Core Viewpoint - A recent investment guideline from a pension insurance company has circulated, requiring investment managers to reduce growth-style holdings and focus on high-valuation growth targets, indicating a shift in investment strategy as the year-end approaches [1][2]. Group 1: Investment Guidelines - The guideline emphasizes a need to adjust the current holdings to lower the volatility risk associated with growth-style investments, aiming for a stable year-end performance and improved market ranking [2]. - Investment managers are instructed to review their existing portfolios and reduce the proportion of growth-style holdings to a lower tier, particularly scrutinizing high-valuation growth stocks and products with high industry concentration [2]. - The adjustment must be completed within two trading days, by November 17, 2025, with the decision effective until December 31, 2025 [2]. Group 2: Market Implications - The guideline reflects a broader trend towards long-term investment strategies and a focus on stable returns, as pension funds are characterized by their "long money" nature [3]. - Analysts suggest that recent market movements indicate a shift in investment styles, with funds previously concentrated in consumer and new energy sectors now showing signs of reallocation [5]. - The market may experience a rebalancing of styles, moving away from a technology growth model towards a more diversified approach, potentially favoring a "barbell" structure in November [5].