Core Viewpoint - Three stock ETFs have recently published listing announcements, with varying stock positions indicating different investment strategies and market conditions [1] Group 1: ETF Stock Positions - The stock position of the GF Guozhen Industrial Software Theme ETF is 31.04% [1] - The stock position of the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme ETF is 5.36% [1] - The stock position of the E Fund CSI Hong Kong Stock Connect Medical Theme ETF is 4.78% [1] - The highest stock position among newly listed ETFs is 65.79% for the Penghua CSI General Aviation Theme ETF [1] - Other notable stock positions include 62.01% for the Xingquan CSI 300 Quality ETF, 40.68% for the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF, and 35.10% for the Huaxia CSI All-Share Food ETF [1] Group 2: ETF Fundraising and Investor Structure - Since January, 15 stock ETFs have announced listings, with an average fundraising of 333 million shares [2] - The largest fundraising amounts are 1.157 billion shares for the Xingquan CSI 300 Quality ETF, 514 million shares for the Ping An Hang Seng China Central Enterprise Dividend ETF, and 300 million shares for the E Fund CSI Engineering Machinery Theme ETF [2] - Institutional investors hold an average of 11.17% of the shares, with the highest proportions being 25.59% for the Ping An Hang Seng China Central Enterprise Dividend ETF, 21.34% for the Penghua CSI General Aviation Theme ETF, and 20.28% for the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF [2]

6.15万亿ETF市场迎来新玩家。 1月8日，兴证全球基金旗下首只ETF——兴全沪深300质量ETF（563960.SH）上市，这是全市场第一只跟踪沪深300质量指数（932431.CSI）的被动指数型基 金。截至当日收盘，兴全沪深300质量ETF微跌0.79%，换手率为33.87%，成交额为3.94亿元。 从募集情况来看，该基金原定于在2025年11月28日至12月5日发售，随后的12月1日该基金宣布提前结束募集，最终募集金额为11.56亿元。其中基金公司自 购1000万元，基金公司从业人员自购338.1万元。该基金托管行为兴业银行。 智通财经记者 | 杜萌 Wind数据显示，截至1月7日，ETF总规模为6.15万亿元。以沪深300ETF、中证A500ETF为代表的核心宽基ETF是主力，其中，跟踪沪深300指数的ETF规模 接近1.2万亿元，跟踪中证A500指数的ETF规模超3000亿元。 从管理人角度来看，目前共有55家公募管理人布局了ETF，从资产净值规模来看，管理ETF规模在1000亿元以上的公募机构共有16家，呈现"一超多强"的竞 争格局。其中华夏基金、易方达基金两家巨头的ETF规模分别达到了989 ...

Group 1 - Three stock ETFs have released listing announcements, with the highest stock allocation being 62.01% for the Xingquan CSI 300 Quality ETF, followed by 40.68% for the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF [1] - In January, a total of 10 stock ETFs announced their listings, with an average allocation of only 19.47% [1] - The lowest allocations were noted for the Penghua CSI All Share Food ETF at 0.40%, the Guotai CSI Hong Kong Internet ETF at 4.80%, and the E Fund Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF at 5.37% [1] Group 2 - The average number of shares raised by the newly announced ETFs in January is 3.79 million, with the Xingquan CSI 300 Quality ETF leading at 11.57 million shares [2] - Institutional investors hold an average of 11.55% of the shares, with the highest proportions in the Ping An Hang Seng China Central Enterprise Dividend ETF at 25.59%, Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF at 20.28%, and Xingquan CSI 300 Quality ETF at 18.88% [2] - The newly established stock ETFs have varying construction periods, with the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF set to have a stock allocation of 40.68% upon listing [2]

1月5日，兴证全球基金发布公告称，旗下首只ETF产品——兴全沪深300质量ETF将于1月8日上市，本次上市份额为11.57亿份。该ETF于2025年12月5日成 立，截至2025年12月30日，股票仓位达60%以上。 此次，兴证全球基金运用固收资金认购兴全沪深300质量ETF共1000万份，从业人员认购338.10万份，高级管理人员、基金投资、研究部门负责人持有数量 区间为100万份以上，基金经理持有数量区间为10万份至50万份（含）。 从持有人结构来看，个人投资者成为兴全沪深300质量ETF的认购主力，持有占比超80%。机构投资者方面，华福证券、兴业证券为该ETF的前两大持有人， 分别持有5000万份、3600万份；另外，周应波掌舵的上海运舟私募基金管理有限公司旗下运舟腾实7号私募证券投资基金持有700万份该ETF。 图片来源：兴全沪深300质量ETF上市交易公告书 | 序 | 持有人名称 | 持有份额 | 古戈 | | --- | --- | --- | --- | | 号 | | (份) | | | 1 | 华福证券有限责任公司 | 50,000,000.00 | | | 2 | 兴业证券股份有限公司 ...

