Group 1 - The core concept emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are essential for successful investing [2] - The article distinguishes between absolute and relative returns, defining absolute return as the actual profit after fees, while relative return refers to excess returns compared to a benchmark [3]

Core Viewpoint - The overall market sentiment has improved significantly, but there remains a notable divergence in various sentiment indicators, indicating a complex market environment [3]. Group 1: Market Risk Assessment - The risk score for the stock market, as per the Zhongtai Asset Management risk system, is 52.77, an increase from 45.79 last month, driven by marginal improvements in market sentiment [2]. - The valuation of the CSI 300 index has slightly decreased to 60.68 from 64.74, remaining in a relatively high range over the past six months, with significant valuation disparities across different sectors [2]. - The market expectation score has decreased to 52.00 from 55.00, reflecting weaker macroeconomic data, particularly in fixed asset investment growth [2]. Group 2: Sector Performance - Among the 28 Shenwan first-level industries, sectors such as steel, electronics, real estate, and defense continue to have valuations above the historical 60th percentile, while agriculture and non-bank financials remain below the 10th percentile [2]. - The consumer market showed a slight rebound in October, with retail sales growing by 4.28%, although this was a decrease of 0.22% from the previous month [8]. Group 3: Economic Indicators - Fixed asset investment growth has declined to -1.7%, with significant weakness in real estate and building materials, while industrial value-added growth remains stable at 4.9% year-on-year [7][8]. - The overall liquidity in the market is under pressure, with social financing and M2 growth rates declining, indicating a need for close monitoring of these trends [10][11].

Core Viewpoint - The article highlights the significance of the "Capital Connectivity - New Silk Road of Financial Investment" conference held in Frankfurt, emphasizing the deepening financial cooperation between China and Europe, particularly in the context of the 50th anniversary of diplomatic relations between China and Germany [2][4]. Group 1 - The China Securities Investment Fund Industry Association participated in the conference, which was co-hosted by the German Federal Association of Investment and Asset Management (BVI) and the Bank of China, with nearly 200 representatives from the asset management industry, banks, exchanges, and regulatory bodies from both regions [2]. - The BVI President, Richter, expressed the importance of the conference as a timely opportunity to enhance communication and cooperation between Chinese and European financial sectors, aiming to build a solid bridge for dialogue and collaboration [2][6]. - The Association's leadership promoted the spirit of the 20th National Congress of the Communist Party of China, highlighting the long-term positive trend of the Chinese economy and the role of the fund industry in supporting the real economy and innovation [4]. Group 2 - Participants agreed on the solid foundation and immense potential for China-Europe financial cooperation, focusing on practical collaboration in capital market connectivity, green finance, and digital finance [6]. - There is a shared expectation among representatives to strengthen exchanges in cross-border product innovation, risk management, and investor services, exploring new growth points in asset management cooperation [6]. - During the visit, the Association engaged with Allianz Investment, Deutsche Börse Group, and DWS Group to discuss the development of the asset management industry in both countries, investment opportunities in China, and internationalization of asset management companies [8].

11年，在投资的时间轴上，可以见证一轮从衰退到复苏的经济周期，在人与人的关系里，也能将陌生变成信 任，将相识沉淀为相知。 长按识别海报二维码，即刻开启派对 派对指南 派对时间： 即日起至2025年11月30日 派对嘉宾： 中泰资管全体会员朋友 感谢众多好友的一路相伴。这些年，我们一起经历了市场起伏，也真诚分享和交流过投资心得。每一次对话、 每一份信任，都让彼此的关系变得更加珍贵。值此公司成立11周年之际，我们诚邀大家参与 「好友记·周年派 对」 ，解锁惊喜好礼。 暖冬治愈奖： 香氛月球加湿器，秋冬时节，让温润的水雾和淡淡的香气，陪你度过每个投资 的日与夜。 活力健康奖： 佑美无绳计数跳绳，投资要长期主义，身体更要长期主义。健康相伴，才能走 得更远。 惊喜连连奖： 随机贝壳、亲密度加成，100%有礼，让每一次参与都不会空手而归。 派对地图 除了在 「拾光串贝坊」 解锁"朋"字印记外，本次派对还有更多区域等你探索！ 在 「1贝壳兑换区」 我们准备可以用1个贝壳的"友情价"兑换的心仪好物，欢迎前往查看。在 「悄悄话信箱」 可以留下你的心声，无论是投资路上的感悟，还是对未来的期待，每一份真 挚的表达，都会成为我们共同 ...

基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 持有的基金分红 如何影响收益? 基金分红不会带来额外收益, 但不同方式的意义不同。 分红会让基金的 单位净值下降,但 总资产不变。分红 时,持有人可选择现金分红或红利再投资 的形式。 扫码进入基本功专栏 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 中泰证券资产管理 ...

Core Viewpoint - The article emphasizes the importance of increasing the resident consumption rate in China as a key goal for the 14th Five-Year Plan (2026-2030) to drive economic growth and improve living standards [1][2]. Group 1: Current Situation of Resident Consumption Rate - China's resident consumption rate is currently low compared to other countries with similar income levels, approximately 10 percentage points lower than the average of 50% for middle-income countries [1]. - Historical data shows that the resident consumption rate in China has only increased during the "Ninth Five-Year" and "Twelfth Five-Year" periods, with significant declines in other periods, reaching a low of 34.9% in 2010 [2]. - By the end of 2024, the resident consumption rate is projected to be 39.9%, which is only a 5 percentage point increase from 2010 and close to the level seen in 2005 [2]. Group 2: Strategies for Increasing Resident Consumption Rate - The article suggests looking at historical consumption transformations in the United States, where increases in disposable income and government support played crucial roles in boosting consumer spending [4]. - It categorizes Asian countries into four types based on their consumption behavior, highlighting that "consumer-friendly" countries like Japan have developed advanced service sectors to create more consumption opportunities, while "cautious" countries like Singapore prioritize wealth accumulation [4]. - The article concludes that improving the resident consumption rate requires both stimulating consumer willingness and enhancing their financial capacity, indicating a dual approach is necessary for effective results [5].

