Core Viewpoint - The A-share market is experiencing significant differentiation, with growth sectors facing both long-term opportunities from industrial upgrades and short-term impacts from macroeconomic fluctuations [1][2] Group 1: Fund Launch and Management - Morgan Huixi Growth Mixed Securities Investment Fund will officially launch on November 17, featuring a new floating management fee model aimed at enhancing investor experience by linking fees directly to fund performance [1] - The fund will be managed by experienced fund manager Li Dehui, who holds a PhD in Biomedical Engineering from Shanghai Jiao Tong University and has 13 years of securities research experience along with nearly 9 years in fund management [1] - Since Li Dehui took over the Morgan Technology Frontier Mixed Securities Investment Fund A-class shares in November 2016, the total return has exceeded 230% as of November 6, 2025, with a one-year return of over 50% [1] Group 2: Research and Market Outlook - Morgan Asset Management has a strong global research platform and deep local investment research capabilities, having been active in the mainland China market for 21 years, with an average of over 12 years of experience among its domestic active equity research team [2] - Looking ahead to the fourth quarter, factors such as expectations of Federal Reserve interest rate cuts, continued domestic liquidity, supportive policies, and resilient macroeconomic conditions are expected to benefit the overall A-share market [2] - The ongoing economic transformation in China has shown initial success, with investments in technology and domestic consumption expected to stabilize and drive future economic growth [2]

北交所投资者服务部专家向与会嘉宾介绍了北交所市场建设发展的最新情况。创金合信专精特新基金经 理王先伟作了题为《新一轮科技革命浪潮下掘金北交所专精特新投资机遇》的分享。他指出，在当前以 人工智能为代表的科技革命浪潮中，北交所企业正迎来前所未有的发展机遇。北交所企业多处于产业链 上游关键环节，在高端制造、新材料、核心零部件等领域具备独特优势，已成为新技术落地应用的重要 力量。谈及下一阶段北交所的投资机会，他认为，北证专精特新指数不仅估值仍具备优势，且指数成分 公司处于行业发展更早期阶段，拥有较大成长空间，机构持仓比重或将进一步提升。他表示，具身智能 和自动驾驶产业链将成为北交所投资的特色产业方向，原因在于该产业链的专精特新企业已开始在北交 所聚集，且相关公司质地优良。 华源证券北交所首席分析师赵昊通过详实的数据，展示了北交所市场的投资价值。"目前北交所在审企 业质量持续提升，在审企业净利润中位数已达7000多万元，平均数超过9000万元，这一数据显著高于当 前部分已上市北交所公司上市前的业绩水平。"赵昊进一步分析指出，看好北交所市场发展前景，优质 公司供给增加与增量资金入市将形成"戴维斯双击"效应，北证专精特新指 ...

Core Viewpoint - The A-share market shows resilience amidst global market fluctuations, supported by long-term capital inflows and policy-driven industrial upgrades [1] Market Performance - On November 7, A-shares experienced a collective adjustment, with the chemical sector and photovoltaic equipment performing well, while AI applications and humanoid robots saw significant declines [1] - The A500 ETF fund (512050) opened lower but rose by 0.42% by 13:33, with a trading volume exceeding 4.2 billion yuan, leading its category [1] - Notable stocks included Tianfu Tongxin, which increased by over 13%, along with strong performances from Xinjubang, Defang Nano, Tianhua New Energy, and Tianci Materials [1] Capital Inflows - Insurance funds and pension funds have been consistently entering the market, combined with company buybacks, creating a solid foundation for market stability [1] - These counter-cyclical funds have effectively mitigated external impacts on the market [1] Policy and Industrial Support - The dual drivers of industrial upgrades and policy benefits are providing support and uplift to the market [1] - Year-end important meetings are generating expectations for stable growth [1] - Micro-level changes in industries, such as the continuous increase in new energy vehicle penetration and substantial progress in semiconductor localization, are reshaping profit expectations for listed companies [1] Fundamental Changes - Positive changes in fundamentals, along with improvements in capital structure, are resonating together to form a solid foundation for an independent A-share market trend [1]

Core Viewpoint - The recent inflow of over 130 million yuan into the Zhongzheng A500 ETF (159338) over the past five days suggests that market pullbacks may present good opportunities for active allocation, as the long-term bullish outlook for A-shares is gradually strengthening [1] Group 1: Market Performance - The effectiveness of the Shanghai Composite Index breaking through the 4000-point mark remains to be seen, requiring further validation through market volume [1] - The Zhongzheng A500 ETF (159338) is positioned to capture strategic opportunities in the context of China's economic stabilization and recovery in the medium to long term [1] Group 2: Investor Interest - As of the 2025 mid-year report, the total number of accounts for the Guotai Zhongzheng A500 ETF ranks first among its peers, being more than three times that of the second-ranked product, indicating strong investor interest [1] - Investors interested in the Zhongzheng A500 ETF (159338) may consider it as a viable option for investment [1]

