Macro Strategy - Fixed asset investment in China showed a cumulative year-on-year decline of -1.70% for the first ten months of 2025, worsening from -0.50% in September. Key components such as infrastructure investment and manufacturing also experienced declines, with infrastructure down by 1.83 percentage points and manufacturing down by 1.30 percentage points. Real estate development investment saw a significant drop of -14.70% compared to -13.90% in September [2][4][5] Stock Market Overview - A-share indices experienced narrow fluctuations and slight declines from November 10 to November 14, 2025, with the Shanghai Composite Index down by 0.18% and the ChiNext Index down by 3.01%. The market is currently in a "slow bull" phase, with expectations of continued wide fluctuations and gradual upward movement in November [3][4][7] Industry Performance - Among the 31 first-level industries, most showed gains, with the top performers being comprehensive and textile sectors, which rose by 6.99% and 4.41% respectively. In contrast, the communication and electronics sectors faced declines of -4.77% each. Year-to-date, energy metals and components have seen significant increases of 92.91% and 85.55% respectively [5][6] Banking Sector Insights - The central bank's report emphasized maintaining reasonable growth in financial totals and solidifying credit support. The report indicated that recent weak credit growth is influenced by various factors, including local government debt replacement and the structural evolution of the economy. The central bank aims to keep financial totals, including credit and bond financing, growing steadily [14][15] - The central bank plans to enhance support for technology finance, which is a key focus of the 14th Five-Year Plan. This includes optimizing monetary policy tools to support technological innovation and ensuring that banks maintain reasonable net interest margins to facilitate continued support for the real economy [15][17] Investment Recommendations - The banking sector is expected to attract investment due to high dividend yields, with recommendations to focus on state-owned banks and potential valuation recovery opportunities in joint-stock and regional banks. Specific banks highlighted include Industrial and Commercial Bank of China, Bank of China, and others [17]

今年前三季度，险资投资的一大重点就是加仓股票。 第一财经记者根据金融监管总局最新发布的2025年三季度保险公司资金运用情况表（下称"资金运用情 况表"）梳理，三季度末，保险资金运用余额达到37.46万亿元，其中股票的账面余额为3.62万亿元。这 一数字较去年末增加了1.19万亿元，增幅近五成；其中第三季度增加5524亿元。 如果加上证券投资基金，则截至三季度末险资配置的核心权益资产近5.6万亿元，较去年末增加近1.5万 亿元，其中第三季度单季增加值为8640亿元。 从Choice显示的险资三季度重仓股来看，银行股依然是险资的"心头好"，不仅三季度末持仓市值占比超 一半，且第三季度险资增持股数也在所有重仓股中排名首位。在银行股外，据业内分析师统计，钢铁、 通信、食品饮料等行业在三季度获险资重点增持，而电力设备、有色金属、交通运输等则环比减持。 从去年末到今年三季度末，险资配置的股票余额一路上涨。资金运用情况表数据显示，今年三季度末险 资（指产险、寿险公司，下同）持有股票的账面余额为3.62万亿元，较去年末的2.43万亿元大幅增加了 1.19万亿元，涨幅高达49.14%，在资金运用余额中的占比也从去年末的7.30 ...

Market Outlook - The recent surge in the A-share market, with the Shanghai Composite Index surpassing 3600 points and a cumulative increase of over 18% in three months, is seen as a new starting point for a slow bull market, but caution is advised [3] - The core support for this market rally is attributed to the influx of long-term capital, including increased holdings by central financial institutions, insurance funds, bank wealth management reallocating to equity assets, and foreign capital returning to the market [3] Sector Rotation - The rapid switching of A-share hotspots this year, from financial sectors to technology and new concepts, is interpreted as a reflection of policy-driven market adjustments rather than random fluctuations [4] - The government aims to promote a healthy and stable rise in indices, avoiding excessive concentration of funds that could lead to bubbles and subsequent sharp corrections, thus maintaining market resilience through structural opportunities [4] Characteristics of Slow Bull Market - The current "slow bull" market in A-shares shares commonalities with historical trends but also exhibits significant differences, particularly in four dimensions: institutional transformation of investor structure, precision expansion of policy tools, generational leap in industrial technology, and the formation of a domestic circulation-led global context [5] - These factors are reshaping stock valuation systems, market risk mitigation mechanisms, and the pathways for external shocks, necessitating a contemporary understanding of market dynamics rather than relying solely on historical comparisons [5] Investment Strategy - The investment approach focuses on major themes such as the US-China competition, with tracking and positioning in sectors like computing power, rare earth permanent magnets, nuclear fusion, shipping, and military drones [7] - The strategy framework combines subjective analysis with quantitative support, emphasizing respect for market rules and integrating thorough research and micro insights to capture trading opportunities in strong sectors during market rotations [7]

