Core Viewpoint - The concept of "stability" is undervalued in volatile markets, as articulated by Zhang Yonghe of Guotai Fund, emphasizing that it is not conservative but rather an active management strategy aimed at optimizing the investment experience and ensuring long-term stability [1][2]. Group 1: Market Conditions - The Shanghai Composite Index successfully broke the 4000-point barrier on October 28, marking the first time since August 18, 2015, but experienced slight fluctuations on the same day, indicating market volatility [4]. - The current market is characterized as a "structural market" rather than a typical bull market, with only 10% to 20% of stocks doubling in value since September 24, 2022, primarily in small-cap and AI-related sectors [5][6]. Group 2: Investment Strategy - The investment strategy focuses on controlling portfolio volatility to achieve stability during market fluctuations, with a neutral overall position that has resulted in significantly lower drawdowns compared to the market average [6][7]. - Zhang Yonghe emphasizes macroeconomic research as a core element of investment decisions, aiming to identify turning points and opportunities based on economic trends, corporate earnings, and liquidity conditions [7][8]. Group 3: Portfolio Management - The investment approach incorporates a strong contrarian mindset, suggesting that opportunities often arise when assets are overlooked by the market [9]. - The strategy involves dynamic portfolio management, adjusting asset allocations based on market conditions and the relative value of assets, ensuring a balance between different investment styles [10][13]. Group 4: Enhancing Investor Experience - The ultimate goal of a stable investment strategy is to enhance the investor's experience by minimizing significant or prolonged losses and maintaining a smooth upward trajectory in returns [15]. - Zhang Yonghe's philosophy aligns with the idea that a positive investment experience is paramount, allowing investors to feel secure in their equity market investments without the stress of timing the market [15].

【导读】重庆市人民政府办公厅印发《重庆市全链条支持创新药高质量发展若干措施》 利好来了！事关创新药高质量发展。 11月6日，重庆市人民政府办公厅印发《重庆市全链条支持创新药高质量发展若干措施》（以下简称 《措施》）。 其中提到，到2027年，全市每年获批上市创新药1～3个，力争创新药总数达到10个；培育产业创新综合 体3个；建设高能级创新平台3个；打造创新药产业集群3个。 重点内容如下： ●鼓励创新产品研发。对符合科技重大专项支持要求的1类创新药、2类改良型新药和生物类似药（以上 均包含生物制品，下同）项目，按照临床前研究、Ⅰ期临床试验、Ⅱ期临床试验、Ⅲ期临床试验4个阶 段分别立项，给予不超过研发投入总经费20%的资金支持，最高分别支持200万元/项、200万元/项、300 万元/项、1000万元/项。 ●支持创新药产业化落地。对创新药每个奖励1000万元，改良型新药、生物类似药每个奖励500万元， 中药经典名方产品每个奖励100万元。支持开发新型疫苗佐剂，在使用新型佐剂的疫苗批准上市后，对 该佐剂一次性奖励200万元。 ●支持先进制造平台建设。对生产服务平台建设及重大产品产业化项目，依法依规给予不超过固定资 ...

Core Insights - The concept of "stability" in investment is emphasized as an undervalued strength, aiming to optimize the holding experience and support long-term investment success [1][2] - The investment strategy focuses on macroeconomic and market judgments to enhance the investment experience for holders, avoiding significant and prolonged losses [2][4] Market Context - The Shanghai Composite Index successfully broke the 4000-point mark on October 28, marking its first time above this level since August 18, 2015, although it experienced slight fluctuations on the same day [3] - The current market is characterized as a "structural market," with only 10% to 20% of stocks doubling in value since September 24, 2022, indicating significant market differentiation and a lack of widespread profit [4] Investment Strategy - The investment approach is centered on controlling portfolio volatility to achieve stability during market fluctuations, with a neutral overall position that has resulted in lower drawdowns compared to the market average [5] - The investment framework involves macroeconomic research to identify turning points and opportunities, with recent allocations to utilities and transportation sectors based on predictions of counter-cyclical adjustments [5][6] Portfolio Management - The strategy includes left-side trading, which requires patience and is supported by a diversified portfolio that allows for waiting on underperforming assets [7] - Dynamic balance in portfolio management is crucial, adjusting asset weights based on market conditions and the actual value changes of assets [8] Investor Experience - The ultimate goal of the investment strategy is to enhance the investor's experience by minimizing significant losses and ensuring a smooth upward trajectory of returns [9] - The philosophy emphasizes that a positive investment experience is achieved when the time spent in profitable conditions outweighs the time in losses, reflecting a long-term view of stability [9]

