Group 1 - The core point of the announcement is to inform investors about the premium risk associated with the E Fund MSCI US 50 ETF, which had a closing price of 1.719 yuan on October 31, 2025, reflecting a premium of 5.31% over its reference net asset value (IOPV) [1] - The fund management company emphasizes that if the premium does not decrease effectively, they may apply for temporary trading suspension to warn the market about the risks [1] - The announcement also states that the fund is currently operating normally and that the management will adhere to legal regulations and fund contracts [2][17] Group 2 - E Fund has appointed Guosen Securities as a liquidity service provider for several ETFs to enhance market liquidity and stability, effective November 3, 2025 [4] - Additionally, E Fund has also appointed Zheshang Securities and CITIC Securities as liquidity service providers for other ETFs, effective the same date [7][8] - The company has also added Changjiang Securities and AVIC Securities as primary dealers for certain ETFs, which will facilitate the subscription and redemption processes [12][16]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational rules for the performance comparison benchmarks of publicly raised securities investment funds, aiming to address existing issues in the fund industry and enhance investor trust [1][2]. Group 1: Issues in the Fund Industry - The previous performance comparison benchmarks were ineffective, leading to phenomena such as style drift, excessive focus on specific sectors, and poor investment experiences for investors [1]. - These issues have resulted in significant fluctuations in fund performance and a lack of transparency in fund managers' holdings, negatively impacting investor confidence and the industry's reputation [1]. Group 2: New Guidelines and Operational Rules - The new guidelines require that benchmarks reflect the product's positioning and investment style, aligning with the fund's contract regarding investment goals, scope, strategies, and restrictions [2]. - The guidelines aim to reduce the discretionary power of fund managers in portfolio construction, addressing issues like style drift and inconsistent investment strategies [2]. - Performance evaluations of actively managed equity funds will now be directly linked to the performance comparison benchmarks, with a clear impact on fund managers' compensation based on their performance relative to these benchmarks [2].

Core Viewpoint - The China Securities Regulatory Commission and the Asset Management Association of China have released draft guidelines to address issues of style drift and misleading practices in public offering securities investment funds [1][5]. Group 1: Regulatory Changes - The new guidelines aim to ensure that performance benchmarks accurately reflect the product's positioning and cannot be changed arbitrarily once established [5]. - Fund managers are required to create a performance evaluation system centered on fund investment returns, linking compensation management to investment performance [5][9]. Group 2: Impact on the Industry - The draft guidelines transform performance benchmarks from loose references to rigid constraints, promoting a closed-loop system of "performance, compensation, and reputation" [7]. - The new regulations provide investors with a clear standard for evaluating funds and impose strict oversight on fund companies' selection of performance benchmarks [9]. - Regulatory authorities will guide industry institutions to gradually optimize and change existing product benchmarks over a one-year transition period [9].

Core Viewpoint - The Vanguard Long-Term Corporate Bond Index Fund ETF (VCLT) is highlighted as a suitable option for investors seeking exposure to long-term US corporate credit [1] Group 1 - VCLT is designed to invest in very long-term US corporate credit [1]

《基金"盲盒"时代要结束了》 ——从"模糊对标"到"精准锚定"，新规让公募基金更透明、更靠谱 你有没有买过这样的基金：宣传稳健如"养老型"，结果净值像"过山车"？ 别慌，这种"风格漂移"的乱象，终于要被按下暂停键了。 10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，配套操作细则同步亮相。这一次，监管层是要动真格 的——给公募基金的"导航仪"换代升级。 过去，不少基金喜欢"自定参照系"，对标宽松指数、展示虚高业绩。新规要求：业绩基准必须与投资策略匹配，一旦设定，不得随意修改；同时 引入内控与托管双重监管机制，基金经理再也不能随意"漂移"。更关键的是，绩效薪酬也要和基准挂钩，*跑赢才是真赢*。 对投资者而言，这意味着：你终于能看清一只基金的"真功夫"——不再被"包装业绩"迷惑，而是看到它到底值不值得托付。更透明、更稳定、更 专业，这才是中国基金行业高质量发展的应有模样。 基准升级，不只是换算法，而是重塑信任。 （唐加文，笔名金观平；本文成稿后，经AI审阅校对） ...

Core Insights - The article emphasizes the potential of closed-end funds (CEFs) and exchange-traded funds (ETFs) for income investing, particularly highlighting the opportunity to purchase CEFs at a discount [2]. Group 1: Investment Strategy - The CEF/ETF Income Laboratory manages portfolios targeting safe and reliable yields of approximately 8% [2]. - The service offers managed portfolios, actionable income and arbitrage recommendations, and in-depth analysis of CEFs and ETFs [2]. - The community consists of over a thousand members focused on finding the best income ideas, catering to both active and passive investors [2]. Group 2: Expertise and Background - Nick Ackerman, a former financial advisor with over 14 years of personal investing experience, contributes to the CEF/ETF Income Laboratory [2]. - The team includes other experts like Stanford Chemist and Juan de la Hoz, who provide research and insights into income and arbitrage strategies [2].

