周五，在大盘调整、板块近乎普跌的背景下，银行又一次逆市走强，成为市场的"避风港"。 工商银行、农业银行两大巨头盘中携手再创新高，双百亿顶流银行ETF（512800）场内价格一度涨逾 1%，收涨0.35%，全天成交额超10亿元，交投活跃。 对于银行板块配置价值，天风证券指出，一方面，在低利率和资产荒背景下，银行股高股息、类固收的 优势凸显，结合分红稳定、经营稳健的特性，其投资吸引力较强。另一方面，在高股息投资策略相对应 的板块中，银行板块低估值优势尤为突出，相较于煤炭、石油石化等高股息板块，银行股安全边际更 高。同时，银行股波动较低，符合稳健投资需求。 展望后市，华泰证券表示，四季度银行板块本就容易出现行情，尤其是经历了三季度的回调，银行股迎 来估值修复的机会更大。随着政策加码，险资、主动基金、被动基金等都有望为银行板块带来增量资 金。 顺势而起，攻守兼备！银行ETF（512800）及其联接基金（A类：240019；C类：006697）被动跟踪中 证银行指数，成份股囊括A股42家上市银行，是跟踪银行板块整体行情的高效投资工具。 银行ETF（512800）最新规模约206亿元，年内日均成交额超8亿元，为A股10只 ...

11月14日，大市深度调整，沪指跌0.97%报收3990.39点，创指跌2.82%尽吐上日涨幅。震荡之际，制药 板块彰显防御力！全市场唯一跟踪制药指数的药ETF（562050）盘中逆市飘红，一度冲高1%，场内最 终微跌0.18%，显著跑赢市场。 药ETF（562050）覆盖50大龙头药企，重仓创新药，兼顾中药。今日中药龙头以岭药业领涨3.14%，同 仁堂亦收红；创新药局部活跃，甘李药业、康弘药业涨约2%。恒瑞医药、百济神州-U、片仔癀等龙头 股下跌为主要拖累。 每年年底是美国生物医药收并购最活跃的季节，且明年年初还有JPM大会催化。今年医保谈判，继续对 创新药"暖风劲吹"，在美联储降息的宏观背景下，当下创新药向上机会或已大于向下风险。 基本面亦频传利好。从已公布的三季报数据来看，创新药板块整体实现业绩回暖，多家公司实现扭亏， 创新药龙头百济神州业绩亮眼，反映出行业正从研发投入期加速迈入商业化收获期。 回归根本逻辑，制药是刚需赛道，未来市场空间巨大。我国作为人口大国，随着老年人口比例的不断上 升，对药品的需求也在持续增长，尤其是慢性疾病治疗药物等领域。此外，随着人们生活水平的提高， 对医疗保健的重视程度也日益增 ...

受隔夜纳指再次大跌超2%等利空因素影响，今日A股情绪较弱，呈现冲高回落走势。截止收盘，上证 指数缩量收阴，报3990.49点，下跌-0.97%，深证成指跌-1.93%，创业板指跌-2.82%。两市跌多涨少，不 足2000家上涨，3300余家下跌。成交方面，沪深两市成交额不足2万亿，交投较为冷清。 板块层面，仅石油石化、房地产、银行、医药等较为抗跌，其余板块尽墨。其中，海外映射较强、前期 表现强势的AI、通信、芯片等板块跌幅居前。 近期，外围市场走势多有波折。美股三大股指本周略有分化，传统行业较多的标普指数、道琼斯工业指 数较为抗跌，道指周三甚至刷新历史新高。而科技股扎堆的纳指则表现疲弱，周初短暂反弹后再次调头 向下。受此影响，国内市场情绪有所波动，今日甚至收长上影阴线，看跌氛围浓厚。很多投资者不禁疑 惑，外围疲弱，A股要跟跌吗？ 我们的观点是，外围涨跌影响的主要是短期风险偏好和交投情绪，而"打铁重在自身硬"，国内市场存在 自身的估值逻辑，东升西落的投资远景已经逐渐清晰，如果回调或构成较好的买入良机。 短期来看，外围的波动会导致国内资本阶段性的避险情绪，从而降低市场风险偏好。这在市场的多次潮 起潮落中有所验证。 ...

