Group 1: Stock Performance - ZTE Corporation's stock price reached a historical high, increasing by 4.94% to 52.45 yuan, with a trading volume of 272 million shares and a transaction amount of 13.983 billion yuan [2] - The latest total market capitalization of ZTE Corporation in A-shares is 211.27 billion yuan, with a circulating market value of 211.23 billion yuan [2] - The overall decline in the telecommunications industry is 0.13%, with 32 stocks rising, including ZTE Corporation, which ranks among the top gainers [2] Group 2: Financial Data - For the first half of the year, ZTE Corporation achieved operating revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit was 5.058 billion yuan, a year-on-year decrease of 11.77% [3] - The basic earnings per share are 1.0600 yuan, and the weighted average return on equity is 6.85% [3] Group 3: Market Activity - As of October 9, the margin trading balance for ZTE Corporation is 11.671 billion yuan, with a financing balance of 11.651 billion yuan, reflecting a recent increase of 1.647 billion yuan, or 16.46% [2] - On October 9, Guosen Securities set a target price of 57.10 yuan for ZTE Corporation [2] - The number of shareholders as of September 30 is 442,852, a decrease of 3,945 from the previous period, representing a decline of 0.88% [2]

10月10日早盘，中兴通讯涨4.76%，报52.36元/股，股价再创新高。总市值突破2504.65亿元，成交额达 108.59亿元。 ...

10月10日早盘，中兴通讯涨4.76%，报52.36元/股，股价再创新高。总市值突破2504.65亿元，成 交额达108.59亿元。 ...

Market Overview - US stock indices collectively declined overnight, with the Chinese concept index dropping by 2.03% [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down by 0.85%, the National Index down by 0.94%, and the Hang Seng Tech Index down by 1.4% [1] Sector Performance - Major technology stocks experienced a collective decline, with Alibaba, Baidu, and JD.com falling over 2%, and NetEase, Kuaishou, Meituan, and Xiaomi dropping over 1% [1] - Tencent saw a decrease of 0.96% [1] - Gold stocks led the decline in the non-ferrous metal sector, with China Gold International, Zijin Mining International, and Shandong Gold each falling nearly 4% [1] - Lithium battery stocks, automotive stocks, home appliance stocks, semiconductor stocks, Chinese brokerage stocks, and biopharmaceutical stocks also saw declines [1] Rising Stocks - Conversely, telecom equipment stocks, new consumption concept stocks, and rare earth concept stocks generally rose, with ZTE Corporation increasing by 3.4% and Jinli Permanent Magnet and Hu Shang Ayi rising over 2.4% [1] New Listings - Two new stocks debuted on the Hong Kong market, with Jinye International Group opening 500% higher, achieving an oversubscription rate of over 9030 times, marking the highest oversubscription rate for a new stock in Hong Kong history [1] - Zhida Technology opened 183% higher, with a global offering of 597.89 million shares, where the Hong Kong public offering accounted for 10% and international offering for 90% [1]

A股10月9日共有3715只个股获融资资金买入，有684股买入金额超亿元。其中，中兴通讯、中芯国际、 新易盛融资买入金额排名前三，分别获买入43.47亿元、40.36亿元、38.33亿元。 从融资买入额占当日总成交金额比重来看，有11只个股融资买入额占比超30%。其中太平鸟、九牧王、 龙利得融资买入额占成交额比重排名前三，分别为38.97%、34.57%、33.83%。 从融资净买入金额来看，有104只个股获融资净买入超亿元。其中，中兴通讯、新易盛、北方稀土融资 净买入金额排名前三，分别获净买入14.49亿元、13.3亿元、11.74亿元。 ...

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Insights - On October 9, Shanghai Electric made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 2.11 billion HKD and a net buying amount of 106 million HKD, resulting in a price increase of 17.40% on that day [2]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on October 9 was 86.688 billion HKD, accounting for 40.59% of the total trading amount, with a net selling amount of 3.176 billion HKD [2]. - The top traded stock was SMIC, with a trading volume of 22.663 billion HKD, followed by Alibaba-W at 21.901 billion HKD and Hua Hong Semiconductor at 9.591 billion HKD [2]. - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect investors [2]. Individual Stock Performance - Shanghai Electric's trading performance on October 9 included a trading volume of 2.112 billion HKD and a net buying amount of 106 million HKD, with a significant price increase of 17.40% [2]. - Other notable stocks included Tencent Holdings with a trading volume of 5.707 billion HKD and a slight decrease of 0.07%, and SMIC with a trading volume of 22.663 billion HKD and a decrease of 6.70% [2].

