《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）在今年1月1日正式落地实施，对于 基金公司、销售机构等各方关注的操作细则，监管部门也发布了最新的指引文件。 据中国基金报记者了解，最近，多家基金公司、基金托管人、销售机构收到监管部门下发的关于实施 《公开募集证券投资基金销售费用管理规定》有关问题的通知（以下简称《通知》）。 从业内反馈来看，比较关注《通知》中的三大重点：一是明确了基金管理人销售其管理的基金自2027年 1月1日起不得收取认（申）购费、销售服务费，销售服务费采取"先收后返"的模式；二是明确了存量基 金销售服务费返还的起始时点；三是基金管理人不得为实行差异费率通过在特定基金销售机构设置专属 份额等形式，不公平对待同一基金的不同投资者。基金管理人应当于2027年1月1日前采取份额合并、调 整为相同费率等措施完成整改，这也是首次明确提出基金份额合并的方案。 业内人士表示，《规定》《通知》的相继出台，进一步降低基金投资者成本，规范公募基金销售市场秩 序，保护基金份额持有人合法权益，推动公募基金行业高质量发展。 基金管理人销售其管理的基金 自2027年起不得认（申）购费、销售服务费 《通知》也进 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【导读】多家基金公司、销售机构收到关于实施《公开募集证券投资基金销售费用管理规定》有关问题 的通知 中国基金报记者 陆慧婧 方丽 《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）在今年1月1日正式落地实施，对于 基金公司、销售机构等各方关注的操作细则，监管部门也发布了最新的指引文件。 据中国基金报记者了解，最近，多家基金公司、基金托管人、销售机构收到监管部门下发的关于实施 《公开募集证券投资基金销售费用管理规定》有关问题的通知（以下简称《通知》）。 从业内反馈来看，比较关注《通知》中的三大重点：一是明确了基金管理人销售其管理的基金自2027年 1月1日起不得收取认（申）购费、销售服务费，销售服务费采取"先收后返"的模式；二是明确了存量基 金销售服务费返还的起始时点；三是基金管理人不得为实行差异费率通过在特定基金销售机构设置专属 份额等形式，不公平对待同一基金的不同投资者。基金管理人应当于2027年1月1日前采取份额合并、调 整为相同费率等措施完成整改，这也是首次明确提出基金份额合并的方案。 业内人士表示，《规定》《通知》的相 ...

【 导读 】 多家基金公司、销售机构收到 关于实施《公开募集证券投资基金销售费用管理规定》有关问题的通知 中国基金报记者 陆慧婧 方丽 《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）在今年1月1日正式落地实施，对于基金公司、销售机构等各方关注的 操作细则，监管部门也发布了最新的指引文件。 据中国基金报记者了解，最近，多家基金公司、基金托管人、销售机构收到监管部门下发的关于实施《公开募集证券投资基金销售费用管 理规定》有关问题的通知（以下简称《通知》）。 从业内反馈来看，比较关注《通知》中的三大重点：一是明确了基金管理人销售其管理的基金自2027年1月1日起不得收取认（申）购费、 销售服务费，销售服务费采取"先收后返"的模式；二是明确了存量基金销售服务费返还的起始时点；三是基金管理人不得为实行差异费率 通过在特定基金销售机构设置专属份额等形式，不公平对待同一基金的不同投资者。基金管理人应当于2027年1月1日前采取份额合并、调 整为相同费率等措施完成整改，这也是首次明确提出基金份额合并的方案。 业内人士表示，《规定》《通知》的相继出台，进一步降低基金投资者成本，规范公募基金销售市场秩序，保护基金份 ...

