Core Insights - The rapid growth of public QDII funds is driven by increasing global asset allocation demand and the profitability of the US stock market [1][2] Fund Growth - As of the end of Q3 this year, the total QDII fund shares reached 6,809.68 million, up from approximately 5,711.25 million at the end of Q2, marking a net subscription of 1,098 million shares [2] - QDII funds have become a popular investment choice due to their high returns, with the highest annual return reaching 121.70% as of November 12 [2] Fund Manager Performance - Notable fund managers like Zhang Kun from E Fund and Pi Jinsong from Chuangjin Hexin have seen their QDII funds outperform their A-share funds significantly, with performance differences reaching 26 percentage points and 46 percentage points, respectively [2][3] - The performance gap between QDII and A-share funds may encourage investors to shift their focus towards QDII products, especially those managed by well-known fund managers [3] Subscription Limitations - The rapid increase in QDII fund shares has led to recent announcements of subscription limits by several funds to ensure stable operations and protect the interests of existing shareholders [4][5] - For instance, the招商纳斯达克100ETF has suspended large subscriptions and limited regular investment amounts to 100 yuan, while the浦银安盛全球智能科技QDII has set a daily purchase limit of 10,000 yuan [4] Market Trends - QDII products focused on US stocks are attracting more investment compared to those focused on Hong Kong stocks, indicating a preference for US market exposure [6][7] - The growth in QDII fund sizes is closely linked to their US stock holdings, with funds that have a higher allocation to US stocks experiencing significant inflows [7]

◎记者 朱妍 沪指4000点"争夺战"仍在上演。近期，科技赛道回调，消费、银行等板块接棒上行，市场风格与行业板 块轮动加快，公募也在调整布局。多位基金经理表示，当下更关注持仓结构的优化，着力挖掘并捕捉具 备阿尔法的优质标的。 上证指数围绕4000点反复震荡，主动权益类基金整体仓位维持在历史高位。据信达证券测算，截至11月 9日，普通股票型基金的平均仓位约为91.46%，较11月2日的91.34%提升0.12个百分点。同时，偏股混合 型基金同期平均仓位为89.92%，"固收+"基金的平均仓位环比提升0.03个百分点。 "市场波动加剧，我在投资上没有三季度那么激进，但也没降低仓位，而是进行了持仓结构的优化。一 边加入消费、红利等资产；一边寻找个股阿尔法，以提升产品的超额收益。"沪上某权益类基金经理透 露。 与此同时，11月以来公募基金的新发节奏还在提升。公募排排网数据显示，按认购起始日统计，11月10 日至16日这一周，全市场共有39只新基金启动募集，环比增长5.41%，且11月以来已连续两周增长。 从近期新基金的建仓节奏看，许多基金已在震荡中快速出手。Choice数据显示，近三个月（8月12日至 11月12日） ...

Core Insights - The Chinese market has become increasingly attractive to foreign investment institutions, as evidenced by Fidelity Fund's recent capital increase from $1.82 billion to $2 billion, marking a nearly 10% increase [1] - Other foreign institutions, such as BlackRock and Invesco, have also increased their registered capital significantly, indicating a broader trend of foreign investment in China [2] - A consensus among foreign institutions is emerging regarding the investment value of Chinese assets, with over 96% of foreign-owned mutual fund products experiencing net value growth this year [2] Group 1: Fidelity Fund Developments - Fidelity Fund has increased its registered capital twice this year, first from $1.6 billion to $1.82 billion in February, and then to $2 billion recently [1] - As of November 12, Fidelity Fund manages a total of 10 fund products with a combined management scale of 3.571 billion yuan [1] - The company has launched three new funds this year, including Fidelity Renyuan Stable Three-Month Holding Mixed Fund [1] Group 2: Broader Foreign Investment Trends - BlackRock increased its registered capital from 1.25 billion yuan to 1.45 billion yuan, a 16% increase, while Invesco raised its capital from 300 million yuan to 500 million yuan, a 67% increase [2] - A total of 41 new funds have been established by nine foreign-owned mutual funds this year, reflecting active product development [2] - The long-term investment logic in the Chinese stock market is rooted in the evolution of the national economic growth model, focusing on innovation and capital efficiency [2] Group 3: Investment Focus Areas - Invesco recommends focusing on high-quality companies that offer both dividend and value attributes, which can provide protection against market volatility [3] - The technology and new consumption sectors are highlighted as areas with sustainable growth potential, benefiting from innovation-driven trends [3] - The Chinese innovative pharmaceutical and medical device industry is seen as promising, with leading companies transitioning from imitation to innovation [3] - The chemical industry is also viewed positively, with signs of capacity clearing and increased collaboration among leading companies [3]

