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].

1. Report Industry Investment Rating - The report indicates that the current bond market has more opportunities than risks, especially from November to December [11]. 2. Core Viewpoints - Last week (2025.11.10 - 2025.11.14), the domestic bond market maintained an overall volatile pattern. The yield of 1 - year Treasury bonds rose by 0.59BP to 1.41%, the yield of 10 - year Treasury bonds remained flat at 1.81%, and the yield of 30 - year Treasury bonds fell by 1.00BP to 2.15%. The change in the wording of the third - quarter monetary policy implementation report towards further easing and the warming of inflation data led to a cooling of expectations for further monetary policy easing, resulting in a short - term continuation of the volatile pattern in the bond market [2][10]. - The US bond yield increased last week. The 1 - year US bond yield rose by 7BP to 3.70%, the 2 - year US bond yield rose by 7BP to 3.62%, and the 10 - year US bond yield rose by 3BP to 4.14%. The increasingly hawkish attitude of Fed officials led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part of Huaxia Anbo Warehouse REIT, which was launched on November 11, exceeded the initial fundraising scale limit in one day and started the proportional placement [12][13]. 3. Summary by Directory 3.1. Pan - fixed - income Market Review and Observation - **Domestic Bond Market**: The domestic bond market was volatile last week. The change in the monetary policy report's wording and the warming of inflation data affected the market. In the long term, the downward breakthrough of long - term yields depends on economic data and investors' risk preferences. Overall, the bond market from November to December has more opportunities than risks [10][11]. - **US Bond Market**: The US bond yield increased last week. The hawkish attitude of Fed officials and the under - expected auction yield of 10 - year US Treasury bonds led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - **REITs Market**: The CSI REITs Total Return Index rose by 0.86% last week, with the transportation, affordable housing, consumption, and warehousing and logistics sectors leading the rise, while the municipal environmental protection and data center sectors falling. The issuance of Huaxia Anbo Warehouse REIT was very popular [12]. 3.2. Public Fund Market Dynamics - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part exceeded the initial fundraising scale limit in one day, and the public investor subscription confirmation ratio was 5.83%, while the offline investor confirmation ratio was as low as 0.68% [12][13]. 3.3. Pan - fixed - income Fund Index Performance Tracking - **Performance Statistics**: - The money enhancement index rose by 0.03% last week, with a cumulative return of 4.30% since its establishment [4]. - The short - term bond fund selection index rose by 0.03% last week, with a cumulative return of 4.48% since its establishment [4]. - The medium - and long - term bond fund selection index rose by 0.07% last week, with a cumulative return of 6.82% since its establishment [4]. - The low - volatility fixed - income + fund selection index rose by 0.07% last week, with a cumulative return of 4.78% since its establishment [4]. - The medium - volatility fixed - income + fund selection index rose by 0.04% last week, with a cumulative return of 6.12% since its establishment [4]. - The high - volatility fixed - income + fund selection index fell by 0.06% last week, with a cumulative return of 8.11% since its establishment [4]. - The convertible bond fund selection index rose by 0.03% last week, with a cumulative return of 23.54% since its establishment [4]. - The QDII bond fund selection index rose by 0.08% last week, with a cumulative return of 10.35% since its establishment [4]. - The REITs fund selection index rose by 1.67% last week, with a cumulative return of 33.81% since its establishment [4]. - **Index Positioning**: - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money funds and rises smoothly, and mainly allocates money market funds and inter - bank certificate of deposit index funds [17]. - **Short - term Bond Fund Selection Index**: Aims at liquidity management, pursues a smooth upward curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities [19]. - **Medium - and Long - term Bond Fund Selection Index**: Aims to obtain stable returns by investing in medium - and long - term pure bond funds, controls drawdowns, and tries to obtain excess returns relative to the medium - and long - term bond fund index. It selects funds with both returns and drawdown control, and flexibly adjusts the duration and the proportion of credit bond funds and interest rate bond funds according to market conditions [21]. - **Low - volatility Fixed - income + Selection Index**: The equity center is positioned at 10%, and 10 funds are selected each period. It focuses on selecting fixed - income + targets with an equity center within 15% in the past three years and recently, and emphasizes the holding experience [22]. - **Medium - volatility Fixed - income + Selection Index**: The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% and 