Market Overview - The A-share market experienced a volatile decline, with the TMT sector showing weak performance. The Wind All A index fell by 1.45%, with a trading volume of 1.75 trillion yuan. The CSI 1000 index decreased by 1.74%, the CSI 500 index by 1.58%, the CSI 300 index by 1.2%, and the SSE 50 index by 1.08% [2][4] - The Central Political Bureau meeting was held to outline economic work for 2026, with a focus on boosting domestic demand. The Central Economic Work Conference is expected to convene soon [2][4] - Upcoming meetings include the Federal Reserve's interest rate decision and potential interest rate hikes from the Bank of Japan, which may temporarily boost liquidity and increase index volatility [2][4] Economic Policy - The central government is expected to continue implementing a moderately loose monetary policy in 2026, emphasizing stable economic growth and reasonable price recovery as key considerations [6] - The market is currently cautious due to high valuations and the lack of a closed-loop profit model in the technology sector, despite strong performance expectations [2][6] Bond Market - The bond futures market showed mixed results, with the 30-year main contract down by 0.19%, while the 10-year and 5-year contracts rose by 0.05% and 0.03%, respectively [6] - The People's Bank of China conducted a 135.3 billion yuan reverse repurchase operation with a bid rate of 1.4%, maintaining the same rate as the previous operation [6] Precious Metals - Gold prices fluctuated, with the gold-silver ratio dropping to around 67.3 and the platinum-palladium spread widening to approximately 240 USD/ounce [7] - The U.S. non-farm payrolls added 64,000 jobs in November, exceeding expectations, but the unemployment rate rose to 4.6%, the highest since 2021, indicating a cooling job market [7] - The preliminary Markit Composite PMI for December was 53, below expectations, with both manufacturing and services sectors underperforming [7]

Group 1 - The core view of the report emphasizes that the convertible bond market is expected to perform well in 2026, driven by strong equity market support and a tightening supply-demand structure [1][2][36] - The convertible bond market has shown a cumulative return of 17.35% in 2025, closely following the performance of the equity markets, with the Shanghai Composite Index up 17.54% and the Shenzhen Component Index up 24.29% [1][9] - The average return on convertible bond funds was 22.63%, which, while slightly lower than equity funds, exhibited lower volatility and better drawdown performance [1][18] Group 2 - The report identifies "pan-technology" as a strategic allocation theme for convertible bonds in the coming year, focusing on sectors such as AI, chips, and cloud security [3][36] - The supply of convertible bonds is expected to tighten further, with the total outstanding amount dropping below 600 billion, and a significant number of bonds set to mature in 2026 [2][39] - The average return on equity (ROE) for A-shares is projected to increase from 20.1% in 2024 to 27.9% in 2025, indicating a strong recovery in corporate profitability [2][36] Group 3 - The report highlights that the performance of the convertible bond market is closely linked to the equity market, with a notable correlation in trends and returns [1][21] - The average price of convertible bonds increased from 120.8 yuan at the beginning of the year to 144.3 yuan by November 21, 2025, reflecting a robust market environment [21][22] - The report suggests that the tightening supply of convertible bonds, combined with improving corporate earnings, will likely maintain high valuations in the convertible bond market [2][39]

