年底投资者风险偏好下降，存在锁定年内收益的需求，A50ETF（159601）布局价值凸显

Core Insights - The A-share index opened collectively higher on October 21, with the MSCI China A50 Connect Index rising approximately 1.4%, led by stocks such as ZTE, Luxshare Precision, Industrial Fulian, China Shipbuilding, and CATL [1] Market Behavior - Tianfeng Securities suggests that with the annual profit effect largely realized, fund behavior in the fourth quarter may become more conservative, influenced by policy expectations and performance verification windows, leading to a potential shift towards "profit quality + valuation safety" in large-cap blue chips [1] - Historical data from 2005 to 2024 indicates that while micro-cap stocks have a higher win rate, the differences among various styles are not significant, suggesting a risk rebalancing characteristic may emerge in the fourth quarter [1] Industry Performance - Leading sectors are primarily concentrated in finance, stability, and cyclical industries, reflecting a decrease in investor risk appetite as year-end approaches, with a tendency to lock in annual gains [1] A50 ETF Overview - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing a packaged investment in 50 leading interconnected stocks, offering balanced coverage of core A-share market assets [1] - The sector distribution of its constituent stocks includes electronics, banking, food and beverage, and power equipment [1] - The top ten holdings are Zijin Mining, CATL, Industrial Fulian, Kweichow Moutai, Haiguang Information, Cambricon Technologies, BYD, Heng Rui Medicine, China Merchants Bank, and ZTE [1]