Core Viewpoints - The article discusses the recent changes in the asset management industry in China, particularly the renaming of the "China Banking and Insurance Asset Management Association," which signifies a shift towards a more integrated self-regulatory framework in the asset management sector [5][6][7]. Regulatory and Industry Dynamics - The official renaming of the "China Banking and Insurance Asset Management Association" has been completed, marking a significant step in the association's integration process [5]. - The association's membership has expanded to include various financial institutions, indicating a move towards a cross-industry self-regulatory platform [6]. - The evolution of the association reflects a shift from "institutional regulation" to "functional regulation" in China's asset management industry, particularly following the implementation of the asset management new regulations in 2018 [6][7]. Innovations in the Industry - On November 24, the domestic GPU company, Moer Thread, launched its IPO on the Sci-Tech Innovation Board with an issue price of 114.28 yuan per share, raising 8 billion yuan, marking the largest IPO on the board in 2025 [8]. - Ningyin Wealth Management and Xingyin Wealth Management participated in the IPO, with Ningyin's six products receiving approximately 3.93 million yuan in allocations, the highest among wealth management companies [8]. - Zhongyou Wealth Management has introduced a multi-asset and multi-strategy product series aimed at addressing investment challenges in the current low-interest-rate environment [10]. Performance of Financial Products - Cash management products recorded a 7-day annualized yield of 1.28%, a 1 basis point increase week-on-week, while money market funds saw a decline to 1.16% [11]. - The bond market experienced fluctuations, with yields generally rising due to mixed market factors, including expectations of interest rate cuts and ongoing economic pressures [12]. - The current environment for the bond market remains generally favorable, but significant constraints exist, including low sensitivity to fundamental factors and ongoing uncertainties related to public fund sales regulations [12][5]. Tracking of Net Asset Value - The net asset value of bank wealth management products rose to 2.32%, an increase of 1.12 percentage points week-on-week, while credit spreads widened by 5.11 basis points [20]. - The relationship between net asset value and credit spreads indicates potential redemption pressures when net asset values exceed 5% and credit spreads widen significantly [20].

Group 1 - The core viewpoint of the article indicates that the A-share market is showing signs of stabilization and potential upward movement after a period of adjustment, influenced by both internal and external factors [3][4] - The overseas market is experiencing similar trends, with the U.S. stock market recovering from previous adjustments due to the resolution of government shutdown concerns and renewed interest in interest rate cuts [3][4] Group 2 - The quantitative strategy allocation suggests prioritizing stock enhancement strategies over overseas equity strategies and low-volatility strategies, indicating a preference for more flexible investment approaches in the current market environment [4] - The A-share market is expected to maintain an upward trend in the medium to long term, despite short-term resistance, as the market shows signs of stabilization after adjustments [4][5] Group 3 - The performance of various fund strategies shows that the low-volatility fund strategy achieved a return of 1.585% this week, while the stock enhancement strategy returned 2.072%, indicating varying levels of performance among different strategies [5][8] - The overseas equity allocation fund strategy recorded a return of 3.244%, reflecting a positive outlook for U.S. equities driven by technological advancements and economic stability [6][8] Group 4 - The low-volatility fund strategy has demonstrated strong stability and lower volatility compared to the benchmark, effectively reducing portfolio fluctuations while maintaining decent returns [9][20] - The stock enhancement fund strategy aims to identify funds with strong alpha generation capabilities, which may perform better as market conditions improve [11][21] Group 5 - The cash-enhancing fund strategy has consistently outperformed its benchmark, providing a reliable option for cash management with accumulated excess returns since its inception [13][22] - The overseas equity allocation fund strategy has accumulated significant excess returns, benefiting from the global technology sector's growth and the easing of short-term risks [15][24]

