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] - Jianglong Shipbuilding (Stock Code: 300589) reported severe abnormal fluctuations[1] - Peking University Medicine (Stock Code: 000788) announced a trading update[1] Group 2: Trading Updates - Tongyu Communication (Stock Code: 002792) reported a trading update on December 1, 2025[1] - Daoming Optics (Stock Code: 002632) also provided a trading update on December 1, 2025[1] - Rongji Software (Stock Code: 002474) issued a trading update on December 1, 2025[1] Group 3: Abnormal Fluctuations - Ruineng Technology (Stock Code: 603933) reported a trading update on November 29, 2025, with a fluctuation of 6%[1] - Maoye Commercial (Stock Code: 600828) also reported a fluctuation of 6% on November 29, 2025[1] - Heshun Petroleum (Stock Code: 603353) reported a fluctuation of 7% on November 29, 2025[1]

Report Industry Investment Rating - No relevant content provided Core Views of the Report - From November 24 to 28, 2025, small-cap stocks led the gains in the equity market, with the growth style outperforming the value style. The average daily trading volume of the entire A-share market was 1.7312 trillion yuan, continuing to decline week-on-week, and market activity remained to be restored. Near the end of the year, funds focused on performance assessment, resulting in low willingness for incremental funds to enter the market. In this environment, high-low band operations are more suitable for structural opportunities in the stock game [3][10]. - Global conflicts have been cooling down. After the trade disputes in early October, the relationship games among China, the US, and Japan are expected to become more stable, and there is also hope for peace in the Russia-Ukraine conflict. With the approaching US mid-term elections in 2026, the Trump administration may refocus on domestic issues [4][11]. - In the technology sector, during the controversy over the "bubble" of overseas AI and the short-term stock price adjustment, the market consensus in the domestic technology sector last week was concentrated on the Google industry chain. However, the current participation in the Google industry chain is more based on mapping rather than fundamental drivers, and it is difficult to quantify the future market space and industry growth rate. There is also a "pulling and stepping" phenomenon of funds within the technology sector [4][12]. - The commercial space industry showed a typical theme investment pattern in the short term, with the market following key events or policy implementations. In the long term, technological breakthroughs, accelerated launch site construction, and the implementation of terminal application scenarios will jointly promote the large-scale development of the industry [4][13]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1 Equity Market Review and Observation - Market Performance: The Shanghai Composite Index rose 1.40%, the CSI 300 rose 1.64%, and the ChiNext Index rose 4.54%. Small-cap stocks led the gains, and the growth style outperformed the value style. The average daily trading volume of the entire A-share market was 1.7312 trillion yuan, continuing to decline week-on-week [10]. - Market Environment: The probability of the Fed cutting interest rates in December once reached 85%, improving the external monetary environment. However, near the end of the year, funds focused on performance assessment, resulting in low willingness for incremental funds to enter the market. In this environment, high-low band operations are more suitable for structural opportunities in the stock game [10]. - Overseas Risk Release: Global conflicts have been cooling down. The relationship games among China, the US, and Japan are expected to become more stable, and there is also hope for peace in the Russia-Ukraine conflict. With the approaching US mid-term elections in 2026, the Trump administration may refocus on domestic issues [4][11]. - Technology Direction: The market consensus in the domestic technology sector last week was concentrated on the Google industry chain. However, the current participation in the Google industry chain is more based on mapping rather than fundamental drivers, and it is difficult to quantify the future market space and industry growth rate. There is also a "pulling and stepping" phenomenon of funds within the technology sector [4][12]. - Commercial Space: The commercial space industry showed a typical theme investment pattern in the short term, with the market following key events or policy implementations. In the long term, technological breakthroughs, accelerated launch site construction, and the implementation of terminal application scenarios will jointly promote the large-scale development of the industry [4][13]. 