智通财经APP获悉，中金发布研报称，11月A股市场震荡调整，交易活跃度有所下降，风格演绎阶段性"高切低"但持续时间短且主线不清，红利略有相对 表现。从全球范围看，主要经济体股票市场普跌，一方面投资者对于美联储降息节奏预期反复，另一方面对当前AI资产是否已经出现泡沫、科技叙事持 续性的担忧阶段性升温。 展望后市，中金认为短期风格切换较难持续，在中外流动性宽松周期共振的背景下，A股市场估值相对合理，AI科技革命与能源革命支撑上游原材料到中 游制造需求，成长产业高景气带动上市公司业绩改善，震荡上行的趋势仍在延续，当前时点至明年初，仍重点关注大盘成长风格，较长时间维度的风格切 换可能出现在明年一季度左右。四季度以来通胀预期普遍下调，年末涉及房地产、促消费等相关领域的政策信号有待观察。 5）金融：银行高股息属性吸引中长期资金配置，股票市场情绪与活跃度边际回落。在宏观经济寻底阶段，银行股盈利保持稳定，凭借股息确定性与低估 值，吸引保险等中长期资金持续增加配置。10月保险行业保费收入同比增长8%，保险公司资产总额同比增速约为16%，我们认为"开门红"期间保费有望 维持较好增长。11月全部A股日均成交额下行至1.9万亿元，两 ...

Industry Overview - The A-share market experienced fluctuations in November, with a brief "high to low" style switch that lacked clarity in the main themes, while dividend stocks showed slight relative performance [2] - Global stock markets saw declines, influenced by fluctuating expectations regarding the Federal Reserve's interest rate cuts and concerns over potential AI asset bubbles [2] - The outlook suggests that style switching may not be sustainable in the short term, with a focus on large-cap growth styles until early next year [2] Energy and Basic Materials - The "anti-involution" policy is advancing, leading to a divergence in demand between old and new economies, with the Federal Reserve's interest rate cut pace under observation [2] - Prices for various commodities showed mixed performance: thermal coal up 6%, lithium carbonate up 16%, while coking coal and iron ore prices fell by 17% and 1% respectively [2] - The U.S. government has resumed operations, alleviating some liquidity concerns, but the job market remains resilient, warranting attention to future Federal Reserve meetings [2] Industrial Products - The domestic real estate chain remains weak, while emerging markets present significant opportunities for exports [3] - In October, domestic excavator sales grew by 2% year-on-year, while export sales increased by 13% [3] - The photovoltaic industry chain has seen a slowdown in price increases, with prices for polysilicon and solar cells remaining stable month-on-month [3] Consumer Products - Traditional consumer sectors are struggling, with policies aimed at boosting consumption being gradually introduced [4] - Home appliance sales have declined significantly, with washing machines, refrigerators, and air conditioners down by 23%, 27%, and 24% year-on-year respectively [4] - The Central Committee has emphasized the need to stimulate consumption, with plans to create three trillion-level consumption sectors by 2027 [4] Technology - Continuous innovation in AI applications is noted, with domestic models progressing steadily [5] - The technology sector's leading stocks faced adjustments in November, but companies in communication equipment are expected to benefit from increased capital expenditure in North America [5] - The gaming sector remains robust, with 166 game licenses issued in October, maintaining a high level [5] Financial Sector - Bank stocks are attracting long-term capital due to their high dividend yields and stable earnings [6] - The insurance sector saw an 8% year-on-year increase in premium income in October, with total assets growing by approximately 16% [6] - The average daily trading volume in the A-share market fell to 1.9 trillion yuan in November, indicating a decline in market activity [6] Real Estate - The focus remains on destocking and debt reduction, with significant policy support anticipated [6] - In November, the sales area of commercial housing in 30 major cities fell by 36% year-on-year, although it rose by 1% month-on-month [6] - The price index for new and second-hand residential properties in 70 major cities declined by 2.6% and 5.4% year-on-year respectively [6] Recommendations - Focus on AI applications, particularly in domestic computing power, optical modules, and cloud computing infrastructure, as well as sectors like innovative drugs and energy storage [7] - Certain non-ferrous metals are expected to benefit from global monetary order restructuring and demand recovery [7] - Export performance is currently stronger than domestic demand, with companies in sectors like electrical equipment and engineering machinery showing promising prospects [7]

