分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 02 (11.17-11.23) 周度行情回顾 债市震荡 债市短期窄幅震荡为主。短期内缺乏催化因素，本月LPR维持不变，叠加税期、政府债缴 款等因素影响，资金面价格有所上行，10年期国债收益率小幅震荡回升。 A股震荡调整 A股震荡调整，市场情绪偏弱。海外市场普遍高位调整，A股情绪亦有所转弱，调整幅度 较大，沪指周度下跌3.90%。行业风格方面银行跌幅相对较小，此前表现较好的新能源、 化工、有色 ... 报告正文共计3034字 1、11月20日，美国劳工统计局公布的数据显示美国9月非农就业意外大增11.9万人， 高于市场预期的5万人，失业率则从8月的4.3%升至4.4%。这一份报告无法解决美联 储当前的分歧，市场对于12月降息的预期再度降温至不足40%，全球资产普遍下跌。 2、11月20日，中国LPR报价维持不变，5年期以上LPR为3.5%，1年期LPR为 3%。。 3、11月21日（当地时间），美国劳工统计局在官网发布了对多项数据报告的决定， 因拨款中断，将取消10月份CPI报告 ...

Core Viewpoint - The article analyzes the investment capabilities of Qi Zhen, the fund manager of Huabao Health A, highlighting his focus on innovative drugs driven by policy and industry trends, and his ability to generate significant excess returns compared to peers [4][31]. Group 1: Fund Manager Information - Qi Zhen holds a bachelor's degree in biotechnology and a PhD in biology from Shanghai Jiao Tong University, with prior experience in research analysis at Northeast Securities and Anxin Securities [3][6]. - Since February 28, 2023, Qi Zhen has managed Huabao Health A (006881.OF), which has a total scale of 268 million yuan as of September 30, 2025 [7][30]. Group 2: Performance Metrics - Since Qi Zhen's tenure, Huabao Health A has outperformed over 90% of its peers in the pharmaceutical theme fund category, achieving a cumulative excess return of 60.00% after excluding a three-month establishment period [8][11]. - The fund has shown resilience during downturns in the pharmaceutical sector and has quickly rebounded during bullish trends in innovative drugs [11][31]. Group 3: Investment Strategy - Qi Zhen employs a "policy + industry" dual-driven investment framework, focusing on innovative drugs and prioritizing sectors with minimal resistance and strong policy support [4][14]. - The investment strategy emphasizes a balance between growth and certainty, with flexible valuation tolerances based on clinical success rates and management credibility [4][22]. - Qi Zhen prefers long-term holdings with a low turnover rate of 2-3 times annually, making buy/sell decisions based on market conditions and fundamental changes [4][25]. Group 4: Sector Allocation and Stock Selection - The fund's holdings are heavily concentrated in the innovative drug sector, with over 90% of the portfolio allocated to this area, while also flexibly adjusting positions in medical devices and traditional Chinese medicine [16][19]. - Qi Zhen's stock selection process involves detailed analysis of drug mechanisms, clinical data, and market conditions, allowing for dynamic adjustments in valuation [22][23]. Group 5: Future Outlook - With the ongoing development of China's innovative drug industry and the maturation of capital markets, fund managers like Qi Zhen, who possess deep industry insights, are expected to continue generating excess returns [32].

Regulatory and Industry Dynamics - Recent high-level management changes have occurred in several wealth management companies, including Zhaoyin Wealth Management, Xinyin Wealth Management, Jiaoyin Wealth Management, and Beiyin Wealth Management, attracting widespread industry attention [6] - The wealth management industry is facing dual structural challenges: low interest rates are pressuring traditional fixed-income asset yields, while regulatory measures are reinforcing the authenticity and standardization of net value management, pushing funds towards technology innovation and green development [6][7] Innovation in the Industry - Jianxin Wealth Management has successfully launched a non-standard equity investment business, utilizing a "customized wealth management product + non-standard equity investment" model to guide market funds towards supporting technology enterprises [8][9] - Jiaoyin Wealth Management participated in the China International Import Expo for the first time, launching a comprehensive upgrade of its "ten categories" wealth management product system, focusing on innovative products such as "Cash+" and "Pension Wealth Management" [10] Performance of Financial Products - Last week, cash management products recorded a 7-day annualized yield of 1.29%, remaining flat week-on-week, while money market funds saw a slight increase to 1.17% [11] - The bond market exhibited a narrow fluctuation pattern, with the 10-year government bond yield remaining stable at 1.81% [12] - The overall environment for the bond market in the fourth quarter remains favorable, but significant constraints persist, including low sensitivity to fundamental factors and ongoing market risk preferences [12] Net Value and Credit Spread Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also contracting [16] - The current credit spread is at a historical low since September 2024, indicating limited cost-effectiveness, and future trends in credit spreads will be closely monitored as they may impact the net value ratio [16]

