《每日经济新闻》记者获悉，11月26日晚间，招商基金官宣了新任董事长。 今年9月，该公司原董事长王小青因工作安排离任，由总经理钟文岳代任董事长一职。根据高管变更公告，王颖自11月27日起任招商基金董事长。随着她的 上任，钟文岳将不再代任董事长职务。 和王小青一样，王颖也来自招商系，并且长期深耕招商银行体系。据公开资料，她1997年1月加入招商银行，历任招商银行北京分行行长助理、副行长，天 津分行行长，深圳分行行长，招商银行行长助理，2023年11月起任招商银行副行长。 官网信息显示，招商基金于2002年12月27日经中国证监会批准设立，是中国第一家中外合资基金管理公司。截至2024年末，该公司总资产管理规模超1.56万 亿元，非货币基金管理规模超5500亿元。 根据Wind数据，招商基金旗下共有95名基金经理，管理着339只基金产品，截至今年三季度末的公募基金管理规模为9358.03亿元，在全市场162家公募持牌 机构中排在第12位；其中非货基规模5492.04亿元，排在第11位；ETF规模670.93亿元。截至三季度末，招商基金今年以来新设立基金产品52只（份额分开计 算），基金管理规模相比去年年底新增51 ...

Core Viewpoint - The safety of bank deposits is a significant concern for many individuals, especially in light of recent reports of some banks facing operational difficulties. However, the existing deposit insurance system and regulatory measures provide substantial protection for depositors [1][3][11]. Summary by Sections Bank Operational Status - As of the end of 2024, there are over 4,000 banking institutions in China, including various types such as large commercial banks and rural credit cooperatives. Some banks, specifically four rural credit cooperatives in Xinjiang, are facing operational challenges, raising concerns among depositors [1][3]. Regulatory Measures - When a bank encounters severe operational issues, regulatory authorities can intervene through several measures: direct takeover, restructuring, or, as a last resort, dissolution and liquidation. The process is structured to protect depositors [3][4]. Deposit Insurance System - The deposit insurance system, implemented on May 1, 2015, guarantees that each depositor's funds in a single bank are insured up to 500,000 yuan. This means that over 99% of depositors, whose savings are below this threshold, are fully protected [3][4][7]. Handling Deposits Over Insurance Limit - For deposits exceeding 500,000 yuan, there may be some risk, but depositors are still considered creditors during liquidation, which allows for potential recovery of excess funds. Regulatory bodies typically strive to protect depositor interests through restructuring or transfer [4][5]. Best Practices for Depositors - It is advisable for depositors to choose reliable banks, diversify their deposits across multiple banks to maximize insurance coverage, and stay informed about the operational status of their banks. Regular monitoring of bank news and developments is recommended [5][6][8]. Understanding Deposit Insurance Rules - The deposit insurance covers principal and interest but has a payment timeline of seven working days from the occurrence of an insured event. It includes both RMB and foreign currency deposits but excludes other financial products [7][9]. Overall Banking Health - The overall health of the banking sector remains stable, with average capital adequacy ratios at reasonable levels and non-performing loan ratios under control. Most banks possess sufficient capital and risk management capabilities [8][9]. Continuous Improvement of Regulations - The deposit insurance system is undergoing enhancements to expand coverage and increase protection limits. Regulatory oversight of the banking sector is also being strengthened to better prevent and manage risks [9][11]. Conclusion - The banking system is a crucial part of the economic framework, and the existing deposit insurance and regulatory measures provide a solid safety net for depositors. It is essential for individuals to maintain a rational perspective on risks and to enhance their financial literacy [11][12].

公司网址：www.bank.pingan.com 客户服务电话：95511-3 根据宝盈基金管理有限公司（以下简称"本公司"）与平安银行股份有限公司（以下简称"平安银行"）签 署的销售服务代理协议，自2025年11月24日起，平安银行将代销本公司如下基金产品： ■ 投资人可在平安银行办理本公司上述基金基金开户业务及申购、赎回、转换等业务，进行相关信息查询 并享受相应的售后服务。 投资人可通过以下途径咨询详情： 1、宝盈基金管理有限公司 网站：www.byfunds.com 客户服务电话：400-8888-300（免长途话费） 2、平安银行股份有限公司 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。销售机构根据法规要求对投资者类别、风险承受能力和基金的风险等级进行划 分，并提出适当性匹配意见。投资者在投资基金前应认真阅读《基金合同》和《招募说明书》等基金法 律文件，全面认识基金产品的风险收益特征，在了解产品情况及听取销售机构适当性意见的基础上，根 据自身的风险承受能力、投资期限和投资目标，对基金投资作出独立决策，选择合适的基金产品。 特此公告。 ...

