Core Viewpoint - The trend of dividend distribution among actively managed equity funds, particularly growth-style funds, has become notable in the fourth quarter of this year, diverging from the traditional dividend sources of broad-based index and dividend-themed funds [1][6]. Dividend Distribution Trends - Several actively managed equity funds, especially those with a growth style, have announced dividends for the first time in years, indicating a shift in strategy to lock in profits for investors [2][6]. - For instance, E Fund announced a dividend of 0.9 yuan per 10 fund shares for its E Fund Kexun Mixed Fund, amounting to 226 million yuan, with a year-to-date return exceeding 100% [2][6]. - The Wanjiabj Exchange Wisdom Two-Year Regular Open Mixed Fund also declared its first dividend since inception, distributing 4 yuan per 10 fund shares, totaling 131 million yuan, marking it as the highest unit dividend among actively managed equity funds this year [4][5]. Reasons for Dividend Distribution - The dividends from actively managed equity funds primarily stem from capital gains rather than stock dividends, as fund managers seek to help investors realize profits amid strong market performance [6][7]. - Analysts suggest that the distribution of dividends can serve multiple purposes, including adjusting portfolio structures, reinvesting assets, and maintaining optimal operational scales [1][6][7]. Market Context and Future Outlook - The trend of dividend distribution is expected to expand further among actively managed equity funds, driven by the strong performance of the A-share market and increasing investor demand for stable cash flows [8][9]. - The growing preference for dividends among investors, cultivated by the dividend models of index funds, may encourage more actively managed funds to adopt similar strategies to meet investor needs and enhance long-term holding experiences [9].

Core Insights - The "fixed income +" sector has been leading the asset management market this year, driven by a low interest rate environment and a shift in wealth allocation among residents [1][2] - Secondary bond funds have experienced a dual explosion in performance and scale, with total market size surpassing 1.3 trillion yuan, marking a significant increase of nearly 500 billion yuan from the previous quarter [1][2] Performance and Growth - As of the end of Q3, the mixed bond secondary index has risen by 5.19%, while the hybrid bond fund index has increased by 6.29%, significantly outperforming the total bond fund index, which only rose by 1.66% during the same period [2] - The continuous inflow of funds into secondary bond funds has led to a remarkable growth in scale, with three consecutive quarters of positive growth, culminating in a historic high of over 1.3 trillion yuan by September 30 [2][3] Investment Strategy and Market Outlook - Secondary bond funds balance risk control and yield enhancement by investing up to 20% of their assets in equities, making them attractive to both institutional and individual investors [3] - The current macroeconomic environment supports secondary bond funds, with ample liquidity and policies favoring economic recovery, while short-duration credit bonds are expected to remain a core allocation [4] - The fund manager emphasizes the importance of balancing value and growth styles in stock investments, while maintaining a focus on short-duration bonds for certainty [4][5] Competitive Landscape - The "fixed income +" sector has significant growth potential, with the competitive edge of asset management firms relying on their research capabilities and product offerings [5][6] - The comprehensive product line of Hongde Fund includes various fixed income products, catering to different risk preferences and investment needs, supported by a robust credit rating system and macro strategy team [5][6]

Group 1 - The core viewpoint of the article is that the recent interest rate cuts by the Federal Reserve are beneficial for global stock markets, particularly in the context of economic growth and inflation trends [1][53][54] - The Federal Reserve initiated a rate-cutting cycle in September 2024, with multiple cuts leading to a total reduction of 0.25% by October 2025 [4][11] - Economic growth rate is the primary long-term factor influencing interest rates, with a slowing economy typically leading to lower rates [6][54] Group 2 - Inflation rates significantly impact short-term interest rate movements, with high inflation often necessitating rate hikes to control it [6][7] - The article highlights that from 2020 to mid-2022, inflation surged to 9.1%, prompting the Federal Reserve to implement the most aggressive rate hikes in two decades [9][10] - As of September 2025, the Consumer Price Index (CPI) for the U.S. has decreased to around 3%, indicating a potential stabilization of inflation [10] Group 3 - The article discusses the correlation between interest rates and various asset classes, noting that lower rates generally lead to higher asset prices across stocks, bonds, and real estate [17][18] - Since the initiation of the rate-cutting cycle, global stock markets have shown significant gains, with A-shares and Hong Kong stocks leading the rise due to their lower valuations at the start of the cycle [15][24] - Specific performance metrics include a 54.1% increase in the Hang Seng Index and a 63.46% rise in the CSI All Share Index since the rate cuts began [24] Group 4 - The article explains how interest rate changes affect the U.S. dollar and other currencies, with a decrease in U.S. rates leading to a stronger renminbi against the dollar [31][33] - The depreciation of the dollar relative to other currencies during the rate-cutting cycle has facilitated capital inflows into renminbi-denominated assets, benefiting A-shares and Hong Kong stocks [36][37] Group 5 - The article addresses common questions regarding the timing of market reactions to rate cuts, indicating that markets often price in expected rate changes weeks in advance [39][40] - It also discusses the ongoing pressure on the U.S. government to manage its debt through lower interest rates, with projections indicating that rates may continue to decline [44][46] - The cyclical nature of interest rates is emphasized, with historical patterns showing alternating periods of increases and decreases over the past 10-20 years [47][52]

