｜2025年10月16日 星期四｜ NO.1 浙商证券：吴承根到龄退休，总裁钱文海获提名拟出任董事长 10月15日，浙商证券掌舵人将完成新老交棒：吴承根到龄退休，总裁钱文海获提名拟出任董事长。这一 变动标志着浙商证券的掌舵人将完成新老交替，也符合业内此前预期。作为一名"75后"，钱文海自两年 前出任浙商证券总裁以来，公司资本运作动作频频，完成了对国都证券股权收购。未来，摆在钱文海面 前的考验是，如何带领公司朝着"中大型券商"的目标冲刺，实现行业进位。 点评：浙商证券高层人事变动符合预期，新任董事长钱文海作为"75后"少壮派，其资本运作经验将助力 公司战略推进。此次人事调整或强化市场对公司"中大型券商"目标的信心。从行业看，券商板块高管年 轻化趋势明显，或推动行业整合加速。整体而言，券商板块稳定性增强，为市场提供积极信号，但需关 注后续整合成效及行业竞争格局变化。 NO.2 博时基金官宣张东接任江向阳董事长职务，后者已在招商租赁开展工作 NO.4 首创证券3.56%股权被无偿划转 10月15日，首创证券发布公告称，北京首都创业集团有限公司（以下简称首创集团）拟通过国有股份无 偿划转方式将其持有的首创证券3.56 ...

10月15日，权益基金发行再现大规模产品。 易方达港股通科技混合基金和鹏华制造升级混合基金，募集规模均接近20亿元，成为10月以来发行规模第一、 第二大的主动权益基金。 从年内数据看，截至10月15日，募集规模超10亿元的权益基金，已达127只，其中逾七成为指数基金。指数基 金中，又以非ETF产品居多。 大规模主动权益基金多成立于三季度 易方达基金10月15日公告显示，易方达港股通科技混合基金成立，募集规模19.87亿元。鹏华基金同日公告， 鹏华制造升级混合基金成立，募集规模19.84亿元。这两只规模近20亿元的基金，是10月以来发行规模第一、 第二大的主动权益基金。两只基金有效认购户数合计超过2.5万户。此外，广发基金14日公告显示，广发中证 卫星产业ETF募集规模达11.71亿元，是10月以来募集规模最大的指数权益基金。 根据Wind统计，包括上述基金在内，截至10月15日，年内募集规模超10亿元的权益基金已达127只。 主动权益基金方面，募集规模较大的几只多出现在三季度。成立于今年9月的招商均衡优选，募集规模49.55亿 元，获38355户有效认购，是年内募集规模最大的权益基金。 此外，三季度成立的大成 ...

Group 1 - A significant influx of capital into equity ETFs has been observed, with net subscriptions exceeding 56 billion yuan over two trading days [1] - On October 10, the net subscription amount for equity ETFs reached 31.49 billion yuan, marking one of the highest single-day figures this year [1] - On October 13, an additional 20 billion yuan was invested, bringing the net subscription for that day to 24.61 billion yuan [1] Group 2 - Various broad-based ETFs attracted substantial investments, including the Huaxia SSE Sci-Tech 50 ETF with a net subscription of 2.14 billion yuan and the E Fund SSE Sci-Tech 50 ETF with 1.33 billion yuan [2] - Industry-specific ETFs also saw strong demand, such as the Southern CSI Nonferrous Metals ETF with 2.27 billion yuan and the Huabao CSI Bank ETF with 1.62 billion yuan [2] - The total net subscription for Hong Kong stock-themed ETFs reached 12.04 billion yuan, with several ETFs exceeding 800 million yuan in subscriptions [2] Group 3 - Newly launched equity funds have also become important tools for capital entry, with the Penghua Manufacturing Upgrade Mixed Fund receiving over 2 billion yuan in effective subscription applications [2][3] - The E Fund Hong Kong Stock Connect Technology Mixed Fund had a high confirmation ratio of 95.94% for its 2 billion yuan fundraising limit [3] Group 4 - Recently launched ETFs are quickly deploying capital, with the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF achieving a stock investment ratio of 98.8% shortly after its establishment [4] - Fund companies are actively purchasing their own equity funds, indicating confidence in the long-term stability of the Chinese capital market [4] Group 5 - External asset management firms suggest that investors should not be overly concerned about market volatility, as A-shares still hold significant allocation value [5] - The dividend style remains an important focus for investors, especially given its relative underperformance this year [5] Group 6 - The technology sector, particularly AI-related companies, is expected to maintain high investment value despite potential short-term adjustments [6] - The current market fluctuations may provide favorable investment opportunities, particularly for sectors that have previously seen high price increases [6]

经济观察报记者陈姗 继9月公募基金发行规模创下年内单月新高后，10月以来市场热度未减。 据公募排排网统计，按认购起始日计算，本周(10月13日至10月19日)全市场共有52只新基金启动认购， 较前一周的24只大幅增长116.67%。与此同时，新基金平均认购周期为12.73天，虽环比基本持平，但整 体已较前期明显缩短。 此外，据记者不完全统计，9月份以来，已有近60只基金宣布提前结束募集。 公募基金又"好卖"了。近期，新基金发行市场不仅在数量与速度上呈现"量增时减"的特征，更出现了产 品"超募"配售、大小公司齐头并进的久违现象。 权益主导 数据显示，新基金发行结构呈现显著的权益主导特征。 本周启动认购的52只基金中，权益类产品共42只，占比80.77%，包括32只股票型基金和10只偏股混合 型基金。从策略类型来看，呈现"被动为主、主动为辅"的格局：被动指数型股票基金发行23只，占比 44.23%，居各策略之首。 对此，融智投资FOF基金经理李春瑜认为，这一格局与投资者对低成本、高透明度工具的需求上升密切 相关。在A股走强背景下，投资者更倾向于通过指数产品获取行业β收益，同时规避主动管理可能带来 的风格漂移风险。 ...

