从履历来看，陈宇的金融从业经历覆盖银行、保险资管、监管机构等多领域，具备深厚的跨市场管理经 验。公开信息显示，陈宇毕业于首都经济贸易大学，职业生涯起步于中国工商银行总行基金托管部，担 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。 "复合型"老将陈宇出任博时基金总经理 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。 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。 数据显示，截至2025年9月30日，博时基金管理有限公司共管理399只公募基金，博时基金(含子公司)管 理资产总规模逾1.8万亿元，累计服务客户总数超过1.8亿人。 值得注意的是，博时基金近期高管变动多源于"招商系"内部调配。10月15日 ...

Core Viewpoint - Renowned economist Deng Haiqing has officially resigned as the Deputy General Manager of AVIC Fund due to personal reasons, marking a significant leadership change in the company [1][3]. Company Overview - AVIC Fund, established in 2016, is controlled by AVIC Group, with AVIC Securities holding 55% and Beijing Shougang Fund holding 45% [8]. - As of the end of Q3 this year, AVIC Fund has a public fund management scale exceeding 60 billion yuan, with over 30 funds under management [8]. Leadership Changes - Deng Haiqing joined AVIC Fund in December 2020 as Chief Investment Officer and was promoted to Deputy General Manager in December 2021 [5]. - His departure follows a series of management changes within the company, including the resignation of the General Manager and Chief Supervisor earlier this year [10]. Investment Strategy and Performance - AVIC Fund has focused on a differentiated development path, particularly in public REITs and bond funds, achieving notable innovation in product offerings [8]. - The company has established multiple public REITs related to green energy, photovoltaic, and logistics, as well as ESG-themed bond products [8]. - In equity investments, AVIC Fund has performed exceptionally well, with equity fund returns reaching 99.06% in the first three quarters of this year, ranking second in the industry [9].

Core Viewpoint - The recent cautious stance of ETF managers contrasts sharply with the heated market environment, indicating a shift towards a more prudent investment approach among institutional investors as they navigate market volatility and style rebalancing [1][5]. ETF Positioning - Several newly established ETFs are adopting a "low position" strategy, with some having equity positions as low as 10% or even close to zero, reflecting a wait-and-see approach before fully deploying capital [1][3]. - For instance, the Huaxia CSI Photovoltaic Industry ETF had an equity position of 33.19% as of November 11, which is below the required thresholds for investment in index components [2]. - Other ETFs, such as the Jiashi CSI Sub-Sector Chemical Industry Theme ETF and the Yifangda CSI Satellite Industry ETF, reported equity positions of 19.99% and 10.02%, respectively, as of early November [2]. Institutional Caution - The cautious behavior of ETFs is notable, as they typically aim to quickly align with their benchmark indices. However, recent listings show a significant delay in building positions, suggesting a more conservative approach from fund managers [4]. - Regulatory guidelines emphasize the need for fund managers to ensure compliance with investment ratios before listing, yet many funds are still in the process of building their portfolios, indicating a cautious market sentiment [4]. Market Dynamics - The Shanghai Composite Index has experienced volatility around the 4000-point mark, with a shift in market focus from technology stocks to sectors like new energy and cyclical stocks, which are showing improved performance [5]. - Institutional attitudes have shifted from aggressive to cautious, with passive funds slowing their pace of investment and actively managed funds also adopting a more conservative stance [5]. Investment Strategies - The concepts of "balanced allocation" and "barbell strategy" are regaining prominence among institutional investors, moving away from the previously favored growth-oriented strategies [6]. - Historical data suggests a tendency for a shift from growth to value styles in the fourth quarter, indicating a potential rebalancing rather than a complete style switch [6]. - Investment firms recommend a barbell strategy, combining high-dividend assets with a focus on quality growth assets, to navigate the current market conditions [6][7].

Core Insights - China Guoxin is enhancing its core functions as a state-owned capital operation company, focusing on supporting national strategies through diversified investment tools and financial services [1][6][7] Investment Strategy - Guoxin Fund has invested over 59 billion yuan in strategic emerging industries, achieving full coverage of nine strategic emerging industries and over 220 projects [2][3] - The fund emphasizes early, small, hard, and long-term investments, targeting original technology sources and supporting the development of a modern industrial system [2][3] Capital Deployment - Guoxin Investment has adopted a concentrated investment model, focusing on strategic emerging industries, with over 40 billion yuan allocated to key central enterprises [3][4] - The investment in strategic emerging industries accounts for nearly 80% of Guoxin Investment's total investments, enhancing state capital's control in critical sectors [3] Financial Services - Guoxin Securities has developed a specialized service model for central enterprises, covering 55 enterprises and maintaining a financing scale of over 30% of its total service [5] - The company is actively involved in issuing bonds and supporting green and technology innovation bonds, contributing significantly to the capital market [7] Ecosystem Development - Guoxin is building a "technology-industry-finance" cycle, enhancing the multiplier effect of state capital on the industrial chain [4][6] - The company is innovating in health and data services, developing platforms for drug traceability and digital identity verification [6] Strategic Partnerships - Guoxin Development has invested over 140 billion yuan to support 29 central enterprises, focusing on strategic projects and innovative investment patterns [4] - The company collaborates with local governments to establish funds targeting early-stage hard technology projects [2][4]

