Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3][5]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 德邦乐享生活混合A with a net value of 1.9413 and a growth of 10.98% 2. 德邦乐享生活混合C with a net value of 1.9084 and a growth of 10.97% 3. 泰信现代服务业混合 with a net value of 2.2020 and a growth of 8.31% 4. 东方阿尔法瑞享混合发起C with a net value of 1.0481 and a growth of 8.06% 5. 东方阿尔法瑞享混合发起A with a net value of 1.0482 and a growth of 8.06% 6. 浙商汇金先进制造混合 with a net value of 1.1248 and a growth of 7.88% 7. 先锋聚元灵活配置混合C with a net value of 1.4272 and a growth of 7.73% 8. 先锋聚元灵活配置混合A with a net value of 1.4649 and a growth of 7.73% 9. 先锋聚优C with a net value of 1.1950 and a growth of 7.62% 10. 先锋聚优A with a net value of 1.1742 and a growth of 7.62% [2]. - The bottom 10 funds with the lowest net value growth include: 1. 南方原油(QDII-FOF)C with a net value of 1.1037 and a decline of 2.14% 2. 南方原油(QDII-FOF-LOF) with a net value of 1.1404 and a decline of 2.14% 3. 嘉实原油(QDII-LOF) with a net value of 1.3445 and a decline of 1.78% 4. 华宝油气 with a net value of 0.7359 and a decline of 1.54% 5. 华宝油气C with a net value of 0.7176 and a decline of 1.54% 6. 易方达原油A类人民币 with a net value of 1.1056 and a decline of 1.53% 7. 广发道琼斯石油指数人民币A with a net value of 2.2919 and a decline of 1.31% 8. 广发道琼斯石油指数人民币C with a net value of 2.2576 and a decline of 1.31% 9. 广发道琼斯石油指数(QDII-LOF)人民币E with a net value of 2.2660 and a decline of 1.31% 10. 汇添富积极回报一年持有混合(FOF)C with a net value of 1.0850 and a decline of 1.14% [3]. Market Trends - The Shanghai Composite Index showed a rebound with a trading volume of 2.06 trillion, indicating a positive market sentiment with a ratio of advancing to declining stocks at 3953:1330 [5]. - Leading sectors included electrical equipment, non-ferrous metals, and chemicals, all showing gains exceeding 3%, while telecommunications and power sectors lagged [5]. Fund Strategy Analysis - The fund with the fastest net value growth, 德邦乐享生活混合A, has a concentrated holding of 60.72% in its top ten stocks, indicating a strategic shift towards lithium mining and related sectors [6]. - Conversely, the 南方原油(QDII-FOF)C fund, which tracks overseas crude oil prices, has underperformed due to a significant drop in oil prices, reflecting its focus on energy commodities [7].

Group 1 - The core point of the news is the resignation of Deng Haiqing, the Deputy General Manager and Chief Investment Officer of AVIC Fund, due to personal reasons [1][2][4] - AVIC Fund has been focusing on a differentiated development path, particularly in public REITs and bond funds, achieving a management scale exceeding 60 billion yuan as of the end of Q3 this year [1][6] - Deng Haiqing joined AVIC Fund in December 2020 and was promoted to Deputy General Manager in December 2021, while also serving as Chief Investment Officer [4][5] Group 2 - As of the end of Q3 this year, AVIC Fund manages a total of 30 funds, with over 30 billion yuan in bond and money market funds, nearly 20 billion yuan in equity funds, and over 5 billion yuan in public REITs [6] - AVIC Fund has seen significant performance in equity investments, with a return rate of 99.06% in the first three quarters of this year, ranking second in the industry [7] - The company has experienced frequent changes in senior management since last year, including the resignation of the General Manager and Chief Supervisor in July 2024 [8][9]

Core Viewpoint - The departure of Deng Haiqing, a prominent economist and the Vice General Manager of AVIC Fund, is a significant event for the company, which has been focusing on differentiated development and product innovation in recent years [2][4]. Company Overview - AVIC Fund was established in 2016 and is controlled by AVIC Group, with AVIC Securities holding 55% and Beijing Shougang Fund holding 45% [13]. - As of the end of Q3 2023, AVIC Fund manages over 60 billion yuan in assets, with more than 30 funds under management [13][14]. Management Changes - Deng Haiqing officially announced his resignation as Vice General Manager on November 13, 2025, due to personal reasons and will not take on any other roles within the company [4][7]. - Deng joined AVIC Fund in December 2020 as Chief Investment Officer and was promoted to Vice General Manager in December 2021 [8]. - The company has experienced frequent changes in senior management, including the resignation of the General Manager and Chief Supervisor in July 2024 [15][16]. Investment Strategy and Performance - AVIC Fund has been focusing on specialized development, particularly in public REITs and bond funds, achieving notable differentiation in these areas [12][14]. - The company has established multiple public REITs covering various asset types, including green energy and logistics, and has seen significant performance in equity investments, with a 99.06% return in the first three quarters of 2023, ranking second in the industry [14].

