证券时报•数据宝统计，截至上午收盘，今日沪指涨0.14%，A股成交量731.96亿股，成交金额11439.39 亿元，比上一个交易日减少3.19%。个股方面，2821只个股上涨，其中涨停66只，2380只个股下跌，其 中跌停4只。从申万行业来看，通信、电子、综合等涨幅最大，涨幅分别为4.36%、2.45%、1.69%；国 防军工、银行、石油石化等跌幅最大，跌幅分别为1.93%、1.24%、0.90%。（数据宝） | | 行业 | | | | | | --- | --- | --- | --- | --- | --- | | 申万行业 | 涨跌 | 成交额 | 比上日 | 领涨（跌）股 | 涨跌幅 | | | | （亿元） | （%） | | （%） | | | （%） | | | | | | 通信 | 4.36 | 1045.06 | 18.32 | 中际旭创 | 13.89 | | 电子 | 2.45 | 2014.72 | 0.93 | 明微电子 | 20.01 | | 综合 | 1.69 | 33.47 | 10.72 | 泰达股份 | 10.07 | | 医药生物 | 1.28 | 765.54 | ...

证券时报•数据宝统计，截至上午10:28，今日沪指涨0.08%，A股成交量517.40亿股，成交金额7852.09亿 元，比上一个交易日减少11.36%。个股方面，3168只个股上涨，其中涨停55只，2016只个股下跌，其 中跌停2只。从申万行业来看，通信、医药生物、电子等涨幅最大，涨幅分别为2.60%、1.65%、 1.35%；国防军工、银行、石油石化等跌幅最大，跌幅分别为1.89%、0.85%、0.51%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 申万行业 | 行业 涨跌 | 成交额 | 比上日 | 领涨（跌）股 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | （亿元） | （%） | | （%） | | | （%） | | | | | | 通信 | 2.60 | 675.79 | -2.16 | 特发信息 | 10.04 | | 医药生物 | 1.65 | 594.13 | 45.63 | 粤万年青 | 20.02 | | 电子 | 1.35 | 1325.72 | -13.21 | 明微电子 | 20.01 | ...

| 代码 | 最新融资 | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） | | | | 煤炭 | 146.63 | 1.34 | 0.92 | | 商贸零售 | 274.67 | 0.69 | 0.25 | | 石油石化 | 245.63 | 0.55 | 0.22 | | 轻工制造 | 142.44 | 0.53 | 0.37 | | 医药生物 | 1680.27 | 0.42 | 0.03 | | 建筑材料 | 137.12 | 0.34 | 0.25 | | 社会服务 | 127.75 | 0.25 | 0.19 | | 纺织服饰 | 81.97 | 0.07 | 0.09 | | 综合 | 46.62 | 0.01 | 0.01 | | 美容护理 | 71.23 | -0.50 | -0.70 | | 环保 | 191.42 | -0.60 | -0.31 | | 房地产 | 349.01 | -0.73 | -0.21 | | 钢铁 | 168.95 | -1.45 | -0.85 | | 交通运输 | 413.46 | - ...

Market Overview - The Shanghai Composite Index increased by 0.44% with a trading volume of 844.79 million shares and a transaction value of 12,733.37 billion yuan, representing a 0.26% increase compared to the previous trading day [1] Industry Performance - The top-performing industries included: - **Electric Power Equipment**: Increased by 4.83% with a transaction value of 2,333.19 billion yuan, up 10.59% from the previous day, led by Tianhong Lithium Battery which rose by 26.37% [1] - **Nonferrous Metals**: Increased by 4.61% with a transaction value of 1,084.39 billion yuan, up 47.34%, led by Xingye Silver Tin which rose by 10.02% [1] - **Comprehensive**: Increased by 3.26% with a transaction value of 66.15 billion yuan, up 107.33%, led by Sanmu Group which rose by 10.05% [1] - The worst-performing industries included: - **Banking**: Decreased by 1.23% with a transaction value of 197.17 billion yuan, down 14.31%, led by Changsha Bank which fell by 1.79% [2] - **Oil and Petrochemicals**: Decreased by 0.94% with a transaction value of 109.44 billion yuan, down 10.55%, led by Daqing Huake which fell by 4.10% [2] - **Public Utilities**: Decreased by 0.71% with a transaction value of 246.74 billion yuan, down 0.88%, led by Delong Huineng which fell by 8.74% [2]

