责任编辑：江钰涵 11月11日晚，博时基金发布高级管理人员变更公告，博时基金党委副书记陈宇正式接任公司总经理。至 此，博时基金的核心领导班子完成了调整。 ...

本次分红对象为权益登记日在本公司登记在册的本基金份额持有人，权益登记日为11月14日，现金红利 发放日为11月17日。投资者选择红利再投资方式的，现金红利转换为基金份额的基金份额净值基准日为 2025年11月14日，基金份额登记过户日为2025年11月17日，红利再投资的基金份额可赎回起始日为2025 年11月18日。根据国家相关规定，基金向投资者分配的基金收益，暂免征收所得税。本次分红免收分红 手续费；选择红利再投资方式的投资者，其现金红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，11月12日发布《嘉实国证自由现金流交易型开放式指数证券投资基金联接基金2025年第 一次收益分配公告》。本次分红为2025年的第一次分红。公告显示，本次分红的收益分配基准日为10月 10日，详细分红方案如下： | 分级基金简称 代码 | 基准日基金净值 | | 分红方案 | | --- | --- | --- | --- | | | (元) | | (元/10份) | | 嘉实国证自由现金流ETF联接 ...

智通财经记者统计发现，上述绩优基金经理官宣离任前，他们的代表作基金均出现了规模不等的提前赎回。 智通财经记者 | 杜萌 智通财经编辑 | 宋烨珺 今年，多位绩优基金经理官宣离任。而在官宣前，他们离职的消息就在业内暗暗流传。 通过多只基金的季报数据，智通财经发现，面对或真或假的离职消息，不少基金持有人都会选择赎回观望，而提前赎回大量资金的多数为机构投资者。信息 不对称的基民，在基金经理官宣离任后才意识到正在"傻傻站好最后一班岗"。 机构投资者作为某些基金的"大金主"，为何能提前精准知晓基金经理的变动？"机构先跑"的背后，折射出一个公募基金被质疑许久的问题：同为投资者，个 人和机构何时能真正实现信息平等和同权？ 机构先跑 Wind数据显示，截至11月10日，今年已有276位基金经理离任，其中不乏邹曦、江峰、马龙、鲍无可、周海栋、杨思亮等知名基金经理。 | 013859.OF | 宝盈品质甄选A | | --- | --- | | 013958.OF | 华商鑫选回报一年持有 | | 018561.OF | 中信保诚多策略混合 | | 001508.OF | 富国新动力A | | 000390.OF | 华商优势行 ...

Core Viewpoint - The A-share market has experienced rapid rotation and structural differentiation around the 4000-point mark, with cyclical and value-style sectors becoming key drivers of market growth, while emphasizing value investment strategies that focus on safety margins and balanced allocation [1][4] Group 1: Investment Strategy - The investment strategy emphasizes selecting undervalued stocks and acquiring good companies at favorable prices, focusing on both absolute and relative valuation methods [1][3] - The core of individual stock investment lies in objectively evaluating the equity value of listed companies, using discounted cash flow analysis and historical valuation metrics [1][2] Group 2: Sector and Stock Selection - Emphasis is placed on long-term factors such as corporate governance, competitive advantages, and industry structure rather than just short-term performance [2] - In sector allocation, the focus is on sustainable competitive advantages and cost leadership, particularly in familiar areas like finance, niche manufacturing, and consumer sectors [2][3] Group 3: Performance and Returns - The Penghua Shengshi Innovation Mixed Fund has shown significant excess returns, achieving 27.62%, 30.55%, and 382.62% excess net value growth rates over the past three years, five years, and since inception, respectively [3][4] - The fund manager has maintained positive excess returns in 12 out of 13 years, demonstrating strong active management capabilities [4] Group 4: Future Outlook - The market is expected to balance liquidity, profitability, sentiment, and fundamentals, with a focus on high-dividend assets as a core strategy to navigate high volatility [4] - The approach includes maintaining a core position in stable high-dividend assets while also capturing market opportunities through selective investments in quality assets during market fluctuations [4]

