国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或可以 具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对未来 一段时间较高波动的市场行情。 （文章来源：每日经济新闻） 德邦证券表示，市场轮动加快，建议维持科技+消费均衡配置。美联储降息25BP后全球风险偏好回升、 流动性预期宽松；国内方面近期伴随市场调整而陆续发布的各项利好如险资风险因子下调及内需的定调 均体现当前政策层面对市场的呵护，未来市场或仍将震荡上行。 ...

Group 1 - The core viewpoint of the article suggests maintaining a balanced allocation between technology and consumer sectors as market rotation accelerates [1] - Following a 25 basis point rate cut by the Federal Reserve, global risk appetite has rebounded, and liquidity expectations have become more accommodative [1] - Recent domestic policy measures, such as the adjustment of risk factors for insurance capital and the emphasis on domestic demand, indicate a supportive stance from policymakers towards the market [1] Group 2 - The domestic economy appears to be in a recovery phase, with ongoing narratives surrounding artificial intelligence continuing to support a positive market outlook [1] - It is recommended to focus on representative broad-based indices, prioritizing the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760) to better navigate the anticipated high volatility in the market [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 天风证券表示，11月市场在创下阶段新高后出现波动，整体维持高位震荡蓄力。中美两国领导人再度通 电话且特朗普称明年将访华，双方关系或进一步缓和。另外，12月美联储降息预期再度扭转，多位官员 发表鸽派言论，市场流动性或将改善，静待年底中央经济工作会议以及下一任美联储负责人人选。微观 流动性层面，公募偏股新发份额回升，机构新增开户数也大幅提升，险资权益类资产资金占整体余额比 例大幅增加，交易脉冲指标降幅明显收窄，酝酿新一轮交易脉冲。 国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或可以 具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对未来 一段时间较高波动的市场行情。 ...

Group 1 - The core viewpoint is that the A-share profit cycle may have reached a turning point, with a significant probability of profit indicators rebounding by Q3 2025, indicating a gradual stabilization of A-share profits [1] - Since the mid-2025 interim report, A-share profit indicators have shown signs of bottoming out, with the year-on-year decline in EPS for the entire A-share market narrowing in the third quarter [1] - There are clear signs of stabilization and rebound in key profitability metrics such as ROE, suggesting that critical indicators of profitability are gaining upward momentum [1] Group 2 - The domestic economy is likely in a recovery phase, supported by policies aimed at "anti-involution" and boosting domestic demand, which may further enhance the A-share profit cycle [1] - The ongoing narrative surrounding artificial intelligence continues to provide market support, indicating a favorable outlook for the market [1] - For investment allocation, it is recommended to focus on representative broad-based indices, prioritizing the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760) to better navigate the anticipated high volatility in the market [1]

Core Insights - The article indicates that the Federal Reserve is expected to continue lowering interest rates until 2026, with relatively stable China-U.S. relations, although geopolitical risks remain [1] - China's macroeconomic policies are anticipated to maintain continuity, with strong economic growth resilience driven by domestic demand expansion and anti-involution policies, leading to a rebound in inflation [1] - The A-share market is expected to improve in liquidity, with reasonable valuations and potential profit growth, particularly in emerging industries and China's economic transformation [1] Economic Outlook - The domestic economy may be in a recovery phase, with ongoing narratives around artificial intelligence supporting market optimism [1] - The market is expected to have support for continued positive performance, suggesting a focus on broad-based indices [1] Investment Recommendations - It is suggested to prioritize investments in representative broad-based indices, specifically the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), which may better withstand higher market volatility in the near term [1]