Core Viewpoint - The article analyzes the investment capabilities of Zhang Jintao, the fund manager of Huabao Medical Biology A, highlighting his strategic focus on the pharmaceutical industry's cyclical nature and the potential for significant returns in the innovative drug sector [3][4][32]. Fund Manager Information - Zhang Jintao has extensive experience in securities research and investment management, having worked with various financial institutions before joining Huabao Fund Management in April 2021 [6][30]. - Since taking over Huabao Medical Biology A on May 7, 2021, the fund has achieved a total scale of 629 million yuan, outperforming nearly 80% of its peers in the pharmaceutical theme fund category [7][30]. Investment Strategy - Zhang's investment framework is centered around the "industry cycle," integrating policy, industry, and valuation dimensions to capture the cyclical movements of the global pharmaceutical industry [3][32]. - The current phase of the Chinese innovative drug industry is viewed as a harvest period following a decade of R&D investment, with a shift in driving logic from domestic medical insurance expansion to global market share competition [3][4][16]. Portfolio Construction - The fund maintains a high allocation to innovative drugs, reflecting Zhang's belief that the industry is at the beginning of a harvest phase [3][20]. - The strategy involves focusing on companies expected to launch significant products or experience rapid growth in the next 2-3 years, aiming for alpha returns within the innovative drug sector [15][20]. Dynamic Optimization - Zhang emphasizes the importance of dynamic portfolio management, adjusting stock positions based on market conditions and individual company performance [26][27]. - The fund's turnover rate is primarily driven by optimizing non-core holdings, while the top ten positions remain stable unless there are significant changes in fundamentals [26][27]. Performance Metrics - Since Zhang's tenure, Huabao Medical Biology A has recorded a cumulative excess return of 40.27%, significantly outperforming the overall pharmaceutical index [8][10]. - The fund's annualized return and volatility metrics indicate a strong performance relative to peers, although it exhibits slightly weaker defensive characteristics [11][12].

Core Viewpoint - The article emphasizes the growth potential of various ETFs in response to government policies and market trends, particularly in the financial technology, military, and robotics sectors, highlighting the expected improvements in their fundamentals and investment opportunities [3][5][8]. Financial Technology ETF (159851.SZ) - The "14th Five-Year Plan" stresses the importance of building a strong financial nation and advancing technology in finance, leading to a clear demand for digital transformation in financial institutions [3]. - In the first three quarters of 2025, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, with a net profit growth exceeding 60% [3]. Military Industry ETF (512710.SH) - The "14th Five-Year Plan" aims for high-quality advancement in national defense and military modernization, with a defense budget of 1.81 trillion yuan for 2025, marking a 7.2% increase and a historical high [5]. - The defense budget as a percentage of GDP remains below 1.3%, significantly lower than the U.S. and Russia, indicating potential for future increases in military spending [5]. - This ETF tracks the China Securities Military Industry Leaders Index, focusing on leading companies in aerospace, missiles, and drones, which are expected to benefit from a new round of military procurement cycles [6]. Robotics ETF (159530.SZ) - The 2025 government work report emphasizes the development of intelligent robots and new-generation smart manufacturing equipment, supported by policies promoting the artificial intelligence industry [8]. - As of July 2025, investment events in the field of embodied intelligence and robotics exceeded 200, with total financing surpassing 24 billion yuan, indicating a significant increase compared to the previous year [8].

