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 ...

国家统计局于今日公布了10月份国民经济数据。10月份国民经济整体运行平稳，呈现出稳中有进的态 势。CPI同比增幅由负转正，代表需求有所回升；而消费增速、固定资产投资增速仍然偏低，后续还需 进一步加大稳经济增长的政策力度，推动经济稳步复苏。 具体来看，10月份我国工业生产持续增长，装备制造业和高技术制造业增势较好。10月份，全国规模以 上工业增加值同比增长4.9%，环比增长0.17%。其中，装备制造业增加值同比增长8%，高技术制造业增 加值增长7.2%，分别快于全部规模以上工业增加值3.1个和2.3个百分点，显示出我国在装备制造业和高 技术制造业方面的发展趋势良好，体现出在高端制造业领域具备一定优势。 在进出口方面，10月份货物进出口总额同比增长0.1%。其中，出口由正转负，同比下降0.8%；进口同 比增长1.4%。在全球贸易局势变化、美国挑起关税战的背景下，出口增速出现回落。不过，目前中美 经过多轮谈判，已在贸易协议上达成一致，这或将有利于我国货物出口在后期企稳回升。但出口结构仍 需进一步优化，提高出口产品的附加值，以在出口增速承压的情况下，仍能实现利润增长，提升我国出 口产品的国际竞争力。 价格方面，10月 ...

今日（2025/11/14）港股科技板块整体低开低走，回调幅度较深，但在港股互联网和半导体龙头业绩靓 丽、国内又一全新大模型研发项目启动等密集催化下，相关ETF产品交投活跃。Wind数据显示，恒生科 技ETF（513130）截至今日午盘收盘，成交额已超33亿元，显示出资金在港股科技板块回调之际对布局 窗口期的关注。 消息面上，本周港股科技龙头三季报披露陆续开启，其中2025年11月13日收盘后，某互联网龙头发布的 财报显示公司核心业务三季度均实现双位数增长，超越市场预期，AI投入与高质量增长的正循环再次 得到验证，显著提振了市场对港股科技板块基本面改善的预期；另一晶圆代工厂龙头同日发布三季报， 财报显示公司营收、毛利等核心指标同比环比均实现提升，单季营收及产能均创新高。（资料来源：上 市公司三季报） 此外，另一港股互联网龙头已启动又一全新大模型的研发项目，旨在基于Qwen模型打造一款个人AI助 手，全面对标ChatGPT，实现追赶竞争对手并最终从个人用户身上获得盈利，对于国内Al大模型的发展 而言具有重要意义。（资料来源：《全面对标ChatGPT！》-中国基金报-2025/11/14） 在海外扰动和年末风险偏 ...

在2025年5月商品期货夜盘暴跌时，多数APP因流量过载出现1-2秒延迟，而新浪财经仍保持毫秒级更 新，帮助用户精准捕捉套利机会。 在信息过载的基金投资世界中，一款强大的工具能化繁为简，将数据转化为真正的决策智慧。 数字化投资时代，选择哪款理财APP正成为比选择基金本身更重要的决策。根据2025年第三季度多项专 业评测，新浪财经APP以9.56分的综合评分位居金融投资类APP榜首。 在数据覆盖、资讯质量、智能工具等关键维度表现卓越。这款老牌而内力深厚的应用，如何为基金投资 者开启决策自信？ 01 数据覆盖：全市场视野与毫秒级响应的双重优势 数据的广度和速度是金融软件的核心竞争力，而新浪财经APP在这方面表现卓越。 该平台覆盖全球40多个金融市场，包括A股、港股、美股、期货、外汇及贵金属市场。对于基金投资者 而言，新浪财经APP覆盖全市场98%的基金产品，实时监测10000多只基金的动态。 平台整合了163家主流基金公司的数据源，这意味着投资者无需在多个平台间切换，即可一站式获取全 市场基金净值信息。 更值得一提的是，新浪财经APP的行情刷新速度达0.03秒级，远超行业平均水平。 在实际使用过程中，新浪财经AP ...

Core Viewpoint - The debut of the world's first 5G-A humanoid robot "Kua Fu" at the Shenzhen Torch Relay highlights significant advancements in embodied intelligence technology, showcasing its potential in real-world applications [1][2]. Group 1: Technological Breakthroughs - Highlight 1: The 5G-A network enables remote precise control, ensuring real-time transmission of ultra-high-definition images from the robot's perspective, allowing technicians to monitor and guide its actions effectively [3]. - Highlight 2: The robot "Kua Fu" was able to perform the torch relay without any hardware modifications, demonstrating its versatility and adaptability to various tasks, including exhibition guiding and industrial handling [4]. - Highlight 3: The development team overcame traditional robotic gait limitations with a new motion control algorithm, enhancing the robot's human-like running dynamics and addressing balance issues during the relay [5]. Group 2: Industry Insights - The performance of "Kua Fu" symbolizes the rapid advancement of the embodied intelligence industry, which combines cognitive capabilities with physical action, marking a shift from theoretical AI to practical applications [8]. - Institutions predict that 2025 will be a pivotal year for the mass production of embodied intelligent robots, with significant growth opportunities anticipated over the next decade [8]. - IDC forecasts that the global robotics market will exceed $400 billion by 2029, with China accounting for nearly half of this market, and predicts a compound annual growth rate of over 95% for commercial humanoid robots in China from 2025 to 2030 [9]. Group 3: Investment Opportunities - The embodied intelligence industry encompasses hardware manufacturing, AI algorithms, and application scenarios, making it challenging for individual investors to identify opportunities. ETFs provide a diversified investment approach to capture overall sector trends [10]. - Three ETFs are highlighted for investors: - Hong Kong Technology 30 ETF, which packages the "Hong Kong AI industry chain" [10] - Robotics ETF, covering the complete robotics industry chain [10] - Sci-Tech Board AI ETF, focusing on leading companies in the AI sector [10]. - Investors are encouraged to select ETFs based on their risk preferences and views on different segments of the industry, potentially using dollar-cost averaging strategies to capitalize on historical opportunities in the embodied intelligence era [11].

