Core Viewpoint - The increasing demand for wealth management among residents highlights the importance of asset allocation, which helps investors balance returns and risks while achieving long-term investment goals [1] Group 1: Investment Styles - The long-term cumulative return comparison between the dividend low-volatility index and the ChiNext index shows a convergence in performance over time, indicating a significant shift in market dynamics [2][4] - Dividend investing is often perceived as slow and lacking growth narratives, but this "slow" nature is actually a foundation for long-term stability and performance [6][8] - Growth investing, characterized by rapid changes and high volatility, often leads to significant risks and uncertainties, making it challenging for investors to maintain positions during market fluctuations [12][13] Group 2: Investment Strategies - The essence of dividend strategies lies not in being superior to growth strategies, but in their suitability for ordinary investors who prefer stability over speculation [14][15] - Dividend investment focuses on disciplined approaches, emphasizing the importance of reinvesting dividends and maintaining a steady investment rhythm, which can lead to substantial long-term gains [15][16] - The choice between being a "shooting star" or a "constant star" in investing reflects the different approaches to wealth accumulation, with dividend strategies offering a more stable path for long-term investors [16][18]

Core Viewpoint - On November 20, COMEX gold futures experienced volatility, initially reaching $4,109 before dropping to $4,034 and then rebounding to around $4,068, indicating a lack of sustainable bullish factors in the market [1] Market Performance - As of November 19, the largest gold ETF, SPDR Gold Trust, saw an increase in holdings by 2.29 tons, bringing the total to 1,043.72 tons, ending a two-day outflow trend [1] - Gold-related ETFs showed mixed performance, with Huaxia Gold ETF (518850) down 0.53% and Gold Stock ETF (159562) down 0.66%, while Non-ferrous Metals ETF (516650) rose by 0.17% [1] Market Sentiment - Everbright Futures noted a decrease in market bets on a Federal Reserve rate cut in December, contributing to instability in U.S. stocks and subsequent fluctuations in gold prices [1] - The overall market sentiment suggests that gold prices may struggle to break free from high volatility and could trend weaker in the short term [1] Investment Strategy - Given the unclear future trajectory of gold prices, the recommendation is to adopt a wait-and-see approach or consider opportunistic buying on dips from an asset allocation perspective [1]

Core Viewpoint - The newly established fund, E Fund Ruiyi Ying'an 6-Month Holding Mixed Fund of Funds (FOF), has raised over 5.8 billion yuan, marking it as the largest new fund in the fourth quarter and the fourth public FOF of the year to exceed 5 billion yuan in fundraising [2][5]. Fund Information - The fund was officially established on November 18, 2015, with a total subscription of 24,688 accounts and a fundraising scale of 58.48 billion units [5]. - The fund is managed by E Fund Management Co., Ltd. and is custodied by China Merchants Bank, known as the "King of Retail" [2][6]. Fund Characteristics - The fund is positioned as a low-volatility product, with equity assets accounting for 5% to 30% of the total assets. Investments in Hong Kong Stock Connect stocks are limited to 50% of equity assets, while investments in Hong Kong Stock Connect ETFs can be up to 15% [7]. - The fund aims for long-term stable asset appreciation through a diversified asset allocation strategy, primarily focusing on fixed-income assets while dynamically adjusting asset allocation based on market conditions [7]. Market Trends - The public FOF issuance has shown signs of recovery this year, with 68 new public FOFs established, raising nearly 68 billion yuan, surpassing the total of the previous two years [10]. - Several "explosive" products have emerged this year, including the Huatai-PB Yingtai Stable 3-Month Holding FOF, which raised nearly 5.6 billion yuan in just one day [10][11]. Investment Strategy - The "TREE Long-term Profit Plan" by China Merchants Bank includes products with clear return and drawdown targets, aiming to achieve investment goals through strict management [11]. - The favorable performance of the equity market this year has contributed to the overall recovery of FOF performance, making these products attractive to investors in a low-interest-rate environment [11].