Core Insights - Wang Mingxu, a fund manager at GF Fund, has delivered the worst performance in the industry this year, with 6 out of 8 funds under his management reporting losses [3][6][12] - The average return for 4,408 actively managed equity funds this year is 30.82%, with 39 funds exceeding 100% returns [3][4] - Despite the overall market rally, Wang's funds have consistently underperformed, leading to investor dissatisfaction [11][12] Fund Performance - Wang Mingxu manages 8 funds, of which 6 have recorded negative returns this year, with the worst performer, GF Balanced Preferred A, showing a return of -9.98% [5][10] - As of November 7, 2023, 11 actively managed equity funds have seen a net value decline of over 10%, with 5 of these funds managed by Wang [4][8] - The total management fee collected from the 6 underperforming funds in the first half of the year was over 55 million yuan [2][17] Market Context - The A-share market has been steadily rising, yet Wang's funds have not benefited, with investors expressing frustration over the lack of recovery [11][12] - The wine sector, heavily weighted in Wang's funds, has underperformed this year, contributing to the overall losses [14] Future Outlook - Despite the poor performance this year, the same 6 funds have shown promising returns in 2024, with returns ranging from 17.88% to 20.39%, outperforming their benchmarks [12][13] - Wang's funds have a high overlap in their top holdings, which may have contributed to their collective underperformance [13][14] Fund Management and Strategy - Wang Mingxu has over 20 years of experience in the securities industry, with more than 7 years in public fund management [15] - The funds managed by Wang have seen a significant decline in scale, dropping below 10 billion yuan for the first time [6][16] - The management scale of Wang's funds decreased by 26.31% to 8.26 billion yuan as of the third quarter of 2023 [16]

Core Points - The article discusses the performance and characteristics of various ETFs tracking the ChiNext Index, ChiNext Mid 200 Index, and ChiNext Growth Index, highlighting their sector compositions and valuation metrics [2]. Group 1: ChiNext ETF - The ChiNext Index consists of 100 stocks with large market capitalization and good liquidity, primarily from emerging industries, with over 60% of the index represented by the power equipment, communication, and electronics sectors [2]. - As of the midday close, the ChiNext Index experienced a decline of -1.6%, with a rolling price-to-earnings (P/E) ratio of 40.5 times [2]. Group 2: ChiNext 200 ETF - The ChiNext 200 Index includes 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of mid-cap companies in the ChiNext market, with the information technology sector accounting for over 40% [2]. - The index also saw a decline of -1.6% as of the midday close, with a rolling P/E ratio of 110.0 times [2]. Group 3: ChiNext Growth ETF - The ChiNext Growth Index is composed of 50 stocks characterized by growth style, high performance growth, and good liquidity, with nearly 80% of the index represented by the communication, power equipment, electronics, non-bank financials, and pharmaceutical sectors [2]. - This index recorded a decline of -1.9% as of the midday close, with a rolling P/E ratio of 39.7 times [2].

Group 1: Report Industry Investment Ratings - No information provided in the content Group 2: Core Views of the Report - The growth style's strong performance has weakened recently, while the value style may show stable performance, especially the dividend style which has better stability in the fourth quarter [18][21] - Value and high - dividend strategies are effective, and their combination can diversify return sources and enhance portfolio stability [8] - In a low - interest - rate environment, high - dividend products have greater allocation value, and both A - share and Hong Kong - stock high - dividend index products can serve as bond substitutes [30][34][37] - Value and high - dividend strategies have the advantage of being "offensive and defensive", with lower volatility and stronger stability [42] - Different value - based indices have their own characteristics. The CSI Dividend Low Volatility Index has high - dividend and low - volatility attributes; the CSI Hong Kong Stock Connect Central Enterprise Dividend Index is prominent in high - dividend attributes; the Guosen Free Cash Flow Index focuses on free cash flow and has growth potential [9] Group 3: Summary According to the Directory 1. Growth Style Slowdown and Value Style Potential - The growth style was strong at the beginning of 2025 but weakened from September to October 2025. The dividend style has stronger trend persistence and stability [18][21] - Historically, the growth style has higher return elasticity in the first three quarters but greater volatility in the fourth quarter. The dividend style has better stability throughout the year, especially in the fourth - quarter drawdown control [27][28] 2. Effectiveness of Value and High - Dividend Strategies - From the investor perspective, the value strategy focuses on undervalued assets, and the high - dividend strategy emphasizes dividend income. From the corporate fundamentals, value - investing targets companies with competitive advantages, and high - dividend companies have strong profitability. In the valuation system, the value strategy uses P/E and P/B, and the high - dividend strategy uses the dividend rate [8] 3. Value of High - Dividend Products in a Low - Interest - Rate Environment - Since 2006, China's 10 - year Treasury yield has mostly fluctuated between 2.8% - 4.6% and has been in a downward trend since 2017. In 2024, it entered the 1.0% era, making high - dividend assets more valuable [30] - High - dividend strategies perform well in a low - interest - rate environment. The Hong Kong - stock and A - share high - dividend index products can be used as bond substitutes when their dividend rates are significantly higher than Treasury yields [34][37] 4. "Offensive and Defensive" Advantage of Value and High - Dividend Strategies - Value and high - dividend strategy products have low volatility and stability. Their defensive ability comes from corporate fundamentals, investor structure, and valuation [42] - Comparing the net - value trends of common dividend indices and broad - based indices in Hong Kong and A - shares, the dividend indices have stronger long - term stability [42] 5. Importance of Value - Based Indices - Value - based indices mainly include dividend and free - cash - flow types. Hong Kong - stock and A - share dividends have different characteristics and industry distributions [51] - The CSI Dividend Low Volatility Index has low volatility and relatively stable returns. The CSI Hong Kong Stock Connect Central Enterprise Dividend Index has high volatility and greater return elasticity [56][57] 6. Specific Value - Based Indices CSI Dividend Low Volatility Index - It selects 50 securities with high dividends and low volatility, mainly concentrated in the banking, transportation, and construction industries [59][62] - It combines dividend and low - volatility strategies, with a stable dividend rate from 2018 - 2024, and has low volatility and stable returns [66][72][75] CSI Hong Kong Stock Connect Central Enterprise Dividend Index - It selects high - dividend central - enterprise stocks in the Hong Kong Stock Connect, mainly concentrated in the financial, industrial, and energy industries [76][79] - It is prominent in high - dividend attributes, with a long - term dividend rate above 5% from 2017 - 2024, and has low valuation and high - dividend characteristics [84][91] Guosen Free Cash Flow Index - It selects 100 securities with high free - cash - flow rates, with a relatively dispersed industry distribution [93][95][97] - It focuses on free cash flow, has growth potential in revenue and net profit, and also has high - dividend and profitability attributes [103][106][111] 7. Yongying Fund's Value - Based Index - Related ETFs - Yongying Fund has three value - based index - related ETFs: Yongying CSI Dividend Low Volatility ETF, Yongying CSI Hong Kong Stock Connect Central Enterprise Dividend ETF, and Yongying Guosen Free Cash Flow ETF, all using an index - based investment strategy [10][117]