| 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 医药生 物 | 69.68 | 14.69 | 2.54 | 0.61 | 24.02 | | 银行 | 45.58 | 55.56 | 0.34 | 0.50 | 18.10 | | 石油石 化 | 23.90 | 40.68 | 0.65 | 0.84 | 4.76 | | 综合 | 6.08 | -4.07 | 3.60 | 1.05 | 2.90 | | 美容护 理 | 2.85 | 6.50 | 2.77 | 0.14 | 0.13 | | 纺织服 饰 | 22.85 | 7.94 | 3.26 | 0.87 | -0.01 | | 家用电 器 | 20.05 | 14.17 | 2.63 | 1.22 | -0.11 | | 房地产 | 54.30 | -7.88 | 2.47 | -0.60 | -2.18 | | 食品饮 料 | 16.83 | ...

Macro Strategy Overview - The report indicates that the current bull market is experiencing a pause and is undergoing a phase of consolidation, with expectations of continued volatility in the near term [1][6]. - The U.S. Federal Reserve is likely to continue its interest rate cuts in December, with a high probability of a 25 basis point reduction, as inflation remains manageable and the job market shows signs of weakness [6][29]. - The economic performance in the first three quarters of 2025 has exceeded expectations, with GDP growth at 5.2%, but there are increasing pressures on domestic demand [6][43]. Overseas Economic Environment - Following the U.S.-China trade negotiations, tariffs on Chinese goods have been reduced by 10%, although ongoing tensions between the two countries are expected to persist [6][30]. - The overall impact of tariffs on U.S. inflation has been limited, with inflation expected to remain stable due to insufficient demand [6][20]. Domestic Economic Environment - Domestic consumption and investment are showing signs of decline, while external demand remains relatively strong, indicating a divergence in economic performance [6][43]. - The report highlights that the policy environment is expected to remain stable, with a focus on infrastructure investment to support economic growth [6][55]. A-Share Market Strategy - The A-share market is currently in a phase of consolidation, with a shift towards a more balanced investment style as external disturbances ease [7][12]. - The report suggests a cautious approach to investment in the A-share market, with a focus on sectors that are expected to benefit from technological innovation in the medium to long term [7][8]. Asset Allocation Insights - The report presents a neutral outlook for major asset classes, including A-shares, Hong Kong stocks, and U.S. stocks, indicating a shift from a relatively optimistic stance in previous reports [8]. - The recommendation is to adopt a balanced asset allocation strategy while remaining vigilant for opportunities in technology and other growth sectors [8][7].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Value style outperforms growth style and the overall market in the long - run, with better risk - return ratios [2][6]. - Value - style funds are scarce in the market, and fund managers need strong conviction and support to adhere to this style [14][16]. - Lan Xiaokang of China Europe Fund is a value - investment adherent. His China Europe Dividend Optimal has achieved excellent performance [2][17]. Summary by Directory 1. Value Style Fund Product Investment Value Overview 1.1 Value Style Performance: Better Risk - Return Ratio in the Long Run - Since 2012 (as of 2025/10/24), the Guozheng Value R has significantly outperformed the Guozheng Growth R and the Wind All - A, indicating the long - term superiority of the value style [6]. - The investment return of the value style is more stable, with a higher win - rate. From 2017 to 2025/10/24, the one - year rolling return win - rate of Guozheng Value R is 70.77%, compared to 56.50% for Guozheng Growth R [8]. - In terms of risk indicators such as yield, volatility, and maximum drawdown, the Guozheng Value R outperforms the Guozheng Growth R in different time periods, showing a better risk - return ratio [11]. 1.2 Scarcity of Value - Style Fund Products in the Market - Only 11 out of over 1700 active equity fund managers manage value - style funds that meet the defined criteria, and 4 of them are financial real - estate funds [14]. - Reasons for the scarcity include fund managers' subjective wavering, scale pressure, and inappropriate fund company assessment systems [15][16]. 