Core Insights - The "15th Five-Year Plan" emphasizes high-quality development and marks a critical period for achieving socialist modernization, with a focus on strategic priorities and specific areas of action [2][5][6] Economic and Policy Focus - The plan continues to prioritize high-quality development while shifting from quantitative economic growth indicators to qualitative improvements and reasonable growth [5][6] - Key areas of policy focus include enhancing macroeconomic policy consistency, upgrading traditional industries, and improving social policies to invest in human capital [7][8] Industry Opportunities - Several sectors are expected to experience significant growth opportunities, including strategic and future industries such as renewable energy, aerospace, and quantum technology [8][9] - Traditional industries will undergo high-end, intelligent, and green upgrades, benefiting from technological innovation and industrial internet solutions [8][9] - The integration of modern services and the digital economy is highlighted, particularly in areas like digital trade and health care [8][9] Investment Strategies - Public funds are encouraged to embrace "Chinese-style long-termism" by aligning their investment strategies with the long-term perspectives outlined in the five-year plan [9][10] - The asset management industry is seen as a crucial player in funding allocation and value discovery, with a focus on supporting technological innovation and green transformation [10][11] Challenges and Considerations - The asset management sector faces challenges such as the need for "patient capital" and the complexities of valuing new technologies [11] - Investors are advised to be cautious of speculative bubbles and to focus on long-term growth opportunities while maintaining a balanced asset allocation [12][13]

Market Overview - On October 30, the Hang Seng Index fell by 0.24% with a total southbound trading volume of HKD 152.84 billion, including HKD 83.24 billion in buying and HKD 69.60 billion in selling, resulting in a net buying amount of HKD 13.64 billion [1][2] - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 60.21 billion, with net buying of HKD 7.03 billion, while the trading through Stock Connect (Shanghai) had a total trading volume of HKD 92.63 billion, with net buying of HKD 6.61 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 110.61 billion, followed by SMIC and Tencent Holdings with trading amounts of HKD 90.40 billion and HKD 55.25 billion respectively [1][2] - The net buying stocks included eight companies, with the largest net buying amount in the Tracker Fund of Hong Kong (盈富基金) at HKD 46.33 billion, despite a closing price drop of 0.11% [1][2] - Other notable net buying amounts were Alibaba-W at HKD 8.76 billion and Meituan-W at HKD 8.06 billion [1] Continuous Net Buying - Two stocks experienced continuous net buying for more than three days, with SMIC and Huahong Semiconductor having net buying days of seven and four respectively [2] - The total net buying amount for SMIC was HKD 30.44 billion, while Huahong Semiconductor had a net buying amount of HKD 19.22 billion [2]

Core Viewpoint - The article discusses the recent marketing strategies employed by Shangyin Fund, focusing on the promotion of fund manager Chen Bo as a key figure, which has sparked controversy within the industry due to its implications for investor behavior and fund performance [3][6][24]. Marketing Strategy - Shangyin Fund has launched a marketing campaign featuring large advertisements of fund manager Chen Bo in various public spaces, accompanied by the slogan "Invest in funds, choose Chen Bo, the new trendy buyer in the fund industry" [3][6]. - The fund's official social media accounts have initiated a lottery activity encouraging users to engage with the campaign by sharing posts related to Chen Bo [8]. - User discussions primarily revolve around promotional tactics rather than the performance or investment style of the funds managed by Chen Bo, indicating a potential misalignment in investor focus [10][13]. Fund Performance - Chen Bo manages six funds, with only one, Shangyin Future Life Flexible Allocation Mixed Fund, achieving a year-to-date return of 36.36%, outperforming the CSI 300 Index's 20.66% [15][16]. - The performance of other funds under Chen Bo's management has been subpar, with most trailing behind the benchmark index [15][16]. - Several funds managed by Chen Bo are at risk of being liquidated due to insufficient asset size, as multiple funds have net assets below 50 million yuan [18][19]. Regulatory Concerns - The marketing strategy of emphasizing a single fund manager contradicts regulatory guidance aimed at promoting a more team-oriented investment approach and discouraging reliance on star fund managers [24]. - As of the end of Q3, Shangyin Fund's equity product proportion is less than 2%, highlighting the need for the firm to enhance its equity business [24][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on non - public fund - type convertible bond investment institutions, aiming to analyze their convertible bond investment strategies and preferences to understand the pricing mechanism and investment strategies of the convertible bond market [10]. 