● 本报记者 张舒琳 近日，天弘基金宣布，将旗下五十余只基金的申赎门槛统一调降至0.1元，其中包括多只主动权益产 品。去年以来，陆续有基金公司发布类似公告，最低申赎份额以及最低持有份额降至0.01份。 基金申购门槛从"1元时代"进入"分角时代"，背后既有公募基金获客的需求，也有互联网渠道营销的推 动、投顾策略的配置需求，此外，还包含基金公司为应对清盘压力作出的考量。 超低门槛频现 天弘基金并非个例，今年以来，泰康基金、华润元大基金、泰信基金、中信保诚基金、淳厚基金、山证 资管、财通资管、国泰君安资管、路博迈基金、汇安基金、鑫元基金等十余家公募均降低了旗下部分产 品的销售门槛。这背后是公募获客需求、渠道营销需求、投顾策略需求等多重因素驱动。 公募基金作为普惠金融的代表，降低申赎门槛能够满足更多投资者的闲钱理财需求。在业内人士看来， 基金公司通过降低起购金额，得以吸引更多新客户用零钱体验基金投资，有助于开拓新用户。此外，代 销渠道也把低门槛体验优质产品当作一种营销手段。一位基金公司互金部门人士表示："互联网代销平 台经常推出各种'薅羊毛'活动，比如用积分、体验金买基金，还有平台推出'0.1元省心买黄金'等营销活 ...

Core Viewpoint - The recent cautious stance of newly established ETFs contrasts sharply with the heated market environment, indicating a more prudent attitude among institutional investors as they navigate market volatility and style rebalancing [1][5]. ETF Positioning - Several newly launched ETFs are adopting a "low position" strategy, with some having equity positions as low as 10% or even close to zero, reflecting a wait-and-see approach before fully deploying their capital [1][3]. - For instance, the Huaxia CSI Photovoltaic Industry ETF had an equity position of 33.19% as of November 11, which is below the required thresholds set by its fund contract [2]. - Other ETFs, such as the Jiashi CSI Sub-Sector Chemical Industry Theme ETF and the Yifangda CSI Satellite Industry ETF, reported equity positions of only 19.99% and 10.02%, respectively [2]. Market Dynamics - The cautious approach of ETFs comes amid a backdrop of the Shanghai Composite Index fluctuating around the 4000-point mark, with a notable shift in market styles as technology stocks face adjustments while new energy and cyclical sectors show improved performance [4][6]. - The market is currently experiencing a "rebalancing" rather than a complete "switch," with institutions returning to more balanced strategies after a period of aggressive growth-focused investments [6]. Investment Strategies - The "balanced allocation" and "barbell strategy" are re-emerging as core investment strategies among institutions, emphasizing a mix of dividend-paying assets and high-quality growth assets [5][6]. - Historical data suggests that after a strong performance in growth styles during the third quarter, a shift towards value styles in the fourth quarter is common, reinforcing the need for a balanced approach [6]. Recommendations - Fund managers are encouraged to consider increasing allocations to high-dividend stocks while maintaining a focus on quality growth assets, particularly in the context of the current market dynamics [7].

Core Points - The announcement details the partnership between Guolianan Fund Management Co., Ltd. and Bank of Communications, effective from November 14, 2025, allowing the bank to sell the Guolianan Double Monthly Enjoy 60-Day Holding Period Pure Bond Fund [1][25]. Group 1: Business Scope - Investors can perform subscription, redemption, conversion, and regular investment for the Guolianan Double Monthly Enjoy 60-Day Holding Period Pure Bond Fund at Bank of Communications branches [1]. Group 2: Regular Investment Rules - Regular investment allows investors to set a fixed amount for automatic deductions from their designated accounts on specified dates, without affecting daily subscription and redemption activities [1][2]. Group 3: Application Process - Investors must open an open-end fund account with Guolianan Fund Management to apply for regular investment, and those already holding an account need to visit Bank of Communications to apply for a trading account [5][6]. Group 4: Deduction and Fee Structure - The minimum monthly deduction for regular investment is set at 1 RMB, and the applicable subscription fee rates are as per the fund's prospectus [7][8]. Group 5: Conversion Rules - Fund conversion allows investors to switch between funds managed by the same fund manager, with specific rules regarding fees and calculations for conversion [12][13]. Group 6: Important Contacts - Investors can contact Bank of Communications or Guolianan Fund Management for further details regarding the fund and its services [24].