Group 1 - The core viewpoint highlights that multiple favorable factors, including new policy deployments and the Federal Reserve's interest rate cuts, are expected to support market confidence and performance in the short term, benefiting core assets [1] - Since Q3 2025, A-shares have continued to rise, with a significant increase in investor risk appetite, leading to a rebound in active fund size by 478.6 billion yuan to 3.95 trillion yuan [1] - Passive funds also saw substantial growth, with a rise of 996.6 billion yuan to 4.76 trillion yuan, indicating a strong performance in the context of new index highs [1] Group 2 - The CSI A500 index is heavily weighted in sectors such as power equipment, defense, pharmaceuticals, and computers, representing new productive forces [2] - The index covers a full chain of the semiconductor industry, ensuring a comprehensive layout of emerging sectors rather than focusing solely on large-cap leaders [2] - Since September, financing funds have significantly increased their positions in electronics, electrical equipment, and non-ferrous metals, which are the top weights in the CSI A500 index, confirming the index's upward momentum [2] Group 3 - The CSI A500 index, published by the China Securities Index Company, selects 500 securities with large market capitalization and good liquidity to reflect the overall performance of representative listed companies across various industries [3] - The index is recognized as a "barometer of China's new productive forces," utilizing a unique compilation logic that balances industry and market capitalization while focusing on strategic national industries [3] - The top ten weighted stocks in the CSI A500 index include major companies such as CATL, Kweichow Moutai, and China Ping An, providing investors with a quality vehicle to share in the economic transformation dividends and diversify risks [3]

Core Insights - The report indicates an overall increase in stock positions for active mixed equity funds, with a slight reduction in active positions, particularly in the dual innovation board [1][2] - The top 5% of heavily held stocks accounted for approximately 38.78% of the total stock investment value, reflecting a significant increase in "herding" behavior among funds [3] Group 1: Position Analysis - Overall stock positions have increased, but active positions have decreased slightly. The weighted average equity fund position is 87.38%, up 1.64 percentage points from the previous quarter [2] - The increase in stock positions is primarily driven by market gains, with an estimated active reduction of about 0.43% when adjusted for the performance of the CSI 800 index [2] Group 2: Sector Allocation - There is a notable increase in allocation to the dual innovation board, with the proportion of main board stocks decreasing by 6.53% to approximately 58.97%, while allocations to the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange increased by 4.53%, 1.92%, and 0.08% respectively [2] - The allocation to Hong Kong stocks in active Hong Kong-Shanghai-Shenzhen funds is approximately 33.43%, down 2.89 percentage points from the previous quarter [2] Group 3: Heavyweight Stock Characteristics - The top ten heavily held stocks include three from the electronics sector, two from internet Hong Kong stocks, and two from the AI computing sector, with significant increases in holdings for stocks like New Yisheng and Alibaba [2][3] - The overall trend shows a preference for large-cap growth stocks, with the "herding" degree among funds increasing [3] Group 4: Industry Trends - Active increases in holdings are observed in the electronics, communication, and retail sectors, while reductions are noted in banking and automotive sectors [3][4] - The top five industries for heavy holdings are electronics, pharmaceuticals, electric equipment, communication, and non-ferrous metals, with a notable increase in the electronics sector by approximately 5.25% [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) will implement reforms to the ChiNext board, aiming to establish listing standards that better align with the characteristics of emerging industries and innovative enterprises, providing more precise and inclusive financial services for new industries and technologies [5]. Group 1: Market Performance - As of October 28, 2025, the Tianhong ChiNext ETF (159977) rose by 0.72%, marking a three-day increase, with a transaction volume of 67.69 million yuan [3]. - The ChiNext ETF has seen significant growth, with an increase of 840 million yuan in scale over the past three months and a rise of 2.136 billion units in trading volume [3]. Group 2: Product Highlights - The Tianhong ChiNext ETF (159977) tracks the ChiNext Index, which is currently near its historical median, with growth potential. Its PE, PB, and PS valuations are below the 64th percentile over the past five years, indicating attractive valuation levels compared to other broad-based indices [4]. - The Tianhong A500 ETF (159360) covers 35 secondary industries and tracks 500 constituent stocks, serving as a balanced allocation to core assets of the Chinese economy [4]. - The Tianhong Sci-Tech Index ETF (589860) covers 97% of the Sci-Tech board's market value, focusing on hard technology sectors, with over 80% allocation to strategic emerging industries such as semiconductors and artificial intelligence [4]. Group 3: Institutional Perspectives - CICC believes that the market may see a shift in style between large and small caps, with large-cap growth stocks expected to outperform in the medium term (3-6 months). The macroeconomic environment remains supportive of emerging growth sectors, with continued encouragement for innovation and M&A activities [6].

