近日，中国证券投资基金业协会发布《公开募集证券投资基金投资者适当性管理细则（征求意见稿）》，向行业就基金销售行为的适 当性管理征求意见，反馈截止时间为2025年11月26日。该细则是继业绩比较基准、基准库及主题投资风格管理规则之后，又一项围绕 投资端的监管举措，旨在进一步规范销售环节、强化投资者保护。 征求意见稿提出，基金管理人和销售机构需严格履行投资者风险承受能力评估及基金风险等级匹配义务，合理控制普通投资者的评估 频次——同一机构单日不得超过两次，12个月内累计不得超过八次，评估结果有效期原则上不超过一年。同时，在投资者风险承受能 力或基金风险等级发生变化时，机构需及时告知并调整匹配意见。 针对近年来快速发展的基金直播带货场景，细则要求机构结合直播特点建立审核和管控流程，在直播过程中强化风险提示，包括提醒 投资者选择与自身风险承受能力匹配的基金、披露基金风险等级及适合的投资者范围等。如直播链接直接提供销售服务，还需确保投 资者完成风险测评并充分了解产品特征。 对于六十五周岁以上普通投资者，细则提出了更为审慎的销售要求，机构在销售R4级及以上高风险基金时，应追加了解相关信息、强 化风险提示、给予更多考虑时间 ...

Core Insights - The central viewpoint of the article indicates that the central bank's third-quarter monetary policy report suggests a policy combination of "stable total volume and structural strength," which implies a need to moderately lower expectations for significant short-term monetary policy easing, leading to a relatively calm period for policies, data, and external environments in the near term, with the market likely to continue fluctuating [1][2][5] Monetary Policy - The central bank emphasizes a scientific approach to financial total indicators, aligning social financing scale and money supply growth with nominal economic growth, while acknowledging that a slightly lower loan growth rate is reasonable [2] - The report highlights the ongoing transformation of the monetary policy adjustment framework, focusing more on price-based regulation and enhancing the linkage between interest rate adjustments on banks' assets and liabilities, thereby supporting banks in stabilizing net interest margins and broadening the counter-cyclical adjustment space for monetary policy [2] Market Performance - As of November 11, 2025, the Hang Seng Tech Total Return Index has seen a cumulative increase of 33.88% this year, while the defensive Hang Seng High Dividend Index has outperformed the tech index, with a cumulative increase of 33.07% [3][5] - The maximum drawdown for the Hang Seng High Dividend Index is only 13.56%, compared to a maximum drawdown of 30.5% for the Hang Seng Tech Index, indicating a significantly better holding experience for high dividend stocks [3][5] Investment Strategy - Given the negative correlation observed between the Hang Seng Tech and high dividend stocks since October, investors in tech stocks may consider maintaining a focus on dividend stocks to reduce portfolio volatility [3][5] - The article suggests that in the context of the global AI investment phase and the high valuations in the stock market, dividend assets may continue to outperform tech stocks for a period [5]

Core Viewpoint - The Hong Kong Dividend ETF (513820) has experienced a pullback after reaching new highs, with a slight decline of 0.44% and a premium of 0.57% at the close, indicating active buying interest despite the market's volatility [1] Group 1: Market Performance - The Hong Kong Dividend ETF (513820) has seen a cumulative net inflow exceeding 110 million yuan over the past four days, bringing its total size to over 3.9 billion yuan, significantly outperforming its index [1] - The majority of the underlying index components of the Hong Kong Dividend ETF have retreated, while the financial sector has shown resilience, with notable gains from Cathay Pacific and slight increases from China People's Insurance and CITIC Bank [1][2] Group 2: Investment Strategy - Institutions are recommending a return to a "barbell strategy," focusing on high-dividend stocks alongside technology investments due to increased market volatility [3] - Southbound funds are also adopting a barbell allocation trend, with significant net inflows into high-dividend assets like CNOOC and China Mobile [4] Group 3: Dividend Yield and Sustainability - The dividend yield of the Hong Kong Dividend ETF (513820) stands at 6.47%, making it attractive for low-risk investors compared to the current yields of Chinese government bonds and bank deposits [4][6] - The sustainability of high dividends in the Hong Kong market is supported by stable fundamentals and profit levels among companies with dividend yields above 4.5% [6][8] Group 4: Institutional Investment Trends - Insurance capital has become a significant force in the Hong Kong market, holding approximately 25% of the overall market value, with a focus on high-dividend and value stocks [8] - The tax advantages for insurance companies holding H-shares have led to increased investments in high-dividend stocks, with 29 instances of insurance capital increasing stakes in 18 H-shares this year [8] Group 5: ETF Characteristics - The Hong Kong Dividend ETF (513820) supports T+0 intraday trading and does not occupy QDII quotas, providing flexibility for investors [9] - The fund has a long-standing history as the first Hong Kong dividend index fund, with a robust investment strategy and a record of consistent monthly dividends for 16 consecutive months [9]

