2025 年 11 月 23 日 证券研究报告 | 策略周报 全球共振高位调整，耐心等待情绪企稳 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 1、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 2、《波动再度放大，如何应对？ —策略 周报》2025-10-12 3、《长假期间国内外大事一览—策略周 报》2025-10-09 4、《节前波动有所放大，持股还是持币 过节？ —策略周报》2025-09-29 5、《长假临近，震荡分化延续 —策略周 报》2025-09-21 投资要点 分析师：刘芳 【债市方面】月末资金面扰动上升，中期仍偏震荡。当前债市整体偏震荡， 市场多、空动能均不足，但跨月、政府债缴款、大量公开市场操作到期等因素 叠加之下，月末扰动明显上升。考虑到央行或将投放资金缓解资金面压力，预 计中期来看仍延续震 ...

New Stock Issuance - China Uranium Industry (Stock Code: 001280) issued shares at a price of 17.89[1] - Dapeng Industrial (Stock Code: 920091) issued shares at a price of 9.00[1] Rights Issues and Announcements - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (Stock Code: 200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] Stock Performance and Alerts - Huasheng Lithium Battery (Stock Code: 688353) reported severe abnormal fluctuations[1] - ST Yuan Cheng (Stock Code: 603388) and ST Ke Li Da (Stock Code: 603828) both reported stock prices of 4 and 3 respectively[1] Other Notable Announcements - Guqi Wool Material (Stock Code: 001390) announced a stock price of 16[1] - ST Zhong Di (Stock Code: 000609) reported a stock price of 0[1]

Group 1: New Stock Offerings - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (Stock Code: 200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] - Central Plaza (Stock Code: 600280) announced on November 20, 2025[1] Group 2: Stock Performance Alerts - Moen Electric (Stock Code: 002451) reported severe abnormal fluctuations on November 14, 2025[1] - ST Yuancheng (Stock Code: 603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Keli Da (Stock Code: 603828) reported severe abnormal fluctuations on November 12, 2025[1] Group 3: Recent Announcements - Jiumuwang (Stock Code: 601566) announced on November 20, 2025[1] - Taiping Bird (Stock Code: 603877) announced on November 20, 2025[1] - Huaci Co., Ltd. (Stock Code: 001216) announced on November 20, 2025[1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent leadership changes in multiple wealth management companies have drawn significant attention within the industry, indicating a response to structural challenges posed by low interest rates and regulatory pressures [2][10][11] - Wealth management firms are increasingly exploring alternative investment paths, such as customized financial products combined with non-standard equity investments, to support technology-driven enterprises [3][12] - The introduction of new product systems by wealth management companies, focusing on cash management, pension products, and diversified asset strategies, reflects a shift towards meeting diverse client needs in a low-yield environment [3][14] Summary by Sections Regulatory and Industry Dynamics - A wave of high-level executive changes has occurred in several wealth management firms, including 招银理财, 信银理财, 交银理财, and 北银理财, highlighting the industry's response to dual structural challenges [2][10] - The industry faces pressure from low interest rates and regulatory demands for enhanced risk management and compliance, prompting firms to seek leaders with cross-industry experience to improve investment capabilities [10][11] Innovation in the Industry - 建信理财 has successfully launched a non-standard equity investment business, utilizing a model that combines customized financial products with equity investments to channel funds into technology enterprises [3][12] - 交银理财 has unveiled a comprehensive upgrade of its product system, emphasizing three innovative product categories: "活钱+", pension products, and "多元精选" multi-asset strategies, aimed at addressing various client needs [3][14] Yield Performance - For the week of November 10-16, 2025, cash management products recorded a 7-day annualized yield of 1.29%, remaining stable compared to the previous week, while money market funds saw a slight increase to 1.17% [4][15] - The yield on pure fixed-income products generally declined across all maturities, while fixed-income plus products mostly saw increases, indicating a mixed performance in the bond market [4][18] Net Value 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 tightening, suggesting limited value for investors [5][23][24]

