1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - Deng Xinyu, a fund manager at China - Europe Fund, uses fundamental quantitative methods for the "plus" part of the "fixed - income +" investment framework, with multiple strategies such as dividend, value, quality, growth, and micro - cap strategies, and a macro - based asset allocation framework [3][9]. - China - Europe Dingli is a medium - to - high - volatility secondary bond fund with a quantitative boom - growth strategy. It emphasizes the company's financial health, profit sustainability, and growth momentum, and shows high return - risk performance and increasing investor profitability over time [12][14][32]. - China - Europe Enhanced Return is a low - volatility absolute - return product aiming for an absolute return within a 2% drawdown target. It emphasizes the safety margin of equity assets through valuation and has excellent performance in multiple core indicators [44][45][46]. 3. Summary by Relevant Catalogs 3.1. China - Europe Fund Deng Xinyu: A Practitioner of Fundamental Quantitative Fixed - Income + - Personal resume: Deng Xinyu joined China - Europe Fund in October 2023. He currently serves as a member of the fixed - income investment decision - making committee, the head of the hybrid asset group, and a fund manager. He manages multiple funds including China - Europe Dingli and China - Europe Enhanced Return [7]. - Investment framework: The "plus" part of the "fixed - income +" uses fundamental quantitative methods, with multiple strategies based on fundamental analysis and a macro - based asset allocation framework [9][11]. - Managed products: He manages products worth 8.768 billion yuan, covering first - tier and second - tier bond funds and flexible - allocation funds, achieving over 7% and 2% returns for China - Europe Dingli and China - Europe Enhanced Return respectively [8]. 3.2. China - Europe Dingli: A Medium - to - High - Volatility Secondary Bond Fund with a Boom - Growth Strategy - Product positioning: It is a medium - to - high - volatility secondary bond fund using a quantitative boom - growth strategy with three nested layers [12]. - Boom judgment: It uses financial statements to assess a company's financial health, profit sustainability, and growth momentum [14]. - Comparison with other products: It is comparable to Smart Beta products. Growth - style products have high volatility and high long - term returns, and China - Europe Dingli's equity return in 2025 has exceeded the growth index [19][30]. - Product characteristics: It has high return - risk performance, with a 2025 - to - date return of 11.41% (in the 10.16% percentile) and an annualized volatility of 8.44% (in the 8.59% percentile). Investor profitability increases with holding time [32][33]. - Portfolio: It has a stock position of 16.29% and a convertible bond position of 13.14%, with a focus on growth - oriented industries such as electronics, machinery, and power equipment [37]. 3.3. China - Europe Enhanced Return: A Low - Volatility Absolute - Return Product - Product positioning: It aims to create an absolute return within a 2% drawdown target, emphasizing the safety margin of equity assets through valuation [44][45]. - Performance: In 2025, it achieved a cumulative return of 3.53% with an annualized volatility of 2.26%, ranking in the 14.21% and 16.50% percentiles among first - tier bond funds with equity. Multiple core indicators rank high in the industry [45][46]. - Investor profitability: Investor profitability increases with holding time, with average returns of 0.49%, 1.08%, and 1.54% for 1 - month, 2 - month, and 3 - month holding periods respectively, and a 100% winning rate for 2 - and 3 - month holding periods [47].

Core Viewpoint - The article discusses the performance and investment strategy of the Guotai Junan New Silk Road Fund, highlighting the challenges faced in the stock market and the importance of maintaining a long-term investment perspective despite short-term volatility [1][3][6]. Fund Performance - As of the end of the reporting period, the fund's net asset value was 0.851 yuan, with a net asset value growth rate of -18.88%, compared to a benchmark return of 1.62% [1]. - For the subsequent reporting period, the fund's net asset value was 0.9448 yuan, with a growth rate of -9.94%, while the benchmark return was 11.30% [7]. - By mid-2025, the fund's net asset value reached 1.0423 yuan, achieving a growth rate of 10.32%, significantly outperforming the benchmark return of 0.13% [13]. Investment Strategy and Analysis - The fund manager emphasizes a strategy of "independent thinking, probabilistic thinking, contrarian courage, and forward-looking vision," focusing on identifying stocks priced below their long-term value [4][10]. - The fund maintains a diversified yet focused investment approach, with key sectors including machinery, pharmaceuticals, electronics, computers, and food and beverages [4][10]. - The fund's performance is characterized by significant stock price divergence, with a median decline of -23% among over 5,100 stocks in the first half of 2024, while the CSI 300 index showed a slight increase of 0.89% [3][4]. Market Outlook - The fund manager expresses confidence in the Chinese economy, noting that macroeconomic growth, revenue, and net profit growth of major listed companies are strong, despite a lack of confidence leading to market declines [6][12]. - The article highlights that A-shares are currently undervalued compared to historical levels and other major markets, suggesting potential for recovery and growth [11][12]. - The manager acknowledges the challenges posed by global economic changes and emphasizes the importance of maintaining a consistent investment framework to navigate uncertainties [16][18].

