Group 1 - The A-share market has maintained a daily trading volume above 1.5 trillion yuan, indicating strong market resilience and active trading, which reflects the ongoing discovery of investment value in A-shares [1] - The trading volume has stabilized between 1 trillion and 3 trillion yuan, with a historical high of 1.5 trillion yuan this year, suggesting a revaluation of Chinese assets by investors [1] - The Ministry of Finance reported an 88.1% year-on-year increase in securities transaction stamp duty in the first ten months of this year, correlating with the increased trading volume and indicating a more active market [1] Group 2 - The high activity in the A-share market is supported by a series of effective policies, including a moderately loose monetary policy, reduction in reserve requirements, and measures to encourage long-term capital inflow [2] - The market is characterized by a combination of existing and new capital, with a shift towards high-performance, high-growth, and high-dividend stocks, enhancing the competitiveness and attractiveness of the A-share market [2] - The concentration of funds in high-growth sectors indicates a higher recognition of investment value, with many stocks in these sectors showing strong fundamentals and long-term investment potential [2] Group 3 - The competition between medium to long-term and short-term funds in quality stocks continues to uncover investment value, reflecting the industrial upgrade logic in the A-share market [3] - On November 26, 27 stocks had trading amounts exceeding 5 billion yuan, primarily in high-tech sectors such as cloud computing, AI computing power, and new energy [3] - The A-share market has achieved a normalized and steady increase in trading volume, suggesting promising future market performance [3]

而这份成绩单更深层的意义在于，阿里与美团这两大本地生活核心玩家，正在达成一种"心照不宣的默 契"：停止价格战，转向精细化运营。这种默契并非垄断合谋，而是市场成熟后的理性选择。当用户增 长见顶、补贴边际效益递减，继续烧钱只会拖累整体生态。如今，双方战略重心已从"攻城略地"转 向"精耕细作"——优化配送路径、提升商户服务、深化会员体系，这些举措虽不性感，却是可持续增长 的基石。 对中概股整体而言，这标志着一个关键拐点：从"流量估值"回归"盈利估值"。过去，市场给予中概互联 网公司高估值，主要基于其用户规模与GMV增速；如今，投资者更关注自由现金流、ROIC（投入资本 回报率）和单位经济效益。这种估值逻辑的转变，正是中概股长期健康发展的前提。随着本地生活赛道 率先实现理性化，其他如电商、内容平台等领域亦有望跟进，中概科技股正重回价值投资轨道。 公司管理层在电话会上明确表示，下一阶段将不再以开店数量或订单增速为核心目标，而是聚焦于履约 效率、商家生态健康度与单位经济模型的可持续性。这场财报未以"增长"为关键词，反而以"理 性"和"效率"定调，罕见地主动为一场高烈度的本地生活竞赛踩下刹车。 阿里财报次日，沉寂近一年的美 ...

A股上市公司数量越来越多，投资者如果没有深厚的财务知识，想要研究明白上市公司的定期报告并不 容易。其实投资者可以考虑对指数进行价值投资，即放弃研究具体上市公司的业绩和成长性，转而研究 整个宏观经济走向，并通过买卖EFT基金等渠道来直接投资指数的涨跌，这也是一种价值投资策略。 对于多数普通投资者而言，自身的财务知识非常有限，想要根据上市公司的定期报告研究出上市公司的 业绩和成长性难度很大。在此背景下，对指数进行价值投资就成为散户投资者相对简便且有效的投资路 径。 对指数进行价值投资的核心在于放弃对具体上市公司的微观研究，将目光聚焦于整个宏观经济走向。在 宏观经济持续走好或者出现潜在利好的时候买入并持有，当出现潜在不利因素或者短期经济过热风险的 时候减仓。这种宏观层面的分析，相较于对单个公司的分析，更具全局性和前瞻性，能够帮助投资者把 握A股市场的整体走势，并据此进行投资交易，同时这样的交易方式，也能避免因个别公司的突发爆雷 而让投资者遭受投资损失。 当然，投资指数并非毫无风险。宏观经济形势的变化具有不确定性，指数也可能出现大幅波动。但相较 于个股投资，其风险相对可控。对于普通投资者来说，在自身财务知识有限的情况 ...