Core Viewpoint - The rapid development of ETFs has made them a crucial asset allocation tool in the capital market and plays a key role in inclusive finance [1] Group 1: ETF Development and Market Impact - ETFs have seen significant growth and are now an important asset allocation tool in the capital market [1] - The liquidity of the STAR Market and individual stocks has significantly improved due to the continuous expansion of technology-related ETFs [1] Group 2: Company Strategy and Product Offerings - The company has launched 29 related ETF products with a total scale exceeding 90 billion [1] - The focus is on technology innovation, with the STAR 50 ETF experiencing rapid growth due to high market attention [1] - The company aims to introduce more hard technology-related indices and ETF products to attract social capital into quality technology innovation sectors [1] Group 3: Investor Education and Accessibility - The company actively conducts investor education and implements appropriate investor management to facilitate participation in emerging investments through ETFs [1] - ETFs are presented as a simple, transparent, and low-cost tool for investors to engage in long-term stable returns [1]

Core Viewpoint - The ETF industry has experienced rapid growth in recent years, with E Fund focusing on a diversified strategy that covers various sectors, particularly in technology innovation [1] Company Strategy - E Fund has developed a comprehensive product layout that includes forward-looking industries, strategic sectors, and traditional industries, particularly in the technology sector [1] - The company has established a rich product system and a refined management model to cater to the technology track [1] Investor Education - E Fund emphasizes continuous investor education, clarifying the risk characteristics and application scenarios of different index products to help investors achieve good returns [1] Market Outlook - Investors increasingly view ETFs as essential asset allocation tools, with a growing emphasis on strategic investment concepts [1] - The industry has significant development potential as the application scenarios for ETFs continue to be explored, allowing more investors to conveniently participate in quality sector investments and share in the benefits of industrial development [1]

11月1 2日，从2 0 2 5专精特新中小企业发展大会上获悉， 目前国家中小企业发展基金二期的设 立方案已获国务院批复 ， 将引导更多社会资本支持初创期中小企业成长。 母基金研究中心关注到，这支国家级母基金的二期此前已有消息： 7月1 8日，国新办举行新闻 发布会，介绍上半年工业和信息化发展情况。工业和信息化部新闻发言人、运行监测协调局局 长陶青在回答记者提问时表示，将推进设立国家中小企业发展基金二期，带动更多社会资本投 早、投小、投长期、投硬科技。 这意味着， 2 0 2 0年设立的这支国家级母基金要迎来二期了——2 0 2 0年5月，为贯彻落实中办国 办《关于促进中小企业健康发展的指导意见》、国务院决策部署,在工信部与财政部的牵头推动 下,中央财政与上海国盛、中国烟草等社会出资人共同发起成立了国家中小企业发展基金有限公 司（母基金），注册资本为3 5 7 . 5亿元，通过投资设立子基金等方式（同时保留部分可投资金 用于跟随子基金直接投资相关优质项目），使基金总规模达到1 0 0 0亿元以上，重点解决创新型 中小企业的中长期股权融资问题。 在 投长期 方面，近半年许多新设母基金和直投基金的存续期限长达 1 ...

Core Insights - The launch of two Brazilian ETFs by Huaxia Fund and E Fund is generating significant market interest, with both funds reaching their fundraising limits within a day [1][2] - The subscription rates for the ETFs are notably high, with E Fund's ETF at 11.823% and Huaxia Fund's ETF at 11.53867900% [1] - Major foreign institutions, including Barclays Bank PLC and UBS AG, are among the top holders of these ETFs, indicating strong foreign interest in Brazilian equities [3][4] Fundraising and Subscription Details - Both ETFs set a fundraising cap of 300 million yuan, and the subscription was completed in just one day [1] - E Fund's Brazilian ETF (520870) had 12,313 subscription accounts, while Huaxia Fund's ETF (159100) had 9,081 accounts, with average subscription amounts ranging from 200,000 to nearly 300,000 yuan [1] - The top holders of Huaxia Fund's ETF include Barclays Bank PLC with 30.58% and Shanghai Ningyuan Asset Management with 5.77% [2] Performance and Valuation - Recent performance of the Brazilian stock market has been positive, with E Fund's ETF showing a net value of 1.0154, reflecting a 1.51% increase [4][6] - Huaxia Fund's ETF reported a reference net value of 1.017, slightly higher than E Fund's, indicating competitive performance [6] - Both ETFs are expected to be actively traded post-listing, with T+0 trading support, which may lead to speculative trading behavior [6]

