Group 1 - The medical sector showed signs of recovery, with major player United Imaging Healthcare rising over 3%, while other stocks like WuXi AppTec and Aier Eye Hospital fell more than 1% [1] - The largest medical ETF in A-shares (512170) experienced a decline of over 2.8% in the morning but recovered slightly in the afternoon, ultimately dropping over 1%, marking a four-month low [1] - A-shares' three major indices collectively fell over 2% [1] Group 2 - The medical ETF (512170) fell below its six-month moving average and approached a critical yearly support level, with significant trading volume of over 874 million yuan, setting a new monthly high for daily trading [3] - In the first four trading days of the week, over 627 million yuan flowed into the ETF, indicating potential bottom-fishing activity despite the risk of larger sell-offs [3] - The medical ETF has a current scale exceeding 25.3 billion yuan, making it the largest medical-related ETF in the market, with a focus on "medical devices + medical services" [3][4] Group 3 - The ETF's composition includes a significant weighting of over 26% in CXO, along with leading companies in aesthetic medicine, private hospitals, and medical information technology [3] - The ETF is passively tracking the CSI Medical Index, which was established on December 31, 2004, and published on October 31, 2014 [4]

在"人工智能+"被正式写入2025年政府工作报告，"数字金融""普惠金融"被写进"金融五篇大文章"的背 景下，公募基金行业正迎来一场技术变革。 "轻首发、重持营、重服务"成为公募基金行业趋势，公募基金与销售渠道不再是简单的产品代销关系， 而是转向策略共创、能力互补、生态共建的深度合作伙伴关系。近日斩获"2024年度金融科技发展奖"一 等奖的天弘基金，通过AI技术赋能渠道合作，为行业智能化转型提供了新思路。 渠道协同共通高质量发展 随着公募基金总规模站上36.25万亿元，行业发展的核心命题已从规模扩张转向高质量发展。而"基金赚 钱，基民不赚钱"的痛点、费率改革对收入结构的冲击，以及客户需求的个性化升级等问题，早已超出 单一机构的解决能力，倒逼公募基金与销售渠道打破壁垒，构建协同共生的生态体系。（数据来源：基 金业协会，截至2025.9.30） 从行业趋势来看，公募与渠道的协同正从传统的产品合作，向策略共建、服务共创、技术共享的全链条 延伸。业内普遍认为，未来行业竞争的核心将是"生态能力"的竞争，公募基金的投研与产品能力，需与 渠道的客群触达、场景运营能力深度融合，才能真正提升服务效率与客户体验。 炒股就看金麒麟 ...

Group 1 - The chemical sector experienced a decline on November 21, with the Chemical ETF (516020) dropping over 4% at one point and closing down 2.84% [1][2] - Key stocks in the sector, such as Enjie Co., Ltd. and Tianqi Lithium, saw significant losses, with Enjie hitting the daily limit down and Tianqi falling over 8% [1][2] - The Chemical ETF has shown a year-to-date increase of 30.5%, outperforming major indices like the Shanghai Composite Index (17.28%) and the CSI 300 Index (16.01%) [1][3] Group 2 - The chemical industry has faced a continuous decline in product prices for four years, but recent policies aimed at reducing competition may signal a turning point [3][4] - The current price-to-book ratio of the Chemical ETF is 2.37, indicating a relatively low valuation compared to the past decade [4] - Analysts suggest that the industry may see improved supply-demand dynamics and profitability due to the "anti-involution" policies, with a focus on sectors like pesticides and organic silicon [5][6] Group 3 - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap stocks [5][6] - Investors are encouraged to consider the Chemical ETF as a more efficient way to gain exposure to the chemical sector [5][6]

Core Insights - The "fixed income +" products have shown significant performance advantages in the market this year, highlighting the benefits of the "fixed income +" strategy [1] - The mixed bond secondary index has increased by 5.56% year-to-date, while the hybrid bond fund index has risen by 6.51%, compared to a mere 2.15% increase in the total bond fund index during the same period [1] - The strategy of multi-asset allocation and multi-strategy operation has allowed products like secondary bond funds and hybrid bond funds to break through the limitations of pure bond investments, providing enhanced returns [1] Performance Analysis - The Jia Shi Duo Li fund has achieved a return of 15.40% over the past year, significantly outperforming its benchmark of 2%, with a maximum drawdown of 2.93% [1] - Since its establishment in March 2011, the fund has navigated multiple economic cycles and market changes, adapting to current market demands for stability and flexibility [1] - As of the end of Q3 2025, the A-class share of Jia Shi Duo Li has delivered a cumulative return of 29.85% since its transformation, compared to a benchmark increase of 7.89%, indicating substantial excess returns [1] Fund Management - The fund's performance is closely tied to its investment framework that aligns with economic cycles and the multi-asset management capabilities of its fund manager, Gao Qunshan, who has 15 years of experience in the domestic capital market [2] - The fund's scale reached 3.43 billion yuan by the end of Q3, with a high allocation to flexible assets, including a 14.4% equity position focused on cyclical growth and high prosperity sectors [2] - The current economic environment of recovery and low interest rates has heightened investor demand for both yield and stability in asset allocation [2] Ratings and Recognition - As of the end of Q3 2025, Jia Shi Duo Li Bond A has received a five-star rating from Galaxy Securities and has been rated five stars for three, five, and ten years by Guotai Junan Securities [1][2]

