Core Viewpoint - The article discusses the recent rebound of Chinese assets, particularly in the context of external uncertainties and trade tensions, suggesting that this may present buying opportunities for investors [2][5][10]. Market Performance - On October 13, U.S. stocks saw a significant rise, with the Nasdaq Golden Dragon China Index increasing by over 3%, and various ETFs related to Chinese stocks also showing substantial gains, such as the three-times leveraged FTSE China ETF rising by over 8% [2][4]. - In the Asian trading session, A-shares and Hong Kong stocks initially faced declines but later recovered, with the ChiNext Index and Hang Seng Tech Index narrowing their losses significantly by the end of the trading day [2][4]. Analyst Insights - Analysts from various securities firms indicate that while short-term volatility may increase due to rising trade tensions, the impact of this shock is expected to be less severe than in April of this year, thanks to improved market mechanisms and investor experience [5][6]. - The "TACO trading" strategy is highlighted, suggesting that short-term declines may provide buying opportunities, with historical data indicating strong support levels for the Wind All A Index [5][6]. Foreign Investment Sentiment - UBS reports that if the MSCI China Index drops to 74, it may find strong support, with investors likely to buy on dips, as the index has already risen by 36% since the lows in April [9][10]. - The report emphasizes that the current market conditions differ from April, with a clearer "loose monetary + loose fiscal" policy stance, which is expected to support the market [5][10]. Sector Focus - UBS maintains a "barbell strategy," favoring AI themes, A-share brokers, and high-dividend stocks, while also looking at sectors like photovoltaic, chemicals, and lithium as part of the "anti-involution" theme [11]. - Goldman Sachs has raised its capital expenditure forecasts for Tencent and Alibaba, reflecting confidence in their growth potential, particularly in AI and cloud services [12]. Foreign Capital Inflows - In September, foreign capital inflows into the Chinese stock market rebounded to $4.6 billion, marking the highest monthly inflow since November 2024, indicating a recovery in global investor confidence towards Chinese assets [11].

一夜之间，全球市场暴跌，百万账户爆仓，而神秘账户却精准做空，30分钟净赚近2亿美元。 10月10日，特朗普在社交媒体上威胁对中国商品加征 华创证券研报明确解释了这一概念：" 是2025年特朗普上台以来华尔街流行的一种投资策略。 这种策略的核心在于：特朗普执政期间往往采取"强硬态度获得谈判筹码、最终让步达成协议"的外交行为。 更犀利的解读是，TACO可以理解为特朗普谈判策略的四步曲： 这个看似简单的四步曲，每一次都让市场经历从恐慌到修复的完整周期，也让无数盲目跟风的投资者成为被收割的"韭菜"。 广发证券分析得更为直白："今年4月中美关税升级已经证明，美方威胁的100%关税水平其很难承担且失去了经济学意义，此举更像是谈判前的极限施压。" 回顾特朗普今年上任以来的行为，可清晰地看到 ，瞬间引爆全球市场恐慌。 美股遭遇"黑色星期五"，纳指单日暴跌3.56%，七大科技巨头一夜蒸发5.5万亿元市值，中国金龙指数暴跌6.1%，数字货币市场更是一片惨象。 然而短短三天后，美国副总统万斯却在电视采访中语气缓和地表示："特朗普愿意与中国进行理性谈判。" 市场应声反弹，比特币大涨超2%，以太坊涨超7%。 ，甚至已成为一种割韭菜的" ...

Stocks staged a relief rally Monday after President Trump softened his tone on China, easing fears of a full-blown trade war that sparked a $2 trillion sell-off last week. The rebound followed Trump's weekend post on Truth Social, where he assured followers that "it will all be fine," just days after threatening to impose 100% tariffs on Chinese goods starting Nov. 1. But while those comments helped calm investor jitters, strategists warn this could be the biggest test yet for Wall Street's favorite refl ...