New Stock Offerings - Tianpu Co., Ltd. (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] - Hailianxun (300277) and Antai Group (600408) have recent announcements regarding their stock activities[1] Market Volatility - Moen Electric (002451) reported severe abnormal fluctuations with a change of 4%[1] - ST Yuancheng (603388) and ST Keli Da (603828) also reported significant fluctuations of 4% and 3% respectively[1] - ST Jianyi (002789) and Huaxia Happiness (600340) both experienced fluctuations of 7%[1] Recent Announcements - Various companies including Longzhou Co., Ltd. (002682) and Jinyuan Co., Ltd. (000546) have made announcements with fluctuations of 2% and 8% respectively[1] - The stock of Kangzhi Pharmaceutical (300086) showed a significant fluctuation of 85%[1] - Other companies like ST Yangguang (000608) and ST Jieneng (000820) reported fluctuations of 5% and 3% respectively[1]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Qi Zhen, a fund manager at Huabao Fund, has a "policy + industry" dual - driven investment framework, focusing on innovative drugs in the medium term. His investment style combines growth and certainty with flexible valuation tolerance, and he prefers long - term holding with low turnover and portfolio structure optimization [3][17][45]. - Since Qi Zhen took office, Huabao Big Health A has achieved remarkable returns, outperforming over 90% of similar pharmaceutical theme funds. Although its drawdown control is slightly weak, it still offers good risk - return performance [4][13][44]. - Qi Zhen is an excellent fund manager with a profound professional background, a mature investment system, and strict risk awareness. He is expected to continue generating excess returns as the Chinese innovative drug industry develops [46]. 3. Summary by Directory 3.1 Fund Manager Information - **Manager Introduction**: Qi Zhen holds a biotechnology bachelor's degree and a biology doctorate from Shanghai Jiao Tong University. He has worked in Northeast Securities and Essence Securities and joined Huabao Fund in October 2020. Since February 2023, he has been the fund manager of Huabao Big Health Hybrid Securities Investment Fund [4][9][44]. - **Managed Product Introduction** - **Representative Product**: Qi Zhen has managed Huabao Big Health A (006881.OF) since February 28, 2023. As of September 30, 2025, its total scale is 268 million yuan [4][10][44]. - **Representative Product Net Value Performance**: After excluding the 3 - month establishment period, Huabao Big Health A significantly outperformed the CSI All - Pharmaceutical Index, recording a cumulative positive excess return of 60.00%. Its return performance ranks among the top in pharmaceutical theme funds, surpassing over 90% of similar funds [11][13][15]. 3.2 Fund Manager Investment Ability Analysis - **Investment Scope - Policy + Industry Dual - Driven, Medium - Term Focus on Innovative Drugs**: Qi Zhen has a biological professional background and a large amount of professional reading. His investment framework is "policy + industry" dual - driven. He focuses on innovative drugs, with a position ratio of over 90%. He mines Alpha stocks with pipeline differentiation or expected inflection points and adjusts the portfolio dynamically [20][21][45]. - **Stock - Holding Characteristics - Balancing Growth and Certainty, Flexible Valuation Tolerance**: For innovative drug companies, Qi Zhen uses pipeline market value conversion for valuation, considering factors such as clinical stage success rate and management credibility. He gives higher valuation space to innovative drugs and focuses more on static valuation and performance improvement in traditional sub - industries [29][45]. - **Operation Characteristics - Preference for Long - Term Holding, Low Turnover, and Portfolio Structure Optimization**: Qi Zhen's operation strategy is mainly long - term holding of core positions, with an annualized turnover rate of only 2 - 3 times. He prefers to invest when the stock price is at the bottom or oversold. He controls drawdown by adjusting the portfolio structure rather than market timing and shows flexibility in A/H share allocation [35][36][45]. 3.3 Summary - Qi Zhen is an outstanding fund manager with a "policy + industry" analysis framework, pipeline market value valuation method, and multi - level risk control system. He is expected to create excess returns as the Chinese innovative drug industry develops. Investors can allocate his products to participate in the investment opportunities of the Chinese pharmaceutical industry upgrade [46]. 3.4 Appendix - The appendix provides product elements of Huabao Big Health A, including fund name, abbreviation, full name, establishment date, comparison benchmark, investment target, investment scope, management fee rate, and current fund manager's tenure [48].