Core Points - Ukraine has been requesting the U.S. to provide "Tomahawk" missiles, but President Trump stated that this matter has not been seriously considered, dampening Ukraine's hopes [1] - The focus of the geopolitical struggle has shifted towards nuclear weapons, with Russia unveiling new nuclear-powered weapons and the U.S. announcing a restart of nuclear tests [1][3] Group 1: Russian Nuclear Developments - President Putin awarded developers of the "Burevestnik" nuclear-powered cruise missile and the "Poseidon" nuclear-powered unmanned underwater vehicle, claiming these weapons will ensure security and strategic balance for decades [2] - The successful test launches of "Burevestnik" on October 26 and "Poseidon" on October 29 were highlighted as significant achievements for Russia [2] Group 2: U.S. Nuclear Test Announcements - On October 30, President Trump announced the initiation of nuclear weapons tests in response to other countries' testing plans, stating that the process would begin immediately [3] - Following this announcement, the U.S. Air Force conducted a test launch of an unarmed "Minuteman III" intercontinental ballistic missile on November 5, aimed at assessing the missile system's reliability and readiness [3] Group 3: Responses and Implications - In response to the U.S. missile test, President Putin convened a federal security meeting to discuss the implications of the U.S. resuming nuclear tests [5] - Putin warned that Russia would take reciprocal measures if the U.S. or other signatories of the Comprehensive Nuclear-Test-Ban Treaty conducted nuclear tests [7] - The ongoing tensions are exacerbated by the stalled negotiations regarding the Russia-Ukraine conflict and the U.S. withdrawal from the Intermediate-Range Nuclear Forces Treaty during Trump's first term [7]

Market Overview - The A-share market opened on November 6 with a slight upward trend, with the Shanghai Composite Index rising by 0.51%, the Shenzhen Component Index by 0.81%, and the ChiNext Index by 0.89% [2] - Key sectors showing gains include chemicals, electricity, and semiconductor chips, while local stocks from Fujian, short drama games, and tourism-related stocks experienced declines [2] Semiconductor Sector - The storage chip sector saw a significant rise at the market's opening, with Yingxin Development hitting the daily limit and achieving 11 consecutive trading days of gains [4] - Notable stocks in the semiconductor sector include: - Yuanjie Technology: Current price 590.01, up 11.43% - Demingli: Current price 247.14, up 10.00% - Aisen Co.: Current price 60.51, up 9.98% [5] - SK Hynix announced the completion of price and quantity negotiations for HBM4 supply with NVIDIA, with prices expected to be over 50% higher than HBM3E [5] Phosphate Chemical Sector - The phosphate chemical sector experienced a notable surge, with Qing Shui Yuan and Batian Co. both hitting the daily limit [6] - Key stocks in the phosphate sector include: - Qing Shui Yuan: Current price 12.22, up 20.04% - Batian Co.: Current price 12.42, up 10.01% - Yun Tianhua: Current price 31.80, up 7.76% [7] - The yellow phosphorus index increased by 4% on November 5, with a cumulative increase of over 7% in the past two weeks, driven by reduced production and recovering demand for downstream electrolyte raw materials [7]

