Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The market is experiencing short-term volatility, but the long-term outlook remains positive, particularly for dividend and technology assets [1] - A barbell strategy is gaining attention, with a focus on increasing equity market allocation among residents [1] Group 2: Index Performance - The Shanghai Stock Exchange 180 Index (000010) has a composition of 90% dividend and 10% technology assets, making it a suitable choice for equity market allocation [1] - As of November 12, 2025, the Shanghai 180 Index rose by 0.38%, with notable increases in constituent stocks such as Baili Tianheng (688506) up by 4.18% and China Aluminum (601600) up by 4.10% [1] Group 3: ETF Tracking - The Shanghai 180 ETF Index Fund (530280) closely tracks the Shanghai 180 Index, which includes 180 large-cap, liquid securities from the Shanghai market [2] - As of October 31, 2025, the top ten weighted stocks in the Shanghai 180 Index accounted for 26.29% of the index, with Kweichow Moutai (600519) being the largest at 4.21% [2][4]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, benefiting dividend assets first [1] - Technology assets represent economic development trends and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% dividend and 10% technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of November 7, 2025, the Shanghai Stock Exchange 180 Index (000010) decreased by 0.24% [1] - The top-performing stocks include He Sheng Silicon Industry (603260) up 8.40%, Tongwei Co., Ltd. (600438) up 4.13%, and Daqo New Energy (688303) up 3.91% [1] - The worst-performing stocks include Top Group (601689) down 4.91%, Industrial Fulian (601138) down 4.29%, and Zhongke Shuguang (603019) down 2.72% [1] Group 3: ETF Details - The Shanghai Stock Exchange 180 ETF Index Fund (530280) decreased by 0.16%, with the latest price at 1.24 yuan [1] - Over the past two weeks, the Shanghai Stock Exchange 180 ETF Index Fund has increased by 1.98%, ranking 1/10 among comparable funds [1] - The top ten weighted stocks in the Shanghai Stock Exchange 180 Index as of October 31, 2025, include Kweichow Moutai (600519) and Zijin Mining (601899), accounting for a total of 26.29% [2]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, which is expected to benefit dividend assets first [1] - Technology assets represent the trend of economic development and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% in dividend and 10% in technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of October 29, 2025, the Shanghai Stock Exchange 180 Index (000010) rose by 0.31%, with notable increases in component stocks such as Industrial Fulian (601138) up 7.37% and Huaneng International (600011) up 6.86% [1] - The Shanghai Stock Exchange 180 ETF Index Fund (530280) is experiencing a tug-of-war in the market, with the latest quote at 1.24 yuan [1] - Over the week leading up to October 28, 2025, the Shanghai Stock Exchange 180 ETF Index Fund accumulated a rise of 1.97%, ranking 1/10 among comparable funds [1] Group 3: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and others, accounting for a total of 26.75% of the index [2]

Group 1 - The market is experiencing short-term fluctuations, but the long-term trend remains a slow bull market. Dividend and technology assets are expected to yield excess returns in the long run, with a barbell strategy gaining attention [1] - The Shanghai Stock Exchange 180 Index (000010) is structured with 90% dividend and 10% technology assets, making it a good choice for equity market allocation. This index benefits from both dividend stability and the growth potential of technology [1] - As of October 22, 2025, the Shanghai 180 Index has decreased by 0.62%, with mixed performance among constituent stocks. China Oilfield Services (601808) led with a gain of 2.86%, while Zhongjin Gold (600489) fell by 5.32% [1] Group 2 - The Shanghai 180 ETF closely tracks the Shanghai 180 Index, which selects 180 large-cap, liquid securities from the Shanghai market, reflecting the overall performance of core listed companies [2] - As of September 30, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519) and Zijin Mining (601899), with the top ten accounting for 26.75% of the index [2] - The weightings of the top stocks include Kweichow Moutai at 4.92%, Zijin Mining at 2.96%, and China Ping An at 2.75%, among others [4]

Core Insights - The focus on technology assets remains a primary direction in both primary and secondary markets, with a heightened awareness of balancing risk and return in investment strategies [1][2] - The "2025 Shanghai Global Asset Management Forum" highlighted discussions among executives from various financial institutions regarding investment strategies and opportunities in technology sectors [1] Investment Strategies - Bank wealth management subsidiaries are increasingly launching "fixed income plus" products, incorporating stocks, gold, and REITs, while also considering foreign assets as part of their strategy [1][2] - Insurance companies are focusing on investing in technology infrastructure, particularly in power and computing centers, to align with their long-term investment characteristics [2] Future Investment Opportunities - Participants at the forum expressed optimism about technology assets, particularly in four key sectors: AI applications and large models, life and health, integrated circuits, and new materials and renewable energy [1][5] - The "14th Five-Year Plan" is expected to drive interest in technology innovation, with institutions committed to ongoing communication and assessment of investment opportunities [5] Risk Management - The insurance industry faces challenges due to declining interest rates, leading to a shift from fixed-income strategies to equity investments to capture dividend opportunities [3] - Private equity firms are advised to select valuable projects through a diversified approach, balancing risk and return by investing in both leading and emerging companies across various sectors [4] Asset Allocation - The focus on long-term capital markets, particularly technology-related assets, is emphasized, alongside interest in niche assets like REITs and precious metals such as gold [6] - The importance of aligning investment strategies with national policies and market trends is highlighted as a key factor for success in the current investment landscape [7]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The market is experiencing short-term volatility, but the long-term outlook remains positive, particularly for dividend and technology assets [1] - A barbell strategy is gaining attention, with a focus on increasing equity market allocation among residents [1] Group 2: Index Performance - As of October 10, 2025, the Shanghai 180 Index (000010) has decreased by 0.62%, with mixed performance among constituent stocks [1] - Notable gainers include Jiangxi Copper (600362) up 9.99%, and Seres (601127) up 7.10%, while Huakong Technology (603296) led the declines at -6.67% [1] - The Shanghai 180 ETF Index Fund (530280) has decreased by 0.72%, with a recent price of 1.24 yuan, but has seen a 2.89% increase over the past two weeks [1] Group 3: Index Composition - The Shanghai 180 Index consists of 180 large-cap, liquid stocks from the Shanghai market, reflecting the overall performance of core listed companies [2] - As of September 30, 2025, the top ten weighted stocks in the index account for 26.75%, including Kweichow Moutai (600519) and Zijin Mining (601899) [2]

Group 1 - The long-term bullish trend in the market is confirmed, with dividend and technology assets expected to yield excess returns over time, making the barbell strategy increasingly relevant [1] - The Shanghai Stock Exchange 180 Index (000010) adopts a barbell strategy with 90% in dividend assets and 10% in technology assets, providing a good option for equity market allocation [1] - As of September 25, 2025, the Shanghai Stock Exchange 180 Index rose by 0.34%, with notable increases in constituent stocks such as Luoyang Molybdenum (603993) up by 9.98% and Jiangxi Copper (600362) up by 7.08% [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), collectively accounting for 26.25% of the index [2] - The performance of the top ten stocks shows mixed results, with Kweichow Moutai down by 0.29% and Zijin Mining up by 4.55%, indicating varying market responses among major constituents [4]