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a 10-year high and surpassing the 4000-point mark, indicating robust investor sentiment and market momentum [1][2]. Market Performance - The North Exchange 50 surged by 8.41%, marking its largest single-day increase in nearly six months, while the ChiNext Index rose nearly 3%, closing above 3300 points for the first time in four years [1][2]. - The total market turnover increased to 2.29 trillion yuan, reflecting heightened trading activity [1]. Sector Performance - Key sectors that performed well include photovoltaic equipment, Hainan, consumer electronics, and industrial metals, while banking, dispersed dyes, environmental monitoring, and ground weaponry sectors saw declines [2]. - The power equipment industry attracted over 34.9 billion yuan in net inflows, with non-ferrous metals and non-bank financials also receiving significant investments [3]. Investment Trends - The recent "15th Five-Year Plan" emphasizes the development of emerging pillar industries and innovation in sectors such as quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication, which are expected to drive future economic growth [8]. - The photovoltaic sector experienced a notable rally, with the photovoltaic equipment index soaring by 8.11%, and major companies like Tongwei Co. and Longi Green Energy hitting their upper limits [8][11]. Company Highlights - Yangguang Electric Power reported a revenue of 66.4 billion yuan for the first three quarters, a year-on-year increase of 32.95%, with net profit rising by 56.34% to 11.9 billion yuan [11]. - TCL Zhonghuan, which had been experiencing losses for eight consecutive quarters, reported a significant reduction in its loss margin compared to the same period last year [11]. Future Outlook - Analysts suggest that the photovoltaic industry's competitive landscape is expected to improve due to recent measures aimed at reducing internal competition, presenting opportunities for valuation recovery [11]. - Companies in the photovoltaic sector, particularly those involved in storage inverters, BC and perovskite batteries, and polysilicon materials, are recommended for investment focus [11].

Market Overview - The major indices showed positive performance today, with the Shanghai Composite Index increasing by 0.7%, the Shenzhen Component Index rising by 1.95%, and the ChiNext Index up by 2.93% [1] - In terms of sector performance, the top-performing industries included power equipment, non-ferrous metals, and non-bank financials, while textiles, light manufacturing, and beauty care lagged behind [1] - Concept sectors such as industrial metals, rare metals, and power equipment performed relatively well, whereas banking, marketing communication, and film sectors showed weaker performance [1]

Market Overview - The A-share market showed mixed performance in October, with the Shanghai Composite Index rising by 2.7% while the Sci-Tech Innovation 50 Index fell by 1.6% [1][8] - The Hong Kong stock market experienced a pullback, with major indices such as the Hang Seng Index and Hang Seng Technology Index declining by 1.9% and 5.8% respectively [1][11] A-share Insights - The market is expected to maintain a strong performance due to multiple favorable factors, including the approval of the 15th Five-Year Plan by the Communist Party and anticipated interest rate cuts by the Federal Reserve [2][15] - The focus for mid-term investments should be on the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors, while high-dividend and consumer sectors may be considered if market volatility increases [2][20] Hong Kong Insights - The Hong Kong market is likely to continue its upward trend amidst the Federal Reserve's interest rate cuts, with a focus on a "barbell" strategy that includes technology growth and high-dividend stocks [3][22] - Key sectors to watch include self-sufficient technology, chips, and high-end manufacturing, as well as stable dividend-paying sectors like telecommunications and utilities [3][22] Stock Recommendations - The A-share stock selection for November includes: Sunlord Electronics, Aolai Technology, Zhongji Xuchuang, Hangcha Group, Sany Heavy Industry, Zhengguang Co., Haier Smart Home, China Petroleum, Zijin Mining, and Shanghai Lingang [3][24] - The Hong Kong stock selection for November includes: New China Life Insurance, China Life Insurance, Tencent Holdings, SMIC, and Hua Hong Semiconductor [3][28]

