中国经济网北京11月13日讯 今日，招商基金公告，招商央视财经50指数、招商中证新能源汽车指 数、招商中证沪港深500医药卫生ETF、招商中证疫苗与生物技术ETF、招商上证港股通ETF增聘廖裕 舟。 廖裕舟2016年7月至2016年10月在创金合信基金管理有限公司工作，任监察稽核部风控专员；2016 年10月至2021年9月在融通基金管理有限公司工作，任指数与量化投资部量化研究员；2021年9月至2022 年3月在安信证券股份有限公司工作，任零售业务委员会基金研究岗；2022年3月至2025年4月在申万菱 信基金管理有限公司工作，任指数投资部基金经理；2025年4月加入招商基金管理有限公司，现任指数 产品管理事业部基金经理。 招商央视财经50指数A/C成立于2013年2月5日和2017年2月23日，截至2025年11月12日，其今年来 收益率为12.70%、12.31%，成立来收益率为236.12%、79.85%，累计净值为3.3612元、3.2498元。 招商中证新能源汽车指数A/C成立于2021年8月27日，截至2025年11月12日，其今年来收益率为 53.40%、52.89%，成立来收益率为-19.1 ...

Core Points - The announcement from CITIC Prudential Fund indicates the departure of fund manager Xi Xingyi from the CITIC Prudential Zhitai Short-Duration Bond Fund [1] - Xi Xingyi has a background as a senior auditor at Deloitte and joined CITIC Prudential in November 2009, holding various positions including fund accounting manager and fixed income researcher [1] - The CITIC Prudential Zhitai Short-Duration Bond Fund A/C was established on June 6, 2017, with year-to-date returns of 1.34%, 1.25%, and 1.08%, and cumulative net values of 1.2490, 1.3105, and 1.2437 respectively [1] - The fund has a long-term return of 24.90%, 31.05%, and 3.27% since inception [1] - The fund manager change is part of the management structure, with Gu Feichen remaining as a co-manager [2] Fund Information - Fund Name: CITIC Prudential Zhitai Short-Duration Bond Fund [2] - Fund Code: 004155 [2] - Fund Management Company: CITIC Prudential Fund Management Co., Ltd. [2] - Announcement Basis: Public Offering Securities Investment Fund Information Disclosure Management Measures [2] - Type of Fund Manager Change: Dismissal of Fund Manager [2]

汇添富稳元回报债券发起式A/C成立于2024年1月31日，截至2025年11月12日，其今年来收益率为 1.62%、1.25%，成立来收益率为7.51%、6.73%，累计净值为1.0751元、1.0673元。 中国经济网北京11月13日讯今日，汇添富基金公告，汇添富稳元回报债券发起式增聘张朋，许一尊离 任。 | 基金名称 | 汇添富稳元回报债券型发起式证券投资基金 | | --- | --- | | 基金简称 | 汇添富稳元回报债券发起式 | | 基金主代码 | 018840 | | 基金管理人名称 | 汇添富基金管理股份有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金 | | | 管理公司投资管理人员管理指导意见》等法律法规规 | | | 定,以及汇添富基金管理股份有限公司总经理办公会 | | | 会议决定。 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 张朋 | | 离任基金经理姓名 | 许一尊 | | 共同管理本基金的其 | 无 | | 他基金经理姓名 | | 张朋曾任职于东方证券、光大证券，曾任申万菱信基金管理有限公司基金经理。20 ...

Core Viewpoint - The demand for professional asset allocation tools, particularly FOF products, is increasing due to a slowing global economy and heightened market volatility, as investors seek stable asset growth through specialized institutions [1][2] Group 1: FOF Product Growth - As of the end of Q3 this year, the number of public FOF products in China reached 518, with a total scale exceeding 193.49 billion, marking a 16.8% increase from the end of Q2 [1] - Nearly 99% of FOF products achieved positive returns in the past three quarters, demonstrating strong risk resistance and stable return characteristics in a volatile market [1] Group 2: Asset Allocation Advantages - FOF products provide diversified asset allocation, helping investors mitigate risks and smooth investment fluctuations by distributing funds across various asset classes such as stocks, bonds, commodities, and overseas assets [1] - The systematic scientific allocation of major asset classes enhances the investment perspective and significantly boosts the portfolio's risk resistance capabilities [1] Group 3: Professional Research Team - The successful operation of FOF products relies on a specialized and composite research team skilled in macro analysis, quantitative analysis, risk identification, and comprehensive process control [2] - Minsheng Jianyin Fund has established a diverse and experienced FOF research team, led by Liu Xin, integrating expertise from various fields to collaboratively tackle complex challenges in multi-asset allocation [2] Group 4: New Product Launch - The Minsheng Jianyin Multi-Dimensional Stable Allocation 3-Month Holding Period Mixed FOF (Class A: 025858, Class C: 025859) will be co-managed by Liu Xin and fund manager Kong Siwei, implementing a "localized all-weather" strategy [2] - The product is designed with a 3-month holding period to balance liquidity and investment discipline, aiding investors in navigating market cycles [2]

