● 本报记者 魏昭宇 近期，多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合选择低位加仓，在科技、医药等成长 性较强的赛道持续买入；有的组合选择了偏保守的调仓策略，小幅降低权益仓位，增加固收类资产。 有业内人士表示，一方面，从估值、风险溢价、新基金发行等指标看，权益资产仍有不错的性价比；另 一方面，扩内需、"反内卷"政策持续推出、资金面和产业层面出现积极变化，均对A股后市构成利好。 部分机构看好成长风格 11月28日，万家基金旗下的投顾组合万家随心人生进行了调仓。其主理人在调仓理由一栏表示，根据市 场环境的变化，小幅提升了权益类基金的仓位，回补了部分AI算力领域的仓位。具体来看，多只科技 主题基金成为了该投顾组合加仓的对象。比如，本次调仓加仓了中欧数字经济混合发起C、天弘中证科 创创业50ETF联接C、万家创业板指数增强C，新增了华富科技动能混合C、易方达成长动力混合C。 除了科技主题基金，成长性较强的医药主题基金亦获多个投顾组合青睐。比如，万家随心人生在本次调 仓中加仓了富国医药创新股票C；富国基金旗下的投顾组合富国双子星股债均衡在11月中旬的调仓中加 仓了富国精准医疗混合。 周期与地产板块亦获机构关注 ...

Group 1 - The core viewpoint of the articles suggests that despite recent market fluctuations, there is a prevailing optimism regarding the long-term outlook for the A-share market, indicating a potential opportunity for a spring market rally [1][4][5] - In November, new public funds raised nearly 100 billion yuan, with a significant month-on-month increase, and the number of newly established public funds reached 136, marking a 50% increase from the previous month [2][3] - Equity funds, including stock and mixed funds, dominated the fundraising efforts, accounting for 74.26% of the number of funds and 57.81% of the total volume [2] Group 2 - The stock ETF market has seen substantial inflows, with a total net inflow of 648.43 billion yuan in the fourth quarter, indicating strong investor interest in this segment [3] - Several funds experienced remarkable performance, with some achieving "sold out" status on the first day of fundraising, reflecting strong demand [2][3] - Analysts believe that the current market adjustments are primarily driven by technical factors and investor sentiment, rather than fundamental changes, suggesting that this may present a buying opportunity [5][6]

Core Viewpoint - The stock market began a downward trend starting November 14, triggered by the release of disappointing financial data for October on November 13, which did not meet expectations [1][3]. Financial Data Analysis - On July 14, the central bank released June financial data that significantly exceeded expectations, leading to a bullish market trend [3]. - The October financial data released on November 13 was below expectations, resulting in a noticeable decline in the stock market starting November 14 [3][4]. - The primary reason for the explosive data in July was the unexpected increase in money supply driven by bond purchases, while the October data reflected a downturn in bond issuance, impacting money supply growth [5][12]. Monetary Mechanism Explanation - The central bank is the issuer of currency, and the total money supply (M2) is determined by the base currency and the reserve requirement ratio [5][7]. - Commercial banks can create money through asset expansion, which includes buying bonds, but they must first attract deposits [6][9]. - The difference between commercial banks and the central bank in money creation lies in the need for deposits and the type of money created (derived vs. base money) [9][10]. Market Outlook - The recent data indicated a turning point for both M1 and M2, primarily due to a decline in bond issuance [13]. - Despite the downward pressure, the market is expected to stabilize rather than enter a prolonged decline, as the bond market can be adjusted by issuers in response to economic conditions [13]. - The long-term outlook remains optimistic, with confidence in the market's potential for recovery driven by bond issuance mechanisms [13][14]. Sector Focus - Future national development priorities include technology, new productive forces, and industrial upgrades, which may lead to high valuations in tech sectors [15]. - Traditional sectors, while not the focus of future growth, have lower valuations and may present safer investment opportunities [15][16].