Summary of the 2025 CFO Compensation White Paper Core Viewpoint The 2025 CFO Compensation White Paper focuses on the salary levels, influencing factors, and development trends of CFOs in the Hong Kong and A-share markets, revealing significant disparities in compensation between the two regions. Group 1: Compensation Overview - The average annual salary for CFOs in Hong Kong is 1.602 million RMB, with a median of 1.077 million RMB, while in A-shares, the average is 857,600 RMB and the median is 684,200 RMB, indicating that Hong Kong CFOs earn approximately 1.9 times more than their A-share counterparts [1][2]. - The total salary for CFOs in Hong Kong reached 630 million RMB in 2024, with a notable right-skewed distribution where a few high-earning CFOs significantly raise the average [38][41]. Group 2: Individual Characteristics Impacting Compensation - Gender distribution shows a predominance of male CFOs in both markets, with a ratio of approximately 7:3 in Hong Kong and 61% male in A-shares. Male CFOs earn more on average than female CFOs, although top female CFOs can match or exceed male salaries [2][44]. - Age plays a crucial role in salary, with CFOs aged 40-55 being the primary group. Salaries increase with age and experience, with those over 50 in Hong Kong reaching high salary levels [2][50]. Group 3: Industry and Company Characteristics - In Hong Kong, sectors such as consumer discretionary, healthcare, and information technology lead in CFO compensation, while in A-shares, finance and real estate offer the highest salaries [2][56]. - Larger companies with higher profitability tend to pay their CFOs more, with a positive correlation between asset size, revenue, and return on equity (ROE) with compensation levels [2][56]. - The average salary for CFOs in AH-share listed companies is particularly high at 3.05 million RMB, reflecting a 15% increase from 2023 [2][56]. Group 4: Trends and Future Outlook - The role of CFOs is evolving from traditional financial controllers to strategic leaders and digital transformation drivers, leading to changes in compensation structures [2][56]. - Over the next 3-5 years, overall CFO compensation growth is expected to moderate, but the premium for top-tier, multifaceted CFOs will continue to rise, with compensation increasingly tied to long-term incentives and performance metrics [2][56].

Core Viewpoint - Guangfa Fund has developed a comprehensive index product line since 2008, focusing on ETF products since 2011, covering multiple markets including A-shares, Hong Kong stocks, and US stocks [1] Group 1: ETF Competition - Guangfa Fund collaborates with CITIC Securities to participate in the 7th ETF live competition, which started registration on December 1, 2025, and will run until January 31, 2026, with the competition commencing on December 8, 2025 [1] - The competition provides a platform for investors to showcase their practical skills, exchange investment strategies, and compete for substantial rewards [1] Group 2: Featured ETF Products - Guangfa Fund selected four key products to support participants in the competition: 1. Hong Kong Stock Connect Technology ETF (159262) closely tracks the Hang Seng Stock Connect Technology Index, focusing on the TMT sector, with major weights in Tencent Holdings, Alibaba-W, and Xiaomi Group-W, accounting for nearly 45% of the index [4] 2. Hong Kong Innovative Drug ETF (513120) tracks the CSI Hong Kong Innovative Drug Index, with a 90% weight in biopharmaceuticals and chemical pharmaceuticals, making it one of the purest innovative drug indices available [4] 3. Growth Enterprise Board ETF Guangfa (159952) tracks the Growth Enterprise Board Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries [4] 4. Battery ETF (159755) leads in scale among similar products, tracking the National Index for New Energy Vehicle Batteries, focusing on the battery manufacturing and materials sector, with a solid-state content of nearly 60% [5] Group 3: Future Plans - Guangfa Fund aims to continue deepening its focus on index and ETF sectors, collaborating with partners like CITIC Securities to enhance the index investment ecosystem and help investors share in the long-term growth of the capital market [5]

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅 读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产 品，谨慎投资。 兴业证券指出，港股通科技行业正迎来盈利驱动的结构性机遇，人工智能（AI）、反内卷政策及企业 出海成为核心增长动力。全球AI基础设施的巨额资本开支推动科技硬件需求，光模块、PCB、AI数据中 心冷却等领域企业业绩显著受益。反内卷政策通过供给侧优化缓解行业低价竞争，光伏、电池等板块利 润率有望修复。同时，中国企业加速海外扩张，新能源汽车、消费电子等领域的海外收入占比持续提 升，进一步打开成长空间。行业配置上，建议聚焦AI领军企业及具备全球竞争力的科技硬件供应商， 盈利动能预计将持续改善。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数聚焦于通过港股通机制可交易的 科技主题相关港股上市公司，覆盖从上游硬件到下游应用的全产业链环节，主要配置于 ...

