Zhi Tong Cai Jing·2025-11-12 00:57Group 1: Major Asset Allocation Insights - The report suggests increasing allocation to domestic stocks and commodities, with a focus on large-cap stocks and a balanced growth-value approach [1][2] - The macro factor adjustment model indicates a weight increase for domestic stocks and commodities to 20.8% and 9.3% respectively, with the Hang Seng Index weight raised by approximately 7.3% [2] - As of October 2025, the latest macro factor adjustment signals indicate the following asset weightings: government bonds (20.9%), energy and chemicals (16.0%), metals (14.0%), Hang Seng Index (13.5%), CSI 300 (12.7%), CSI 1000 (12.3%), gold (5.4%), and S&P 500 (5.2%) [2] Group 2: Stock Style Allocation Insights - The macroeconomic indicators show a mixed outlook, with a decrease in the PMI new orders index and an improvement in the year-on-year industrial added value, suggesting a favorable environment for value and large-cap styles [2] - Liquidity indicators, such as the M1-M2 scissors difference and SHIBOR rates, support a positive outlook for large-cap styles [2] - The market indicators suggest a preference for large-cap styles, with a balanced approach to growth and value styles recommended for November 2025 [2] Group 3: Stock Industry Allocation Insights - The multi-dimensional industry ETF rotation model identifies high-value industries such as coal, photovoltaics, telecommunications, and agriculture with strong configuration value [3] - As of October, the stock industry rotation strategy indicates high configuration value for coal, photovoltaics, telecommunications, and agriculture, recommending equal-weight allocation to these sectors [3] - The macro factor adjustment asset allocation, stock style rotation, and stock industry configuration strategies have all achieved positive absolute returns year-to-date [3][4]