11月14日，三大指数低开低走，沪指失守4000点，创业板指跌超2%，受市场整体调整影响，创业板 50ETF（159949）跌2.91%报1.470元，换手率5.73%，成交额14.64亿元，居同类标的ETF首位。 广发基金分析指出，在当前市场环境下可采取"杠铃配置策略"，兼顾高股息资产与科技成长板块。另有 专家认为，从配置角度看，创业板指的空间横向对比仍相对确定，新能源相关产业链为本次反内卷的重 点行业，目前在产业链中也看到上游硅料硅片价格的企稳回升，后续下游需求拔升的堵点或在于商业配 储，市场对此尚未形成一致预期，因此目前的波动某种程度上体现预期差与未来的可能空间；此外通 信、电子等行业的权重股估值横向对比也相对合理，未来配置空间仍存。 对于看好中国科技成长板块长期发展的投资者，创业板50ETF（159949）提供了便捷高效的投资工具。 投资者可通过股票账户直接交易创业板50ETF（159949），也可通过联接基金（A类：160422；C类： 160424；I类：022654；Y类：022976）进行投资。建议采用定投或分批建仓方式平滑短期波动风险， 并密切关注指数成分股的业绩兑现情况和相关政策落地进度。 ...

Core Viewpoint - The A-share market has shown increased volatility since November, with notable style switching between traditional value sectors and previously strong sectors like metals, new energy, and innovative pharmaceuticals [1] Market Outlook - The overall risk for the year-end market is considered controllable, but there is potential for structural changes and a rebalancing expectation [1] - Despite short-term fluctuations, the long-term outlook remains optimistic, with technology innovation sectors expected to be key growth drivers [1] Investment Opportunities - Three major investment directions are highlighted: 1. Infrastructure opportunities represented by computing power, including sectors like computing chips, optical communication, PCB, liquid cooling, and storage [1] 2. AI application end, where advancements in AI infrastructure and capabilities are expected to create new ecosystems and investment opportunities, particularly in humanoid robots, unmanned vehicles, and drones [1] 3. Strategic emerging industries and future industries emphasized in the "14th Five-Year Plan" [1]

Group 1 - The article discusses the increasing market volatility as the Shanghai Composite Index surpasses 4000 points, suggesting that investors who are cautious yet do not want to miss out on opportunities should consider "fixed income plus" funds represented by secondary bond funds [1] - Secondary bond funds aim for a "dual investment" strategy, allocating at least 80% of their assets to the bond market for stability while investing up to 20% in equities and convertible bonds for growth potential [2][4] - Historical performance data shows that from 2015 to 2024, the mixed bond secondary index has been relatively stable, with 7 out of 10 years showing gains, and only minor declines in 2016, 2022, and 2023, which were significantly less than the declines in the CSI 800 index [4][5] Group 2 - The Changcheng Fengze Bond Fund is highlighted as a typical secondary bond fund suitable for investors seeking stable asset allocation [8] - Zhang Lin, the proposed fund manager, has extensive experience in multi-asset allocation and has managed various types of bond funds since 2017, focusing on macro rates, credit bonds, convertible bonds, and equities [9] - The fund's strategy emphasizes low volatility, with a historical asset allocation that keeps stock and convertible bond investments below 32% of net assets, ensuring a stable income base [11][19] Group 3 - The article emphasizes the importance of a strong research team behind secondary bond funds, with Changcheng Fund establishing a cross-departmental collaboration for comprehensive research and strategy development [20] - The fund's research team focuses on various strategies for convertible bonds, adapting to market conditions and ensuring actionable investment strategies [20] - Recent performance data indicates that Changcheng Fund's fixed income products rank in the top 20% for returns over the past one, two, and three years, reflecting the effectiveness of their investment strategies [21]

为积极响应中国证券投资基金业协会 "一司一省一高校" 活动号召，长城基金持续践行普惠金融理念， 将该专项投教活动延伸至多元场景。近日，长城基金投教栏目"投资小宏书" 走进深圳福田CBD商圈夜 校，为职场青年群体带来 "宏观新格局，投资新机遇" 主题分享课，以易懂实用的金融知识赋能青年投 资认知提升，切实履行投资者教育责任。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 在公募基金高质量发展的新时代，加强投资者教育、做好投资者陪伴已成为构建成熟健康行业生态圈的 关键一环。长城基金积极构建多元化、立体化的投教矩阵，除"投资小宏书"外，近年还陆续推出 "城大 事小课堂"（聚焦基础金融知识科普）、"长城行业调研团"（带投资者深入产业一线）、"财商下 乡"（面向乡镇群体普及金融风险防范）等一系列IP，实现从高校学生、职场青年到乡镇群众的广泛人 群覆盖，真正让普惠金融落到实处。 未来，长城基金将继续以投资者为中心，持续深化普惠金融实践，不断进化升级投教内容体系与传播形 式，致力于以更有温度、更长效的陪伴服务，助力广大投资者树立长期投资、价值投资理念，为构建健 康成熟的资本市场生态注入公募力量。 本 ...

