中信证券研报认为，2026年，周期和成长仍然是驱动农业板块主要投资逻辑。周期视角来看，在市场化 亏损以及行政去产能合力下，2025年第四季度以及2026年上半年产能去化或呈现加速态势，2026年猪价 或震荡上行。此外，畜禽产业链上持续推荐经营能力领先、穿越周期的公司。种子种植领域推荐品种资 源优势强劲的公司。成长视角来看，宠物板块国内需求稳健，国货势头强劲，2026H2或继续迎业绩高 增。果蔬种植方面，预计蓝莓红利仍将持续。重点推荐种植面积持续增长、种植效率持续提升、品牌和 渠道持续进步、出海节奏加快的蓝莓龙头。功能糖领域迎超级代糖大单品。 ...

每经AI快讯，11月18日，华泰证券发布策略研报称，10月全行业景气指数继续回落、但斜率有所放 缓，必选消费、中游制造、大金融景气改善幅度居前，TMT景气延续分化。配置上，短期哑铃型配置 强化，建议在成长、周期和红利中均衡配置，挖掘景气改善且有一定持续性、估值和筹码尚处于较低水 平的品种，科技拥挤度压力逐渐消化后或亦有修复机会，关注有色、化工、电新、通用自动化、存储、 军工、保险等，此外可左侧布局部分大众和服务消费，如乳制品等。 ...

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下 蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的延伸阅读。 作者： 沐晴 来源： 读者 （ID: duzheweixin） 成长是一辈子的课题。 ♬ 点上方播放按钮可收听洞见主播周周 朗读音频 一期直播中，罗翔老师与年轻人聊起"努力"这个话题。 很多人向他抱怨，自己勤勤恳恳做事，到头来却是一场空，既没有实现财务自由，也没有成为 人上人，付出的一切仿佛都打了水漂。 罗翔老师说，努力可能会竹篮打水一场空，但不努力，一定是一场空。 他语重心长地鼓励大家： 做你该做的事，并接受它的事与愿违。 仔细想想，果真是这个道理。 那么，努力的意义到底是什么？或许，从一开始，我们就错了。 01 认定努力就会成功，是一种傲慢。 上周末，与朋友阿光小聚。 几杯酒下肚，阿光涨红着脸，打开了话匣子。 他从二十岁出头，就一个人在外打拼，从打零工干起，什么苦活累活都接。 如果只把努力与成功挂钩，等待我们的很可能是失望。 但和很多人一样，眼看到了35岁，生活的压力却越来越大。 尤其是有了孩子以后，花销一下子大了，理想中的日 ...

Core Viewpoint - The article discusses various investment styles that yield long-term returns, emphasizing the importance of selecting the right investment strategy based on valuation and growth potential [3]. Group 1: Investment Styles - Deep Value: Focuses on undervalued assets [3] - Growth Value: Emphasizes the quality of the company, typically investing in firms with high Return on Equity (ROE) [3] - Balanced: Considers both valuation and profit growth rate, prioritizing cost-effectiveness [3] - Growth: Concentrates on profit growth rate [3] - Deep Growth: Focuses on the growth potential of the company [3] Group 2: Fund Pool Construction - A fund pool is constructed to minimize individual risks, featuring a selection of fund managers under each investment style, similar to index fund construction [4]. - In case of fund manager changes, such as departure or retirement, a backup manager of the same style will be selected to replace them [4]. Group 3: Valuation Adjustments and Rebalancing - The active selection of advisory portfolios will consider valuations for rebalancing [5]. - Styles that are cheaper and more valuable will have a higher allocation in the portfolio, while overvalued styles will undergo profit-taking [5]. - The rebalancing of advisory portfolio funds is automated, requiring no manual intervention from investors, making it more convenient [5].

Group 1 - Funds are suitable investment products for ordinary people [2] - New investors should consider what type of funds are appropriate for them [2] - There is a free course available to help new investors understand fund investment from scratch [2] Group 2 - Dividend indices are a common type of strategy index [5] - Strategy indices are based on specific investment strategies and cover a wide range of industries [6] - There are four main types of indices: broad-based indices, strategy indices, industry indices, and thematic indices [6] Group 3 - The core strategy of dividend indices is to select stocks with high dividend yields [8] - Dividend yield is calculated by dividing the total cash dividends by the company's market capitalization [8] - For example, a company with a market cap of 10 billion and annual dividends of 500 million has a dividend yield of 5% [8]