Group 1 - The overall performance of A-share industries in 2025 is strong, with only two industries experiencing declines. The non-ferrous metals and telecommunications sectors lead with returns of 94.73% and 84.75%, respectively, while coal and food & beverage sectors decline by 5.27% and 9.69%, resulting in a performance gap of 104.43% between the best and worst performing sectors. The industry dispersion is at 23.4, the highest in the past five years, indicating a concentration of market funds in a few sectors like technology and precious metals [7][8][12] - The difficulty of stock selection at the individual level is significant, with the telecommunications sector showing a high dispersion of 90.66, double that of 2024, indicating a challenging environment for investors [12][13] - The public fund market shows a steady growth, with total fund size reaching nearly 37 trillion yuan. The proportion of equity funds has increased significantly, with alternative investment funds, QDII, FOF, and public REITs also experiencing growth. Notably, alternative investment funds focused on gold assets have more than doubled in size [16][20] Group 2 - In 2025, the ETF market reached a new historical high, with total assets surpassing 6 trillion yuan, an increase of 61.29% from the previous year. The number of ETFs also grew to 1,402, reflecting a significant transformation in investment methods and financial ecology [21][24] - The performance of various types of ETFs varied significantly, with all types recording average positive returns. The stock-type ETFs showed a performance gap of 163.61% between the best and worst performers, indicating a need for higher professional capabilities among investors [26][27] - The cross-border ETF market saw a doubling in size, growing from 4,242.26 billion yuan to 9,319.24 billion yuan, with industry theme funds receiving the majority of net inflows, highlighting the importance of thematic investments in the current market environment [42][43] Group 3 - The index-enhanced funds demonstrated significant excess returns, with an average net value growth rate of 32.5%, outperforming the CSI 300 index by 12.72 percentage points. The proportion of funds achieving positive excess returns is 77.3%, indicating a favorable performance compared to previous years [48][49]

张大伟 制图 看力度，截至12月1日，9家外资公募年内发行了39只新基金，募集资金逾500亿元，摩根士丹利、联博 等巨头也密集增资，完成了从"持守"到"加仓"的进击。 望广度，巴克莱银行、瑞银集团持有中国ETF的数量显著攀升，而持有香港9号牌照的内地私募数量也 于近期突破百家大关，足见外资机构对中国资产从"点选"到"扫货"的布局热情。 在外资机构看来，中国不仅是当下具有确定性的增长高地，更是面向未来不可或缺的战略性配置"锚 点"。从深度入局到广度布局，从产品创新到本土深耕，全球资本"潮涌东方"的大幕已然拉开。 Wind数据显示，截至12月1日，今年以来贝莱德基金、富达基金、路博迈基金、摩根资产管理等9家外 资公募管理人合计新发公募产品39只，发行规模达542.66亿元。其中，摩根资产管理和宏利基金新发产 品规模均超100亿元。 入局：外资机构深耕中国市场 面对中国经济结构转型升级与金融市场高水平开放的确定性机遇，全球资本正以前所未有的深度与广度 积极配置中国资产。在这一宏观趋势下，外资机构在华的业务布局，已从初期的市场试探与模式适配， 迈入了以本土化深耕、差异化竞争和长期价值创造为核心的新一轮"精耕期"。 ◎ ...

Core Insights - Index-enhanced funds have shown impressive performance over the past year, with an average return of 27% [3] - The success is attributed to the alignment of market structural opportunities with quantitative strategies, optimized risk control frameworks, and the pursuit of "Beta + Alpha" dual returns by investors [3][4] - The integration of artificial intelligence (AI) technology is revolutionizing quantitative investment strategies and is expected to reshape the entire industry ecosystem [5] Performance Metrics - Over the past year, more than 90% of index-enhanced funds achieved positive returns, with small-cap products performing particularly well [3] - The top-performing fund, the China Securities 2000 Enhanced Strategy ETF, recorded a return of 60.35%, while several other products exceeded 50% returns [3] Market Dynamics - The current market environment is characterized by a dominance of small-cap styles, where quantitative models effectively capture high-elasticity opportunities in leading sub-sectors through multi-factor stock selection [3] - The optimization of risk control frameworks has led to a daily tracking error of less than 0.3% for mainstream enhanced ETFs, allowing for dynamic adjustments to industry exposure using AI algorithms [3] Investment Strategy Insights - Small-cap index-enhanced products have several advantages, including a broader selection of constituent stocks compared to large-cap indices, which enhances strategy flexibility [4] - The presence of significant discounts in small-cap stock index futures provides natural tools for generating excess returns [4] - In a stable liquidity environment, the combination of price-volume factors and very short holding period strategies can yield significant results in small-cap stocks [4] AI Integration - The increasing incorporation of AI and new technologies into quantitative models and investment strategies is expected to bring profound changes to the industry [5] - AI's role in data collection, signal parameter optimization, and stock selection is anticipated to transform various aspects of the investment process, making previously difficult operations feasible [5] - AI's influence extends beyond specific product types, potentially altering how investors and capital markets allocate funds to listed companies [5]

