Group 1 - The A-share market is currently experiencing significant differentiation, with growth sectors facing both long-term opportunities from industrial upgrades and short-term impacts from external environmental changes [1] - Morgan Fund's Morgan Huiqi Growth Mixed Fund will officially launch on November 17, aiming to enhance investor experience through a new floating management fee model that links fees directly to performance [1] - The fund will be managed by experienced fund manager Li Dehui, who has 13 years of research experience and nearly 9 years of fund management experience, focusing on large-cap growth companies with sustainable competitive advantages [1] Group 2 - Li Dehui's Morgan Technology Frontier Mixed Fund has achieved a cumulative return of 211.35% since its inception in July 2015, significantly outperforming the benchmark return of 25.37% [2] - As of September 30, 2025, the Morgan Technology Frontier Mixed Fund ranked 12th out of 185 in its category, placing it in the top 10% of flexible allocation funds [2] - Looking ahead to the fourth quarter, Li Dehui anticipates that factors such as potential interest rate cuts by the Federal Reserve, domestic liquidity easing, and supportive policies will benefit the stock market, with technology investment and domestic consumption expected to stabilize economic growth [2]

Core Viewpoint - The article highlights the significant decline in the stock position of Kweichow Moutai among public funds, dropping from the third to the tenth position in the top ten holdings of actively managed equity funds within a single quarter, indicating a shift in investor sentiment and market dynamics [1][5]. Fund Holdings Overview - As of the end of Q3, Kweichow Moutai's market value held by actively managed equity funds was 283.72 billion yuan, with a decrease of 9.7 billion yuan from the previous quarter [5]. - The number of funds holding Kweichow Moutai decreased by 27 to 573, and the number of shares held fell by 1.1684 million to 1.9684 million shares [5]. - Despite the decline in rankings, Kweichow Moutai remains the second-largest holding among all public funds, largely due to passive investment products [5]. Market Performance and Analysis - Kweichow Moutai's revenue for the first nine months of the year was 130.904 billion yuan, a year-on-year increase of 6.32%, while net profit rose by 6.25% to 64.626 billion yuan [5]. - The divergence in market sentiment is attributed to differing views on the industry's future and relative returns, with some funds shifting investments to other more flexible liquor stocks for better returns [5][6]. Fund Manager Actions - There is a clear division in the actions of public funds regarding Kweichow Moutai, with some funds like招商基金 and 汇添富基金 increasing their holdings, while others such as 华夏基金 and 易方达基金 have reduced their positions [7]. - Notable fund managers have shown mixed strategies, with some reducing their stakes while others continue to support Kweichow Moutai, reflecting varied investment philosophies [7][9]. Industry Outlook - The white liquor industry is facing challenges, with companies adjusting growth targets amid demand pressures, suggesting a potential long-term strategy shift towards stability rather than aggressive growth [6]. - Analysts believe that the current valuation of the food and beverage sector is at a near ten-year low, presenting a favorable investment opportunity, especially for leading brands like Kweichow Moutai as the market recovers [6].

Core Viewpoint - The statement by Professor Jin Canrong highlights that China has not achieved economic strategic autonomy despite being the world's second-largest economy, excelling in manufacturing and infrastructure [1][21]. Group 1: Economic Strengths - China is recognized as the "world's factory," with strong production capabilities and high-quality products, maintaining order fulfillment even during tense US-China relations [5]. - The country has a significant export volume, with nearly 2 trillion yuan in export tax rebates, effectively subsidizing foreign consumers [7]. Group 2: Strategic Vulnerabilities - China's economic model is heavily reliant on external markets and key technologies, leading to strategic passivity [10]. - The country faces a critical technology gap, particularly in high-value sectors like semiconductors, importing over $300 billion worth of chips annually, which poses a risk of industry shutdowns if supply is disrupted [11][13]. - The lack of foundational research investment and a culture of innovation hampers the transition from "0 to 1" breakthroughs, making it difficult to achieve technological independence [15]. Group 3: Domestic Consumption Challenges - Despite having the largest single market with 1.4 billion people, domestic consumption remains underpowered due to financial pressures from housing, education, and healthcare [17]. - The income distribution structure is problematic, with a high Gini coefficient indicating that the majority of the population has limited disposable income, which constrains consumption [19]. - To stimulate domestic demand and consumption upgrades, deep reforms are necessary, including stabilizing the real estate market and expanding the middle-income group [19]. Group 4: Strategic Initiatives - The government has proposed the "dual circulation" strategy to strengthen domestic circulation and address technological shortcomings, aiming for greater autonomy in global competition [22]. - Achieving true strategic autonomy will require time, endurance, and the participation of the entire society, from enterprises to consumers [22].