3. Summary by Directory 3.1 Annuity - type Products 3.1.1 Annuity and Pension Product Investment Mechanisms - "Enterprise annuity" is a supplementary endowment insurance system established by enterprises and their employees on the basis of participating in the basic endowment insurance. It involves multiple institutions such as trustees, account managers, and investment managers [11]. - The investment scope of enterprise annuity funds includes various financial products, and pension products are standard investment portfolios for enterprise annuity funds. Small - scale investment portfolios should prioritize investing in pension products [16]. - By the end of 2024, the total number of enterprises with enterprise annuity reached 159,300, with 32.42 million insured employees and a cumulative fund of 3.6422 trillion yuan. The total convertible bond - holding scale of enterprise annuity was about 130 billion yuan, accounting for less than 5% of the direct investment scale [19][21]. - By the end of 2024, there were 649 registered pension products, with 578 in actual operation and a total net asset value of 2.434307 trillion yuan, accounting for about 70% of the enterprise annuity plan's end - of - period asset amount [25]. 3.1.2 Pension Product Convertible Bond Investment Analysis - Pension products are the second most frequently disclosed "top ten holders" of convertible bonds, but the average holding scale is not high. The holding scale reached a peak of 22.657 billion yuan at the end of 2023 and then declined [30]. - In terms of industry distribution, pension products mainly hold convertible bonds in industries such as power equipment, chemicals, medicine, and banks. Since 2022, they have stably over - allocated convertible bonds in industries such as coal, public utilities, transportation, and commercial retail [31]. - In terms of rating distribution, pension products under - allocated AAA convertible bonds from 2017 to 2022, over - allocated them from mid - 2023 to mid - 2024, and then under - allocated them again at the end of 2024. They have stably over - allocated AA convertible bonds and under - allocated A+ and below convertible bonds [33]. - In terms of price distribution, pension product holdings are mainly concentrated in the 100 - 120 yuan range, with a stable under - allocation of high - price convertible bonds above 130 yuan and a cautious attitude towards those in the 120 - 130 yuan range. Since mid - 2024, they have significantly under - allocated convertible bonds below 100 yuan [34]. 3.1.3 Differences among Different Pension Managers - Among fund companies, the convertible bond - holding scale of pension products managed by E Fund exceeded that of ICBC Credit Suisse Fund again in mid - 2023, reaching about 5.849 billion yuan at the end of 2024. The convertible bond - holding scale of pension products managed by ICBC Credit Suisse Fund has been stable above 4 billion yuan since the end of 2023 [37]. - Among insurance companies, the convertible bond - holding scale of pension products managed by Huatai Asset nearly doubled to 1.065 billion yuan at the end of 2024, while that of People's Pension Insurance decreased significantly from 1.51 billion yuan in mid - 2024 to 178 million yuan at the end of 2024. The convertible bond - holding scales of China Life Pension and Ping An Pension also increased significantly at the end of 2024 [37]. - Taking E Fund as an example, its pension products prefer convertible bonds in the power equipment industry. Since the end of 2020, they have continuously over - allocated convertible bonds in upstream resources, cyclical industries, and some consumer and financial industries, and under - allocated convertible bonds in machinery, TMT, and other industries. In terms of rating, they have continuously over - allocated AA convertible bonds, over - allocated AA - convertible bonds since mid - 2023, and under - allocated AAA convertible bonds since mid - 2024 [39]. 3.2 Social Security Fund (Council) - As of the end of 2024, the total assets under the trusteeship of the Social Security Fund Council were 2.84 trillion yuan for pension funds and 3.32 trillion yuan for social security funds, with a total direct investment scale of about 1.53 trillion yuan and a entrusted investment scale of about 4.12 trillion yuan. The total convertible bond - holding scale of the social security fund was about 1.6 billion yuan, accounting for about 1% of the direct investment scale [2]. - The social security fund significantly over - allocated bank convertible bonds at the end of 2023 and mid - 2024 (about 5pct) and stably under - allocated them at other times. It also significantly and stably over - allocated AA+ and AA convertible bonds [2]. 3.3 Insurance Companies and Insurance Asset Management 3.3.1 Investment Mechanisms of Insurance Companies and Insurance Asset Management - Insurance companies have both self - investment and entrusted investment by investment managers such as insurance asset management companies. Self - managed funds account for about 30% of the insurance company's fund utilization balance. Insurance asset management companies also accept entrusted investment funds from third - party customers such as enterprise annuities, social security funds, and bank wealth management, accounting for about 20% of their management scale [3]. - In 2023, the total investment asset scale of insurance asset management companies was 26.16 trillion yuan, mainly in bonds, insurance asset management products, and bank deposits. At the end of 2023, insurance - type institutions directly held convertible bonds worth about 5.5 billion yuan, accounting for less than 0.2% of the insurance company's fund utilization balance of 28 trillion yuan [3]. 