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官宣!西部利得基金总经理贺燕萍荣退,十年任期规模增长超11倍!董事长何方代任职务面临治理挑战
Xin Lang Ji Jin· 2025-10-10 01:13
| | 西部利得基金管理有限公司基金行业 | | | | --- | --- | --- | --- | | | 高级管理人员变更公告 全体调用日期:2025年10月10日 | 付非从通知时 | 0.6. 2017年0 H.F. 3017 010 1 0 2 1 (Tim | | 1. 公告未本信 | | | BOOK, ILONG I DOLCE I FOLD | | | 基金目理人类的 ACHANGER FRANCE | | 理有限公司意事长。 | | | (公开展第正的歌员都会有剧剧剧演演出演》,但 | 取得的相关从业资格 | 高管从业前往 | | | 公告表现 2000 000 000 000 000 000 000 000 0 | A R | 中国 | | | | 新资理力进)等有关注律法规则成功 孕既,学位 | 研究生,硕士 | | | 代任基金管理公司已经建,面任高全管理公司负担 高所变更发情! | 文属生有效管家人员的相关信息 | | | | | 221-4-5620 COVER A. 814 | OFF | | | 2 代任高版管理人员的相关值值 | 图片品图面图人 图语名 | 8554 | ...
黄金、基金和股票选哪个
Bei Jing Shang Bao· 2025-10-09 16:14
现货黄金价格突破4000美元/盎司,上证指数站上3900点,基金在股市上涨的背景下也表现优异,股票 热点更是精彩纷呈。投资者选哪个品种更合适?追求流动性的投资者可以选黄金,没太多时间系统性研 究的投资者选基金,追求高收益的投资者可以选股票。 股市和黄金的牛市同时出现,投资者难免会出现选择困难。如果买股票或者基金,可能会看着黄金不断 走高心生遗憾,如果选择买入黄金,又看着股票的不断上涨垂涎欲滴。投资者最想知道的是,黄金和股 票哪个会涨得更快。 事实上,两者的涨速很难预测,因为任何投资品种的未来涨跌行情都很难预判。不过投资者可以从涨速 之外的其他因素进行选择,毕竟投资者之间会存在很大的个体差异。 例如有些投资者工作很忙,没有太多的时间去关注股市和黄金的走势,那么这类投资者最适合通过购买 公募基金来进行投资,毕竟基金经理属于专业投资者,能够给投资者带来长期稳定的投资回报。 虽然基金投资也有风险,但基金经理的投资水平大概率会比中小投资者的平均水平更高,所以对于没时 间打理自己投资的投资者,选择公募基金显然是最优策略。另外,投资者可以分散投资于多家基金,也 可以考虑同时持有ETF基金和主动型股票基金,这样能够进一步分散 ...
侃股:黄金、基金和股票选哪个?
Bei Jing Shang Bao· 2025-10-09 12:09
同时,如果进行黄金投资,相对专业的投资者可以选择上海黄金交易所的黄金T+D或者黄金期货进行交 易,它们的交易费用更低。而一般情况下,金条现货或者银行、黄金公司的投资品种交易手续费略高, 并不适合短线交易。 如果想要更高的投资收益,显然直接投资于股市的预期收益率更高。股神巴菲特曾说过,长期看,最好 的投资品种就是普通股。如果把时间拉长到十年左右的投资期限,普通股的预期投资回报率也是最高 的,所以投资者如果想要最高的预期收益率,买入并长期持有优质蓝筹股无疑是最佳策略。 但是投资股票对于投资者自身也有所要求。投资者想要成功地直接投资股市,不仅要对宏观经济有所了 解,还要能够深刻理解上市公司的财务数据,以及对上市公司所在行业发展也要有正确的认知,这样才 有能力成功选择合适的优质公司买入并持有。 股市和黄金的牛市同时出现,投资者难免会出现选择困难。如果买股票或者基金,可能会看着黄金不断 走高心生遗憾,如果选择买入黄金,又看着股票的不断上涨垂涎欲滴。投资者最想知道的是,黄金和股 票哪个会涨得更快。 事实上,两者的涨速很难预测,因为任何投资品种的未来涨跌行情都很难预判。不过投资者可以从涨速 之外的其他因素进行选择,毕竟投资 ...