东吴证券认为，周四，A股市场小幅低开后便展开反弹，锂电池、电气设备、有色、化工等板块全面爆 发。上证指数再创阶段新高，由于蓝筹股的稳定作用，近期上证指数并未受到调整影响，周四的上涨又 平滑切换到其它板块上，令指数的上升趋势保持良好。A股市场仍处于慢牛的节奏，只是近期市场震荡 调整时操作难度较大，赚钱不易，但新周期的上涨一旦展开，市场情绪会很快恢复，重点留意新热点的 形成。 财信证券认为，周四，A股市场情绪回暖。盘面上，锂电产业链全线走强，并带动新能源方向表现较 好，阿里云概念尾盘拉升，大消费、存储芯片等板块维持活跃。当日市场全面转暖主要有以下两方面原 因：一方面是大盘短期连续震荡整理后，卖盘消化基本到位；另一方面是锂电产业链在此节点加速走 强，并且带动新能源方向，使得盘面重新活跃，资金风险偏好有所提升。不过尽管当日三大指数均取得 较好涨幅，但整体上并未突破震荡区间，因此在短期指数层面实现有效放量突破之前，大盘或维持指数 震荡、题材板块轮动的结构性行情。中期来看，在全球科技投资热情不减、"反内卷"政策持续推进、居 民储蓄入市等因素支撑下，本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 中原证券认 ...

Core Viewpoint - The Shanghai Composite Index has reached the 4000-point mark for the first time in 10 years, indicating significant changes in the A-share market as it approaches the end of 2025 and the commencement of the next five-year plan in China [1] Group 1: Major Changes in the Market - Change One: Slow Bull Market - The Shanghai Composite Index rose from 2748 points on September 24, 2022, to surpass 4000 points on October 28, 2023, taking 400 days with an annualized volatility of 15.28%. In comparison, previous surges in 2007 and 2015 took only 89 and 127 days, respectively, with higher volatilities of 27.94% and 23.01% [1] - Change Two: Shift in A-share Pricing Power - By Q3 2024, the scale of passive equity funds, particularly stock ETFs, has surpassed that of actively managed equity funds for the first time, with the current ETF market reaching 5 trillion yuan, indicating a significant shift in pricing power within the A-share market [4] - Change Three: Leading Themes in the Current Market - The current bull market is primarily driven by sectors such as communication, electronics, and power equipment, reflecting a broader trend towards technological self-sufficiency and the global AI wave, alongside the narrative of revaluation of Chinese assets [5] Group 2: Fund Flows and Investment Trends - Significant Capital Inflows - Since September 24, 2022, the ETF market has seen a net inflow of 1.17 trillion yuan, with major inflows directed towards core A-share assets, technology innovation, and cyclical sectors [11][12] - Performance of Key ETFs - The Double Innovation Leader ETF tracking the Sci-Tech Innovation 50 Index has risen by 57.63% this year, while the Tianhong Growth ETF tracking the ChiNext Index has increased by 45.78% [8] - Year-End Capital Rotation - Following six months of continuous growth, A-shares have seen a rotation of capital, with significant inflows into ETFs tracking sectors like technology, securities, and consumer goods, particularly in the context of the upcoming "15th Five-Year Plan" [14][18]

Market Overview - The market showed a strong upward trend in the early session, with the Shenzhen Component Index rising nearly 2% and the ChiNext Index increasing over 2% after a low opening. The CSI A500 Index saw a rise of 1.33% [1] Sector Performance - The lithium battery industry chain experienced a significant surge, while the Fujian sector continued to rise. Conversely, the banking sector showed weak performance [1] ETF Trading Activity - By the morning close, ETFs tracking the CSI A500 Index rose over 1%. Notably, 12 CSI A500-related ETFs had trading volumes exceeding 100 million yuan, with 2 surpassing 3.1 billion yuan. The A500 ETF Fund and the CSI A500 ETF had trading volumes of 3.329 billion yuan and 3.156 billion yuan, respectively [1][2] Market Outlook - According to brokerage firms, the foundation for the current slow bull market remains intact due to ongoing global technology investment enthusiasm, the continuous promotion of "anti-involution" policies, and increased household savings entering the market. There is potential for further strengthening of the A-share index in the future [1]

Core Insights - The article highlights the performance of active equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in a decade, revealing that over 97% of these funds achieved positive returns since 2025, yet 38% remain in losses over the past five years [1][2][3] - Key reasons for the underperformance of many active funds include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][6] Performance Overview - As of November 10, the Shanghai Composite Index closed at 4018 points, marking a significant recovery, with major indices like the Shenzhen Composite and ChiNext Index showing gains of 27.6% and 46.35% respectively since 2025 [2] - Despite a high percentage of active equity funds showing positive returns in 2023, the long-term performance reveals a stark contrast, with many investors experiencing losses since entering the market around the end of 2020 [2][3] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, while nearly 40% remain unprofitable, with some funds experiencing drawdowns exceeding 50% [3][4] - Notable underperformers include funds managed by well-known managers, indicating that even established names are not immune to market challenges [4] Causes of Underperformance - High-level accumulation during market peaks has been identified as a significant factor contributing to the long-term underperformance of active equity funds [5][6] - Frequent trading has also negatively impacted fund performance, with average turnover rates for underperforming funds significantly higher than the market average [7][8] Market Trends and Future Outlook - The article notes a shift in investor sentiment towards active management products, with a notable increase in the number of newly established funds and a doubling of issuance scale compared to the previous year [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of over-reliance on specific themes or sectors [12]