Core Insights - The current trade friction between the US and China is expected to have a lesser impact compared to April, with a smaller scope and lower degree of surprise, indicating a more resilient market [1] - The US plans to implement a new fee policy on Chinese shipping companies and restrict funding for Chinese biotech firms, while China will impose export controls on rare earth materials and additional port fees on US vessels [1] - Trump's announcement of a 100% tariff on Chinese goods is seen as having a limited unexpected impact, with room for negotiation remaining [1] Group 1: Market Impact - Short-term pressure on major asset classes is anticipated due to tariff impacts, but long-term trends remain unchanged [1] - The market has developed a certain level of policy adaptability since the trade war began in 2018, which is expected to mitigate volatility compared to previous tariff announcements [1] - A potential stabilization and technical rebound in the market may occur as policy uncertainties are digested, with a possibility of returning to negotiations [1] Group 2: Hong Kong Market - The impact of tariff escalation on the Hong Kong stock market is expected to be limited, with potential for increased allocation opportunities during any pullbacks [2] - The current valuation of Hong Kong's major indices is slightly higher than in April, but the structural exposure to US exports is limited due to the composition of key sectors [2] - The semiconductor and software service industries in China may benefit from US export controls on critical software, aligning with the trend towards self-sufficiency [2] Group 3: Long-term Trends - Long-term impacts of tariffs are expected to diminish, allowing major assets to revert to their fundamental drivers, with a focus on technology sectors such as AI, cloud computing, and semiconductors driving US stock market growth [1] - The US dollar index and USD/CNY exchange rate may face pressure due to rising expectations of Fed rate cuts, while gold prices are likely to continue an upward trend amid central bank purchases and geopolitical tensions [1]

不少业内人士接受第一财经记者采访时表示，市场"学习效应"、资金趁低吸纳等原因，导致此次冲 击比今年4月的关税风波要小。经历调整之后，部分个股会出现吸纳机会，不过也要警惕涨幅较大个 股融资金额较高的风险。预计三季报超预期的上市公司四季度会有更突出的表现。具体方向上，热点 依然会在人工智能、固态电池、国产软件等板块。 A股慢牛趋势不变 2025.10. 13 本文字数：2357，阅读时长大约4分钟 作者 | 第一财经 李隽 A股拒绝"黑色星期一"，不少市场人士判断，这又将是一次典型的"TACO交易"。 所谓"TACO交易"（Trump Always Chickens Out），是指市场在美国总统特朗普的政策威胁下出 现大跌时，投资者便押注他最终会退缩，随后股市将反弹，投资者可以通过逢低买入获利。 10月13日，A股不惧特朗普加征100%关税的"威胁"，在资金"趁低吸纳"的主导下低开高走，上证 指数最终微跌0.19％，报收3889.5点；在华虹公司（688347.SH）20％涨停带动下，科创板上涨 1.4％，报收1473点。A股整体成交量达2.35万亿元。 A股的硬气也缘于美国副总统万斯释放的缓和信号。根据媒体报道 ...

A股拒绝"黑色星期一"，不少市场人士判断，这又将是一次典型的"TACO交易"。 广发证券首席经济学家郭磊认为，2018年以来，特朗普多次对华加征关税。事后来看，经济和资本市场 还是有一些共同的经验规律的：一是关税从事后来看都是扰动，中国制造的全球竞争力很难被围堵和替 代；二是面对外生冲击时，资本市场一般会先后经历一次性"计提"，再经历事件缓和带来的"冲回"和政 策升温带来的"对冲"；三是相对于外部扰动，资产本身的安全边际是更重要的定价因素。 所谓"TACO交易"（Trump Always Chickens Out），是指市场在美国总统特朗普的政策威胁下出现大跌 时，投资者便押注他最终会退缩，随后股市将反弹，投资者可以通过逢低买入获利。 10月13日，A股不惧特朗普加征100%关税的"威胁"，在资金"趁低吸纳"的主导下低开高走，上证指数最 终微跌0.19％，报收3889.5点；在华虹公司（688347.SH）20％涨停带动下，科创板上涨1.4％，报收 1473点。A股整体成交量达2.35万亿元。 A股的硬气也缘于美国副总统万斯释放的缓和信号。根据媒体报道，10月12日晚间，万斯在接受采访时 表示："特朗普愿意与 ...