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which is based on price fluctuations rather than predicting market trends, making it suitable for markets with frequent price movements [3][11] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly suitable [3][11] Group 2: Analysis of ETF Grid Strategy Targets - Financial Technology ETF (159851.SZ) is driven by capital market reforms and technological innovations, with a reported revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan for 42 listed brokerages in the first three quarters of 2025, reflecting a net profit growth of over 60% [3][12] - Military Industry Leader ETF (512710.SH) is expected to benefit from a new round of military procurement cycles, with China's defense budget for 2025 set at 1.81 trillion yuan, a year-on-year increase of 7.2%, although still below 1.3% of GDP [4][15] - Robotics ETF (159530.SZ) is positioned for explosive growth in 2025, supported by policies promoting intelligent robotics and significant investments in the sector, with over 200 investment events and total financing exceeding 24 billion yuan by July 2025 [5][6][17] Group 3: Recommendations for Investors - Investors are advised to use grid trading strategies by selecting a combination of suitable ETFs with low correlation, such as pairing broad-based and sector-specific ETFs or combining A-shares and Hong Kong stocks to diversify risk and enhance capital utilization [20]

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights several new stock listings and trading activities scheduled for November 18, 2025, including companies such as Jingchuang Electric (12.10), Beikang Testing (6.70), and Nanguang Digital (5.69) [1]. - It also mentions various corporate actions such as tender offers, cash options, and acquisition requests, indicating active market movements [1]. Summary by Relevant Sections - **New Stock Listings**: Companies like Jingchuang Electric, Beikang Testing, and Nanguang Digital are set to debut on the market with respective prices of 12.10, 6.70, and 5.69 [1]. - **Corporate Actions**: The report details several corporate actions including a tender offer for Tianpu Co. (605255) from November 20 to December 19, 2025, and cash options for Hangqi Wheel B (200771) from November 19 to November 25, 2025 [1]. - **Market Alerts**: It lists companies experiencing significant fluctuations, such as Moen Electric (002451) and Huasheng Lithium Battery (688353), indicating potential investment risks and opportunities [1].

Core Insights - The report highlights the increasing volatility in global markets, with the "Evergreen Low Volatility Strategy" demonstrating its advantages in such conditions [2][3][5] - The A-share market is experiencing a fluctuating trend, with the Shanghai Composite Index stabilizing around 4000 points, indicating a challenging environment for capturing market movements [2][4] - The report suggests that despite short-term pressures, the market is expected to maintain an upward trend in the medium to long term, with limited downside potential [4][5] Quantitative Strategy Allocation Views - The report ranks the strategies as follows: Stock Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy, indicating a preference for more aggressive strategies in the current market [4] - The Evergreen Low Volatility Strategy has shown stable performance, with a return of 0.537% this week and an excess return of 1.412%, reflecting its role as a stabilizer in volatile markets [5][12] - The Stock Enhancement Strategy has underperformed slightly this week with a return of -0.056%, but it is expected to perform better in improved market conditions [6][17] Fund Performance Statistics - The Evergreen Low Volatility Fund Strategy has achieved a year-to-date return of 15.124%, significantly outperforming the benchmark [12] - The Overseas Equity Allocation Fund Strategy recorded a return of 0.638% this week, with a year-to-date return of 11.935%, indicating strong performance amid global market dynamics [7][12] - The Cash Enhancement Fund Strategy has consistently outperformed its benchmark, accumulating an excess return of 0.534% since its inception [6][18] Fund Strategy Construction Insights - The Evergreen Low Volatility Fund Strategy focuses on selecting funds with long-term stable returns, aiming to minimize volatility while maintaining decent returns [14][26] - The Stock Enhancement Fund Strategy seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in favorable market conditions [17][27] - The Cash Enhancement Fund Strategy emphasizes selecting funds with better yield performance, providing effective cash management solutions for investors [18][28] - The Overseas Equity Allocation Fund Strategy aims to expand global investment opportunities, leveraging trends in international markets to enhance returns [21][29]

