炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月6日消息，网传近日鹏华基金旗下两位基金经理，闫思倩与王子建发生互殴。根据网传截图显示： 闫思倩在办公室骂骂咧咧，王子建受不了了，去掐了他的脖子，然后严思倩正当防卫，拿烟灰缸或者瓶 子，打了王子建的头，然后报警、送医院了。 网传截图如下： 资料显示，闫思倩女士：中国国籍，硕士，曾任华创证券分析师，中银国际证券业务经理，工银瑞信基 金研究部基金经理。2022年1月加盟鹏华基金管理有限公司，现担任权益投资三部总经理、投资总监、 基金经理。2017年10月17日至2022年1月13日担任工银瑞信生态环境行业股票型证券投资基金基金经 理。2018年11月至2022年01月任工银瑞信新能源汽车主题混合型证券投资基金基金经理。2022年5月7日 担任鹏华沪深港新兴成长灵活配置混合型证券投资基金基金经理。2022年07月担任鹏华新能源汽车混合 基金经理。2023年03月25日担任鹏华创新未来混合型证券投资基金（LOF）基金经理。2023年05月担任 鹏华碳中和主题混合基金经理，2024年8月至今担任鹏华科技驱动混合型发起式证券投资基金基金经 理。 ...

Market Overview and Analysis - The primary market saw the issuance of government bonds, local government bonds, and policy financial bonds amounting to 0 billion, 270.7 billion, and 142 billion respectively, with net financing of 0 billion, 178 billion, and 142 billion [1] - Financial bonds (excluding policy financial bonds) totaled an issuance of 92.1 billion with a net financing of 24.7 billion, while non-financial credit bonds had an issuance of 218.7 billion and a net financing of 3.6 billion [1] Secondary Market Review - The central bank announced the resumption of government bond trading operations, leading to a decline in bond market yields, influenced by signals of monetary easing and weak economic data [2] Liquidity Tracking - As the month-end approaches, the funding environment remains stable, with R001 and R007 rates rising by 2.7 basis points each compared to the previous week [3] Policy and Fundamentals - The October manufacturing PMI indicates significant downward pressure on traditional industries, with high-frequency data showing stable production at month-end, continued weakness in real estate consumption, and a mixed price performance [4] Overseas Market - The trade sentiment between China and the U.S. has improved, while Federal Reserve Chairman Powell has adopted a hawkish stance. The 10-year U.S. Treasury yield closed at 4.11%, up 9 basis points from the previous week [5] Equity Market - A-shares experienced a pullback after initially rising due to positive developments in U.S.-China negotiations and overcrowding in the tech sector. The Wind All A index fell by 0.52%, with power equipment and non-ferrous metals leading gains, while communications lagged [6] - The average daily trading volume increased significantly to 2.33 trillion, with a weekly average decrease of 528.02 billion. As of October 30, 2025, the total financing balance for all A-shares was 24,811.49 billion, an increase of 47.25 billion from October 23 [6] Bond Market Strategy Outlook - The resumption of government bond trading is expected to lead to a recovery period in the bond market, but caution is advised against chasing high prices. The central bank's focus on medium to short-term bonds is more certain, while long-term bonds may not perform as strongly in the short term [7] - In the credit bond sector, increased liquidity suggests a potential for higher allocation in flexible medium-duration investment-grade bonds and secondary capital bonds to capture capital gain opportunities [7] - For convertible bonds, the market has shown volatility influenced by U.S.-China tensions and domestic policy expectations, making it challenging to navigate. A risk-reward framework is recommended, focusing on dividend and value convertible bonds when the index approaches the upper range and on high-growth technology and export sectors when nearing the lower range [7]

Market Overview - A-shares experienced mixed performance last week, with major indices showing fluctuations and increased trading volume during adjustments [1] - Among the 31 Shenwan first-level industries, electrical equipment, non-ferrous metals, and steel performed relatively well [1] Macro Data Analysis - In September, industrial enterprise profits grew by 21.6% year-on-year, up from 20.4% in August, marking two consecutive months of double-digit growth [3] - The mining industry saw a profit decline of 29.3%, while manufacturing and electric heat water supply industries reported profit increases of 9.9% and 10.3%, respectively [3] - The automotive and computer communication equipment manufacturing sectors showed significant improvement, influenced by industry trends and policy support [3] - The accounts receivable period slightly shortened to 69.2 days, with a year-on-year increase of 3.3 days and a month-on-month decrease of 0.9 days, linked to a new fiscal tool worth 500 billion [3] Corporate Profit Growth - The cumulative year-on-year net profit growth for the entire A-share market and non-financial A-shares in Q3 2025 was 5.54% and 3.94%, respectively, showing an increase from H1 2025 [4] - The main board, ChiNext, and STAR Market reported net profit growth rates of +5.02%, +19.23%, and -5.01% in Q3 2025, reflecting a recovery from H1 2025 [4] - Key industries with strong net profit growth in Q3 included steel, non-ferrous metals, non-bank financials, electronics, and media [4] Market Strategy Outlook - The market experienced wide fluctuations last week, with marginal increases in trading volume during adjustments [5] - The proportion of public funds heavily invested in TMT sectors reached 40%, nearing historical highs [5] - The market is expected to remain volatile in the short term, with high-pressure adjustments on elevated sectors [5] - Long-term investment opportunities may arise from the ongoing AI competition and sectors with strong fundamentals, such as technology and domestic demand [5] - Defensive sectors are recommended for increased allocation, with a focus on dividend-paying stocks and stable assets like gold and agricultural products [5]

