Group 1 - The A-share market showed a fluctuating upward trend in October, with the Shanghai Composite Index successfully breaking the 4000-point barrier by the end of the month. However, there was a noticeable structural differentiation in the market, with cyclical industries leading the gains while the technology sector experienced a pullback. The current domestic economic growth is entering a recovery phase, and the "slow bull" pattern in A-shares is expected to continue, particularly with the release of the "14th Five-Year Plan" providing guidance for medium to long-term investments, focusing on technological self-reliance and the construction of a modern industrial system [1] - Fund managers in the "Technology+" investment field are committed to uncovering investment opportunities arising from the wave of technological innovation, aiming to make "timely investments" that accompany investors towards the "new" [1] Group 2 - Following the completion of the third-quarter reports, there is an increasing divergence in the market, particularly in the overseas computing power sector, where some individual stocks reported lower-than-expected earnings. The upward trend in stock prices has temporarily ended, and the market is expected to experience a period of fluctuation. Currently, the market is focusing on the energy storage sector, but its sustainability until the end of the year remains uncertain [2] - The market is in a phase where the main lines are unclear, with expectations of limited downside for the overall market. However, caution is advised for previously high-performing sectors, with a focus on opportunities in AI and terminal applications [3] Group 3 - In October, the technology leaders experienced a pullback, while dividends and micro-plate stocks saw a rebound. The shrinking trading volume indicates that previous profit-taking has begun, leading the market to actively seek defensive and low-position rebound targets. The market's risk appetite may decline, and attention should be paid to stocks with low positions and supported earnings and valuations, particularly in the AI industry chain related to consumer electronics and IC design [4] - As various positive factors have been largely priced in, the overall market momentum is expected to weaken, maintaining a fluctuating trend. The market style may shift back to a combination of dividends and themes, with a focus on the military industry, which has seen limited gains this year and may have potential catalysts related to military trade [5] Group 4 - Caution is advised for the overall market before the end of the year due to significant gains since the beginning of the year. The market may exhibit a more balanced style, with low-position industries potentially offering relative returns. Current investment opportunities are focused on AI applications, which have made progress across various sectors, as well as other potential opportunities such as the Huawei sector and domestic production in critical areas like industrial mother machines and semiconductor localization [6][10] - The AI sector remains a core focus, with the "computing, connection, storage" triad guiding multiple investment lines. The AI sector is expected to have catalysts in the near future, and attention should be paid to stocks that have seen significant declines and those showing upward trends in third-quarter earnings [10][11] Group 5 - The technology innovation sector is viewed as a crucial engine for market growth, with expectations of a rebalancing in the market structure. Key areas of focus include opportunities in infrastructure related to computing power, such as computing chips and optical communication, as well as the potential for explosive growth in AI-enabled products and applications [12]

Group 1 - The article discusses the increasing volatility in the A-share market due to multiple risk factors, leading investors to struggle between risk control and seeking returns [1] - The "Fixed Income +" fund category is highlighted as a potential solution for investors looking for stability and returns in a low-interest-rate environment [1] - Great Wall Fund is launching the Great Wall Fengze Bond Fund, which aims to provide a classic "Fixed Income +" structure with a focus on bond foundation and equity enhancement [1][2] Group 2 - The Great Wall Fengze Bond Fund will allocate at least 80% of its assets to fixed income, with 5%-20% in stocks and convertible bonds [2] - The fund manager, Zhang Zhen, emphasizes a "three-tier" investment system focusing on medium to low volatility strategies, aiming for stable coupon income and opportunistic long-duration bond trading [2][3] - Zhang Zhen has over 11 years of experience in the securities industry and more than 8 years in public fund management, making him a versatile member of the Great Wall Fund's fixed income team [2] Group 3 - The article provides performance data for similar funds managed by Zhang Zhen, showing significant returns and lower volatility compared to benchmarks [3][4] - The Great Wall Stable Income Fund achieved a one-year return of 7.48%, outperforming its benchmark of 4.27%, with a lower annualized volatility of 2.43% compared to 4.47% for similar funds [3] - Looking ahead, the article suggests that the bond market may present value opportunities, while the equity market could benefit from macroeconomic recovery and supportive policies [3]

在长城稳固收益债券2025年基金三季报中，基金经理张棪表示，三季度，国内经济基本面仍处于弱复苏 过程中，资金面整体相对平稳，但债券收益率上行显著。张棪认为，收益率上行有以下几个原因：一是 2024年以来债券收益率整体下行幅度较大，部分透支了货币政策宽松预期；二是三季度权益市场上涨显 著，风险偏好明显改善；三是公募基金销售新规等有关费率规则的调整引起了部分投资者的担忧。从结 构上看，长端和超长端利率调整明显大于短端，信用债跟随利率债上行而波动。针对权益市场，张棪表 示，三季度权益市场呈现高收益、低波动的特点，科技成长风格上涨显著。可转债整体方向上和股票一 致，呈现震荡上涨走势。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或 ...

