以成长投资见长的摩根资产管理资深基金经理李德辉，经历了过去几年国内权益市场的逆风期后，在均衡配置的道路上走 得愈发稳健。面对这一轮科技股行情，李德辉一方面把关注度集中在那些有基本面支撑的品种上，另一方面有意识地关注 了部分低估值品种，以保持组合整体估值处于合理区间。 近期A股市场来到阶段性高位，综合政策预判、宏观基本面等多方面因素研判，李德辉认为，当前市场仍处于相对健康的 上行通道，后续市场结构可能会围绕基本面做调整，所以要重点关注有基本面支撑的优质资产。其中，人工智能大模型公 司商业化变现还未被市场充分定价，有色金属、机械等出口链相关公司仍将受益于海外需求提升，这些都是后续重点关注 的方向。 李德辉，上海交通大学生物医学工程博士。拥有13年投研经验、近9年基金管理经验，历任研究员、行业专家兼基金经理助 理、基金经理、高级基金经理，现为资深基金经理。 坚定看好科技主线 在这一轮科技股行情中，TMT研究员出身的李德辉较早就参与布局了相关核心标的。 "回过头来看，今年上半年，海外扰动因素虽然对市场有暂时的负面影响，但投资者逐渐发现国内经济并没有明显承压，再 加上人工智能端加速发展，市场的投资热点很明显地从之前的机 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes a systematic approach to understanding industry attributes, industry cycle stages, and long-term trends before selecting quality growth stocks [1][2]. - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors [2][3]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Fund Launch - A new fund, GF Innovation Growth, is set to launch on November 17, which will dynamically adjust the allocation between traditional and emerging growth to capture excess returns while maintaining industry balance [1][6]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military industry) and "emerging growth" (e.g., robotics, embodied intelligence, satellite internet) [2][5]. - Traditional growth strategies focus on cyclical growth, while emerging growth serves as an offensive tool for capturing future trends [2][3]. Dynamic Allocation - The allocation between traditional and emerging growth is adjusted based on market liquidity and risk appetite, enhancing both offensive and defensive capabilities of the portfolio [3][4]. Industry Rotation - Chen's investment approach involves a systematic method of industry rotation based on industry cycles, focusing on "industry position" and "valuation margins" rather than merely chasing market trends [4][5]. Future Focus Areas - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly emphasized, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [6][7]. Specific Sector Insights - The military industry is highlighted as a high-value sector, while the robotics sector is seen as a major application terminal for AI [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations of early breakthroughs in these technologies [7].

"日均Token（词元）消耗量一年多时间便增长300多倍，这样的需求爆发在整个IT行业前所未见，而这 背后全是算力。"并行科技董事长陈健的话语中，既有对人工智能大模型带来算力行业井喷式需求的感 慨，更有胸有成竹的笃定。作为深耕算力领域18年的老兵，他带领并行科技逐渐成长为国内A股市场专 业的算力服务与运营提供商，并实现业绩高速增长。 近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进并行科技。陈健向中国 证券报记者解析了并行科技的核心逻辑："用户要的从来不是一堆算力卡，而是最终的业务产出，所以 我们18年只做了一件事——让计算更简单。"从软硬件的协同配合，到成本的极致压缩，再到运行效率 的不断提升，并行科技正以技术为刃，在算力产业的大浪中开辟独特赛道。 核心逻辑破局 跳出"卖算力"思维 "很多同行把精力放在'堆卡'上，但这恰恰搞错了方向。"在采访中，陈健最常提及"用户视角"一词，在 他看来，算力服务的本质不是硬件堆砌，而是价值交付——用户需要的从来不是GPU、CPU本身，而是 在算力上跑通的应用、训练好的模型、落地的业务成果。 陈健自身便是算力的用户。1993年，陈健进入清华大学就读流 ...

