Core Viewpoint - The current low interest rate environment in China is likely to persist long-term, prompting investors to seek stable asset allocation strategies to achieve consistent returns [1][3]. Group 1: Low Interest Rate Environment - The yield on China's 10-year government bonds has fallen below 2.5%, marking a ten-year low, which raises concerns about asset allocation in a low-risk return scenario [1]. - Many investors believe that the low interest rate environment will be a long-term trend, influenced by both monetary policy and the natural evolution of the economic cycle [3]. Group 2: Appeal of Dividend Assets - Dividend assets are becoming increasingly attractive due to economic recovery and relatively low valuation levels, with their yields surpassing many fixed-income products [3]. - The ongoing issuance of the Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) is designed to capture both stable large-cap stocks and the growth potential of smaller companies [4]. Group 3: Market Trends and Policy Support - Recent regulatory reforms, such as the New National Nine Articles and new market capitalization management rules, emphasize the importance of shareholder returns, making high-dividend companies more appealing [5]. - Institutional investors are increasingly favoring high-dividend strategies, aligning with market trends and policy incentives [5]. Group 4: Valuation Advantages in Hong Kong Market - The Hong Kong market offers a valuation advantage, with dividend stocks generally providing higher yields and lower valuations compared to A-shares; for instance, the Hang Seng Index's dividend yield exceeds 4%, while the CSI 300's is around 2.5% [6]. Group 5: Stability in Volatile Markets - The Dividend Low Volatility strategy has demonstrated stable performance during recent market fluctuations, focusing on companies with stable cash flows and reasonable valuations [7]. - Dividend assets provide certainty and consistent cash flow, offering investors a sense of security amid market volatility [7]. Group 6: Investment Recommendations - It is advisable to allocate a portion of the investment portfolio to the Dividend Low Volatility strategy, which can provide stable cash flow and reduce overall portfolio volatility [8]. - The unique characteristics of the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) make it particularly advantageous in the current market environment, enhancing the investment experience [8].

Core Viewpoint - The article highlights the performance and potential of the Penghua Sci-Tech Bond ETF (551030), emphasizing its position in the market and the favorable conditions for bond investments in the current economic climate [1][2]. Group 1: Market Performance - As of November 10, 2025, the Penghua Sci-Tech Bond ETF has a scale of 19.469 billion yuan, ranking second in the market for similar products and first in the Shanghai market [1]. - The bond market is expected to experience a downward trend in yields, influenced by both domestic economic conditions and external factors such as the U.S. government shutdown and the onset of a Federal Reserve rate cut cycle [1]. Group 2: Investment Strategy - The Penghua Sci-Tech Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, providing a diversified investment option [1]. - The ETF offers advantages over single-bond strategies, including low fees, low trading costs, high transparency, and efficient "T+0" redemption, which helps in risk diversification and improves capital efficiency [1]. Group 3: Future Outlook - The market for Sci-Tech bonds is expected to expand significantly due to policy incentives, with the Penghua Sci-Tech Bond ETF being the only index tool in the technology bond sector, enhancing its long-term investment value and market influence [2]. - Penghua Fund aims to establish itself as a domestic expert in fixed-income indices, having built a comprehensive portfolio of fixed-income tools since the second half of 2018 [2].

专题：2025第9届"银华基金杯"新浪·理财师大赛 11月8日，2025"银华基金杯"新浪理财师大赛团队复赛答辩（深圳场）在深圳前海深港基金小镇成功举办。本场复赛汇聚了全国15支优秀理财团队，他们通 过资产配置方案讲演同台竞技，充分展现了专业能力与职业素养，他们将与北京场、上海场共计45支理财团队一同角逐，争夺全国总决赛的十强席位。答辩 结束后，在现场理财分享会上，银华基金投资者教育部副总经理杨静、银华基金资产配置与投顾服务委员会办公室副主任付伟与北京大学汇丰商学院长聘副 教授，院长助理、MBA项目主任刘柏霄，聚焦未来理财趋势、投资方向及理财师的能力提升与职业成长等热点话题进行分享。 本次大赛由新浪财经和银华基金联合主办，今年已是第9届，已成为业内极具影响力、前沿性、权威性的专业赛事。 本届比赛，经过线上报名的踊跃参与和初赛答题的筛选，45 支实力突出的理财团队成功突围，顺利晋级本次理财大赛复赛阶段。45支理财团队，按照初赛 成绩和团队所在地域等综合评估，分成北京、上海、深圳三场复赛答辩。 复赛以团队答辩为核心考核形式，重点聚焦选手的资产配置专业能力、风险预判素养与方案落地可行性。各参赛团队需围绕赛前公布的真 ...