险资扫货 截至三季度末,保险公司重仓的银行股市值已经超过 3350亿,较年初增加近700亿。监管明确,从2025年起 每年新增保费的30%用于投资A股,在新增保费入市、险 区格切换 &A 240019 联接C 00669 风格切换 进入四季度,市场波动加剧,银行凭借低估值、高股。 的防御属性在年末避险情绪中重获认可。中证银行指数 10月以来累计上涨8.95%,显著跑赢大盘,较创业板指 超额15个百分点。 分红抢筹 目前已有24家上市银行明确实施中期分红,拟合计派现 金额达2638亿元,再创历史新高!除已派现落地的,还 有超2400亿元"红包雨"待发,有望吸引更多资金关注 "抢筹"。 责任编辑：杨赐 MACD金叉信号形成，这些股涨势不错！ ...

夜幕降临，华灯初上，深圳福田CBD的写字楼里依然活跃着无数追梦者的身影。这里不仅是城市的经 济动脉，更悄然成为金融知识传播的新阵地。近日，长城基金旗下投教直播专栏"投资小宏书"的主创人 员走进福田CBD夜校，为职场青年群体带来了一场题为"宏观新格局，投资新机遇"的分享课，希望以易 懂实用的金融知识赋能青年投资认知提升，以专业力量照亮年轻人的财富进阶之路。 近年来，随着权益市场活力提升，青年投资者逐渐成为市场的重要参与力量，但他们可能也面临着缺乏 系统、专业投资知识的困境。此次"投资小宏书"走进福田CBD夜校的分享，根据职场青年的时间特性， 将开课时间定在晚间的黄金时段，这让平日忙于工作的他们无需请假，在下班后的闲暇时光即可获得来 自专业机构的金融知识赋能。 本次分享由长城基金高级宏观策略研究员、"投资小宏书"栏目主理人汪立主讲。结合青年群体对市场趋 势、资产配置的实际需求，汪立围绕三大维度展开深入分析和讲解，包括全球宏观新格局下投资环境的 新变化、"十五五"规划蓝图中蕴含的投资新机遇，以及四季度投资策略展望与年末布局思路等内容。每 个知识点都紧扣职场人的关切点——既有应对当下震荡市的个人投资指南，也有把握时代 ...

Core Viewpoint - The Hong Kong dividend assets are experiencing a correction, but the trend of capital inflow continues, driven by the demand for high-dividend assets from insurance companies under new accounting standards [1][2]. Group 1: Market Performance - As of November 21, the Hong Kong Stock Connect Dividend ETF (520900) fell by 1.74% with a trading volume of 33.55 million yuan [1]. - Over the past 10 days, the net inflow into the ETF was 104 million yuan, and over the past 20 days, it was 150 million yuan, with the latest fund size reaching 1.881 billion yuan [1]. Group 2: Fund Inflows and Trends - From October 13 to November 14, the ETF has seen continuous growth in shares for five consecutive weeks, with the latest share count at 1.728 billion [1]. - The demand for high-dividend stocks is expected to increase significantly as insurance companies switch to new accounting standards by 2026, with an estimated annual allocation of 250 to 500 billion yuan for high-dividend assets by five A-share listed insurance companies by 2027 [1]. Group 3: Investment Characteristics - The Hong Kong dividend assets exhibit a "defensive" characteristic in volatile markets, with a focus on high-dividend state-owned enterprises [2]. - The ETF tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, which emphasizes high-dividend state-owned enterprises, with the top three sectors being oil and petrochemicals (29.7%), telecommunications (21.2%), and transportation (13.5%) [2]. Group 4: Fund Details - The Hong Kong Stock Connect Dividend ETF (520900) was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [3]. - The current fund managers are Huo Huaming and Lv Xin, with returns of 12.68% and 26.76% respectively during their management periods [3]. Group 5: Top Holdings - The top holdings of the ETF include China Petroleum (10.86%), China Mobile (10.32%), and China Shenhua (9.70%), with significant market values for each [4]. - Investors focused on sustainable dividends and quality earnings can consider the ETF for a balanced exposure to high-dividend stocks in the Hong Kong market [4].

