Core Viewpoint - The trend of dividend distribution among actively managed equity funds, particularly growth-style funds, has emerged in the fourth quarter of this year, with several funds announcing dividends for the first time in years, indicating a shift in the investment landscape and a response to investor demand for cash returns [1][2][6]. Summary by Sections Dividend Distribution Trends - Actively managed equity funds, such as E Fund's Stable Growth Mixed and E Fund's Kexiang Mixed, have announced dividends for the first time since 2021, reflecting a broader trend of dividend distribution in the market [2][4]. - The E Fund Kexiang Mixed fund will distribute a dividend of 0.9 yuan per 10 fund shares, amounting to 226 million yuan based on the benchmark shares [2]. Reasons for Dividend Distribution - The dividends from actively managed funds primarily stem from capital gains rather than stock dividends, as fund managers seek to lock in profits and provide cash returns to investors [1][4]. - The strong performance of growth-style funds in the A-share market has led to substantial accumulated returns, prompting fund managers to distribute dividends to help investors secure profits and mitigate potential future market volatility [4][6]. Impact on Fund Management - Dividend distribution allows fund managers to optimize their portfolio structure by selling off high-performing stocks to generate cash for dividends, thus adjusting their holdings based on market conditions [5][6]. - The trend of dividend distribution is expected to expand from index funds to actively managed equity funds, aligning with investor preferences for stable cash flows and enhancing the overall investment experience [6][7]. Future Outlook - The increasing focus on investor satisfaction and the regulatory push towards investor return-oriented strategies suggest that more actively managed equity funds will adopt dividend distribution as a standard practice [6][7]. - The competitive landscape may accelerate the trend of dividend distribution among actively managed funds, as they seek to meet growing investor demand for cash returns [6].

截至11月12日，全球最大白银ETF——iShares Silver Trust的白银持仓量为15,088.63吨，与前一交易日持平。 | Net Assets of Fund | $24,996,272,688 | Fund Inception | Apr 21, 20 | | --- | --- | --- | --- | | as of Nov 12, 2025 | | Asset Class | Commo | | Exchange | NYSE Arca | | | | | | Bloomberg Index Ticker | SLVR | | Reference Benchmark | LBMA Silver Price | Shares Outstanding | 534,700,0 | | Indicative Basket Amount | 45,355.20 | as of Nov 12, 2025 | | | as of Nov 12, 2025 | | Tonnes in Trust | 15,088 | | Basket Amount | 45,355.80 | as of Nov ...

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with a notable increase in both the number and scale of newly established funds, driven by a favorable stock market environment and diverse asset allocation strategies [1][2][6]. Group 1: FOF Market Growth - In 2023, the total scale of FOFs surpassed 200 billion yuan, with 17 funds raising over 1 billion yuan each [1][2]. - The number of newly established FOFs exceeded 60, significantly higher than the 35 established in the entirety of 2024, with total fundraising exceeding 56 billion yuan, marking an increase of over 400% compared to 2024 [2][3]. - Notable FOFs include the 富国智悦稳健90天持有FOF, which raised 17.93 billion yuan, and the 华泰柏瑞盈泰稳健3个月持有FOF, which raised 55.77 billion yuan [2][3]. Group 2: Diversification and Asset Allocation - FOFs have expanded their investment scope from primarily active funds to include passive index funds and REITs, reflecting a trend towards multi-asset allocation [4][5]. - As of the end of Q3, the most favored index funds by FOFs included gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5]. - The top ten index funds held by FOFs are predominantly bond ETFs, indicating a strategic focus on fixed-income assets [5]. Group 3: Performance and Challenges - Despite the growth, FOFs still represent a small portion of the overall fund market, which exceeds 36 trillion yuan, with over 60% of FOFs having a scale of less than 200 million yuan [7][8]. - The performance of some FOFs has been underwhelming, leading to a high rate of fund closures, with 72 FOFs liquidated since 2017, 31 of which occurred in 2025 [7]. - Challenges include a lack of investor understanding of FOF structures, concerns over dual fee mechanisms, and a need for improved investment quality and research capabilities [7][8].