市场上热议股票型私募基金仓位超过80%，到底意味着什么？ 以前2007年左右公募基金有88魔咒，为毛呢，因为公募基金仓位上了8.8成后，剩下的买盘撑不住抛 盘，导致市场出现大幅调整。 后来为什么失效呢，公募基金产品结构发生了重大改变，不只是股票型基金了，还有混合型基金，还有 FOF，从这上面很难看出股票型仓位占比，自然就失效了。 公募股票型基金看不到了，私募股票型基金就成了市场的关切点，但私募和公募不一样，公募基金有仓 位下限，比如07年公募基金下限是60%，15年8月1日后是80%，私募基金可以在空仓和满仓中切换，再 者私募基金如果净值大幅下跌，要经受更多指责，所以私募型基金控制仓位要强一些。 结合仓位无上下限要求和控制强，所以要触发公募型基金88魔咒的上限要低，低多少，我们不妨从历史 中寻找答案。 根据私募排排网数据显示，2021年1月22日，股票私募型基金是80.37%，这是2008年后首次出现超过 80%，在这上面持续时间也非常短，大概四周时间，最后一周恰好是临近农历新年，并在农历新年前达 到最高峰81.16%。要强调的是这里确实在年前维持利好，在大众拜年的时候散布乐观情绪，以便年后 高位卖出之嫌。果 ...

Group 1: Gold ETF Market Insights - The largest gold ETF, SPDR Gold Trust, reported a holding of 1,046.64 tons of gold as of November 12, with an increase of 0.28 tons from the previous trading day [1] - On the same day, spot gold closed at $4,195.26 per ounce, reflecting a 1.69% increase, with an intraday high of $4,211.43 and a low of $4,098.29 [1] Group 2: Swiss-US Trade Negotiations - A Swiss trade delegation, led by the Swiss Economic Minister and Secretary of State, has arrived in Washington to finalize key trade agreement negotiations with the US [3] - Switzerland aims to significantly reduce the average tariff level of 39% imposed by the US on Swiss goods to around 15%, which would enhance the competitiveness of Swiss products like watches and chocolates in the US market [3] - This negotiation marks a critical phase in the long-standing trade talks between the two countries, with potential profound implications for their economic relationship [3]

【导读】事关七亿基民！通过直播宣传推介基金、向老年人销售高风险基金迎来最新规范 基金行业再迎重磅文件。 近日，中国基金业协会起草了《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）》（以下 简称《细则》），意见反馈截止时间为2025年11月26日。 自公募基金高质量发展行动方案实施以来，监管部门已围绕业绩比较基准、基准库、主题投资风格管理 出台一系列新规，切实保护投资者利益。 此次出台的《细则》在针对投资者在同一机构进行风险承受能力评估频率、基金风险等级评定等方面做 了细化要求，同时，对近年来兴起的基金直播在投资者适当性管理方面做了具体规定。 合理控制普通投资者风险承受能力评估频次 为进一步规范公募基金销售行为，强化投资者适当性管理义务，切实保护投资者合法权益，近日，中国 基金业协会起草了《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）》，向社会公开征求 意见，意见反馈截止时间为2025年11月26日。 《细则》共分为18条，要求基金管理人、基金销售机构应当依法依规、勤勉尽责、审慎履职，根据投资 者的投资目标、风险偏好和可承受的损失，严格履行投资者风险偏好及承受能力识别、基金风险特征匹 配等适当 ...

