Market Overview - A-shares experienced a significant rally on November 13, with major indices opening low and closing high, leading to the Shanghai Composite Index reaching a ten-year high. The total trading volume exceeded 2 trillion yuan [1] - The financial technology sector saw a strong performance, particularly internet brokerages, with notable gains from companies like Dongfang Caifu and Tonghuashun, which rose by 1.78% and over 2% respectively [1] ETF Performance - The Financial Technology ETF (159851) rebounded with a daily increase of 1.45%, and the trading volume reached 483 million yuan, with over 200 million yuan added in the last five days [3] - The ETF's technical indicators suggest a potential bottom formation, indicating possible low-position investment opportunities [3] Future Market Outlook - Leading brokerage firms predict that the A-share bull market is likely to continue, driven by policy shifts and improved liquidity. The core logic supporting this bull market is expected to persist and even strengthen by 2026 [5] - The "transformation bull" in China is far from over, with economic transformation and capital market reforms expected to amplify bullish sentiment, potentially surpassing previous market highs [5] Investment Recommendations - Open-source Securities suggests that the current "slow bull" market validates ongoing sector re-evaluations, recommending continued focus on internet brokerages and financial IT sectors, which are expected to benefit from the market's upward cycle [5] - Non-bank financials are highlighted as the most benefitting sector from the slow bull market, with expectations for continued profit and valuation increases [5] Financial Technology Sector Insights - The Financial Technology ETF (159851) and its associated funds are recommended for investment, covering a range of themes including internet brokerages, financial IT, and AI applications [6] - As of October 31, the Financial Technology ETF has a scale exceeding 10 billion yuan, with an average daily trading volume of 500 million yuan, leading among similar ETFs in terms of scale and liquidity [6]

Group 1 - The overall sentiment among leading brokerages for the A-share market in 2026 is optimistic, with a prevailing view that the bull market will continue [3] - CITIC Securities believes that the bull market is expected to persist, driven by policy shifts and improved liquidity, with core logic supporting the bull market likely to continue or even strengthen [3] - China International Capital Corporation (CICC) anticipates that the upward trend since September 24, 2023, will continue, supported by the restructuring of international monetary order, the AI revolution entering a critical application phase, and the performance of innovative industries [3] Group 2 - Guotai Junan Securities asserts that the "transformation bull market" in China is far from over, with economic transformation, declining risk-free returns, and capital market reforms expected to amplify bullish sentiment [3] - The A50 ETF by Huabao focuses on 50 major leading companies, providing investors with a diversified option to invest in China [4] - The A100 ETF by Huabao tracks the CSI A100 Index, offering another avenue for investors to engage with the Chinese market [4]

Core Viewpoint - The A-share market has shown strong performance, with the core index returning above 4000 points and the S&P A-share Dividend Index continuing its upward trend, indicating significant excess returns compared to the broader market [1][2]. Market Performance - As of November 13, the S&P A-share Dividend Index has increased by 0.60% in the past week, 6.74% in the past month, and 14.31% over the past year, with an annualized volatility of 11.47% [2]. - The Shanghai Composite Index has also performed well, with a 0.73% increase in the past week and a 4.25% increase in the past month [2]. ETF Performance - The S&P Dividend ETF (562060) has outperformed other popular dividend ETFs, achieving a premium increase of 0.48% and marking a "12 consecutive days of gains" with a closing price of 0.628 yuan [2][4]. - The ETF has seen a significant inflow of funds, with a total net inflow of 66.17 million yuan over the past five trading days, indicating strong investor interest [4]. Stock Performance - High-dividend stocks within the index have shown notable performance, with companies like Furui Co. achieving six consecutive daily price limits, and Zhongyuan Marine Energy rising by 7.11% [6][7]. Index Composition and Strategy - The S&P A-share Dividend Index is characterized by a more balanced industry distribution, with the top five industries (banking, machinery, light industry, home appliances, and basic chemicals) accounting for less than 50% of the index [12]. - The index features a median market capitalization of 21 billion yuan, which is significantly lower than that of the CSI 500 index, aligning with the current market preference for small-cap stocks [12]. Dividend Yield and Strategy - The S&P A-share Dividend Index maintains a competitive dividend yield of 18%, benefiting from a high-frequency rebalancing mechanism that enhances dividend stability and profitability [9][12]. - The index has outperformed its peers in terms of returns, with a year-to-date increase of 14.95% and a Sharpe ratio of 1.91, indicating strong risk-adjusted performance [9].

