Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate, marking the second reduction this year and bringing the target range to 3.75% to 4.00%, the lowest level in three years [1] - This decision is interpreted as a sign of renewed global liquidity, amidst a backdrop of slowing economic growth and declining interest rates, leading to a "search for yield" dilemma among investors [1][3] - Multi-asset allocation is increasingly viewed as a key strategy to hedge against market uncertainties, with Asian assets gaining prominence in this context [1][3] Group 2 - In a low-interest and high-uncertainty market, the logic of multi-asset allocation becomes clearer, allowing investors to reduce overall portfolio volatility and optimize risk-return profiles [3] - Historical market cycles demonstrate that no single asset can consistently outperform, reinforcing the importance of diversified asset allocation over timing and stock selection [3] - Diversified portfolios tend to exhibit stronger risk resilience and more attractive risk-adjusted returns compared to single-asset strategies [3] Group 3 - The acceleration of the Fed's rate-cutting cycle is reshaping global capital flows, with a weakening dollar likely to benefit emerging markets, particularly in Asia [5] - Historically, periods of dollar weakness have led to outperformance of emerging markets compared to developed markets, as concerns over the U.S. fiscal deficit grow [5] - The dual environment of declining rates and a weaker dollar enhances the attractiveness of Asian bonds and equities, with Asian dollar-denominated investment-grade corporate bonds becoming a focal point for investors [7][10] Group 4 - The Asia-Pacific region is projected to experience a GDP growth rate of 4.5% by 2025, significantly higher than the global average of 3.0%, driven by domestic demand in countries like China, India, and Indonesia [7][10] - The resilience of Asia is attributed to diverse industries and strong regional cooperation, with key players like Japan, Taiwan, and South Korea positioned well in global supply chains [7][10] - The low correlation of assets within the Asian market provides ample diversification opportunities for investors, enhancing portfolio resilience [8] Group 5 - HSBC's Asia Multi-Asset High Income Fund focuses on a diversified asset allocation strategy, investing primarily in high-yield stocks (42.24%), high-yield bonds (21.19%), and investment-grade bonds (11.64%) [12] - The fund aims to balance dividend income and capital appreciation, leveraging the significant role of dividends in total returns in the Asian market [12] - The current macroeconomic environment presents a new asset allocation window, with the fund positioned to capture growth opportunities in Asia while managing portfolio volatility [12][10]

时隔一年半后，管理规模超百亿的主动权益基金经理（下称"百亿基金经理"）人数，重新回到100位以上。 券商中国记者近日从天相投顾基金评价中心（下称"天相投顾"）和理财魔方处获取的数据均显示，截至目前该人数已 超过110名。从阶段性分析来看，该人数历经此前持续下降后，已开始"探底回升"。 "百亿"规模新老有别。一是坚守消费、医药、新能源等赛道的基金经理逐渐淡出"百亿"舞台，新晋百亿基金经理在科 技、红利、量化等赛道崛起，契合了从"传统内需"向"科技创新+安全边际"的行情主线转变。二是新晋的百亿规模，主 要是业绩与行情共振的结果，与过往的"明星效应+大规模新发"形成鲜明对比。通过业绩做大规模固然可喜，但更重 要的是避免重蹈覆辙，通过制度和契约精神来实现规模与业绩的良性循环，并持续夯实循环根基。 "新"百亿基金经理的三大类型 天相投顾对券商中国记者提供的统计数据显示，百亿基金经理人数在2022年一季度是151位，于当年二季度升到163位 高点，平均管理规模超过200亿元。从2022年三季度开始，这一人数开始走低，到2023年末为106人。2024年一季度， 百亿基金经理人数跌破100，到2025年二季度末时只有82人 ...

上周（11月10日至11月14日），大盘宽基产品成交活跃。其中，A500ETF易方达（159361）等跟踪中证A500指数的ETF，合计成交额超1300亿元；恒生科 技、香港证券、黄金等主题ETF成交也较为活跃。 此外，科技题材上周回调，但聚焦科技方向的ETF产品获资金青睐，科创50指数上周净流入额居权益类指数第一，科创板50ETF（588080）等跟踪科创50 指数的ETF合计净流入额达23亿元。 02 上周，港股市场冲高回落，恒生指数全周上涨1.26%。港股创新药板块异军突起，恒生创新药ETF（159316）的标的指数上周涨超8%，港股通医药ETF （513200）的标的指数上周涨近7%。 03 机构认为，结构性修复趋势有望延续。海外方面，弱美元趋势延续，资金偏好改善，有利于提升新兴市场资产吸引力。整体来看，经济韧性、政策清晰度 提升与资金面友好等因素共同支撑市场，A股有望延续稳健偏强走势。 港股创新药、黄金等板块领涨 上周，A股、港股市场高位震荡，市场分化特征与结构性行情特征突出。A股方面，黄金、中药等板块ETF涨幅居前。 ETF市场上，恒生创新药ETF（159316）等多只跟踪港股医药板块的ETF，上 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes a systematic approach to understanding industry attributes, industry cycle stages, and long-term trends before selecting quality growth stocks [1][2]. - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors [2][3]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Fund Launch - A new fund, GF Innovation Growth, is set to launch on November 17, which will dynamically adjust the allocation between traditional and emerging growth to capture excess returns while maintaining industry balance [1][6]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military industry) and "emerging growth" (e.g., robotics, embodied intelligence, satellite internet) [2][5]. - Traditional growth strategies focus on cyclical growth, while emerging growth serves as an offensive tool for capturing future trends [2][3]. Dynamic Allocation - The allocation between traditional and emerging growth is adjusted based on market liquidity and risk appetite, enhancing both offensive and defensive capabilities of the portfolio [3][4]. Industry Rotation - Chen's investment approach involves a systematic method of industry rotation based on industry cycles, focusing on "industry position" and "valuation margins" rather than merely chasing market trends [4][5]. Future Focus Areas - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly emphasized, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [6][7]. Specific Sector Insights - The military industry is highlighted as a high-value sector, while the robotics sector is seen as a major application terminal for AI [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations of early breakthroughs in these technologies [7].