2. Lan Xiaokang of China Europe Fund - A Value - Investment Adherent Seeking Maximum Investment Efficiency in Certain Returns 2.1 Background: Years of Research and Management Experience, Historical Performance Outperforming the CSI 300 - Lan Xiaokang has about 8.5 years of investment management experience, currently manages 4 funds with a total scale of 24.809 billion yuan [17]. - His fund manager index has outperformed the CSI 300, especially since 2021 [17]. 2.2 Investment Framework: Seeking Maximum Investment Efficiency under the Premise of Safety - Lan Xiaokang builds a systematic investment framework through top - down and bottom - up research, focusing on macro trends and individual stock fundamentals [19]. - He uses multiple investment strategies, including long - term, dividend, stable - return, hedging, and trend - reversal strategies, to seek differentiated excess returns [19]. 2.3 Representative Product: China Europe Dividend Optimal - Lan Xiaokang's China Europe Dividend Optimal has achieved a return of 169.82% since he took over in 2018/4/20, significantly outperforming its benchmark [20][22]. 3. Analysis of the Characteristics of China Europe Dividend Optimal 3.1 Performance: Leading in Return and Risk - Return Ratio - Since Lan Xiaokang took over, as of 2025/10/24, the cumulative return of China Europe Dividend Optimal is 169.82%, significantly outperforming the benchmark [24]. - From 2019 to 2025/10/24, the quarterly win - rate of positive returns is 74.1%. The quarterly win - rate of relative returns compared to the benchmark and Guozheng Value R is 77.8% and 74.1% respectively, with average quarterly excess returns of 3.82% and 2.58% [25]. - Since 2019, the annualized return of China Europe Dividend Optimal is 19.88%, ranking in the top 12% among similar products. The annualized volatility is 19.98%, ranking in the bottom 25%. The annualized Sharpe ratio and Calmar ratio are in the top 5% and 1.5% respectively [30]. 3.2 Industry Distribution: Timely Rotation with Good Results - The fund mainly invests in value - style sectors such as household appliances, non - bank finance, and real estate, and rotates among these sectors in a timely manner [34]. - Industry rotation operations have brought significant excess returns. For example, in 2024, the increase in bank holdings and the reduction in coal holdings contributed positive excess returns [38][42]. 3.3 Holding Characteristics: Moderate Concentration of Individual Stocks and Timely Allocation of Hong Kong Stocks - The top ten holdings of the fund account for 40% - 60%, and the top thirty holdings account for over 90%, with a moderate concentration of individual stocks [43]. - The fund has a low turnover rate, with a short - term increase in 2020 - 2021, presumably due to adjustments in response to market changes [43]. - The fund mainly focuses on large - and medium - cap stocks, and has gradually increased its allocation to Hong Kong stocks since 2023, with nearly 50% of stock positions in Hong Kong stocks as of the 2025 semi - annual report [45]. 3.4 Return Breakdown: Significant Contribution from Stock Selection - Stock selection is the main source of excess returns for the fund, and trading also contributes a small amount of excess returns [48]. - The absolute return of the fund comes from multiple sectors, with significant contributions from the cyclical sector. In terms of relative returns, the cyclical and financial real - estate sectors have made significant contributions [53]. 3.5 Product Feature Summary - The fund focuses on value - style sectors and achieves good results through timely industry rotation [58]. - It has an outstanding risk - return ratio, with leading returns and low volatility [58]. - Stock selection is the main source of excess returns, mainly from cyclical and financial real - estate innovation sectors [58]. 4. Fund Manager's Ability Circle: Outstanding Hidden Trading and Industry Rotation Abilities - Lan Xiaokang has a moderately diversified industry allocation and a moderately concentrated individual - stock allocation [59]. - His stock - selection ability is strong, ranking in the top 20% among similar products since 2020 [59]. - His hidden trading ability is excellent, ranking in the top 10% among similar products [59]. - His industry rotation ability is stable, ranking in the top 15% among similar products [60]. - His ability to invest in both upward and downward markets is good, being able to seize opportunities in upward markets and defend well in downward markets [60].