Core Viewpoint - The A-share market showed resilience against the threat of a 100% tariff increase by President Trump, with many market participants viewing this as a typical "TACO trade" where investors bet on Trump's eventual retreat from aggressive policies, leading to a market rebound [1][2]. Market Reaction - On October 13, the A-share market opened lower but closed higher, with the Shanghai Composite Index ending down only 0.19% at 3889.5 points, while the STAR Market rose 1.4% to 1473 points, driven by a 20% surge in Huahong Semiconductor [1][2]. - The overall trading volume in the A-share market reached 2.35 trillion yuan, indicating strong buying interest [1]. Investor Sentiment - Market participants believe that the impact of the recent tariff threat is less severe than previous instances, such as the April tariff situation, due to a "learning effect" and improved market confidence [2][3]. - Analysts suggest that the current market environment presents opportunities for investors to buy quality stocks at lower prices, as the market is expected to continue its adjustment cycle before entering a new upward phase [2][4]. Sector Performance - Key sectors supporting the market rebound include semiconductors, non-ferrous metals, and domestic software, with the STAR Market showing broad gains [6]. - The upcoming third-quarter reports are anticipated to significantly influence stock performance, with expectations that companies exceeding earnings forecasts will perform strongly in the fourth quarter [6][7]. Financing and Risk - As of October 10, the financing balance in the A-share market was 24.257 billion yuan, compared to 18.4 billion yuan on April 7, indicating a higher level of leverage in the market [7]. - Investors are advised to monitor stocks with high financing ratios, as they may be more susceptible to market volatility [7][8]. Long-term Outlook - Analysts maintain that the slow bull trend in the A-share market remains intact, with structural profit recovery expected to continue, driven by domestic economic and policy factors [3][4]. - The market is likely to experience a shift towards a more balanced investment style in the short term, but the long-term dominance of technology growth sectors is expected to persist [8].

Core Viewpoint - The A-share market shows resilience against external pressures, particularly the recent tariff threats from the U.S., with investors taking advantage of lower prices to buy in, indicating a "learning effect" from previous market experiences [2][3][4]. Market Reaction - On October 13, the A-share market opened lower but closed higher, with the Shanghai Composite Index down only 0.19% at 3889.5 points, and the STAR Market rising 1.4% to 1473 points, driven by significant trading volume of 2.35 trillion yuan [2][3]. - The market's reaction is attributed to a perceived lower impact of the current tariff threats compared to previous incidents, with many investors viewing this as a buying opportunity [4][5]. Investor Sentiment - Analysts suggest that the current market sentiment is more robust than in April, with a strong "learning effect" leading to a more measured response to tariff announcements [4][5]. - The expectation is that the upcoming quarterly reports will significantly influence stock performance, with a focus on sectors like artificial intelligence, solid-state batteries, and domestic software [2][6]. Financing and Market Trends - As of October 10, the financing balance in the A-share market was 24.257 billion yuan, indicating a healthy level of market liquidity compared to 18.4 billion yuan on April 7 [7]. - Analysts caution about the risks associated with high financing ratios in certain stocks, while also noting that the overall financing levels remain manageable [8]. Sector Performance - Key sectors supporting the market rebound include semiconductors, non-ferrous metals, and domestic software, with expectations that technology growth will continue to dominate the market [6][8]. - The market is anticipated to maintain a "slow bull" trend, with structural recovery in earnings and continued credit improvement [4][6].