01 上周（11月10日至11月14日），大盘宽基产品成交活跃。其中，A500ETF易方达（159361）等跟踪中证A500指数的ETF，合计成交额超1300亿元；恒生科 技、香港证券、黄金等主题ETF成交也较为活跃。 此外，科技题材上周回调，但聚焦科技方向的ETF产品获资金青睐，科创50指数上周净流入额居权益类指数第一，科创板50ETF（588080）等跟踪科创50 指数的ETF合计净流入额达23亿元。 02 ETF市场上，恒生创新药ETF（159316）等多只跟踪港股医药板块的ETF，上周累计涨幅在7%左右。 | 代码 | 名称 | 现价(元) | 一周涨幅(%) | | --- | --- | --- | --- | | 159217. SZ | 港股通创新药ETF工银 | 1. 488 | 7.59 | | 159570. SZ | 港股通创新药ETF | 1. 822 | 7. 30 | | 520500. SH | 恒生创新药ETF | 1.817 | 7.26 | | 159297. SZ | 港股通创新药ETF南方 | 0. 923 | 7. 20 | | 159567. SZ | 港股创新药 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on growth stocks through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes the importance of understanding industry cycles and long-term trends before selecting quality growth stocks, aiming to optimize buying and selling timing based on industry cycles [1][2]. - The investment framework includes a focus on diverse growth sectors such as technology and manufacturing, moving beyond just TMT (Technology, Media, and Telecommunications) to include areas like military and energy [2]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military) and "emerging growth," with differentiated strategies for each [2][3]. - Traditional growth is approached with a "cyclical growth" mindset, focusing on sectors undergoing industrial changes, while emerging growth serves as an "offensive lever" targeting future trends like robotics and quantum computing [2][5]. Dynamic Portfolio Management - The portfolio management strategy involves dynamically adjusting the allocation between traditional and emerging growth based on market liquidity and risk appetite [3]. - When market conditions are favorable, the allocation to emerging growth increases; conversely, it shifts towards traditional growth during risk-averse periods [3]. Industry Rotation Approach - Chen's investment approach to industry rotation is systematic, focusing on the balance between "industry position" and "valuation margins," rather than merely chasing market trends [4]. - A significant portion of research efforts is dedicated to tracking emerging growth sectors, leveraging insights from industry leaders and global comparisons [4][5]. Forward-Looking Investment Areas - The new fund, GF Innovation Growth, will adopt a balanced growth-oriented strategy, targeting sectors like computing power, storage, and robotics [6]. - Chen identifies opportunities in domestic computing power, which is expected to see increased capital expenditure from cloud service providers, and anticipates a positive cycle in the storage sector [6][7]. Specific Sector Focus - The military sector is highlighted as a key area for investment, with a favorable risk-reward profile [7]. - The robotics sector is viewed as a significant application of AI, with the domestic industry yet to be fully valued [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations for early breakthroughs in solid-state battery applications [7].