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a downturn, with significant declines in several key companies, while the innovative drug ETF is seeing increased investment interest despite the market drop [1][3]. Group 1: Company Performance - Zai Lab reported a third-quarter product revenue net of $115.4 million, a year-on-year increase of 13%, with a net loss of $36 million, which is an improvement compared to the same period last year [3]. - BeiGene, known as the "king of innovative drugs," achieved a remarkable third-quarter revenue of 10.077 billion yuan, marking a year-on-year growth of 41.1%. The total revenue for the first three quarters reached 27.595 billion yuan, up 44.2% year-on-year, surpassing the total revenue of the previous year, with a net profit attributable to shareholders of 1.139 billion yuan [3]. Group 2: ETF Insights - The Hong Kong Stock Connect Innovative Drug ETF (520880) exclusively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies, and offers better risk control by reducing the weight of less liquid stocks [4][5][6]. - As of the end of October, the top ten holdings in the index accounted for 71.51% of the total weight, indicating a strong representation of leading innovative drug companies [7]. - The ETF has surpassed 2 billion yuan in total assets for the first time, with an average daily trading volume of 474 million yuan, making it the largest and most liquid ETF tracking this index [8].

11月7日，电池板块午后持续爆发，上游材料方向领涨，全市场唯一一只跟踪绿色能源指数的绿色能源 ETF（562010）场内涨幅盘中上探2.22%，现涨1.25%，站上全部均线，冲击日线3连涨！ 值得关注的是，11月6日，新宙邦表示，2025年三季度以来，电解液行业逐步从上半年的历史低位进入 触底反弹阶段，六氟磷酸锂价格上涨对电解液的传导正逐步落地。新签合同将充分参考六氟磷酸锂最新 价格定价，传导效率将进一步提升。 展望后市，东吴证券研报指出，10月电池排产进一步提升10%，旺季再上台阶，预计11月排产仍小幅提 升，高景气度延续，其中储能需求超预期，价格已上涨1~3分/wh，预计第四季度仍有提升空间。 【聚焦绿色能源，"碳"寻时代趋势】绿色能源ETF（562010）被动跟踪绿色能源指数，按照申万二级行 业口径，电池、光伏设备、电力是该指数的前三大重仓行业，截至10月底，合计权重占比超75%。指数 前十大权重股分别为宁德时代、比亚迪、长江电力、阳光电源、亿纬锂能、隆基绿能、华友钴业、赣锋 锂业、先导智能、通威股份。 风险提示： 绿色能源ETF被动跟踪绿色能源指数，该指数基日为2013.12.31，发布于2021.8 ...

Core Viewpoint - The brokerage sector is experiencing a period of consolidation above the 4000-point mark on the Shanghai Composite Index, with significant inflows into brokerage ETFs, indicating a strategic opportunity for investment in this sector [1][4]. Group 1: Market Performance - On November 7, the Shanghai Composite Index fluctuated above 4000 points, with the brokerage sector showing mixed performance, as the top brokerage ETF (512000) saw a slight decline of 0.5% while maintaining its 5-day moving average [1]. - The brokerage ETF (512000) has recorded a net inflow of 3.67 billion yuan over the past 20 days, reaching a total fund size of 40.119 billion yuan, marking a historical milestone for this ETF [2][4]. Group 2: Analyst Insights - According to招商证券, the ongoing slow bull market presents an opportunity for increased attention and allocation towards the brokerage sector, which is seen as a leader in the bull market despite its overall underperformance [4]. - 华泰证券 notes that with market expansion and increased activity, brokerage firms are enhancing their business capabilities and profitability, suggesting that the current period is critical for capitalizing on strategic recovery opportunities within the brokerage sector [4]. Group 3: Investment Tools - The brokerage ETF (512000) and its linked funds are designed to passively track the CSI All Share Securities Companies Index, providing an efficient investment tool that encompasses 49 listed brokerage stocks, balancing between leading and smaller brokerage firms [4].

Group 1 - The chemical sector is leading the market on November 7, with the chemical ETF (516020) showing a significant upward trend, reaching a peak increase of 4.26% during the day and closing with a 3.97% rise [1] - Key stocks in the sector include lithium battery and fluorochemical companies, with notable performances from companies like Duofluoride and Tianci Materials, both hitting the daily limit up, and Xinzhoubang rising over 10% [1] - The basic chemical sector has seen a net inflow of over 23 billion yuan from major funds, ranking first among 30 sectors tracked by Citic [1][3] Group 2 - The price of lithium hexafluorophosphate continues to rise, nearing 120,000 yuan per ton, driven by strong demand from the new energy and energy storage industries, while upstream lithium carbonate prices are declining [3] - The chemical ETF (516020) is currently valued at a price-to-book ratio of 2.29, which is relatively low compared to the past decade, indicating a favorable long-term investment opportunity [4] - Future projections suggest that the chemical sector's valuation is low, with potential for upward movement due to oil price rebounds and ongoing efforts to reduce "involution" competition [5]