Core Viewpoint - The trend of dividend distribution is expanding from traditional index and dividend-themed funds to actively managed equity funds, driven by strong market performance and investor demand for stable cash flow [1][6]. Group 1: Dividend Distribution in Actively Managed Funds - Several actively managed equity funds, particularly growth-style products, have announced dividends for the first time in years, indicating a shift in distribution practices [1][2]. - E Fund's Ke Xun Mixed Fund announced a dividend of 0.9 yuan per 10 fund shares, amounting to 226 million yuan, marking its first dividend since 2021 [2]. - The E Fund's Ping An Growth Mixed Fund and Ke Xiang Mixed Fund also declared dividends, with amounts of 0.7 yuan and 1.60 yuan per 10 fund shares, respectively, reflecting strong performance in sectors like AI and energy storage [2][4]. Group 2: Reasons Behind Dividend Distribution - The dividends from actively managed funds primarily stem from capital gains rather than stock dividends, allowing fund managers to lock in profits and manage portfolio structure [1][4]. - Analysts suggest that distributing dividends helps investors secure returns and reduces exposure to net asset value fluctuations, especially in a volatile market [4][5]. - The trend of dividend distribution is seen as a response to increasing investor demand for tangible returns, with fund managers using dividends to optimize their holdings and maintain operational scale [5][6]. Group 3: Future Outlook - The trend of dividend distribution is expected to continue expanding among actively managed equity funds, aligning with regulatory shifts towards investor return orientation [6][7]. - As the A-share market recovers, actively managed funds are likely to accumulate sufficient reserves for dividends, catering to investors' preferences for stable cash flows [6]. - The competitive landscape may drive more actively managed funds to adopt dividend strategies, enhancing investor experience and encouraging long-term holding [6][7].

自10月张东由博时基金总经理升任董事长后，新任总经理人选终于在近日落定。11月11日，博时基金公 告称，陈宇自当日起任公司总经理。从公开简历看，陈宇曾在多家"招商系"机构任职。回顾年内，同 为"招商系"资管公司的博时基金和招商基金旗下董事长、总经理相继出现变动，从新就任人选来看，均 拥有丰富的"招商系"从业背景。在业内人士看来，有着同一集团背景的高管人员到任，或更熟悉相关机 构的业务，更有利于公司资源的整合与高效利用，提升整体竞争力。 | 基金管理人名称 | 博时基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基 金经营机构董事、监事、高级管理人员及从业人员监督 | | | 管理办法》 | | 高管变更类型 | 新任基金管理人总经理 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 陈宇 | | 是否经中国证监会核准取 | | | 得高管任职资格 | | | 中国证监会核准高管任职 | | | 资格的日期 | | | 任职日期 | 2025年11月11日 | | 过往从业经历 | 2025 ...

Core Insights - The launch of the first cross-border ETFs investing in Brazil by Chinese public funds has garnered significant attention, with the products selling out on the first day of release [1] - The demand for cross-border ETFs is increasing as investors seek to diversify their portfolios and capture opportunities in overseas markets, leading to a surge in the total scale of these ETFs [2] - Recent warnings about premium risks associated with cross-border ETFs have been issued by multiple fund companies, indicating potential challenges for investors [3] Group 1: Investment Opportunities - The first cross-border ETFs focused on the Brazilian market were launched by E Fund and Huaxia Fund, selling out on the first day, highlighting strong investor interest [1] - The public fund industry is rapidly expanding its overseas product offerings, with various new ETFs established this year targeting different international markets [1][2] - The total scale of cross-border ETFs in the market has surpassed 900 billion yuan as of October 30, indicating robust growth in this investment category [2] Group 2: Market Trends - The cross-border ETF market is becoming increasingly diverse, with funds now available for investment in markets such as Germany, France, Saudi Arabia, Singapore, India, and Vietnam [2] - The popularity of cross-border ETFs is attributed to their high transparency, flexible trading, and lower costs, making them an important tool for risk diversification [2] - As of October 30, 2023, the leading fund company in terms of cross-border ETF scale is GF Fund, with a total of 10 ETFs amounting to 100.77 billion yuan [2] Group 3: Risks and Warnings - Recent premium risks have been highlighted, with some cross-border ETFs showing high premium rates, such as the Invesco Nasdaq Technology ETF at 17.42% as of November 11 [3] - Multiple fund companies, including E Fund and Huaxia Fund, have issued warnings regarding premium risks for various ETFs, indicating a growing concern in the industry [3] - The primary reason for the premium risks is the insufficient QDII quotas for fund companies, which limits their ability to manage arbitrage effectively [3]