Core Insights - The article emphasizes the importance of accepting market pullbacks as a natural part of investing, highlighting that emotional responses to losses can lead to poor decision-making [2][4][5] - It discusses the concept of "loss aversion," where the pain of losing is felt more intensely than the pleasure of gaining, suggesting that investors should focus on long-term strategies rather than short-term fluctuations [2][4] - The article advocates for reducing the frequency of checking investment values to manage emotions better and avoid impulsive decisions driven by market volatility [4][5] Group 1 - Market adjustments have led to a shift in investor sentiment, with many feeling discouraged as recent gains have been significantly reduced [2] - The example of two investment products illustrates that most investors prefer a stable, lower-return option over a higher-return option with volatility, reflecting a common bias towards loss aversion [2] - Accepting that market pullbacks are inevitable is crucial for maintaining a healthy investment mindset, as the real risk lies in permanent loss of capital rather than temporary fluctuations [2] Group 2 - Behavioral aspects of investing are highlighted, suggesting that frequent monitoring of investment performance can lead to anxiety and poor decision-making [4] - The article references Warren Buffett's investment philosophy, which encourages patience and long-term holding of investments, away from the distractions of high-pressure market environments [5] - It suggests that investors should focus on expanding their knowledge and maintaining a healthy lifestyle, rather than fixating on market downturns [5]

Core Insights - The essence of value investing is not limited to stocks but can be applied to any asset that generates cash returns, emphasizing the importance of a mindset that values long-term ownership over short-term trading [2][3][4] - Corporate culture is crucial for long-term strategic alignment and decision-making, although it is often difficult to assess from a secondary market investor's perspective [4][5][6] - The analysis of business models and competitive advantages is fundamental to determining long-term value, while corporate culture serves as a supportive tool for this analysis [5][6][7] Group 1: Investment Philosophy - The concept of "buying a company" aligns with the idea of being willing to hold an asset indefinitely, which serves as a test for value investment [2] - A strong corporate culture can help a company correct its course over time, but assessing this culture is challenging for external investors [4][5] - The focus on business models and competitive advantages is essential, as they are the core determinants of long-term value [5][6] Group 2: Corporate Culture - Corporate culture encompasses a company's mission, vision, and core values, which guide daily operations and decision-making [6] - Identifying a company's culture is complex, as there is often a mismatch between what companies claim and their actual practices [6][7] - A clear understanding of corporate culture can enhance the evaluation of a company's long-term value, but it is often underutilized in investment analysis [5][6] Group 3: Decision-Making in Investment - The decision to invest should consider both the understanding of the asset and its price; a low price may justify investment even with limited understanding [10][11] - The investment process is a continuous decision-making journey influenced by multiple factors, rather than a binary choice of understanding or not [10][11] - Identifying "red flags" or "one-vote veto" criteria, such as dishonesty or misalignment of interests, is critical in investment decisions [13] Group 4: Market Dynamics and AI - The potential of AI as a new industrial revolution is acknowledged, but investment decisions should be based on cash flow generation capabilities rather than broad narratives [17][18] - Learning about emerging technologies like AI is valuable, even if it does not immediately translate into investment decisions [19][20] - The current investment strategy does not include AI-related assets due to a lack of suitable candidates that meet the "slow change" standard [20] Group 5: Future Outlook - The goal of investment management is to generate returns for clients, with retirement plans being secondary to the ability to continue delivering value [21]

扫码进入基本功专栏 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 什么是债市的 "季节性效应"? 就是债市在特定时间段出 现机律性波动,主要跟钱 松钱紧有关。 季未月未"钱袋子收紧"。每到季末月末,尤其是 6、12月,金融机构为应对考核和结算需求,往往 > 中泰证券资产管理 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

Core Insights - The current bond investment environment is characterized by complexity, presenting both opportunities and challenges. The inclusion of convertible bonds in investment portfolios can yield significant returns, while traditional long-duration asset strategies may underperform [1] - The performance of different fixed-income products has varied significantly this year, with convertible bond funds achieving close to 30% returns, contrasting with the underwhelming performance of long-term bond funds [1] - The implementation of asset management regulations and local government debt resolution processes will continue to profoundly impact the fixed-income industry, necessitating more refined investment strategies [4] Group 1: Investment Environment - The Wind convertible bond weighted index has seen a year-to-date increase of 16.83%, while the yield on 30-year government bonds has risen from 1.84% to 2.14%, leading to substantial capital losses for many investors [1] - In a low-interest-rate environment, overall yields for fixed-income products are expected to remain in the 2%-3% range, making it challenging to achieve significant excess returns while effectively managing product drawdowns [2] Group 2: Future Trends - The broadening of "fixed income +" products is seen as an inevitable trend in the fixed-income industry, with various strategies such as convertible bonds, equity ETFs, and commodity strategies still in the early stages of development [4] - Looking ahead to 2026, the likelihood of a significant shift in the low-interest-rate environment is low, and static coupon yields may decrease further as higher-yielding assets mature [5] - The potential for macroeconomic opportunities may focus on commodities, especially if policies aimed at reducing competition and expanding domestic demand are effectively implemented [5]