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper prices are expected to have a long - term upward trend, with short - term adjustments. Alumina prices are likely to maintain a weak and volatile bottom - grinding market. Aluminum prices are expected to be weak in the short - term and strengthen in the medium - term. Nickel prices are expected to have increased volatility and a lower oscillation center. Stainless steel prices are expected to weaken. Tin prices will be in a short - term high - level oscillation. Industrial silicon prices may oscillate in the medium - term and be strong in the short - term. Polysilicon prices may have a limited short - term callback. Lithium carbonate prices are expected to continue to reduce inventory and support the price [6][14][20][46][53][60][64][71][76] Group 3: Summary by Related Catalogs Copper - **Market Review**: On October 13, the Shanghai Copper 2511 contract closed at 85,120 yuan/ton, down 2.06%, and the Shanghai Copper Index reduced positions by 12,125 lots to 566,100 lots. The spot market trading improved with price drops, and the premium in Shanghai rose [2] - **Important Information**: As of October 13, the national copper inventory increased by 0.57 million tons to 17.2 million tons. In September, China imported 2.587 million tons of copper ore and concentrates, and the cumulative import from January to September was 22.634 million tons, a year - on - year increase of 7.7%. The export of unwrought aluminum and aluminum products in September was 521,000 tons, and the cumulative export from January to September was 4.516 million tons, a year - on - year decrease of 8.1% [3][4] - **Logic Analysis**: Trump's tariff remarks and supply - side problems have affected copper prices. Mine supply tension has intensified, and consumption shows "not prosperous in the peak season", but there may be an increase in demand after price adjustments [6] - **Trading Strategy**: Adopt a long - on - dips strategy for single - side trading, continue to hold cross - market positive spreads, and arrange cross - period positive spreads after domestic inventory decline. Keep options on hold [7][8][9] Alumina - **Market Review**: On October 13, the Alumina 2601 contract decreased by 57 yuan to 2,820 yuan/ton. Spot prices in most regions declined [10] - **Related Information**: An aluminum plant in Xinjiang purchased 10,000 tons of alumina on October 13. As of last Friday, the national alumina production capacity was 114.62 million tons, with 98.55 million tons in operation. In September, the actual production of alumina was 8.06 million tons, the net export was about 80,000 tons, and the demand was 7.552 million tons [11][12] - **Logic Analysis**: Affected by market sentiment, alumina prices fell. Although the static surplus has been absorbed, the surplus trend remains. The price is expected to be weak and volatile [14] - **Trading Strategy**: Single - side trading shows a weak and volatile trend. Keep arbitrage and options on hold [15][16] Aluminum - **Market Review**: On October 13, the Shanghai Aluminum 2511 contract decreased by 205 yuan to 20,885 yuan/ton. Spot prices in various regions declined [17] - **Related Information**: Trump's tariff policy was upgraded. In September, the national electrolytic aluminum weighted average full - cost was 15,977 yuan/ton, and the theoretical profit was 4,798 yuan/ton. On October 13, the national aluminum ingot spot inventory was 642,000 tons, an increase of 80,000 tons [17] - **Trading Logic**: The tariff policy upgrade led to a decline in aluminum prices, but the medium - term upward trend remains. The market may have large - amplitude fluctuations [20] - **Trading Strategy**: Be on the sidelines in the short - term for single - side trading, and the medium - term trend is upward. Keep arbitrage and options on hold [21][22][23] Casting Aluminum Alloy - **Market Review**: On October 13, the Casting Aluminum Alloy 2511 contract decreased by 225 yuan to 20,335 yuan/ton. Spot prices in various regions declined [25] - **Related Information**: Trump's tariff policy was upgraded. On October 13, the social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi decreased by 703 tons, and the casting aluminum alloy warehouse receipts increased by 2,503 tons [25][26] - **Trading Logic**: The tariff policy upgrade led to a decline in prices. Before the implementation of tariffs is clear, the negative impact of macro - sentiment on aluminum products is significant. The price will be weak, and scrap aluminum prices may support the spot price [27] - **Trading Strategy**: Pay attention to tariff policy developments for single - side trading. Keep arbitrage and options on hold [28][29][31] Zinc - **Market