【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 ...

当市场环境向前升级换代的时候，它不会给任何人发通知。 中国国内的投资者们正在经历这样的时刻，当标志性的10年国债的收益率在短短几年内从近年化3.2%跌到最低1.6%一 线时，曾经习以为常的投资习惯都被颠覆了。 国有大行三年期定存的年利率是1.25%，货币基金过去一年的平均收益率约1.4%，估计很快会跌到1.18%一线（最新的 七日年化收益率中位数），银行理财和货币基金相比也好不了太多。 对于亲睐低风险投资的人来说，如今比较难找到收益率合适的低风险产品了。 但确实，有一部分对收益率敏锐的人群似乎已经提前一步动作了，过去一年里，在多重因素的推动下，有很多经验成 熟的投资者们开始转而投向风险稍高一点的、投向多个资产类别的混合型私募、公募产品。 这些产品有个比较通用的形容词——"多资产"或"多策略"。 这样的产品是怎样一个投资模式？它背后需要怎样的投资团队？如何区分高水平还是低水平的多资产资管产品呢？ 这些问题今天我们一一捋清楚。 附图：过去五年十年期国债收益率 01 "多资产 多策略"的妙处 1952年，一个沉迷物理学和哲学的25岁年轻人，尝试用严密的数学推导来研究股票，并发表了一篇日后享誉世界的论 文。这篇论文成 ...

Core Insights - The Hong Kong stock market is experiencing a significant influx of capital, with southbound funds reaching a record net purchase of 1.31 trillion HKD this year, surpassing 5 trillion HKD in total net purchases historically [1][2] - Public fund holdings in Hong Kong stocks have also surged, reaching 1.36 trillion HKD by the end of Q3, marking a more than 40% increase from the previous quarter and doubling from the same period last year [2][3] - The market is witnessing a shift in investment preferences, with dividend-paying assets gaining popularity over technology stocks, indicating a potential change in investment themes [1][7] Fund Flows and Performance - The Hong Kong stock market has shown a "first decline, then rise" pattern in Q4, with the Hang Seng Index up 0.81% as of November 13, despite a maximum drawdown of 8.17% [2] - Southbound funds experienced a net outflow of 35.21 million HKD on November 13, ending a streak of 16 consecutive days of net buying, although the year-to-date net inflow remains at a historic high [2][3] - Public equity funds have increased their exposure to Hong Kong stocks, with over half of the 1980 products analyzed raising their allocations significantly [3][4] ETF Growth and Investment Trends - The total size of Hong Kong stock ETFs has exploded, increasing 3.4 times from 799.57 billion HKD at the end of last year to 3.53 trillion HKD, making them a key channel for capital allocation [4][5] - Dividend-themed ETFs are particularly popular, with significant net subscriptions recorded for various funds, indicating a strong preference for stable income-generating assets [5][6] Market Dynamics and Sector Rotation - 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 [6][7] - The current market environment allows for both defensive and growth-oriented investments, with blue-chip stocks offering high dividend yields and innovative sectors attracting substantial capital [7][8] - Concerns about potential bubbles in growth assets are countered by the argument that recent price increases are corrections from previously low valuations rather than speculative bubbles [7][8]

（原标题：万亿公募官宣，陈宇履新博时基金总经理） 21世纪经济报道李域 "招商系"高管陈宇正式接任博时基金总经理。 11月12日，博时基金发布高级管理人员变更公告，经博时基金管理有限公司第九届董事会2025年第七次临时会议审议并通过，博时基金党委副书 记陈宇正式接任公司总经理。 此前，10月15日，博时基金党委书记、总经理张东接任公司董事长，代任总经理。至此，博时基金新一届领导班子搭建完成。 据21世纪经济报道记者了解，陈宇金融从业经历丰富，涉及银行、保险资管、保险公司等多领域，其全面的复合型工作背景与当下国内公募基金 行业发展趋势非常契合，特别是在公募基金行业变革、市场竞争加剧的背景下，跨领域管理经验与专业素养可以为博时基金带来更多的协同效 应。 在业内人士看来，博时基金当前高管团队配置合理，财富管理、资产管理等多领域人才经验有利于公司进一步发挥资源禀赋，不断提升投资管理 能力，为博时基金下一步的高质量发展增添新优势、注入新动能。 截至今年三季度末，博时基金共管理399只公募基金，博时基金（含子公司）管理资产总规模逾1.8万亿元人民币，累计服务客户总数超过1.8亿 人。 博时基金新任总经理陈宇来自"招商系" ...