Group 1 - Energy metals lead the market, with traditional dividend assets like oil, chemicals, and banks showing strength, particularly the "three oil giants" which have boosted the Hong Kong stock market's dividend ETF, Guangfa (520900), by 1.39% [1] - Since the fourth quarter, technology stocks have entered a valuation adjustment phase, while market funds have shifted towards dividend assets, indicating a style switch [3] - The "technology" and "dividend" sectors have alternated in performance, highlighting the importance for investors to understand and adapt to these style changes rather than betting on a single style [4] Group 2 - A stable asset allocation strategy is crucial for investment safety, with successful investors often choosing robust leaders as a ballast in their portfolios [5] - In China, key sectors such as energy, utilities, communications, and finance have benefited significantly from the country's rapid economic growth since 2000, with state-owned enterprises playing a vital role [6] - China Petroleum and Chemical Corporation (Sinopec) has seen its revenue grow from 360 billion yuan in 2000 to over 3 trillion yuan in 2024, a 7.5-fold increase, while maintaining stable net profits [6] Group 3 - Sinopec has distributed over 650 billion yuan in cash dividends since its listing in 2001, with a dividend yield consistently above 5% for the past decade [7] - China National Petroleum Corporation (CNPC) has also performed well, distributing 320 billion yuan in dividends from 2020 to 2024 while maintaining over 50% of domestic crude oil supply [7] - China Shenhua Energy, a leading coal enterprise, has seen its revenue grow nearly tenfold since its listing in 2007, with cumulative dividends exceeding 700 billion yuan and a dividend yield reaching 6.8% in 2024 [8] Group 4 - The trend of style switching in the A-share market is becoming more evident, with both "technology" and "dividend" sectors coexisting as viable investment options [9] - The performance of high-dividend indices has shown resilience during market downturns, with the Smart High Dividend Index demonstrating significant cumulative gains since 2017 [12] - The National Hong Kong Stock Connect Central Enterprise Dividend Index has also shown strong performance, with a cumulative increase of 119% since its inception [19] Group 5 - The high dividend ETF (159207) has consistently achieved positive returns from 2020 to 2024, with a cumulative increase of 111.54% over the past five years [15][17] - Hong Kong stocks often exhibit higher dividend yields compared to their A-share counterparts, making them attractive for investors seeking high-yield assets [17] - The top sectors in the National Hong Kong Stock Connect Central Enterprise Dividend Index include oil and petrochemicals, telecommunications, and transportation, with significant weight in leading state-owned enterprises [18] Group 6 - The cyclical nature of technology and high-dividend assets is a consistent pattern, with both sectors expected to grow in the context of China's stable economic growth and technological advancements [21] - Finding a balance in investment strategies across different market environments is essential for achieving long-term stable returns [21]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index slightly up by 0.18% at 3946.74 points, while the Shenzhen Component remained flat and the ChiNext Index rose by 0.25% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 200.2 billion from the previous trading day [1] - The overall market sentiment was weak, with over 4100 stocks declining, indicating a risk-averse environment [1] Investment Strategy - The current market pullback does not signify the end of the bull market, as excess liquidity continues to increase and optimistic sentiments remain, particularly in technology and export sectors [1][2] - Two key strategies are suggested: balancing between mainline and defensive stocks, and waiting for an uplift in income expectations [1][2] Sector Focus - The technology sector, particularly AI, and industries related to de-involution such as photovoltaic and lithium battery resources, remain key areas of focus [2] - Investors are encouraged to consider ETFs related to communication, chips, photovoltaic, and coal [2] Bond Market Insights - The bond market continues to show a consolidation trend, with the ten-year government bond ETF slightly down by 0.04% [3] - The central bank's cautious approach to monetary policy is leading to uncertainty in interest rates, with a focus on avoiding excessive liquidity [3] Lithium Market Dynamics - The lithium sector is experiencing a resurgence, with lithium carbonate futures rising by 5% to over 100,000 yuan per ton, driven by strong demand in downstream applications [4] - Investors are advised to monitor ETFs related to lithium mining and non-ferrous metals, as the sector is expected to benefit from ongoing demand [4] Gold Market Trends - Gold stocks ETF surged by 4.55%, with spot gold prices returning to 4100 USD per ounce, indicating a potential upward trend in the gold market [5][6] - The demand for gold as a safe-haven asset is increasing due to global uncertainties and the challenges facing the US dollar credit system [6] Future Outlook - The potential for gold prices to exceed 5000 USD per ounce next year is highlighted, contingent on ongoing macroeconomic conditions and central bank policies [6] - Investors are encouraged to explore gold ETFs that directly invest in physical gold and those that focus on gold mining stocks for greater volatility and potential returns [7]

Core Viewpoint - The article emphasizes that market downturns, such as the recent global stock market decline, present investment opportunities rather than risks, particularly through asset allocation strategies [2][11]. Group 1: Market Conditions - Global stock markets experienced significant declines, with A-shares showing relatively better resilience [2]. - The article highlights the phenomenon of "liquidity shock," where different asset classes experience simultaneous declines, indicating potential investment opportunities [3][4]. Group 2: Historical Context - Historical instances, such as the 2020 market crash during the pandemic, illustrate that liquidity crises often lead to government and central bank interventions, which can create favorable buying opportunities [5][11]. - The article references past market behaviors, noting that significant downturns often precede recoveries driven by policy actions [8][17]. Group 3: Asset Allocation Strategy - The article argues that temporary failures in asset allocation strategies during market downturns should be viewed as opportunities to increase positions rather than risks [12][19]. - It stresses the importance of maintaining consistent investment strategies, particularly during adverse market conditions, to capitalize on future recoveries [14][18]. Group 4: Investor Guidance - For investors already engaged in asset allocation, increasing positions or investment amounts is recommended to enhance potential returns [22]. - New investors are encouraged to start asset allocation now, as it is seen as an optimal time to enter the market [22]. - Investors holding single assets should diversify to balance risk and return [22].