今日（25/11/14）早盘，港股震荡回调态势加剧，随着科技板块前期累积较大涨幅，部分资金在年底倾 向于获利了结，转向拥挤度更低且确定性更高的港股红利类资产。从资金动向看，南向资金正持续加大 对港股红利板块的配置力度，银行近1个月（25/10/14-25/11/13）最受青睐，石油石化、非银金融等具备 高股息特征的板块依次位居第二、第三。 （数据来源：Wind，行业分类为申万一级行业） 伴随资金布局港股红利类资产热情的持续提升，港股通红利ETF（513530）、港股通红利低波ETF （520890）有望成为主流资金进行底仓配置的便利之选。其中，港股通红利ETF（513530）自2025年10 月30日以来，已连续11个交易日实现资金净流入，累计吸金3.74亿元。 （数据来源：Wind，数据截至2025/11/13） 港股红利类资产之所以强势吸金，离不开其在低利率环境下愈发凸显的高股息优势。数据显示，港股通 红利ETF（513530）、港股通红利低波ETF（520890）跟踪的港股通高股息（CNY）、恒生港股通高股 息低波动指数近一年股息率分别为5.46%、5.65%，与同期1.81%的10年期国债收益率存在明 ...

Core Viewpoint - High dividend stocks are experiencing a rise in the market, particularly focusing on "high dividend + low valuation" large-cap blue-chip stocks, as indicated by the performance of the value ETF (510030) [1][4]. Market Performance - The value ETF (510030) opened with a slight increase, showing a gain of 0.36% as of the report time, with a peak increase of nearly 1% during the trading session [1][2]. - Major banks such as Industrial Bank saw a rise of over 2%, while other banks like Bank of China, Bank of Communications, and Industrial and Commercial Bank of China also experienced gains exceeding 1% [1][3]. Investment Strategy - Analysts from CITIC Securities suggest that the domestic banking sector is stabilizing, with a focus on high dividend strategies and low valuation stocks as attractive investment options [3]. - Galaxy Securities notes that while the banking sector's performance was temporarily affected by non-interest income fluctuations, the overall growth in scale supports earnings, with net interest income showing improvement [3]. - Huayuan Securities emphasizes the value of high dividend, low valuation stocks in a context of loose liquidity and low interest rates, suggesting that investors should prioritize companies with stable dividends and reasonable valuations [3]. Index and Composition - The value ETF (510030) closely tracks the Shanghai Stock Exchange 180 Value Index, which selects the top 60 stocks based on value factor scores from the 180 Index, including 20 bank stocks [4]. - The components of the index are characterized by "low valuation + high dividend" large-cap blue-chip stocks, which include leading financial stocks like Ping An Insurance and China Merchants Bank, providing defensive attributes in volatile markets [4].

近期，资金持续涌入红利相关ETF，多只ETF规模创上市以来新高。红利板块后续投资价值如何？华安 基金表示，红利板块长期投资价值显著，在近期"高切低"的资金轮动行情中有望受益，同时，央企+红 利，有望实现"1+1>2"的效果。 对于红利板块投资价值，华安港股通央企红利ETF基金经理倪斌表示，相较于科技成长板块，红利板块 的拥挤度更低，年初至今的涨幅更小，估值的性价比更为凸显，因此红利板块有望承接高切低的资金。 而高分红公司本身也具备多重优质特性，其往往具备稳定的盈利能力、扎实的基本面、充沛的现金流以 及较低的波动率，商业模式成熟、行业格局稳定、竞争优势较强，同时注重对股东的回报。 风险提示：港股通央企红利ETF风险等级为R3（中风险），指数收益率并不预示其未来表现，也不构成 基金业绩表现的保证，基金有风险，投资须谨慎。基金管理公司不保证本基金一定盈利，也不保证最低 收益，基金的过往业绩并不预示其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现 的保证，详情请认真阅读本基金的基金合同，招募说明书等基金法律文件。基金资产如投资于港股，会 面临港股通机制下因投资环境、投资标的、市场制度以及交易规则等差异带 ...