报 告 摘 要 一、美国公募基金市场月度收益 2025年 10月， 美国股票型基金业绩中位数强于债券基金，弱于国际股票基金和资产配 置基金。 具体来看，10月美国股票型基金、国际股票型基金、债券型基金、资产配置型 基金收益中位数分别为0.56%、0.89%、0.51%、1.20%。 二、 美国非货币基金资金流向 三、 头部资管机构资金净流入 四、美国公募基金市场新发产品 2025年10月，美国基金市场新成立基金共62只，其中包括58只ETF和4只开放式基金产品； 按资产类别区分，2025年10月新成立股票型基金50只、债券型基金10只、资产配置型基金2 只。 五、海外资管机构观点梳理 我们围绕海外头部资管机构近期较为关注的主题，从资管机构公开发布的报告及文章中， 整理海外头部资管机构的市场观点及配置建议摘要。本月热点主题包括：欧美政策走势、 外资对股票市场观点等。 一 引言 据晨星统计，截至2024年末，美国市场共同基金总规模达20.2万亿美元，ETF总规模达10.3万亿美元，是全球最大的公募基金市场之一；作为基金市场的风向标，美国基金市场 的最新表现对全球投资者具有重要的参考意义。 本报告中，我们基于月度数 ...

Core Points - The announcement details the addition of Guotai Haitong Securities as a sales agent for certain open-end funds managed by Haifutong Fund Management Company, effective from November 18, 2025 [1][2] - Investors can open accounts, subscribe, and redeem the specified open-end funds through Guotai Haitong starting from the effective date [1][2] Applicable Funds - The specific funds that are applicable under this agreement are not listed in the announcement [1] Business Opening Time - The services for account opening, subscription, and redemption will commence on November 18, 2025, as per Guotai Haitong's regulations [1][2] Investor Eligibility - The eligible investors must comply with legal regulations and the fund contract stipulations [2] Fee Discount Activities - From November 18, 2025, investors subscribing to the specified open-end funds through Guotai Haitong will enjoy a fee discount with no restrictions on the discount rate, except for fixed subscription fees [2][3] - The original fee rates can be found in the fund contract and related legal documents [2] Duration of Fee Discounts - The duration of the fee discount will be based on the announcements made on Guotai Haitong's official website [4] Important Notes - Detailed information about the funds can be found in the fund contract, prospectus, and other legal documents [5] - The fee discount applies only to the front-end fee model during the normal subscription period of the funds at Guotai Haitong [5] - The fee discount does not cover redemption fees or other service fees [5][6] Contact Information - Investors can consult Guotai Haitong Securities or Haifutong Fund Management Company for further details through their respective websites and customer service numbers [7][8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report recommends an equilibrium and growth - oriented style allocation, emphasizing technology and considering cyclical, consumer, and financial sectors. The "transformation bull" in the Chinese stock market is far from over, and the market is in a period of valuation repair and expansion. In the bond market, it is advisable to "emphasize the allocation rhythm and de - emphasize chasing information" [3][15]. Summary by Directory 1. Last Week's Market Review - **A - share Market**: In the week of 20251103 - 20251107, A - shares rose due to positive news from Sino - US negotiations and improved export data. The power equipment, coal, and petroleum and petrochemical industries performed well. The Shanghai Composite Index rose 1.08%, and the Shenzhen Component Index rose 0.19%. Among the 31 Shenwan primary industries, 19 rose and 12 fell [3][7]. - **Bond Market**: The bond market declined due to weak import and export data and tight capital sentiment. The yields of 1 - year and 10 - year treasury bonds and national development bonds increased, and the main bond indexes fell, while the CSI Convertible Bond Index rose 0.86% [3][8]. - **Overseas Market**: US stocks fell as private employment data showed a weak labor market. European markets generally declined, and Asian - Pacific markets showed mixed performance. The US dollar index fell 0.18%. Oil prices dropped as US EIA crude inventory increased more than expected, and gold prices fluctuated [3][9]. 