25% in the past three years and recently, and focuses on the performance - risk cost - effectiveness [25]. - **High - volatility Fixed - income + Selection Index**: The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% and 35% in the past three years and recently, and focuses on selecting targets with strong stock - picking ability and certain offensiveness on the equity side [26][29]. - **Convertible Bond Fund Selection Index**: Selects bond - type funds with the average proportion of convertible bond investment in bond market value greater than or equal to 60% in the latest period and greater than or equal to 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. - **QDII Bond Fund Selection Index**: Selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds to form the index [33]. - **REITs Fund Selection Index**: Selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset types of REITs to form the index [34].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The report presents several ETF strategy indices developed by Huabao Research, aiming to provide investors with strategies to obtain excess returns relative to the market. These indices are tracked weekly for performance and holdings [13]. 3. Summary by Relevant Catalog 1. ETF Strategy Index Tracking - **Overall Performance Table**: The table shows the performance of different ETF strategy indices in the last week, including their returns, benchmark returns, and excess returns. For example, the Huabao Research Small - Large Cap Rotation ETF Strategy Index had a last - week return of - 1.06%, with a benchmark (CSI 800) return of - 1.13% and an excess return of 0.07% [14]. 1.1. Huabao Research Small - Large Cap Rotation ETF Strategy Index - **Strategy**: 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 determine holdings [15]. - **Performance**: As of 2025/11/14, the excess return since 2024 was 20.08%, the excess return in the last month was - 0.02%, and the excess return in the last week was 0.07%. The index's last - week return was - 1.06%, compared to the CSI 800's - 1.13% [15][18]. - **Holdings**: As of 2025/11/14, it held 100% of the Shanghai - Shenzhen 300ETF [20]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors [20]. - **Performance**: As of 2025/11/14, the excess return since 2024 was 18.92%, the excess return in the last month was 2.02%, and the excess return in the last week was 1.63%. The index's last - week return was 0.50%, compared to the CSI 800's - 1.13% [20][23]. - **Holdings**: As of 2025/11/14, it held multiple ETFs, such as the 512890.SH Dividend Low - Volatility ETF with a 25.15% weight [24]. 1.3. Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including long - and medium - term fundamental analysis, short - term market trend tracking, and analysis of market participants' behavior. It uses valuation and crowding signals to indicate industry risks and digs out potential sectors [24]. - **Performance**: As of 2025/11/14, the excess return since 2024 was 37.09%, the excess return in the last month was 6.32%, and the excess return in the last week was 1.25%. The index's last - week return was 0.12%, compared to the CSI 800's - 1.13% [24][26]. - **Holdings**: As of 2025/11/14, it held ETFs like the 516160.SH New Energy ETF with a 20.47% weight [28]. 1.4. Huabao Research Quantitative Balancing Act ETF Strategy Index - **Strategy**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend analysis. It also predicts the market's large - and small - cap styles to adjust equity market positions [28]. - **Performance**: As of 2025/11/14, the excess return since 2024 was - 11.12%, the excess return in the last month was - 1.10%, and the excess return in the last week was 0.77%. The index's last - week return was - 0.31%, compared to the Shanghai - Shenzhen 300's - 1.08% [28][29]. - **Holdings**: As of 2025/11/14, it held the 511260.SH 10 - Year Treasury Bond ETF with a 9.23% weight [31]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It tracks and mines hot - spot index target products through market sentiment analysis, industry event tracking, investor sentiment, professional views, policy changes, and historical analysis to build an ETF portfolio that can capture market hot - spots [31]. - **Performance**: As of 2025/11/14, the excess return in the last month was 0.51%, and the excess return in the last week was 2.99%. The index's last - week return was 2.46%, compared to the CSI All - Share Index's - 0.53% [31][34]. - **Holdings**: As of 2025/11/14, it held the 159652.SZ Non - Ferrous Metals 50ETF with a 36.05% weight [35]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine learning. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond portfolio [35]. - **Performance**: As of 2025/11/14, the excess return in the last month was - 0.05%, and the excess return in the last week was - 0.01%. The index's last - week return was 0.04%, compared to the ChinaBond Aggregate Index's 0.05% [35][36]. - **Holdings**: As of 2025/11/14, it held the 511260.SH 10 - Year Treasury Bond ETF with a 50.00% weight [38].