Core Insights - The article provides an overview of the latest fund net asset values, highlighting the top-performing and bottom-performing funds in the market [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top 10 funds with the highest net value growth include: 1. E Fund S&P Biotechnology RMB C: 1.5967, growth of 3.31% 2. E Fund S&P Biotechnology RMB A: 1.6184, growth of 3.31% 3. E Fund S&P Biotechnology USD A: 0.2284, growth of 3.30% 4. E Fund S&P Biotechnology USD C: 0.2253, growth of 3.30% 5. Vanguard Growth A: 1.0911, growth of 2.95% 6. Shenwan Hongyuan Medical A: 0.4952, growth of 2.95% 7. Vanguard Growth C: 1.1104, growth of 2.95% 8. Shenwan Hongyuan Medical C: 0.4867, growth of 2.94% 9. Fuguo Medical Innovation A: 1.8086, growth of 2.86% 10. Fuguo Medical Innovation C: 1.7890, growth of 2.86% [2] Bottom 10 Funds by Net Value Decline - The bottom 10 funds with the largest net value decline include: 1. Dongcai Value Start C: 0.8164, decline of 5.32% 2. Dongcai Value Start A: 0.8302, decline of 5.31% 3. HSBC Jintrust Low Carbon Pioneer A: 3.0533, decline of 4.87% 4. HSBC Jintrust Low Carbon Pioneer C: 2.9915, decline of 4.87% 5. HSBC Jintrust Research Selected Mixed: 1.0754, decline of 4.86% 6. HSBC Jintrust Core Growth A: 1.0195, decline of 4.70% 7. HSBC Jintrust Core Growth C: 0.9970, decline of 4.69% 8. Ping An Research Selected Mixed C: 0.8939, decline of 4.65% 9. Ping An Research Selected Mixed A: 0.9228, decline of 4.64% 10. HSBC Jintrust Intelligent Manufacturing Pioneer C: 2.8535, decline of 4.63% [3] Market Overview - The Shanghai Composite Index opened lower but rebounded, closing slightly down, with a trading volume of 1.96 trillion yuan and a stock performance ratio of 1758 gainers to 3563 losers [5] - Leading sectors include insurance, oil, banking, textiles, and household appliances, while the concept of immunotherapy saw a rise of over 2% [6] - Declining sectors include mineral products and electrical equipment, both dropping over 2% [7] Fund Holdings Analysis E Fund S&P Biotechnology Holdings - The fund's top holdings include: 1. CRISPR Therapeutics AG: 2.14% 2. Exelixis Inc: 1.89% 3. AbbVie Inc: 1.89% 4. Madrigal Pharmaceuticals Inc: 1.84% 5. Moderna Inc: 1.83% - The fund has a concentration of 18.47% in its top ten holdings, focusing on the pharmaceutical sector, and has outperformed the market [8] Dongcai Value Start Holdings - The fund's top holdings include: 1. Longi Green Energy: -7.35% 2. Foster: -6.08% 3. Zhongyou Technology: -2.11% 4. Yinke Co.: -0.74% 5. Xinyi Solar: -4.27% - The fund has a concentration of 47.27% in its top ten holdings, focusing on the renewable energy sector, and has underperformed the market [8]

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。 博时基金新总经理到任 继董事长之后，博时基金的总经理也终于落定，新人选同样来自"招商系"。11月11日，博时基金公告 称，陈宇自当日起任公司总经理。 公开简历显示，陈宇自2025年9月起任博时基金党委副书记，曾在中国工商银行总行、华夏银行总行、 泰康资管、中邮人寿保险任职。2017年7月至2025年9月，陈宇在招商局仁和人寿保险股份有限公司工 作，历任首席投资官（兼资产管理中心总经理）、副总经理、首席运营官（期间2019年5月至2025年5月 兼任招商局仁和养老投资有限公司CEO）。 博时基金表示，当前公司高管团队配置合理，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 ...

Core Viewpoint - The FOF (Fund of Funds) market is experiencing significant growth in both the number of products and total fundraising, with a notable increase in "small blockbuster" FOFs, indicating a trend towards diversified asset allocation and the need for improved cross-market investment capabilities [1][2][6]. Group 1: FOF Market Growth - As of November 12, 2023, a new FOF from the Wanguo Fund raised nearly 1.8 billion yuan, contributing to over 60 FOFs established this year with a total fundraising exceeding 56 billion yuan, significantly higher than the 10.6 billion yuan raised in 2024 [1][2]. - The total scale of FOFs has surpassed 200 billion yuan, with 17 products raising over 1 billion yuan each, highlighting a growing interest in FOFs despite the overall market size being significantly smaller than the underlying funds [1][9]. Group 2: Performance of New FOFs - The newly established Wanguo Zhiyue Stable 90-Day Holding FOF raised 1.793 billion yuan with 5,835 effective subscriptions, while another product, Wanguo Hengyi 3-Month Holding ETF-FOF, raised 414 million yuan [2][5]. - In October alone, several FOFs raised over 2 billion yuan, including Huatai Bairui Yingtai Stable 3-Month Holding FOF, which raised 5.577 billion yuan, indicating a strong demand for these investment vehicles [3][5]. Group 3: Diversification and Asset Allocation - FOFs are increasingly diversifying their underlying assets, now including passive index funds and REITs, with a notable preference for gold and bond ETFs among FOF managers [6][7]. - The top ten most held index funds by FOFs are predominantly bond ETFs, reflecting a strategic shift towards safer asset classes amid market volatility [7][10]. Group 4: Challenges and Opportunities - Despite the growth, over 60% of FOFs have a scale of less than 200 million yuan, indicating a significant disparity in size compared to the underlying public funds, which exceed 30 trillion yuan [9]. - The FOF market faces challenges such as investor perception of complex structures and concerns over double fees, which may hinder further growth [9][10].