Core Insights - The average return of enhanced index funds over the past year reached 27%, with over 90% of products generating positive returns, particularly in small-cap products [2][3] - The integration of artificial intelligence (AI) is revolutionizing quantitative investment strategies and is expected to reshape the entire industry ecosystem [2][4] Performance of Enhanced Index Funds - Enhanced index ETFs have shown remarkable performance due to three main factors: alignment with structural market opportunities, optimized risk control frameworks, and a shift in capital preference towards "beta + alpha" dual returns [3] - The top-performing product, the China Securities 2000 Enhanced Strategy ETF, achieved a return of 60.35%, with several other products exceeding 50% returns [2] Market Dynamics - The current market environment is characterized by a dominance of small-cap styles, where quantitative models effectively capture high-elasticity opportunities in leading sub-sectors through multi-factor stock selection [3] - Small-cap index enhanced products benefit from a broader selection of constituent stocks compared to large-cap indices, enhancing strategy flexibility [4] Role of AI in Investment Strategies - The application of AI in quantitative investment strategies is expected to bring profound changes to industry development and ecosystem structure, impacting data collection, signal parameter optimization, and stock selection methods [4] - AI's influence extends beyond specific product types, potentially altering how investors and capital markets allocate funds to listed companies, even in subjective fundamental investments [4]