Core Viewpoint - The current technology market is not yet over, with expectations for continuation after a short-term correction, primarily due to the low likelihood of a fundamental reversal in the AI industry in the US stock market [1] Group 1: US Market Insights - AI industry leaders continue to show strong performance growth, providing a positive outlook for A-share companies [1] - Share buybacks by US-listed companies are significantly offsetting institutional selling pressure, contributing to market stability [1] - The potential for high volatility and internal clearing at the individual stock level exists, but a systemic collapse similar to the 2000 tech bubble is unlikely [1] Group 2: A-share Market Outlook - The current stage of the AI sector in the A-share market corresponds to the period from 2023 to 2024 in the US, where funding is shifting from hardware to applications [1] - The hardware infrastructure phase has been fully realized, while the equipment and materials sectors are beginning to develop, and the application layer is just starting [1] - The domestic economy appears to be in a recovery phase, with ongoing support for technology narratives centered around artificial intelligence [1] Group 3: Investment Recommendations - It is suggested to focus on representative broad-based ETFs, particularly the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), to better navigate the anticipated high volatility in the market [1]

Core Viewpoint - The A-share market is currently in a mid-stage bull market, with expectations for continued inflows from residents' deposits, public funds, and foreign capital [1] Group 1: Market Performance - The Shanghai Composite Index experienced fluctuations and a decline, while the Shanghai Composite Index ETF (510760) saw a net inflow of over 360 million yuan for five consecutive days [1] - It is anticipated that the A-share market will operate with volatility in November, with a focus on low-level rebounds, profit recovery, and technology themes [1] Group 2: Economic Outlook - The domestic economy may be in a recovery phase, with ongoing narratives surrounding artificial intelligence supporting a positive market outlook [1] - The recommendation is to focus on representative broad-based indices, prioritizing the CSI A500 ETF (159338) and the Shanghai Composite Index ETF (510760) to better navigate the expected high volatility in the market [1]

Core Viewpoint - The A-share market is currently experiencing a tug-of-war around the 4000-point level, influenced by external and internal factors, with a focus on the potential for a recovery in the domestic economy and ongoing narratives around artificial intelligence [1] Group 1: Market Dynamics - The rebound of the external US dollar index is suppressing technology valuations [1] - Internal factors include accumulated profit-taking in technology stocks and some disappointing earnings reports, leading to a differentiated and volatile A-share market [1] - The market is expected to remain volatile in November, with a focus on low-position rebounds, earnings recovery, and technology policy themes [1] Group 2: Investment Strategy - The current bull market in A-shares is considered to be in its mid-stage, awaiting additional capital inflows from residents, public funds, and foreign investments [1] - Recommended investment strategies include focusing on broad-based indices, particularly the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), which may better withstand upcoming market volatility [1] Group 3: Economic Outlook - The domestic economy is believed to be in a recovery phase, with ongoing support for a positive market outlook [1] - The narrative surrounding artificial intelligence continues to be a significant driver in the technology sector [1]

Core Viewpoint - The market is supported by a stable and improving fundamental backdrop, with limited impact from short-term disturbances [1] Group 1: Domestic Economic Conditions - Domestic demand is showing stable recovery supported by policy measures [1] - The economy may be in a recovery phase, with ongoing narratives around artificial intelligence driving market optimism [1] Group 2: External Economic Conditions - External demand remains resilient despite occasional trade protectionism, with the overall foreign trade environment remaining stable [1] Group 3: Investment Recommendations - It is suggested to focus on broad-based indices for investment, particularly the CSI A500 ETF (159338) and the Shanghai Composite Index ETF (510760), which may better navigate the anticipated market volatility in the near term [1]

Core Insights - The overall market has shown strong resilience since the index surpassed 4000 points, with a continuous upward shift despite occasional fluctuations [1] - The calendar effect is expected to re-emerge as the end of 2025 approaches, supported by the ongoing restructuring of international monetary order and significant breakthroughs in the renewable energy battery sector [1] - China's innovative industries are gradually realizing performance results, which is anticipated to continue supporting the performance of Chinese assets [1] Economic and Market Outlook - The domestic economy appears to be in a recovery phase, with the narrative surrounding artificial intelligence continuing to gain traction [1] - The market outlook remains positive, with recommendations for broad-based core allocations, particularly in the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), which may better withstand the anticipated high volatility in the near term [1]