BofA Hartnett 市场正提前押注 2026 年经济"火热运行" 市场投资者提前预判 2026 年经济 / 政策将进入 "偏热" 的扩张状态，因此开始调整资 产配置 —— 从传统受华尔街青睐的金融化、高估值资产，转向更贴近实体经济、能直接受 益于经济扩张的 "主街" 类资产，以提前锁定 "热运行" 周期的收益。 延续他最近"Some Like It Hot",中提出的债券市场监管的主题，美国银行首席投资策略师 Hartnett 最新的 flow show 聚焦于市场中日益扩大的不连续性（无论好坏），此前他曾 警告称，唯一能阻止圣诞老人反弹的是美联储"鸽派"降息导致长期债券抛售……而这正 是我们所看到的情况。 " 美联储量化宽松政策、英伟达芯片出口中国、 2000 美元刺激支票、汽油价格回落至 3 美元以下，难怪我们都极度看涨。" 美国银行的牛熊指标红线调整无疑也印证了这一点…… 市场此前沉浸在 "一切都好"（Everything is awesome）的乐观情绪中，但本周出现 了认知转变 —— 即意识到市场逻辑并非单向乐观，存在潜在矛盾。 TMT 行业逻辑的反转（dynamics flip）：从 "轻 ...

对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但 这存在谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明 确"巩固拓展经济稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌 回稳"，并时隔十年重提房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政 策，继续实施"国补"与靠前实施"十五五"重点项目，隐含了实现"十五五"良好开局的开门红重要性。考 虑近期经济活动转淡与房地产销售面积下滑加快，政策预期有望上修。在人民币稳定的前提下，2026年 初中国央行降息预期有望提高。在交易层面，保收益降仓位已经步入尾声，岁末年初的再配置与机构资 金回流有望改善市场流动性和活跃成交，跨年攻势已经开始。 考虑到前期股指的大幅调整、总量政策加码与增量入市环境，当下是布局春季行情的重要窗口。春节前 具备产业趋势的大盘成长有望占优，受益险资"开门红"配置的大盘价值也有望反弹。看好科技/券商保 险/消费。 中信建投：跨年有望迎来新一波行情 从9月初至12月初，AH两地市场经历了较长时间的调整，投资者情绪 ...

沪指本周累计跌0.34%，深证成指涨0.84%，创业板指涨2.74%。A股后市怎么走？看看机构怎么说： A股后市怎么走？看看机构怎么说。 ③国泰海通：跨年攻势已经开始，看好科技、券商保险、消费 国泰海通研报称，政策预期有望上修，市场交投有望活跃，在较长时间的横盘震荡后，中国"转型牛"将 重振旗鼓，拾级而上并站上新高度。考虑到前期股指的大幅调整、总量政策加码与增量入市环境，当下 是布局春季行情的重要窗口。春节前具备产业趋势的大盘成长有望占优，受益险资"开门红"配置的大盘 价值也有望反弹。跨年攻势已经开始，看好科技、券商保险、消费。 ④中信证券：配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种 中信证券发文称，从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于 股票市场而言，内需品种和外需品种的预期和定价与去年存在巨大差异：去年底投资者对外需普遍谨 慎，对内需充满期待，但最终外需的表现大超预期；今年是重仓布局外需敞口品种，预期相对充分，但 对内需品种欠缺信心；实际上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。从这 些角度来看，海外敞口品种业绩兑现力强，但估 ...