宽基指数基金以及红利、高股息等主题基金历来是国内权益产品分红的主力军。然而今年四季度以来， 中国证券报记者注意到，多只主动权益基金尤其是成长风格产品罕见宣布分红，易方达平稳增长混合、 易方达科翔混合等均为四年来首度分红，万家北交所慧选两年定期开放混合更是成立以来首次分红。 不同于宽基指数基金、红利主题基金等以持有股票的股息作为分红来源，主动权益基金的分红更多来自 买卖股票的差价收益。业内人士认为，今年以来成长风格基金短期内积累了丰厚的收益，基金管理人或 主动通过分红将收益"落袋为安"，帮助投资者提前锁定收益，避免后续市场风格切换，侵蚀投资者收 益。并且，分红还可以起到调整持仓结构、资产再投资、维持运作规模等作用。 随着投资者的获得感愈发受到重视，公募基金分红蔚然成风。展望未来，业内人士认为，分红潮有望从 宽基、红利等指数基金逐步扩散至主动权益基金，公募机构既能借此优化持仓结构，又能契合投资者的 需求，促进投资者长期持有，减少因短期波动引发的非理性赎回。 ● 本报记者 王鹤静 成长基金加入分红阵营 11月12日，易方达基金发布公告称，易方达科讯混合将以11月7日为基准日进行2025年第一次分红，分 红方案为0. ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年11月13日 1 公告基本信息 ■ 2离任基金经理的相关信息 ■ 2025年11月13日 关于嘉实恒生港股通科技主题交易型开放式指数证券投资基金联接基金 2025年非港股通交易日暂停申购、赎回等业务安排的公告 根据《嘉实恒生港股通科技主题交易型开放式指数证券投资基金联接基金基金合同》、《嘉实恒生港股 通科技主题交易型开放式指数证券投资基金联接基金招募说明书》的有关规定，投资人在开放日的开放 时间办理基金份额的申购和赎回，若该日为非港股通交易日，则基金管理人不开放基金份额申购、赎回 或其他业务，具体办理时间为证券交易所的正常交易日的交易时间，但基金管理人根据法律法规、中国 证监会的要求或本基金合同的规定公告暂停申购、赎回时除外。 为保障基金平稳运作，维护基金份额持有人利益，本基金将于2025年非港股通交易日暂停办理申购、赎 回等业务，并自下列非港股通交易日的下一开放日恢复本基金的日常申购、赎回等业务。届时不再另行 公告。 本基金2025年非港股通交易日提示如下： ■ 注： 1、上述非港股通交易日已剔除和上海证券交易所、深圳证券交易所休市日 ...

Core Insights - The FOF (Fund of Funds) market has seen significant growth in 2023, with a total fundraising scale exceeding 200 billion yuan, marking an increase of over 400% compared to the previous year [1][4][6] - The number of FOF products established this year has surpassed 60, significantly exceeding the total of 35 for the entire year of 2024 [2][3] - The popularity of FOFs is attributed to the recovery of the A-share market and the diversification of underlying assets, including ETFs and REITs [5][6] Group 1: FOF Market Growth - The newly established FOF by the company has raised nearly 1.8 billion yuan, becoming a "hit" product in this category [1] - The total number of FOFs established this year has reached over 60, with a cumulative fundraising scale exceeding 56 billion yuan [2] - The overall scale of FOFs has surpassed 200 billion yuan, although it remains small compared to the total mutual fund market of over 36 trillion yuan [1][4] Group 2: Product Performance and Characteristics - The FOFs are increasingly diversifying their underlying assets, moving from primarily active funds to include passive index funds and REITs [4][5] - The most favored index funds among FOFs include gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5] - The performance of FOFs has been bolstered by strategic asset allocation, particularly in high-growth sectors such as technology and consumer goods [5] Group 3: Challenges and Future Outlook - Despite the growth, over 60% of FOFs have a scale of less than 200 million yuan, indicating a significant disparity in performance and investor experience [6][7] - The FOF market faces challenges such as a shortage of professional talent and insufficient research capabilities, which need to be addressed to improve investment quality [7] - There is a need for enhanced risk management strategies and cross-market knowledge within FOF research teams to navigate market volatility effectively [7]

Group 1 - The stock market has experienced increased volatility since late October, but growth-style assets remain a key focus for capital, influenced by the Federal Reserve's second interest rate cut of the year and China's "14th Five-Year Plan" emphasizing support for emerging technology sectors [1] - The market is characterized by a structural differentiation, with funds shifting towards specific segments like storage and energy, while previously popular sectors like optical modules are in a consolidation phase [1] - The growth style is overall dominant this year, but leading sub-industries vary at different stages, with technology and energy sectors taking turns in leading performance [1] Group 2 - Chen Yunzhong, a mid-career fund manager with nearly 10 years in the securities industry and over 4 years of investment experience, has achieved significant returns, including a 46.82% return in the Guangfa Small Cap Select A fund, surpassing the benchmark by 36 percentage points [2] - His management strategy involves dividing growth tracks into traditional and emerging growth, focusing on sectors with strong certainty and leveraging top companies to capture industry beta and stock alpha [2] - Traditional growth sectors include "new semi-military" areas such as new energy, semiconductors, and military industry, characterized by mature industry development and specific cycles [2] Group 3 - Emerging growth sectors are in the early stages of industrialization, focusing on technologies like embodied intelligence, new storage and computing, satellite internet, quantum computing, and solid-state batteries, which are also highlighted in the national technology plan [3] - Chen Yunzhong emphasizes the need for tactical trading in these volatile assets, successfully timing entry and exit points to capture upward trends while avoiding significant downturns [3] - Current promising growth directions include computing power, storage, edge innovation, brand internationalization, robotics, satellite internet, and solid-state batteries, with a particular focus on domestic cloud service providers expected to increase capital expenditures significantly in the coming months [3]