Core Points - The article outlines the management measures for the Shanghai Qingpu S Fund, which aims to promote enterprise development and enhance the liquidity of the private equity market in Qingpu District [2][3] - The fund is established by the Qingpu District People's Government and operates in a market-oriented manner [2] - The fund has a duration of 10 years, with a 5-year investment period and a 5-year exit period, which can be extended with approval [4] Chapter Summaries Chapter 1: General Principles - The Qingpu S Fund is designed to support enterprise development and optimize the industrial ecosystem [2] - A management committee and an expert review committee are established to oversee investment strategies and project evaluations [2][5][6] Chapter 2: Funding Sources and Scale Adjustment - The fund's capital will be provided in phases based on investment progress [3] Chapter 3: Decision-Making and Management - The management committee is led by a deputy district mayor and includes leaders from various district departments [5] - The expert review committee ensures independent and professional evaluations of investment projects [6] Chapter 4: Operational Principles and Methods - The fund operates under principles of government guidance, market operation, scientific decision-making, and risk prevention [10] - Investment methods include participating in sub-funds and acquiring secondary fund shares [11] Chapter 5: Risk Control - The fund's investment in any single sub-fund is capped at 30%, with a maximum investment amount of 100 million yuan [19] - A qualified custodian bank must be selected for fund management and monitoring [19] Chapter 6: Supervision and Performance Evaluation - The fund management institution must submit annual reports on fund operations and performance to the management committee [22] - A performance evaluation system will be established to assess the fund's effectiveness in achieving policy goals [23] Chapter 7: Supplementary Provisions - The management measures will take effect from December 10, 2025, until December 9, 2027 [25]

智通财经APP获悉，11月13日港股市场，北水成交净卖出35.21港元，其中港股通(沪)成交净卖出21.28亿港元，港股通(深) 成交净卖出13.93亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、小米集团-W(01810)、华虹半导体(01347)。北水净卖出最多的个股是盈富 基金(02800)、恒生中国企业(02828)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 58.03亿 | 41.06亿 | 99.09亿 | | HK 09988 | | | +16.97 亿 | | 盘富县金 | 474.12万 | 42.6917 | 42.74 乙 | | HK 02800 | | | -42.64 Z | | 中芯国际 | 19.55 亿 | 14.84 7 | 34.39 乙 | | HK 00981 | | | +4.71 乙 | | 腾讯控股 | 11.33亿 | 20.01亿 | 31.35 亿 | | HK 00700 | | | -8.68 Z | ...

Core Viewpoint - The trading volume of the Shenzhen 100 Index ETFs increased significantly today, indicating heightened market activity and investor interest in this sector [1] Trading Volume Summary - The total trading volume of Shenzhen 100 Index ETFs reached 309 million yuan, an increase of 130 million yuan from the previous trading day, representing a growth rate of 72.75% [1] - Specifically, the E Fund Shenzhen 100 ETF (159901) had a trading volume of 274 million yuan, up 125 million yuan from the previous day, with a growth rate of 83.48% [1] - The Southern Shenzhen 100 ETF (159212) recorded a trading volume of 16.64 million yuan, an increase of 2.47 million yuan, with a growth rate of 17.41% [1] - The Founder Fubon Shenzhen 100 ETF (159961) had a trading volume of 2.96 million yuan, up 1.35 million yuan, with a growth rate of 84.37% [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) rose by 1.63%, while the average increase for related ETFs was 1.41% [1] - The top performers included the Dachen Shenzhen 100 ETF (159216) and the E Fund Shenzhen 100 ETF (159901), which increased by 1.78% and 1.59%, respectively [1] Detailed ETF Performance - The trading performance of various ETFs is as follows: - E Fund Shenzhen 100 ETF (159901): +1.59%, 274 million yuan, +125 million yuan, +83.48% [1] - Southern Shenzhen 100 ETF (159212): +1.52%, 16.64 million yuan, +2.47 million yuan, +17.41% [1] - Founder Fubon Shenzhen 100 ETF (159961): +1.38%, 2.96 million yuan, +1.35 million yuan, +84.37% [1] - Other ETFs also showed varying degrees of performance, with some experiencing significant increases in trading volume [1]