本周三大指数，上证指数跌0.34%，深证成指涨0.84%，创业板指涨2.74%。后市将如何发展？看看机构 怎么说。 中信证券：内外兼顾，寻求交集 招商证券：2025年中央经济工作会议如何指引A股？ 中央经济工作会议12 月10 日至11 日在北京举行。会议整体延续政治局会议相对积极的表态。短期来 看，过去10 年间，会后7 天大盘风格往往相对占优。行业表现上，从平均超额收益水平来看，近5 年， 社会服务、公用事业、煤炭、传媒这五个行业会后7 天平均超额水平相对更高。中长期来看，建议重点 关注会议"推动投资止跌回稳"下，明年重大项目的安排。 申万宏源：宏观环境"还原" A股向上空间受限未变 春季行情是小级别行情的判断不变。光连接将Alpha 逻辑反映到位后（短期性价比指示行情仍有空 间），可能会有新的高位震荡波段。其他科技成长重点还是做超跌反弹机会。春季政策和产业主题活 跃，是主要的赚钱效应来源，其中关注商业航天、机器人。这次中央经济工作会议，和主题相关的线索 包括：海洋经济、服务对外开放、能源强国、北方防洪基建、好房子等等。另外基于供给侧逻辑的涨价 周期，在2026 年中PPI 由负转正预期掩护下，仍会有不错 ...

Market Review - Major indices showed mixed performance in the past five trading days (December 5 - December 11), with the Shanghai Composite Index slightly down by 0.06% and the ChiNext Index up by 3.14% [1][5] - The CSI 300 Index rose by 0.12%, while the CSI 500 Index increased by 1.00% [1][5] - Trading volume increased, with a total of 9.30 trillion yuan traded, averaging 1.86 trillion yuan per day, an increase of 205.98 billion yuan compared to the previous five trading days [1][5] - Among the Shenwan first-level industries, telecommunications, comprehensive, and defense industries saw the highest gains, while coal, oil and petrochemicals, and steel industries experienced the largest declines [1][5] Economic Data - November exports increased by 5.9% year-on-year, significantly rebounding from October, influenced by multiple factors including a lower base, stable external demand, and the end of holiday disruptions [1][5] - Exports to the US saw a larger year-on-year decline, while exports to Japan, South Korea, and the EU experienced substantial rebounds, indicating a continued optimization of export structure [1][5] - The Consumer Price Index (CPI) rose by 0.7% year-on-year and fell by 0.1% month-on-month, primarily driven by food prices, particularly fresh vegetables, due to a lower base and supply-side disruptions [1][5] - The Producer Price Index (PPI) decreased by 2.2% year-on-year and increased by 0.1% month-on-month, with the year-on-year decline mainly influenced by a higher base [1][5] Policy Outlook - The Central Political Bureau of the Communist Party held a meeting to analyze and study economic work for 2026, maintaining a tone of "more proactive and effective" macro policies as emphasized in the 2024 Central Economic Work Conference [2][6] - Fiscal and monetary policies will continue to emphasize "more proactive" and "moderately loose" measures, with a focus on integrating existing and new policies [2][6] - The economic work for 2026 will focus on building a strong domestic market and cultivating new growth drivers among eight key areas, with more detailed plans to be revealed in the Central Economic Work Conference [2][6] Investment Strategy - The A-share market continues to exhibit a volatile characteristic, with positive signals from the Political Bureau meeting and confirmation of overseas liquidity easing due to the Federal Reserve's interest rate cuts [3][7] - The market is expected to regain strength driven by policy support and liquidity expectations, although some funds may delay allocation as the year-end approaches [3][7] - Investors are advised to remain patient and refine their strategies around policy and technology themes while waiting for sentiment to improve [3][7] - Investment opportunities are identified in the following sectors: 1. TMT sector and robotics, driven by ongoing capital expansion from domestic and international cloud vendors, accelerated domestic substitution of computing power, and potential application-driven growth [3][7] 2. Power equipment and non-ferrous metals sectors, benefiting from high global demand for energy storage and ongoing solid-state battery industrialization [3][7] 3. Social services and resource products, with policy focus on structural adjustments and "anti-involution" creating competitive opportunities [3][7] - Additionally, the banking sector presents allocation opportunities due to a low interest rate environment and a shift in public fund holdings towards performance benchmarks [3][7]