Core Insights - The public fund scale has surpassed 36 trillion yuan, reaching a historical high, with equity funds being the main driver of this growth [1][2] - Fund companies are increasingly focusing on investor experience alongside performance, aiming to enhance investor satisfaction and trust [4] Group 1: Fund Scale and Performance - As of the end of Q3, over 13,000 funds have a combined scale of 36.45 trillion yuan, an increase of 2.4 trillion yuan from the end of Q2 [2] - Equity products, particularly pure stock index funds, have seen significant growth, with their scale exceeding 5 trillion yuan, a 26.29% increase quarter-on-quarter [2] - The performance of equity funds has been strong, with both the mixed equity fund index and stock fund index rising approximately 40% over the past year [2] Group 2: Popularity of High-Performance Products - Several high-performing active equity funds have rapidly increased in scale, with some achieving over 100 billion yuan in size [3] - Passive products have also attracted significant inflows, with the Huatai-PB CSI 300 ETF growing by over 50 billion yuan in Q3 [3] - Investors are showing increased interest in stable products with lower drawdowns, leading to substantial growth in certain bond funds [3] Group 3: Focus on Investor Experience - Fund companies are revising their assessment mechanisms to improve investor experience, incorporating metrics that directly affect investor satisfaction [4] - Companies like Xibu Lide Fund are focusing on creating a comprehensive investment advisory service system to better align professional capabilities with investor needs [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the A-share market adjusted with shrinking volume. Mid-cap stocks had a large correction, while banks and insurance in the large financial sector performed well. The precious metal prices continued to rise, and the prices of London gold and London silver both reached record highs. The trading volume of the two markets decreased, and liquidity continued to shrink. The report suggests paying attention to the structural opportunities brought by the marginal changes in capital flow and optimizing positions in precious metals opportunistically [1][10][15] Summary by Directory 1. This Week's Market Review 1.1 Industry Index - Only the banking, coal, food and beverage, and transportation sectors rose this week, with a significant increase in the weekly trading volume proportion compared to last week. The media sector's trading activity decreased significantly. The non-ferrous metals sector, which was strong in the past 3 months, fell 2.91% this week, but its trading volume proportion increased to a four - week high of 8.27%. The neutral hedge fund's average and median absolute returns were -0.12% and -0.06% respectively [10] 1.2 Market Style - The growth style index significantly corrected by 5.82% this week, and its trading volume proportion dropped to a four - week low of 56.25%. The consumer style index fell 1.31%, and its trading volume proportion rose to a four - week high of 9.49%. The financial style index rose 1.57%, and its trading volume proportion slightly increased to 6.74%. The cyclical style index fell 3.78%, and its trading volume proportion was at a four - week high of 23.55%. The stable style index slightly fell 0.52%, and its trading volume proportion was at a four - week high of 3.97%. Mid - cap stocks had a larger decline, with the CSI 500 index falling 5.17% and its trading volume proportion dropping to a four - week low of 19.30%, while the Shanghai and Shenzhen 300 index fell 2.22%, and its trading volume proportion dropped to 30.09% [14] 2. Active Equity Funds 2.1 Funds with Excellent Performance in Different Theme Tracks This Week - Single - track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double - track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report lists the top five funds in different theme tracks such as TMT, financial real estate, consumption, medicine, manufacturing, and cyclical sectors [19][20] 2.2 Funds with Excellent Performance in Different Strategy Classifications - The funds are divided into deep - undervalued, high - growth, high - quality, quality - growth, quality - undervalued, GARP, and balanced - cost - effective types. The report lists the funds with relatively excellent performance in different types of funds this week [21] 3. Index - Enhanced Funds 3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.10% and 0.12% respectively; those of CSI 500 index - enhanced funds were 0.81% and 0.75% respectively; those of CSI 1000 index - enhanced funds were 0.57% and 0.60% respectively; those of CSI 2000 index - enhanced funds were 0.47% and 0.70% respectively; those of CSI A500 index - enhanced funds were 0.36% and 0.39% respectively; those of ChiNext index - enhanced funds were 0.64% and 0.80% respectively; and those of Science and Technology Innovation and Entrepreneurship 50 index - enhanced funds were 0.27% and 0.25% respectively. The average and median absolute returns of neutral hedge funds were -0.12% and -0.06% respectively, and those of quantitative long - only funds were -3.25% and -3.43% respectively [24][26] 4. This Week's High - Frequency Position Detection of Funds - In the past week, active equity funds significantly increased their positions in the computer (0.44%), electronics (0.31%), and non - ferrous metals (0.19%) industries; and significantly reduced their positions in the non - banking financial (0.17%), banking (0.14%), and automobile (0.13%) industries. From a one - month perspective, the positions in the computer (1.65%) and electronics (0.84%) industries increased significantly, while the position in the pharmaceutical (0.51%) industry decreased significantly [3][42]

Core Insights - The personal pension fund directory has expanded again in Q3, with a total of 302 products as of the end of September, an increase of 8 from the end of Q2 [2][3] - The average net value growth of personal pension funds has exceeded 15% this year, with the highest return reaching 46% [2][5] Fund Expansion and Characteristics - The recent expansion of personal pension funds shows a clear trend of "precise matching," with five out of the eight new products being index-enhanced funds, primarily tracking the CSI 500 and CSI 300 indices [3][4] - The new products include various types such as index-enhanced funds, fund of funds (FOF), and an ETF-linked fund [3] Performance and Market Dynamics - As of October 17, only one out of 302 personal pension funds reported negative returns this year, with an overall average net value increase of 15.13% [5] - High-performing products include 19 funds with returns exceeding 30%, many of which track the STAR Market and ChiNext indices, with the top fund achieving a 46.37% increase [5] Fund Size and Differentiation - By the end of Q2, the total scale of 290 personal pension fund Y shares reached 12.405 billion, marking a 35.7% increase compared to the end of last year [6] - There is a noticeable differentiation among products, with only one fund exceeding 1 billion in scale, while most remain below 200 million [6] Investment Strategy and Future Outlook - As the fourth quarter approaches, it is considered a critical period for personal pension account funding and product allocation, prompting investors to reassess their portfolios [7] - Analysts suggest a balanced allocation between stocks and bonds, focusing on sectors aligned with national long-term development strategies, such as technology innovation and high-end manufacturing [7][8] - The personal pension fund market is entering a new phase of "quantity and quality improvement," with ongoing product expansion and enhanced performance attracting investor interest [8]