基金申购门槛正进入"分角时代"。 近日，天弘基金宣布，将旗下50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基金。 今年来，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。 记者调研了解到，这背后既有基金公司获客需求，也是渠道营销的"噱头"，同时也能够满足投顾策略的 配置需求。此外，一些发起式基金的操作，或暗藏着"保壳"的考量。 进入"分角时代" 据天弘基金近日公告，自11月10日起，调整旗下五十余只基金的最低申赎金额限制以及最低持有份额限 制，覆盖指数基金、主动权益基金、QDII、债券基金、LOF等多种产品类型。 公告称，投资者通过天弘基金直销平台及其他销售机构的首次申购单笔最低金额为0.1元，追加申购单 笔最低金额为0.1元。此外，持有人单笔赎回份额不得少于0.1份。如因红利再投资、非交易过户、转托 管、巨额赎回、基金转换等原因导致的账户余额少于0.1份等情况不受此限，但再次赎回时必须一次性 全部赎回。 今年8月，天弘基金还同步降低了天弘标普500发起式基金（QDII-FOF）、天弘中证银行ETF联接基金 的单笔最低申赎金额以及最低持有份额。 在货币基金领域，则有更多 ...

当前市场环境下，全球经济增速放缓、资本市场波动加剧，投资者对资产配置的需求日益提升。且随着 居民财富管理意识的提升和投资理念的成熟，越来越多的投资者不再满足于简单的金融产品投资，而是 倾向于借助专业机构的力量实现资产的稳健增值。这种对专业化、系统化资产配置工具的需求，正推动 FOF产品成为公募基金领域的重要增长极。 而要实现科学合理的资产配置，离不开一支专业化、复合型的投研团队作为坚强后盾。FOF产品的成功 运作，依赖于团队成员在宏观研判、量化分析、风险识别及全流程管控等多领域的深厚积累与协同合 作。他们如同一个高效协同的"智囊团"，每位成员都需具备不同资产领域的专长，同时能够形成合力， 共同应对多元资产配置中的复杂挑战。 数据显示，FOF产品正以强劲势头发展。截至今年三季度末，我国公募FOF产品数量已达518只，总规 模突破1934.9亿元，较二季度末增长达16.8%，新发基金数量也呈现回升态势。尤为引人注目的是，在 过去的三季度里近99%的FOF产品实现了正收益，展现出在震荡市场中出色的抗风险能力与稳健回报特 征。 正是基于对FOF本质的深刻理解，民生加银基金构建了一支背景多元、经验丰富的FOF投研团队， ...

Core Insights - The article discusses the performance of actively managed equity funds in the context of the recent bull market, highlighting that 38% of these funds remain in a loss position over the past five years despite a significant number achieving positive returns since 2025 [2][3][4]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of actively managed equity funds reporting positive returns this year [4]. - However, 1,019 actively managed equity funds are still in a loss position over the past five years, with 302 funds having reduced their maximum drawdown to less than 10% [5][6]. Reasons for Underperformance - The article identifies three main reasons for the underperformance of many funds: high-level accumulation, frequent trading, and reliance on specific sectors [7][8]. - Funds that experienced negative returns had an average stock position of 84.22% during peak market periods, indicating a tendency to increase exposure during high valuations [7]. Trading Behavior - The average turnover rate for actively managed equity funds from 2021 to 2024 was 460.71%, with funds losing over 30% seeing an even higher turnover rate of 508.45% [8]. - Some funds, such as Tianzhi New Consumption and Guodu Innovation Drive, reported turnover rates exceeding 1,000%, indicating excessive trading activity [8]. Sector Dependence - Many funds have shown a heavy reliance on traditional sectors despite being marketed as focusing on new or innovative sectors, leading to performance discrepancies [10][11]. - For instance, funds like Tianzhi New Consumption and Invesco Great Wall New Growth have maintained significant positions in traditional consumer stocks, which have not performed well recently [10][11]. Market Outlook - The article notes a resurgence in investor interest in actively managed funds, with 1,354 new funds launched in 2023, reflecting a doubling in issuance compared to the previous year [12]. - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and innovative pharmaceuticals, while being cautious of market volatility [13][14].