Group 1: Banking Sector - Four A-share listed banks will implement mid-term dividends for 2025, with a total payout of approximately 17.94 billion yuan [2] - As of November 15, eight A-share listed banks have completed their mid-term dividends for 2025, indicating a trend towards high dividend policies to boost market confidence [2] Group 2: Monetary Policy - The People's Bank of China will conduct a 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 182 days [1][3] - A total of 11.22 trillion yuan in reverse repos will mature this week, indicating ongoing liquidity management by the central bank [3] Group 3: Company News - Huawei is set to release new AI technology on November 21, which aims to significantly improve the efficiency of computing resources from an industry average of 30%-40% to 70% [4] - Zhongwei Co. is in the process of issuing H-shares for listing on the Hong Kong Stock Exchange, with a base issuance of 104 million shares, potentially raising approximately 3.433 billion HKD [4] - Chuangye Huikang is undergoing a control change, with a major shareholder transferring 6.23% of shares, which will make the buyer the largest shareholder [5] - Heshun Petroleum plans to acquire at least 34% of Shanghai Kuixin Integrated Circuit Design Co., with a total transaction value not exceeding 540 million yuan [6] Group 4: Industry Trends - Institutional interest in listed companies remains high, with nearly 770 companies receiving institutional research in November, particularly in the electronics and machinery sectors [2] - The focus for technology investments in 2026 is expected to revolve around the application of AI, with specific attention on companies benefiting from domestic AI applications and computing power construction [2]

01 上周（11月10日至11月14日），大盘宽基产品成交活跃。其中，A500ETF易方达（159361）等跟踪中证A500指数的ETF，合计成交额超1300亿元；恒生科 技、香港证券、黄金等主题ETF成交也较为活跃。 此外，科技题材上周回调，但聚焦科技方向的ETF产品获资金青睐，科创50指数上周净流入额居权益类指数第一，科创板50ETF（588080）等跟踪科创50 指数的ETF合计净流入额达23亿元。 02 ETF市场上，恒生创新药ETF（159316）等多只跟踪港股医药板块的ETF，上周累计涨幅在7%左右。 | 代码 | 名称 | 现价(元) | 一周涨幅(%) | | --- | --- | --- | --- | | 159217. SZ | 港股通创新药ETF工银 | 1. 488 | 7.59 | | 159570. SZ | 港股通创新药ETF | 1. 822 | 7. 30 | | 520500. SH | 恒生创新药ETF | 1.817 | 7.26 | | 159297. SZ | 港股通创新药ETF南方 | 0. 923 | 7. 20 | | 159567. SZ | 港股创新药 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on growth stocks through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes the importance of understanding industry cycles and long-term trends before selecting quality growth stocks, aiming to optimize buying and selling timing based on industry cycles [1][2]. - The investment framework includes a focus on diverse growth sectors such as technology and manufacturing, moving beyond just TMT (Technology, Media, and Telecommunications) to include areas like military and energy [2]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military) and "emerging growth," with differentiated strategies for each [2][3]. - Traditional growth is approached with a "cyclical growth" mindset, focusing on sectors undergoing industrial changes, while emerging growth serves as an "offensive lever" targeting future trends like robotics and quantum computing [2][5]. Dynamic Portfolio Management - The portfolio management strategy involves dynamically adjusting the allocation between traditional and emerging growth based on market liquidity and risk appetite [3]. - When market conditions are favorable, the allocation to emerging growth increases; conversely, it shifts towards traditional growth during risk-averse periods [3]. Industry Rotation Approach - Chen's investment approach to industry rotation is systematic, focusing on the balance between "industry position" and "valuation margins," rather than merely chasing market trends [4]. - A significant portion of research efforts is dedicated to tracking emerging growth sectors, leveraging insights from industry leaders and global comparisons [4][5]. Forward-Looking Investment Areas - The new fund, GF Innovation Growth, will adopt a balanced growth-oriented strategy, targeting sectors like computing power, storage, and robotics [6]. - Chen identifies opportunities in domestic computing power, which is expected to see increased capital expenditure from cloud service providers, and anticipates a positive cycle in the storage sector [6][7]. Specific Sector Focus - The military sector is highlighted as a key area for investment, with a favorable risk-reward profile [7]. - The robotics sector is viewed as a significant application of AI, with the domestic industry yet to be fully valued [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations for early breakthroughs in solid-state battery applications [7].

11月16日，由中铁十局承建的济（南）青（岛）高铁潍东上行联络线跨省道222和潍坊市蓝天路连续梁 顺利合龙。据悉，潍东上行联络线是连接济青高铁和（天）津潍（坊）高铁的关键纽带，将为鲁北地区 和山东半岛地区的互联互通注入强劲动力。 （文章来源：中国证券报） ...