Group 1 - The core narrative of gold prices in 2023 has been characterized by significant volatility, with prices surging nearly 60% in the first half of the year due to geopolitical tensions, Federal Reserve interest rate cut expectations, and increased central bank purchases, followed by a sharp decline that marked the highest drop in five years [1][4] - The surge in gold prices led to increased consumer and investment interest, with notable trends such as the popularity of gold ETFs, which provided substantial returns to investors, exemplified by the BoShi Gold ETF's 54.08% increase over the past year and 138% over three years, compared to a 17.09% increase in the CSI 300 index [1] Group 2 - Despite the recent high prices, the gold market has experienced a significant downturn, catching many investors off guard, particularly those who had positioned themselves at lower prices earlier in the year [4] - The recent decline in gold prices is attributed to a cooling of Federal Reserve interest rate cut expectations and uncertainties surrounding Trump's tariff policies, which are expected to increase market volatility [4] Group 3 - Alipay's gold investment products, primarily gold ETF linked funds, are regulated and managed by public fund companies approved by the China Securities Regulatory Commission, ensuring compliance and risk control [8] - Alipay's gold investment offers low entry barriers, starting from 1 yuan, and features low fees, with management fees for gold ETF linked funds typically ranging from 0.15% to 0.5% annually, making it more accessible compared to physical gold investments [9] - A long-term allocation strategy is recommended for gold investments, suggesting a portfolio allocation of 5%-15% and employing dollar-cost averaging to mitigate timing risks [9]

Market Overview - The bond market experienced fluctuations during the week of November 3 to November 7, 2025, with the 1-year government bond yield rising by 2.19 basis points to 1.40%, the 10-year yield increasing by 1.88 basis points to 1.81%, and the 30-year yield up by 1.50 basis points to 2.16% [3][15] - The central bank announced a resumption of bond purchases amounting to 20 billion yuan in October, which fell short of market expectations, contributing to a slight decline in bond market sentiment amid a strong stock market [15] - The U.S. Treasury yields showed a downward trend, with the 1-year yield decreasing by 7 basis points to 3.63% and the 2-year yield down by 5 basis points to 3.55% [15] Public Fund Market Dynamics - The scale of bond ETFs surpassed 700 billion yuan, reaching 700.44 billion yuan as of October 31, 2025, marking a significant increase from less than 180 billion yuan at the beginning of the year [4][18] - Among the 53 bond ETFs in the market, 50 have surpassed 1 billion yuan in scale, with 30 exceeding 10 billion yuan [18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.27% since inception [19][20] - The Short-term Bond Fund Index increased by 0.02%, achieving a cumulative return of 4.45% since inception [20] - The Long-term Bond Fund Index saw a slight increase of 0.01%, with a cumulative return of 6.75% since inception [20] - The Low Volatility Fixed Income + Fund Index rose by 0.12%, with a cumulative return of 4.71% since inception [20] - The High Volatility Fixed Income + Fund Index increased by 0.24%, achieving a cumulative return of 8.17% since inception [20] - The Convertible Bond Fund Index rose by 0.46%, with a cumulative return of 23.51% since inception [20] - The QDII Bond Fund Index decreased by 0.17%, with a cumulative return of 10.27% since inception [20] - The REITs Fund Index fell by 1.21%, with a cumulative return of 31.61% since inception [20]

格隆汇11月10日｜有投资者在互动平台向纳芯微提问：公司员工持股平台5月份询价转让给兴证全球基 金3百多万股，怎么到9月30号股东名单没有发现这个持股名单，难道是没到6个月就卖掉啦，请公司解 释一下？ 纳芯微回复称，兴证全球基金管理有限公司通过不同产品受让3,620,000股，截至2025年9月30日，单一 产品未进入公司前十名股东名册。 ...