据了解，廖裕舟、窦福成均自2025年4月加入招商基金，现任指数产品管理事业部基金经理。廖裕舟曾 任创金合信基金监察稽核部风控专员、融通基金指数与量化投资部量化研究员、安信证券零售业务委员 会基金研究岗、申万菱信基金指数投资部基金经理。窦福成曾任宏利基金策略投资部量化研究员、投资 经理。 窦福成共接管6只产品，单独接管招商中证物联网主题ETF、招商中证A100ETF，与邓童共同管理招商 中证商品指数基金(LOF)、招商中证煤炭等权指数(LOF)，与刘重杰共同管理招商中证全指红利质量 ETF，与侯昊共同管理招商中证沪港深消费龙头ETF。 11月13日晚间，招商基金公告称，招商中证A100ETF、招商中证商品指数基金(LOF)、招商中证沪港深 500医药卫生ETF等11只指数基金自11月13日起变更基金经理。从变化情况来看，主要是增聘新人廖裕 舟、窦福成管理部分产品。与此同时，侯昊卸任5只产品，并有2只产品各增聘1名新人共管；许荣漫卸 任2只产品；刘重杰卸任1只产品，并有1只产品与新人共管。 具体来看，廖裕舟共接管5只产品，单独接管招商中证疫苗与生物技术ETF、招商央视财经50指数、招 商中证新能源汽车指数、招商中 ...

11月13日，中航基金发布高管变更公告称，副总经理邓海清因个人原因辞职，离任日期为11月13日，且 无转任本公司其他工作岗位的说明。此前，邓海清于今年5月6日起卸任中航混改精选的基金经理一职， 名下已无在管基金，但继续担任公司副总经理及首席投资官。公开信息显示，邓海清是知名经济学家， 曾任职于国金证券、宏源证券、中信证券等机构。他于2020年12月加入中航基金，担任首席投资官，并 于2021年12月15日起，担任中航基金副总经理。 ...

Group 1 - The Hang Seng Index rose by 0.56% to close at 27,073.03 points on November 13, with a total net sell of 3.52 billion HKD through the southbound trading channel [1] - The total trading amount for the southbound trading on November 13 was 124.97 billion HKD, with a net sell of 3.52 billion HKD [1] - The Shanghai Stock Exchange's southbound trading had a total trading amount of 75.99 billion HKD and a net sell of 2.13 billion HKD, while the Shenzhen Stock Exchange had a total trading amount of 48.98 billion HKD and a net sell of 1.39 billion HKD [1] Group 2 - In the top ten active stocks for the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest trading amount of 9.91 billion HKD, followed by the Tracker Fund of Hong Kong and SMIC with trading amounts of 4.27 billion HKD and 3.44 billion HKD respectively [2] - Alibaba-W had a net buy amount of 1.70 billion HKD, with its stock price increasing by 3.32% [2] - The Tracker Fund of Hong Kong had the highest net sell amount of 4.26 billion HKD, while its stock price increased by 0.52% [2] Group 3 - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also led with a trading amount of 5.99 billion HKD, followed by SMIC and Tencent Holdings with trading amounts of 2.61 billion HKD and 2.27 billion HKD respectively [2] - The highest net buy amount was for Huahong Semiconductor at 196 million HKD, with its stock price rising by 5.64% [2] - The highest net sell amount was again for the Tracker Fund of Hong Kong at 196 million HKD, with its stock price increasing by 0.52% [2]

Market Overview - On November 13, the Hang Seng Index rose by 0.56%, with southbound trading totaling HKD 124.97 billion, comprising HKD 60.72 billion in buying and HKD 64.25 billion in selling, resulting in a net sell of HKD 3.52 billion [1][2] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total of HKD 48.98 billion, with buying at HKD 23.79 billion and selling at HKD 25.18 billion, leading to a net sell of HKD 1.39 billion [1] - Southbound trading through the Stock Connect (Shanghai) totaled HKD 75.99 billion, with buying at HKD 36.93 billion and selling at HKD 39.06 billion, resulting in a net sell of HKD 2.13 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total transaction amount of HKD 15.90 billion and a net buying amount of HKD 1.38 billion, closing up by 3.32% [1][2] - Xiaomi Group-W followed with a total transaction amount of HKD 4.01 billion and a net buying amount of HKD 0.78 billion, closing down by 0.46% [2] - Huahong Semiconductor recorded a total transaction amount of HKD 2.30 billion with a net buying amount of HKD 0.87 billion, closing up by 5.64% [2] Net Buying and Selling Analysis - The stocks with the highest net selling included the Yingfu Fund, with a net sell of HKD 6.23 billion, closing up by 0.52% [1][2] - Other notable net sells were Hang Seng China Enterprises and Tencent Holdings, with net sells of HKD 2.29 billion and HKD 0.88 billion, respectively [1][2] Continuous Net Buying - Xiaomi Group-W has been a consistent net buyer for 12 consecutive days, with a total net buying amount of HKD 8.91 billion during this period [2]