Core Insights - The article discusses the investment philosophy of Li Dehui from Morgan Asset Management, focusing on balancing growth potential and reasonable valuation in investment strategies [3][5][4]. Investment Strategy - Li Dehui employs a "three-tiered" allocation strategy, categorizing assets into offensive, balanced, and defensive segments to manage risk effectively [4][9]. - The approach aims to maintain the overall portfolio valuation within a reasonable range, even during market volatility, as demonstrated in 2022 [5][3]. Market Outlook - Li Dehui expresses optimism about the A-share market, indicating it is in a clear upward channel, supported by positive policy signals, a loosening liquidity environment, and improving macroeconomic conditions [8][9]. - The article highlights that the current market adjustment is seen as a healthy consolidation, with expectations for continued structural opportunities in the market [8][9]. Sector Focus - Li Dehui identifies opportunities in the pan-technology and pan-manufacturing sectors, as well as in non-ferrous metals, particularly copper, which is expected to benefit from global economic recovery and tight supply conditions [4][9][8]. - The AI sector is viewed as still in its early stages, with significant commercial potential, and Li Dehui plans to focus on high-performing companies within this space [6][7]. Performance Metrics - Li Dehui's managed funds, including Morgan Huixuan Growth Stock Fund and Morgan Wisdom Internet Stock Fund, have shown over 40% net value growth in the past three years [5].

Group 1 - The recent global market turmoil is attributed to multiple factors, including the Federal Reserve's mixed signals on interest rate cuts, concerns over AI sector sustainability, and geopolitical tensions affecting supply chains [4][5][6]. - A-shares and H-shares are viewed as having long-term strategic opportunities despite recent adjustments, with expectations for policy support and foreign capital inflow remaining intact [8][9]. - The outlook for A-shares and H-shares is positive, with analysts suggesting that the current market environment presents a window for investment [8][9][10]. Group 2 - Gold is expected to remain a strong asset in the medium to long term, supported by global monetary expansion and increasing central bank purchases [11][12][13]. - Analysts predict that the global stock market will continue to trend upwards, driven by liquidity and risk appetite, although caution is advised regarding inflation and geopolitical risks [14][15][16]. - The oil market is anticipated to experience a range-bound trading pattern, influenced by geopolitical factors and supply-demand dynamics [17][18][19]. Group 3 - A-shares are considered to have superior investment value, with a focus on high-growth sectors such as technology and advanced manufacturing, while also incorporating defensive strategies [20][21]. - The investment landscape for 2026 is expected to favor A-shares, H-shares, gold, and short-term U.S. Treasuries, as global liquidity conditions remain favorable [21][22]. - Attention should be paid to liquidity and geopolitical risks, particularly in light of potential economic data releases and the Federal Reserve's policy decisions [23][24][25].

目前，工银瑞信基金的总经理和两位副总经理均出自控股股东工商银行。上述人士认为，两位资产 管理领域资深老将的同时到任，标志着控股股东工商银行对工银瑞信的支持与协同持续加强。公司将继 续保持稳进态势，为下一步发展打好坚实基础。 据知情人士告诉《国际金融报》记者，工银瑞信基金两位新高管杨帆、张桦均为资管行业及金融领 域资深老将。 根据工银瑞信基金公告，杨帆于2005年6月加入中国工商银行，历任总行金融市场部副处长、处 长，工银亚洲联席主管、主管。2017年12月至今年9月，历任工行总行资产管理部副总经理兼工银资管 （全球）总经理，工行深圳分行党委委员、副行长。2025年加入工银瑞信基金，自11月21日起担任总经 理一职。 工行内部知情人士评价称，杨帆"工作经历丰富，学习能力强，专业能力突出，熟悉包括资产管理 在内的多个业务条线"，"既懂专业，又善于定思路和抓落实，之前负责过的各项业务发展都非常出 色"。 张桦于2005年5月加入中国工商银行，历任总行金融市场部副处长、处长。2018年1月至2025年7 月，历任工行总行金融市场部总经理助理、副总经理。2025年加入工银瑞信基金，自11月21日起担任副 总经理一职。 ...

Domestic News - The Ministry of Housing and Urban-Rural Development reported that over 240,000 old urban residential communities have been renovated during the 14th Five-Year Plan period, creating nearly 3,000 complete community models and significantly improving urban livability [1] - In the first ten months of this year, the national railway system has transported a total of 3.378 billion tons of goods, marking a 3% year-on-year increase and setting a historical record for the same period [2] - The Hainan Free Trade Port's one-stop aircraft maintenance industrial base has completed maintenance on over 2,400 aircraft and serviced nearly 50 domestic and international airlines since its inception in 2022 [2] - The eighth China International Import Expo saw the Shanghai procurement team achieve a record intended procurement amount of 712 million yuan, a 4.71% increase from the previous year [2] International News - A U.S. federal judge ruled that the IRS cannot share taxpayer information with immigration authorities, deeming such actions illegal [4][5] - The University of Michigan's consumer confidence index for November fell to 51.0, down from 53.6 in October and significantly lower than 71.8 a year ago, indicating consumer distress due to high prices and declining incomes [5] - Brazil's Vice President announced that the U.S. has lifted a 40% additional tariff on certain Brazilian goods, although about 22% of exports to the U.S. will still be affected [5] - The preliminary composite PMI for the Eurozone in November was reported at 52.4, slightly down from 52.5 in October, indicating continued economic growth [5]