假期访谈了十多位基民,发现这些新变化
天天基金网· 2025-10-06 05:12
牛市来了还没上车?上天天基金APP搜索777注册即可领500元券包,优选基金10元起投!限 量发放!先到先得! 今年以来,随着市场行情向好,投资者对于基金的配置需求水涨船高。中基协发布的数据显示,截 至2025年8月底,我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来第5次创 下历史新高。 基民的投资行为有什么新变化? 中国证券报记者在国庆、中秋假期期间,访谈了十多位基民发现, 相比此前,投资者的行为有明显的变化,加大权益类基金配置、青睐被动指数型产品、重视科技主 题赛道基金等,成为这些基民的一大共性。整体而言,投资者篮子中的"菜",花样越来越多。 36万亿公募"聚沙成塔" 日前,基金业协会发布的最新数据显示,截至2025年8月底,我国境内公募基金管理机构共164 家,其中基金管理公司149家,取得公募资格的资产管理机构15家。以上机构管理的公募基金资产 净值合计36.25万亿元,较7月末的35.08万亿元增加1.17万亿元,增幅为3.34%。 记者通过梳理上述受访投资者的访谈内容发现,经历过市场的洗礼,他们的投资理念明显出现了新 的变化。 一是多元配置的情况,占据受访者的大多数。 14位 ...
假期访谈了十多位基民,发现这些新变化
Zhong Guo Zheng Quan Bao· 2025-10-05 12:15
今年以来,随着市场行情向好,投资者对于基金的配置需求水涨船高。中基协发布的数据显示,截至 2025年8月底,我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来第5次创下历史 新高。 基民的投资行为有什么新变化?中国证券报记者在国庆、中秋假期期间,访谈了十多位基民发现,相比 此前,投资者的行为有明显的变化,加大权益类基金配置、青睐被动指数型产品、重视科技主题赛道基 金等,成为这些基民的一大共性。整体而言,投资者篮子中的"菜",花样越来越多。 36万亿公募"聚沙成塔" 日前,基金业协会发布的最新数据显示,截至2025年8月底,我国境内公募基金管理机构共164家,其中 基金管理公司149家,取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计36.25 万亿元,较7月末的35.08万亿元增加1.17万亿元,增幅为3.34%。 这是自2024年以来,公募基金总规模第11次创历史最高纪录,也是公募基金总规模今年以来第5次创下 历史新高。与此同时,这也是公募基金规模首次突破36万亿元大关。 回顾发现,公募基金行业经过二十多年的发展,已成为资本市场重要的专业机构投资者,在管理规模屡 创新高 ...
ETF市场流动性动态报告:科创板领涨,两融业务融资余额持续创新高
金融街证券· 2025-09-30 11:30
证券研究报告/基金研究 2025 年 09 月 30 日 科创板领涨,两融业务融资余额持续创新高 ETF 市场流动性动态报告(20250922~20250928) 市场行情 上周,我国十年期国债收益率较上上周基本持平,周五录得 1.88%。美国十年期 国债收益率小幅上行,周五录得 4.20%。 上周,上证指数(+0.21%),上证 50(+1.07%),沪深 300(+1.07%),中证 500(+0.98%),中证 1000(-0.55%),中证 2000(-1.79%),创业板指(+1.96%), 科创 50(+6.47%)。申万一级行业中,电力设备(+3.86%),有色金属(+3.52%), 电子(+3.51%)领涨;社会服务(-5.92%),综合(-4.61%),商贸零售(-4.32%) 等行业跌幅较大。 上周,沪深两市日均成交金额 22919 亿元,较上上周数据下降约 7.98%。上周五, 两融业务融资余额录得约 24080 亿元,继续创历史新高。 ETF 市场概况 上周,整体 ETF 市场申赎净流入约 1031 亿元。其中,债券型 ETF 净流入约 766 亿元。股票型 ETF 申赎净流入约 14 ...