Core Insights - The latest TIC report reveals foreign investors held a total of $9.25 trillion in U.S. Treasury securities as of September 2025, a decrease of $13.6 billion from August [3] - Japan remains the largest foreign holder of U.S. Treasuries, increasing its holdings by $8.9 billion to $1.1893 trillion, while the UK experienced a rare decline, selling off $39.3 billion, bringing its holdings down to $865 billion [3][5] - China's holdings of U.S. Treasuries slightly decreased by $0.5 billion to $700.5 billion, reflecting a strategic adjustment rather than a drastic reduction [7][10] Summary by Category Foreign Holdings - As of September 2025, foreign investors held $9.25 trillion in U.S. Treasuries, down from $9.26 trillion in August, with Japan, the UK, and China being the top three holders [3] - Japan's holdings increased to $1.1893 trillion, while the UK saw a significant reduction to $865 billion, marking a three-month low [3][5] Market Dynamics - The fluctuations in U.S. Treasury holdings indicate that adjustments by countries like China are based on investment returns and asset allocation rather than outright divestment [4] - The report highlights that gold is gaining unprecedented attention from central banks, with global official gold reserves surpassing $4 trillion, exceeding the total amount of U.S. Treasuries held [6][8] Strategic Adjustments - China's approach to U.S. Treasuries is characterized by rational restraint, with a historical peak holding of $1.3 trillion in 2013, now reduced to approximately $700 billion, reflecting a strategic decision for diversification rather than aggressive divestment [10] - Concerns regarding U.S. default risks are deemed exaggerated, as a default would undermine the U.S. credit system and dollar dominance, making such an event highly unlikely [10][12] Conclusion - Despite challenges from rising gold prices and geopolitical factors, the core position of U.S. Treasuries as a global asset anchor remains stable, with adjustments by countries being tactical rather than strategic withdrawals [12]

