｜2025年12月19日星期五｜ NO.1 多只货币基金限购 12月17日，多家基金公司陆续发布货币基金限购公告，多只产品限购额仅1万元，还有产品直接暂停代 销渠道申购。 比如，富安达现金通货币公告称，自12月18日起，暂停该基金在代销机构的申购（含定期定额投资及转 换转入）业务，但对于部分销售机构的申购和转换转入业务照常办理，包括银行渠道、三方渠道等。此 外，基金公司直销平台的相关业务也正常办理。 同样暂停申购的还有天治天得利货币基金，自12月18日起暂停该基金代销渠道的申购、转换转入、定期 定额投资等业务，但直销渠道相关业务仍正常办理。 比如，有重仓科技板块的基金经理透露，"11月内，对于持仓收益已非常可观的海外算力链，当其估值 已反映明年约20倍市盈率的预期时，我们认为进一步上行的空间有限，便选择了减持"。 NO.4 FOF发行热度持续攀升 Wind数据显示，截至12月17日，公募年内新成立79只FOF基金，合计成立规模已达到803.54亿元，较此 前2021年的峰值还差281.08亿元。 具体到单季度来看，经历了此前三季度的回落后，今年四季度FOF新发热度明显攀升。Wind数据显 示，截至目前，四季度 ...

天赐良基日报第791期 一、今日基金新闻速览 1、多只货币基金限购 12月17日，多家基金公司陆续发布货币基金限购公告，多只产品限购额仅1万元，还有产品直接暂停代销渠道申购。 履历显示，汤旻玮证券从业年限为4年，曾任银联智策顾问（上海）有限公司另类数据投资研究部负责人、上海艾悉私募基金管理有限公司量化研究总监、 投资经理。2025年4月加入中欧基金。 三、今日ETF行情点评 1、ETF行情复盘 三大指数涨跌不一，截至收盘，沪指涨0.16%，深成指跌1.29%，创业板指跌2.17%。沪深两市成交额1.66万亿元，较上一个交易日缩量1557亿元。板块方 面，医药商业、航天航空、银行等板块涨幅居前，而电池、电源设备、能源金属等板块回调居前。 2、新发ETF密集宣告成立 12月18日，平安上证科创板50成份ETF、华宝沪深300增强策略ETF，以及鹏华基金、工银瑞信基金、摩根基金旗下科创创业人工智能ETF等多只新ETF产品 发布基金合同生效公告，基金已于12月17日成立。 3、年末基金积极调仓 12月以来，在行情短线切换剧烈的背景下，部分基金的降仓或调仓动作明显。其中，有基金经理旗下产品与三季度重仓风格背道而驰，或调 ...

Group 1 - The Huabao CSI 300 Enhanced Strategy ETF (562073) will be launched from December 1 to December 12, 2025 [1] - The fund is managed by Huabao Fund, with Xu Linming and Wang Zheng as fund managers [1] - The performance benchmark for the fund is the return rate of the CSI 300 Index [1]

Core Viewpoint - The launch of the Huabao CSI 300 Enhanced Strategy ETF marks a significant addition to the growing market of enhanced index ETFs, reflecting a bullish sentiment in the A-share market and the increasing importance of the CSI 300 index as a core asset allocation tool in China [1][2]. Group 1: ETF Launch and Market Context - The Huabao CSI 300 Enhanced Strategy ETF (subscription code: 562073) officially launched on December 1, 2025, as the second enhanced index ETF introduced by Huabao Fund this year [1]. - The ETF will be listed on the Shanghai Stock Exchange under the abbreviation "CSI 300 Enhanced ETF" after its issuance [1]. - The overall A-share market is experiencing a recovery, with expectations of a slow bull market strengthening, making the performance of the new ETF highly anticipated [1][2]. Group 2: Competitive Landscape and Management - The enhanced index ETF segment has evolved from a niche category to a competitive field with numerous strong players, emphasizing the need for superior active management capabilities from fund managers [2]. - The Huabao CSI 300 Enhanced Strategy ETF will be co-managed by Wang Zheng and Xu Linming, highlighting Huabao Fund's commitment to this product [2]. - Xu Linming, the head of Huabao Fund's quantitative investment department, and Wang Zheng, a notable figure in quantitative investment, will oversee the ETF's management [2]. Group 3: Historical Performance and Strategy - The Huabao CSI 300 Enhanced Fund, managed by the same team since its inception in December 2016, has demonstrated strong long-term excess return capabilities, achieving a net value growth of 102.38% and an excess return of 51.04% as of September 30, 2025 [3][8]. - The fund has outperformed its benchmark in 7 out of 8 years from 2017 to 2024, showcasing the effectiveness of its investment strategy [3][8]. - The quantitative investment team at Huabao Fund has been dedicated to developing local quantitative investment strategies since 2005, leading to a robust track record in the market [3][8].

Core Insights - The launch of the Huabao CSI 300 Enhanced Strategy ETF marks a significant addition to the growing ETF market, particularly in the index enhancement category [1][2] - The ETF is expected to perform well in the current bullish market environment, with the overall A-share market showing signs of recovery [1][2] Company Overview - Huabao Fund, known as a "billion ETF powerhouse," has launched its second index-enhanced ETF of the year, following the successful debut of the "ChiNext Composite Enhanced ETF" in August [2] - The new ETF will be managed by experienced fund managers Wang Zheng and Xu Linming, highlighting Huabao Fund's commitment to quality management [2][3] Market Context - The CSI 300 index, which the new ETF is based on, represents core assets in China and has become a crucial component for equity allocation, with its ETFs accounting for over 30% of the total stock-type ETF market as of September 30, 2025 [2] - The CSI 300 index has seen significant changes over the past decade, with nearly half of its constituent stocks being replaced by new industry leaders, reflecting the ongoing transformation of China's economic structure [2] Performance Metrics - The Huabao CSI 300 Enhanced Fund, managed by the same team, has demonstrated impressive long-term performance, achieving a net value growth of 102.38% and an excess return of 51.04% since its inception in December 2016 [3][6] - The fund has consistently outperformed its benchmark in 7 out of 8 years from 2017 to 2024, showcasing the effectiveness of its quantitative investment strategies [3][11]