2. Active Equity Fund Index Performance Tracking 2.1 Active Stock Fund Preferred Index - Performance: It rose 2.88% last week and has recorded a cumulative excess return of 14.64% since its establishment. The index selects 15 active equity funds based on performance competitiveness and style stability, with equal-weight allocation for each fund. The performance benchmark is the CSI Active Stock Fund Index (930980.CSI) [5][14][15]. 2.2 Value Stock Fund Preferred Index - Performance: It rose 1.21% last week and has recorded a cumulative excess return of 3.70% since its establishment. The index selects 10 funds with deep value, quality value, and balanced value styles based on multi-period style classification. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [5][14][17]. 2.3 Balanced Stock Fund Preferred Index - Performance: It rose 2.37% last week and has recorded a cumulative excess return of 9.46% since its establishment. The index selects 10 relatively balanced and value-growth style funds based on multi-period style classification. The performance benchmark is the CSI 800 (000906.SH) [5][14][19]. 2.4 Growth Stock Fund Preferred Index - Performance: It rose 4.37% last week and has recorded a cumulative excess return of 15.15% since its establishment. The index selects 10 active growth, quality growth, and balanced growth style funds based on multi-period style classification. The performance benchmark is the CSI 800 Growth Index (H30355.CSI) [5][14][23]. 2.5 Pharmaceutical Stock Fund Preferred Index - Performance: It rose 4.42% last week and has recorded a cumulative excess return of 22.11% since its establishment. The index selects 15 funds based on the intersection market value ratio of fund equity holdings and the representative index (CITIC Pharmaceutical), with an average purity of not less than 60% in the past 3 years or since establishment. The performance benchmark is the pharmaceutical theme fund index (fitted by Huabao Securities Fund Research Platform) [5][14][24]. 2.6 Consumption Stock Fund Preferred Index - Performance: It rose 2.85% last week and has recorded a cumulative excess return of 19.33% since its establishment. The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index (CITIC Automobile, Home Appliances, Commerce and Retail, Consumer Services, Textile and Apparel, Food and Beverage, Agriculture, Forestry, Animal Husbandry, and Fishery), with an average purity of not less than 50% in the past 3 years or since establishment. The performance benchmark is the consumption theme fund index (fitted by Huabao Securities Fund Research Platform) [5][14][27]. 2.7 Technology Stock Fund Preferred Index - Performance: It rose 4.24% last week and has recorded a cumulative excess return of 20.79% since its establishment. The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index (CITIC Electronics, Communications, Computer, Media), with an average purity of not less than 60% in the past 3 years or since establishment. The performance benchmark is the technology theme fund index (fitted by Huabao Securities Fund Research Platform) [5][14][32]. 2.8 High-End Manufacturing Stock Fund Preferred Index - Performance: It rose 5.69% last week and has recorded a cumulative excess return of -1.97% since its establishment. The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index (CITIC Construction, Light Industry Manufacturing, Machinery, Power Equipment and New Energy, National Defense and Military Industry, Electronics, Communications), with an average purity of not less than 50% in the past 3 years or since establishment. The performance benchmark is the high-end manufacturing theme fund index (fitted by Huabao Securities Fund Research Platform) [5][14][34]. 2.9 Cyclical Stock Fund Preferred Index - Performance: It rose 2.96% last week and has recorded a cumulative excess return of -0.81% since its establishment. The index selects 5 funds based on the intersection market value ratio of fund equity holdings and the representative index (CITIC Petroleum and Petrochemical, Coal, Non-Ferrous Metals, Steel, Building Materials, Basic Chemicals, Banks, Non-Bank Finance, Real Estate, Comprehensive Finance), with an average purity of not less than 50% in the past 3 years or since establishment. The performance benchmark is the cyclical theme fund index (fitted by Huabao Securities Fund Research Platform) [5][14][34].