Core Insights - The forum focused on the theme "Asset Management Towards Excellence: Smartly Initiating a New Journey," discussing global asset management market trends and high-quality development paths [2] - Three core transformations are reshaping China's 210 trillion yuan asset management industry: continuous improvement of regulatory frameworks, deep restructuring of asset structures, and increasingly rational investor behavior [2][5] Group 1: Regulatory and Market Environment - Continuous improvement of regulatory frameworks is expected to lay a solid institutional foundation for high-quality development in the next decade [2] - The scarcity of quality assets is being revalued by the market, indicating a shift in asset structure [2] - The stability of the renminbi and the diversity of asset types in China are advantageous for global investors seeking diversified asset allocation and risk dispersion [5] Group 2: Investment Strategies and Market Dynamics - The long-term outlook for China's capital market is positive, but short-term volatility risks must be monitored [7] - Future core asset allocation directions include self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [7] - The complexity of the macro environment is increasing, creating both opportunities and higher demands for the asset management industry's transformation and high-quality development [8] Group 3: Wealth Management and Asset Allocation - Wealth management demand is evolving towards diversification and personalization, prompting changes in the asset management industry's value chain and business models [13] - The definition of "stability" in wealth management is being re-evaluated, with different institutions having varying focuses on absolute and relative returns [16] - Effective asset allocation strategies should include a comprehensive analysis of asset classes and correlation, avoiding reliance on single strategies to mitigate extreme risks [17] Group 4: Technological Impact and Future Outlook - The integration of active and quantitative investment strategies is essential in the fast-paced information environment, requiring systematic approaches to keep up with market pricing [12] - Artificial intelligence is recognized as a significant tool in investment but should be applied cautiously to avoid over-reliance and loss of process control [12] - The forum concluded with a consensus on the need for the asset management industry to inject long-term growth confidence into the market and contribute to high-quality economic development [17]

Core Insights - The A-share market is currently in a consolidation phase around the 4000-point mark, presenting a critical window for investment planning towards 2026 [1] - Senior fund managers from Fuguo Fund shared insights on value investing, stable allocation, and overseas opportunities during the quarterly forum, attracting significant attention [1] Value Investment - Fuguo Value Advantage Fund Manager Sun Bin emphasizes a balanced industry allocation, avoiding high-valuation sectors, and focusing on companies with reasonable valuations and continuous EPS growth potential [1] - The fund's performance is notable, with a net value growth rate of 270.45% since inception, significantly outperforming its benchmark [1][3] Manufacturing Sector - China's manufacturing industry is highlighted as one of the most competitive sectors, with opportunities for investment in companies that can expand overseas, particularly in line with the Belt and Road Initiative [4] - The recent market rally is attributed to a resurgence of confidence in the Chinese equity market, with various sectors experiencing strong performance [4] Investment Philosophy - Fuguo Insight Value Fund Manager Bai Bingyang focuses on selecting undervalued assets to achieve superior risk-return ratios over the medium to long term, favoring left-side allocations [5] - The fund's net value growth rate stands at 65.74%, outperforming its benchmark [6] Stable Investment - Fuguo Xinxiang Return Fund Manager Yi Zhiquan aims to control risk and strive for absolute returns, with a focus on high-quality gold and resource companies [10] - The fund has achieved a net value growth rate of 27.03% since inception, also outperforming its benchmark [10][12] Overseas Opportunities - Fuguo Hong Kong and Shanghai Industry Selection Fund Manager Wang Menghai adopts a bottom-up approach, focusing on companies with clear growth potential over the next 3-5 years [14] - The fund has shown strong performance with a net value growth rate of 86.45% since inception, significantly exceeding its benchmark [15][17] Market Dynamics - The transition from old to new economic drivers in China is crucial, with a shift towards technology innovation and efficiency improvements as the new growth cycle [18] - Increased foreign interest in Chinese assets is noted, with potential for long-term allocation by Asia-Pacific investors if the performance of Chinese assets continues to improve [18]

另一方面，从中国居民的财富配置来看，不动产多，动产少，动产中存款多非存款少，股市带来的财富 效应并不明显，股票基金在中国财富中的占比过低，短期内还未发生显著的变化。未来在低利率环境 下，预计随着资本市场的完善，赚钱效应将越来越明显。另外，全球在对现行国际货币体系进行反思， 资本向非美元资产集聚，这些机遇都对未来中国资本市场的发展创造了比较美好的前景。 管涛认为，未来五年权益类核心资产的配置方向主要有四类：自主可控与新潮消费、龙头企业的并购重 组、传统行业的创新发展和优质企业的产业外迁。 管涛认为，"十五五"时期，中国的资本市场发展面临重大机遇，投资者应关注宏观经济基本面和政策导 向，把握产业结构升级和技术创新带来的投资机会，建立对市场长期健康发展的信心。 管涛表示，长期来看，经济转型孕育了资本市场发展的机会。一方面，应对大国博弈更加复杂激烈的外 部环境，重要的是因地制宜发展新质生产力，加快构建新发展格局，培育壮大新兴产业、未来产业。国 内将持续用新技术，新模式提升改造传统产业，未来5年会有大概10万亿元的市场空间，传统产业升级 改造，传统产业占到现代制造业产出80%，是现代化产业的重要支撑。 （原标题：管涛： ...