Review**: On October 13, Shanghai Zinc 2511 dropped 0.58% to 22,255 yuan/ton, and the Shanghai Zinc Index reduced positions by 2,771 lots to 212,600 lots. The spot market trading was light [32] - **Related Information**: As of October 13, the national zinc ingot inventory was 163,100 tons, an increase of 21,700 tons from September 29 [33] - **Logic Analysis**: In October, domestic zinc smelters increased production, and consumption did not improve significantly. The domestic price was under pressure, while the LME price was strong. The pattern of strong overseas and weak domestic may continue [34] - **Trading Strategy**: Close profitable short positions and wait for the export window to open to short again. Keep arbitrage on hold and close out the sold out - of - the - money call options [35][37] Lead - **Market Review**: On October 13, Shanghai Lead 2511 dropped 0.18% to 17,095 yuan/ton, and the Shanghai Lead Index increased positions by 5,004 lots to 82,700 lots. Part of the downstream replenished inventory, and the spot market had different purchasing attitudes [36] - **Related Information**: As of October 13, the national lead ingot social inventory was 36,000 tons, a decrease of 6,100 tons from September 29. The electric bicycle trade - in policy in Changsha and Shaoyang will be suspended on October 20 [39] - **Logic Analysis**: From September to mid - October, domestic lead production was relatively low. The inventory decreased during the National Day. The supply is weaker than demand currently, but the supply may increase in the second half of October, and the price may fall after rising [40] - **Trading Strategy**: The price may rise in the short - term but fall after rising. Keep arbitrage on hold and sell out - of - the - money call options [41] Nickel - **Market Review**: On October 13, the main contract of Shanghai Nickel NI2511 decreased by 2,080 yuan to 121,410 yuan/ton, and the index increased positions by 1,785 lots. Spot premiums changed [43] - **Related Information**: The Shanghai Futures Exchange adjusted the trading margin and daily price limit for nickel futures on October 14. Some Indonesian mining companies resumed production. Goldman Sachs predicted that nickel prices would drop by 6% by December 2026 [44][46] - **Logic Analysis**: Due to the lack of profit - taking and Trump's remarks, the decline was relatively mild. The "de - globalization" trend and the surplus pattern will lead to increased volatility and a lower center of oscillation [46] - **Trading Strategy**: Short a small amount of the main contract. Keep arbitrage and options on hold [47][48][49] Stainless Steel - **Market Review**: On October 13, the main contract of stainless steel SS2512 decreased by 205 yuan to 12,655 yuan/ton, and the index increased positions by 28,538 lots. The spot price range was given [51] - **Important Information**: Indonesia won the stainless - steel anti - dumping lawsuit against the EU, which is expected to boost exports. The national stainless - steel social inventory increased during the holiday [51][53] - **Logic Analysis**: The escalation of the Sino - US trade war affected external demand, and the inventory increased. The price was under pressure, and the market was waiting to see the inventory digestion this week [53] - **Trading Strategy**: The price will weaken. Keep arbitrage on hold [54][55] Tin - **Market Review**: On October 13, the main contract of Shanghai Tin 2511 closed at 282,110 yuan/ton, down 2.19%. The spot price dropped, and the trading was mainly for rigid demand [57] - **Related Information**: The US postponed the release of CPI data. As of October 10, the national tin ingot inventory decreased by 568 tons compared with September 26 [58][59] - **Logic Analysis**: Trump's tariff remarks led to a price drop. The supply of tin ore is still tight, and the demand is slowly recovering. Pay attention to Myanmar's resumption of production and electronic consumption recovery [60] - **Trading Strategy**: The price will oscillate at a high level in the short - term. Keep options on hold [61][62] Industrial Silicon - **Important Information**: The US cancelled a solar project and planned to impose tariffs on Chinese goods. The production capacity in Xinjiang decreased, and the production capacity in the east increased. The southwest may reduce production in November [63][64] - **Logic Analysis**: The production decreased in Xinjiang and