基金配置策略报告（2025年11月期）：“空窗期”将至，震荡行情中需攻守兼备-20251111

Group 1 - The report indicates that the equity market experienced high-level fluctuations in October 2025, with a notable retreat in the previously dominant technology growth sector, while dividend and value sectors outperformed [11][12] - The report highlights that the coal, oil and petrochemical, and non-ferrous metals sectors saw significant gains of 9.87%, 5.03%, and 5.00% respectively, while sectors like media, automotive, and electronics faced declines of -5.71%, -4.24%, and -4.00% [11][12] - The report suggests that the market is likely to focus on industries with high performance growth in Q3, but the public funds' holdings in these core targets are already high, limiting further accumulation [18][19] Group 2 - The report outlines that the bond market showed signs of recovery in October, with major bond indices such as the Wind Long-term Pure Bond Index and Wind Bond Index Fund Index rising by 0.51% and 0.44% respectively [12][13] - It is noted that the bond market is expected to continue its oscillation in November, with risks significantly easing, but bullish sentiment remains insufficient [25][26] - The report emphasizes the importance of selecting high-quality bond funds that can provide stable returns without credit downgrades, while also adjusting duration strategies flexibly [25][30] Group 3 - The report discusses the active equity fund selection index, which focuses on sectors that are less affected by foreign capital fluctuations and have stable profit expectations [20][21] - It mentions that the index has achieved a cumulative net value of 1.4027 since its establishment, outperforming the active equity fund index by 16.64% [20][21] - The report highlights the importance of technology themes, particularly in semiconductor manufacturing, new energy systems, and quantum technology, as key areas for investment [19][20]