从昨夜到今晨，全球投资者都在屏息期待。 凌晨5点，某海外芯片巨头正式公布2026财年第三季度财报。财报显示营收与每股收益均超出华尔街预 期，同时对第四季度营收的指引也高于市场预期。业绩公布后，美股温和修复，道琼斯指数上涨 0.10%，纳斯达克指数上涨0.59%。 财报的超预期业绩在一定程度上缓和了近期市场对科技股估值泡沫的担忧，但压制市场风险偏好的因素 并未完全解除。 同样是今天凌晨，美联储最新公布的10月FOMC政策会议纪要显示，联储内部就12月是否降息存在"强 烈分歧"，越来越多官员认为通胀下降的进展已陷入停滞，可能对继续宽松保持谨慎的观点。纪要发布 后，芝加哥商品交易所的美联储观察工具显示，12月10日降息概率跌至32.8%，较1个月前的90%大幅回 落。 从本质上来看，多元资产配置策略是通过同步配置股票、债券、现金及另类资产，投资者能够借助不同 资产间的低相关性，有效降低投资组合的整体波动，并优化风险收益比。 就好比一个人不仅有主业，还有副业，收入多元化，而且分散在不同领域，因此抗风险的能力自然就很 强了。 说起来简单，但在实际投资中，要熟练了解不同资产的投资逻辑和动态变化，这对绝大多数投资者来说 都 ...

Group 1 - The financial technology sector is experiencing a downturn, with the China Securities Financial Technology Theme Index dropping over 2% and many constituent stocks declining more than 5% [1] - The largest financial technology ETF (159851) has seen a 3% decline, reaching a new low in this adjustment phase, with real-time transaction volume exceeding 200 million yuan [1] - East Wu Securities projects a clear investment logic for the financial technology sector in 2026, driven by policy support, market growth, active capital markets, and technological changes led by AI [3][4] Group 2 - From 2021 to 2025, China's financial technology policies will cover various sectors, aiming to promote innovation and high-quality development, with the market size expected to grow to 651.5 billion yuan by 2028 [3] - The A-share market has seen significant trading activity since August 2025, with daily trading volumes averaging over 2.7 trillion yuan, peaking at 3.75 trillion yuan on September 18 [4] - Investment opportunities in the financial technology sector are focused on two main lines: the sustainability of market activity and the performance elasticity of financial IT companies [4]

Core Viewpoint - The defense and military industry is experiencing a significant adjustment, with the defense military ETF (512810) hitting a three-month low, indicating potential buying opportunities despite recent declines [1][5]. Group 1: Market Performance - On November 21, the market underwent a deep adjustment, with the Shanghai Composite Index falling below 3900 points, impacting the technology growth style and the defense military sector [1]. - The defense military ETF (512810) opened lower and fell over 2%, reaching a new three-month low during the trading session [1]. - Despite the downturn, there was a notable inflow of over 113 million yuan into the sector over the past ten days, suggesting strong buying interest [1]. Group 2: Industry Outlook - The defense and military sector has an optimistic medium to long-term outlook, with a reported revenue of 600.375 billion yuan for the third quarter of 2025, reflecting a year-on-year increase of 16.99% [2]. - The net profit attributable to shareholders for the same period was 29.822 billion yuan, showing a year-on-year increase of 14.01%, indicating a recovery in performance [2]. - The sector's core companies are expected to continue their recovery, with both revenue and net profit showing significant year-on-year improvements [2]. Group 3: Strategic Developments - The 14th Five-Year Plan outlines a high-quality advancement for China's defense and military modernization, accelerating the upgrade of advanced weaponry and equipment [4]. - China's global competitiveness in shipbuilding, aerospace, and satellite navigation has been steadily improving, positioning the defense military industry as a key area for breakthrough development [4]. - The importance of national defense security is increasing amid global conflicts and geopolitical tensions, which may support industry valuations [4]. Group 4: Investment Insights - The defense military ETF (512810) is highlighted as an efficient tool for investing in core defense military assets, covering various themes such as commercial aerospace, low-altitude economy, and military AI [4]. - Recent analysis suggests that the defense military sector may be entering a configuration cycle, making it a potentially attractive investment opportunity [5].