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents several ETF strategy indices constructed with the help of ETFs and tracks their performance and positions on a weekly basis, including the Huabao Research Small - Large Cap Rotation ETF Strategy Index, Huabao Research SmartBeta Enhanced ETF Strategy Index, etc [12] 3. Summary by Relevant Catalogs 3.1 ETF Strategy Index Tracking - **Performance of ETF Strategy Indices Last Week**: The Huabao Research Small - Large Cap Rotation ETF Strategy Index had a return of 1.65%, with a benchmark return of 2.04% and an excess return of - 0.39%; the Huabao Research SmartBeta Enhanced ETF Strategy Index had a return of 5.13%, with a benchmark return of 2.04% and an excess return of 3.10%; the Huabao Research Quantitative Fire - Wheel ETF Strategy Index had a return of 0.58%, with a benchmark return of 2.04% and an excess return of - 1.46%; the Huabao Research Quantitative Balancing Act ETF Strategy Index had a return of 0.84%, with a benchmark return of 1.64% and an excess return of - 0.80%; the Huabao Research Hot - Spot Tracking ETF Strategy Index had a return of 1.98%, with a benchmark return of 2.82% and an excess return of - 0.84%; the Huabao Research Bond ETF Duration Strategy Index had a return of - 0.16%, with a benchmark return of - 0.26% and an excess return of 0.09% [13] 3.2 Huabao Research Small - Large Cap Rotation ETF Strategy Index - **Strategy Principle**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large Cap Index and the Shenwan Small Cap Index. The model outputs signals weekly to predict the strength of the indices in the next week and determines positions based on the results to obtain excess returns relative to the market [14] - **Performance**: As of 2025/11/28, the excess return since 2024 was 19.93%, the excess return in the past month was 0.50%, and the excess return in the past week was - 0.39%. The return in the past week was 1.65%, - 2.39% in the past month, and 51.22% since 2024 [14][15] - **Position**: The position was 100% in the CSI 300ETF (fund code: 510300.SH) [18] 3.3 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time self - built Barra factors and maps the timing signals to ETFs based on the exposure of ETFs to 9 major Barra factors to obtain returns exceeding the market. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [19] - **Performance**: As of 2025/11/28, the excess return since 2024 was 24.67%, the excess return in the past month was 7.70%, and the excess return in the past week was 3.10%. The return in the past week was 5.13%, 4.81% in the past month, and 55.96% since 2024 [19][20] - **Position**: The positions included 25.12% in the Science and Technology Innovation 100 ETF (fund code: 588220.SH), 25.03% in the Full Science and Technology Innovation Index ETF (fund code: 589600.SH), 24.96% in the ChiNext 200 ETF (fund code: 159270.SZ), and 24.90% in the ChiNext Comprehensive ETF (fund code: 159541.SZ) [23] 3.4 Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy Principle**: It starts from multiple factors, including the grasp of medium - and long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behaviors of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors to obtain excess returns relative to the market [23] - **Performance**: As of 2025/11/28, the excess return since 2024 was 33.97%, the excess return in the past month was 2.00%, and the excess return in the past week was - 1.46%. The return in the past week was 0.58%, - 0.89% in the past month, and 65.27% since 2024 [23][26] - **Position**: The positions included 21.02% in the Bank ETF (fund code: 512800.SH), 20.57% in the Oil and Gas ETF (fund code: 159697.SZ), 19.59% in the Securities and Insurance ETF (fund code: 512070.SH), 19.57% in the Power ETF (fund code: 159611.SZ), and 19.25% in the New Energy ETF (fund code: 516160.SH) [27] 3.5 Huabao Research Quantitative Balancing Act ETF Strategy Index - **Strategy Principle**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behaviors to build a quantitative timing system for trend analysis of the equity market. It also establishes a prediction model for the market's small - and large - cap styles to adjust the position distribution in the equity market and comprehensively obtains excess returns relative to the market through timing and rotation [27] - **Performance**: As of 2025/11/28, the excess return since 2024 was - 9.55%, the excess return in the past month was 1.23%, and the excess return in the past week was - 0.80%. The return in the past week was 0.84%, - 1.23% in the past month, and 22.38% since 2024 [27][28] - **Position**: The positions included 9.38% in the Ten - Year Treasury Bond ETF (fund code: 511260.SH), 5.87% in the 500ETF Enhanced (fund code: 159610.SZ), 5.83% in the CSI 1000ETF (fund code: 512100.SH), 32.27% in the 300 Enhanced ETF (fund code: 561300.SH), 23.35% in the Policy - Financial Bond ETF (fund code: 511520.SH), and 23.30% in the Short - Term Financing ETF (fund code: 511360.SH) [30] 3.6 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It uses strategies such as market sentiment analysis, tracking of major industry events, investor sentiment and professional opinions, policy and regulatory changes, and historical deduction to timely track and dig out hot - spot index target products, construct an ETF portfolio that can capture market hot - spots, provide investors with references for short - term market trends, and help them make wiser investment decisions [30] - **Performance**: As of 