Core Viewpoint - The discussion of "Old Deng" and "Young Deng" has evolved into a new narrative in the investment community, reflecting a clash of investment styles and market cycles, with a focus on whether to adhere to value investing or embrace growth trends [1][3]. Group 1: Investment Styles - "Old Deng" refers to investors favoring mature industry leaders with less focus on short-term volatility, while "Young Deng" represents those chasing emerging technologies and market trends [3][5]. - The performance gap between these investment styles has widened significantly in the current market environment, with "Young Deng" stocks, such as those in AI and robotics, outperforming traditional sectors like real estate and banking [3][4]. Group 2: Market Dynamics - The recent market has seen a stark divide, with some funds experiencing significant gains in technology sectors, while others, adhering to traditional value investing, have faced performance pressures [4][6]. - Fund managers are increasingly recognizing the need to balance their investment strategies between maintaining a focus on value and adapting to growth opportunities in emerging sectors [5][7]. Group 3: Future Outlook - The ongoing transformation in investment philosophies is tied to broader industry shifts and the evolution of investor demographics, indicating a potential long-term change in market dynamics [5][8]. - There is a consensus among fund managers that understanding the cyclical nature of markets and being adaptable in investment strategies will be crucial for future success [6][9].

近日，知名外资机构毕盛投资（APS）迎来创立30周年，并在上海隆重举行毕盛投资创立30周年大型峰 会。本次峰会汇聚多位来自新加坡的重要演讲嘉宾、各界顶级智库专家、首席经济学家、产业领袖和全 球金融机构的高管，呈现了一场高水平的思想盛宴。 毕盛投资创始人王国辉在峰会上回顾了公司30年来与中国市场共同成长的历程，并坚定表示，毕盛投资 将继续秉持长期主义理念，看多、做多中国资产，坚定深耕这一亚洲最具价值的核心市场。 多方共探中国广阔发展前景 这份信念并非止于言辞，更深刻烙印在毕盛投资的行动中。回顾公司发展历程，王国辉坦言有两件事令 他尤为难忘：一是2018年公司成功获取WOFE PFM牌照，正式敲开中国境内资管业务的大门；二是 2020年公司启动重大战略调整，果断关闭泛亚与日本地区的产品，将全部资源聚焦于中国，毅然选 择"All in 中国"。 相较于其他全球资管机构，毕盛投资这一布局背后，是对"中国市场是亚洲最具价值核心市场"的精准定 位。王国辉同时强调，毕盛投资在过往多年投资中国的成绩并无所谓"秘诀"，关键在于极度纪律化的投 资流程，以及招募到正直、可靠、深度认同公司流程、具备独立思考能力的团队。 深耕中国23 ...

Core Insights - The article emphasizes the importance of high-quality development in the public fund industry, guided by the China Securities Regulatory Commission's action plan, which aims to enhance the scale and proportion of equity investments in public funds [1][11] - Huatai Fund Management has established a strong reputation for its active stock selection capabilities, achieving significant performance improvements in its equity funds over the past year [1][6] Investment Philosophy and Research System - The company adheres to a consistent investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities for long-term investment to achieve stable growth [4] - Huatai has developed a unique vertical integrated research system, emphasizing collaboration and resource sharing among research teams to enhance investment decision-making [3][6] - The firm has implemented a structured management approach to investment, ensuring alignment between client needs, product positioning, and investment strategies [5][7] Team Development and Management - The company has focused on building a diverse investment team by nurturing talent and attracting experienced investment managers, fostering a culture of collaboration and knowledge sharing [4][6] - Huatai has established a performance evaluation system that links management fees to fund performance, enhancing accountability and aligning interests with investors [7][8] Service Enhancement and Client Engagement - The action plan encourages fund companies to optimize resource allocation to better serve investors, with Huatai committed to a client-first approach in its service offerings [9][10] - The firm has developed a comprehensive wealth management system that includes tailored solutions for various client segments, enhancing service quality and responsiveness to market changes [10][11] Future Outlook - The public fund industry is expected to see the emergence of outstanding investment institutions, with Huatai aiming to contribute to the long-term value creation for investors and the broader economy [11]

