Core Viewpoint - The A-share market is expected to experience a "structural bull" in 2025, followed by a "comprehensive bull" in the second half of 2026, according to Shenyin Wanguo's chief analyst Fu Jingtai [1] Group 1: Market Phases - The A-share bull market follows a "two-stage" pattern, with structural bulls occurring in 2013 and 2016-2017, followed by comprehensive bulls in 2015 and 2020-2021 [1] - During the structural bull phase, institutional holdings and valuations of core sectors reach initial high points, leading to a qualitative change in profit accumulation [1] Group 2: Future Expectations - The comprehensive bull phase is anticipated to be driven by further upgrades in core industry trends, continuous expansion in improving fundamentals, and a positive cycle of incremental capital inflow [1] - The A-share market is expected to embrace global "competitive thinking," transitioning from "catching up" to "leading" in external circulation, which opens up transformation space for China's development [1] Group 3: Investment Focus - The leading themes for the 2026 bull market are expected to focus on three main directions: the AI industry trend extending from computing power to applications, breakthroughs in the robotics industry, and the revaluation of advanced manufacturing in energy storage and photovoltaics [1] - In the first half of 2026, cyclical and value sectors are likely to have relative advantages during market adjustments, with particular attention on excess returns in the basic chemicals and industrial metals sectors [1]

Core Viewpoint - HSBC Jintrust Fund Company has experienced significant declines in multiple funds managed by Lu Bin, with 12 funds dropping over 8% in November 2025, primarily due to their heavy investment in the photovoltaic sector within the renewable energy industry [1][2]. Fund Performance Summary - The HSBC Jintrust Research Selected Mixed Fund saw the largest decline at 9.97% in November, with a cumulative return of -3.23% since its inception on January 21, 2022 [1]. - Other notable declines include the HSBC Jintrust Core Growth Mixed C and A funds, which fell by 9.87% and 9.83%, respectively, with cumulative returns of -8.76% and -6.67% [1]. - The HSBC Jintrust Era Pioneer Mixed Fund, established on June 8, 2022, reported cumulative return declines of 12.13% and 13.90% for its A and C shares, with unit net values of 0.8787 and 0.8610 [1][3]. Investment Focus - The primary investment direction for these funds has been in the renewable energy sector, particularly in the photovoltaic industry, with top holdings including companies like Yiwei Lithium Energy, JA Solar Technology, and Xinyi Solar [1][2]. - Lu Bin, who has over six years of experience managing public funds, has seen most of his managed funds underperform compared to their peers, except for a few funds managed prior to 2021 [2].