Core Insights - Recent surge in cross-border ETFs has led to noticeable premiums in the secondary market, driven by increased demand from domestic investors for overseas assets [2][3] - The cross-border ETF market has experienced rapid expansion this year, with significant growth in various thematic products, indicating a robust inflow of incremental capital and diversification of investment strategies [4][5] Group 1: Premiums in Cross-Border ETFs - Multiple cross-border ETFs have shown varying degrees of premiums in the secondary market, with some products experiencing significant intraday premium rates [2] - For instance, the E Fund MSCI US 50 ETF had a premium deviation of 6.66% from its reference net value as of November 14, while the E Fund Nikkei 225 ETF had a premium of 6.01% [2] Group 2: Short-Term Mismatches - The cross-border ETFs exhibit a characteristic of time-lagged valuation, leading to short-term mismatches where prices may lead while net values lag [3] - External factors such as market volatility, exchange rate fluctuations, and liquidity of underlying stocks can influence the pace of premium convergence [3] Group 3: Growth of Cross-Border ETF Scale - The scale of cross-border ETFs has doubled this year, reaching 923.78 billion yuan, up from 424.02 billion yuan at the beginning of the year, marking it as one of the fastest-growing segments in public funds [4] - Key products like the FTSE China Hong Kong Internet ETF and others have surpassed 40 billion yuan in scale, contributing to the overall growth and liquidity of the cross-border ETF market [4] Group 4: Notable Trends in Hong Kong Stock ETFs - Hong Kong stock ETFs have shown particularly strong growth, with several products increasing by over 20 billion yuan this year, indicating a trend of accelerated expansion [5] - Newly established cross-border ETFs are continuously accumulating assets, enhancing the product diversity and depth within the market [5]

【 摘要 】国信证券荀玉根称，经济逐渐走出通缩，基本面改善，行情向纵深发展，基本面由点 到面扩散中。中金公司陈健恒认为，在融资需求不足而资产荒延续背景下，债券配置力量或持续 有利于利率下行。 一、焦点锐评 1．央行将加量续做6个月期买断式逆回购 11月14日，中国央行发布公开市场买断式逆回购招标公告，为保持银行体系流动性充裕，11月17 日，央行将以固定数量、利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为 6个月（182天）。由于本月有3000亿元6个月期买断式逆回购到期，因此在开展上述操作后，6个 月期买断式逆回购将实现净投放5000亿元。这也是央行连续第6个月加量续做买断式逆回购。 【解读】目前，央行基本形成每月5号前后开展3个月期买断式逆回购、15号前后开展6个月期买 断式逆回购、25号开展MLF操作的中长期资金投放模式。民生银行首席经济学家温彬表示，在年 内稳增长诉求加大、财政加力的背景下，货币政策的协同性将进一步加强，资金面有望保持宽松 状态。 二、权益市场 1.中信证券：角逐定价权，迈入低波市 中信证券裘翔指出，中国资本市场正从新兴市场逐步转型为成熟市场，上市公司全球业务敞口持 ...

"比如，XGBoost可以对因子的重要性进行展示，通过排序帮助我们识别哪些因子更加重要，增强模型 对市场变化的适应能力。尤其是在今年的结构化行情下，非线性策略能够抓住一些弹性品种的机 会。"罗博表示。 □本报记者 王鹤静 为适应复杂的市场环境，银河基金量化团队近年来在深度量化选股研究领域持续深耕，突破传统线性分 析对历史回测分析的局限，通过非线性分析方式，更加精准地分析市场，挖掘其中的投资机遇。 日前，银河基金量化与FOF投资部总监助理、基金经理罗博在接受中国证券报记者采访时介绍了量化研 究的新思路。在指数样本增强方面，罗博主要采取线性和非线性相结合的方式，由多因子模型与非线性 的机器学习模型互相协作，力争获得相对稳健的超额收益；同时，由于模型间相关性较低，力争有效降 低整体组合的跟踪误差。 开发深度神经网络学习 罗博具有21年证券从业经验、15年公募基金管理经验，长期扎根于指数与量化投资领域。随着市场环境 持续发生变化，罗博意识到，量化投资仅仅依靠线性分析把握市场长期规律愈发难以支撑，在行业趋势 从线性向非线性过渡的过程中，需要不断学习非线性分析技术，紧跟市场变化。 经过近年来的逐步积累和完善，目前罗博针对 ...

□本报记者 张舒琳 "我每天收盘前都会刷一刷实盘榜单，看看大V加仓了哪只基金，再决定自己的操作。"90后基民李祺对 中国证券报记者表示，她习惯了在交易日打开支付宝的理财页面，切换到"看高手战绩"板块，基金实盘 排行榜上的投资者实盘动态、收益率曲线一目了然。 像李祺这样的投资者不在少数，今年以来，大V基金实盘彻底火了。在小红书等社交媒体上，投资者每 日追更实盘博主的最新动态，"围观千万大佬和榜一大哥今天买了啥""时隔78天，这位基金大佬又回来 了，加仓20万高端装备"等内容极为火爆。不少投资者每天观察实盘博主的操作，整理当天的买入卖出 行为以及收益率，作为买基金的参考。 千万级组合被"围观" 今年以来，基金实盘在蚂蚁财富、天天基金、京东金融等代销平台持续火爆出圈，成为重要流量入口。 从普通投资者到基金大V，再到专业的基金经理，纷纷开通实盘分享投资组合，基民关注及"跟买"热情 高涨。 以支付宝上的蚂蚁财富理财专区实盘榜为例，平台通过算法筛选出表现活跃、收益较高的实盘用户，按 照收益金额、收益率等维度排行，公开展示其基金持仓金额、持仓收益及每一笔具体的交易记录。基民 可以一键追踪实盘"大佬"每日的买卖操作，并能够追 ...