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].

Group 1 - The U.S. non-farm payrolls increased by 119,000 in September, significantly exceeding the expected 51,000 [1] - The unemployment rate rose to 4.4%, the highest level since October 2021 [1] - The September non-farm data will be the last employment report available before the Federal Reserve's meeting on December 9-10, as key employment and inflation data for October will not be released [1] Group 2 - Market expectations for a 25 basis point rate cut by the Federal Reserve in December are currently around 42% [1] - Even if the Federal Reserve pauses a rate cut, as long as it remains in a rate-cutting cycle, there will still be upward momentum for non-ferrous metal prices [1] - The non-ferrous metals sector experienced a decline in the market, with leading stocks such as Shengxin Lithium Energy and Yongxing Materials hitting the daily limit down [1] Group 3 - Despite market fluctuations, there has been a net subscription of 10.8 million units for the non-ferrous metal ETF (159876), indicating positive sentiment towards the sector [2] - The ETF has attracted a total of 175 million yuan in the past five days, reflecting investor confidence in the future of the non-ferrous metal sector [2] Group 4 - The non-ferrous metal sector is characterized by varying degrees of market conditions and driving factors, suggesting a diversified investment approach through ETFs that cover multiple metals [3] - The non-ferrous metal ETF (159876) and its associated funds provide comprehensive coverage of industries such as copper, aluminum, gold, rare earths, and lithium, which helps in risk diversification [3]

机构分析认为，光模块"量价齐增"受益于供需两端的多重因素共振：需求侧，全球云厂商资本开支持续 上修，算力建设需求旺盛；供给侧，技术迭代加速，头部厂商积极扩产满足增长需求。随着全球算力投 资规模不断扩大、技术迭代持续加速，光通信产业链将维持高景气度。 把握光模块等算力、AI应用核心机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场 外联接（A类023407、C类023408），标的指数重点布局光模块龙头"易中天"，光模块含量超54%。从 赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。（截至 2025.10.31） 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 ...

Group 1 - The agricultural and livestock ETF (159275) is showing resilience with a 0.4% increase in market price and a transaction volume of 1.43 million yuan as of November 21 [1] - Key stocks in the ETF include strong performers such as Quanyin High-Tech, Shennong Seed Industry, and Zhongshui Fishery, while Huaying Agriculture, Yike Food, and Guannong Co. are underperforming [1] - The price of live pigs has dropped to 11.74 yuan/kg, indicating ongoing pressure on breeding profits, which may accelerate upstream capacity reduction [1][2] Group 2 - The price of white feather broilers has increased to 7.12 yuan/kg, suggesting improved profit margins for leading breeders [1] - Dongguan Securities highlights that the decline in pig prices and continued losses per head may drive the reduction of breeding sow capacity, with current stock levels remaining high [1][2] - The Ministry of Agriculture and Rural Affairs emphasizes the need for technological self-reliance in seed industry development [1][2] Group 3 - The livestock industry is facing multiple pressures, including ongoing losses in the pig sector and a reduction in breeding sow stock by 370,000 heads compared to last year's peak [2] - The price of broiler chickens is expected to rebound by mid-next year due to anticipated supply reductions, while yellow chickens benefit from seasonal demand [2] - The animal health industry is experiencing a recovery, with high antibiotic prices and significant growth in domestic vaccines [2] Group 4 - The agricultural and livestock ETF and its linked funds passively track the agricultural and livestock index, with top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]