Market Overview - The market has experienced increased volatility, with fixed income plus funds regaining focus as a key marketing product [1] - On November 26, A-shares showed mixed performance, with the Shanghai Composite Index closing down 0.15% at 3864.18 points, while the Shenzhen Component Index rose 1.02% to 12907.83 points, and the ChiNext Index increased by 2.14% to 3044.69 points [1] Fund News - On November 26, four new funds were launched, primarily bond and mixed funds, with 30 funds distributing dividends, the highest being 9.00 CNY per 10 shares for the Guotai Nasdaq 100 Index Fund [2] - Over the past three months, the Shanghai Composite Index fluctuated between 3800 and 4000 points, leading to investor sentiment swinging with the index [2] - Hong Kong stocks have been oscillating at high levels, with a net outflow of 3.95 billion HKD on the same day, ending an eight-day buying streak, but the cumulative net inflow for the year has reached 1.38 trillion HKD [2] ETF Insights - On November 26, the CPO concept stocks surged, with the Southern AI ETF rising by 5.06%, and Zhongji Xuchuang increasing by over 13.25% [3] - The Hong Kong Internet ETF rose by 0.74%, with Meituan shares increasing by 5.65% following Alibaba's Q2 FY2026 earnings report, which exceeded market expectations with revenues of 247.795 billion CNY, a 15% year-on-year growth after excluding sold businesses [3] Fund Performance - On November 26, the best-performing fund was the Hongtu Innovation Technology Innovation Stock (LOF) with a daily growth rate of 5.8721% [6] - The top-performing stock fund was Hongtu Innovation New Technology Stock C with a daily growth rate of 5.8359%, while the top bond fund was Jingshun Great Wall Jingyifengli Bond F with a growth rate of 0.7194% [6][7]

Core Viewpoint - The article discusses the challenges faced by active fund managers in capturing stable alpha amidst fluctuating market conditions, emphasizing the integration of Smart Beta strategies to enhance investment performance [1][2]. Group 1: Market Dynamics - The Shanghai Composite Index fluctuated from 3800 to 4000 points and back to 3800 over the past three months, reflecting investor sentiment volatility [1]. - The market is transitioning from a high-growth phase dominated by "growth" to one led by "asset revaluation," prompting investors to rebalance their portfolios based on corporate earnings and valuation levels [2]. Group 2: Investment Strategies - Guangfa Fund's assistant general manager, Yang Dong, has been exploring the combination of subjective and quantitative strategies, introducing Smart Beta strategies to capture structural opportunities and achieve stable excess returns [1][3]. - The Guangfa Stable Strategy employs a mix of subjective long positions and active quantitative strategies, focusing on dividend assets in A-shares and Hong Kong stocks, achieving a cumulative return of 53.94% from January 4, 2024, to November 20, 2024, outperforming its benchmark by 29.14 percentage points [2]. Group 3: New Product Launch - Guangfa Fund plans to launch a new product, Guangfa Quality Selected Stocks, from December 1 to December 19, aiming to help investors capture long-term value from high-quality, low-valuation assets [3]. - The new strategy will utilize a combination of subjective long positions, active quantitative methods, and AI enhancements, focusing on companies with sustainable ROE and growth potential while avoiding value traps [3].