Core Insights - The overall market has shown strong resilience since the index surpassed 4000 points, with a continuous upward shift despite occasional fluctuations [1] - The calendar effect is expected to re-emerge as the end of 2025 approaches, supported by the ongoing restructuring of international monetary order and significant breakthroughs in the renewable energy battery sector [1] - China's innovative industries are gradually realizing performance results, which is anticipated to continue supporting the performance of Chinese assets [1] Economic and Market Outlook - The domestic economy appears to be in a recovery phase, with the narrative surrounding artificial intelligence continuing to gain traction [1] - The market outlook remains positive, with recommendations for broad-based core allocations, particularly in the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), which may better withstand the anticipated high volatility in the near term [1]

Core Viewpoint - The article discusses the new phase of China-US economic and trade relations, highlighting the transition from conflict to a more balanced dialogue, which may have significant implications for global governance and the international monetary order [2][3]. Group 1: New Phase of China-US Economic Relations - The economic relationship between China and the US has evolved through three distinct phases: "coexistence and win-win" (2005-2016), increasing trade friction (2017-2024), and a new phase of equal dialogue starting in 2025 [4][5][12]. - The "coexistence and win-win" phase was characterized by strong economic interdependence, with China providing cheap labor and the US benefiting from low inflation and financial prosperity [5][7]. - The increasing trade friction phase saw the US imposing tariffs, with the effective tariff rate on China remaining high at 19.3% even after some easing in 2020 [11][12]. Group 2: Characteristics and Policy Implications of the New Phase - The new phase is marked by a balance of power, allowing for negotiations that could lead to mutually beneficial agreements, such as adjustments in tariffs on agricultural products and strategic resources [20][21]. - The US's reliance on China for certain exports and the need for China to maintain its economic growth create a scenario where both countries have incentives to engage in dialogue [20][22]. - The potential for currency adjustments, such as the appreciation of the yuan and the reduction of US tariffs, could help rebalance trade and improve consumer purchasing power in both countries [21][22]. Group 3: International Monetary Order and Asset Implications - The new phase may reinforce the ongoing restructuring of the international monetary order, with a shift away from dollar dominance towards a more fragmented and diversified system [26][28]. - The trend of capital returning to domestic markets, particularly in China, indicates a growing preference for local investments amid global uncertainties [28][30]. - The long-term competition between the US and China is likely to drive increased investment in research and development, impacting various asset classes differently, with strategic resources like rare earths gaining importance [54][55].

行业板块几乎全线上扬，能源金属、电池、化肥行业、贵金属、电源设备、非金属材料、有色金属、化 学原料、化学制品、小金属板块涨幅居前，仅铁路公路、银行、电力行业逆市翻绿。 今日开盘后，沪指强势冲高，午后继续上行，创下2015年7月以来新高。尽管盘中出现一定回落，但尾 盘阶段指数再度拉升。自大盘站上4000点以来，整体展现出较强的韧性，虽偶有波动，但市场重心不断 上移。临近2025年年底，日历效应有望再度显现。国际货币秩序重构逻辑持续强化，AI革命进入应用 关键阶段，新能源电池领域迎来重要创新突破，我国创新产业逐步实现业绩兑现，预计将继续为中国资 产表现提供支撑。 锂电产业链全线爆发，带动新能源板块今日集体上涨。新能源车ETF（159806）收涨6.20%，创业板新 能源ETF国泰（159387）收涨4.78%。 A股三大指数今日集体走强，沪指再度刷新十年新高。截止收盘，沪指涨0.73%，收报4029.50点；深证 成指涨1.78%，收报13476.52点；创业板指涨2.55%，收报3201.75点。沪深两市成交额达到20420亿，较 昨日放量969亿。 来源：Wind 消息面上，三生制药临床进度持续超预期，昨日辉 ...

玉 齿 金 1 15 1 1 2 8 2025年11月 131 = 3A系列ETF当日场内行情 == 中证A100ETF基金 A50ETF华宝 中证A500ETF华宝 159596 562000 563500 +1.19% +1.14% +1.57% 数据来源:沪深交易所等,行情数据截至 4.3.18上市,中证A100ETF基金干2022.8.1 H 市,中证A500ETF华宝于2024.12. 当日大市行情 nit +0.73% +2.55% +1.78% 创业板指 上证指数 深证成指 两市成交额2.04万亿元 较上一日+969亿元 全市场个股涨跌数 3953 = 157只 1338层 n 持平 =1 上涨 "『下跌 资金净流入TOP3行业(申万一级) 电力设备 世外足田 +94.41亿元 +42.78亿 +28.79亿 元 元 数据来源:治济交易所等,行情数据税至2025.11.13ibba 机构观点 T 龙头券商的2026年A股研判悉数出炉。整体来看,头部券商对明年A股 的行情,均保持了一定程度的乐观,牛市延续是主流观点。 中信建投证券:A股牛市有望持续,本轮牛市以政策转向为起点,以流 动性改善为核心, ...