Market Performance - The Shanghai Composite Index rose by 0.37% to 4002.83 points with a trading volume of approximately 605.1 billion [2] - The Shenzhen Component Index increased by 0.90% to 13550.65 points with a trading volume of about 816.3 billion [2] - The ChiNext Index saw a rise of 1.35% to 3273.28 points with a trading volume of around 395.5 billion [2] - The STAR Market Index decreased by 0.20% to 1672.05 points with a trading volume of approximately 152.3 billion [2] - The North Star 50 Index increased by 0.29% to 1455.84 points with a trading volume of about 12.8 billion [2] Sector Performance - Key sectors that performed well included communication equipment, precious metals, and non-ferrous metals, while internet, semiconductors, and home goods sectors lagged [1] - Quantum technology, Hainan Free Trade Zone, PCB concepts, lithium mining, and storage chips saw significant gains during the trading session [1] - By midday, sectors such as Hainan Free Trade Zone, non-ferrous metals, and diversified finance led the gains, with notable increases in securities, communication equipment, lithium mining, and newly listed stocks on the STAR Market [1] Company Insights - Individual stock performance was closely tied to earnings report disclosures and market expectations [1] - Sunshine Power experienced a strong rise following its third-quarter report, while ZTE opened significantly lower [1] - Companies like Industrial Fulian and Xian Dao Intelligent saw substantial increases due to anticipated earnings reports [1] Policy and Economic Outlook - The "14th Five-Year Plan" and its continuity into the "15th Five-Year Plan" are expected to provide a stable framework for capital market development [3] - Focus areas for investment during the "15th Five-Year Plan" include digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology [3] - The emphasis on new productive forces is seen as crucial for transitioning from old to new economic drivers amid increasing external uncertainties [3] Innovation Index - The 2024 China Innovation Index is projected to be 174.2, reflecting a 5.3% increase from the previous year, indicating a steady improvement in the innovation environment [5][6] - Key components of the innovation index, including innovation environment, input, output, and effectiveness, showed growth rates of 4.9%, 5.1%, 8.1%, and 1.9% respectively [5] - The index highlights the ongoing enhancement of China's technological innovation capabilities and the growth of new economic drivers [6]

Core Viewpoint - E Fund's Zhang Kun has adjusted the portfolio structure of several funds in Q3, reducing holdings in Tencent and Alibaba while increasing positions in Kweichow Moutai, reflecting a strategic shift in investment focus [1][2][5]. Fund Performance and Adjustments - The total scale of funds managed by Zhang Kun is approximately 56.5 billion yuan, showing a slight increase from 55 billion yuan at the end of Q2, primarily due to net asset value growth [1]. - The largest fund, E Fund Blue Chip Selection, saw significant changes with SF Express exiting the top ten holdings and Focus Media entering, alongside reductions in Tencent, Alibaba, and Luzhou Laojiao, while increasing stakes in Kweichow Moutai and Yum China [2][5]. - E Fund Quality Selection Mixed Fund also reduced holdings in Tencent and Alibaba, with new entries in JD Health and Focus Media [5]. - E Fund Quality Enterprise Three-Year Holding Fund showed a notable decrease in the number of shares held for most stocks, including Tencent and Alibaba, with only Yum China seeing a significant increase in holdings [7]. Investment Philosophy - Zhang Kun emphasizes the unpredictability of market styles but insists on maintaining a consistent investment approach, focusing on companies with strong business models, competitive advantages, and sustainable growth potential [11]. - The macroeconomic perspective highlights that despite short-term challenges, long-term structural factors should not be overlooked, with a belief that China's GDP growth will exceed global averages due to its low per capita GDP and potential for increased consumer spending [11]. - The company believes that the current low valuation levels provide a significant margin of safety for investments, and that the accumulation of free cash flow will eventually reflect in the intrinsic value and market capitalization of companies [11].