3.3.2 Insurance Self - investment Convertible Bond Investment Analysis - Insurance companies continuously and stably under - allocate convertible bonds in the agriculture, forestry, animal husbandry, and fishery industries (under - allocation of about 5pct), overall stably over - allocate bank convertible bonds, with an over - allocation ratio of about 20pct at the end of 2023, and significantly over - allocate AAA convertible bonds at the same time. They also significantly under - allocate convertible bonds above 120 yuan [3]. 3.3.3 Insurance Asset Management Convertible Bond Investment Analysis - Since June 2022, insurance asset management products have stably over - allocated petrochemical convertible bonds. In mid - 2024 and at the end of 2024, they significantly over - allocated power equipment convertible bonds, stably over - allocated AA+ convertible bonds (with an over - allocation ratio of up to 50pct since the end of June 2024), stably under - allocated AA - and below convertible bonds, and stably under - allocated AAA convertible bonds since the end of 2021 [3]. 3.4 Securities Self - investment - Since the end of 2021, securities self - investment has stably over - allocated bank convertible bonds. Since June 2022 (except mid - 2024), it has overall stably and significantly over - allocated AAA convertible bonds and clearly prefers convertible bonds in the 100 - 110 yuan range [4]. 3.5 Private Asset Management 3.5.1 Asset Management Plan Convertible Bond Investment Analysis - Since the end of 2022, asset management plans have stably over - allocated power equipment convertible bonds and under - allocated AA - and below convertible bonds [4]. 3.5.2 Private Fund Convertible Bond Investment Analysis - Since the end of 2022, private funds have significantly over - allocated electronic convertible bonds, with higher investment scales from institutions such as Ruijun Asset [4]. 3.6 QFII - Many institutions have obtained QFII qualifications, but their investment scale in the convertible bond market is not high. Institutions such as Northwest Asset Management and UBS AG often appear on the "top ten holders" list, and the convertible bond investment of Northwest Asset Management is highly analyzable [4].

Core Viewpoint - The A-share market continues to show strong fluctuations, with the Shanghai Composite Index closing at 4016.33 points, marking a nearly ten-year high, but concerns arise as Ningquan Asset announces a suspension of new client subscriptions for all its funds starting October 30, 2025, signaling caution in a potentially overheated market [1][3][12]. Market Performance - The Shanghai Composite Index reached 4016.33 points, the third time it has closed above 4000 points in history, following similar peaks in May 2007 and April 2015 [1]. - Ningquan Asset's management scale exceeded 450 billion yuan as of September, positioning it among the top tier of domestic stock private equity firms [3]. Ningquan Asset's Strategy - Ningquan Asset's decision to limit new subscriptions is interpreted as a prudent signal amid market overheating, with the firm emphasizing that "scale is the enemy of performance" [3][12]. - The firm has a total of 27 employees, with 19 in the investment research team, focusing on sectors like new energy, TMT, semiconductors, pharmaceuticals, and consumer finance [3]. Investment Philosophy - Ningquan Asset adopts a "farming-style" investment approach, seeking stable returns over time rather than chasing high-risk opportunities [6][7]. - The firm primarily invests in high-dividend, stable businesses, viewing them as a "stabilizing force" during market volatility [7]. Portfolio Management - As of August, Ningquan Asset maintained a stock position of over 70% in its flagship product, with a diversified industry allocation, including real estate, basic chemicals, and electric power [9]. - The firm has actively increased its holdings in Hong Kong stocks, including major companies like Vanke and Country Garden [9]. Market Sentiment and Trends - The private equity sector is experiencing a wave of subscription limits, with several firms, including quantitative leaders, taking similar actions to manage growth and performance [12]. - Ningquan Asset's caution reflects broader market concerns about structural bubbles in certain sectors, while still identifying valuable investment opportunities [13]. Future Outlook - Different private equity firms exhibit varied outlooks on the A-share market, with some expressing optimism for a "slow bull" market, while others remain cautious due to economic uncertainties [15][16]. - The investment community is closely monitoring the potential for structural shifts in market preferences, particularly towards low-valued cyclical assets as economic conditions evolve [16][17].