ETF周报(20250922-20250926)-20250929
Mai Gao Zheng Quan· 2025-09-29 08:04
Report Industry Investment Rating No relevant content provided. Core Viewpoints The report comprehensively analyzes the secondary market and ETF products from multiple perspectives. It presents the performance of major indexes and industries, and details the market performance, fund flows, trading volume, margin trading, and new issuance and listing of ETFs during the sample period from September 22 to September 26, 2025 [1][10]. Summary According to the Directory 1. Secondary Market Overview - **Index Performance**: During the sample period, the Science and Technology Innovation 50, SGE Gold 9999, and ChiNext Index ranked among the top in terms of weekly returns, with 6.47%, 3.32%, and 1.96% respectively. The PE valuation quantile of the S&P 500 was the highest at 99.20%, while that of the Nikkei 225 was the lowest at 85.66% [10]. - **Industry Performance**: In the sample period, the power equipment, non - ferrous metals, and electronics industries ranked among the top in terms of returns, with 3.86%, 3.52%, and 3.51% respectively. The social services, comprehensive, and commercial retail industries ranked relatively low, with - 5.92%, - 4.61%, and - 4.32% respectively. In terms of valuation, the non - ferrous metals, power equipment, and electronics industries had the highest valuation quantiles, at 99.59%, 99.59%, and 98.36% respectively, while the non - bank finance, agriculture, forestry, animal husbandry, and fishery, and comprehensive industries had relatively low valuation quantiles, at 23.36%, 36.07%, and 42.42% respectively [14]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: Commodity ETFs had the best average performance, with a weighted average return of 3.19%, while style ETFs had the worst average performance, with a weighted average return of - 0.75% [18]. - **By Listing Plate**: ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better market performance, with weighted average returns of 5.81% and 4.32% respectively. The CSI 2000 and Hong Kong stock ETFs had relatively poor performance, with weighted average returns of - 1.14% and - 0.39% respectively [18]. - **By Industry Sector**: The technology sector ETFs had the best average performance, with a weighted average return of 3.29%, while the consumer sector ETFs had the worst average performance, with a weighted average return of - 2.81% [19]. - **By Theme**: Chip semiconductor and new energy ETFs had better performance, with weighted average returns of 8.94% and 4.53% respectively. Innovative drug and non - bank ETFs had relatively poor performance, with weighted average returns of - 1.62% and - 0.87% respectively [19]. 2.2 ETF Fund Inflows and Outflows - **By ETF Category**: Bond ETFs had the largest net inflow of funds, reaching 780.27 billion yuan, while QDII ETFs had the smallest net inflow, at - 27.15 billion yuan [23]. - **By Tracking Index and Listing Plate**: ChiNext - related ETFs had the largest net inflow of funds, at 5.49 billion yuan, while CSI 300 ETFs had the smallest net inflow, at - 38.82 billion yuan [23]. - **By Industry Sector**: Technology sector ETFs had the largest net inflow of funds, at 168.58 billion yuan, while cyclical sector ETFs had the smallest net inflow, at - 16.01 billion yuan [25]. - **By Theme**: Chip semiconductor and robot ETFs had the largest net inflows of funds, at 100.50 billion yuan and 40.39 billion yuan respectively. New energy and central state - owned enterprise ETFs had the smallest net inflows, at - 9.15 billion yuan and - 5.19 billion yuan respectively [25]. 2.3 ETF Trading Volume - **By ETF Category**: QDII ETFs had the largest increase in the average daily trading volume change rate, at 0.86%, while bond ETFs had the largest decrease, at - 12.18% [28]. - **By Tracking Index and Listing Plate**: US stock ETFs had the largest increase in the average daily trading volume change rate, at 26.66%, while the CSI 1000 had the largest decrease, at - 26.70% [31]. - **By Industry Sector**: The technology sector had the largest increase in the average daily trading volume change rate, at 3.39%, while the biomedical sector had the largest decrease, at - 32.00% [34]. - **By Theme**: Non - bank and chip semiconductor ETFs had the largest average daily trading volumes in the past 5 days, at 185.49 billion yuan and 156.03 billion yuan respectively. Chip semiconductor and consumer electronics ETFs had the largest increases in the average daily trading volume change rate, at 23.15% and 12.23% respectively. Innovative drug and military industry ETFs had the largest decreases, at - 33.90% and - 24.21% respectively [36]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all stock - type ETFs was - 0.80 billion yuan, and the net short - selling was - 1.13 billion yuan. The E Fund CSI Hong Kong Securities Investment Theme ETF had the largest net margin purchase, and the GF CSI 1000 ETF had the largest net short - selling [42]. 2.5 ETF New Issuance and Listing During the sample period, 11 funds were established and 21 funds were listed [3][44].
