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]

中国企业资本联盟中国区经济学家柏文喜表示，强化向65岁以上普通投资者销售高风险基金的要求，能够更好地保护老龄投资者，通过追加审慎流程、强化 风险提示、增加回访，有助于防范其因风险认知不足或受误导而遭受重大损失。同时，可以压实机构责任，迫使管理人、销售机构建立更严格的内控与销售 程序，降低"忽悠式"销售及后续纠纷概率。通过"适当性"示范效应，还可以促使高风险产品流向真正具备相应风险承受能力的群体，减少因老年投资者集中 亏损引发的社会负面舆情，维护行业公信力。 此外，自2020年起，公募机构兴起直播风潮后，也有部分机构在直播过程中推介基金，《细则》也针对相关情况进一步细化要求。第十四条提到，基金管理 人、基金销售机构通过直播形式宣传推介基金，应当结合直播展业特点，建立健全内部审核流程与管控措施，严格履行投资者适当性管理义务，并在直播过 程中加强风险提示。 具体内容包括但不限于提示投资者选择符合其风险承受能力、投资目标的基金；基金风险等级划分结果及与之匹配的投资者范围；其他应当提示的内容。同 时要求，基金管理人、基金销售机构通过直播链接提供基金销售服务时，应当向投资者全面说明基金的风险收益特征，充分揭示基金投资风险 ...

Core Viewpoint - The article discusses the growth and success of China Asset Management, particularly focusing on the achievements of Huaxia Fund in both passive and active investment strategies, drawing parallels with global giants like BlackRock and Berkshire Hathaway [5][6]. Group 1: Comparison with Global Giants - Huaxia Fund is often compared to BlackRock, referred to as "China's BlackRock," due to its significant presence in the ETF market, with a management scale of 903.562 billion RMB as of Q3 this year [6]. - BlackRock has expanded its active investment strategies while maintaining its dominance in passive investments, similar to Huaxia's recent growth in active equity funds [7]. Group 2: Performance of Active Funds - Huaxia's active equity funds have shown remarkable performance, with several funds achieving over 100% returns in the past year, significantly outperforming their benchmarks [8]. - Notable funds include Huaxia Digital Industry A, which achieved a return of 104.19%, and Huaxia Semiconductor Leader A, with a return of 50.06% [8]. Group 3: Innovation and Strategy - Huaxia Fund aims to create a multi-asset platform, likening its approach to building with LEGO, focusing on granular asset categories to meet diverse investment needs [9][21]. - The company has been a pioneer in various asset management innovations, being the first to launch several products, including ETFs and QDII funds [11]. Group 4: Long-term Commitment and Talent Development - The success of new asset management innovations relies on foresight, patience, and long-term investment in talent development, as illustrated by the journey of fund manager Gu Xinfeng in navigating the New Third Board and later the Beijing Stock Exchange [14][19]. - Huaxia's proactive research and investment strategies have allowed it to capitalize on emerging opportunities in sectors like technology and renewable energy [17]. Group 5: Research and Product Development - Huaxia Fund emphasizes the importance of active research in defining and creating investment products, ensuring that their indices reflect active investment insights rather than merely replicating existing benchmarks [18]. - The firm has developed innovative products like the CNQQ index, which is based on active research rather than traditional market capitalization weighting [18]. Group 6: Client-Centric Approach - Huaxia Fund focuses on enhancing the investment experience for clients, developing tools like "Red Rocket" to make investment processes more engaging and understandable [21]. - The company aims to align fund managers' styles with product characteristics, allowing for a more tailored investment approach that meets diverse client needs [21].

香港外汇基金前三季度投资收入达2740亿港元 中新社香港11月13日电 香港金融管理局13日公布，2025年前三季度香港外汇基金录得2740亿港元的投 资收入。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 香港金融管理局总裁余伟文表示，展望今年余下时间，投资环境仍然高度不明朗。虽然预期美联储继续 减息或会利好投资气氛，但市场对美国经济前景的关注仍会持续。此外，美国政府的经贸政策、贸易摩 擦和地缘政治局势的反复变化对金融市场的影响仍然难以预测。(完) 来源：中国新闻网 编辑：王永乐 数据显示，债券投资收益1126亿港元；香港股票投资收益401亿港元；其他股票投资收益595亿港元；非 港元资产外汇估值上调302亿港元；其他投资收益316亿港元。 截至今年9月底，香港外汇基金的总资产为41522亿港元，较去年底增加712亿港元，累计盈余为9163亿 港元。 ...