Core Viewpoint - Zhang Kun, a prominent fund manager at E Fund, has demonstrated strong performance across his managed funds, focusing on domestic consumption and technology sectors while adjusting his portfolio in response to market conditions [1][2][14]. Fund Performance - As of September 30, 2025, all four funds managed by Zhang Kun outperformed their respective benchmarks, with a total managed scale of approximately 56.544 billion yuan [1]. - The E Fund Blue Chip Select Fund reported a net asset value of 36.413 billion yuan, with a net value growth rate of 16.37%, surpassing the benchmark return of 13.25% [3][8]. - The E Fund Quality Select Fund achieved a net value growth rate of 17.58%, outperforming its benchmark of 13.57% [8]. Portfolio Adjustments - In Q3 2025, Zhang Kun increased his focus on domestic consumption, adding positions in companies like Kweichow Moutai and Wuliangye, while reducing holdings in JD Health and other stocks [4][5]. - The E Fund Blue Chip Select Fund saw a significant net redemption of 2.078 billion shares, marking the second-highest redemption record since its inception [3]. - The E Fund Quality Select Fund saw changes in its top ten holdings, with notable increases in Kweichow Moutai and Wuliangye, while JD Health and other stocks were reduced [7][9]. Sector Focus - Zhang Kun emphasized the potential of China's domestic consumption market, predicting that the growth rate of Chinese consumption will exceed both GDP growth and global GDP growth in the long term [2][14][15]. - The portfolio adjustments reflect a strategic shift towards sectors with sustained growth potential, particularly in consumer goods and technology [14][16]. Geographic Allocation - There has been an increase in holdings in Hong Kong, Taiwan, and the U.S., while exposure to South Korean stocks has significantly decreased [2][12]. - The E Fund Asia Select Fund, the smallest among Zhang Kun's managed funds, has seen a rise in its holdings in major markets, with Google entering its top ten holdings for the first time [12][13]. Investment Philosophy - Zhang Kun maintains a long-term investment philosophy, focusing on companies with strong business models and competitive advantages, despite short-term market volatility [14][15][16]. - He believes that the current low valuation levels in the market provide a significant margin of safety for long-term investments in quality companies [16].

Core Viewpoint - The upcoming "15th Five-Year Plan" is anticipated to significantly impact the A-share market, with investors speculating on its potential to either transform the market landscape or lead to a stable adjustment [3][24]. A-share Market Analysis Current Market Status - The A-share market is experiencing significant volatility, with major indices like the Shanghai Composite Index fluctuating between 3000 and 4000 points, facing both upward attempts and downward pressures [4]. - Trading volumes are inconsistent, often spiking around major policy announcements or economic data releases, but declining during periods of market uncertainty [5]. Popular Sectors - The technology sector, particularly in artificial intelligence, semiconductors, and 5G, remains a focal point for investment, with companies in these areas seeing substantial stock price increases [6]. - The renewable energy sector, including solar power and electric vehicles, is also thriving due to policy support and market demand, with leading companies like BYD and Longi Green Energy expected to expand their market shares [11][12]. Historical Context Achievements During the 14th Five-Year Plan - The A-share market has seen remarkable growth, with the number of listed companies surpassing 5000 and total market capitalization exceeding 90 trillion yuan, marking a growth of over 20% [7][8]. - The market has shifted towards new economy sectors, with over 90% of new listings during this period being technology-focused [8]. Market Resilience - The A-share market has demonstrated strong resilience against external shocks, with annualized volatility decreasing from 18.7% to 15.9% during the 14th Five-Year Plan [9]. Expected Policy Directions and Impacts Technology Innovation - The "15th Five-Year Plan" is expected to enhance support for technology innovation, particularly in semiconductors and artificial intelligence, which could lead to significant growth opportunities for related A-share companies [10]. Green Development - Policies promoting green development are likely to bolster the renewable energy sector, with companies in solar and electric vehicles expected to benefit from increased support and market expansion [11]. Domestic Consumption - The plan is anticipated to prioritize domestic consumption, potentially leading to new policies that stimulate consumer spending, which would positively impact consumer goods sectors [12]. State-Owned Enterprise Reform - Continued reforms in state-owned enterprises are expected to optimize resource allocation and improve operational efficiency, creating investment opportunities in related A-share companies [13]. Historical Policy Impact Examples - Historical cases demonstrate that policy changes can significantly influence market dynamics, as seen with the surge in M&A activity following new regulations and the market rally triggered by monetary policy adjustments [15][17][18]. Investment Strategies Monitoring Policy Developments - Investors are advised to closely follow policy announcements related to the "15th Five-Year Plan" to identify sectors that may benefit from government support [21]. Diversification - A diversified investment approach across various sectors and market capitalizations is recommended to mitigate risks associated with market volatility [22]. Focus on Fundamentals - Emphasizing long-term investments in companies with strong fundamentals and growth potential is crucial for navigating the A-share market effectively [23].