麦高证券:麦高视野:ETF观察日志
Mai Gao Zheng Quan· 2025-09-29 05:04
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No explicit core viewpoints are presented in the provided content. The report mainly offers daily tracking data of various ETFs, including their performance metrics such as trading volume, net subscriptions, and RSI indicators. 3. Summary by Category A. Data Explanation - The report tracks daily frequency data of ETFs, divided into "broad - based" and "theme" sub - tables according to the tracked index categories. The "broad - based" ETFs track mainstream broad - based indices like CSI 300 and CSI 500, while "theme" ETFs track industry/style indices such as non - bank and dividend indices [2]. - A fund pool is constructed by selecting one or several large - scale ETFs in each type for analysis [2]. - The RSI relative strength indicator is calculated based on the ratio of average gains to average losses over a 12 - day period. RSI > 70 indicates an overbought market, and RSI < 30 indicates an oversold market [2]. - The net subscription amount is calculated using the formula NETBUY(T) = NAV(T)–NAV(T - 1)*(1 + R(T)), where NAV(T - 1) is the previous trading day's ETF net value [2]. - The intraday market trend is based on a 5 - minute intraday transaction price trend chart, with red dots representing the day's highest and lowest prices. Some intraday data may be missing [2]. - The institutional holding ratio is the estimated ratio from the latest annual or semi - annual reports of ETF funds, excluding the holding ratio of corresponding linked funds, and the data may have deviations [3]. B. Broad - based ETFs - Multiple ETFs tracking indices like CSI 300, CSI 500, SSE 50, etc. are presented. For example, the Huatai - Peregrine CSI 300 ETF has a circulation market value of 416.721 billion yuan, a decline of 0.94%, an RSI of 60.18, a net subscription of 703 million yuan, and a trading volume of 3.345 billion yuan [4]. - Different ETFs show varying performance in terms of market value, price changes, net subscriptions, and trading volumes. For instance, the Tianhong CSI 300 ETF has a relatively small market value of 8.977 billion yuan and a net subscription of - 53 million yuan [4]. C. Theme ETFs - **Consumer Electronics**: ETFs such as the Huaxia China Securities Consumption Electronics Theme ETF have a market value of 4.423 billion yuan and a decline of 3.44%. They also have different RSI values, net subscriptions, and trading volumes [6]. - **Non - bank**: The Guotai CSI All - Index Securities Company ETF has a market value of 5.4226 billion yuan and a decline of 0.41%. The industry shows diverse performance among different ETFs in terms of price changes, net subscriptions, etc. [6]. - **Banking**: The Huabao CSI Bank ETF has a market value of 1.4223 billion yuan and a gain of 0.13%. Different bank - related ETFs have different institutional holding ratios and trading volumes [6]. - **Dividend**: The Huatai - Peregrine SSE Dividend ETF has a market value of 1.9402 billion yuan and a gain of 0.03%. Dividend - themed ETFs show differences in performance and net subscriptions [6]. - **New Energy**: The Huaxia CSI New Energy Vehicle ETF has a market value of 549.4 million yuan and a decline of 1.50%. New - energy - related ETFs have different price trends and net subscription situations [6]. - **Chip and Semiconductor**: The Huaxia China Securities Semiconductor Chip ETF has a market value of 2.7587 billion yuan and a decline of 1.24%. These ETFs also vary in RSI values and trading volumes [6]. - **Photovoltaic**: The Huatai - Peregrine CSI Photovoltaic Industry ETF has a market value of 1.3512 billion yuan and a decline of 1.07%. Photovoltaic - themed ETFs show different performance metrics [6]. - **Military Industry**: The Guotai CSI Military Industry ETF has a market value of 1.3688 billion yuan and a decline of 0.33%. Military - industry - related ETFs have different price changes and net subscriptions [6]. - **ESG**: The Yifangda CSI Shanghai Environmental Exchange Carbon Neutrality ETF has a market value of 96.5 million yuan and a decline of 0.41%. ESG - related ETFs show different performance characteristics [6]. - **Robot**: The Huaxia CSI Robot ETF has a market value of 2.2068 billion yuan and a decline of 3.25%. Robot - themed ETFs have different RSI values and trading volumes [6]. - **Central and State - owned Enterprises**: The Huitianfu CSI Shanghai State - owned Enterprises ETF has a market value of 796.5 million yuan and