因业务发展需要，东财基金管理有限公司上海分公司法定名称变更，相关工商变更登记手续已办理完 毕。 具体变更信息如下： 变更前名称： 西藏东财基金管理有限公司上海分公司 变更后名称： 东财基金管理有限公司上海分公司 特此公告。 东财基金管理有限公司 2025年11月22日 ...

Group 1 - The core viewpoint of the article is the establishment of the Nantong Baoyuehu Science and Technology Innovation Mother Fund, aimed at supporting the strategic emerging industry chain in Chongchuan District and promoting enterprise transformation and upgrading [1][2]. - The total scale of the mother fund is set at 5 billion yuan, with an initial establishment scale of 1 billion yuan [1]. - The fund has a duration of 10 years, with a 5-year investment period and a 5-year exit period, which can be extended twice by one year each upon unanimous agreement of all partners [2]. Group 2 - The fund will focus on three provincial parks and six strategic emerging industries in Chongchuan District, including integrated circuits, new materials, high-end equipment, automotive electronics, and healthcare [2]. - Sub-funds can apply for funding from the mother fund, with the amount not exceeding 30% of the total committed capital for sub-funds registered outside of Chongchuan District, the limit is 20% [2]. - The mother fund's investment in a single sub-fund will not exceed 10% of the total initial establishment scale of the mother fund [2].

赛力斯公告，公司参与投资的广东融创岭岳智能制造与信息技术产业股权投资基金合伙企业（有限合 伙）的基金管理人由中新融创变更为天津融创私募股权投资基金管理有限公司。天津融创为中新融创全 资子公司，变更后基金整体规模不变，合伙协议其他条款不变。本次基金管理人变更将优化基金管理， 不会对基金后续运作产生不利影响。 ...

| 基金名称 | 平安双盈添益债券型证券投资基金 | | --- | --- | | 基金简称 | 平安双盈添益债券 | | 基金主代码 | 016447 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办 | | | 法》 | | 基金经理变更类型 | 解聘基金经理 | | 新任基金经理姓名 | - | | 共同管理本基金的其他基金经理姓名 | 江正清 | | 离任基金经理姓名 | 陈浩宇 | 中国经济网北京11月21日讯 近日，平安基金公告，陈浩宇离任平安双盈添益债券，江正清管理。 平安双盈添益债券A/C成立于2022年12月5日，平安双盈添益债券E成立于2024年8月28日，截至2025年 11月20日，其今年来收益率为0.30%、-0.06%、0.04%，成立来收益率为9.27%、7.97%、0.87%，累计净 值为1.0927元、1.0797元、1.0885元。 江正清曾任宝盈基金管理有限公司固收研究员。2021年3月加入平安基金管理有限公司，现担任基金经 理。 ...

| 基金名称 | 兴银创盈一年定期开放债券型发起式证券投资基金 | | --- | --- | | 基金简称 | 兴银创盈一年定开债发起 | | 基金主代码 | 018826 | | 基金管理人名称 | 兴银基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《基金 | | | 管理公司投资管理人员管理指导意见》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 叶冬义 | | 离任基金经理姓名 | 陶围峰 | 中国经济网北京11月21日讯近日，兴银基金公告，陶国峰离任兴银创盈一年定开债发起，叶冬义管理。 兴银创盈一年定开债发起成立于2024年3月6日，截至2025年11月20日，其今年来收益率为0.24%，成立 来收益率为1.96%，累计净值为1.0196元。 叶冬义历任国投瑞银基金管理有限公司信用研究员、宁波银行股份有限公司资金营运中心信用研究员。 2023年12月加入兴银基金管理有限责任公司，历任固定收益部基金经理助理，现任基金经理。 ...

（责任编辑：康博） 平安中证卫星产业指数A/C成立于2025年9月23日，截至2025年11月20日，成立来收益率 为-4.69%、-4.74%。 | 基金名称 | 平安中证卫星产业指数型证券投资基金 | | --- | --- | | 基金简称 | 平安中证卫星产业指数 | | 基金主代码 | 025490 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理 | | | 办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 马浩然 | | 共同管理本基金的其他基金经理姓名 | 翁欣 | | 商任基金经理姓名 | - | 中国经济网北京11月21日讯 今日，平安基金公告，平安中证卫星产业指数增聘马浩然。 马浩然曾任海通证券股份有限公司零售分析师、东吴证券股份有限公司策略分析师、国泰海通证券 股份有限公司资深策略分析师。2025年6月加入平安基金管理有限公司，现任基金经理。 ...