Core Viewpoint - The article highlights the strong performance of small and micro-cap stocks in the current market, driven by liquidity easing and value recovery of certain stocks, while also noting the risks associated with trading liquidity and market adjustments [1][3][4]. Group 1: Market Performance - The CSI 2000 and Guozheng 2000 indices, representing small-cap stocks, have remained at high levels, with the CSI 2000 index closing at 3141 points as of November 12, nearing a ten-year high [3]. - Several funds focusing on small and micro-cap stocks, such as Nuon Fund and CITIC Prudential, have seen their net values reach historical highs, with quarterly gains of 9.34%, 6.24%, 1.41%, and 8.99% respectively [3]. Group 2: Liquidity Factors - The article emphasizes that the current strong performance of micro-cap stocks is primarily due to abundant liquidity, which allows for greater price volatility in these stocks [6][7]. - The easing liquidity environment not only attracts funds to micro-cap stocks but also alleviates financing constraints for small enterprises, improving profit expectations [7]. Group 3: Investment Strategies - Investors are increasingly favoring high-elasticity stocks, with micro-cap stocks often showing stronger potential for price recovery after market adjustments [4][9]. - The article suggests that in a market where large-cap stocks are over-traded, funds may shift towards undervalued micro-cap stocks, seeking opportunities for marginal improvements [9]. Group 4: Risks and Cautions - Despite the positive outlook, there are concerns regarding the trading activity and liquidity of micro-cap stocks, which may lead to difficulties in executing trades and widening bid-ask spreads during market corrections [1][10]. - The low liquidity characteristic of micro-cap stocks poses challenges for large-scale operations and necessitates careful liquidity management during trading [10].