Core Insights - The value creation of subjective private equity funds heavily relies on the personal judgment of fund managers, with the scarcity of Alpha returns becoming more pronounced in recent volatile and structural market conditions [1] - As of November 14, 2025, there are 5,330 subjective private equity firms, with over 70% in the securities investment category, and only 47 firms managing over 10 billion yuan, accounting for less than 1% of the total [1] - The average returns for fund managers with performance data over the past six months is 22.76%, and over the past three years is 67.81% [1] Group 1: Fund Manager Experience and Background - There are approximately 32 fund managers with over 25 years of experience in the 47 billion-level subjective private equity firms, accounting for about 10.70% of the total [2] - Among these, 18 have over 30 years of experience, with the longest being Dr. Zhang Ping from Loken International, who has 38 years of experience [2] - Most of these experienced fund managers have backgrounds in banks, securities firms, and funds [3] Group 2: Performance of Fund Managers - As of November 14, 2025, there are 40 fund managers with performance data over the past three years, managing a total of approximately 48.71 billion yuan across 171 products [6] - The top-performing fund managers over the past three years include Jiang Yunfei (Juqing Investment), Dan Bin (Oriental Harbor), and Zhang Youjun (Junzhijian Investment), with Dan Bin achieving the second-highest returns [6][8] - Dan Bin has a management scale of approximately 9.1 billion yuan, the largest among the top fund managers, and emphasizes the importance of investing in high-potential sectors like AI [9] Group 3: Recent Performance Highlights - As of November 14, 2025, 60 fund managers have performance data over the past six months, managing a total of approximately 78.89 billion yuan across 259 products [12] - Notable performers in the recent six-month period include Jiang Yunfei, Wu Wei Zhi, and Wang Wen, with Wang Wen being the founder of Rido Investment and expressing confidence in the future of the Chinese stock market [14] - The performance of fund managers is primarily driven by stock investment strategies, with Jiang Yunfei being the only one focusing on bond investment [7][12]

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025资产管理高峰论坛 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，中银证券全球首席经济学家管涛在主题演 讲中表示，中国长期资本市场前景看好但要关注警惕短期波动风险，在这个过程中，中国市场的机遇都 来自于经济的转型升级，转变就是改变，改变就是不确定，不确定就是风险，更需要我们倡导价值投 资，长期投资，不要想赚快钱。 ...

德邦证券指出，红利行业在当前市场避险情绪升温的背景下具有配置吸引力，其核心逻辑在于股息率优 势及防御属性。近期市场受美联储降息预期反复等外部因素影响，资金倾向于流向高股息资产。商品价 格走势及企业分红情况是后续关注重点，若大宗商品价格波动或政策驱动强化，红利板块的避险价值可 能进一步凸显。当前市场环境下，建议均衡配置红利等防御性题材以应对短期波动。 注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。 如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来 表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成 任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配 的产品。基金有风险，投资需谨慎。 每日经济新闻 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红特征、分 红稳定性良好且兼具规模与流动性的股票作为成分股，主要覆盖金融、能源、工业等传统行业领域，集 ...

Core Insights - New Sizer Investment has set a new high for salaries in the financial industry, offering internship positions starting at 20,000 yuan per month and annual salaries for fresh graduates starting at 500,000 yuan, with bond researchers starting at 600,000 yuan [1][11][14] - The company is recognized for its strong performance and unique value investment philosophy, which has been developed over more than 20 years by its founder, Han Guangbin [5][6][7] Company Overview - New Sizer Investment was established in Shenzhen in 2009 and is led by Han Guangbin, a pioneer in value investing in China [5][6] - The firm currently manages 12 products with a total asset size between 5 billion to 10 billion yuan, achieving impressive returns of 47.07% and 54.12% for two of its products this year [7][8] Recruitment Strategy - The recruitment strategy emphasizes hiring top talent from leading universities, specifically targeting students from the top five Chinese universities or QS top 20 institutions, with a focus on hard science and engineering majors [11][14] - The company seeks candidates who can quickly assist fund managers in research and investment strategy discussions, rather than typical interns performing menial tasks [11][14] Industry Context - The high salaries offered by New Sizer Investment contrast with the broader trend of salary reductions in banks, brokerages, and public funds, where compensation is more regulated [14][16] - The financial industry remains attractive to many due to its growth potential and the opportunity to accumulate valuable resources and experience, which can lead to diverse career paths [14][16]