香港投资基金公会公布，今年首三季香港零售基金录得总销售额826亿美元，同比上升35%，超越2024 年全年总销售额。数据指出，年初至今净流入达157亿美元，同比增长44%，高于2024年全年的123亿美 元，属2015年以来最高的净流入。 若以基金类别计，环球债券基金及货币市场基金于今年首三季继续录得最高的净流入，分别为114亿美 元及29亿美元，反映投资者对避险及收益型资产的持续需求。此外，环球股票基金及环球混合资产基金 的需求亦显著上升。 相反，北美债券基金录得最多净赎回，其次为中国股票基金，以及行业及主题(亚太区除外)股票基金。 今年首三季香港基金净流入主要来自债劵基金，其次为货币市场基金。混合资产基金录得17亿美元的净 流入，扭转去年同期的净流出趋势。不过，货币市场基金自2025年8月起出现净流出，结束自2024年初 以来连续多月的净流入。 香港基金公会投资基金委员会联席主席邹建雄表示，随着市场普遍预期未来利率将下调，过去偏好货币 市场基金的投资者应重新检视投资策略。邹建雄提醒，虽然市场对人工智能及更广泛的科技板块情绪持 续乐观，但在股价估值偏高的环境下，投资者需保持审慎选择。 ...

Core Viewpoint - The article discusses the recent performance of dividend stocks, particularly bank stocks, which have regained investor interest after a period of adjustment, highlighting a potential shift in market style towards dividend assets while maintaining a balance with technology stocks [1][2][4]. Group 1: Market Performance - Since October, the dividend low volatility index has increased by 8.69%, while the Sci-Tech 50 index has decreased by 7.75%, indicating a possible market style switch towards dividend stocks [1]. - In the past month, despite net redemptions in broad-based indices like CSI 300 and CSI A500, dividend and growth sectors have seen net inflows, with the dividend low volatility index attracting a net inflow of 3.898 billion yuan [1][2]. - The banking sector, a key component of dividend assets, experienced a significant pullback of 15% in Q3, but has since rebounded, with bank stock prices reaching new highs [2][3]. Group 2: Dividend Attractiveness - The appeal of dividend assets lies in their consistent cash flow and ability to provide stable returns through cash dividends, with many bank stocks now offering dividend yields around 5% after recent adjustments [2][4]. - As of November 13, the banking index has rebounded over 10% in Q4, with cumulative gains of 9%, while the Sci-Tech 50 index has declined [2]. - The insurance sector has also shown significant interest in bank stocks, with increased holdings and stock price appreciation [3]. Group 3: Fundamental Support - The fundamental support for bank stocks includes a stabilization in net interest margins and strong performance from the insurance sector, which has seen stable premium income and improved investment returns [5]. - Public funds have reduced their holdings in bank stocks, creating room for potential increases in Q4, as the market seeks to rebalance styles [5]. Group 4: Future Outlook - The article suggests that while dividend assets are currently favored, the technology sector remains relevant, and investors should be cautious of potential short-term corrections [9]. - The overall market sentiment indicates a preference for low-valuation sectors, including consumer, chemical, and pharmaceutical industries, which may also attract investor interest [9].

Core Insights - Dah Sing Bank has released its first "Investor Confidence Index," which recorded a score of 68, indicating strong confidence among respondents, particularly among affluent and high-net-worth investors, who scored 70 and 77 respectively [1] - Respondents expect an average return of 7.9% over the next 12 months, reflecting an optimistic sentiment towards achieving positive returns [1] Group 1: Investor Sentiment - 89% of respondents plan to either increase (34%) or maintain (55%) their investment capital in the next 12 months, with high-net-worth investors showing the most significant increase intention at 39% [1] - Confidence in profiting from stocks (58%) and bonds (52%) is particularly strong among investors [1] Group 2: Investment Trends - The technology sector remains the most favored investment theme, with 52% of respondents indicating they will focus on related investment opportunities in the next 12 months, an increase of 11 percentage points from the previous year [1] - Over half of investors review their investment portfolios at least weekly, with most conducting at least one trade per month [2] Group 3: Bank Initiatives - Dah Sing Bank has introduced sovereign bond investment products to all clients, providing a broader range of relatively stable investment options [2] - Due to optimistic sentiment towards the stock market, Dah Sing Bank plans to enhance its existing U.S. securities trading services, offering 24-hour trading and competitive brokerage commissions [2] - The bank is also exploring the introduction of virtual asset exchange-traded funds (ETFs) to cater to this popular asset class [2]