Core Insights - The FOF (Fund of Funds) market is experiencing a significant recovery, with a notable increase in investor enthusiasm and new fund launches, particularly in October 2025 [1] - The growth in FOFs is primarily driven by the need for multi-asset allocation strategies in a complex macroeconomic environment, rather than just performance in a bull market [1][21] - The leading FOF product, Zhongou Yingxuan Stable, has achieved substantial growth due to its clear positioning and strong risk management capabilities [2][7] FOF Market Trends - In October 2025 alone, four new FOFs raised over 2 billion, and two FOF products surpassed 10 billion in size for the first time in three quarters [1] - As of September 30, 2025, the public FOF market saw an increase of 604 billion, with over 70% of this growth attributed to mixed bond FOFs [1] - Zhongou Yingxuan Stable is highlighted as a representative product, showcasing the demand surge in the FOF sector [1] Performance Metrics - Zhongou Yingxuan Stable has maintained a maximum drawdown of only -0.7% over the past year, significantly better than the average maximum drawdown of -2.8% for similar mixed bond FOFs [2] - The fund has recorded the longest continuous growth period of 11 months, indicating strong performance stability [6] Fund Management and Strategy - Zhongou Yingxuan Stable's rapid growth from 30 million at the beginning of 2024 to over 100 billion by the third quarter of 2025 reflects a positive feedback loop of investor trust and performance [7] - The fund employs a multi-asset investment strategy, incorporating various asset classes such as bonds, equities, and REITs, which enhances its risk management and performance consistency [10][11] Competitive Landscape - As of September 30, 2025, Zhongou Fund has become the industry leader in FOF management scale, surpassing competitors like Xingzheng Lingqiu Fund and Yifangda Fund [8] - The success of Zhongou Yingxuan Stable illustrates the importance of product experience and investor confidence in driving fund inflows [7][21] Future Outlook - The demand for high-quality, stable FOFs is expected to continue, especially in a market characterized by low-risk returns and ongoing economic uncertainty [11][21] - The FOF sector is likely to see further growth as investors increasingly prioritize diversified asset allocation and stable investment experiences over short-term performance [21]

10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作细 则，向社会公开征求意见。 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。本次 业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关键一 步"，进入"存量改革"阶段。 这就说明业绩比较基准没有成为真正的"尺"和"锚"，基金公司和基金经理对业绩比较基准的重视程度不 够。 证监会相关部门负责人介绍，这次改革就是要发挥业绩比较基准对基金投资行为的约束和指导作用，尽 量确保投资者"所见即所得"。完善对业绩比较基准的监管安排，也将引导基金行业进一步回归以投资者 为本的发展理念。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好坏。它 不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基金经理的投资风格，让他们别 跑偏，确保基金老老实实按约定策略操作，追求相对基准的超额收益，并切实 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" and is seeking public feedback, aiming to standardize fund managers' investment behavior and enhance investor experience [1][2]. Summary by Sections General Principles - The guidelines consist of 21 articles divided into six chapters, emphasizing the representativeness and objectivity of performance comparison benchmarks [1]. Constraints on Performance Benchmarks - The new regulations state that performance benchmarks cannot be adjusted arbitrarily due to short-term factors, and any changes must follow specific procedures, including announcements and informing investors [2]. Evaluation Role of Performance Benchmarks - The guidelines also standardize the use of performance benchmarks in salary assessments, fund sales, and fund evaluations [2]. Strengthening Supervision - There is a focus on enhancing information disclosure and supervision by fund custodians, establishing multiple layers of defense beyond self-regulation by fund managers [3].

Core Insights - In Q3, a stark contrast emerged in the fund industry, with large funds experiencing significant share shrinkage while smaller funds enjoyed substantial growth in both performance and share size [1][2][4] Group 1: Large Funds Performance - Many large funds, despite showing improved performance, faced significant redemptions, with examples like E Fund Blue Chip Select seeing a net value increase of 16.37% but a reduction of over 2 billion shares, a decline of more than 10% [2][3] - Other large funds, such as Xingquan Helun and Ruifeng Growth Value, also reported net value increases of over 35% and 50% respectively, yet their A-class shares decreased by over 2 billion shares [2][3] - The trend of redemption for large funds began after the market downturn in September 2022, with significant year-on-year share reductions noted [3] Group 2: Small Funds Performance - Smaller funds experienced a "highlight moment" in Q3, with significant increases in both net value and share size, such as Yongying Technology Selection achieving nearly 100% net value growth and a scale increase of over 10 billion [4] - Other small funds like Zhonghang Opportunity Navigator and Zhongou Digital Economy also saw net value increases of nearly 90% and 80%, respectively, with substantial share growth [4] - The performance of smaller funds is attributed to their ability to focus on high-growth sectors without the historical burdens faced by larger funds [7] Group 3: Investor Behavior - The contrasting performance of large and small funds reflects a shift in investor sentiment from "star chasing" to a more pragmatic approach, focusing on strategies and sectors rather than just fund managers [5][7] - Investors are currently in a transitional phase, with some opting to redeem for safety while others may re-enter the market if the upward trend continues [6][7] Group 4: Market Outlook - The outlook for the A-share market remains positive, with expectations of a "slow bull" market driven by factors such as improved macroeconomic conditions and liquidity, alongside strong performance in sectors like AI and semiconductors [8][9] - Analysts predict that as the market stabilizes, there will be a gradual return of long-term capital, enhancing market activity [8][9]