Core Viewpoint - A citizen reported that a sum of 1026.92 yuan was transferred from his Agricultural Bank account to Tianhong Fund Management Co., Ltd. without his knowledge, raising concerns about unauthorized transactions through Alipay [1][5]. Group 1: Transaction Details - The citizen discovered the unauthorized transaction on November 9, 2023, which occurred on October 19, 2023, at 11:46 AM, with the amount of 1026.92 yuan transferred to Tianhong Fund [1][5]. - The Agricultural Bank customer service indicated that the transaction was completed via the Alipay platform, but they could not provide specific details about the transaction [5][9]. Group 2: Alipay's Response - Alipay's customer service stated that the citizen had inadvertently participated in a promotional activity involving a red envelope, which led to the transfer after entering a payment password [5][9]. - The customer service explained that the transaction was completed through a password payment method, and the citizen may not have been aware of the action due to the quick nature of smartphone transactions [9][12]. Group 3: Legal Perspective - A lawyer noted that if the transaction did not reflect the citizen's true intention, he has the right to request a reversal of the transaction and recover the funds, as per the Civil Code of the People's Republic of China [12].

Macroeconomic Overview - The current economic backdrop for Japan under Prime Minister Kishi is characterized by moderate recovery amidst ongoing re-inflation, contrasting with the deflationary stagnation faced by former Prime Minister Abe [3] - Kishi's economic strategy emphasizes demand-side management to combat external inflation while also pursuing structural supply-side reforms to stimulate new growth sectors [3] Fiscal Policy - Kishi plans to implement an "expansionary but responsible fiscal policy," with expectations of an increase in Japan's fiscal deficit ratio by 2026, although the overall expansion may be limited due to debt risks [3] Monetary Policy - Despite a dovish stance, the Bank of Japan is expected to continue raising interest rates in 2026, with a potential increase of 30 to 50 basis points, while also slowing the pace of balance sheet reduction [3] Industrial Policy - Kishi aims to enhance strategic investments in 17 key industries over the next five years, focusing on sectors such as AI, semiconductors, shipbuilding, quantum technology, biotechnology, aerospace, and cybersecurity [3] Market Impact - The "Kishi trade" observed in October indicates a strengthening of Japanese stocks, while the yen and Japanese bonds weaken, with expectations of a bullish stock market and continued upward pressure on bond yields [4] - The yen is projected to remain under pressure in the short term, with a potential for slight appreciation if U.S. dollar credit declines [4] Automotive Industry - The wholesale prices of passenger vehicles have stabilized in October, with an average discount rate of 18.5%, reflecting a shift from price competition to refined operations in the domestic market [7] - Traditional fuel vehicles maintain a high average discount rate of 26.3%, while new energy vehicles show a more stable discount rate of 12.8%, indicating a dual advantage in cost control and market demand for new energy products [7][8] Investment Fund Trends - As of October 2025, the total net asset value of public funds in China is 36.02 trillion yuan, with a net outflow observed in stock and bond funds, while money market funds saw an increase [12] - Individual investors' risk appetite has been affected by market volatility, leading to a decline in shares of ordinary stock and mixed funds, while QDII and FOF funds have gained traction as safe-haven investments [13] - Mixed FOF products have performed well, with a 63.10% increase in new issuance, as they provide a balance of risk and return for retail investors [14]

Core Viewpoint - After the National Day holiday, the A-share market experienced significant fluctuations around the 4000-point mark, leading to challenges for investors who frequently chase trends [1] Group 1: Market Performance - On October 9, the Shanghai Composite Index closed with a strong upward trend, while the ChiNext and STAR Market indices showed long upper shadows, indicating that many funds were reducing positions at high points [1] - From October 10 to November 12, the STAR 50 Index fell by 10.37%, the ChiNext 50 Index decreased by 4.22%, while the Dividend Index rose by 7.99% [9] - The Shanghai Composite Index fluctuated between a low of 3800 points and a high above 4000 points during this period [6] Group 2: Investment Strategy - Investor "Old Wang" anticipated a likely pullback in the dual innovation indices and decided to adjust his positions to mitigate risks, opting not to fully liquidate his holdings in dual innovation stocks [3] - Old Wang reallocated his investments into a mix of 25% STAR 50 ETF, 20% ChiNext 50 ETF, 45% Dividend ETF, and 10% cash reserves [3][4] - This balanced allocation helped Old Wang hedge against the pullback in the dual innovation indices, as his ETF investments mirrored the performance of the underlying indices [9] Group 3: Fund Performance - Historical data indicates that in similar market conditions, the average adjustment period for A-share main lines is about 20 trading days with an average decline of 18% [15] - The top 10 open-end funds by performance this year showed that 9 out of 10 continued to rise in the past month, with the highest increase being 11.30% [15]