Group 1 - The report indicates that during the PPI recovery phase, small-cap value stocks tend to outperform, with small-cap growth also showing potential for good performance [4][10][12] - Historical analysis shows that in previous PPI recovery phases, the market style favored small-cap value and small-cap growth stocks, particularly when liquidity remains loose [10][11] - The report highlights that the cyclical sector tends to outperform during PPI recovery phases, as its performance is closely tied to PPI movements and investment demand [12][14] Group 2 - The report notes that the recent market sentiment has shifted towards cyclical and consumer staples sectors, with increased attention on these indices [4][39] - In terms of industry preference, sectors such as electric equipment, pharmaceuticals, and non-bank financials have seen significant net inflows, while sectors like electronics and non-ferrous metals experienced net outflows [47] - The report emphasizes that the upcoming years, particularly 2026, may witness a significant investment boost due to the alignment of China's five-year plans and the U.S. election cycle, potentially benefiting related sectors [4][9]

Core Viewpoint - The article discusses the implications of stock private equity fund positions exceeding 80%, drawing parallels to historical market behaviors and potential upcoming adjustments in the market [1][2]. Group 1: Historical Context and Comparisons - In 2021, stock private equity funds reached a position of 80.37%, marking the first occurrence above 80% since 2008, with a peak of 81.16% shortly before the Lunar New Year [2]. - The article suggests that the current private equity fund position of 80.16% as of October 31 indicates a potential for significant market adjustments, similar to the historical context of public funds reaching 88% [2]. - The comparison highlights that the current private equity fund positions are higher than those in 2021, with 50-100 billion private equity funds at 85%, indicating a more aggressive market stance [2]. Group 2: Market Sentiment and Future Outlook - The article emphasizes that the market sentiment is currently optimistic, with strong buying activity despite the high positions of private equity funds, suggesting a potential for a market correction [2]. - It warns that the current market environment is crowded, particularly in technology sectors, which may lead to a more pronounced adjustment compared to previous years [3][2]. - The article advises caution, indicating that the current market dynamics may not sustain the high valuations seen in certain sectors, particularly given the weak state of the broader economy [3].

Core Insights - The recent performance of active equity funds has been under scrutiny, with over 38% of these funds still in losses over the past five years despite a significant number achieving positive returns since 2025 [1][2][3] - Key factors contributing to the underperformance include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][7] Performance Overview - As of November 10, 2025, the Shanghai Composite Index has risen by 19.42%, while 97.45% of active equity funds reported positive returns [2][3] - However, 1019 active equity funds remain in losses, with 38% of the total, indicating a stark contrast in performance for investors who entered the market earlier [1][2] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, with six funds reporting over 200% returns [3] - Conversely, nearly 40% of active equity funds have not turned a profit in five years, with some funds experiencing maximum drawdowns starting in 2021 [3][4] Underperforming Funds - Notable underperformers include funds managed by well-known managers, with losses exceeding 30% over five years [4] - Specific funds like Tianzhi New Consumption and Fangzheng Fubang Innovation Power have reported losses of -65.25% and -62.32%, respectively [3][4] Trading Behavior - High average stock positions during market peaks have been linked to poor long-term performance, with funds showing an average stock position of 84.22% during critical periods [5][6] - Frequent trading has also negatively impacted fund performance, with an average turnover rate of 460.71% across all active equity funds, rising to 508.45% for those with over 30% losses [7][8] Sector Reliance - Many funds have shown over-reliance on traditional sectors, leading to underperformance despite being labeled as "new" or "growth" funds [8][9] - Funds like Tianzhi New Consumption and Invesco Great Wall New Growth have shifted their holdings but still struggle to achieve positive returns [8][9] Market Outlook - The active equity fund market is seeing a resurgence, with 1354 new funds launched in 2025, indicating renewed investor interest [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [12]