Group 1 - The core viewpoint is that the Hong Kong technology sector is currently in a phase of consolidation after a strong rise earlier in the year, and investors are looking for future momentum driven by liquidity improvement, industry catalysts, valuation advantages, and earnings expectations [1][4][9] Group 2 - The Federal Reserve's interest rate cuts are expected to improve liquidity in the Chinese stock market, which historically leads to upward trends in both A-shares and Hong Kong stocks [4] - AI capital expenditure is significantly increasing, with major cloud providers shifting their investments towards AI infrastructure, indicating a new growth cycle for AI [4][5] - The valuation of the Hang Seng Technology Index is currently attractive, with a price-to-earnings ratio of 24.65, which is below its historical average and significantly lower than that of the US Nasdaq [5][6] Group 3 - Earnings growth is anticipated to be a major driver for the market, with forecasts suggesting a double-digit growth rate for major Hong Kong indices, particularly a 42.6% growth for the Hang Seng Technology Index in 2026 [6][9] - The Hang Seng Hong Kong Stock Connect Technology Index is positioned as a key tool for capturing investment opportunities in the AI era, reflecting the overall development of the Hong Kong technology sector [9][10] Group 4 - The index includes leading companies across various sectors such as software services, semiconductors, and consumer electronics, which are actively transforming in the AI landscape [10][13] - The top five constituents of the index represent significant players in the AI industry, contributing to the core of the domestic AI supply chain [13]

10月以来很多投资者的体验不太友好。A股市场波动加大，前期风光无限的科技股遭遇明显回调；债券 市场陷入多空博弈的震荡格局，整体情绪依旧承压；就连年内涨幅遥遥领先的黄金，也遭遇6%的闪 崩，从接近 4400 美元/盎司高位回落。 在这样的环境下，对于追求稳定体验的投资者来说，以多元资产配置为特色的FOF产品成为了不错的选 择。 首先，多元资产配置能够有效地应对经济周期的轮动。 在无风险收益率持续下行、市场波动加大的当下，投资者如果只配置单一资产，常常面临"要么收益有 限，要么波动过大"的困境。而多资产FOF就是通过多元资产配置，在组合中加入多个相关性较低的资 产，东边不亮西边亮，有助于较好地分散投资风险，平滑组合波动。 其次，多元资产配置可以更好地平衡收益和回撤。 FOF基金通过多元化、低相关性的资产配置，力争在降低组合回撤的约束条件下，把握资产的收益弹 性，从而提升组合的夏普比。 我们以近5年的数据为例，FOF基金指数（931153.CSI）自2020年11月1日-2025年10月31日，区间上涨 12.96%；跑赢了同期的偏股基金指数、沪深300指数。 分年度来看，在2021年-2023年沪深300处于低谷 ...

Group 1 - The core viewpoint of the articles highlights the resilience of the convertible bond market amid fluctuations in the A-share market, with convertible bonds showing less adjustment than underlying stocks and maintaining high price and valuation levels [1] - The convertible bond market is experiencing positive signals from the supply side, including an increase in the number of issuance plans and a faster approval pace, which may lead to marginal improvements in the market [1] - Long-term optimism for the convertible bond market is supported by four key factors: a positive policy stance towards the capital market, the revaluation of Chinese assets amid US-China trade tensions, a long-term trend of asset allocation towards equity markets, and a tightening supply of convertible bonds due to declining stock levels [1] Group 2 - The "fixed income enhancement" funds focusing on convertible bond allocation may become an important choice for investors seeking to balance risk and return, allowing for more flexible engagement with structural opportunities in both the convertible bond and equity markets [2] - The company has developed a diverse "fixed income+" product matrix, emphasizing refined investment management to meet the varied and differentiated investment needs of investors in a complex capital market [2]