2025/11/28, the excess return in the past month was 1.93%, and the excess return in the past week was - 0.84%. The return in the past week was 1.98%, - 0.36% in the past month [30][33] - **Position**: The positions included 35.39% in the Non - Ferrous Metals 50ETF (fund code: 159652.SZ), 24.30% in the Bosera Hong Kong Stock Dividend ETF (fund code: 513690.SH), 21.43% in the Hong Kong Stock Connect Pharmaceutical ETF (fund code: 513200.SH), and 18.88% in the Short - Term Financing ETF (fund code: 511360.SH) [34] 3.7 Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve the long - term return and drawdown control ability of the portfolio [34] - **Performance**: As of 2025/11/28, the excess return in the past month was 0.24%, and the excess return in the past week was 0.09%. The return in the past week was - 0.16%, - 0.15% in the past month, 9.14% since 2024, and 23.25% since its establishment [34][35] - **Position**: The positions included 49.99% in the Ten - Year Treasury Bond ETF (fund code: 511260.SH), 25.01% in the Policy - Financial Bond ETF (fund code: 511520.SH), and 25.00% in the 5 - to 10 - Year Treasury Bond ETF (fund code: 511020.SH) [37]

Group 1 - The bond market is entering a configuration phase, supported by year-end policy expectations, a loose funding environment, and institutional "early bird" allocations. However, profit-taking intentions among institutions are strong, suggesting that the bond allocation momentum at the end of 2025 may be weaker than in previous years. A trading strategy focused on swing trading is recommended, with the 10-year government bond futures yield around 1.83%, reflecting pessimistic expectations and limited room for significant upward movement. It is advised to gradually allocate high-yield, liquid quality credit bonds while managing overall duration risk, waiting for market sentiment recovery and value reassessment [1][11][12] Group 2 - The stock market is in a phase of consolidation, with a recent recovery showing a shrinking upward trend, indicating a decline in investor trading enthusiasm. In the absence of clear positive catalysts, the market is expected to enter a consolidation phase. As the year-end approaches, funding behavior may become more cautious, favoring stability and locking in annual returns, leading to significant structural characteristics in market opportunities. The upcoming Central Economic Work Conference in mid-December may provide a temporary catalyst, particularly in areas of technological innovation and industrial upgrading, suggesting a new window for allocation [2][12][13] Group 3 - The A-share market has shown significant recovery after a substantial adjustment, with a maximum drawdown from the peak. The rapid adjustment has released some risks, and there is a technical rebound demand in the market. Positive sentiment from the recent US-China presidential call has boosted market risk appetite, leading to a strong rebound in the stock market. Additionally, the rapid growth of Alibaba's AI assistant "Qianwen" has positively impacted AI-related stocks [9][12][13] Group 4 - The US stock market is expected to continue its recovery, with recent retail sales data indicating a marginal slowdown in US economic growth. The impact of tariffs on inflation appears limited, and the labor market remains weak. The upcoming release of the US October PCE core price index is expected to further confirm that tariffs have not significantly pressured inflation. In this context, a rate cut by the Federal Reserve in December is likely, with plans to formally end balance sheet reduction and continue injecting liquidity into the market, suggesting a trend towards a looser overall monetary environment [12][13]

New Stock Issuance - The new stock issued by Bai'ao Saitou (证券代码: 787796) is priced at 26.68 RMB per share[1] - Tianpu Co., Ltd. (证券代码: 605255) is undergoing a tender offer from November 20, 2025, to December 19, 2025[1] Market Alerts - Jianglong Shipbuilding (证券代码: 300589) has reported severe abnormal fluctuations in its stock price[1] - A total of 20 companies have been flagged for abnormal trading activities, indicating potential volatility in the market[2] Trading Information - The trading date for Bai'ao Saitou's new stock issuance is set for November 28, 2025[1] - Multiple companies, including Xinjing Road (证券代码: 000510) and Green Island Wind (证券代码: 301043), have recent announcements regarding their stock performance[1]