Core Viewpoint - The 365-day investment advisory portfolio is characterized as a "fixed income plus" product, primarily investing in bond funds while maintaining a small portion of stocks to enhance returns with manageable volatility [8][52]. Group 1: Portfolio Characteristics - The portfolio mainly consists of bond funds, diversifying investments to reduce risk, with a focus on interest rate bonds and a limited exposure to credit bonds to avoid default risks [10][11]. - It utilizes the negative correlation between stocks and bonds to minimize volatility risk, allowing for strategic positioning in both bull and bear markets [12][17]. - The portfolio employs a rebalancing strategy that automatically adjusts stock and bond allocations, effectively implementing a "buy low, sell high" approach without requiring investor intervention [19][40]. Group 2: Performance and Adjustments - As of November 7, 2025, the 365-day portfolio outperformed the secondary bond index by 2.58%, with a maximum historical drawdown of -4.15%, significantly lower than the index's volatility [5][52]. - In October 2025, the portfolio underwent a rebalancing due to a rise in stock market performance, reducing the stock and convertible bond ratio from 17% to 14% and increasing the bond and cash ratio from 83% to 86% [21][22]. Group 3: Sources of Returns - The portfolio's returns are derived from three main sources: the stock component, which focuses on value stocks with lower volatility and higher dividend yields [25][27]; the bond component, where interest rates significantly influence returns [28][29]; and the rebalancing strategy that capitalizes on market fluctuations [40][41]. - The stock portion is characterized by a value style, emphasizing stability and consistent dividend income, while the bond portion primarily consists of short- to medium-term bonds to mitigate interest rate risk [46][38]. Group 4: Investment Suitability - The 365-day investment advisory portfolio is suitable for investors with idle funds that will not be needed for over a year, providing a stable investment option with a low risk of significant volatility [43][46]. - The portfolio is currently considered a viable investment option, especially for those seeking a "fixed income plus" strategy to participate in the market with reduced risk [52][53].

【导读】 事关七亿基民！通过直播宣传推介基金、向老年人销售高风险基金迎来最新规范 中国基金报记者 陆慧婧 基金行业再迎重磅文件。 计不得超过八次。投资者风险承受能力评估等级与最近一次结果不一致的，基金管理人、基 金销售机构应当提示投资者关注变动情况并进行确认。 风险承受能力评估结果有效期原则上不得超过十二个月，超过十二个月未评估或者投资者主 动告知存在可能影响风险承受能力情况的，基金管理人、基金销售机构向投资者再次销售基 金前，应当对投资者风险承受能力重新进行评估。 净值历史波动率、最大回撤 近日，中国基金业协会起草了《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）》（以下简称《细则》），意见反馈截止时间为2025年11月26日。 自公募基金高质量发展行动方案实施以来，监管部门已围绕业绩比较基准、基准库、主题投 资风格管理出台一系列新规，切实保护投资者利益。 此次出台的《细则》在针对投资者在同一机构进行风险承受能力评估频率、基金风险等级评 定等方面做了细化要求，同时，对近年来兴起的基金直播在投资者适当性管理方面做了具体 规定。 合理控制普通投资者风险承受能力评估频次 为进一步规范公募基金销售行为，强 ...

Core Viewpoint - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) has experienced a decline of 0.72%, with notable movements in constituent stocks, indicating a mixed performance in the market [1] Group 1: ETF Performance - The Hang Seng Low Dividend ETF (159545) closely tracks the Hang Seng High Dividend Low Volatility Index and has seen significant investor interest, with a net inflow of over 990 million in the past 10 days [1] - As of the report, the fund has a total size of 5.233 billion [1] - The ETF has shown a year-to-date return of 28.82% and a 120-day return of 19.86% [2] Group 2: Insurance Sector Insights - According to Industrial Securities, insurance capital is expected to continue increasing its allocation to high dividend equities, with the proportion of FVOCI stocks in seven listed insurance companies rising from 33.8% at the beginning of the year to 41.1% [2] - It is projected that the high dividend stock allocation for five A-share listed insurance companies will reach 722.2 billion, 1.1 trillion, and 1.6 trillion from 2025 to 2027, with an annual increase of 250 to 500 billion [2] Group 3: Fund Distribution Mechanism - The Hang Seng Low Dividend ETF (159545) has a defined mechanism for evaluating excess returns and distributable profits on specific evaluation dates, which enhances the stability of cash returns and investor experience [3] Group 4: Product Offerings - The E Fund Dividend Index series includes multiple ETFs designed to provide monthly cash flow, aiming for a "monthly dividend" effect to meet cash flow needs [4]