Core Insights - The domestic chip sector is experiencing a strong rally, particularly in the AI industry chain, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) showing a price increase of 2.21% and recovering the 60-day moving average, which is seen as a significant bullish signal [1][3] Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589520) has seen a net inflow of funds totaling 23.34 million yuan over the past four days, indicating strong investor interest [1] - Key constituent stocks such as Cambricon Technologies surged over 9%, while other companies like Yuntian Lifei and Obsidian Technology rose by more than 4% [1] Group 2: Industry Trends - The AI sector is transitioning from a narrative phase to a practical implementation phase, with increasing commercial applications and a growing willingness among enterprises to invest in AI solutions [3] - The year 2025 is anticipated to be a pivotal year for AI commercialization, marking a shift from AI as a supportive tool to becoming a core productivity driver [3] Group 3: Policy Environment - The importance of domestic substitution in the AI industry is highlighted by the new five-year plan, which emphasizes the implementation of the "Artificial Intelligence +" initiative to empower various industries [3] - The Chinese government has expressed a strong commitment to advancing towards an intelligent economy and society by 2035, showcasing a national strategy to enhance AI capabilities [3] Group 4: Investment Highlights - The ETF is positioned to benefit from top-level policies that are expected to ignite growth in the AI sector, with a focus on companies that are leaders in their respective segments [4] - The ETF offers a low-threshold investment opportunity with a 20% price fluctuation limit, enhancing its efficiency during market surges [4] - The top ten holdings in the ETF account for over 70% of its weight, with the semiconductor sector representing more than half of the portfolio, indicating a concentrated and aggressive investment strategy [4]

Core Insights - The article emphasizes the importance of a comprehensive investment app that not only provides data but also transforms it into actionable insights for investors, particularly during market fluctuations [1] Data Advantage - Sina Finance APP covers 98% of the market's fund products and monitors over 10,000 funds in real-time, integrating data from 163 major fund companies, allowing investors to access all market fund net value information in one place [2] - The app boasts a refresh speed of 0.03 seconds, maintaining real-time updates even during high-traffic events, unlike many competitors that experience delays [2][3] Intelligent Tools - The app utilizes advanced data visualization and AI tools to simplify complex financial data, with features like the "Xina AI Assistant" that condenses lengthy reports into concise summaries while highlighting risks and opportunities [4] - The intelligent investment feature allows for automatic adjustments in investment amounts based on market conditions, enhancing the investor's ability to capitalize on low market points [5] Ecosystem Integration - Sina Finance APP offers a seamless experience from information gathering to trading, integrating trading functionalities within the app itself [6] - The platform collaborates with 60 fund companies, providing access to over 3,000 fund products, and features a content matrix that includes real-time news and in-depth reports [7][8] User Experience - The app's modular and personalized design allows users to customize their interface according to their investment preferences, enhancing usability [9][10] - An intelligent alert system monitors various market conditions with a high accuracy rate, ensuring users are informed of significant market changes [10] - The integration of social features allows users to engage in discussions and access diverse analytical perspectives while checking fund values [10] Conclusion - The app not only presents daily net value changes but also provides comprehensive insights into fund managers' investment styles and portfolio distributions, enabling users to develop a well-rounded understanding of their investments [11]

Core Viewpoint - The Hong Kong semiconductor market is experiencing a significant surge, with the first ETF focused on the Hong Kong semiconductor industry showing strong performance, particularly in the technology sector [1][2]. Group 1: ETF Performance - The Hong Kong Information Technology ETF (159131) has seen an increase of over 2% during trading, with notable gains in constituent stocks such as Lens Technology, which rose over 6%, and SMIC and Huahong Semiconductor, both increasing over 5% [1][2]. - The ETF is the first in the market to track the Hong Kong Stock Connect Information C index, supporting T+0 trading, making it a unique investment vehicle for the semiconductor industry [2][3]. Group 2: ETF Composition - The ETF's index is composed of 70% hardware and 30% software, focusing on semiconductor, electronics, and computer software sectors, including 41 Hong Kong hard-tech companies [3][4]. - Major holdings include SMIC with a weight of 19%, Xiaomi Group at 10.28%, and Huahong Semiconductor at 5.11%, excluding large-cap internet companies like Alibaba and Tencent, thus providing a sharper focus on AI hard-tech trends [3][4]. Group 3: Index Characteristics - The index has a single sample weight cap of 15%, with adjustments made every six months based on market fluctuations, which may lead to individual stock weights exceeding this limit [5].

同类比较看，截至10月31日，创业板人工智能ETF（159363）最新规模超35亿元，近1个月日均成交额 超7亿元，规模、交投在跟踪创业板人工智能指数的7只ETF中高居第一。 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、 47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的 持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险，适宜积极型（C4）及以上的 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建 ...