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The industry is experiencing a shift in the main holders of amortized cost bond funds from banks to wealth management companies, which are increasingly viewing these funds as tools for reducing volatility in a low-interest and high-volatility environment [3][11][12] - The application of AI in the industry has progressed from initial human-machine interaction to a collaborative phase, with AI becoming a core component of business operations [3][17] - The report highlights the launch of a global commodity integration strategy index by a wealth management company, aiming to capture diverse returns through systematic allocation across various commodity strategies [4][18][19] Summary by Sections Regulatory and Industry Dynamics - The concentrated opening period for amortized cost bond funds is expected in Q4 2025 to Q1 2026, with a total opening scale exceeding 480 billion [11][10] - The transition of holders from banks to wealth management companies is driven by market changes and regulatory policies, leading to a shift in the underlying assets of these funds from government bonds to credit bonds [12][13] Peer Innovation Dynamics - A wealth management company has introduced a global commodity integration strategy index, which utilizes quantitative models for dynamic rebalancing to capture diverse risk factors in different market environments [18][19] - A partnership between a regional equity trading center and a wealth management company has successfully completed the first fund share transfer, marking a significant step for wealth management funds to enter the private equity investment field [20] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.27%, a decrease of 2 basis points, while money market funds remained stable at 1.17% [21][23] - The bond market is currently experiencing a narrow fluctuation pattern, influenced by various factors including Federal Reserve interest rate expectations and market concerns regarding AI [24][25] Net Value Tracking - The net value ratio of bank wealth management products increased to 1.16%, up 0.43 percentage points, indicating a potential upward pressure on the net value ratio if credit spreads continue to widen [28][30]

Group 1: New Stock Offerings - Tianpu Co., Ltd. (605255) is undergoing a tender offer from November 20, 2025, to December 19, 2025[1] - Pingao Co., Ltd. (688227) has announced its latest updates on November 26, 2025[1] - Jianglong Shipbuilding (300589) released an announcement on November 24, 2025[1] Group 2: Significant Market Fluctuations - Huasheng Lithium Battery (688353) reported severe abnormal fluctuations on November 15, 2025[1] - HeFu China (603122) experienced significant market activity on November 13, 2025[1] - ST Keli Da (603828) had notable trading changes on November 12, 2025[1] Group 3: Recent Announcements - Guosheng Technology (603778) issued a notice on November 26, 2025[1] - ST Dongyi (002713) provided updates on November 26, 2025[1] - Jinfu Technology (003018) announced its latest developments on November 26, 2025[1]

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, making it suitable for frequently fluctuating markets [3][12] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low trading costs, good liquidity, and high volatility, with equity ETFs being relatively appropriate for grid trading [3][12] Group 2: Analysis of ETF Grid Strategy Targets - The Hang Seng Innovation Drug ETF (520500.SH) focuses on China's innovative drug pipeline, which ranks second globally, with significant policy support enhancing commercialization and internationalization opportunities [3][13] - The Military Industry ETF (512560.SH) is expected to benefit from a new round of military procurement cycles driven by the "14th Five-Year Plan" and increasing defense budgets, which are projected to reach 1.81 trillion yuan in 2025, a 7.2% increase year-on-year [4][14] - The Wine ETF (512690.SH) is characterized by price fluctuations within a certain range and is currently at a historical low valuation, making it suitable for grid strategies, with a daily average fluctuation of 1.77% as of November 21, 2025 [5][17] - The Sci-Tech Chip Design ETF (588780.SH) aims to capitalize on the AI and domestic substitution trends, focusing on the design segment of the chip industry, which is crucial for technological independence and security [6][18]

New Stock Listings - Hai'an Group (Stock Code: 001233) listed at an issue price of 48.00 on November 25, 2025[1] Rights Offerings - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20 to December 19, 2025[1] - Hangzhou Automobile Group (Stock Code: 200771) has a cash option declaration period from November 19 to November 25, 2025[1] Abnormal Fluctuations - Huasheng Lithium Battery (Stock Code: 688353) reported severe abnormal fluctuations on November 21, 2025[1] - Multiple companies including ST Keli Da (Stock Code: 603828) and ST Yanzhong (Stock Code: 000609) have reported abnormal fluctuations on November 21, 2025[2][3] Recent Announcements - A total of 41 announcements related to various companies were made on November 20, 2025, indicating significant market activity[3] - Companies such as Moen Electric (Stock Code: 002451) and Rongji Software (Stock Code: 002474) also made announcements on November 21, 2025[3]