当地时间11月5日，美国国会参议院共和党人拒绝了美国总统特朗普提出的一项参议院终止"冗长辩 论"（filibuster）的相关要求。共和党资深参议员麦康奈尔当天表示，共和党人不会结束"冗长辩论"。 美国总统特朗普5日就政府"停摆"表示，呼吁共和党立即终结"冗长辩论"，并表示"今晚就该开始通过法 案"，以尽快推动政府重启。 （原标题：特朗普遭拒） 来源：央视新闻 特朗普提议美国会参议院结束"冗长辩论"遭共和党人拒绝 美国总统特朗普此前已经在10月30日呼吁共和党参议员动用所谓"核选项"，废除参议院长期实行的"冗 长辩论"议事规则（即通过法案需要至少60票的规则），以打破当前政府"停摆"僵局。然而，这一提议 遭到共和党高层的立即抵制。 根据现行规则，参议院绝大多数立法需获得100个席位中的至少60票支持方可推进。尽管共和党目前在 参议院以53席对47席占据多数，但未达到60票门槛，民主党因此可凭借"冗长辩论"有效阻挠法案表决。 截至5日，旨在结束政府"停摆"的临时拨款法案已经14次在参议院因未能达到60票支持而未获推进。 在此次特朗普再次表态要求终止"冗长辩论"之前，参议院共和党领袖约翰·图恩及多位共和党议员已经 ...

Core Insights - The domestic ETF market has seen significant growth in 2025, with total assets increasing by nearly 2 trillion yuan, surpassing 5.7 trillion yuan for the first time [1][2] - The market has shifted focus from broad index ETFs in 2024 to industry-themed ETFs in 2025, driven by sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals [1][2] - Hua Bao Fund has experienced rapid growth in its ETF business, with a 60.80% increase in management scale, reaching 131.49 billion yuan in the first ten months of 2025 [1][2] ETF Market Performance - The total scale of stock ETFs in the market grew by 836.80 billion yuan, marking a 28.98% increase [2] - Hua Bao Fund's stock ETFs expanded to 39, with a management scale increase of 49.72 billion yuan, reaching a historical high of 131.49 billion yuan [2] - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking in the top 10 of the public fund industry [2] Key ETFs and Their Performance - The brokerage ETF (512000) has become a market leader, with a net profit of 182.55 billion yuan for 49 listed brokerages, a 61.87% year-on-year increase [3] - Despite a modest year-to-date increase of 6.05% for the brokerage index, significant capital inflows into the brokerage ETF indicate a potential for valuation recovery [3] - Other notable ETFs include the financial technology ETF (159851) with a net inflow of 53.54 billion yuan, and the banking ETF (512800) with 105.95 billion yuan [3] Growth of High-Value ETFs - The number of ETFs with over 10 billion yuan in scale has increased, with three ETFs surpassing the 10 billion yuan mark in 2025 [4] - Hua Bao Fund now has five stock ETFs in the "billion club," with a combined scale of 106.29 billion yuan [4] - The brokerage ETF (512000) is nearing the 40 billion yuan mark, while the medical ETF (512170) leads its category with a scale of 25.64 billion yuan [4] Investment Returns - The growth in ETF scale is supported by substantial returns, with 23 of Hua Bao Fund's ETFs yielding over 20% returns since the beginning of 2025 [5] - Notable performers include the Hong Kong Stock Connect Innovative Pharmaceutical ETF (520880) with an 83.47% increase and the Entrepreneurial Board AI ETF (159363) with an 80.97% increase [5]

【导读】MSCI发布最新调整结果 当地时间11月5日，国际指数编制公司MSCI发布11月指数调整结果，所有调整将于2025年11月24日收盘 后实施。 紫金黄金国际、广发证券被纳入MSCI新兴市场指数 具体来看，MSCI全球标准指数系列中，MSCI全球指数将新增69只证券，并剔除64只证券。 按总市值计算，MSCI全球指数新增的最大3只证券为美国CoreWeave A、荷兰Nebius Group A、美国 Insmed。MSCI新兴市场指数新增的最大3只证券为印度尼西亚Barito Renewables Energy、中国紫金黄金 国际、中国广发证券H股。 MSCI全球小盘股指数将新增207只证券，剔除224只证券；MSCI全球可投资市场指数将新增199只证 券，剔除211只证券；MSCI全球全市场指数将新增175只证券，剔除71只证券。 MSCI前沿市场指数将新增8只证券，剔除2只证券。按公司总市值计算，该指数新增的最大3只证券为越 南航空股份公司、巴基斯坦米赞银行、约旦阿提哈德银行。 此外，MSCI前沿市场小盘股指数将新增29只证券，剔除9只证券。 MSCI中国A股指数系列将新增17只，剔除16只 对于 ...