Core Insights - The "fixed income +" funds have rapidly developed this year, becoming a key choice for investors seeking stable asset allocation in a volatile market, with total scale surpassing 2 trillion yuan by Q3 2025 [1][2] - The launch of the new "fixed income +" product by Great Wall Fund aims to provide investors with more quality investment options [1] Group 1: Market Conditions - The appeal of "fixed income +" funds is driven by a continuous decline in risk-free interest rates, which compresses the yield space of pure debt assets, failing to meet the income needs of conservative investors [2] - The recovery of the equity market, particularly in themes like technology innovation and green low-carbon, enhances the yield potential of "fixed income +" products [2] Group 2: Future Outlook - The long-term trend indicates that the domestic economy is transitioning towards high-quality development, with ongoing pressure on real estate investment and consumption, suggesting a continued downtrend in market interest rates [3] - The overall market may experience fluctuations, with a shift from broad-based gains to more rational differentiation, necessitating a focus on individual stock selection [4] Group 3: Investment Strategy - The investment strategy for "fixed income +" will involve proactive portfolio management, focusing on building a stable bond base with an emphasis on medium to short-duration bonds and high-grade corporate bonds [5] - The strategy will also include enhancing allocations in convertible bonds, targeting those with high yields and low conversion premiums to leverage their asymmetric characteristics [6] - The final layer of the strategy will focus on selecting high-quality dividend stocks that are stable and financially healthy, adapting to market changes [6]

今年可转债表现亮眼，展望后市，张棪指出，尽管估值较年初有所提升，但供给端偏紧与需求端持续具 备吸引力的供需紧平衡格局，对估值形成支撑。在股市震荡上行的背景下，可转债仍具备结构性配置价 值。 近日，长城基金基金经理张棪针对当前股债市场环境及"固收+"基金的配置价值发表了专业观点。他认 为，尽管短期市场存在波动压力，但长期来看，股债市场均存在结构性机会，而"固收+"基金凭借其灵 活的多资产配置策略，或将成为投资者应对复杂市场环境的重要工具。 纯债市场方面，张棪认为长期中枢下行趋势不改，短期调整后配置价值提升，但受权益市场及基金销售 费用新规影响或呈现震荡行情。张棪表示，长期来看，国内经济仍处于向高质量发展转型阶段，高频数 据显示地产投资及消费仍有承压，利率中枢下行趋势未改。央行通过公开市场操作维持流动性合理充 裕，稳健宽松的货币政策为债市提供支撑。短期来看，经历三季度调整后，公募基金整体久期回落，债 市交易拥挤度下降，配置性价比提升。张棪同时指出，债券到期收益率进一步下行或面临制约：一是权 益市场表现强势下股债"跷跷板效应"的影响；二是银行自营等机构资金因基金销售费用新规尚未明确而 保持观望。短期市场或以震荡为主 ...

Market Overview - The Shanghai Composite Index reached a ten-year high, with the ChiNext Index rising by 2.55% and total market turnover exceeding 2 trillion yuan [1] - The recent U.S. government shutdown and subsequent fiscal spending halt have led to liquidity pressures in the money market, impacting foreign capital flows to emerging markets [1] - Despite the strengthening of the U.S. dollar, the liquidity pressure in the U.S. market is expected to ease as government spending resumes and the Federal Reserve is likely to halt balance sheet reduction in December [1] Policy Developments - The National Energy Administration released guidelines to promote the integration and development of renewable energy, aiming for a significant shift in the industry by 2030 [2] - The guidelines emphasize the importance of system efficiency and collaborative value in renewable energy, moving away from merely increasing installed capacity [2] - The U.S. government ended a 43-day shutdown with a temporary funding bill signed by President Trump, which will provide funding until January 30, 2026, alleviating immediate economic concerns [3] Market Performance - On November 13, A-shares saw an increase, with the Shanghai Composite Index closing at 4029.50 points, up 0.73%, and the Shenzhen Component Index rising by 1.78% [4] - The market turnover reached 20,658.28 billion yuan, showing an increase from the previous trading day [5] - The MACD indicator has formed a bullish crossover signal, suggesting positive momentum for certain stocks [6]

Group 1 - The core question of whether the index fund industry landscape is already determined is raised [1] - There is a discussion on whether index funds can truly meet clients' profit-making needs [1] - The article presents nine critical questions regarding the index business [1] Group 2 - The MACD golden cross signal formation indicates that certain stocks are experiencing a positive trend [1]

Core Insights - The article discusses the relevance of fixed income products in a low interest rate environment and explores the correct approach to investing in these products [1] Group 1: Fixed Income Products - Fixed income products remain a topic of interest despite low interest rates, prompting a reevaluation of their investment strategies [1] - The article suggests that understanding the fundamental principles of fixed income investment is crucial for making informed decisions [1] Group 2: Investment Strategies - The article emphasizes the importance of identifying the right methods to engage with fixed income products to maximize returns [1] - It highlights the significance of technical indicators, such as the MACD golden cross signal, which suggests potential upward trends in certain stocks [1]

Group 1 - The article discusses the importance of identifying opportunities for excess returns in a rapidly changing market [1] - It highlights the role of the ICBC Credit Suisse Asset Management team in exploring these investment opportunities [1] - The mention of MACD golden cross signals indicates that certain stocks are experiencing positive momentum [1]

责任编辑：郭栩彤 投资第一步，关键看研究！想知道基金公司的研究部日常都在做什么吗？一起揭秘硬核研究部！ MACD金叉信号形成，这些股涨势不错！ ...