2. Last Week's Fund Market Review - **Stock - type Funds**: Stock - type funds rose 0.25% overall, with index stock - type funds rising 0.31% and active stock - open funds falling 0.05%. Funds heavily invested in power equipment and some in basic chemicals performed well [3][10]. - **Hybrid Funds**: Active hybrid - open funds rose 0.12% [10]. - **Bond Funds**: Bond funds rose 0.2% overall, with index bond funds falling 0.05% and active bond - open funds rising 0.03%. Some partial - debt bond funds and convertible - bond funds with equity assets in power equipment and aviation performed well [3][11]. - **QDII Funds**: Equity - type QDII funds fell 0.73%, with Hong Kong stock dividend and Hong Kong state - owned enterprise theme funds performing well. QDII bond funds fell 0.02% [12]. - **Other Funds**: Gold ETFs and their linked funds fell 0.36%, and commodity - type funds fell 0.19% [13]. 3. Future Investment Strategy - **Macro - situation**: Consumption showed mixed trends, investment in infrastructure had sufficient funds but limited physical work progress, exports improved, production mostly recovered, prices rose slightly, and liquidity was generally loose [14]. - **Stock Market**: The "transformation bull" in the Chinese stock market will continue, and the underlying logic of the market is changing. The three core factors that previously led to market valuation discounts are being broken and reshaped [15]. - **Investment in Funds**: For stock - mixed funds, maintain an equilibrium and growth - oriented style allocation, focus on technology - themed funds, and consider structural opportunities in financial, cyclical, and consumer sectors. For bond funds, participate in the long - position market before mid - November and set profit - taking points in late November. For currency funds, there are no trend - based investment opportunities. For commodity funds, appropriately allocate gold ETFs [17]. 4. Latest Fund Market Developments - **Public Offering Benchmark Reform**: The public offering benchmark reform is accelerating. The benchmark library has been issued, including 69 indexes in the first - class library and 72 in the second - class library, applicable to active - management public - offering funds investing in A - shares and Hong Kong stocks [18]. - **Brazil ETFs**: Two Brazil ETFs were over - subscribed by more than 7 times, due to market recovery and some investors' arbitrage intentions [21]. - **Newly - issued Products**: 41 new funds were established last week, with an average subscription period of about 24 days and an average raised share of 6.46 billion, totaling 265 billion shares [22]. - **Fund Dividends**: 72 funds will conduct equity registration in the coming week, with E Fund Shenzhen 100 ETF being the most notable, distributing a dividend of 0.85 yuan per 10 shares [23].