Core Viewpoint - The A-share market is expected to continue its upward trend into 2026, driven by improving fundamentals and a more balanced market style between growth and value sectors [1][2][4]. Group 1: Market Performance and Outlook - The A-share market has experienced a significant upward trend since September 2024, supported by favorable policies and low valuations [2]. - Analysts predict that the overall profit growth for A-shares in 2026 could be around 4.7%, with non-financial profit growth expected to rise to approximately 8.2% [2][3]. - The market is currently in a high-level consolidation phase, with the Shanghai Composite Index fluctuating around the 4000-point mark [1]. Group 2: Sector and Style Analysis - The market is anticipated to see a rebalancing of styles in 2026, with both growth and value sectors presenting opportunities [4][5]. - High-growth sectors such as AI and semiconductors are expected to validate their performance, while advanced manufacturing sectors may begin to rebound [3][5]. - The current macroeconomic environment and innovation trends are still favorable for growth styles, but a more balanced approach is expected as cyclical industries approach supply-demand equilibrium [4][5]. Group 3: Investment Themes and Strategies - Key investment themes for 2026 include technology growth, overseas expansion, and cyclical recovery, with specific focus on AI applications, robotics, and renewable energy [6][7]. - Analysts suggest that investors should also pay attention to policy cycles, real estate cycles, and capital market reforms as potential investment clues [7]. - The sectors of interest include consumer electronics, automotive, innovative pharmaceuticals, and various cyclical industries like chemicals and aquaculture [6][7].

Economic Growth Outlook - Multiple institutions predict a stable economic growth trajectory for China in 2026, with targets around 5% [2][3] - China’s economic growth is expected to maintain resilience, with forecasts suggesting a GDP growth of approximately 4.9% in 2026 [2][3] Policy and Fiscal Measures - Fiscal spending is anticipated to continue moderate expansion, with local government finances improving due to steady progress in local debt management [2][3] - The government is expected to maintain a proactive fiscal stance, with an increase in special bonds and long-term treasury bonds [3][4] - Monetary policy is projected to include around two reserve requirement ratio cuts and one to two interest rate cuts in 2026 [3][4] A-Share Market Dynamics - The A-share market is transitioning from local to global exposure, with companies evolving into multinational entities [4] - A-share earnings are expected to gradually recover, with non-financial A-share growth projected to reach around 10% [4] - The market is likely to experience a shift towards balanced styles, driven by cyclical industries approaching supply-demand equilibrium [6] Industry Trends and Opportunities - Key industry trends include the upgrading of traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications [5][6] - The "new economy" sectors are expected to grow faster than other economic sectors, with their GDP contribution projected to increase by 3 percentage points by 2030 [3]

Group 1 - The core viewpoint is that the A-share market is expected to continue its upward trend in 2026, despite short-term fluctuations, with a focus on sectors like technology recovery, dividend stocks, and low-positioned industries such as electric new energy [2][3][5] - The food and beverage sector is experiencing significant growth, with the liquor industry showing signs of bottoming out, presenting structural opportunities driven by policy benefits and consumption trends [9][11] - The Ministry of Industry and Information Technology is accelerating the cultivation of "robot+" application scenarios, with humanoid robots expected to enter mass production in 2026, marking a critical development period for the industry [14][16] Group 2 - According to various securities firms, the A-share market is currently in a policy and performance window, with a recommendation to maintain a "barbell" investment strategy focusing on low-positioned sectors that have growth logic [5][6][7] - The liquor industry is anticipated to enter a recovery phase, with a focus on companies that show early signs of turning points and growth elasticity [9] - The food and beverage industry is facing challenges such as insufficient domestic demand, but there are structural investment opportunities arising from policies aimed at boosting domestic consumption and evolving consumer trends [11]

Core Insights - The China Securities 500 Quality Growth Index (930939) experienced a slight decline of 0.17% as of November 11, 2025, with mixed performance among constituent stocks [1] - The report from China International Capital Corporation (CICC) suggests that the restructuring of the international monetary order and the AI revolution will support the performance of Chinese assets in 2026 [1] - The CICC recommends focusing on three main investment themes: growth in prosperous sectors, breakthroughs in external demand, and cyclical reversals [1] Market Performance - The top-performing stock in the index was Weisheng Information (688100), which rose by 5.22%, while Sanmei Co. (603379) led the declines [1] - The 500 Quality Growth ETF (560500) saw a trading volume of 43.25 million yuan with a turnover rate of 0.09% [1] - Over the past three months, the 500 Quality Growth ETF's scale increased by 30.1 million yuan, indicating significant growth [1] Index Composition - The 500 Quality Growth Index comprises 100 stocks selected for high profitability, sustainable earnings, and strong cash flow [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 21.64% of the total index weight, with Huagong Technology (000988) being the largest at 3.37% [2][4]

Group 1 - CITIC Securities maintains a bullish outlook on gold stocks, indicating a decrease in volatility for commodities and stock indices [1] - The sentiment index for A-shares and Hong Kong stocks has declined, with a notable drop in the VIX for major indices [1] - Institutional focus is shifting towards defense, military, and non-bank financial sectors, while interest in the telecommunications sector is decreasing [1] Group 2 - CICC forecasts a more balanced market style for A-shares by 2026, driven by the restructuring of the international monetary order and the AI revolution [2] - The report emphasizes the importance of fundamentals and the movement of global and domestic funds in shaping market dynamics [2] - Three main investment themes are suggested: growth in prosperous sectors, breakthroughs in external demand, and cyclical reversals [2] Group 3 - China Galaxy Securities highlights the ongoing adjustment in the technology sector, with a focus on the rotation of market themes [3] - The report notes that the market is expected to maintain rapid rotation, with sectors like electric grid equipment, lithium batteries, and chemicals showing upward trends [3] - Key investment themes include anti-involution, new productive forces, consumer sectors, and "dual heavy" areas benefiting from project construction [3]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of A-share fundamentals will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain favorable for growth styles, although valuations have increased after more than a year of growth in these sectors [1] Group 2: Investment Strategy - The market style in A-shares may become more balanced by 2026, driven by a three-year de-capacity cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Growth in favorable conditions, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]