a decline of 0.10%. Central and state - owned - enterprise - related ETFs show different performance in the market [6]. - **Artificial Intelligence**: The Yifangda CSI Artificial Intelligence ETF has a market value of 2.421 billion yuan and a decline of 3.25%. AI - themed ETFs vary in net subscriptions and trading volumes [6]. - **Real Estate**: The Nanfang CSI All - Index Real Estate ETF has a market value of 686.9 million yuan and a gain of 0.19%. Real - estate - related ETFs show different price trends [6]. - **Biomedicine**: The Huabao CSI Medical ETF has a market value of 2.6023 billion yuan and a decline of 1.55%. Biomedicine - related ETFs have different performance metrics [6]. - **China Concept Internet**: The Yifangda CSI Overseas Internet ETF has a market value of 4.2085 billion yuan and a decline of 1.85%. China - concept - internet - related ETFs show different net subscriptions and trading volumes [6]. - **Resources**: The Nanfang CSI Shenwan Non - ferrous Metals ETF has a market value of 1.2669 billion yuan and a decline of 0.07%. Resource - related ETFs have different price changes and net subscriptions [6]. - **Consumption**: The Penghua CSI Wine ETF has a market value of 1.9911 billion yuan and a decline of 0.68%. Consumption - related ETFs show different performance in the market [6].
银华基金王立新:加强核心投研能力建设 切实提升投资者回报
Xin Lang Ji Jin· 2025-09-24 02:41
Core Views - The article discusses the significant systemic transformation in China's public fund industry following the release of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][9] - The plan aims to enhance the core investment research capabilities of public funds, which is essential for serving investors and creating sustainable returns [2][9] Group 1: Investment Research Capability - Strengthening core investment research capabilities is crucial for fund companies to serve investors and generate long-term returns [2] - The plan proposes establishing a performance evaluation system for investment research capabilities and promoting a collaborative team approach rather than individual-driven models [2] - Silver华基金 has been exploring an "industrialized" approach to active equity investment, moving away from the traditional star fund manager model [2] Group 2: Floating Management Fee Funds - The plan encourages the development of floating management fee funds that align the interests of fund managers with those of investors [3] - This fee structure adjusts management fees based on actual fund performance, promoting a focus on generating returns rather than merely managing assets [3][4] - The floating fee mechanism aims to foster a culture of long-term investment and improve investor experience [3] Group 3: Performance Benchmarking - The plan emphasizes the need for a regulatory framework for performance benchmarks, ensuring that fund companies adhere to strict guidelines for setting and disclosing benchmarks [5] - Silver华基金 aims to create a benchmark system that reflects the investment style of fund managers, enhancing investor confidence and market health [5] Group 4: Long-Term Evaluation and Incentives - The plan calls for a reform of performance evaluation mechanisms, focusing on long-term investment returns rather than short-term metrics [6] - Silver华基金 implements a long-term evaluation system, with a significant weight on three to five-year performance metrics [6] Group 5: Innovation in Equity Funds - The plan promotes the innovation of equity fund products, particularly in developing various index funds that align with national strategies [7][8] - Silver华基金 has established a diverse product matrix covering core indices and has focused on creating a range of ETFs to meet evolving market demands [8] Group 6: Overall Industry Direction - The plan underscores the importance of prioritizing investor interests and shifting the industry's focus from asset management scale to improving investor returns [9] - The public fund industry is expected to play a crucial role in connecting resident wealth growth with high-quality development of the real economy [9]
公募基金周报:单周新发基金规模创近3年新高-20250922
CAITONG SECURITIES· 2025-09-22 11:35