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

展会现场，南方基金以 " 专业 + 趣味 " 的沉浸式体验，让金融服务更具温度。全运会"大湾鸡"周 边、智能互动机器人与 " 阿梦 " 人形玩偶成为展区焦点，吸引众多观众驻足。南方基金通过多媒体 展示与专业顾问讲解，帮助观众直观理解基金产品的特点。此外，展区还设有趣味互动游戏，在轻松 氛围中向投资者传递长期投资、价值投资理念，助力提升投资者金融素养，让金融服务更贴近大众需 求。 展会现场的沉浸式互动与温度服务，是南方基金以客户为中心理念的生动落地，更是南方基金践行 " 金融为民 " 的鲜活实践。未来，南方基金将扎根粤港澳大湾区这片创新沃土，持续书写 " 五篇大文 章 " ，把握新质生产力的投资机遇，引导金融活水滴灌实体经济，在服务产业升级与高水平对外开 放的进程中推动公募基金行业实现高质量发展，为中国金融市场的持续繁荣与稳定注入动能。 11 月 19 日，以 " 产业金融新高地，科创赋能向未来 " 为主题的第十九届深圳国际金融博览会在 深圳会展中心盛大启幕。作为国内首批规范的基金管理公司，南方基金精彩亮相本次金博会，围绕 " 养老金融、科技金融、绿色金融、普惠金融、数字金融 " 五篇大文章 ，全面展示其在资产 ...

Group 1 - The central bank reported that the cumulative increase in social financing for the first ten months reached 30.9 trillion yuan, which is an increase of 3.83 trillion yuan compared to the same period last year [2] - The M2 money supply increased by 8.2% year-on-year, while the social financing stock grew by 8.5% year-on-year, indicating a slight decrease in growth rates [2] - The Ministry of Industry and Information Technology announced the completion of the first phase of 6G technology testing, resulting in over 300 key technology reserves [2] Group 2 - The Ministry of Industry and Information Technology plans to develop the "14th Five-Year" plan for intelligent connected new energy vehicles and new battery industries, focusing on expanding the application of power batteries and supporting innovative battery swapping models [3] - The number of newly issued funds this year reached 1,371, the highest in nearly three years, with an average fundraising scale of 782 million yuan, indicating a shift in the public fund issuance market towards a more diversified approach [3] - The China Securities Investment Fund Association is soliciting opinions on guidelines to manage the investment style of theme investment funds, aiming to prevent style drift and ensure stability in investment direction [4][5] Group 3 - Federal Reserve official Bostic expressed a preference for maintaining the federal funds rate stability until clear evidence of inflation moving towards the 2% target is observed [7] - U.S. White House officials are discussing administrative orders to limit the influence of proxy advisers and index fund giants, indicating potential regulatory changes in the investment advisory space [7] Group 4 - Recent global stock market performance has shown divergence, with the Shanghai Composite Index down 0.18% and the Hang Seng Index up 1.26%, reflecting mixed investor sentiment [8][9] - In the bond market, the yield on 10-year Chinese government bonds rose by 1.56 basis points to 1.81%, while the yield on 10-year U.S. government bonds increased by 3.0 basis points to 4.14% [12][13] Group 5 - In the commodity market, precious metals rebounded with COMEX gold rising by 1.86% and silver by 4.69%, while international oil prices also saw an increase [15][16] - The recent week saw a significant dominance of fixed income and pure debt products in bank financing channels, contributing nearly 70% of the total number of funds and over 90% of the financing scale [19][17]

Group 1 - The core announcement is that China Merchants China Fund (00133) reported an unaudited net asset value per share of $5.609 (HKD 43.60) as of October 31, 2025 [1]