Group 1: Investment Outlook Keywords in Q3 Fund Reports - Technology and consumption are the key sectors, with high attention on growth and innovation [5] Group 2: Performance and Scale Dimensions - In Q3 2025, the scale of active equity funds increased significantly from about 3.35 trillion yuan in Q2 to over 4 trillion yuan, a rise of 19.75%. Index funds also saw a significant increase from 3.50 billion yuan to 4.44 billion yuan (+26.70%) [8] - As of Q3 2025, E Fund, China - Europe Fund, and Fullgoal Fund have the largest active equity management scales, all exceeding 20 billion yuan. China - Europe, Yongying, and E Fund had obvious growth in active equity management scale, all exceeding 5 billion yuan [11] - The performance of active equity funds in Q3 improved significantly compared to the previous quarter, with about 98% achieving positive returns and a median return of 23.00%. 361 funds achieved over 50% returns [13] - The top 20 active equity funds in Q3 performance mostly focused on communication, electronics, and power equipment, and most had low allocations in Hong Kong stocks [16] - The overall position of active equity funds rose in Q3, with the average stock position increasing to 88.72% (+1.34%) and the Hong Kong stock position slightly decreasing (-0.09%). The Hong Kong stock position of Hong Kong stock funds increased to 92.27% (+0.88%) [18] - Active equity funds reduced their positions in consumer and financial real - estate stocks and increased their positions in the technology sector in Q3. Electronics had the highest allocation ratio and the largest increase, rising from 17.90% in Q2 to 23.44%, followed by communication with a 2.81% increase. Banks had the most significant reduction, with a 2.61% decrease [20] - Among the 20 largest - scale funds, E Fund Blue Chip Select remains the largest. Some large - scale products saw performance recovery but a decline in shares, while several products reached over 10 billion yuan in scale in Q3 [23] - In Q3, the net subscription amount of some funds was high, such as AVIC Opportunity Pilot and China - Europe Digital Economy, both exceeding 8 billion yuan. The new - issue scale of active equity funds recovered significantly, with 6 funds exceeding 2 billion yuan. China Merchants Fund had the largest new - issue scale this quarter, and China Merchants Bank had the largest new - issue scale as a custodian bank [24] - The share change of active equity funds in Q3 was weakly correlated with performance, and the phenomenon of chasing rising and selling falling was not obvious [26] Group 3: Fund Company Dimensions - Dongwu Fund had the best average performance of active equity funds in Q3 2025, with an average return of 40.58%. Funds with good performance also include Caitong Fund, E Fund, and Morgan Fund. The performance differentiation of Caitong Fund and Dongwu Fund is relatively high [31] - E Fund remains the largest active equity management company, with a scale of 271.5 billion yuan in Q3. China - Europe and Yongying Funds had obvious growth in active equity scale in Q3 [33] - Leading fund companies in Q3 performance over - allocated industries such as power equipment and communication and under - allocated industries such as pharmaceutical biology and food and beverage. Some companies also had significant over - or under - allocation in specific industries [35] - The over - and under - allocation of heavy - position stocks in leading active equity fund management companies mainly concentrated in several popular industries. For example, E Fund significantly over - allocated communication and media and under - allocated medicine and automobiles [37] - Companies with relatively large - market - value positions include Ruiyuan, Morgan, and Huatai - PineBridge; those with relatively small - market - value positions include Yongying, Dacheng, and Wanjia; those with relatively high PE positions include Wanjia, Yongying, and Huashang; those with relatively low PE positions include Ruiyuan, Dacheng, and Hongde [39] Group 4: Investment Strategy Comparison - Technology and new - energy funds outperformed in Q3, while consumer and financial real - estate funds performed weakly. The large - cap growth style dominated in Q3, with the median return of large - cap growth products leading among various products, reaching 43.73%, while small - cap growth products generally performed slightly weaker [1]

Core Viewpoint - The article discusses the different stages of a company's lifecycle and the corresponding investment opportunities available at each stage, emphasizing the importance of understanding these stages for effective investment strategies [2][11]. Group 1: Company Lifecycle Stages - The company lifecycle is divided into six stages: startup, venture capital, deep growth, growth, growth value, and deep value [2][11]. - The startup stage corresponds to angel investment, focusing on creating a product prototype [3]. - The venture capital stage includes multiple rounds of financing (A, B, C) aimed at developing a commercial product and expanding the customer base [4][12]. Group 2: Investment Styles - After a company goes public, it enters the deep growth stage, characterized by rapid growth in market share, revenue, and profits [13][14]. - The deep growth style is less common among funds, but many new stocks in the Sci-Tech Innovation Board and Growth Enterprise Market fit this category [16]. - The growth style typically involves companies that have been listed for some time and maintain high revenue and profit growth rates, with a higher tolerance for valuation [18][21]. Group 3: Value Investment Styles - The growth value style represents companies nearing revenue ceilings, with slower growth rates, exemplified by Warren Buffett's investment strategies [29][30]. - The deep value style focuses on companies with stable dividends and high dividend yields, often associated with low price-to-earnings and price-to-book ratios [36][39]. - The article notes that different investment styles do not have a clear superiority over the long term, but there are noticeable style rotations in the A-share market over 3-5 years [43][45]. Group 4: Investment Strategy - Understanding the characteristics of different investment styles allows for strategic adjustments based on valuation opportunities, such as increasing allocations to undervalued styles or taking profits from overvalued ones [49][51]. - The article highlights a past strategy where the company shifted from high-valued growth styles to value styles during market fluctuations [51].

