Group 1: MSCI Index Adjustment - MSCI announced the results of the index review for November 2025, with adjustments effective after the market close on November 24, 2025, including the addition of 26 Chinese stocks and the removal of 20 stocks [1] Group 2: Personal Pension Products - The Ministry of Finance and the People's Bank of China announced that electronic savings bonds will be included in the personal pension product range to support the development of a multi-tiered pension insurance system [2] Group 3: Hard Technology Funds - Sixteen hard technology-themed funds were approved on the same day, including seven AI ETFs, three chip ETFs, four chip design ETFs, and two actively managed technology funds, involving multiple fund management companies [3] Group 4: Solid-State Battery Production - The first large-capacity all-solid-state battery production line in China has been completed, capable of mass production of automotive-grade solid-state batteries with energy density nearly double that of existing batteries, aiming for small batch vehicle testing by 2026 [4] Group 5: Upcoming Financial Reports - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies Li Auto and NIO [5] Group 6: Huawei Product Launch - Huawei will hold a product launch event on November 25, introducing the Mate 80 series and other new products, potentially featuring the new Kirin 9030 chip [6] Group 7: Federal Reserve Economic Report - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from the New Zealand and South Korean central banks, and the European Central Bank will publish the minutes from its October monetary policy meeting [7] Group 8: Company Announcements - Shanshi Network Technology expects to achieve large-scale sales of its new generation security products equipped with ASIC chips by Q1 2026 [9] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total of 742 million yuan [10] - Jinfeng Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology to enhance its growth and profitability [11] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [12] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15GW [13] - Qingmu Technology's subsidiary plans to acquire control of Vitalis to strengthen its position in the health supplement market [15] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension starting November 24, 2025 [16] Group 9: Market Insights - According to Zhao Shang Securities, the market remains cautious due to weak trading signals and mixed fundamental indicators, maintaining a wait-and-see approach [19] - CITIC Securities notes the market is in a "three-phase overlap" and suggests waiting for key economic meetings in December before making significant moves [20]

根据上海证券交易所（以下简称"上交所"）最新ETF申购赎回清单格式规则，上交所已正式上线新版 ETF 申购赎回清单，招商基金管理有限公司（以下简称"本公司"）自 2025年 11 月 24 日起对旗下上交 所 ETF 申购赎回清单进行版本更新。现将具体事宜公告如下： 一、涉及本次申购赎回清单版本更新的基金列表 ■■ 二、更新情况说明 上交所ETF申购赎回清单新增xml版本，除格式变更外，主要调整包括： （1）启用"挂牌市场"字段； （2）调整"现金替代标志"字段描述，统一调整为"0-禁止现金替代""1-允许现金替代""2-必须现金替 代"三类； （3）新增"当日净申购的基金份额上限""当日净赎回的基金份额上限"字段； （7）增加部分字段长度； （8）新增"申购赎回模式"字段。 具体更新内容详见上交所的相关说明。 自2025年11月24日起，上述ETF将采用新版申购赎回清单，具体内容以上交所实际公布的清单为准。本 公司将对上述基金的招募说明书进行相应修订。 三、重要提示 本次更新符合相关法律法规及基金合同的规定，本公告主要对本公司旗下部分上交所 ETF申购赎回清 单版本更新的有关事项予以说明。投资者欲了解各ET ...

Group 1 - The core point of the article is the announcement by China Asset Management Co., Ltd. regarding the revision of the cash substitution provisions in the prospectus of certain ETFs, effective from November 24, 2025 [1][10][30] - The revised cash substitution types will now include "prohibited cash substitution," "allowed cash substitution," and "must cash substitution," replacing the previous "refund cash substitution" type [1][5][8] - The calculation formulas for cash substitution amounts during subscription and redemption have been adjusted, particularly for non-Shanghai market component securities [2][3][4] Group 2 - The announcement includes specific ETFs affected by the changes, such as cross-market stock ETFs, bond ETFs, and cross-border ETFs [1][5][8] - The updated prospectus will be published on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [11][30] - The company has also announced the addition of liquidity service providers for several funds to enhance market liquidity and stability [14][15][16]

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。 ...