Market Overview - On October 9, the Hang Seng Index fell by 0.29%, with southbound funds totaling a transaction amount of HKD 213.57 billion, including buy transactions of HKD 108.30 billion and sell transactions of HKD 105.26 billion, resulting in a net buying amount of HKD 3.04 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a cumulative transaction amount of HKD 80.10 billion, with buy transactions of HKD 39.14 billion and sell transactions of HKD 40.95 billion, leading to a net selling amount of HKD 1.81 billion [1] - The southbound trading through Stock Connect (Shanghai) had a cumulative transaction amount of HKD 133.47 billion, with buy transactions of HKD 69.16 billion and sell transactions of HKD 64.30 billion, resulting in a net buying amount of HKD 4.85 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 22.66 billion, followed by Alibaba-W and Huahong Semiconductor with transaction amounts of HKD 21.90 billion and HKD 9.59 billion, respectively [1] - In terms of net buying, Kuaishou-W led with a net buying amount of HKD 1.09 billion, with a closing price increase of 3.56%. ZTE Corporation and Xiaomi Group-W followed with net buying amounts of HKD 0.46 billion and HKD 0.23 billion, respectively [1] Continuous Net Buying - Among the stocks, Kuaishou-W and Xiaomi Group-W were noted for continuous net buying, with Kuaishou-W experiencing net buying for 3 days and Xiaomi Group-W for 4 days. The total net buying amounts were HKD 2.08 billion for Kuaishou-W and HKD 2.89 billion for Xiaomi Group-W [2]

Market Overview - On October 9, the Hang Seng Index fell by 0.29%, closing at 26,752.59 points, with a total net inflow of HKD 3.043 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading was HKD 213.566 billion, with a net buy of HKD 3.043 billion [1] Stock Performance - In the Shanghai-Hong Kong Stock Connect, the top traded stock was Alibaba-W with a trading volume of HKD 1,398.40 million, followed by SMIC and Hua Hong Semiconductor with trading volumes of HKD 1,369.73 million and HKD 652.64 million, respectively [1][2] - In terms of net buying, ZTE Corporation had the highest net inflow of HKD 37.82 million, with its stock price increasing by 12.40% [1][2] - Conversely, Alibaba-W experienced the largest net outflow of HKD 75.05 million, with its stock price declining by 2.42% [1][2] Shenzhen-Hong Kong Stock Connect - In the Shenzhen-Hong Kong Stock Connect, SMIC was the most actively traded stock with a trading volume of HKD 896.55 million, followed by Alibaba-W and Hua Hong Semiconductor with trading volumes of HKD 791.68 million and HKD 306.47 million, respectively [2] - Kuaishou-W had the highest net inflow of HKD 73.91 million, with its stock price rising by 3.56% [2] - SMIC also faced significant net outflow, totaling HKD 204.86 million, with its stock price dropping by 6.70% [2]

Core Insights - The Shenzhen Private Enterprise Value Index (970072) closed at 3567.74 points, up 2.57%, with a trading volume of 86.68 billion yuan and a turnover rate of 3.08% [1] - Among the index constituents, 37 stocks rose while 13 fell, with ZTE Corporation leading the gainers at 9.51% and Shentong Express leading the decliners at 2.12% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Private Enterprise Value Index include: - Midea Group (8.22% weight) at 72.63 yuan, down 0.04%, with a market cap of 558.01 billion yuan [1] - BYD (8.05% weight) at 110.60 yuan, up 1.27%, with a market cap of 1008.36 billion yuan [1] - ZTE Corporation (7.92% weight) at 49.98 yuan, up 9.51%, with a market cap of 239.08 billion yuan [1] - Muyuan Foods (7.24% weight) at 52.85 yuan, down 0.28%, with a market cap of 288.71 billion yuan [1] - SF Holding (4.81% weight) at 40.45 yuan, up 0.30%, with a market cap of 203.84 billion yuan [1] - GF Securities (4.80% weight) at 23.19 yuan, up 4.08%, with a market cap of 176.38 billion yuan [1] - Kelun Pharmaceutical (3.25% weight) at 36.06 yuan, down 1.82%, with a market cap of 57.63 billion yuan [1] - Zangge Mining (3.19% weight) at 61.22 yuan, up 4.95%, with a market cap of 96.13 billion yuan [1] - Dahua Technology (2.93% weight) at 21.20 yuan, up 5.21%, with a market cap of 69.68 billion yuan [1] - Xinhengcheng (2.83% weight) at 25.06 yuan, up 5.16%, with a market cap of 77.02 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 3.165 billion yuan, while retail funds saw a net outflow of 755 million yuan [3] - ZTE Corporation had a significant net inflow of 302.8 million yuan from main funds, while it experienced a net outflow of 218.1 million yuan from retail funds [3] - BYD saw a net inflow of 89.4 million yuan from main funds, with retail funds experiencing a net outflow of 26.3 million yuan [3]