Group 1 - The "2025 Securities Industry High-Quality Development Conference and Jin Yuan Group Cup Securities Industry Golden Bull Award Ceremony" was held in Xiamen, focusing on the role of the securities industry in supporting new productive forces amid domestic industrial transformation and international expansion [1] - The conference featured leaders from Xiamen municipal government, China Securities Association, and Jin Yuan Group, discussing opportunities in the capital market for 2026 [1] - Jin Yuan Group has been a strategic partner for the Golden Bull Award for two consecutive years, emphasizing the integration of financial support with technological and industrial innovation [1][3] Group 2 - The award list for the 2025 Securities Company Golden Bull Award and the 2025 Securities Company Collective Asset Management Plan Golden Bull Award was announced, recognizing 38 securities companies, 20 asset managers, and 105 collective asset management plans [2] - The conference introduced a new overseas information product, "China Securities Reference: Overseas Information," aimed at providing timely and reliable global market insights, leveraging AI technology [2] - This new product is designed to cover major markets including US stocks, Hong Kong stocks, and A-shares, capturing key dynamics in core industrial chains and global macro policy changes [2] Group 3 - Jin Yuan Group has expanded its awards to include the Jin Yuan Group Cup for Hong Kong-listed companies, enhancing the quality and reach of the Golden Bull Award in Xiamen [3] - Established in 2011, Jin Yuan Group operates as a state-owned financial enterprise in Xiamen, focusing on financial services, industrial investment, and urban development [3] - The group has maintained an "AAA" credit rating for ten consecutive years and aims to become a leading comprehensive financial service provider, facilitating industrial transformation and supporting broader development goals [3] Group 4 - The Hong Kong capital market has gained vitality as a platform for Chinese enterprises to connect with global resources and promote industrial innovation [4] - Jin Yuan Group manages investments in 49 Hong Kong-listed companies, with 10 new listings this year, reflecting Xiamen's commitment to technological innovation and industrial upgrading [4] - These developments illustrate Xiamen's efforts to create a favorable business environment and establish itself as a key node in the new development pattern [4]

多维度重构业务体系 作为植根于中国资本市场与湖北经济沃土的券商，长江证券锚定服务实体经济发展、服务科技产业创 新、服务社会财富管理、服务区域重大战略"四个服务"，立足于"发现价值、培育伟大、陪伴成长"，实 现了一场从理念到行动的深刻变革。 11月8日，由中国证券报主办，新华社新闻信息中心福建中心承办，厦门金圆集团提供全面战略支持 的"2025证券业高质量发展大会暨金圆集团杯·证券业金牛奖颁奖典礼"在福建厦门举行。长江证券党委 书记、董事长刘正斌在演讲中表示，面对科技创新与产业创新融合发展机遇，金融机构要深度参与其 中。长江证券正全面重构业务体系，致力于架起资本与产业的"价值桥梁"；做大现代产业体系的"耐心 资本"；助力三资盘活，扮演存量国有资产的"超级管家"，未来也将继续深耕新质生产力，助力实体经 济高质量发展。 积极服务实体经济高质量发展 党的二十届四中全会审议通过的"十五五"规划建议提出，加快高水平科技自立自强，引领发展新质生产 力。刘正斌表示，新质生产力以科技创新为引擎，通过技术突破、要素组合与产业转型的深度融合，推 动全要素生产率系统性跃升，既是破解传统增长瓶颈的"关键变量"，更是赢得未来竞争的"战略 ...

Core Insights - The Xiamen Industrial Development Conference highlighted the increasing vitality of the Hong Kong capital market as a crucial platform for Chinese enterprises to connect with global resources and promote industrial innovation and international development [1][2] - Jin Yuan Group has facilitated the listing of 10 new Hong Kong-listed companies this year, bringing the total to 49, reflecting Xiamen's commitment to technological innovation and industrial upgrading [1] - Emerging industries such as electronic information, biomedicine, and new energy are becoming key drivers of economic growth in Xiamen, with significant advancements in integrated circuit competitiveness [1] Company Initiatives - Jin Yuan Group has played a pivotal role as an "industry promoter" and "innovation partner," utilizing its various financial licenses to support the real economy and enhance financial services [2] - The group has introduced new financial tools, including merger funds and revitalization of existing investment funds, to strengthen the integration of financial services with industrial innovation [2] - Jin Yuan Group aims to enhance the quality of financial services for the real economy and foster a more open and dynamic industrial financial ecosystem in Xiamen [2]