Core Insights - The live broadcast of the sixth season of "An Invitation" concluded successfully, featuring discussions on "entrepreneurship," "growth," and "value" among key industry figures, which resonated widely with the audience [1][11] Group 1: Value-Driven Entrepreneurship - The transition from material pursuit to value-driven entrepreneurship is highlighted as a crucial transformation for entrepreneurs, as shared by a seasoned industry leader [3] - The core significance of value-driven business is emphasized, where successful transactions are based on value provision rather than aggressive sales tactics, illustrated through the example of a health management company [5] - The concept of "value empowerment" is brought to life through personal growth stories, demonstrating how aligning personal and corporate values leads to natural growth [7] Group 2: Overcoming Challenges - A discussion on maintaining core values during difficult times reveals that true challenges in entrepreneurship stem from self-dialogue and self-renewal rather than external obstacles [9] - Personal anecdotes about decisive moments in their careers serve as inspiration for entrepreneurs facing choices, reinforcing the importance of adhering to value-driven principles [9] Group 3: Balancing Work and Family - The topic of balancing career and family resonates strongly with female entrepreneurs, offering practical insights on prioritizing personal identity before roles and the importance of family support in pursuing value-driven goals [10] - Initiatives to promote a culture of health and wellness within the company reflect the extension of value beyond commercial aspects, showcasing a commitment to holistic well-being [10] Group 4: Conclusion and Impact - The essence of entrepreneurship is framed as creating value while achieving personal growth, with audience feedback indicating a shift in their understanding of entrepreneurship towards value preservation as a long-term strategy [11]

Core Viewpoint - The Shanghai Stock Exchange will officially launch the Shanghai Stock Exchange Sci-Tech Innovation Board Growth Strategy Selected Index on October 15, 2025, providing a richer set of investment targets for the market [1] Group 1: Index Composition and Characteristics - The index will consist of 80 selected securities from companies listed on the Sci-Tech Innovation Board, focusing on those with strong technological innovation capabilities and good growth potential [1] - The index aims to reflect the overall performance of listed companies on the Sci-Tech Innovation Board that exhibit both innovation and growth characteristics [1] Group 2: Index Adjustment and Maintenance - The index samples will be adjusted quarterly, with adjustments occurring on the next trading day following the second Friday of March, June, September, and December each year [1] - Weight factors will be adjusted in line with sample changes, with general stability in weight factors until the next scheduled adjustment [1] - In special circumstances, the index may undergo temporary adjustments, including the removal of samples that are delisted or changes due to mergers, acquisitions, or spin-offs [1]

Core Insights - The article emphasizes the importance of breaking and reshaping one's worldview, life perspective, and values as a means of personal growth and development [4][10][16] Group 1: Refreshing Worldview - The article illustrates how individuals can experience a complete upheaval of their beliefs, akin to a "three views collapse," which can serve as a catalyst for growth [4][6] - It shares anecdotes about Amazonian natives and a scholar to highlight how limited perspectives can hinder understanding and growth [6][8] - The narrative suggests that expanding one's experiences and stepping out of comfort zones can lead to a broader worldview and reduced biases [8][10] Group 2: Refreshing Life Perspective - The article contrasts two life perspectives: the "victim mode," where individuals feel powerless and blame external factors for their circumstances, and the "controller mode," where individuals take responsibility for their lives [11][12] - It recounts the story of Oprah Winfrey, who transformed her painful past into a source of strength, illustrating the power of resilience and self-determination [12][14] - The piece argues that everyone faces challenges, but the difference lies in whether one succumbs to despair or rises to change their situation [12][14] Group 3: Refreshing Values - The article references the metaphor of prison walls from "The Shawshank Redemption," illustrating how individuals can become trapped by their own beliefs and societal norms [17][19] - It discusses the dangers of clinging to outdated truths and the necessity of adapting to new realities in a constantly changing world [20][21] - The narrative warns against becoming stagnant and emphasizes the need for continuous growth and adaptation to avoid being left behind [21][23]