Report Industry Investment Rating No relevant content provided. Core Viewpoints - Important news: Ant Fund released data on the profitability of its fund investors; the scale of newly issued funds in a single week reached a new high in nearly three years, with science and technology innovation bond ETFs becoming the absolute main force; multiple bond funds announced adjustments to net value precision [2]. Summary According to Relevant Catalogs 1. Important News 1.1 Market Dynamics - The reform of fund fees may affect short - term bond funds, and wealth management companies are considering three alternative paths. The CSRC's proposed regulations on redemption fees may increase the cost of short - term redemptions, affecting the investment value of short - term bond funds. Wealth management companies are considering direct bond trading, bond allocation through dedicated accounts, and investing in bond ETFs and inter - bank certificate of deposit index funds [8]. - Ant Fund released data on the profitability of its fund investors. With the rise of the A - share market, the overall returns of active equity funds have recovered, and 90% of fund net values have exceeded last year's high. As of September 19, 215 million fund investors on the Ant Fund platform have achieved cumulative profits [8]. - Tibet Dongcai Fund officially changed its name to Dongcai Fund. The company completed the industrial and commercial change registration on September 15 and will subsequently change the names of its public fund products [9]. - The Asset Management Association of China (AMAC) released the public fund sales ranking for the first half of 2025, and securities firms are on the "fast - track" of index investment. In the first half of 2025, the overall public fund sales and custody scale of various institutions increased, and securities firms performed well in the field of index fund sales. The top ten institutions in the equity fund custody scale remained the same as at the end of 2024, while there were some changes in the non - monetary market fund and stock index fund custody scales [9]. 1.2 Product Highlights - The subscribers of the second batch of science and technology innovation bond ETFs were announced, mostly institutional investors. The second batch of 14 science and technology innovation bond ETFs will be listed on September 24, and most of the funds are held by institutional investors, with the proportion of institutional holdings in some funds exceeding 90% [10]. - The scale of newly issued funds in a single week reached a new high in nearly three years, with science and technology innovation bond ETFs becoming the absolute main force. From September 15 to 21, 56 new funds were established, with a total issuance scale of 76.715 billion yuan. Bond funds were particularly prominent, with 21 new bond funds established and a total issuance scale of 48.621 billion yuan, accounting for 63% of the total [12]. - Multiple bond funds announced adjustments to net value precision. Since July, more than 20 bond funds have announced adjustments to net value precision, mainly to avoid the adverse impact of large - scale redemptions on the interests of fund holders [14]. 1.3 Overseas Market - The acceleration of the "going - global" strategy of public funds is expected to bring a second growth curve. Recently, Huatai - Peregrine Asset Management (International) Co., Ltd., a subsidiary of Huatai - Peregrine Fund in Hong Kong, obtained relevant licenses from the Hong Kong Securities and Futures Commission. Many public funds have established overseas subsidiaries in recent years, which is expected to enhance the influence of China's capital market and introduce more funds [14]. - The Federal Reserve cut interest rates by 25 basis points. On September 18, the Federal Reserve cut the benchmark interest rate by 25 basis points to the range of 4.00% - 4.25%, restarting the interest - rate cut process suspended since December last year [15]. 2. Market Review - Last week (from September 15 to 19, 2025), most of the A - share market's major broad - based indices showed a downward trend, while most overseas indices showed an upward trend. The Shanghai Composite Index closed at 3820.09, down 1.30%; the CSI 300 Index closed at 4501.92, down 0.44%; the CSI 500 Index closed at 7170.35, up 0.32%; the CSI 800 Index closed at 4951.69, down 0.24%; the CSI 1000 Index closed at 7438.19, up 0.21%; the ChiNext Index closed at 3091.00, up 2.34%. The Hang Seng Tech Index rose 5.09%, the China Internet 30 Index rose 3.34%, and the Nasdaq Index rose 2.21% [3]. - The power equipment and new energy, and coal industries led the gains last week. The top five industries in the CSI primary industry index in terms of gains and losses were power equipment and new energy (3.61%), coal (3.59%), consumer services (3.52%), automobiles (3.43%), and electronics (2.75%). The bottom five industries were comprehensive (-4.09%), banking (-4.09%), non - ferrous metals (-3.93%), non - bank finance (-3.80%), and agriculture, forestry, animal husbandry, and fishery (-2.77%) [19]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term performance of active equity funds, manufacturing and technology theme funds performed outstandingly. In the past week, the average interval returns of manufacturing and technology theme funds were 2.67% and 2.26% respectively; in the past three months, they were 30.99% and 44.66% respectively; in the past year, the technology and pharmaceutical theme funds performed prominently, with average interval returns of 96.18% and 59.78% respectively [20]. - Half of the active equity funds achieved positive returns last week, and the median interval return of active equity funds was 0.35%. Among different sectors, manufacturing and technology theme funds had the most prominent performance, with median interval returns of 2.56% and 1.95% respectively [23]. 3.2 Top - Performing Fund Performance Statistics - The top - performing active equity fund last week was Jinxin Steady Strategy A (007872.OF), a technology - themed fund, with an interval return of 15.24% [25]. - The report also listed the top five industry - themed funds in terms of interval returns last week, including their basic information and performance [26]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return last week, the top three ETF categories were technology (2.34%), manufacturing (1.78%), and international broad - based (0.84%) theme ETFs. In the past month, the top three were technology (15.57%), manufacturing (12.69%), and A - share broad - based (10.30%) theme ETFs [27]. 4.2 ETF Fund Capital Flow Statistics - In terms of capital inflows last week, the top categories were financial real estate (134.94 billion yuan), technology (87.83 billion yuan), and manufacturing (66.85 billion yuan) theme ETFs. The top categories in terms of capital outflows were A - share broad - based (148.82 billion yuan), bond (40.96 billion yuan), and commodity futures (16.30 billion yuan) theme ETFs [3]. - There were 448 ETFs with net capital inflows and 592 ETFs with net capital outflows last week. The top three ETFs in terms of capital inflows were Cathay CSI All - Share Securities Company ETF, Fullgoal CSI Hong Kong Stock Connect Internet ETF, and E Fund China Securities Robot Industry ETF. The top three in terms of capital outflows were Huaxia SSE STAR Market 50 ETF, Bosera CSI Convertible Bond and Exchangeable Bond ETF, and Huatai - Peregrine SSE 300 ETF [34]. 4.3 ETF Fund Premium and Discount Statistics - As of September 19, 2025, the top three ETFs in terms of premium rate were Huaxia Feed Soybean Meal Futures ETF (2.87%), Bank of Communications 180 Governance ETF (1.87%), and Cathay CSI Consumer Electronics Theme ETF (1.06%). The top three in terms of discount rate were Huatai - Peregrine CSI A100 ETF (0.58%), Huaxia ChiNext Artificial Intelligence ETF (0.51%), and ICBC Daiwa Nikkei 225 ETF (0.49%) [36]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 47 public funds had new fund managers, involving 39 fund managers from 24 fund management companies. The fund management companies with the largest number of public funds with new fund managers were BOC Fund, Morgan Fund, CCB Fund, E Fund, and Invesco Great Wall Fund [38]. - Last week, 46 public funds had fund manager departures, involving 29 fund managers from 23 fund management companies. The fund management companies with the largest number of public funds with departing fund managers were Zheshang Fund, BOC Fund, and Morgan Fund [41]. 5.2 Newly Established Funds Last Week - A total of 63 public funds were newly established last week, with a combined issuance share of 74.828 billion. The fund type with the largest number of new funds was passive index funds, with 16 newly established and a combined issuance share of 9.095 billion. The fund type with the largest combined issuance share was passive index bond funds, with 15 newly established and a combined issuance share of 44.943 billion [44]. - The fund management company with the largest combined issuance share was Tianhong Fund, with newly established public funds including Tianhong CSI A500 Index Enhanced A, Tianhong China Securities Hong Kong Stock Connect Technology Index A, and Science and Technology Innovation Bond ETF Tianhong, with a combined issuance share of 6.408 billion [44].