Core Insights - Central Huijin Asset Management and Central Huijin Investment maintained their holdings in several leading broad-based ETFs during Q3, indicating a strong commitment to these investments [1][2][6] - Notable adjustments were observed among some institutional investors, with Huaxia Fund's proprietary account completely liquidating its position in the Huaxia Hang Seng China Enterprises High Dividend ETF [7][8] - China Life Insurance reduced its holdings in multiple STAR Market ETFs, reflecting a strategic shift in its investment approach [11] Central Huijin's ETF Holdings - Central Huijin Asset Management held 37.86 billion shares of the Huatai-PineBridge CSI 300 ETF, while Central Huijin Investment held 35.65 billion shares, with both figures remaining unchanged from the previous quarter [2][5] - The total holdings in various ETFs, including the E Fund CSI 300 ETF and Huaxia CSI 500 ETF, also remained stable during Q3, suggesting a consistent investment strategy [6] Institutional Adjustments - Huaxia Fund's proprietary account, previously the largest holder of the Huaxia Hang Seng China Enterprises High Dividend ETF with 8.06 million shares (19.35% of total), completely exited this position in Q3 [8][10] - China Life Insurance's significant reductions in holdings of STAR Market ETFs included a drop from 753 million shares to 480 million shares in the Huaxia STAR Market 100 ETF, and from 1.23 billion shares to 679 million shares in the Bosera STAR Market 100 ETF [11]

Group 1: Capital Market Development - The capital market is facing new demands and expectations due to profound changes in the global landscape and technological innovation trends [1] - The 2025 Financial Street Forum focused on how multi-level capital markets can empower the high-quality development of small and medium-sized enterprises (SMEs) through innovation and international cooperation [1] Group 2: Brokerage Firms' Service Innovations - Financial institutions like Caifeng Securities are adopting a "1+3" model to innovate service delivery, emphasizing a customer-centric approach and full lifecycle support for SMEs [2] - Dongwu Securities highlights the strategic value of specialized SMEs in the economic landscape, proposing three core strategies: regional focus, specialized services, and market-oriented performance assessments [3] Group 3: Small Brokerage Firms' Strategies - Kaiyuan Securities is implementing a "specialized + differentiated" strategy to serve SMEs, focusing on a complete service chain from early investment to capital listing [4] - The firm has established a dedicated fund for specialized and innovative SMEs, achieving significant rankings in the New Third Board market [4] Group 4: Role of Public Funds - Public funds play multiple roles in the market, including providing liquidity, engaging in price discovery, and participating in corporate financing [5] - In the context of the North Exchange market, public funds face liquidity, fundamental volatility, and resource allocation risks, with strategies proposed to mitigate these issues [6] Group 5: Challenges and Opportunities for Enterprises - National-level specialized SMEs face challenges such as talent acquisition and long-term capital investment, with patient capital being crucial for their development [7] - Companies like Hezhong Weiqi have successfully navigated financing challenges through innovative approaches, gaining recognition and support from major banks after listing on the New Third Board [8]

Report Summary 1. Market Overview - A-shares declined with the Shanghai Composite Index down 0.73% to 3986.90, the Shenzhen Component Index down 1.16% to 13532.13, and the ChiNext Index down 1.84% to 3263.02. The trading volume of A-shares reached 24646 billion yuan. The top-performing sectors were steel (0.90%), non-ferrous metals (0.79%), and public utilities (0.13%), while the worst-performing sectors were communications (-2.83%), electronics (-2.23%), and national defense and military industry (-1.95%) [2][6] 2. Stock ETFs - The most actively traded stock ETFs were Huaxia Shanghai Sci-Tech Innovation Board 50 ETF (down 1.92% with a discount rate of -1.82%), Huaxia CSI A500 ETF (down 0.84% with a discount rate of -0.87%), and Cathay CSI A500 ETF (down 0.91% with a discount rate of -0.90%) [3][7] 3. Bond ETFs - The most actively traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01% with a discount rate of 0.00%), Cathay CSI AAA Technology Innovation Corporate Bond ETF (up 0.06% with a discount rate of 0.02%), and Bosera CSI Convertible and Exchangeable Bond ETF (down 0.74% with a discount rate of -0.88%) [4][9] 4. Gold ETFs - Gold AU9999 fell 0.66% and Shanghai Gold rose 0.07%. The most actively traded gold ETFs were Huaan Gold ETF (up 0.14% with a discount rate of -0.33%), E Fund Gold ETF (up 0.01% with a discount rate of -0.48%), and Bosera Gold ETF (down 0.06% with a discount rate of -0.52%) [12] 5. Commodity Futures ETFs - Dacheng Non-ferrous Metals Futures ETF fell 0.82% with a discount rate of -0.24%, Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 1.67% with a discount rate of -1.25%, and Huaxia Feed Soybean Meal Futures ETF fell 0.56% with a discount rate of 2.10% [13] 6. Cross-border ETFs - The previous trading day saw the Dow Jones Industrial Average down 0.16%, the NASDAQ up 0.55%, the S&P 500 unchanged, and the German DAX down 0.64%. Today, the Hang Seng Index fell 0.24% and the Hang Seng China Enterprises Index fell 0.31%. The most actively traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 2.87% with a discount rate of -0.99%), Huatai-PineBridge Hang Seng Tech ETF (down 2.45% with a discount rate of -0.86%), and Huaxia Hang Seng Tech ETF (down 2.29% with a discount rate of -1.01%) [16] 7. Money Market ETFs - The most actively traded money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Money Market ETF Jian Xin Tian Yi [18]