Core Viewpoints - The A-share market is experiencing a volatile trend, with the Shanghai Composite Index stabilizing around 4000 points, indicating increased difficulty in market navigation due to rapid sector rotation and differentiation [3][4] - Global markets are also showing signs of volatility, with the Nasdaq index experiencing a continuous decline since November due to liquidity concerns and skepticism regarding AI capital expenditures [3][4] Quantitative Strategy Allocation Views - The preferred strategy allocation is: Equity Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy, reflecting a more flexible approach in the current market environment [4] - Despite short-term pressures, the market is expected to maintain an upward trend in the medium to long term, with limited downside potential [4] Fund Strategy Performance - The Evergreen Low Volatility Fund Strategy achieved a weekly return of 0.537%, with cumulative excess returns of 1.412% since its inception [5] - The Equity Enhancement Fund Strategy recorded a weekly return of -0.056%, indicating challenges in generating excess returns in the current market environment [5] - The Cash Growth Fund Strategy outperformed the benchmark with a weekly return of 0.027%, accumulating excess returns of 0.534% since its launch [5] Overseas Equity Strategy Performance - The Overseas Equity Allocation Fund Strategy reported a weekly return of 0.638%, with a cumulative excess return of 1.170%, benefiting from the ongoing technological advancements and economic stability in the U.S. [6] Fund Combination Performance Tracking - The Evergreen Low Volatility Fund Strategy has consistently maintained lower volatility and drawdown compared to the benchmark, achieving a return of 15.124% year-to-date [9] - The Equity Enhancement Fund Strategy has shown a return of 21.428% year-to-date, closely tracking the benchmark [9] - The Cash Growth Fund Strategy has achieved a year-to-date return of 1.361%, outperforming the benchmark [9] - The Overseas Equity Allocation Fund Strategy has recorded a year-to-date return of 11.935%, indicating strong performance in the global market context [9] Fund Combination Construction Ideas - The Evergreen Low Volatility Fund Combination aims to provide stable returns in high-risk environments, appealing to investors seeking lower risk profiles [20][22] - The Equity Enhancement Fund Combination focuses on identifying funds with strong alpha generation capabilities, aiming for higher returns in improving market conditions [23] - The Cash Growth Fund Combination is designed to optimize short-term cash management, ensuring higher yields while minimizing volatility [24] - The Overseas Equity Allocation Fund Combination seeks to enhance global asset allocation, providing investors with diversified exposure to international markets [25]

Market Overview - The bond market maintained a volatile trend during the week of November 10-14, 2025, with the 1-year government bond yield rising by 0.59 basis points to 1.41%, the 10-year yield remaining flat at 1.81%, and the 30-year yield decreasing by 1.00 basis points to 2.15% [3][16] - The third quarter monetary policy execution report indicated a shift towards further easing, but rising inflation data tempered expectations for additional monetary easing, leading to a continuation of the short-term volatile market [3][16] Public Fund Market Dynamics - The issuance of the Huaxia Anbo Warehousing REIT was highly successful, selling out in one day, indicating strong market demand for such assets [4][20] Fund Index Performance Tracking - The Money Enhancement Index rose by 0.03% last week, with a cumulative return of 4.30% since inception [5][21] - The Short-term Bond Fund Index also increased by 0.03%, achieving a cumulative return of 4.48% since inception [6][21] - The Mid-to-Long-term Bond Fund Index saw a rise of 0.07%, with a cumulative return of 6.82% since inception [7][21] - The Low Volatility Fixed Income + Fund Index increased by 0.07%, with a cumulative return of 4.78% since inception [8][21] - The Medium Volatility Fixed Income + Fund Index rose by 0.04%, achieving a cumulative return of 6.12% since inception [9][21] - The High Volatility Fixed Income + Fund Index decreased by 0.06%, with a cumulative return of 8.11% since inception [10][21] - The Convertible Bond Fund Index rose by 0.03%, with a cumulative return of 23.54% since inception [11][21] - The QDII Bond Fund Index increased by 0.08%, achieving a cumulative return of 10.35% since inception [12][21] - The REITs Fund Index rose by 1.67%, with a cumulative return of 33.81% since inception [13][21]