Core Insights - The importance of fund ratings in the public fund industry is emphasized, serving as a crucial tool for investors to select fund products and for fund companies to assess investment capabilities [1] - The China Securities Regulatory Commission (CSRC) has set higher standards for fund evaluation and awards, promoting a more scientific and professional approach to fund ratings [1] - As of the end of Q3, 101 funds under GF Fund have received five-star or AAAA ratings, representing 50% of the eligible funds, indicating a leading position in the industry [1] Group 1: Fund Ratings and Industry Standards - The CSRC's action plan aims to build a performance evaluation system centered on long-term results, increasing the scarcity of "five-star" ratings and providing a clearer measure of a fund company's long-term research and investment strength [1] - Seven major rating agencies, including Morningstar and Guotai Junan Securities, have recently released updated fund rating lists, reflecting the competitive landscape of fund performance evaluation [1] Group 2: GF Fund's Performance - GF Fund has established a comprehensive product system that caters to various investment needs across different economic cycles and market environments, with a wide distribution of five-star rated funds across multiple asset classes [2] - In the active equity sector, several GF Fund products have received five-star ratings, including the "Double Ten Fund" GF Manufacturing Selection Mixed A, which has achieved a net value growth rate of 622.48% since its inception in 2011 [2] - The company has a robust lineup of passive index funds, with 26 passive index funds and 4 passive bond index funds receiving five-star ratings, showcasing excellent tracking ability and cost-effectiveness [3] Group 3: Fixed Income and Overseas Investment - GF Fund has developed a full spectrum of fixed income products, with several five-star rated offerings, including GF Pure Bond Fund and GF Active Short Bond Fund, providing differentiated investment tools for various strategies [4] - In overseas investment, products like GF Global Select Stock (QDII) A and GF NASDAQ 100 ETF have achieved high ratings, with the former significantly outperforming its benchmark since inception [5]

Core Viewpoint - The rapid growth of net subscriptions for public QDII funds is driven by profit effects, leading to various QDII funds implementing purchase limits to manage inflows [1][2]. Summary by Sections QDII Subscription Growth - As of the end of Q3 this year, QDII funds achieved a net subscription of 109.8 billion units, making it the fastest-growing fund category in terms of share growth [2][3]. - The total share scale of public QDII reached 680.968 billion units by the end of Q3, up from approximately 571.125 billion units at the end of Q2, indicating a significant inflow of funds [3]. Performance and Fund Manager Insights - High-performance elasticity in QDII products has attracted substantial capital inflows, with overseas stock selection becoming a key strategy for fund managers to achieve good performance [3]. - The top ten QDII funds have shown impressive annual performance, with the best achieving a return of 121.70% as of November 12 [3]. - Notable fund managers, such as Zhang Kun and Shi Bo, manage both A-share and overseas investment funds, with their QDII products outperforming A-share funds significantly, highlighting the appeal of overseas investments [4]. Purchase Limits and Fund Management - The rapid growth in QDII subscriptions has led to many fund companies focusing on the experience of existing holders rather than merely increasing their capital scale [5]. - Several QDII funds, including the招商纳斯达克100ETF and 浦银安盛全球智能科技QDII, have announced limits on large subscriptions to protect the interests of existing investors [6]. Differences Between QDII Types - While QDII overall has become a popular subscription target, the core focus remains on US stock-themed products due to the high substitutability of Hong Kong stock QDIIs [7][8]. - Many Hong Kong stock QDII products have seen limited inflows, while US stock QDII products have experienced significant growth, indicating a preference for the latter among investors [7][8].