Group 1 - The A-share market is currently experiencing significant differentiation, with growth sectors facing both long-term opportunities from industrial upgrades and short-term impacts from external environmental changes [1] - Morgan Fund's Morgan Huiqi Growth Mixed Fund will officially launch on November 17, aiming to enhance investor experience through a new floating management fee model that links fees directly to performance [1] - The fund will be managed by experienced fund manager Li Dehui, who has 13 years of research experience and nearly 9 years of fund management experience, focusing on large-cap growth companies with sustainable competitive advantages [1] Group 2 - Li Dehui's Morgan Technology Frontier Mixed Fund has achieved a cumulative return of 211.35% since its inception in July 2015, significantly outperforming the benchmark return of 25.37% [2] - As of September 30, 2025, the Morgan Technology Frontier Mixed Fund ranked 12th out of 185 in its category, placing it in the top 10% of flexible allocation funds [2] - Looking ahead to the fourth quarter, Li Dehui anticipates that factors such as potential interest rate cuts by the Federal Reserve, domestic liquidity easing, and supportive policies will benefit the stock market, with technology investment and domestic consumption expected to stabilize economic growth [2]

Group 1 - The core viewpoint indicates a significant contraction in domestic demand in October, with the manufacturing PMI dropping to 49.0, reflecting a short-term impact on the economy due to uncertainties in China-US trade relations [1] - New orders and production indices have declined sharply, suggesting that while high growth in export activities may continue, the situation of insufficient domestic demand is unlikely to improve significantly [1] - The real estate sector is expected to take a longer time to reach the bottom, and the process of lowering mortgage rates may be relatively mild [1] Group 2 - In the bond market, expectations of the central bank resuming bond purchases have led to a decline in yields, with short-term rates falling significantly and the yield curve becoming steeper, although the mid-term adjustment process may not be over yet [1] - The Ten-Year Treasury ETF (511260) has consistently achieved new net value highs since its inception, with historical performance remaining robust; as of the end of Q2, the one-year return rate reached 5.88%, the three-year return rate was 16.13%, the five-year return rate was 22.41%, and the cumulative return since inception was 36.68% [1] - The Ten-Year Treasury ETF has maintained positive returns every year since its establishment, making it a potential asset allocation tool for navigating bull and bear cycles [1]

Core Viewpoint - The article discusses the ongoing debate in the A-share market regarding the performance of technology stocks versus domestic demand stocks, highlighting the contrasting investment strategies and sentiments among fund managers [6][9]. Group 1: Technology Sector Insights - Fund managers benefiting from the tech bull market are beginning to advise against linear extrapolation of AI growth, suggesting a need for diversified investment strategies due to high valuations in the AI sector [9]. - The fund manager of China Europe Digital Economy reported a 79.11% net value growth in Q3, but cautioned investors about the risks of concentrated investments in high-valuation AI stocks [9]. - Michael Burry's significant short position on Nvidia and Palantir has raised concerns about the sustainability of AI stock valuations, with Palantir experiencing an 8% drop despite reporting record earnings [10][12]. Group 2: Domestic Demand Focus - Fund managers who missed the tech rally are increasingly focusing on domestic demand opportunities, particularly in the service sector, as they anticipate a recovery in consumer spending [15][16]. - Zhang Kun, a prominent fund manager, emphasized the long-term potential of China's domestic consumption market, despite facing challenges in performance due to heavy investments in traditional sectors like liquor [17]. - Some fund managers view real estate as a key area for domestic demand recovery, although the sector has not yet stabilized, leading to a cautious outlook on real estate investments [21][24]. Group 3: Market Dynamics and Future Outlook - The article notes a shift in the real estate landscape, with new players emerging in the market and traditional leaders struggling, as evidenced by the land acquisition data from the first three quarters of the year [22][23]. - The upcoming earnings season is expected to reveal critical insights into the performance of AI and domestic demand sectors, with market sentiment likely influenced by macroeconomic factors during this period [27]. - The article concludes that both technology and domestic demand investors are at a pivotal moment, each waiting for their respective turning points in the market [28].