Core Viewpoint - The current market environment, characterized by volatility and rapid shifts in investment hotspots, necessitates a focus on long-term stability rather than chasing fleeting trends [1] Group 1: Investment Philosophy - The essence of investing in public funds is to achieve asset preservation and appreciation in the equity market, with a focus on smooth and steady returns [2] - A good investment experience is defined by minimizing significant and prolonged losses while allowing investors to hold their positions without the stress of timing the market [2] Group 2: Strategic Approach - The investment strategy is based on macroeconomic analysis, identifying undervalued opportunities from cyclical turning points rather than engaging in short-term trading [3] - The manager emphasizes the importance of asset turnover and trading volume to assess market sentiment and identify potential investment opportunities [3] Group 3: Dynamic Adjustment - The investment approach involves flexible adjustments to the portfolio in response to market style changes, reducing exposure to overvalued assets while increasing weight in undervalued ones [4] - The manager's patience in waiting for the right market conditions, as seen in the strategic positioning in brokerage stocks, highlights the importance of maintaining a balanced portfolio [5] Group 4: Market Context - The recent fluctuations in the Shanghai Composite Index, which briefly surpassed 4000 points before retreating, illustrate the structural characteristics of the current market [6] - The focus on stability is crucial in a volatile market, with the aim of achieving lower overall drawdowns compared to the market average [6]

Core Insights - The first two Brazilian ETFs are set to be listed on November 13, with over 60% of their holdings owned by institutional investors as of November 6 [1] Group 1: ETF Details - The E Fund Itaú BBA Brazil IBOVESPA ETF (QDII) has Barclays Bank PLC as the largest holder, owning 70.35 million shares, which accounts for 23.45% of the total [1] - UBS AG is the sixth largest holder of the same ETF, with 7.09 million shares, representing 2.36% [1] - The Huaxia Bradesco Brazil IBOVESPA ETF has Barclays Bank PLC as the largest holder as well, with 91.75 million shares, making up 30.58% of the total [1] - UBS AG is the fourth largest holder of this ETF, holding 6.92 million shares, which is 2.31% [1]

Group 1 - The current low interest rate environment in China, with the 10-year government bond yield falling below 2.5%, is expected to persist long-term, influencing asset allocation strategies [1] - The appeal of dividend assets is increasing as their yields surpass many fixed-income products, driven by economic recovery and relatively low valuation levels [1] Group 2 - The newly issued Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) is designed for the Hong Kong market, featuring a sample stock distribution where companies with a market cap above 50 billion account for approximately 24.56% and those below account for about 75.44%, indicating a mix of stable large-cap stocks and growth potential from smaller companies [2] - The average price-to-earnings (PE) ratio of the sample stocks is low, with 41.23% of stocks having a PE below 10 and 44.76% between 10 and 20, suggesting a significant safety margin for investors [2] Group 3 - Regulatory reforms, such as the New National Nine Articles and new market capitalization management rules, emphasize the importance of shareholder returns, making high-dividend companies increasingly attractive [3] - The Hong Kong market offers a valuation advantage over A-shares, with the Hang Seng Index's dividend yield exceeding 4%, compared to approximately 2.5% for the CSI 300 [3] Group 4 - The dividend low volatility strategy has demonstrated stable returns amid increased market volatility, focusing on companies with stable cash flows, consistent dividends, and reasonable valuations [4] - Dividend assets provide certainty during market downturns, offering continuous dividend distributions that help investors maintain stability [4] Group 5 - It is advisable to allocate a portion of assets to the dividend low volatility strategy, which can serve as a "core holding" to provide stable cash flow and reduce overall portfolio volatility while retaining flexibility for market gains [5] - The dual characteristics of "dividend + low volatility" in the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) offer unique advantages in the current market environment, enhancing the investment experience [5]

Core Insights - The total trading volume of the ChiNext 50 Index ETF reached 2.613 billion yuan today, an increase of 787 million yuan from the previous trading day, representing a growth rate of 43.11% [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 1.942 billion yuan today, up 651 million yuan from the previous day, with a growth rate of 50.40% [1] - The Chuang 50 ETF (159681) recorded a trading volume of 253 million yuan, an increase of 73.19 million yuan, with a growth rate of 40.66% [1] - The Invesco Great Wall ChiNext 50 ETF (159682) saw a trading volume of 311 million yuan, up 42.13 million yuan, with a growth rate of 15.65% [1] - The Wanji ChiNext 50 ETF (159372) and the Huatai-PB ChiNext 50 ETF (159383) had significant increases in trading volume, with growth rates of 192.76% and 102.12% respectively [1] Market Performance Summary - As of market close, the ChiNext 50 Index (399673) fell by 1.30%, while the average decline for related ETFs was 1.34% [1] - The Chuang 50 ETF ICBC (159370) and the Huazhang ChiNext 50 ETF (159949) experienced the largest declines, with drops of 1.55% and 1.51% respectively [1]