Group 1: Social Security Fund Holdings - As of the end of Q3 2023, the Social Security Fund held a total of 2.377 billion shares across 135 stocks, with a market value of 51.33 billion yuan [1] - In Q3, the fund initiated positions in 63 stocks, increased holdings in 28 stocks, and reduced holdings in 32 stocks [1] - Huace Navigation and Sankeshu are favored by the fund, with three different combinations holding a total of 29.04 million shares and 15.02 million shares respectively [1] Group 2: Yingxin Development Stock Performance - Yingxin Development experienced a six consecutive trading limit increase, with a closing price of 2.9 yuan per share and a total market capitalization of 17.028 billion yuan [2] - The stock has risen by 76.83% during the consecutive limit-up period, with a turnover rate of 14.16% [2] Group 3: A-Share Q3 Earnings Reports - By October 26, 2023, 1,311 A-share companies had disclosed their Q3 earnings, with 773 companies reporting a year-on-year net profit growth of approximately 58.96% [5] - Notable companies with over 50% year-on-year net profit growth include Baofeng Energy, Tonghuashun, Luoyang Molybdenum, and Zijin Mining [5] - Industries such as building materials, steel, electronics, and non-bank financials showed significant profit growth, with some sectors exceeding 50% year-on-year [5] Group 4: Xiaomi Target Price Adjustment - Citigroup has lowered its target price for Xiaomi Group to 65 HKD from 66 HKD, citing expectations of slightly lower performance in Q3 2025 due to smartphone gross margins and IoT revenue [6] - Despite the downgrade, Citigroup maintains a "Buy" rating, emphasizing the long-term growth potential of the company [6] Group 5: Japanese Egg Prices - Japanese egg prices are nearing historical highs due to rising feed costs and reduced production from summer heat, with wholesale prices in Tokyo reaching 325 JPY per kilogram [7] - This price is close to the historical peak of 350 JPY per kilogram recorded during the "egg shortage" in spring 2023 [7] Group 6: JD.com Insurance License Approval - JD.com has received approval for an insurance brokerage license in Hong Kong, allowing it to operate in both general and long-term insurance sectors [8]

Group 1 - The core viewpoint of the report indicates that the large-cap growth style is expected to outperform in the medium term (3 to 6 months) [1] - The current macroeconomic environment supports emerging growth sectors, with ongoing economic recovery, rapid technological iteration, and policies favoring innovation, mergers and acquisitions, and IPOs for tech enterprises [1] - The proportion of large-cap emerging growth companies is increasing, leading to a more balanced impact on large and small caps compared to the past [1] Group 2 - Institutional investors in A-shares still have room for increased shareholding concentration, with the proportion of institutional holdings in large-cap emerging growth styles expected to rise [1] - In the long term, emerging growth sectors, which represent China's future strategic development direction, are likely to maintain relative advantages, with an expected increase in the number and market capitalization of large-cap growth companies [1]

Market Performance - The Shanghai and Shenzhen stock markets opened significantly higher on October 27, with the Shanghai Composite Index rising 1.04% to 3991.35 points and a trading volume of approximately 696.2 billion yuan [1] - The Shenzhen Component Index increased by 1.26% to 13457.28 points, with a trading volume of about 868.9 billion yuan, while the ChiNext Index rose 1.54% to 3220.52 points, with a trading volume of around 412.8 billion yuan [1] Sector Performance - The communication equipment, steel, and aquaculture sectors showed strong gains, while the wind power and gaming sectors experienced declines [1] - Technology sectors, including photolithography machines, storage chips, and semiconductors, initially surged before experiencing a pullback, followed by a rebound before the midday close [1] - Low P/E ratio sectors such as coal, banking, electricity, and oil saw initial adjustments but rebounded significantly [1] Individual Stock Highlights - Leading technology stocks continued their strong performance from the previous trading day, with several stocks, including New Yisheng and Jiangbo Long, reaching historical intraday highs [1] Economic Indicators - In September, profits of industrial enterprises above designated size increased by 21.6% year-on-year, with total profits for the first nine months reaching 537.32 billion yuan, a 3.2% increase year-on-year [4] - Among 41 major industrial sectors, 23 reported profit growth year-on-year, with 30 sectors showing profit increases in September, representing a growth rate of 73.2% [4] - Notable growth was observed in the aerospace industry, with profits in aerospace manufacturing rising by 11.3%, and significant increases in smart consumer devices and electronic components manufacturing profits by 81.6% and 39.7%, respectively [4]

Core Viewpoint - The outlook suggests a potential shift in market styles, with large-cap growth stocks expected to outperform in the medium term (3-6 months) [1] Group 1: Macro Environment - The current macroeconomic backdrop remains supportive of emerging growth sectors, with ongoing economic recovery, rapid technological iterations, and innovation-focused industrial policies [1] - Policies related to mergers, acquisitions, and IPOs continue to encourage technology-driven enterprises [1] Group 2: Market Dynamics - The proportion of large-cap emerging growth companies is increasing, leading to a more balanced impact on large and small-cap stocks compared to the past [1] - There is still room for an increase in the concentration of institutional investors' holdings in A-shares, with the institutional ownership of large-cap emerging growth styles expected to rise [1]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests a potential shift in market style, with large-cap growth stocks expected to outperform in the medium term (3-6 months) [1] Group 1: Macroeconomic Context - The current macroeconomic environment remains supportive of emerging growth sectors, with ongoing economic recovery, rapid technological iteration, and policies focusing on innovation [1] - Policies related to mergers, acquisitions, and IPOs continue to encourage technology-driven enterprises [1] Group 2: Market Dynamics - The proportion of large-cap emerging growth companies is increasing, leading to a more balanced impact on large and small-cap stocks compared to the past [1] - Institutional investors in A-shares still have room for increased shareholding concentration, with the proportion of institutional holdings in large-cap emerging growth stocks expected to rise [1] Group 3: Long-term Outlook - In the long term, emerging growth sectors, which represent China's future strategic development direction, are likely to maintain a relative advantage [1] - The number and market capitalization of large-cap growth companies are expected to increase [1]