Core Viewpoint - The current market environment emphasizes the need for stability in investment strategies, particularly as the Shanghai Composite Index approaches the 4000-point mark and experiences volatility [1][9]. Investor Experience - The essence of purchasing mutual funds is to achieve asset preservation and appreciation in the equity market, with a focus on smooth and steady returns while avoiding significant losses [3][9]. - A good investment experience is defined by two standards: minimizing large and prolonged losses, and alleviating the stress of market timing for investors [3][9]. Investment Strategy - The investment philosophy is based on macroeconomic research, focusing on identifying undervalued opportunities from cyclical turning points rather than chasing short-term trends [5][9]. - The manager has increased allocations in public utilities and transportation sectors in anticipation of counter-cyclical policies, while also monitoring "white horse stocks" that are closely tied to China's economic performance and interest rates [5][9]. Dynamic Adjustment - The investment approach involves flexible adjustments to the portfolio in response to market style changes, reducing exposure to high-volatility assets while increasing weight in undervalued assets with reversal potential [7][9]. - The manager's patience in waiting for market opportunities, such as in the brokerage sector, reflects a strategy of maintaining a balanced portfolio to withstand short-term pressures [7][9]. Long-term Perspective - Emphasizing the importance of time in investment management, the strategy focuses on managing risk from a volatility perspective rather than fixating on individual stock performance [8][9]. - The overall goal is to stabilize the portfolio's foundation to navigate through market fluctuations, allowing for a more secure investment journey for clients [9].

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a downturn influenced by overseas market conditions, with significant declines in major tech stocks like Alibaba and Tencent [1][3]. Group 1: Market Performance - On November 7, the Hang Seng Technology Index fell by 2% in the first half of the trading day, with leading tech stocks such as Alibaba and Tencent both dropping over 2% [1]. - Since reaching a peak at the end of September, the Hong Kong tech sector has undergone a correction, with the CSI Hong Kong Internet Index down 10% in October [3]. - The Hong Kong Internet ETF (513770) saw a price drop of 2.55% but experienced a premium trading rate of 0.24%, indicating active buying interest [1][4]. Group 2: Valuation Metrics - As of the end of October, the CSI Hong Kong Internet Index had a price-to-earnings (PE) ratio of 24.44, which is significantly lower than the NASDAQ 100 (36.95) and the ChiNext Index (41.11) [3][5]. - The current valuation of the Hong Kong Internet sector is at a low historical percentile, suggesting potential for upward movement [3][5]. Group 3: Investment Trends - Recent data shows a net inflow of 137 million yuan into the Hong Kong Internet ETF, with a total of 641 million yuan in net inflows over the past five days [4]. - The core narrative of the Hong Kong Internet sector is shifting from user growth and business models to new growth opportunities driven by AI [5]. - The Hong Kong Internet ETF has a total size exceeding 11.8 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity [6]. Group 4: Major Holdings - The top three holdings in the Hong Kong Internet ETF are Alibaba (19.22%), Tencent (16.46%), and Xiaomi (10.41%), collectively representing over 73% of the fund [6][7]. - The ETF is positioned to benefit from the ongoing AI wave, which is expected to be a key driver of market performance through 2026 [5].

最新消息，谷歌表示，正推出其迄今为止最强大的芯片Ironwood，未来几周将全面上市。新的 Ironwood TPU在单个吊舱中连接多达9216个芯片，速度比其前代产品快四倍多。 值得关注的是，国内PCB产业链相关人士表示，谷歌方面最近已相继去胜宏科技等国内几大PCB巨头考 察，或洽谈采购人工智能芯片用的PCB。如果这些意向订单未来得以兑现，对PCB产业链是很大的拉 动。 国金证券显示，推理需求正大幅增加，ASIC需求旺盛，AI算力真实需求强劲，token数量爆发式增长。 加之北美大厂加大AI投入，AI-PCB公司订单强劲，满产满销。 展望后市，中信证券指出，2025年三季度，算力相关PCB、国产算力芯片龙头、存力/运力芯片龙头、 果链龙头等细分板块的表现相对亮眼。未来，电子行业景气度有望延续，其中AI仍是最大驱动力，海 外算力与国产算力共振成长，先进逻辑/存储扩产有望提速。 国信证券指出，AI需求持续强劲，存储芯片、部分被动件、高阶CCL等环节已呈现出供不应求、价格 上涨的趋势。AI需求的景气拉动范围、幅度，以及国产算力+存力的自主可控能力及需求持续性，仍然 被市场低估，当前时点建议重点关注电子板块。 盘面 ...