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing that over 38% of these funds have not achieved positive returns over the past five years [1][2]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of 4679 actively managed equity funds achieving positive returns this year, including 33 funds that have doubled their value [3][4]. - However, nearly 40% of actively managed equity funds have not made profits over the last five years, with significant losses recorded by some well-known funds [4][5]. Key Reasons for Underperformance - The article identifies three main reasons for the underperformance of actively managed funds: high-level accumulation, frequent trading, and reliance on specific sectors [7]. - Funds that experienced negative returns had higher average stock positions during market peaks, indicating poor timing decisions [8]. - The average turnover rate for funds with over 30% losses was 508.45%, with some funds exceeding 1000%, suggesting that excessive trading negatively impacted performance [9]. Sector Dependence and Strategy Issues - Many funds have shown over-reliance on traditional sectors despite their names suggesting a focus on new or emerging sectors, leading to underperformance [11]. - The article highlights that some funds have not adapted their strategies effectively, resulting in inconsistent performance and a lack of coherent investment direction [9][10]. Future Investment Strategies - In light of the current market conditions, fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption trends [14][15]. - The article suggests that a balanced approach, considering macroeconomic data and industry cycles, will be crucial for future investment success [13][14].

21世纪经济报道记者 易妍君 继基金业绩比较基准指引发布之后，公募基金主题投资迎来规范文件，"盲盒"基金即将被戴上最严"紧 箍咒"。 近日，中国证券投资基金业协会就《公开募集证券投资基金主题投资风格管理指引》（以下简称"《指 引》"）向各家管理人征求意见。《指引》对主题投资基金的合同约定、基金管理人投资风格管理、托 管人投资风格监督予以规范。 受访人士向21世纪经济报道记者指出，《指引》与公募基金业绩比较基准指引相呼应，将倒逼基金经理 摒弃短期博弈和押赛道行为，更加聚焦长期稳定的超额收益。 长远来看，待两份指引正式落地后，将针对性解决行业长期存在的产品定位不清、风格漂移等乱象，推 动行业回归代客理财本源，转向高质量发展。 据了解，《指引》适用于将百分之八十以上的非现金基金资产投资于特定投资方向的公开募集证券投资 基金，投资方向包括但不限于特定市值、行业、主题、市场板块、地域、投资策略、资产类别（不包括 别动指数基金）。 《指引》首先对主题投资基金的合同约定作出规范。其中，有关基金名称、建立风格库的要求受到市场 关注。 具体而言，《指引》要求基金产品的名称与合同、实际投资必须高度相关，且要求基金合同中有关投资 ...

2025 年 11 月 12 日 科创债 ETF 嘉实：打造科技领域债 券配置的核心工具 ——指数基金产品研究系列报告之二百五十七 证券分析师 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 ⚫ 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 指 数 研 究 相关研究 - ⚫ 全链条政策支持"债券科技板"发展：科创债政策体系通过顶层设计、机制创新与流动性 保障的三重驱动，构建起支持科技创新的金融生态。随着政策持续深化与市场参与度提 升，科创债有望成为推动新质生产力发展的核心融资工具，未来发展前景广阔。 ⚫ 科创债市场呈现显著热度：科创债市场在政策引导下持续扩容，交易活跃度与机构参与度 同步提升，成为支持科技创新与实体经济高质量发展的重要金融工具。 ⚫ 规模位居科创债 ETF 市场首位：作为全市场首批聚焦 AAA ...

Core Insights - The report emphasizes the importance of tracking fund duration as a key indicator of institutional behavior in the bond market, suggesting that it should evolve from merely monitoring total duration to analyzing detailed structures and behaviors [3][4] - It highlights that short-term bond funds have outperformed medium and long-term bond funds this year, with median returns of 1.39% for short-term funds compared to 1.03% for medium and long-term funds [5] - The report indicates that the estimated duration of bond funds has shown a fluctuating trend throughout the year, with a low of 2.39 years and subsequent increases, reflecting market dynamics and fund behaviors [5][6] Fund Duration Tracking Methods - Four methods for tracking fund duration are outlined: 1. Interest rate sensitivity duration calculated from risk sensitivity analysis in fund reports 2. Weighted average duration based on the top five holdings in bond funds 3. Net buying duration based on net buying data of bonds 4. Duration estimation based on fund net value changes against different maturity indices [4][5] Performance Analysis - The report notes that the performance of credit bond funds has been superior to that of interest rate bond funds, indicating a preference shift among investors [5] - It also mentions that the duration of high-performing bond funds has recently increased, with a notable rise in medium and long-term credit bonds contributing significantly to this trend [6][7] - The analysis suggests that there is still room for further increases in fund duration levels, indicating potential trading opportunities in the future [7]