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing a significant number of funds still in loss despite a majority achieving positive returns since 2025 [1][2] Fund Performance Overview - As of November 10, 2023, 97.45% of 4679 actively managed equity funds reported positive returns since 2025, with some funds achieving over 200% gains [2] - However, nearly 38% of actively managed equity funds, totaling 1019 funds, remain in loss over the past five years, including products from leading public fund institutions and well-known fund managers [1][3] Reasons for Underperformance - Key factors contributing to the underperformance of these funds include high-level increases in positions, frequent trading, and reliance on specific sectors [1][6] - The average stock position for funds with negative returns was significantly higher than the overall market average during peak market periods, indicating poor timing decisions [6] Fund Manager Challenges - Frequent trading has negatively impacted fund performance, with an average turnover rate of 460.71% for all actively managed equity funds from 2021 to 2024, and even higher for those with significant losses [7] - Changes in fund management have led to inconsistent investment strategies, further complicating performance recovery [8] Market Trends and Future Outlook - The market has seen a resurgence in the issuance of new funds, with 1354 new funds launched in 2023, reflecting a renewed interest in actively managed products [10] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [11]

Core Viewpoint - The adjustment of accounting regulations has significantly contributed to the profits from insurance capital's stock investments, driving the rise of insurance stocks. The valuation recovery of insurance stocks is expected to evolve from a cyclical rebound into a long-term value reassessment [2]. Group 1: Investment Trends - Insurance capital has made 31 stake acquisitions this year, surpassing the peak in 2020 and setting a new record since 2015 [4]. - The increase in equity asset allocation by insurance capital is a positive response to regulatory policies, enhancing the overall return on investment and stability of the industry [5]. - The trend shows a substantial increase in the balance of insurance capital utilization and a higher proportion of equity asset allocation [7]. Group 2: Sector Performance - Insurance capital primarily holds positions in high-dividend sectors such as banking, public utilities, and transportation, which serve as the "ballast" for their portfolios [9][10]. - The defensive attributes of undervalued, high-dividend assets align well with the dual demand for safety and profitability from insurance capital [12]. Group 3: Technology Sector Investment - Insurance capital's investment in technology stocks has exceeded expectations, opening up new profit growth opportunities [13]. - In the third quarter, insurance capital's holdings in the electronics sector grew significantly, reaching nearly 11.8 billion, with increased positions in companies like Dongshan Precision, Huaxin Electronics, and Shenzhen Technology [14]. Group 4: Market Dynamics - The role of insurance capital as a "stabilizer" in the capital market is becoming more pronounced, with significant profit growth enhancing the investment value of insurance capital [16]. - Major insurance companies have seen their stock prices reach new highs, with the Hong Kong Stock Connect Non-Bank ETF (513750) rising over 50% this year [16]. Group 5: Financial Performance - The five A+H listed insurance companies reported impressive investment returns, with an average annualized total investment return of 7.3%, a year-on-year increase of 1.2 percentage points [24]. - The implementation of new accounting standards (IFRS 17 and IFRS 9) has further increased the correlation between insurance companies' performance and the stock market [25]. Group 6: Future Outlook - The strong performance of equity investments is expected to boost confidence in the sales of dividend insurance products in 2026, with a forecast of double-digit growth in new premium income [27]. - Insurance companies are likely to continue increasing their allocation to equity assets, benefiting from a sustained "slow bull" market in A-shares [27]. Group 7: Investment Strategy - The valuation recovery of insurance stocks is anticipated to transition from a cyclical rebound to a long-term value reassessment, with significant inflows of southbound capital into the A-share and Hong Kong markets [33]. - The Hong Kong Stock Connect Non-Bank ETF (513750) is highlighted as a convenient tool for investors to access the non-bank financial sector in Hong Kong [34].

Core Viewpoint - The market experienced fluctuations in the morning session, with the three major indices initially rising before retreating, and the CSI A500 index falling by 0.66% [1] Market Performance - The banking sector showed resilience with an upward trend, while the robotics concept stocks were active in certain areas, and the oil and gas sector strengthened [1] - Conversely, the superhard materials concept stocks collectively weakened, and the photovoltaic concept stocks suffered significant declines [1] ETF Trading Activity - As of the morning close, the ETFs tracking the CSI A500 index saw slight declines, with 10 related ETFs having transaction volumes exceeding 100 million yuan, and 3 surpassing 2.8 billion yuan [1] - Specific transaction volumes for A500 ETFs included 3.504 billion yuan for A500ETF Fund, 3.343 billion yuan for A500ETF E Fund, and 2.841 billion yuan for CSI A500 ETF [1] Market Outlook - A brokerage firm indicated that the market may continue to experience structural fluctuations in the short term. However, in the medium term, factors such as sustained global technology investment enthusiasm, ongoing "anti-involution" policies, and increased household savings entering the market support the foundation of the current slow bull market, suggesting that the A-share market still has the potential to strengthen further [1]