Market Overview - The Shanghai Composite Index increased by 0.36% with a trading volume of 1,078.52 million shares and a transaction value of 18,285.62 billion yuan, representing a 2.13% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - **Electric Power Equipment**: Increased by 4.00% with a transaction value of 2,463.73 billion yuan, up 33.06% from the previous day, led by Arctech with a rise of 19.97% [1] - **Non-ferrous Metals**: Rose by 3.07% with a transaction value of 1,125.00 billion yuan, down 4.62% from the previous day, with Chang Aluminum leading at 10.08% [1] - **Non-bank Financials**: Gained 1.20% with a transaction value of 808.22 billion yuan, up 54.88% from the previous day, led by State Grid Yingda at 9.95% [1] Declining Sectors - The sectors with the largest declines included: - **Banking**: Decreased by 1.56% with a transaction value of 297.44 billion yuan, up 7.80% from the previous day, with Chengdu Bank falling by 5.36% [2] - **Food and Beverage**: Fell by 0.78% with a transaction value of 206.60 billion yuan, up 7.50% from the previous day, led by Guyue Longshan at -4.04% [2] - **Light Industry Manufacturing**: Decreased by 0.53% with a transaction value of 153.13 billion yuan, down 7.44% from the previous day, with Longzhu Technology dropping by 13.16% [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an upward adjustment of profit forecasts for 2025-2027 [6]. Core Insights - The company's net profit attributable to shareholders for Q3 2025 increased by 45.4% year-on-year, reaching 648.09 billion yuan, while the operating profit rose by 15.2% to 385.32 billion yuan, indicating strong performance [4][5]. - For the first three quarters of 2025, the company achieved a net profit of 1,328.56 billion yuan, a year-on-year increase of 11.5%, and an operating profit of 1,162.64 billion yuan, up 7.2% [4]. - The company’s new business value (NBV) for Q3 2025 surged by 58.3% year-on-year, reflecting robust growth momentum driven by anticipated interest rate cuts [5][8]. Financial Performance Summary - The company’s total revenue for 2025 is projected to be 1,064.09 billion yuan, with a year-on-year growth rate of 3.4% [7]. - The net profit attributable to shareholders is expected to reach 142.92 billion yuan in 2025, representing a 12.9% increase compared to the previous year [7]. - The company’s price-to-earnings (P/E) ratio for 2025 is estimated at 7.32, while the price-to-embedded value (P/EV) is projected to be 0.69 [7]. Business Segment Performance - The life insurance, property insurance, and banking segments reported operating profits of 787.68 billion yuan, 150.74 billion yuan, and 222.21 billion yuan respectively, with year-on-year growth rates of 1.9%, 8.3%, and a decline of 3.5% [4]. - The asset management segment showed improvement, turning profitable with a contribution of 49.7 billion yuan to operating profit [4]. Investment Asset Growth - The company’s investment assets grew by 11.9% year-to-date, reaching 6.41 trillion yuan, with non-annualized net and comprehensive investment returns of 2.8% and 5.4% respectively [6].

Core Viewpoint - The overseas disturbances are gradually settling, leading to a positive outlook on interest rate cuts. External liquidity remains loose, with most non-US equities performing strongly [1] Group 1: Market Conditions - Domestic monetary supply is relatively loose, with structural tools replacing total monetary supply maintenance. However, fiscal efforts are relatively restrained, resulting in moderate overall credit growth [1] - Equity market liquidity remains generally loose, but certain high-valuation technology stocks may face performance verification challenges in Q3 [1] Group 2: Investment Strategies - The index is likely to maintain a fluctuating upward trend, with low-position rotation and rebound being the main strategy. Sectors such as non-bank financials, military industry, power grid equipment, lithium battery supply chain, media, and new technology breakthroughs are expected to attract capital inflows [1] - There may also be potential for a phase rebound in certain consumer, cyclical, and infrastructure sectors [1]

| 食品饮料 | | | | 古越龙山 | | | --- | --- | --- | --- | --- | --- | | 通信 | -0.77 | 964.46 | 11.80 | 中兴通讯 | -6.96 | | 美容护理 | -0.93 | 35.76 | -7.36 | 倍加洁 | -7.85 | | 银行 | -1.01 | 220.30 | 4.30 | 成都银行 | -5.08 | 证券时报·数据宝统计，截至上午收盘，今日沪指涨0.37%，A股成交量846.16亿股，成交金额14341.75 亿元，比上一个交易日增加5.58%。个股方面，2057只个股上涨，其中涨停46只，3218只个股下跌，其 中跌停5只。从申万行业来看，有色金属、电力设备、非银金融等涨幅最大，涨幅分别为2.78%、 2.45%、1.70%；银行、美容护理、通信等跌幅最大，跌幅分别为1.01%、0.93%、0.77%。（数据宝） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | ...

Market Overview - On October 29, A-shares saw all three major indices rise, with the ChiNext Index increasing by over 1.5% [1] - Key sectors such as Hainan Free Trade Port, ultra-high voltage, copper-clad laminates, and energy storage remained active [1] ETF Performance - The newly listed Shanghai Stock Exchange 180 ETF (510670) experienced a slight increase, with top-performing holdings including Huaneng International, Industrial Fulian, TBEA, LONGi Green Energy, China Aluminum, and Top Group [1] - The Sci-Tech Innovation 50 ETF (159783) rose over 1% at one point, with leading stocks such as Canadian Solar, Sungrow Power Supply, Sanan Optoelectronics, Tigermed, and EVE Energy [1] Policy Insights - The Central Committee of the Communist Party of China released suggestions for the 15th Five-Year Plan on October 28, emphasizing the cultivation of emerging and future industries [1] - Strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy are prioritized for development [1] - The plan aims to enhance the inclusiveness and adaptability of capital market systems and improve the coordination between investment and financing functions [1]