Core Viewpoint - The article emphasizes the significant advancements in AI applications across various sectors, particularly in internet services, automotive, military, and robotics, highlighting the potential for investment opportunities in related ETFs as these technologies scale up and become more integrated into core business operations [3][4][10][13]. Group 1: Internet Sector - The Chinese internet sector is witnessing a surge in AI product launches, with Alibaba's AI assistant achieving over 10 million downloads within a week of its public testing [3]. - The integration of AI into core products enhances user engagement and service capabilities, thereby solidifying traffic advantages and creating new revenue streams for internet companies [4]. Group 2: Automotive Sector - Recent government policies, such as vehicle purchase tax exemptions and subsidies for new energy vehicles, have effectively boosted domestic demand for electric vehicles [6][7]. - China's cumulative sales of new energy vehicles reached 9.47 million units by September 2025, marking a year-on-year growth of 28.1%, while exports surged to 1.758 million units, up 89.4% [7]. Group 3: Military Sector - China's defense budget for 2025 is set at 1.81 trillion yuan, a 7.2% increase, indicating a focus on modernizing military capabilities [10]. - The military ETF tracks the aerospace and defense sectors, which are expected to benefit from a new procurement cycle and improved industry fundamentals [10]. Group 4: Robotics Sector - The Chinese government is actively promoting the development of intelligent robots and advanced manufacturing equipment, with significant investments in the robotics sector exceeding 24 billion yuan by mid-2025 [13]. - The country is transitioning from concept validation to large-scale application of robotics, supported by a complete supply chain and strong commercialization capabilities [13].

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025.11.24-2025.11.28）小盘股涨幅居前，成长风格表现强于价值风格，全A日均交 易额 17312 亿，环比上周继续下降，市场活跃度仍待修复。临近年末，各路资金面临业绩考核收尾，调仓换 股、求稳减少净值波动成为主流行为，增量资金入场意愿较低。 权益市场观察： 海外风险释放：继10月初的贸易争端后，全球各方冲突呈现持续降温的发展势头。2026年是美国的中期选举 年，近期特朗普政府在共和党党外和党内均遭遇不小挑战，接下来其重心或将重新聚焦于美国国内。 科技方向：在存量博弈的背景下，在科技方向内部，资金还出现了明显的"拉踩"现象。上周国内科技板块的主 要共识也集中于谷歌产业链。 商业航天：短期来看，商业航天呈现比较典型的主题投资范式，跟随重点事件或政策密集落地展开行情；长期 来看，可重复使用/大型液体火箭的新技术突破、发射场建设加速、终端应用场景落地将共同推动产业规模化发 展。 主动权益基金指数表现跟踪： 主动股基优选指数：上周收涨2.88%，成立以来累计录得 ...

Market Overview - The bond market showed weak performance last week, with the 1-year government bond yield remaining at 1.40%, the 10-year yield rising by 2.46 basis points to 1.84%, and the 30-year yield increasing by 2.75 basis points to 2.19%. This trend was influenced by the recovery in equity market sentiment and events related to Vanke's bond extension, leading to a short-end fluctuation and a weakening long-end [3][14] - The current bond market configuration offers a phase of improved cost-effectiveness, with limited room for further significant yield increases. The recommendation is to adopt a trading strategy focused on wave operations while extending the duration of interest rate bonds and positioning in liquid credit bonds, awaiting a recovery in market sentiment [3][14] Public Fund Market Dynamics - The China Securities Regulatory Commission (CSRC) has introduced a draft for public consultation regarding the pilot program for commercial real estate investment trusts (REITs), indicating an upcoming expansion in the REITs market [17] Fund Index Performance Tracking - The Money Enhanced Index rose by 0.02% last week, with a cumulative return of 4.35% since inception [19] - The Short-term Bond Fund Index remained flat, with a cumulative return of 4.50% since inception [4][19] - The Medium to Long-term Bond Fund Index decreased by 0.10%, with a cumulative return of 6.75% since inception [5][19] - The Low Volatility Fixed Income + Fund Index rose by 0.02%, with a cumulative return of 4.25% since inception [6][19] - The Medium Volatility Fixed Income + Fund Index increased by 0.44%, with a cumulative return of 5.61% since inception [7][19] - The High Volatility Fixed Income + Fund Index rose by 0.38%, with a cumulative return of 7.29% since inception [8][19] - The Convertible Bond Fund Index increased by 0.24%, with a cumulative return of 21.33% since inception [9][19] - The QDII Bond Fund Index rose by 0.12%, with a cumulative return of 10.33% since inception [10][19] - The REITs Fund Index increased by 0.74%, with a cumulative return of 33.22% since inception [11][19]