Economic Data Release - China's GDP grew by 5.2% year-on-year in the first three quarters, indicating a strong likelihood of achieving the annual growth target of 5% [3] - In Q1, GDP growth was 5.4%, Q2 was 5.2%, and Q3 was 4.8%, aligning with expectations [4] - Industrial added value for large-scale industries increased by 6.5% year-on-year, surpassing the expected 5% [4] - Retail sales totaled 36.59 trillion yuan, growing by 4.5% year-on-year, while fixed asset investment declined by 0.5% (with a 3.0% increase excluding real estate) [5] - Total import and export value reached 33.61 trillion yuan, with a year-on-year growth of 4.0% [5] - Per capita disposable income for residents was 32,509 yuan, reflecting a real growth of 5.2% year-on-year [5] Economic Quality Improvement - The added value of equipment manufacturing and high-tech manufacturing industries grew by 9.7% and 9.6% year-on-year, significantly higher than the average growth rate of all large-scale industries [6] - Online retail sales increased by 9.8% year-on-year, with service-related sectors like information transmission and software services maintaining double-digit growth [6] - The proportion of imports and exports by private enterprises rose to 57.0%, with a 6.2% growth in trade with countries involved in the Belt and Road Initiative [7] Future Macro Policy Expectations - The macro policy is expected to become more proactive, focusing on stimulating domestic demand, particularly in areas like consumption upgrades and expanding service consumption [8] - Policies aimed at stabilizing the real estate market will continue to be optimized to promote a soft landing and healthy development of the real estate sector [9][10] - Support for the real economy and technological innovation is anticipated, with monetary policy likely to remain stable and accommodative, directing financial resources towards key sectors like technology innovation and green development [11] Technology Sector Insights - Technology stocks have shown signs of recovery, with notable increases in companies like Zhongji Xuchuang, which rose by 8.31% [12] - The semiconductor sector is experiencing strength due to a sustained increase in demand for 1.6T optical modules and adjustments in major clients' procurement plans [13] - The banking sector is viewed as a defensive indicator, and its performance is crucial for the overall market sentiment [13] - Two strategies for navigating the current market conditions include either exiting positions to wait for new catalysts or maintaining positions through the consolidation phase [13]

Core Insights - The report highlights a significant performance divergence among the funds managed by Beixin Ruifeng, with some equity products achieving returns exceeding 80% while others recorded negative returns, reflecting varying strategies and styles in the current market environment [1][3]. Fund Performance - The top-performing fund, Beixin Ruifeng Advantage Industry (013242.OF), achieved an annual return of 84.45%, with a quarterly scale increase of 0.14 billion, reaching a total of 0.63 billion [2][3]. - Another notable fund, Beixin Ruifeng Quantitative Selection (007808.OF), delivered a 62.80% return, growing its scale to 0.17 billion [3]. - Funds managed by Hu Jianqiang and Yu Junhua, focusing on high-end manufacturing and industry research, also performed well with annual returns of 46.88% and 37.13%, respectively [3]. Consumer Sector Performance - In contrast, the Beixin Ruifeng Preferred Growth Fund (009954.OF) focused on consumer sectors, recorded a negative return of -3.26%, remaining stagnant at a scale of 0.23 billion [4]. - The Beixin Ruifeng Health Life Theme Fund (001056.OF) achieved a positive return of 32.46%, but its scale only increased by 0.01 billion, indicating a disparity in performance among products managed by the same fund manager [4]. Fund Scale and Market Position - The total scale of the nine disclosed products is approximately 3.24 billion, with an average scale of less than 0.4 billion per product, indicating a predominance of small funds [5][6]. - The Beixin Ruifeng Health Life Theme Fund stands out with a scale of 0.90 billion, while several other products remain below 0.7 billion [5]. Strategic Outlook - The report suggests that the performance divergence among funds is linked to the varying success of different asset styles in the current market [7]. - With the upcoming policy window for the "14th Five-Year Plan," there may be new opportunities for investment in domestic consumption and technological innovation, which are critical for Beixin Ruifeng to enhance its overall performance and scale [7].

Group 1 - The external demand market risks have increased, leading to a potential recovery in sectors with domestic demand resilience, as evidenced by a net inflow of 1.211 billion yuan into the Food and Beverage ETF (515170) over the past week [1] - The national advocacy for "anti-involution" is beneficial for the food and beverage industry to establish price floors, which will promote high-quality development in the long term and enhance market expectations for future economic trends and consumer recovery [1] - Guosen Securities highlights the prominence of domestic demand resilience, focusing on sectors with high growth expectations in the third quarterly reports, particularly in snacks, beverages, and frozen foods [1] Group 2 - CITIC Construction indicates that the dual support of policy and valuation presents opportunities at the bottom for the liquor sector, with the potential for gradual recovery in the previously low-performing liquor and catering industry chains [1] - The current valuation of the liquor sector is at historical lows, coupled with positive signals of recovery in Moutai sales, making the bottom opportunities in the food and beverage sector worthy of attention [1] - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, and fermented products, providing a convenient investment tool for small capital [2]