另一方面，国铁集团精准对接各地赛事、展会、文艺演出活动安排，定制化开行"歌迷专列""球迷专 列""研学专列"，激活"主题列车+"经济，促进了服务消费发展。 服务不断优化提质 推进铁路和旅游融合发展 这位负责人介绍，统筹用好今年新增运力资源，千方百计挖潜运输能力，动态优化调整列车运行图。 1至10月，全国铁路累计发送旅客39.5亿人次，创历史同期新高。其中，10月1日，发送旅客2313.2万人 次，创铁路单日旅客发送量历史新高。同时，国铁集团保持普速旅客列车开行规模，开好公益性"慢火 车"和乡村振兴列车，为群众出行提供便利。 为适应日益多样化、个性化的旅客出行需求，国铁集团积极推进供给侧结构性改革，不断丰富客运产品 供给。 一方面，积极推进铁路和旅游融合发展，大力开行亲子游、红色游、康养游等各具特色的旅游列车和银 发专列，为旅客提供多样化的出行选择和高品质的旅行体验。1至10月，全国铁路累计开行旅游列车 2049列、同比增长28.1%。 中国证券报记者调研获悉，铁路特色旅游列车正悄然打开消费新场景，成为拉动假日经济增长的新动 力。新疆铁路旅游发展集团相关负责人介绍，旅游专列采取"火车+汽车"一站式抵达的出行方式 ...

征求意见稿从风险评估、风险提醒、风险防控、配合调查、合规整改等维度引导平台经营者健全全链条 风险管理体系， 鼓励平台经营者开展平台规则审查和算法筛查，并对合规激励作出规定。 市场监管总局11月15日发布《互联网平台反垄断合规指引（征求意见稿）》，向社会公开征求意见。市 场监管总局相关司局负责人表示，征求意见稿坚持问题导向，及时回应社会期待，为平台经营者设定清 晰明确的行为指引。 这位负责人介绍，从制定目的看，征求意见稿以促进平台经济创新和健康发展为出发点和落脚点。平台 经济创新和健康发展离不开公平竞争的市场环境。征求意见稿详细列举互联网平台可能发生的反垄断合 规风险，引导平台经营者加强反垄断合规管理，有效预防和制止垄断行为的发生，有利于营造公平竞争 的市场环境，充分激发经营主体内生动力和创新活力，不断提升竞争水平和发展质量。 从具体内容看，征求意见稿注重增强反垄断合规管理的针对性、有效性。征求意见稿结合平台经济行业 特点、经营模式、竞争规律等，及时总结反垄断监管执法经验，提出8个场景中的新型垄断风险，引导 平台经营者加强平台规则审查和算法筛查，构建全链条合规管理制度，针对性、穿透式做好反垄断合规 管理工作。 ...

Core Insights - The national railway system in China has achieved a record high of 3.95 billion passenger trips from January to October this year, marking a 6.4% year-on-year increase, with a focus on enhancing service quality and adapting to diverse travel needs [1][2]. Group 1: Passenger Volume and Safety - From January to October, the national railway sent 3.95 billion passengers, the highest for the same period in history, with October 1 recording 23.132 million passengers in a single day, also a historical high [1][2]. - The railway transportation has maintained safety and order throughout the year, reflecting effective operational management [1]. Group 2: Supply-Side Structural Reforms - The railway authority is actively implementing supply-side structural reforms to meet the increasingly diverse and personalized travel demands of passengers [2][3]. - A total of 2,049 tourist trains were operated from January to October, representing a 28.1% increase year-on-year, indicating a growing trend in railway tourism [2]. Group 3: Integration with Tourism - The railway is promoting the integration of rail and tourism, launching themed trains such as family tours, red tourism, and wellness trips to enhance travel experiences [2]. - The introduction of "train + car" travel packages is designed to save time and allow tourists to visit multiple attractions efficiently [2]. Group 4: Service Enhancements - The railway has introduced various measures to improve customer service, including discounts for students, children, and disabled veterans, as well as enhanced loyalty programs for frequent travelers [3]. - The railway's customer service center has expanded its group ticket services, making it easier for large groups to travel together [3]. - Future plans include dynamic optimization of train schedules based on passenger flow and market demand, along with flexible pricing mechanisms for high-speed trains [3].