Core Viewpoint - A significant influx of capital into equity ETFs has been observed during recent market fluctuations, with net subscriptions exceeding 56 billion yuan in just two trading days [1][2]. Fund Inflows - On October 10, the net subscription amount for equity ETFs reached 31.49 billion yuan, marking one of the highest single-day inflows this year, second only to the days following institutional announcements in April [2]. - On October 13, an additional 24.61 billion yuan flowed into equity ETFs, with several broad-based ETFs attracting substantial investments, including 2.14 billion yuan for the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF and 1.33 billion yuan for the E Fund version [2]. - Industry-specific ETFs also saw strong inflows, with the Southern CSI Shenwan Nonferrous Metals ETF attracting 2.27 billion yuan and the Huabao CSI Bank ETF receiving 1.62 billion yuan [2]. Market Performance - The total net subscription for Hong Kong-themed ETFs reached 12.04 billion yuan, with several funds exceeding 800 million yuan in net subscriptions [3]. - Trading volumes for various ETFs surged, with the E Fund Growth Enterprise Board ETF recording a transaction volume of 7.24 billion yuan on October 14 [3]. New Fund Launches - Newly launched equity funds have also become important tools for capital entry, with several funds reporting oversubscription. For instance, the Penghua Fund's manufacturing upgrade mixed fund had effective subscription applications exceeding its 2 billion yuan cap [3]. - The E Fund's Hong Kong Stock Connect Technology Mixed Fund also saw a high confirmation rate of 95.94% for its 2 billion yuan cap [3]. High Fund Positions - Newly launched ETFs are quickly deploying capital, with the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF achieving a stock investment ratio of 98.8% shortly after its establishment [4]. - The Fortune Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF, established on September 29, reported a 38.23% equity investment ratio as of October 10 [5]. Fund Company Actions - Fund companies are actively purchasing their own equity funds, with Yongying Fund announcing a 10 million yuan investment in its Value Return Mixed Fund, reflecting confidence in the long-term stability of the Chinese capital market [6]. - Guotai Fund also committed to investing at least 12 million yuan in its Guotai Qiming Return Mixed Fund, indicating a similar outlook [6]. Market Outlook - Foreign public fund Lianbo Fund expressed that investors should not be overly concerned about market volatility, as A-shares still hold high allocation value, suggesting that the current market fluctuations may present investment opportunities [8]. - Long-term expectations remain positive, with factors such as declining risk-free interest rates and improved profit forecasts supporting a favorable outlook for the stock market [8].

Core Viewpoint - The market is experiencing significant inflows into equity ETFs despite recent adjustments, indicating strong investor interest and confidence in equity assets [3][11]. Fund Flows - On October 10, equity ETFs saw a net subscription of 314.88 billion yuan, marking the second-highest daily inflow this year [5]. - Major inflows were observed in broad-based ETFs, with notable subscriptions including 32.95 billion yuan for the Huaxia SSE STAR 50 ETF and 15.87 billion yuan for the Huatai-PB CSI 300 ETF [5][7]. - Industry-specific ETFs, particularly in semiconductors and battery themes, also attracted significant investments, with the Jiashi SSE STAR Chip ETF receiving 27.48 billion yuan [5][6]. New Fund Issuance - The new fund issuance market is robust, with several funds exceeding their fundraising limits and closing early. For instance, the E Fund Hong Kong Stock Connect Technology Mixed Fund closed on October 10 after reaching its 20 billion yuan cap [9][10]. - The Penghua Manufacturing Upgrade Mixed Fund also closed early due to high demand, indicating strong investor appetite for new offerings [10]. Institutional Outlook - Institutions maintain a high allocation to equity assets, with active equity funds averaging over 90% in positions as of October 10 [13]. - The market is expected to remain volatile, with upcoming third-quarter earnings reports likely to influence investor sentiment [13]. - Long-term views remain optimistic, particularly regarding technology sectors and high-dividend assets, as the market is in a historically loose monetary environment [11][13].

基金跷跷板效应 股基备受追捧债基屡遭赎回 此外，聂世林管理的安信价值成长混合基金、安信均衡成长18个月持有期混合基金、安信优势增长混合 基金等也进行了限购。 债券基金屡遭大额赎回 与权益类基金的"吸金"态势相反，债券基金近期遭遇赎回，多只产品因大额赎回发布净值精度调整公 告。10月11日，恒越基金公告称，恒越短债债券基金D类份额于10月10日发生大额赎回，自10月10日起 提高基金D类份额净值精度至小数点后八位，小数点后第九位四舍五入。 同日，国泰海通安睿纯债债券基金、东方红益恒纯债债券基金也发布了类似的公告。10月10日，已有7 只债券基金宣布因遭遇大额赎回，提升净值精度。近期，债券基金的赎回力度明显加大。 ◎记者赵明超 在最近几个月的震荡上行行情中，股基债基显现跷跷板效应。一边是权益类基金发行火热，不少主动权 益类基金提前结束募集，绩优基金发布限购令；另一边是债券基金屡遭大额赎回，不得不提升净值精度 来应对。在业内人士看来，投资者更多聚焦短期表现，在当前市场变数增多情况下，后续股基债基跷跷 板现象值得观察。 权益类基金发行火热 新基金发行市场频现比例配售。10月11日，易方达基金公告称，易方达港股通科技混 ...