Group 1: Management Changes - The recent management change at Xingzheng Global Fund involves veteran Zhuang Yuanfang becoming the chairman and Chen Jinqian as the general manager, indicating a new leadership core [1][7] - The transition follows the resignation of former chairman Yang Huahui due to age, with Zhuang having acted as chairman since June 23 [1][7] Group 2: Performance Decline - Xingzheng Global Fund was once a leading player in equity investments, achieving an average return of 369.78% from April 2012 to April 2022, significantly outperforming competitors [2][8] - However, following the departure of star fund manager Dong Chengfei in 2021, the company's performance has deteriorated, dropping to 12th place with an average return of 109.69% from April 2012 to April 2025 [2][8] Group 3: Managerial Challenges - The company is facing a talent gap in its equity fund management, with only Xie Zhiyu performing well among current managers, while others like Dong Li have underperformed significantly [3][9] - As of Q3 2025, the company's non-monetary scale has decreased to 288.83 billion yuan, ranking 20th in the industry, down from 305.88 billion yuan and 16th place in 2021 [3][9] Group 4: ETF Market Position - Xingzheng Global has been slow to enter the ETF market, launching its first product only in December 2025, while competitors have already established significant positions [4][10] - The total market size for ETFs reached 5.72 trillion yuan by December 1, 2025, with a notable growth of nearly 2 trillion yuan within the year, highlighting the competitive landscape [4][10] Group 5: Future Outlook - The management change is seen as a self-rescue effort amid declining performance, talent shortages, and lagging market positioning [5][11] - The new management faces the challenge of revitalizing equity investments and establishing a foothold in the competitive ETF market [5][11]

Group 1 - The core viewpoint of the news is the significant management changes at Xingzheng Global, with Zhuang Yuanfang becoming the chairman and Chen Jinqian being promoted to general manager, indicating a potential shift in the company's strategy [1][3] - The company has faced declining performance in its equity business, dropping from 3058.80 billion yuan in non-monetary scale in 2021 to 2888.32 billion yuan by the end of Q3 2025, falling from 16th to 20th place in the industry [3][10] - Xingzheng Global's late entry into the ETF market is concerning, as it only launched its first ETF product in December 2025, missing out on significant growth opportunities in a rapidly expanding market [3][11] Group 2 - The company, originally known as Xingye Fund, was established in 2003 and later restructured into a joint venture in 2008, gaining recognition for its strong performance in the equity market [4][5] - The departure of key fund managers, particularly the "Xingquan Five," has led to a significant decline in performance, with the average return dropping to 109.69% from a previous high of 369.78% [6][10] - The new general manager, Chen Jinqian, has a strong background in fixed income but faces challenges in revitalizing the equity and ETF segments, which are currently underperforming [13][15]

Core Viewpoint - The announcement by Xingzheng Global Fund regarding the appointment of Cheng Jian as a co-manager for the Xingquan Light Asset Investment Mixed Fund (LOF) alongside the current manager Dong Li reflects significant changes in the management structure and raises questions about Dong Li's future in the company [1][18][20]. Group 1: Fund Management Changes - Cheng Jian has been appointed as a co-manager for the Xingquan Light Asset Investment Mixed Fund (LOF), effective December 22, 2025 [1][18]. - This appointment marks the second major change for Dong Li's funds in the second half of the year, following his resignation from the flagship Xingquan Trend Investment Mixed Fund (LOF) on September 1, 2025 [5][21]. - Dong Li's management scale has drastically decreased from over 100 billion yuan to approximately 26.66 billion yuan, leading to his exit from the "billion club" [4][25]. Group 2: Fund Performance and Historical Context - The Xingquan Light Asset Investment Mixed Fund (LOF) has shown a net value growth rate of 258.4% since its inception, with a five-year growth of 261.54% [9][25]. - Despite past accolades, Dong Li's performance during his tenure has been underwhelming, with a total return of 41.52% and an annualized return of 4.39% [26]. - The flagship Xingquan Trend Investment Mixed Fund (LOF) has seen a return of -21.31% during Dong Li's management, ranking 1513 out of 1908 similar products [24][25]. Group 3: Company Performance and Market Position - Xingzheng Global Fund has faced declining revenue, with figures of 43.17 billion yuan, 36.11 billion yuan, and 32.79 billion yuan from 2022 to 2024, indicating a downward trend [15][31]. - The company's public fund management scale reached 741.43 billion yuan as of the end of Q3 2025, ranking 18th in the market [31]. - The firm has struggled with a significant reduction in active equity product scale, dropping from 2029.78 billion yuan at the end of 2021 to 1174.05 billion yuan by the end of 2024, a decrease of over 42% [32].