Core Viewpoint - The appointment of Chen Yu as the new General Manager of Bosera Fund marks a significant leadership change, with a focus on internal promotions from the "China Merchants System" [1][3][4]. Group 1: Leadership Changes - Chen Yu, previously the Chief Operating Officer of China Merchants Renhe Life Insurance, will officially take over as General Manager of Bosera Fund on November 11 [1][3]. - Zhang Dong was appointed as the Chairman of Bosera Fund on October 15, succeeding Jiang Xiangyang, and temporarily served as General Manager before Chen's appointment [1][3][4]. - The leadership team of Bosera Fund is now fully established, with no further changes expected in the short term [3][4]. Group 2: Background of New General Manager - Chen Yu has extensive experience in the financial sector, having held various management positions in institutions such as Industrial and Commercial Bank of China, Huaxia Bank, and Taikang Asset Management [1][3][5]. - His previous roles include Vice General Manager and Chief Investment Officer at China Merchants Renhe Life Insurance, as well as Chief Product Officer at Taikang Asset Management [5][6]. Group 3: Strategic Implications - The appointment of a high-level executive from the insurance sector is seen as strategically significant, particularly for a fund company focused on fixed-income products [6][7]. - Bosera Fund's product line is primarily composed of fixed-income products, with bond fund assets reaching 426.608 billion yuan and equity fund net assets totaling 79.469 billion yuan as of the third quarter [7]. - Chen Yu's diverse background in banking, insurance asset management, and life insurance aligns well with the current trends in the public fund industry, potentially enhancing Bosera Fund's operational capabilities [7].

记者从业内获悉，前海开源基金创始董事长、党委书记王兆华因病去世，终年69岁。 王兆华1957年8月出生于陕西乾县，历任人行陕西西安分行、工商银行、华夏证券、海大实业、开源证券等，2013-2022年，担任前海开源基金董事 长，带领公司实现从零到1500亿管理规模的发展壮大。2022年以后担任中共前海开源基金党委书记、董事会董事。 ...

Group 1 - The core viewpoint indicates that the expectation for a Federal Reserve rate cut in December has increased due to weak employment data, with a 67.6% probability for a 25 basis point cut [1] - The ADP report revealed that the U.S. private sector cut 45,000 jobs in October, marking the largest decline since March 2023, suggesting a significant weakening in the labor market [1] - The labor market's resilience narrative is being challenged as layoffs reach a 20-year high for this time of year, indicating broader economic concerns [1] Group 2 - Despite favorable macroeconomic conditions, gold prices have faced volatility after reaching historical highs, with gold ETFs experiencing net outflows for three consecutive weeks as investors take profits [2] - The dual drivers of "rate cut expectations" and "risk aversion" are expected to dominate the market if labor market cooling is confirmed, suggesting that any technical pullbacks in gold prices could present long-term investment opportunities [2] - The long-term upward trend for gold remains solid and clear, indicating continued bullish sentiment in the market [2]