increased in the east. The southwest will reduce production in November. The demand is strong in the short - term, and the price may oscillate in the medium - term and be strong in the short - term [64] - **Strategy Suggestion**: Hold long positions. There is no arbitrage and option strategy currently [67][68] Polysilicon - **Important Information**: The US cancelled a solar project and planned to impose tariffs on Chinese goods. The production increased in October, and the silicon wafer production decreased [70][71] - **Logic Analysis**: The supply increased and the demand decreased in October. The concentrated cancellation of warehouse receipts in November is the core driver of the price callback. The rumored state - purchase may limit the callback space [71] - **Strategy Suggestion**: Try to go long near the low point of the PS2512 contract in August. Hold the reverse arbitrage of 2511 and 2512 contracts. Buy both out - of - the - money call and put options [72] Lithium Carbonate - **Market Review**: On October 13, the Lithium Carbonate 2511 contract decreased by 780 yuan to 72,500 yuan/ton, and the index increased positions by 1,306 lots. The spot price dropped [74] - **Important Information**: A lithium project in Jiangxi had major changes. In September, the sales of new - energy vehicles and the production of ternary materials increased [76] - **Logic Analysis**: The supply growth rate is lower than the demand in October, and the inventory is expected to continue to decrease, supporting the price. Consider closing short positions and going long if the price falls below 70,000 yuan [76] - **Trading Strategy**: Short on rebounds and close short positions if the price falls below 70,000 yuan. Keep arbitrage and options on hold [77][78][79]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - During the two trading days before and after the double festivals (2025.09.29 - 2025.10.10), the market once reached a new high, with upstream resource products leading the rise, and lithium batteries, steel, and military industries taking turns to perform. However, the capital support for the pre - holiday rebound was weaker than before, and the market quickly declined on Friday after a brief post - holiday rebound. Some funds saw the decline as an opportunity to increase positions [11]. - The resurgence of the tariff issue is a continuation of the global tariff war since April. Although the current valuation of the equity market is significantly higher than in April, China's "double - loose" policy is clear, and investors have more experience in dealing with such situations [11]. - The market under the current friction may mainly involve profit - taking of the booming assets since the third quarter. If a style switch occurs, the market's development path depends on specific triggering factors [13]. - The essence of the current upstream resource stock market represented by non - ferrous metals is the switch of the valuation logic of resource stocks from the cycle to DCF with higher cash - flow visibility under the background of supply constraints and geopolitical instability. This logic will continue as long as commodity prices do not continuously decline [4][13]. 3. Summary by Directory 3.1 Weekly Market Observation - **Equity Market Review and Observation** - From 2025.09.29 to 2025.10.10, the market reached a new high, with upstream resource products leading. The pre - holiday rebound lacked capital support, and the market declined on Friday after a brief post - holiday rebound. When the market tumbled last Friday, there were net purchases of CSI 300, ChiNext, and STAR Market ETFs [11]. - On the evening of October 10, 2025, Trump threatened to impose a 100% tariff on China and cancel the APEC meeting between Chinese and US leaders, causing a sharp decline in risk assets. This trade conflict is a continuation of the global tariff war since April, and the conflict may escalate and spread to other fields [11]. - The current valuation of the equity market is higher than in April, but China's "double - loose" policy is clear, and investors have more experience in dealing with such situations [11]. - In the third quarter, the market's structural market was extreme, with technology innovation sectors rising significantly and pro - cyclical assets performing poorly. The market's ability to continue to rise depends on whether high - valuation hot sectors can maintain their