联博基金表示，中国权益市场今年以来的回暖并非短期反弹，而是伴随经济转型和创新驱动的长期趋 势。中证500指数涵盖的企业兼具成长性与估值优势，具备较高的长期配置价值，为指数增强策略提供 了良好的土壤。中证500指数所代表的中盘股预计将持续受益于中国经济的增长与转型。 人民财讯11月13日电，11月13日，联博基金宣布，联博中证500指数增强将于11月17日起面向投资者公 开发售。这是联博基金在中国市场推出的首只运用指数增强型策略的权益类基金。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a significant influx of capital, with southbound funds and public funds increasing their investments, indicating a strong interest in the market despite recent volatility [2][3][4]. Group 1: Market Performance - The Hang Seng Index has shown a "first decline then rise" pattern in Q4, with a cumulative increase of 0.81% as of November 13, and a maximum drawdown of -8.17% [3]. - The Hang Seng Technology Index has seen a decline of 7.49% during the same period, with a maximum drawdown exceeding 15% [3]. - Both indices have outperformed major global markets this year, with annual increases exceeding 33% [3]. Group 2: Capital Inflow - Southbound funds have net purchased 1.31 trillion HKD this year, a historical high, representing a more than 60% increase compared to last year's total inflow of approximately 807.87 billion HKD [3][4]. - The cumulative net purchase of southbound funds has surpassed 5 trillion HKD [3]. - Public funds have significantly increased their holdings in Hong Kong stocks, reaching an investment value of 1.36 trillion HKD by the end of Q3, a more than 40% increase from the previous quarter and a doubling from the same period last year [4]. Group 3: Fund Strategies - Over half of the active equity funds have increased their allocation to Hong Kong stocks, with notable increases in positions for several funds [5]. - The trend of using ETFs to invest in Hong Kong stocks has surged, with 79 Hong Kong Stock Connect-themed ETFs seeing a net inflow of nearly 300 million HKD in Q4 alone, and a total of 218.4 billion HKD for the year [5]. - The total scale of these ETFs has increased 3.4 times from 799.57 billion HKD at the end of last year to 3.5287 trillion HKD [5]. Group 4: Investment Preferences - Dividend-paying assets are increasingly favored, with specific ETFs attracting significant net subscriptions [6]. - There is a noticeable shift in capital flows, with reduced interest in previously popular sectors like technology and innovation drugs, indicating a rebalancing of investment styles [6]. Group 5: Market Dynamics - The alternating activity between A-shares and Hong Kong stocks is attributed to industry cycle rotations rather than significant capital shifts between the two markets [8]. - The Hong Kong market is seen as attractive due to its dual appeal for defensive and growth-oriented investments, with high dividend yields and innovative sectors [9]. - Concerns about potential bubbles in growth assets are tempered by the view that recent price increases are corrections of previously low valuations rather than speculative bubbles [10].

Core Insights - The new fund issuance market is experiencing a resurgence, with several funds being oversubscribed and closing early, indicating strong investor demand [1][3]. Fund Performance and Management - On November 13, China Europe Fund announced that its "China Europe Xinyue Return One-Year Holding Period Mixed Fund" reached its fundraising cap of 1.5 billion yuan on the first day of issuance, leading to an early closure and the initiation of proportional allocation [2][4]. - The fund was originally set to close on November 26, 2025, but due to high demand, it closed early on November 13, 2025 [4]. - The fund manager, Lan Xiaokang, is noted for his successful track record, having previously managed a popular fund that raised nearly 2 billion yuan on its first day [6]. Market Trends - Since October, nearly 40 funds have announced early closures, with many being actively managed equity products that sold out on the first day [3][7]. - Notable funds that closed early include the "Fuguo Xinghe Mixed Fund," which raised over 3 billion yuan on its first day, and the "Penghua Qihang Quantitative Stock Selection Mixed Fund," which also exceeded 3 billion yuan [7]. - The trend of early closures is indicative of a broader recovery in the equity fund issuance market, with several funds achieving significant oversubscription [7].

【导读】中欧鑫悦回报一年持有期混合"一日售罄"，启动比例配售 新基金发行市场再现"日光基"。 10月以来，已有近40只基金宣布提前结募，其中不乏主动权益类产品，且多只为"一日售罄"的小爆款。 中欧鑫悦回报一年持有期混合"一日售罄" 启动比例配售 11月13日下午，中欧基金接连发布关于中欧鑫悦回报一年持有期混合提前结束募集及进行比例配售的公告。 根据公告，中欧鑫悦回报一年持有期混合于2025年11月13日开始募集，原定募集截止日为2025年11月26日。截至2025年11月13日，该基金累计有效认购申 请金额已超过本次募集规模上限15亿元（不含募集期利息），公司决定将本基金募集截止日提前至2025年11月13日。同时，将对2025年11月13日的有效认 购申请采用"末日比例确认"的原则予以部分确认。 11月13日，中欧基金发布公告称，旗下中欧鑫悦回报一年持有期混合发行首日便达到15亿元募集上限，提前结束募集，并启动比例配售。 公开资料显示，中欧鑫悦回报一年持有期混合基金拟任基金经理为中欧基金权益投决会委员、中欧基金价值策略组负责人蓝小康。 值得一提的是，就在上个月，中欧基金旗下刚诞生过一只小爆款产品——中欧价值 ...