Group 1 - The core point of the article is the announcement of the effective contract for the Xingzheng Global CSI 300 Quality Exchange-Traded Fund (ETF), which has raised a total net subscription amount of 1,156,512,000.00 yuan during the fundraising period [1][4]. - The fund manager, Tian Dawei, has extensive experience in the investment management industry, having held various senior positions in different financial institutions [1][2]. - The fund's effective contract date is December 5, 2025, and it is managed by Xingzheng Global Fund Management Co., Ltd. with the custodian being Industrial Bank Co., Ltd. [2][4]. Group 2 - The fundraising period for the fund was from November 28, 2025, to December 1, 2025, with a total of 6,647 valid subscription accounts [4]. - The total effective subscription amount was 1,156,512,000.00 yuan, with no interest generated during the fundraising period [4]. - The fund's main code is 563960, and it operates as an exchange-traded fund (ETF) [2].

Market Review - The A-share market showed a mixed performance among major indices, with the ChiNext Index, CSI 300, and Shenzhen Component Index yielding returns of 1.86%, 1.28%, and 1.26% respectively, while the STAR 50, CSI 1000, and Shanghai Composite Index had lower returns of -0.08%, 0.11%, and 0.37% respectively [5][15] - The trading volume of major indices decreased last week, with the average daily trading volume for the past month also showing a decline [18][19] - The People's Bank of China (PBOC) conducted a net withdrawal of 848 billion yuan through reverse repos, with a total of 15,118 billion yuan maturing [24] Fund Performance - A total of 39 new funds were established last week, with a combined issuance scale of 36.589 billion yuan, an increase from the previous week [3] - The median returns for active equity, flexible allocation, and balanced mixed funds were 0.97%, 0.71%, and 0.69% respectively last week [33] - Alternative funds have shown the best performance this year, with a median return of 49.94%, while active equity, flexible allocation, and balanced mixed funds had median returns of 27.65%, 20.98%, and 14.90% respectively [35] Fund Issuance - Last week, 59 funds were reported for issuance, a decrease from the previous week, including products like the Industrial Bank of China CSI All Share Power Utility ETF and the Guotai Junan Shanghai Stock Exchange STAR Market Semiconductor Materials Equipment Theme ETF [4][5] - The total number of open-end public funds includes 269 ordinary FOF funds, 117 target date funds, and 152 target risk funds [38] Industry Insights - The non-ferrous metals, communication, and defense industries performed well last week, with returns of 5.07%, 3.69%, and 3.47% respectively, while media, real estate, and food and beverage sectors lagged with returns of -3.59%, -2.13%, and -1.88% [21][23] - Year-to-date, the non-ferrous metals, communication, and electronics sectors have shown high cumulative returns of 83.05%, 73.04%, and 39.48% respectively, while food and beverage and transportation sectors have the lowest returns [21][23] Fund Manager Changes - Last week, 40 fund companies experienced changes in fund managers across 114 fund products, with Huian Fund (11 funds), China Asset Management (9 funds), and E Fund (7 funds) being the most affected [42]

Core Viewpoint - The fund issuance market remains robust as year-end approaches, with many new funds being launched and several funds ending their fundraising early, indicating a continuous influx of capital into the A-share market [1][2]. Group 1: Fund Issuance Trends - As of December 3, 14 new funds announced early closure of their fundraising since November, reflecting strong demand [1]. - The newly launched Xingquan CSI 300 Quality ETF, initially set to raise funds until December 5, closed early on December 1 after selling over 1 billion units in just two days, with a fundraising cap of 2 billion yuan [1]. - The total number of new funds established this year reached 1,488, surpassing the numbers from 2024 (1,136) and 2023 (1,280), and is close to the 2022 figure of 1,546 [2]. Group 2: Fund Types and Investor Preferences - Passive funds, particularly equity and mixed funds, have gained popularity, making up over 50% of new products this year, the highest level in three years [2]. - "Fixed income plus" products have seen significant growth, with a total market size of 2.44 trillion yuan as of Q3, up over 500 billion yuan from Q2 [3]. - Index-enhanced funds are favored by institutions as a way to enter passive investment, allowing for both index tracking and showcasing active management capabilities [4].