Group 1: Market Overview - The overall market adjusted last week, with the Shanghai Composite Index slightly down by 0.18%, the CSI 300 Index down by 1.08%, and the CSI 500 Index down by 1.26% [3][17] - Small-cap stocks outperformed, and value style outperformed growth style, with consumer services, textiles, and basic chemicals leading the sectors [3][17] - The average daily trading volume of the entire A-share market was 20,410 billion, showing an increase compared to the previous week [3][17] Group 2: Sector Analysis - In the technology sector, A-shares have shifted focus from hardware to issues like power shortages and power equipment construction, with storage chips replacing optical modules as a new theme [4][20] - The A-share technology sector is currently influenced by the performance of major US tech companies, with upcoming earnings reports from Nvidia, Alibaba, and Baidu expected to impact market sentiment [20] Group 3: Gold Market Insights - Gold prices experienced fluctuations, driven by a declining US dollar index and a temporary easing of liquidity constraints in the US banking system [21] - The outlook for gold prices will closely follow US economic data releases and signals from Federal Reserve officials regarding interest rate paths [21] Group 4: Public Fund Market Dynamics - The Asset Management Association of China released a draft for the "Guidelines for Investor Suitability Management of Publicly Offered Securities Investment Funds," aimed at enhancing investor protection and fund sales practices [22] - The guidelines introduce new principles for risk assessment, including the correlation between stock positions and risk levels, ensuring that higher-risk funds are not rated lower than lower-risk funds [22][23] Group 5: Fund Performance Tracking - The Active Equity Fund Index decreased by 0.15% last week, with a cumulative excess return of 14.77% since inception [6][24] - The Value Equity Fund Index increased by 1.37%, with a cumulative excess return of 3.23% since inception [7][24] - The Growth Equity Fund Index rose by 0.20%, achieving a cumulative excess return of 16.12% since inception [9][24]

Key Points Summary Core Viewpoint - The article discusses the impact of recent economic policies and data on China's economic landscape, highlighting the effects of consumer spending, industrial production, and monetary policy adjustments. Economic Events Review - In October, policies aimed at expanding domestic demand showed effectiveness, with the Consumer Price Index (CPI) rising by 0.2% year-on-year and month-on-month. The core CPI, excluding food and energy, increased by 1.2%, marking the sixth consecutive month of growth [2]. - The People's Bank of China (PBOC) indicated a commitment to maintaining a moderately loose monetary policy to support consumption and financial conditions, as outlined in the monetary policy report released on November 11 [2]. - Financial statistics for October revealed a decrease in new social financing by 5,970 million yuan year-on-year, with a total of 8,150 million yuan in new social financing [2]. Retail and Industrial Performance - In October, the total retail sales of consumer goods reached 46,291 million yuan, reflecting a year-on-year growth of 2.9%. The industrial value-added output for large-scale enterprises grew by 4.9% year-on-year [4]. - Fixed asset investment (excluding rural households) for the first ten months of the year was 408,914 million yuan, showing a year-on-year decline of 1.7%. Infrastructure investment decreased by 0.1%, while manufacturing investment increased by 2.7% [4]. - The sales area of newly built commercial housing fell by 6.8% year-on-year, with sales revenue declining by 9.6% [4]. Monetary Policy Insights - The PBOC's report emphasized the need for a supportive liquidity environment, which is expected to benefit short-term bonds. However, economic data and stock market performance are influencing long-term bond yields [6].

Market Overview - The market is expected to continue fluctuating around the 4000-point mark of the Shanghai Composite Index, with a notable acceleration in style and sector rotation [2][5] - The recommendation is to adopt a cautious approach, focusing on opportunities in technology, new energy, and electricity sectors during the fluctuations [2][5] Stock Market Factors - The market style has shifted towards small-cap stocks, with a preference for value over growth [7] - The volatility of both small-cap and value-growth styles has decreased [7] - There has been an increase in the dispersion of excess returns across industries, along with a rise in the speed of sector rotation and the proportion of rising constituent stocks [7] Market Activity - Market volatility and turnover rates have both declined [8] Commodity Market Factors - The trend strength in the agricultural products sector has decreased, while other sectors have shown little change [19] - Basis momentum has increased across all sectors, with a decline in volatility for all but the agricultural products sector [19] - Liquidity has decreased across all sectors [19] Options Market - Implied volatility levels for the SSE 50 and CSI 1000 have gradually decreased, while the ratio of put to call option open interest has increased [22] - There is a notable increase in the skew of both put and call options for the SSE 50, indicating uncertainty in market direction and dominant style [22] Convertible Bond Market - The convertible bond market has performed well, with a continued upward trend [24] - The premium rate for bonds convertible at 100 yuan has significantly increased, nearing the 90th percentile of the past year [24] - The proportion of low premium convertible bonds has remained stable, with weekly trading volume showing a continuous recovery [24]