Group 1: Report Summary - The report analyzes the investment value of Zhang Jintao, a fund manager at Huabao Fund, with a focus on his performance in managing Huabao Pharmaceutical Biology A [1][4]. - Zhang Jintao has developed an investment methodology that combines industry cycle analysis with a multi - dimensional framework, showing strong adaptability in the current era of global opportunities for Chinese innovative drugs [5][20]. - Since Zhang Jintao took office, Huabao Pharmaceutical Biology A has achieved above - average returns among pharmaceutical theme funds, outperforming nearly 80% of its peers, with relatively strong offensive capabilities [4][16]. Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Zhang Jintao has worked in multiple financial institutions, including Huatai United Securities, ABC Fortune Fund, etc. He joined Huabao Fund in April 2021 and has served as the fund manager of multiple funds since May 2021 [4][10]. 2.2 Management Product Introduction 2.2.1 Representative Product - Zhang Jintao has managed Huabao Pharmaceutical Biology A (240020.OF) since May 7, 2021, with a total scale of 629 million yuan as of September 30, 2025 [11]. 2.2.2 Representative Product Net Value Performance - After Zhang Jintao took office, excluding the 3 - month construction period, Huabao Pharmaceutical Biology A significantly outperformed the All - Index Pharmaceutical Index, achieving a cumulative positive excess return of 40.27% [12]. - In terms of performance among peers, it ranks in the upper - middle position, but its risk - control indicators such as volatility are relatively weak. Overall, it still has good cost - effectiveness [16]. Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Scope - Guided by Industry Cycle and Anchored by Market Value Space - Zhang Jintao's investment system is based on a deep understanding of the "five - year cycle" of the pharmaceutical industry. He believes that the Chinese innovative drug industry has entered the stage of results realization after a long - term R & D investment period [21]. - He has constructed a "policy - industry - valuation" three - dimensional decision - making framework. The policy dimension focuses on understanding policy intentions; the industry dimension focuses on verifying industry and company fundamentals; the valuation dimension calculates the long - term target market value to evaluate risk - return ratios [21][22]. 3.2 Holding Characteristics - Portfolio Construction Highlights Industry Thinking - Zhang Jintao highly concentrates on the innovative drug sector, aiming to obtain alpha returns within the innovative drug industry by focusing on companies with upcoming blockbuster products or in the rapid - volume - growth stage [20][30]. - He also strategically allocates about 8% of the portfolio to the CXO sector as a supplement and risk - hedge. His average holding period is about 1 - 2 years, and he emphasizes dynamic adjustment [30]. 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - Zhang Jintao maintains a high stock position, believing that it is difficult to obtain excess returns through position timing in the pharmaceutical industry. Instead, he focuses on stock selection [35]. - The portfolio's turnover mainly comes from the optimization of non - core positions. The top ten heavy - holding stocks remain relatively stable, while the tail positions are adjusted more frequently to track new industry trends [35]. - The holding concentration is adjusted dynamically according to the industry stage, with a relatively dispersed strategy in the early stage and a gradually increasing concentration as the industry trend becomes clearer [35]. Group 4: Conclusion - Zhang Jintao's investment methodology combines industry - level strategic judgment with individual - stock tactical selection, showing strong adaptability and viability in the context of the global opportunities for Chinese innovative drugs [45][46]. - Huabao Pharmaceutical Biology A, under his management, has achieved good performance among pharmaceutical theme funds, with relatively strong offensive capabilities but slightly weaker defensiveness [44].