Core Viewpoint - The article emphasizes the safety of bank deposits in China, highlighting the robust institutional framework that protects depositors' rights and ensuring that most depositors, especially those with amounts below 500,000 RMB, can feel secure about their savings [5][7][19]. Summary by Sections Deposit Insurance System - The Deposit Insurance Regulation in China provides strong protection for all financial institutions that accept deposits, with a maximum compensation limit of 500,000 RMB for each depositor in the same bank [5]. - In the event of a bank failure, regulatory bodies like the central bank and the banking insurance regulatory commission will intervene to manage the situation, often through the acquisition of the failing bank by a healthier institution, ensuring that depositors' funds are transferred without disruption [6]. Recommendations for Deposit Safety - It is advisable for depositors with amounts exceeding 500,000 RMB to diversify their funds across different banks to maximize the benefits of the deposit insurance system [8][9]. - Depositors should ensure that their total deposits in any single bank do not exceed the insurance limit by splitting larger amounts into separate accounts across multiple banks [10][12]. Distinguishing Between Deposit and Investment Products - It is crucial for customers to differentiate between actual deposits and other financial products, as many mistakenly believe that all bank offerings are deposits [13]. - True deposits are characterized by specific features such as being labeled as "savings" accounts and being protected under the Deposit Insurance Regulation, while investment products like wealth management products, insurance products, and mutual funds do not offer such guarantees [14][15][16][17]. Conclusion and Practical Advice - Trust in the effectiveness of the financial safety net in China, as it provides security for most small depositors [19]. - For larger sums, actively spreading funds across different banks is a prudent strategy to fully utilize the deposit insurance system [20]. - Ensuring clarity on the nature of purchased financial products is essential to avoid risks associated with non-deposit investments [21].

Core Insights - The significant increase in household deposits in China, amounting to 12.73 trillion yuan in the first three quarters of 2025, reflects a cautious outlook among residents due to slowing economic recovery and weakened corporate profitability [2][4] - Despite a stable Consumer Price Index (CPI) with a year-on-year decrease of 0.3%, the real purchasing power is diminishing due to excessive money supply, leading to hidden devaluation of currency [2][7] Group 1: Household Deposits and Economic Context - The total increase in RMB deposits reached 22.71 trillion yuan, with household deposits accounting for over half, averaging nearly 9,000 yuan per person [5] - The growth rate of M2 at 8.4% significantly outpaces the growth of disposable income, indicating that the expansion of money supply dilutes the value of currency [5][7] - The low interest rates on savings, with three-year fixed rates dropping below 2%, result in negligible or negative real returns for depositors [7] Group 2: Real Estate Market Trends - The real estate market has seen a reversal, with the average price of second-hand homes in Beijing dropping from 43,000 yuan per square meter at the beginning of the year to 41,800 yuan by November [9] - Nationwide, the average price of second-hand residential properties fell by 0.34% month-on-month and 3.21% year-on-year, indicating a significant decline in market activity [9] Group 3: Investment Landscape - Gold has lost its appeal as a safe-haven asset, with prices fluctuating and high transaction fees eroding potential profits for individual investors [11] - The stock market, while experiencing some gains, has become highly volatile, with many retail investors facing losses due to rapid price changes in various sectors [13] - The digital yuan, despite its growing adoption, does not provide additional value protection against inflation, serving primarily as a more convenient payment method [15][16] Group 4: Economic Resilience - The increase in household savings reflects a collective caution among families regarding future economic conditions, contributing to a soft landing for the Chinese economy [18] - This cautious behavior, while indicative of underlying economic challenges, prevents the situation from escalating into a systemic crisis, showcasing the resilience of the Chinese economy [18]

Core Insights - Fidelity Fund Management (China) has increased its registered capital from $182 million to $200 million, marking an increase of nearly 10% [1][2] - This is the second capital increase for the company this year, with the first increase occurring in February when the capital rose from $160 million to $182 million, a growth of 13.75% [2] Company Overview - Fidelity Fund Management (China) was established in May 2021 and received approval in December 2022 to conduct public offering securities investment fund management, fund sales, and private asset management [3] - The company is wholly owned by Fidelity Asia Holdings Private Limited, which is a subsidiary of Fidelity International [3] Fund Management Scale - As of the end of Q3 this year, Fidelity Fund Management (China) manages a total of 10 fund products, including equity, mixed, bond, and public fund of funds (FOF), with a total management scale of 3.571 billion yuan [4] Industry Trends - Over a dozen public fund companies have implemented capital increases this year, totaling over 2 billion yuan [5] - The capital increases are primarily seen among small to medium-sized fund companies, reflecting the competitive nature of the public fund industry [5] - Increased capital from shareholders can alleviate operational pressures and enhance capital strength, allowing companies to invest more in product management, business expansion, research, and talent development [5] - The actions of foreign public funds to increase capital indicate a long-term confidence in the Chinese capital market [6]