Market Overview - The A-share market opened on November 6 with a slight upward trend, with the Shanghai Composite Index rising by 0.51%, the Shenzhen Component Index by 0.81%, and the ChiNext Index by 0.89% [1] - Key sectors showing gains include chemicals, electricity, and semiconductor chips, while local stocks from Fujian, short drama games, and tourism sectors experienced declines [1] Semiconductor Sector - The storage chip sector saw a significant rise at the market's opening, with Yingxin Development (000620) hitting the daily limit within a minute of trading, marking its 11th consecutive trading day of gains [3] - Other companies in the storage chip sector, such as Demingli (001309), also reached the daily limit, with additional gains seen in Aisen Co., Changguang Huaxin, and Xinxiangwei [4] Stock Performance - Notable stock performances include: - Yuanjie Technology: Current price 590.01, up 11.43% with a trading volume of 2.96 million [5] - Demingli: Current price 247.14, up 10.00% with a trading volume of 11.17 million [5] - Wensen Co.: Current price 60.51, up 9.98% with a trading volume of 5.52 million [5] Phosphate Chemical Sector - The phosphate chemical sector also experienced a surge, with Qing Shui Yuan (300437) hitting the daily limit, and Batian Co. (002170) also reaching the limit, alongside gains in Yuntianhua (600096), Chuanheng Co. (002895), and Chuanjinno (300505) [7] - Key stock performances in this sector include: - Qing Shui Yuan: Current price 12.22, up 20.04% with a trading volume of 2.887 million [8] - Batian Co.: Current price 12.42, up 10.01% with a trading volume of 5.173 million [8] Price Movements and Market Drivers - On November 5, SK Hynix announced the completion of price and quantity negotiations for HBM4 supply with NVIDIA, with prices expected to be over 50% higher than HBM3E [6] - The storage sector in the US saw significant gains, with Seagate Technology and SanDisk both rising over 10% [6] - The yellow phosphorus index increased by 4% on November 5, with a cumulative increase of over 7% in the past two weeks, driven by reduced production in wet-process phosphoric acid facilities and recovering demand for electrolyte raw materials [9]

Market Overview - The A-share market opened on November 6 with a slight upward trend, with the Shanghai Composite Index rising by 0.51% to 3989.64 points, the Shenzhen Component Index increasing by 0.81% to 13330.23 points, and the ChiNext Index up by 0.89% to 3194.28 points [1][2]. Sector Performance - The chemical, power, and semiconductor sectors showed significant gains, while local stocks from Fujian, short drama games, and the restaurant and tourism sectors experienced declines [2]. - The phosphoric chemical sector saw notable activity, with stocks like Qing Shui Yuan and Ba Tian Co. hitting the daily limit, indicating strong investor interest [7]. Chip Sector Activity - The storage chip sector experienced a surge at the market's opening, with Yingxin Development reaching its daily limit within a minute of trading, marking its 11th consecutive trading day of gains [4][5]. - SK Hynix announced the completion of price and quantity negotiations with NVIDIA for HBM4 supply, with prices expected to be over 50% higher than HBM3E [6]. Phosphoric Chemical Sector Dynamics - The phosphoric chemical sector saw a sharp rise, with the yellow phosphorus index increasing by 4% on November 5, accumulating a rise of over 7% in the past two weeks due to production cuts and recovering demand for downstream electrolyte raw materials [9].