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - From November 10 - 14, 2025, the market adjusted overall, with small - cap stocks leading in gains and the value style outperforming the growth style. The consumer services, textile and apparel, and basic chemicals sectors led the rise. The daily average trading volume of the entire A - shares increased compared to the previous week. A - shares still showed characteristics of a stock game, and the market focused on the game between next - year's policies and prosperity expectations, which was favorable for the small - and medium - cap theme investment style [4][12]. - The weakening of A - share technology was mainly due to the market's divergence on the US AI narrative. The A - share technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - The release of the third - quarter financial reports of technology giants such as NVIDIA, Alibaba, and Baidu will have an important impact on the "US stock AI bubble theory" and the rebound of A - share technology stocks and global risk assets at the end of the year [14]. - Last week, the gold price fluctuated upwards. The future trend of the gold price will closely revolve around the disclosure of US economic data and new signals from Fed officials regarding the interest - rate path [14]. - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)" to further standardize the sales behavior of public funds and strengthen the obligation of suitability management for investors [16]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market performance: From November 10 - 14, 2025, the Shanghai Composite Index fell slightly by 0.18%, the CSI 300 Index fell by 1.08%, the CSI 500 Index fell by 1.26%, and the Guozheng 2000 Index fell slightly by 0.13%. The daily average trading volume of the entire A - shares was 2.041 trillion yuan, an increase compared to the previous week [4][12]. - Capital layout: A - shares still showed characteristics of a stock game. Funds were deployed around two types of opportunities: logic - driven opportunities such as the new energy vehicle industry chain and petrochemical resource - related sectors, and event - gaming opportunities represented by regional concepts, restructuring themes, and low - priced stocks [12]. - Macro changes: In October, domestic economic data showed a "high - then - low" trend. Policy may be "supportive but not overly aggressive". The central bank's third - quarter monetary policy report indicated that supportive monetary policies would balance long - term goals [13]. - Technology direction: The weakening of A - share technology was affected by the US AI narrative. The technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - Gold: Last week, the gold price fluctuated upwards. The future trend of the gold price will depend on US economic data and Fed officials' signals regarding interest - rate paths [14]. 1.2. Public Fund Market Dynamics - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)", which requires fund managers and sales institutions to strictly fulfill suitability obligations and adds three principles for public fund risk assessment [16][17]. 2. Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Strategy and Theme | Active Stock Fund Preferred Index | - 0.15% | 1.49% | 38.93% | 40.06% | | Investment Style | Value Stock Fund Preferred Index | 1.37% | 2.54% | 21.08% | 21.17% | | | Balanced Stock Fund Preferred Index | - 0.24% | 1.00% | 32.08% | 29.19% | | | Growth Stock Fund Preferred Index | 0.20% | 2.24% | 54.17% | 40.32% | | Industry Theme | Pharmaceutical Stock Fund Preferred Index | 4.97% | 1.28% | 42.97% | 23.85% | | | Consumption Stock Fund Preferred Index | 0.32% | - 4.11% | 12.91% | 5.64% | | | Technology Stock Fund Preferred Index | - 1.85% | - 0.95% | 46.52% | 48.82% | | | High - end Manufacturing Stock Fund Preferred Index | - 1.49% | 4.95% | 36.30% | 29.73% | | | Cyclical Stock Fund Preferred Index | 1.10% | - 3.40% | 27.16% | 18.19% | - Each index has its own positioning and performance comparison benchmarks. For example, the Active Stock Fund Preferred Index selects 15 funds with equal - weight allocation, and its performance comparison benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

New Stock Issuance - Hai'an Group (Stock Code: 001233) issued at a price of 48.00 on November 14, 2025[1] - Hangzhou Qilun B (Stock Code: 200771) has a cash option declaration period from November 19 to November 25, 2025[1] - Hailianxun (Stock Code: 300277) has a buyback request declaration period from November 12 to November 18, 2025[1] Market Alerts - Pingming Technology (Stock Code: 688109) reported severe abnormal fluctuations on November 13, 2025[1] - ST Yuancheng (Stock Code: 603388) and ST Zhongzhu (Stock Code: 600568) also reported abnormal fluctuations on November 11, 2025[1] - ST Green Kang (Stock Code: 002868) and Dongbai Group (Stock Code: 600693) reported abnormal fluctuations on November 14, 2025[1] Additional Information - Multiple companies including ST Meigu (Stock Code: 000615) and ST Xiangyu (Stock Code: 600107) have ongoing announcements related to stock performance and market conditions[1][2] - The report includes links to detailed announcements for each stock, providing transparency and access to further information for investors[1]

New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]