Key Points Summary Core Viewpoint - The article discusses recent economic events and market trends, highlighting the impact of U.S.-China relations on market sentiment and the performance of various asset classes. Group 1: Important Events Review - On November 26, the U.S. Department of Commerce released September retail sales data, showing a 0.2% increase, which is lower than the 0.6% increase in August. Excluding automobiles and gasoline, the increase was only 0.1% [2] - Chinese President Xi Jinping had a phone call with U.S. President Donald Trump, emphasizing the need for both sides to maintain a respectful and mutually beneficial relationship, aiming to expand cooperation and reduce issues [2] Group 2: Weekly Market Review - The bond market experienced a notable decline due to three main factors: a decrease in the attractiveness of credit bonds after prior valuation adjustments, a positive atmosphere from U.S.-China diplomatic talks leading to a stock market rebound, and new gold sales regulations potentially increasing market volatility [4][5] - The A-share market showed significant recovery after a previous adjustment, with a notable technical rebound driven by improved market sentiment from U.S.-China discussions. Alibaba's AI assistant "Qianwen" app achieved over 10 million downloads in its first week, boosting AI-related stocks [6] - U.S. stock markets showed signs of recovery, supported by dovish signals from Federal Reserve officials, with expectations for a rate cut in December. Amazon announced a $50 billion investment to expand its AWS cloud services for U.S. government clients, while Google's AI product Gemini gained traction, indicating strong commercial potential for AI technologies [7]

Regulatory and Industry Dynamics - The amortized cost bond funds are entering a concentrated opening period from Q4 2025 to Q1 2026, with a total opening scale exceeding 480 billion yuan, marking a significant maturity peak [6][7] - The shift in the main allocation body of amortized cost bond funds from bank proprietary funds to wealth management companies is driven by market changes, with the latter viewing these funds as "volatility reduction tools" in a low-interest and high-volatility environment [6][7] - The application of AI in the industry has evolved from initial "human-machine interaction" trials to an "human-machine collaboration" exploration phase, with various wealth management companies implementing AI in trading, research, and customer engagement [9][11] Peer Innovation Dynamics - China Merchants Bank Wealth Management launched a global commodity integration strategy index on November 19, aiming to systematically allocate three mainstream strategies in the commodity CTA field, enhancing the ability to capture diverse returns in different market environments [12] - On November 25, Hangzhou Bank Wealth Management successfully completed its first fund share transfer through the Zhejiang Equity Exchange, marking a significant step for wealth management funds to enter the private equity investment field through a compliant secondary market [13][15] Yield Performance - During the week of November 17-23, 2025, cash management products recorded an annualized yield of 1.27%, a decrease of 2 basis points, while money market funds remained stable at 1.17% [16][17] - The bond market experienced a narrow fluctuation pattern, with the 10-year government bond yield remaining stable at 1.81%, influenced by the Federal Reserve's interest rate expectations and concerns over AI market bubbles [17][19] Net Asset Value Tracking - The net asset value (NAV) of bank wealth management products rose to 1.16%, an increase of 0.43 percentage points, while credit spreads widened by 0.16 basis points, indicating limited cost-effectiveness [22][24]