- The report mentions the construction of the **A-share prosperity index**, which is based on the Nowcasting target of the year-on-year growth rate of the net profit attributable to the parent company of the Shanghai Composite Index. The index is designed to observe the high-frequency prosperity of A-shares. The current prosperity index is 21.28, which has increased by 15.85 compared to the end of 2023, indicating an upward cycle[29][33][34] - The **A-share sentiment index** is constructed using market volatility and transaction volume changes, divided into four quadrants. Among these quadrants, only the "volatility up - transaction down" quadrant shows significant negative returns, while the others show significant positive returns. The sentiment index includes bottoming and peaking warning signals. Currently, the bottoming signal indicates bearishness, and the peaking signal also points to bearishness, leading to an overall bearish outlook for the market[36][39][40] - The **theme mining algorithm** is used to identify investment opportunities in thematic stocks. This algorithm processes news and research report texts, extracts theme keywords, explores relationships between themes and individual stocks, constructs theme active cycles, and builds theme influence factors. Recently, the algorithm has identified semiconductor concept stocks as having high concept heat anomalies, driven by the event of the China Semiconductor Industry Association's announcement regarding chip origin designation[46][47][48] - The **index enhancement portfolios** for CSI 500 and CSI 300 are mentioned. The CSI 500 enhancement portfolio achieved a return of 1.99% but underperformed the benchmark by 0.38%. Since 2020, the portfolio has generated an excess return of 51.20% relative to the CSI 500 index, with a maximum drawdown of -5.73%. The CSI 300 enhancement portfolio achieved a return of 2.15%, outperforming the benchmark by 0.16%. Since 2020, the portfolio has generated an excess return of 38.68% relative to the CSI 300 index, with a maximum drawdown of -5.86%[46][53][54] - The report utilizes the **BARRA factor model** to construct ten major style factors for the A-share market, including size (SIZE), beta (BETA), momentum (MOM), residual volatility (RESVOL), non-linear size (NLSIZE), valuation (BTOP), liquidity (LIQUIDITY), earnings yield (EARNINGS_YIELD), growth (GROWTH), and leverage (LVRG). Recent market style analysis shows that liquidity factors are positively correlated with beta, momentum, and residual volatility, while value factors are negatively correlated with beta, residual volatility, and liquidity. From pure factor returns, size factors have high excess returns, while residual volatility shows significant negative excess returns. High beta and high growth stocks performed well recently, while residual volatility and value factors performed poorly[58][59][60] - The report applies **factor models for performance attribution analysis** of major indices. It highlights that indices like the Shanghai Composite Index, SSE 50, and CSI 300 have significant exposure to size factors due to the market's preference for large-cap stocks, resulting in good performance in style factors. In contrast, indices like CSI 500 and Wind All A have lower exposure to size factors and performed poorly in style factors during the week[66][67][69]

Group 1 - On September 2, among the 31 first-level industries tracked by Shenwan, 14 industries experienced net financing inflows, with the non-bank financial sector leading at a net inflow of 1.468 billion yuan [1] - Other industries with significant net financing inflows included pharmaceuticals and biotechnology, non-ferrous metals, chemicals, and oil and petrochemicals, each exceeding 100 million yuan in net inflow [1] Group 2 - A total of 1,658 individual stocks received net financing inflows on September 2, with 96 stocks having net inflows exceeding 50 million yuan [1] - Among these, 37 stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 1.367 billion yuan [1] - Other notable stocks with significant net inflows included Dongfang Wealth, Top Group, BeiGene, Data Port, Pacific, Sanhua Intelligent Control, Kunlun Wanwei, and Huahong Semiconductor, each with net inflows exceeding 200 million yuan [1]

Group 1: Macroeconomic Insights - Fixed asset investment data in July showed weakness, indicating a need for structural adjustment in the economy[2] - China's GDP growth in the first half of the year was 5.3%, with a target of 5% for the full year, suggesting a manageable outlook for the second half[2] - Historical data indicates that a significant reduction in industrial long-term loans in 2016 was a key factor in the economic recovery, despite weak financial data[12] Group 2: Market Strategy and Trends - Current market conditions show no significant overheating, with market capitalization expanding faster than trading volume[4] - A-share valuations remain reasonable, with expectations of performance recovery driven by inflation[17] - The average return of equity mixed funds was 2.82%, while stock ETFs averaged 2.85% this week, indicating positive fund performance[36] Group 3: Fixed Income and Bond Market - The 10-year government bond yield is seen as having value around 1.8%, with limited upward movement expected in the near term[23] - The bond market is currently not favorable for trading, suggesting a wait-and-see approach for better opportunities[24] - Recent bond issuance has seen yields priced between 3% and 6%, reflecting the impact of new tax policies[22] Group 4: U.S. Inflation Risks - U.S. core personal consumption expenditures (PCE) inflation is expected to rise, potentially exceeding 3% in the second half of the year[28] - Household consumption capacity remains strong, indicating low recession risks despite rising inflation[26] - The employment market shows signs of recovery, which could further support consumer spending and economic stability[27]