智通财经11月13日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1249.69亿港元，较前一日放量约195亿，连续两日放量；约为今日恒指成交总额 的46.2%，占比也连续回升。 恒指今日午后拉升，但南向资金反而净卖出约35.21亿港元，中断此前连续16个交易日净流入纪录。其中，沪港股通净流出约21.28亿港元，深港股通净流出 约13.93亿港元。 且值得关注的是，盈富基金(02800.HK)、恒生中国企业(02828.HK)两大ETF也遭大幅抛售，分别被净卖出62.26亿、22.89亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：阿里巴巴-W(09988.HK)13.75亿港元；小米集团-W(01810.HK)7.79亿港元。 大幅净流出：腾讯控股(0700.HK)8.75亿港元；信达生物(01801.HK)4.20亿港元；赣锋锂业(01772.HK)2.61亿港元。 投资要点 阿里巴巴-W今日涨3.32%，短线资金有所回流，前5日减持262万股。 Ü – H 025.10 小米集团-W今日跌0.46%，短线资金加速流入，前5日加仓5738万股。 腾讯控股今日跌0.15%，短线资金连续 ...

受益于流动性宽松以及部分个股的价值回归，近期代表中小盘风格的中证2000、国证2000指数持续在高 位徘徊，多只中小盘乃至小微盘主题的权益基金净值也在持续创下历史新高。 在沪指徘徊在4000点之际，有公募基金预判认为，当前市场大概率进入多风格轮动阶段，资金可能流向 低估微盘股，且微盘策略在牛市中还能起到资产组合的防守作用。但拥挤度也是小微盘不可忽视的风 险，有基金公司表示，这些股票的日常交易活跃度较低，买卖盘深度不足，中小盘股普遍存在交易活跃 度不稳定、资金承接能力弱的问题，一旦市场出现调整，容易出现买卖价差扩大、变现困难的情况。 年内，除了此起彼伏的主题投资外，中小盘股也表现出众。 小盘股强势依旧 在大盘点位冲击4000点之际板块轮动也愈发剧烈，包括创新药、人工智能等在内的热门板块近期均有一 定震荡，但除了行业投资外，"中小盘"和"小微盘"两大主题却持续强势。 据统计，近期代表中小盘风格的中证2000指数依旧在高位徘徊，截至11月12日报收3141点，国证2000指 数也有类似涨幅，两大指数距离此前创下的十年新高仅一步之遥。 虽然有研报指出，三季度内主动权益类公募基金对股票调仓呈"亲大盘、远中小盘" 的特征 ...

前几天，一位铁粉给我说了目前他的问题，分享给大家，看看你是否也有同样的困扰： 这段对话，是不是也说出了你的心声？根据基星高照的观察，绝大多数个人投资者亏钱，无外乎这两个原因： 原因一：管不住手，追涨杀跌。情绪被市场牵着走，总在贪婪与恐惧中反复横跳。 原因二：波动太大，拿不住。产品净值起伏如过山车，心态崩了，自然无法长期持有。 那么，有没有一款产品，能同时解决这两大难题呢？今天就想跟大家聊一个"以产品设计帮助投资者克服人性弱点"的"固收+"产品——工银双玺6个月持有 期债券（A类：011091，C类：011092）。 产品三大设计优势做到"对症下药" 优势一：6个月持有期，强制帮你"管住手" 这是工银双玺6个月持有期债券最核心的设计之一。买入后，每个份额都需要锁定6个月，期间无法赎回。 它治什么？专治"手痒"，它用规则强行隔绝了市场噪音对你的干扰，让你无法因短期波动而冲动交易。这相当于帮你建立了一道"情绪防火墙"，或可让你 被动地坚持长期投资，避免追涨杀跌的陷阱。 优势二：股债科学搭配，显著降低波动 为什么你拿不住？根源往往是波动超出了你的承受能力。我们来看看工银双玺6个月持有期债券的"减震"设计： 这是一只" ...