Core Viewpoint - The article emphasizes the importance of experienced fund managers who can navigate through bull and bear cycles to create long-term returns for investors [1][2]. Group 1: Fund Manager Profile - Hu Song, a veteran fund manager with over 20 years in finance and 14 years of investment experience, is highlighted as a rare example of a value investor in the current A-share market [2]. - Under Hu Song's management, the Guotai Jinpeng Blue Chip Fund has achieved a return of 75.63% since September 25, 2020, with an annualized return of 11.87%, outperforming its benchmark and peer average [2][3]. Group 2: Fund Performance - The Guotai Jinsheng Fund, launched at a market low in February 2024, has seen a performance increase of 50.73% this year, surpassing the CSI 300 Index and its benchmark [2][3]. - The Guotai Jinpeng Blue Chip Fund has delivered nearly 60% positive returns over the past three years, ranking in the top 10% among peers, with a maximum drawdown significantly lower than the average [6][7]. Group 3: Investment Philosophy - Hu Song's investment strategy focuses on fundamental analysis, emphasizing the importance of a company's competitive advantages and reasonable valuations [4][5]. - The principle of "margin of safety" guides Hu Song's investment decisions, favoring growth stocks that can create long-term value [5][6]. Group 4: Risk Management - Hu Song employs a balanced approach to risk and return, actively managing drawdowns and diversifying across industries to mitigate market volatility [6][9]. - The investment portfolio is dynamically adjusted based on macroeconomic conditions and individual stock performance, ensuring a robust response to market changes [4][9]. Group 5: Market Outlook - Hu Song remains optimistic about sectors such as AI, new energy, industrial metals, and technology, citing favorable domestic and international economic conditions [8][9]. - The article notes that despite challenges in the real estate and consumer sectors, there are structural highlights in emerging industries that could present investment opportunities [8][9].

Group 1 - The core viewpoint is that A-shares and Hong Kong stocks are entering a "new four bulls" phase driven by capital inflow, technological innovation, institutional reform, and consumption upgrade, with a gradual upward trend expected through 2026 [2] - The "new four bulls" market is anticipated to focus on themes such as technological self-reliance, industrial upgrading, and resource security, with opportunities identified in AI, semiconductors, computers, primary products, small metals, new energy, high-end manufacturing, humanoid robots, and low-altitude economy [2] - The A-share market is seeing a significant capital inflow into the defense and military industry, with a net inflow of 8.46 billion yuan [2] Group 2 - The A50 ETF, A100 ETF, and A500 ETF are highlighted as key investment vehicles for investors looking to gain exposure to China's market, tracking major indices [2] - The overall market performance shows a decline, with the Shanghai Composite Index down by 0.97% and the Shenzhen Component Index down by 1.93% on the same day [1] - The total trading volume across both markets was 1.96 trillion yuan, reflecting a decrease of 839 billion yuan compared to the previous day [1]

【博时市场点评11月14日】三大指数调整，创业板跌超2.8% 简评：10月金融数据显示，广义货币（M2）和社会融资规模同比增速均保持在较高水平，持续为经济 回升向好创造适宜的货币金融环境；贷款规模保持合理增长，信贷结构持续优化。从政策支持看，适度 宽松的货币政策持续显效，财政部近期提前下达了2026年度新增地方专项债额度，5000亿元新型政策性 金融工具资金也全部投放完毕，有望对投资形成有力支撑。 市场复盘 每日观点 今日沪深三大指数调整，沪指回落到4000点以下，创业板跌2.82%，两市成交缩量至不足2万亿。昨日 央行公布10月金融数据，其中社融新增8150亿元，同比少增5970亿元；社融存量同比增速为8.5%，上 月为8.7%；人民币贷款新增2200亿元，同比少增2800亿元；M1同比增速为6.2%，上月为7.2%。各项数 据均有回落，体现需求较差的核心问题仍然存在。其中由于政府债基数走高，叠加今年的靠前发力，社 融增速持续回落；信贷方面，短端信贷下降较多，显示企业主动需求不足，消费复苏动力仍然较弱；企 业存贷款同步减少拖累M1，但存款结构中，居民存款由银行向非银机构的转移持续，也意味着居民存 款搬家仍在 ...