Group 1 - The core announcement is about the partnership between Rongtong Fund Management Co., Ltd. and Guolian Minsheng Securities Co., Ltd. to enhance investment services starting from November 7, 2025 [1] - Rongtong Fund will allow Guolian Minsheng Securities to sell certain open-end funds and will introduce regular investment and conversion services [1] - Investors can only convert fund shares within the same fee structure, meaning front-end charged shares can only be converted to other front-end charged shares, and the same applies for back-end charged shares [1][2] Group 2 - The announcement also details the addition of Ping An Bank as a sales platform for the Rongtong Tongheng 63-month regular open bond fund, effective from November 7, 2025 [6] - Investors using the Ping An Bank platform will benefit from a discount on the front-end subscription fee for the fund, with specific discount rates to be announced by the sales institution [6] - The fee discount applies only to normal subscription periods and does not include back-end fees or fees during the fund's fundraising period [6]

The provided content does not include any information about quantitative models or factors. Therefore, no relevant summary can be generated based on the given documents. If you have another document or specific content related to quantitative models or factors, please provide it for analysis.

========= - In September 2025, the median performance of US equity funds was 1.81%, international equity funds was 2.44%, bond funds was 0.93%, and asset allocation funds was 2.25% [1][14][16] - Among US equity funds, large-cap growth funds had the best median return of 4.09%, while small-cap funds had the lowest median return of 0.57% [15] - International equity funds investing in the Greater China region had the best median return of 7.38% in September 2025 [15] - Bond funds investing in US municipal bonds had a median return of 2.34% in September 2025, and global bond funds had a median return of 6.38% year-to-date [17] - Asset allocation funds categorized by stock-bond allocation showed that target-date funds had the highest median return of 2.61% in September 2025, while conservative allocation funds had the lowest median return of 1.58% [17] - The total size of US mutual funds reached $20.2 trillion by the end of 2024, while ETFs reached $10.3 trillion [12] - In September 2025, active management funds had a net inflow of $7.9 billion, while passive funds had a net inflow of $78.5 billion [2][27] - The top 10 asset management firms in the US mutual fund market mostly experienced net outflows in September 2025, with Vanguard and Capital Group having the largest outflows of $19.9 billion and $7.9 billion, respectively [3][36] - The top 10 asset management firms in the US ETF market all had net inflows in September 2025, with iShares and Vanguard having the largest inflows of $49.7 billion and $30.7 billion, respectively [3][36] - In September 2025, the US market saw the launch of 78 new funds, including 71 ETFs and 7 open-end funds [4][48] - The top 10 open-end funds with the highest net inflows in September 2025 included 4 equity funds and 6 bond funds, with Vanguard Total Bond Market II Index Fund having the highest inflow of $5.8 billion [45] - The top 10 ETFs with the highest net inflows in September 2025 included 8 equity funds and 2 commodity funds, with iShares Core S&P 500 ETF having the highest inflow of $18.7 billion [46] =========

Group 1: Monthly Performance of US Public Funds - In August 2025, the median performance of US equity funds was stronger than that of bond funds and asset allocation funds, but weaker than international equity funds, with median returns of 2.73%, 2.81%, 0.99%, and 2.17% respectively [1][7][9]. Group 2: Fund Flows and Trends - In August 2025, the US market saw a net inflow of $56 billion into actively managed funds and $706 billion into passive funds. Notably, open-end equity funds experienced a net outflow of $608 billion, while ETFs saw significant inflows of $624 billion for equity ETFs and $481 billion for bond ETFs [8][20][24][26]. - The top 10 asset management firms in the US experienced net outflows in open-end funds, with Vanguard and Capital Group seeing the largest outflows of $191 billion and $100 billion respectively. Conversely, the top 10 firms in the ETF space saw net inflows, with Vanguard and iShares leading at $374 billion and $322 billion respectively [26][30]. Group 3: New Fund Issuance - In August 2025, a total of 41 new funds were established in the US market, comprising 35 ETFs and 6 open-end funds. Among these, 20 were equity funds, 16 were bond funds, and 5 were asset allocation funds [3][35][36]. Group 4: Insights from Overseas Asset Management Institutions - Recent themes of interest among leading overseas asset management firms include the trajectory of US and European policies and foreign capital perspectives on the stock market. Concerns about rising inflation risks and the potential for a shift in stock market outlook from bullish to neutral have been highlighted [4][37][39].

Core Insights - The total scale of public funds in China has surpassed 36 trillion yuan, reaching a new historical high of 36.25 trillion yuan as of August 2025 [1][3] - This marks the first time the total scale of public funds has exceeded 36 trillion yuan and is the 11th record high since 2024 [3] Fund Type Analysis - Stock funds saw an increase of over 620 billion yuan, while mixed funds grew by over 330 billion yuan, and money market funds increased by over 190 billion yuan; in contrast, bond funds declined by over 28 billion yuan [1][3] - Open-end funds have become the main driver of growth in the total scale of public funds, with their net asset value reaching 32.53 trillion yuan, while closed-end funds' net asset value stood at 3.72 trillion yuan [3] - Open-end funds experienced growth in scale, share, and number, increasing by 1.20 trillion yuan, 183.41 billion shares, and 117 funds respectively since the end of July [3] - The scale of various types of open-end funds as of August 2025 includes: stock funds at 5.55 trillion yuan, mixed funds at 4.16 trillion yuan, bond funds at 7.21 trillion yuan, money market funds at 14.81 trillion yuan, and QDII funds at 800 billion yuan [3]

