Core Viewpoint - The overall market showed a slight increase, with the index remaining at 4.1 stars, indicating a stable market condition [1]. Group 1: Market Performance - Large, medium, and small-cap stocks all experienced gains, with minimal volatility observed [2]. - The cash flow and value style indices rose, approaching normal valuation levels after today's increase [3]. - Growth style stocks also saw an overall increase [4]. - Hong Kong stocks performed relatively stronger than A-shares, with technology stocks leading the gains in the Hong Kong market [5][6]. Group 2: Trading Schedule and Fund Management - The upcoming New Year holiday will affect trading schedules, with normal trading for A-shares on Wednesday, but the Hong Kong Stock Connect will be suspended [9]. - Funds containing Hong Kong stocks will also pause subscription and redemption transactions on Wednesday [10]. - Trading will resume normally after the holiday [12]. Group 3: Investment Strategies - The investment strategy includes a pause on regular contributions to the index-enhanced advisory portfolio as it returns to normal valuation, while continuing to hold existing investments [12]. - The active selection advisory portfolio is priced at 9,456 yuan, and the monthly salary treasure advisory portfolio is at 10,000 yuan, both available for investment [12]. - The personal pension fund investment strategy continues with regular contributions to the CSI A50 and 300 dividend low volatility funds, with a focus on long-term investment opportunities [19]. Group 4: Valuation Insights - A valuation table is provided, detailing various indices, their price-to-earnings ratios, dividend yields, and return on equity percentages, which can guide investment decisions [22]. - The valuation table indicates that certain funds are currently undervalued and suitable for regular investment, while others are at normal valuation and can be held [29].

Core Viewpoint - The core message emphasizes the need for collaboration among wealth management institutions to create a sustainable and prosperous wealth management ecosystem, as articulated by Wang Liang, the president of China Merchants Bank, during the "2025 Wealth Partner Forum" [1][2]. Group 1: Wealth Management Ecosystem - The wealth management ecosystem is expanding, with more institutions joining the collaboration, including major players like Fortune Fund, Xinhua Life, and others, totaling over 150 partner institutions [3][6]. - The focus is on high-quality development in wealth management, requiring collective efforts from the entire industry to adapt to structural changes and meet evolving client needs [6][8]. Group 2: Market Dynamics and Challenges - China Merchants Bank reported significant asset management figures, with retail client total assets exceeding 16 trillion yuan and asset management scale nearing 4.5 trillion yuan, indicating a rapid growth trajectory [7]. - The bank faces challenges such as a concentration of wealth among a small percentage of clients, with 2.5% of clients holding over 80% of assets, reflecting a growing wealth disparity [7]. Group 3: Future Outlook and Technology Integration - The financial industry is entering a low-interest-rate era, prompting a shift in wealth management strategies to balance risk, return, and liquidity [8]. - There is a growing demand for comprehensive global asset allocation services, and the integration of AI in financial services is seen as a key trend for future development [10].