Core Insights - The global gold market in 2025 has experienced a significant bull market characterized by a "stair-step breakthrough and pullback" pattern, with gold prices reaching a historical peak of $4,380 per ounce in October before retreating below $4,000 in early November, and currently trading above $4,100, marking an annual increase of over 50%, the strongest performance since 1979 [1][2][3] Price Movement Analysis - Gold prices began the year at $2,800 per ounce, rising to $3,420 by the end of March, a quarterly increase of 22.1%, the best performance since Q2 2016 [1] - In Q2, gold prices fluctuated between $3,400 and $3,600, supported by an 11% drop in the US dollar index, while global gold ETF holdings increased by 187 tons [2] - Q3 saw a surge in demand, with total gold demand reaching 1,313 tons and total value at $146 billion, driven by a 47% increase in investment demand [2] - In Q4, gold prices peaked at $4,380 per ounce in mid-October but retreated to around $3,968 due to market corrections and a rebound in the dollar index [2] Driving Factors Behind Gold Prices - The current bull market in gold is driven by three core factors: geopolitical risks, central bank purchases, and global liquidity [3][4] - Geopolitical tensions, particularly the Russia-Ukraine conflict and Middle East instability, have heightened demand for gold as a safe-haven asset [3] - Central banks have significantly increased gold reserves, with net purchases of 634 tons in the first three quarters of 2025, reflecting concerns over the US dollar's credibility [4][5] Investment Demand Dynamics - Private sector investment demand has surged, with Q3 global gold investment demand reaching 537 tons, a 47% year-on-year increase, driven by ETF purchases and physical gold demand [5] - The demand for gold bars and coins reached 316 tons in Q3, with significant contributions from India and China [5] Macroeconomic Influences - Macroeconomic factors such as the Federal Reserve's policy shift, global debt pressures, and geopolitical risks are key drivers for gold prices [6] - The Federal Reserve's recent interest rate cuts and the decline in the dollar index have further supported gold's appeal [6] - Rising global debt levels and inflation concerns position gold as a valuable asset for hedging against economic instability [6] Future Outlook for Precious Metals - Analysts predict that 2026 will see a "high-level fluctuation with long-term positive trends" for precious metals, with gold potentially reaching $4,500 to $4,800 per ounce [7] - Other precious metals like silver and platinum are also expected to show significant investment value, driven by industrial demand and market dynamics [8] - The overall strategy for 2026 suggests a shift from "gold dominance" to a more balanced allocation across various precious metals [8][9]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - **Interest - rate bonds**: From November 7 to November 14, 2025, the central bank conducted a total of 126.37 billion yuan in reverse repurchase operations, with 85.09 billion yuan in reverse repurchases maturing, resulting in a net injection of 41.28 billion yuan. Bank - to - bank funding prices rose. During November 10 - 16, 2025, the primary issuance of interest - rate bonds was 72.6866 billion yuan, and the net financing amount was 39.0322 billion yuan. Most treasury bond yields declined, and the 10Y - 1Y term spread narrowed from 40.97BP to 40.36BP [1]. - **Credit bonds**: From November 10 to November 16, 2025, 935 credit bonds (including inter - bank certificates of deposit) were issued in the primary market, with a total issuance scale of 120.1412 billion yuan, a month - on - month increase of 16.8766 billion yuan; the net financing amount was 2.0711 billion yuan. Most credit bond yields declined [2]. - **Large - scale asset weekly observation**: From November 7 to November 14, 2025, most of the three major US stock indexes rose; European three major stock indexes increased; US bond yields went up; the US dollar index weakened, and non - US currencies were differentiated; crude oil and gold prices rose [3]. 3. Summary by Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From November 7 to November 14, 2025, the central bank's full - scale net injection was 41.28 billion yuan. Bank - to - bank funding prices rose, and most exchange - based funds also increased [15]. 3.1.2 Primary Market Issuance - From November 10 to November 16, 2025, the primary market issuance of interest - rate bonds was 72.6866 billion yuan, with a net financing amount of 39.0322 billion yuan. The issuance of local government bonds increased compared to the previous period [25]. 3.1.3 Secondary Market Trading - Most treasury bond and state - owned development bond yields declined, and the 10Y - 1Y term spreads of both narrowed [32]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From November 10 to November 16, 2025, 935 credit bonds were newly issued in the primary market, with a total issuance scale of 120.1412 billion yuan, a month - on - month increase of 16.8766 billion yuan; the net financing amount was 2.0711 billion yuan. Asset - backed securities had the largest proportion in terms of the number of issuances, and financial bonds had the highest proportion in terms of issuance amount. Most of the issuances were AAA - rated, and the issuance was mainly for 3 - 5 - year terms. The financial industry had the largest number of issuances [43]. 3.2.2 Secondary Market Trading - Most credit bond yields declined. For urban investment bonds, the 1 - year AA - rated yield declined the most, and the 5 - year AAA - rated yield increased the most. For medium - and short - term notes, the 5 - year AA - rated yield declined the most, and the 10 - year AAA - rated yield increased the most [50]. 3.2.3 One - week Credit Default Event Review - From November 10 to November 16, 2025, the credit bonds of 3 enterprises defaulted [54]. 3.3 Large - scale Asset Weekly Observation 3.3.1 Most European and American Stock Indexes Rose - Most of the three major US stock indexes, European three major stock indexes, and most Asia - Pacific stock indexes rose [55]. 3.3.2 US Bond Yields Rose - From November 7 to November 14, 2025, US bond yields increased, and the 10Y - 1Y term spread changed to 44.00BP [58]. 3.3.3 The US Dollar Index Weakened, and Non - US Currencies Were Differentiated - The US dollar index declined by 0.26% weekly, and non - US currencies showed different trends [60]. 3.3.4 Crude Oil and Gold Prices Rose Weekly - From November 7 to November 14, 2025, gold and crude oil prices increased [66]. 3.4 Investment Recommendations - The macro - economic data in October verified the economic recovery path of "downplaying the aggregate and optimizing the structure". The bond market may remain volatile. Investors are advised to pay attention to the impact of the new fund regulations on the bond market. In the short term, institutional investors may reduce their allocation of pure bond funds and turn to bond ETFs or money market funds. In the long term, the new regulations are conducive to the stability of the liability side of bond funds. It is recommended to seize the band opportunities of interest - rate bonds, focus on high - rated and short - duration credit bonds, and pay attention to the Central Economic Work Conference in December [4].

值得关注的是，十年国债ETF成立以来经历了2018-2024年共计7个完整自然年度，均保持每年正收益， 有望成为穿越牛熊周期的资产配置利器。 （文章来源：每日经济新闻） 相关机构表示，近日国债收益率震荡下行，国债市场整体延续震荡偏多格局。此前人民银行重启国债买 卖提升市场情绪，对10年期"1.75%-1.85%"的合意区间表述确认国债收益率顶部；存贷款利率逐步下 调，流动性宽裕与资产荒格局并存。同时权益市场波动加大，国债的投资价值依然凸显。 十年国债ETF（511260）跟踪上证10年期国债指数，选取剩余期限7到10年且在上交所挂牌的国债作为 样本，久期恒定。从过往表现来看，十年国债ETF（511260）成立以来净值屡创新高，历史业绩持续稳 健。根据基金定期报告，截止二季度末，近1年回报率达5.88%，近3年回报率达16.13%，近5年回报率 达22.41%，成立至今累计回报率达36.68%。 ...