]

以下文章来源于阿尔法工场DeepFund ，作者基哥 阿尔法工场DeepFund . 专注基金行业事件、产品和人物故事，探究背后的深层逻辑。 导语：规模突破百亿的科创债ETF达到15只，但成交量明显偏低，反映出投资者认购意愿不强。 科创债ETF，这一曾经被机构视为"香饽饽"的产品，如今却遭遇尴尬的境遇。 截至10月31日，市场上24只科创债ETF中，有15只规模突破百亿；但这些产品的成交量却明显 偏低，这一现象直接反映出投资者认购意愿不强，与其刚上市时的市场表现形成了鲜明对比。 被垄断的做市业务 作为固收方向的一类创新产品，首批10只科创债ETF从7月2日正式获批，到7月7日首发当天触及 30亿元募集上限宣告售罄，到7月10日全部成立，再到7月17日上市交易，全程用时不足一个月。 上市伊始，从多家基金公司反馈的情况看，都很有信心，部分基金公司更是计划在1到3天之内把规 模直接做到200亿的体量。 但根据最新数据显示，仅科创债ETF嘉实一只产品达到了这一规模。 此前，各家公募竞相参与科创债ETF的发行，其中一个很重要的原因便是看好债券ETF的发展前 景。 | 基金管理人 | 2025Q3规模(亿元) | 202 ...

Core Insights - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to these benchmarks, marking a significant transformation in the public fund industry [1][8] - The introduction of these benchmarks is expected to improve the discipline of active investment, promote clearer investment styles, and attract more long-term capital into the market [1][8] Group 1: Performance of Active Equity Funds - Only 30% of active equity funds have outperformed their performance benchmarks over the past three years, with an average return lagging behind the benchmark by 7.26% [2] - Among the 3731 active equity funds, only 1262 have managed to beat the benchmark, indicating a challenging environment for achieving superior performance [2] - Notably, some high-performing funds may have achieved their results due to "benchmark mismatch," highlighting the importance of appropriate benchmark selection [2] Group 2: Risk and Return Analysis - High absolute returns do not necessarily correlate with high excess returns, as some funds with significant gains still underperformed against their benchmarks [3] - For instance, the fund "Baoying Artificial Intelligence" achieved a return of 67.75% but lagged behind its benchmark by 18.38% [3] - Additionally, 28 active equity funds that did not achieve positive returns still managed to outperform their benchmarks, primarily in sectors like pharmaceuticals and new energy [4] Group 3: Fund Size and Performance - Smaller-sized active equity funds tend to have better excess return capabilities compared to larger funds, with only 40% of large funds (over 10 billion) outperforming their benchmarks [5] - The average size of funds achieving positive excess returns is significantly lower than the overall market average, supporting the notion that larger fund sizes may hinder performance [5] Group 4: Fund Manager Influence - The total management scale of fund managers has some impact on their ability to generate excess returns, with a notable number of successful fund managers managing over 10 billion [6] - However, the tenure of fund managers does not show a significant correlation with their active management capabilities [6] Group 5: Regulatory Changes and Industry Standards - The introduction of the performance benchmark guidelines is expected to lead to a systematic restructuring of the public fund industry, with a one-year transition period for existing products [7][8] - The establishment of a benchmark element library aims to standardize benchmark selection, enhancing the comparability and regulatory compliance of fund performance assessments [8] - Future guidelines will require fund companies to set reasonable benchmarks based on investment strategies, further aligning actual investment behavior with product strategy [9]

Core Viewpoint - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to these benchmarks, promoting a return to the fundamental purpose of asset management [1][10]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released an action plan in May to promote high-quality development in public funds, emphasizing the importance of performance benchmarks [1]. - A draft of new regulations regarding performance benchmarks was published on October 31, which is expected to improve the discipline of active investment and stabilize investment styles [1][9]. - The introduction of a performance benchmark element library aims to standardize the selection of benchmarks, categorizing them into primary and secondary libraries to enhance comparability and prevent arbitrary changes [10][11]. Group 2: Fund Performance Analysis - Only 34% of active equity funds outperformed their benchmarks over the past three years, with an average return lagging behind benchmarks by 7.26% [3][4]. - Among the top-performing funds, only 20 funds achieved over 100% excess returns, indicating that achieving superior performance is challenging under the new evaluation standards [3][4]. - Some high-performing funds may have misleadingly high excess returns due to benchmark mismatches, highlighting the importance of appropriate benchmark selection [3][4]. Group 3: Fund Size and Performance - Smaller funds tend to have better excess return capabilities, with only 40% of large funds (over 10 billion) outperforming their benchmarks [6]. - The average size of funds achieving positive excess returns is significantly lower than the overall market average, supporting the notion that larger fund sizes may hinder performance [6]. Group 4: Fund Manager Impact - The total management scale of fund managers influences their active management capabilities, with a significant number of successful funds managed by those overseeing over 10 billion [7]. - The average tenure of fund managers does not show a significant correlation with their ability to generate excess returns, indicating that experience alone may not guarantee performance [7]. Group 5: Industry Trends - The number of funds changing their benchmarks has increased significantly, with over 132 funds adjusting their benchmarks in 2023 alone, signaling a shift towards stricter industry norms [9]. - The new guidelines are expected to lead to a systematic restructuring of the public fund industry, with a focus on aligning actual investment behavior with product strategy [10][11].

此次投资策略报告会的成功举办，为投资者搭建了一个与行业专家近距离交流的平台。兴业银行天津分 行将始终以客户需求为中心，致力于为客户提供专业、全面金融服务的理念。 10月31日，兴业银行天津分行成功举办了以"远见·启新"为主题的2025年投资策略报告会。会议特别邀 请天弘基金首席策略分析师刘宁先生、兴业研究首席商品研究员付晓芸女士两位行业资深专家，为到场 的220余位客户带来一场兼具深度与前瞻性的投资策略分享。兴业银行天津分行党委委员、副行长徐川 出席报告会。 未来，兴业银行天津分行也将始终秉承"一流银行，百年兴业"的发展愿景，坚守"真诚服务，相伴成 长"的服务理念，整合集团专家资源，为客户提供全方位、多场景、定制化、全生命周期的服务，与客 户携手共进，互惠共赢！ 报告会上，天弘基金首席策略分析师刘宁先生从以《长牛 or 快牛，国内经济与大类资产策略》为主 题，从宏观经济、政策导向等多维度切入，深入探讨了未来国内经济的增长动力与潜在挑战，并针对权 益市场配置逻辑与策略给予了专业建议。 兴业研究首席商品研究员付晓芸女士聚焦外汇与贵金属市场，以《重构与韧性，外汇与贵金属市场展 望》为主题，通过分析全球经济格局变化、 ...