Core Insights - Over 400 A-share listed companies have been investigated by institutions since November, with Lixun Precision receiving the most attention from over 200 institutions [2][3] - The focus of institutional research is on "hard technology" sectors such as electronic components and integrated circuits [2][8] Company-Specific Insights - Lixun Precision's stock price was reported at 59.9 yuan per share, with a market capitalization of 436.2 billion yuan as of November 7 [2] - During the investigations, Lixun Precision was asked about its future technology focus in the context of the AI era, emphasizing the need for advancements in both hardware and software capabilities [4] - Tongyu Communication discussed its proactive technological layout in the transition from 5G to 6G, highlighting its focus on multi-beam communication and low-orbit satellite internet as core infrastructure for future developments [5] Industry Trends - The "14th Five-Year Plan" development strategies of listed companies are a key area of interest for institutions, with companies like HNA Holding and China Energy Construction outlining their future plans [7] - The technology sector remains a focal point for investment, with institutions recommending attention to semiconductor manufacturing, new energy systems, quantum technology, and AI applications [8]

□本报记者 王鹤静 国海富兰克林基金总经理、投资总监、基金经理徐荔蓉入行已有二十余年的时间，这位投资老将始终坚 守在市场一线，保持着对市场的紧密跟踪和敏锐嗅觉。此次在接受中国证券报记者采访时，徐荔蓉分享 了自己及投研团队近期对于港股市场的最新观察。 在徐荔蓉看来，当前无论是基于资金结构、资产质量，还是外资风向、市场预期等因素判断，港股市场 正在经历根本性的价值重估。当"跨过香江去，夺取定价权"不再是口号，近一年来内资充分释放的流动 性正汹涌奔向港股市场，迅速占领优质资产的权重高地，逐步以合围之势夺取港股定价权。 投资者结构生变 近年来，关于南向资金对港股市场定价权的讨论几度升温又沉寂。直到近来，徐荔蓉发现，这一趋势已 变得尤为显著。 徐荔蓉表示，港股市场过去是典型的离岸市场，十分容易受到海外因素的影响。离岸市场的典型特征是 资金只对核心资产定价，其余资产都被边缘化且缺乏流动性。主流资金覆盖的范围十分有限，也不愿意 接触非核心资产标的，外资在港股市场覆盖的只有一两百只个股。 "随着过去这一年A股市场流动性充分释放，南向资金开始涌向港股市场，并且逐步占据港股市场交易 量的半壁江山，定价权正在慢慢向内资投资者转移。 ...

Core Insights - The Hong Kong stock market is experiencing adjustments, with funds flowing into technology and innovative pharmaceutical ETFs, while A-share broad index ETFs are facing net outflows [1][3] - There is a notable trend of "high cutting low" in fund allocation, indicating a preference for defensive sectors like financials and dividend-related ETFs [3][4] Market Performance - Last week, the A-share market exhibited a structural trend, with significant gains in photovoltaic, power grid equipment, and new energy-related ETFs, many of which rose over 5%, and some exceeding 10% [1][2] - The total net inflow for ETFs across the market was approximately 240 billion, with over 70 billion net inflow into ETFs tracking the Hang Seng Technology Index [3] Sector Analysis - The photovoltaic industry is showing signs of recovery, with upstream segments expected to significantly reduce losses in Q3, while the energy storage sector is experiencing strong supply and demand dynamics [2] - Defensive assets in the Hong Kong market, particularly dividend-related ETFs, are gaining strength amid adjustments in the pharmaceutical and technology sectors [2][3] Future Outlook - The structural recovery trend is expected to continue into November, supported by clearer policies and economic resilience, with a focus on high-quality development and long-term construction goals [4] - Key sectors such as solid-state batteries, AI, and humanoid robots are anticipated to drive future market performance, with solid-state battery production and AI profitability being critical catalysts [4][5]

□本报记者 张凌之 今年以来，截至11月9日，63只公募REITs合计分红86.39亿元。随着基金三季报的披露，作为公募REITs 分红基础的可供分配金额成为投资者关注的焦点。 记者梳理发现，不少产业园REITs三季度的可供分配金额较去年同期降幅较大，而这也直接导致了其在 二级市场的大跌。也有部分公募REITs可供分配金额增幅超10%，从而在二级市场收获亮眼表现。例 如，华夏金茂商业REIT三季度通过主力店调改等策略的有效实施，带动营业收入显著增长，可供分配 金额较上年同期增长10.56%；今年初至11月7日，华夏金茂商业REIT的二级市场价格涨幅超40%。 尽管经营和市场表现分化，今年以来，公募REITs整体仍为投资者带来了较为丰厚的回报，投资价值进 一步凸显。 多只产业园REITs 可供分配金额下滑 今年以来，截至11月9日，共有63只公募REITs合计分红133次，分红总额达86.39亿元。不过，记者梳理 基金三季报发现，有些公募REITs在2025年三季度的可供分配金额同比下降超过10%。 例如，博时蛇口产园REIT的三季度可供分配金额较上年同期下降827.42万元，降幅为22.48%。主要原 因是， ...