Group 1: Mobile Games - The article discusses the growth and potential of the mobile gaming industry, highlighting its increasing popularity and revenue generation in recent years [1]. Group 2: ETF Grid Strategy - The ETF grid strategy focuses on several key ETFs, including the Hang Seng Innovative Drug ETF (520500.SH), which benefits from unprecedented domestic policy support for innovative drug development, such as the establishment of a "dual directory" multi-level payment system [3][4]. - The innovative drug pipeline in China has reached 7,041 projects, accounting for 29.5% of the global total, with a year-on-year growth of 15.1%, significantly outpacing the global average [4]. - The military ETF (512560.SH) is expected to benefit from a historical high defense budget of 1.81 trillion yuan in 2025, which represents a 7.2% increase, although it remains below 1.3% of GDP [7]. - The liquor ETF (512690.SH) has shown wide fluctuations in 2025, with an average daily amplitude of 1.77%, providing opportunities for frequent trading and profit capture [11]. - The Sci-Tech Chip Design ETF (588780.SH) focuses on the chip design sector, which is crucial for China's strategy to achieve technological self-reliance amid global competition [14].

Market Overview - The bond market maintained a volatile trend last week, with the 1-year government bond yield decreasing by 0.96 basis points to 1.40%, while the 10-year yield slightly increased to 1.82%, and the 30-year yield rose by 0.95 basis points to 2.16% [2][4] - The overall bond market continued its oscillation, with short-term bonds performing better than long-term ones, and the expected "see-saw effect" between stocks and bonds did not materialize due to the weak stock market [4] - Short-term and medium-term momentum in the bond market is insufficient, and disturbances are expected to rise due to government debt payments and the maturity of a large number of open market operations [4] Public Fund Market Dynamics - E Fund's Ruiyi Ying'an FOF raised over 5.8 billion, marking the largest fundraising for a new fund in the fourth quarter, and is part of the招商银行 "TREE Long-term Profit Plan" [6] - The focus of these funds is primarily on low to medium-risk multi-asset products, indicating a trend towards conservative investment strategies in the public fund market [6] Fund Index Performance Tracking - The Money Enhanced Index rose by 0.02% last week, with a cumulative return of 4.32% since inception [3] - The Short-term Bond Fund Preferred Index also increased by 0.02%, with a cumulative return of 4.50% since inception [3] - The Medium to Long-term Bond Fund Preferred Index rose by 0.03%, achieving a cumulative return of 6.85% since inception [3] - Conversely, the Low Volatility Fixed Income + Fund Preferred Index fell by 0.53%, with a cumulative return of 4.23% since inception [3] - The High Volatility Fixed Income + Fund Preferred Index decreased by 1.13%, with a cumulative return of 6.89% since inception [3] - The REITs Fund Preferred Index dropped by 1.17%, but has a cumulative return of 32.24% since inception [3]

Group 1 - The global market experienced a collective adjustment from November 17 to November 21, 2025, with major indices such as the Shanghai Composite Index down by 3.90%, CSI 300 down by 3.77%, and the ChiNext Index down by 6.15% [3][15] - Concerns over excessive investment in AI and changing monetary policy expectations triggered the market adjustment, despite positive earnings from Nvidia and Google's new model [3][15] - The average daily trading volume in the A-share market decreased to 18,597 billion, reflecting a decline from the previous week [15] Group 2 - The U.S. Federal Reserve is facing internal divisions regarding whether to cut interest rates in December, with conflicting data from the labor market complicating decision-making [4][18] - The Fed's decision-making is further complicated by the lack of new employment and inflation data before the December meeting, leading to uncertainty in interest rate decisions [18] Group 3 - The latest regulatory updates indicate that the China Securities Regulatory Commission (CSRC) will optimize the registration and listing process for ETFs, aiming to promote high-quality development in the ETF market [19] - Fund managers can now apply directly to the CSRC for registration of ETFs tracking mature indices, streamlining the process [19] Group 4 - The Active Equity Fund Indexes showed varied performance, with the Active Stock Fund Preferred Index down by 4.85% last week but achieving a cumulative excess return of 15.22% since inception [20][21] - The Growth Stock Fund Preferred Index experienced a decline of 6.08% last week, with a cumulative excess return of 14.57% since inception [9][21] - The Healthcare Stock Fund Preferred Index fell by 6.07% last week, but has recorded a cumulative excess return of 20.79% since inception [10][21]