Group 1: Core Views - The public fund industry in China is entering a new stage of high-quality development, characterized by profound changes in fund products, companies, sales models, and environmental patterns [1][2] - The future opportunities for different types of public fund products vary, with a focus on active equity funds, passive equity funds, fixed income funds, and innovative products like REITs [1] Group 2: Public Fund Development Trends - Active equity funds will see more standardized benchmark indices, shifting the assessment focus from relative rankings to excess returns [1] - Passive equity funds have rapidly developed over the past two years, with index replication funds reducing fees to benefit investors, while enhanced index products, though currently small in scale, show promising future growth [1] - In fixed income funds, active bond funds and fixed income plus products are thriving in a low-interest-rate environment, and bond index funds are also entering a rapid growth phase [1] - Innovative products such as REITs are accelerating issuance, and multi-asset allocation funds of funds (FOFs) remain a blue ocean market [1] Group 3: Fund Company Development Outlook - The public fund company landscape shows a clear "Matthew Effect," where larger companies can maintain their strengths while smaller firms may benefit from specialized development [2] - The trend in investment research systems is moving towards integration, with a shift from creating star fund managers to building company-wide investment research brands [2] - AI is expected to permeate various aspects of fund company management, talent development, and investment research capabilities [2] Group 4: Public Fund Sales Environment Outlook - The sales model is transitioning from a focus on short-term scale to prioritizing long-term client interests and quality service [2] - The fund sales industry is undergoing ecological restructuring centered around advisory services, with a dual focus on buyer advisory transformation and diversified asset allocation [2] - The emergence of institutional direct sales platforms is anticipated, which will test the differentiated research service capabilities of distribution agencies [2] - Potential market dynamics include a strong market concentration, a dual-driven sales environment of direct and indirect sales, a combination of diversification and digitalization, and a new landscape of high-quality development [2]

Core Insights - The ETF market is experiencing explosive growth, with the total scale of non-money ETFs surpassing 5.6 trillion yuan and the number of products exceeding 1,300 as of the end of September [1][2] - The rapid growth of ETFs is significantly driven by policy support, particularly noted in 2024, where the scale increased by nearly 1.7 trillion yuan [2] - ETFs are playing a stabilizing role in the market, smoothing out volatility and providing liquidity during downturns, while also being a preferred tool for investors looking to "buy the dip" [1][6][7] ETF Market Growth - The ETF scale grew from 1 trillion yuan to 5 trillion yuan in less than six years, with a notable acceleration starting in 2020 [2] - By the end of Q3 2025, passive fund scale accounted for approximately 33.55% of the market, with ETFs making up 78% of passive funds [2][3] Fund Company Landscape - As of the latest data, there are 54 fund companies engaged in ETF business, with a high concentration of management scale among the top firms [3] - The top five non-money ETF management companies are 华夏基金, 易方达基金, 华泰柏瑞基金, 南方基金, and 嘉实基金, collectively managing over 25% of the total ETF scale [4] Market Stability Role - ETFs are seen as market stabilizers, helping to reduce volatility caused by large inflows and outflows of capital [6][7] - Institutional investors, such as 中央汇金, are using ETFs to stabilize the market, particularly focusing on broad-based ETFs [7] Individual Stock Impact - While ETFs help smooth market fluctuations, they can also contribute to significant price movements in individual stocks during rebalancing events [10][11] - For instance, the stock price of 寒武纪 experienced a notable decline due to ETF rebalancing, highlighting the dual role of ETFs in both stabilizing and amplifying market movements [11][12] Sector Trends - The trend of investing through ETFs in popular sectors is increasing, with significant inflows into themes like robotics and innovative pharmaceuticals [3][8] - The performance of individual stocks, such as 药捷安康, has been heavily influenced by their inclusion in ETF indices, leading to rapid price increases followed by sharp corrections [12]