Core Insights - The survey conducted by Securities Times Data Treasure indicates a mixed sentiment among investors regarding A-share market movements, with a notable increase in optimism towards the new energy sector [1] Group 1: Investor Sentiment - 23% of surveyed investors increased their positions, while 18% reduced their holdings, and 5% completely exited their positions; 54% maintained their current holdings [1] - Approximately 52% of respondents believe that A-shares will rise above 4000 points and stabilize, while 28% expect a rise followed by a decline [1] Group 2: Sector Outlook - The proportion of investors optimistic about the new energy sector has significantly increased from 11% to 20%, marking a 9 percentage point rise [2] - Other sectors such as technology, pharmaceuticals, and large financials have seen a decrease in positive sentiment, with technology dropping from 48% to 43%, pharmaceuticals from 9% to 7%, and large financials from 8% to 6% [2]

Group 1 - The market shows differentiation, with cyclical and national indices performing the best, while the Sci-Tech 50, financials, and dividend indices lag behind [12][15] - The overall market valuation has increased, with the market ERP rising and remaining near the negative one standard deviation level since 2021 [4][20] - The performance of various sectors is mixed, with power equipment, non-ferrous metals, and steel leading in gains, while communication, beauty care, and banking sectors underperform [15][38] Group 2 - The relative PE of the ChiNext Index to the CSI 300 has decreased, while the relative PB has increased, indicating a shift in valuation dynamics [19] - The valuation of major indices is at high historical percentiles, with the financial and real estate sectors showing valuations above the 50% historical percentile [28][30] - The valuation of industries is polarized, with food and beverage, agriculture, forestry, animal husbandry, and beauty care sectors being relatively cheap [41][42] Group 3 - The earnings expectations across industries have seen slight changes, with the steel sector experiencing the largest upward adjustment and the social services sector facing the most significant downward revision [53]

Core Viewpoint - The A-share market is experiencing increased divergence among fund managers, with some benefiting from the technology sector while others are anxious about missed opportunities. This divergence is reflected in the performance and strategies of various funds [1][2]. Market Trends - The Shanghai Composite Index recently crossed the 4000-point mark, marking a significant milestone not seen in a decade. However, market enthusiasm remains tepid, with trading volumes hovering around 2 trillion yuan and some high-performing sectors facing substantial corrections [2][4]. - Fund managers are showing a split in their outlooks, with over 40% of actively managed equity funds reducing their stock positions despite a rising market, indicating a cautious stance among institutional investors [2][3]. Fund Performance - There is a stark performance disparity among funds, with over 40 funds doubling their performance in the past year, while more than 200 funds remain in a loss position. This reflects the impact of timely investments in high-growth sectors like technology [8][9]. - The total share of actively managed equity funds decreased by 163.4 billion units in Q3, with net redemptions reaching 216.2 billion units, highlighting a trend of investors pulling out funds despite rising net asset values [2]. Investment Strategies - Fund managers are divided in their investment strategies, with some focusing on growth and emerging industries, while others adhere to value investing in traditional sectors. This strategic divergence is a key factor in their varying performance outcomes [9]. - Some fund managers express caution regarding the technology sector, citing concerns over high valuations and potential market corrections. They emphasize the need for careful evaluation of investment opportunities amidst the current market dynamics [6][7]. Sector Focus - The technology sector remains a focal point of debate among fund managers, with some advocating for long-term investments despite short-term volatility, while others warn of overvaluation risks. The ongoing innovation in areas like AI and robotics is seen as a potential driver for future returns [5][6]. - Fund managers are increasingly focusing on specific industries, with significant allocations to semiconductor, consumer electronics, and communication equipment sectors, reflecting a historical high in technology-related investments [5].

Group 1 - The market experienced a broad increase, with the ChiNext Index and the Sci-Tech 50 Index performing the best, while the dividend, consumption, and stable indices lagged behind [11][14] - The communication, electronics, and power equipment sectors saw the highest gains, while agriculture, food and beverage, and beauty care sectors performed the weakest [14][37] - The relative PE and PB of the ChiNext Index to the CSI 300 increased, indicating a positive shift in valuation [18][37] Group 2 - The overall valuation of the broad market indices rose, with the market ERP decreasing and remaining near the negative one standard deviation level since 2021 [4][19] - Valuations across major industries showed divergence, with financial and real estate sectors above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology sectors were at or below the 50% level [29][41] - The current cheapest valuations are concentrated in the food and beverage, agriculture, and social services sectors, indicating potential investment opportunities [41][45] Group 3 - The overall profit expectations across industries showed slight changes, with non-bank financials seeing the largest upward adjustment and the computer sector experiencing the largest downward adjustment [51]