Core Insights - The China Securities Regulatory Commission and the Asset Management Association of China jointly released a draft guideline for performance comparison benchmarks for publicly offered securities investment funds, emphasizing precise matching principles for equity, bond, and index funds [1] Equity Funds - The new rules stipulate that broad-based indices or corresponding strategy indices will serve as benchmarks for all market stock selection strategy products, limiting the use of thematic indices [1] - As of November 8, 2025, there are 5,385 actively managed equity funds that have shown excess returns, with 1,915 funds outperforming their benchmarks, representing 35.56% of the total [2] Fund Performance Rankings Top Performing Funds - In the top 10 equity mixed funds, the threshold for excess return over the benchmark is set at 92.61%, with the highest performer managed by 华夏基金, achieving a return of 269.38% [3][6] - The top three funds in the equity mixed category are managed by 华夏基金, 中信建投基金, and 汇添富基金 [3] Ordinary Stock Funds - The top 10 ordinary stock funds have a minimum excess return threshold of 61.6%, with notable managers including 张仲维 from 景顺长城基金 [9][13] Flexible Allocation Funds - The top 10 flexible allocation funds have the highest threshold for excess returns at 123.29%, with 刘元海 from 东吴基金 leading with a return of 217.81% [15][19] Balanced Mixed Funds - The top 10 balanced mixed funds have a minimal excess return threshold of 0.54%, with multiple products from 南方基金 and 易方达基金 making the list [20][22]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - From November 3 to November 7, 2025, the REITs weighted index fell 0.49% to 97.40 points. The performance of major asset classes from high to low was convertible bonds > crude oil > stocks > pure bonds > REITs > gold. Property - type REITs fell 0.75% and franchise - type REITs rose 0.11%. [2] - As of November 7, 2025, there were 9 REITs products still in the exchange acceptance stage and 3 in the approved - to - be - listed state. [4] Group 3: Summary by Directory Secondary Market Price - Volume Performance - **Overall Secondary Market Performance**: The REITs weighted index fell 0.49% this week. Property - type REITs fell 0.75% to 110.46, and franchise - type REITs rose 0.11% to 82.68. Different industry - type REITs had varied performances. [2] - **Property - Type REITs**: The top five in terms of increase were Huaxia JINMAO Commercial REIT (4.42%), Guotai Haitong Dongjiu New Economy REIT (1.83%), Huitianfu Shanghai Real Estate Rental Housing REIT (1.81%), Huaxia First - Outlets REIT (1.52%), and Huitianfu Jiuzhoutong Pharmaceutical REIT (1.17%). High - turnover ones included Huaxia Zhonghai Commercial REIT (21.52%), etc. [2][11] - **Franchise - Type REITs**: The top five in terms of increase were Zheshang Shanghai - Hangzhou - Ningbo REIT (2.37%), Guotai Haitong Jinan Energy Heating REIT (2.25%), China Merchants Highway REIT (2.03%), Huaxia Huadian Clean Energy REIT (1.53%), and Huaxia China Communications Construction REIT (1.27%). High - turnover ones included Huaxia TBEA New Energy REIT (5.59%), etc. [2][13] - **Block Trading**: There were 5 block trading days this week, with the highest turnover on Monday at 72.2788 million yuan. The top five in terms of block trading turnover were Southern Runze Technology Data Center REIT, etc., with average discount/premium rates of 0.41%, etc. [20] Secondary Market Valuation Situation - **Property - Type REITs**: As of Friday, the top three in terms of internal rate of return (IRR) were E Fund Guangzhou Open Industrial Park REIT (8.38%), CICC Hubei KT Guanggong REIT (8.04%), and Huaxia Hefei High - tech REIT (7.33%). REITs with low P/NAV quantiles were E Fund Guangzhou Open Industrial Park REIT, etc. [3][25] - **Franchise - Type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.75%), Ping An Guangzhou Guanghe REIT (9.31%), and CICC Anhui Expressway REIT (7.60%). REITs with low P/NAV quantiles were Huaxia Yuexiu REIT, etc. [3][28] Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20 this week. Different types of REITs had different correlation coefficients with major asset classes. [29][30] Primary Market Tracking - As of November 7, 2025, there were 9 REITs in the exchange acceptance stage and 3 in the approved - to - be - listed state, including Huaxia Anbo Warehouse Logistics REIT, etc. [4][33]

Group 1 - The core concept of the report is the establishment of the CICC Wealth Public Fund 50 Selection Pool, which aims to identify approximately 50 outstanding fund managers and around 20 industry-themed funds through a combination of qualitative and quantitative analysis since its launch in July 2021 [2][65] - The selection pool covers various asset classes and investment strategies, including value stock selection, growth stock selection, and industry themes, aiming to provide a diversified investment approach [2] Group 2 - The performance of the Public Fund 50 Selection Pool (equity category) has consistently generated positive alpha, outperforming the average performance of mixed equity funds and ordinary stock funds since its inception [7][65] - The average performance of the Public Fund 50 Selection Pool (equity category) over the past three years is 38.7%, compared to 31.0% for the CSI 300 Index [8][9] - As of the end of October, the year-to-date average return for the Public Fund 50 Selection Pool (equity category) is 29.4%, outperforming the average return of other equity funds [13][14] Group 3 - In October, the market experienced a rotation in style, with traditional defensive assets outperforming previously leading growth sectors, indicating a shift towards value stock selection [18] - The industry theme performance showed a rotation, with previously strong sectors like pharmaceuticals and technology experiencing pullbacks, while cyclical sectors began to see opportunities [24] Group 4 - The top 10 fund managers in the Public Fund 50 Selection Pool achieved an average performance of 67.4% year-to-date, with notable performances from managers focusing on sectors such as coal, non-ferrous metals, and energy [30][33] - The report highlights specific fund managers' strategies, such as focusing on innovative pharmaceuticals and AI-driven technology sectors, indicating a strong belief in the growth potential of these areas [45][51][61] Group 5 - The performance of the Public Fund 50 Selection Pool (debt category) has been influenced by rising risk aversion and declining long-term interest rates, with pure debt funds performing better in the current market environment [37] - The report suggests that for investors seeking stable returns, the value of debt market allocations is increasing, particularly in mixed debt funds and primary and secondary debt funds [37][39]