公告送出日期：2025年11月14日 注：本基金每10份基金份额发放红利0.3500元人民币。 2、与分红相关的其他信息 ■ 3、其他需要提示的事项 （1）本基金收益分配方式分两种：现金分红与红利再投资，投资者可选择现金红利或将现金红利自动 转为基金份额进行再投资。对于未选择本基金具体分红方式的投资者，本基金默认的分红方式为现金分 红方式。 （2）投资者可以在交易时间内到销售网点修改分红方式的选择，本次分红确认的方式将按照投资者在 权益登记日前一日的交易时间结束前（即2025年11月14日15：00前）最后一次选择的分红方式为准。请 投资者到销售网点或通过国寿安保基金管理有限公司客户服务中心确认分红方式是否正确，如不正确或 希望修改分红方式的，请务必在规定时间前到销售网点办理变更手续。 （3）本基金的基金份额持有人及希望了解本基金其他有关信息的投资者,可以登录国寿安保基金管理有 限公司网站（http://www.gsfunds.com.cn）或拨打国寿安保基金管理有限公司客户服务电话4009-258-258 （免长途费）咨询相关事宜。 （4）本基金销售机构的名称及联系方式请见国寿安保基金管理有限公司网站公示。 ...

Group 1 - The issuance of Funds of Funds (FOFs) has significantly increased in 2023, with 73 new FOFs launched by November 13, far exceeding the 31 launched in the entirety of 2024, and total issuance reaching 565.86 billion units, a 357.56% increase compared to 123.67 billion units in 2024 [1] - The core advantage of FOFs lies in their ability to achieve diversified asset allocation through professional fund selection and secondary diversification strategies, effectively reducing investment risks [1] - The surge in FOF issuance is attributed to a recovering market and strong demand for wealth allocation among residents, as single funds have struggled to navigate market style rotations in recent years [1] Group 2 - Gold-themed ETFs have gained popularity among FOFs, as gold's value as a safe-haven asset has become more pronounced amid global economic recovery challenges, while bond ETFs provide relatively stable returns [2] - Despite the booming issuance market, the "miniaturization" issue of existing FOFs is prominent, with over 520 FOFs in the market having a total scale exceeding 200 billion yuan, but an average scale of only 4 billion yuan, with 43.3% of products below 100 million yuan [2] - Many small-scale FOFs are initiated funds that require only 10 million yuan of self-owned capital to establish, leading to numerous "experimental" mini products that lower the average scale of FOFs [2] Group 3 - The short-term performance of FOFs has been pressured by stock market volatility in recent years, causing some investors to overlook the core advantages of risk diversification and long-term pension planning [3] - Concerns over the dual fee structure have led to a tendency for funds to avoid small-scale products, exacerbating the scale dilemma [3] - Industry insiders believe that the long-term value of FOFs in asset allocation will become increasingly evident, and their attractiveness to investors will continue to rise, with the industry expected to gradually overcome its challenges [3]

在赚钱效应的驱动下，公募QDII的份额净申购快速增长，促使各家QDII纷纷限购。 券商中国记者注意到，截至今年三季度末，QDII总体实现1098亿份净申购，成为份额增长最快的基金 品类。不过，因A股基金、港股通基金同样大仓位覆盖港股，港股QDII的独特性与竞争力被稀释降低， QDII份额增长主要集中在替代性较难的美股产品上，多只热门美股QDII近期宣布限购。 业绩弹性更好，资金涌入QDII赛道 天相数据统计显示，公募QDII今年三季度末的份额规模已跃升到6809.68亿份，而在二季度末的份额规 模约5711.25亿份，份额净申购达1098亿份，成为近期产品份额申购增长最快的基金品类。 QDII从主要赎回对象，变成基金申购的热门赛道，与这一类别产品开始爆发出高弹性收益有关，海外 投资选股已成为基金经理获取好业绩的关键词。统计显示，截至今年11月12日，全市场QDII基金前十 强包括汇添富香港优势精选、易方达全球成长精选、富国蓝筹精选QDII、南方港股医药行业QDII、工 银香港中小盘等，十强QDII年内业绩最高已达121.70%。 申购资金瞄准QDII产品，另一隐含的逻辑还包括在"一拖多"基金中进行存量搬家，一 ...