upward momentum and whether low - valuation traditional pro - cyclical sectors can improve their fundamentals [12]. - The market under the current friction may mainly involve profit - taking of booming assets. If a style switch occurs, the development path depends on specific factors such as economic policies, the slowdown of booming industries, or geopolitical factors [13]. - The demand for energy metals is increasing, and the supply of strategic minor metals is restricted by anti - globalization. The valuation logic of upstream resource stocks represented by non - ferrous metals has switched from the cycle to DCF, and this logic will continue as long as commodity prices do not continuously decline [13]. 3.2 Active Equity Fund Index Performance Tracking - **Performance Statistics** - From 2025.10.09 to 2025.10.10, the Active Stock Fund Preferred Index fell 1.63%, the Value Stock Fund Preferred Index fell 0.09%, the Balanced Stock Fund Preferred Index fell 2.13%, the Growth Stock Fund Preferred Index fell 2.63%, the Pharmaceutical Stock Fund Preferred Index fell 2.66%, the Consumption Stock Fund Preferred Index fell 0.93%, the Technology Stock Fund Preferred Index fell 2.63%, the High - end Manufacturing Stock Fund Preferred Index fell 4.56%, and the Cyclical Stock Fund Preferred Index fell 1.42% [6][14]. - Since its establishment, the Active Stock Fund Preferred Index has recorded an excess return of 13.38%, the Value Stock Fund Preferred Index 4.80%, the Balanced Stock Fund Preferred Index 8.75%, the Growth Stock Fund Preferred Index 13.56%, the Pharmaceutical Stock Fund Preferred Index 19.67%, the Consumption Stock Fund Preferred Index 23.42%, the Technology Stock Fund Preferred Index 20.72%, the High - end Manufacturing Stock Fund Preferred Index - 5.99%, and the Cyclical Stock Fund Preferred Index - 1.99% [6]. - **Index Positioning and Benchmarks** - **Active Stock Fund Preferred Index**: 15 funds are selected each period and equally weighted. The core positions select active equity funds based on performance competitiveness and style stability, and the style distribution is balanced according to the CSI Active Stock Fund Index. The performance benchmark is the Active Stock Index (930980.CSI) [15]. - **Value Stock Fund Preferred Index**: It includes deep - value and quality - value styles. 10 funds of deep - value, quality - value, and balanced - value styles are selected to form the index. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [17][18]. - **Balanced Stock Fund Preferred Index**: Balanced - style fund managers balance the valuation and growth of individual stocks. 10 funds of relatively balanced and value - growth styles are selected to form the index. The performance benchmark is the CSI 800 (000906.SH) [21]. - **Growth Stock Fund Preferred Index**: It aims to capture the performance and valuation double - click opportunities of high - growth companies. 10 funds of active - growth, quality - growth, and balanced - growth styles are selected to form the index. The performance benchmark is the 800 Growth Index (H30355.CSI) [23][24]. - **Pharmaceutical Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and the representative index (CITIC Pharmaceutical). 15 funds are selected to form the index. The performance benchmark is the Pharmaceutical Theme Fund Index (fitted by Huabao Fund Research Platform) [26]. - **Consumption Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Automobile, Home Appliances, etc.). 10 funds are selected to form the index. The performance benchmark is the Consumption Theme Fund Index (fitted by Huabao Fund Research Platform) [26][29]. - **Technology Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Electronics, Communication, etc.). 10 funds are selected to form the index. The performance benchmark is the Technology Theme Fund Index (fitted by Huabao Fund Research Platform) [29]. - **High - end Manufacturing Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Construction, Light Industry Manufacturing, etc.). 10 funds are selected to form the index. The performance benchmark is the High - end Manufacturing Theme Fund Index (fitted by Huabao Fund Research Platform) [32]. - **Cyclical Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Petroleum and Petrochemical, Coal, etc.). 5 funds are selected to form the index. The performance benchmark is the Cyclical Theme Fund Index (fitted by Huabao Fund Research Platform) [32][33].