Group 1 - The core point of the announcement is that Rongtong Fund Management Co., Ltd. has signed a sales agreement with CITIC Bank Co., Ltd. to add the "CITIC Peer+" financial service platform as a sales institution for certain open-end funds starting from September 23, 2025 [1][9] - The fee discount for investors purchasing the applicable funds through the CITIC Peer+ platform will be based on the promotional announcements from the platform, with fixed fees being applied if the purchase fee is a fixed amount [1][2] - The fee discount activity is applicable only to the front-end charging model of funds that are in the normal subscription period, excluding back-end charging model fees and subscription fees for funds in the fundraising period [1][2] Group 2 - Investors can only apply for conversions within the same charging model, meaning front-end to front-end and back-end to back-end conversions are allowed, but not vice versa [4] - Different share classes of the same fund cannot be converted into each other, and any changes to the business rules will be announced by Rongtong Fund [4] - For detailed information about the funds, investors are advised to read the fund contracts and prospectuses [5]

Core Insights - The total assets under management for open-end funds and ETFs reached a record high of 29.6 trillion yuan as of June 30, 2025, with non-money market fund management size increasing from 11.3 trillion yuan at the end of 2022 to 15.3 trillion yuan, a growth of 35% [2][8]. Fund Flows and Performance - In the first half of 2025, public funds experienced a slowdown in capital inflow, with non-money market funds attracting a net inflow of approximately 315.6 billion yuan, only about a quarter of the 1.3 trillion yuan net inflow for the entire year of 2024 [11]. - Bond funds have consistently attracted the largest inflow since 2023, with a net inflow of 342.9 billion yuan in the first half of 2025, while mixed funds continued to see outflows for the fourth consecutive year [11][12]. - Stock funds saw a significant decline in net inflows, with only 77.1 billion yuan in the first half of 2025, marking the first substantial drop since 2021 [12]. - Commodity funds experienced rapid growth, achieving a net inflow of 64.3 billion yuan in the first half of 2025, nearly double the inflow from 2024, driven by rising gold prices [12]. Passive vs Active Management - The past three years have seen a breakthrough in the inflow of passive funds, which have driven the overall net inflow in the non-money market fund sector since 2022. Active funds, on the other hand, only recorded a slight net inflow of 154.1 billion yuan in 2023, with outflows in other years [14]. - Passive products have gained significant traction, particularly in bond and commodity funds, while mixed and alternative funds have seen continuous outflows due to the absence of index-based passive products [14]. QDII Fund Trends - As of June 30, 2025, QDII funds experienced a net outflow of 11.75 billion yuan, primarily due to a slowdown in inflows across most categories, despite an overall growth in QDII fund size to approximately 570 billion yuan, an 11% increase from the end of 2024 [3][24]. ETF Market Dynamics - The domestic ETF market has entered a phase of rapid growth since 2022, with a record net inflow of 1.3 trillion yuan in 2024, followed by a slight slowdown in 2025, achieving approximately 400 million yuan in net inflow in the first half of 2025 [29]. - Bond ETFs saw a significant increase in both fund numbers and asset size, with a net inflow of over 200 billion yuan in the first half of 2025, surpassing stock ETFs for the first time [31]. - The market share of the top three ETF providers, including Huaxia Fund and E Fund, accounted for 46.4% of the total market as of June 30, 2025, indicating a strong concentration in the ETF market [34]. Competitive Landscape - As of June 30, 2025, the top 10 fund companies accounted for 44% of the total non-money market fund size, with the top 20 companies holding 66%, reflecting a strengthening headwind effect in the industry [4][38]. - The competition among fund companies remains intense, with some experiencing net outflows, while others continue to grow steadily, highlighting the dynamic nature of the market [39].