Core Viewpoint - Qingmu Technology's stock price dropped by 5.28% to 72.00 CNY per share, with a trading volume of 235 million CNY and a turnover rate of 4.82%, resulting in a total market capitalization of 6.663 billion CNY [1] Company Overview - Qingmu Technology Co., Ltd. is located in Haizhu District, Guangzhou, Guangdong Province, and was established on August 5, 2009, with its listing date on March 11, 2022 [1] - The company provides comprehensive e-commerce services for globally recognized brands, with revenue composition as follows: e-commerce agency services 44.93%, brand incubation and management 34.83%, distribution agency 14.18%, technical solutions and consumer operation services 4.05%, and brand digital marketing services 2.02% [1] Shareholder Analysis - Huazhang Fund has a fund that ranks among the top ten circulating shareholders of Qingmu Technology, specifically the Huazhang Media Internet Mixed A (001071), which newly entered the top ten with 1.0083 million shares, accounting for 1.54% of circulating shares [2] - The estimated floating loss for this fund today is approximately 4.0435 million CNY [2] - The fund was established on May 15, 2015, with a latest scale of 5.481 billion CNY, and has achieved a year-to-date return of 33.4% [2] Fund Performance - The Huazhang Media Internet Mixed A (001071) fund manager is Hu Yibin, who has a tenure of 9 years and 350 days, managing assets totaling 17.682 billion CNY, with the best fund return during his tenure being 271.53% [3] - The Huazhang Chuangye Board Two-Year Open Mixed Fund (160425) also holds a significant position in Qingmu Technology, with 105,400 shares, unchanged from the previous period, accounting for 4.31% of the fund's net value [4] - The estimated floating loss for this fund today is approximately 422,700 CNY [4] - The fund was established on September 3, 2020, with a latest scale of 179 million CNY, achieving a year-to-date return of 41.86% [4] Fund Manager Information - The fund manager for Huazhang Chuangye Board Two-Year Open Mixed Fund (160425) is Jiang Qiu, who has a tenure of 10 years and 148 days, managing assets totaling 5.577 billion CNY, with the best fund return during his tenure being 267.17% [5]

Group 1 - The core point of the article highlights the recent performance of Maiwei Co., Ltd., which saw a 5% increase in stock price, reaching 109.19 CNY per share, with a trading volume of 831 million CNY and a turnover rate of 4.05%, resulting in a total market capitalization of 30.508 billion CNY [1] - Maiwei Co., Ltd. specializes in the design, research and development, production, and sales of high-end intelligent manufacturing equipment, with its main business revenue composition being 75% from solar cell production equipment, 18.1% from single machines, and 6.9% from parts and others [1] Group 2 - From the perspective of the top ten circulating shareholders of Maiwei Co., Ltd., Southern Fund's Southern CSI 500 ETF (510500) entered the top ten shareholders in the third quarter, holding 2.0542 million shares, which accounts for 1.06% of the circulating shares, with an estimated floating profit of approximately 10.6818 million CNY [2] - The Southern CSI 500 ETF (510500) has a total scale of 140.098 billion CNY, with a year-to-date return of 30.24%, ranking 1822 out of 4216 in its category, and a one-year return of 21.69%, ranking 2045 out of 3913 [2]

Core Viewpoint - The stock ETF market experienced a significant net outflow of over 130 billion yuan on November 6, indicating a trend of profit-taking among investors despite a rebound in the A-share market, which saw the Shanghai Composite Index recover above the 4000-point mark [1][3]. Fund Flow Summary - On November 6, the overall net outflow from the stock ETF market exceeded 131 billion yuan, with a total of 1241 stock ETFs (including cross-border ETFs) having a total scale of 4.45 trillion yuan [2][3]. - The market saw a reduction of 75.64 billion units in total ETF shares, translating to a net outflow of approximately 131.05 billion yuan based on average transaction prices [3]. - This marked the first occurrence of a net outflow exceeding 100 billion yuan after several days of continuous inflow, reflecting the characteristics of wave operations by market participants [5]. Sector Performance - The sectors with the highest net inflows included pharmaceuticals, Hang Seng Technology, food and beverage, and non-bank financials, with net inflow amounts of 8.1 billion yuan, 3.5 billion yuan, 2.4 billion yuan, 1.7 billion yuan, and 1.5 billion yuan respectively [7]. - The top three ETFs with net inflows were the Huaxia Electric Grid Equipment ETF, Southern CSI A500 ETF, and GF Hong Kong Innovative Medicine ETF, with net inflows of 3.81 billion yuan, 3.25 billion yuan, and 2.16 billion yuan respectively [7]. Notable ETFs - The Huaxia Electric Grid Equipment ETF saw a significant increase in scale, rising from 5.32 billion yuan to 15.78 billion yuan, marking a 197% increase [6]. - The top ten ETFs by net inflow on November 6 included the Electric Grid Equipment ETF, Company Bond ETF, and A500 ETF, with respective net inflows of 3.81 billion yuan, 3.55 billion yuan, and 3.25 billion yuan [8]. Outflow Analysis - The sectors with the highest net outflows included semiconductors, the Sci-Tech Innovation Board, the ChiNext, CSI 300, and securities, with net outflow amounts of 35.7 billion yuan, 26.3 billion yuan, 18.8 billion yuan, 13.3 billion yuan, and 9.6 billion yuan respectively [9]. - The top ten ETFs by net outflow included the Sci-Tech Innovation 50 ETF, Robot ETF, and Securities ETF, with respective outflows of 3.57 billion yuan, 3.65 billion yuan, and 5.89 billion yuan [10].