长期累计收益比较（全收益） 被低估的"慢" 随着居民财富管理需求增加，资产配置的重要性愈发凸显。将不同的资产进行科学合理的配置，可以帮助投资者更好地平衡收益和风 险，理性应对市场波动，实现长期投资目标。 易方达基金说 许多年以后，我们回望A股的涨跌沉浮，依然会想起那场跨越十三载的相逢。 2013年初，如果将目光投向A股市场的两大风格赛道：一边是"老成持重"的红利低波指数，一边是"新经济引擎"创业板指，恐怕很难想 象，这两条不同底色的轨迹，在2025年9月一个普通的日子，悄然对齐了收益的刻度。 这是一个投资世界里的浪漫寓言，一场你我亲历的"龟兔赛跑"。 红利低波指数与创业板指的 在多数人认知里，红利投资总是带着"暮气"：缺乏高增长叙事，只剩稳定经营与持续分红，是市场里"沉默的配角"。 当成长股借热门概念冲锋时，红利投资总是被遗忘在角落。它的"慢"，被误读为"停滞"；它的稳定，被曲解为"平庸"。 但很少有人意识到，这种"慢"，恰恰是它在长跑中不掉队的根基。以红利指数的编制运作来看，根基体现在三大特征： 用纪律对抗情绪：红利指数的编制规则是系统化价值筛选机制，注重持续分红能力（要求3年连续现金分红）、强调估值安全边 ...

Market Performance - The Sci-Tech 50 Index decreased by 3.85% over the last five trading days, while the ChiNext Index fell by 3.01%. In contrast, the large-cap value stocks rose by 1.44%, and large-cap growth stocks declined by 1.64%. The Shanghai Stock Exchange 50 Index saw a minimal increase of 0.003%, and the small-cap index represented by the CSI 2000 dropped by 0.53%. The comprehensive and textile apparel sectors performed well, whereas the communication and electronics sectors lagged behind [1]. Valuation Levels - As of November 14, 2025, the static PE of the CSI All Share Index is at a percentile rank of 81%. The Shanghai Stock Exchange 50 and CSI 300 indices are at 77% and 73%, respectively. The ChiNext Index is close to the 50th percentile, while the CSI 500 and CSI 1000 indices are at 62% and 61%, respectively. The valuation of the ChiNext Index is relatively at the historical median level [1]. Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.78% as of November 14, 2025. The two-standard deviation boundary is at 4.74% [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 12.2 billion yuan, while the margin trading balance increased by approximately 7.7 billion yuan. The average daily trading volume across both markets was 20.226 billion yuan [2]. Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI High Dividend Strategy Index, and CSI Tourism Theme Index among others [2][3].

Group 1: Investment Strategy Overview - The report emphasizes a bullish stance with a focus on support levels in various markets, suggesting that investors should look for buying opportunities as long as key support levels hold [5][9][19]. - In the A-share market, the report identifies the ChiNext index as leading the gains, with support levels at 3070 points for ChiNext and 3920 points for the Shanghai Composite Index [5][19]. - The report anticipates a continued downtrend in the bond market, particularly for 30-year government bonds, with a target near the low point from September 30, 2024 [4][15]. Group 2: Market Performance and Sector Analysis - The report notes improved market sentiment, with sectors such as non-ferrous metals, batteries, and chemicals leading the gains, while technology stocks are expected to show divergence based on earnings support [5][19]. - The report highlights that the technology sector's absorption rate has fallen below 25%, indicating a release of crowded positions, but suggests that time is still insufficient for a full recovery [19][23]. - The energy metals and battery sectors are noted as strong performers, while banks and oil & gas development sectors are lagging [19]. Group 3: U.S. Market Insights - The report indicates that the end of the U.S. government shutdown has positively impacted U.S. stock markets, with the S&P 500 index showing support at approximately 6630 points [6][25]. - The potential implementation of a $2000 subsidy for low-income individuals by the Trump administration is highlighted as a factor that could significantly stimulate the U.S. economy, although its feasibility remains uncertain [6][25]. Group 4: Currency and Commodity Markets - The report states that the onshore RMB against the USD was reported at 7.0964, reflecting a decline of 156 basis points, with expectations of a weaker dollar index in the short term [26]. - The Wenhua Commodity Index increased by 0.34%, with most sectors rising, except for a significant drop in the oil sector, suggesting a cautious approach to commodity investments [32].

Core Points - The major indices of A-shares have experienced a further decline, with the Shenzhen Component Index dropping by 2% [1] - The Shanghai Composite Index has decreased by 0.71% [1] - The ChiNext Index has seen a decline of 2.35% [1]

Group 1 - The article discusses various investment styles, particularly focusing on "deep growth" stocks, which are less common in funds but prevalent in new stocks on the Sci-Tech Innovation Board and the ChiNext Board [4] - "Growth" style stocks are characterized by high revenue and profit growth, often trading at significantly higher valuations than the market average, with typical price-to-earnings ratios ranging from 40 to 50 times [6][7] - "Growth value" style stocks are in a mature phase with slowing revenue growth but can maintain profitability through cost control, often represented by high ROE stocks in sectors like consumer goods, pharmaceuticals, and technology [8][10] Group 2 - "Deep value" style stocks show stable dividends and high dividend yields, with performance expected to be strong from 2022 to 2024, reflecting a trend of style rotation in the A-share market [11][12] - The article highlights a historical performance pattern where growth styles dominated from 2019 to 2021, while value styles are expected to be strong from 2022 to 2024, with a potential shift back to growth styles in 2025 [12][13] - Understanding the characteristics of different styles allows for strategic adjustments in portfolio allocation based on valuation opportunities [12]

Core Viewpoint - The article discusses the contrasting investment styles of dividend stocks and growth stocks, highlighting how both have reached similar return levels despite their differing characteristics and market perceptions over the years [1][4]. Group 1: Dividend Stocks - Dividend stocks are often perceived as "slow" and are overlooked in favor of growth stocks, which are associated with rapid innovation and high returns [5][6]. - The characteristics of dividend stocks include a systematic value screening mechanism, a focus on sustainable dividend payments, and a stable performance that is less affected by market volatility [6][9]. - The long-term performance of dividend strategies is attributed to their disciplined approach, emphasizing steady returns and the power of compounding through reinvested dividends [12][13]. Group 2: Growth Stocks - Growth stocks are characterized by their high volatility and the constant shift in narratives, which can lead to significant emotional stress for investors [9][10]. - The allure of growth stocks lies in their potential for rapid returns, but this comes with high risks and uncertainties, making it challenging for investors to maintain their positions during market fluctuations [10][11]. - The article emphasizes that while growth investing can uncover significant opportunities, it requires a strong ability to navigate market changes and withstand emotional pressures [13][14]. Group 3: Investment Philosophy - The article contrasts the investment philosophies of dividend and growth strategies, suggesting that dividend investing may be more suitable for average investors seeking stable returns without the need for precise market timing [12][13]. - It poses a reflective question for investors about their ability to handle volatility and market emotions, suggesting that a dividend strategy may offer a more suitable approach for those who prefer a steady accumulation of wealth [13][14]. - The conclusion emphasizes that in the long-term investment landscape, the choice between being a "shooting star" (growth investor) or a "constant star" (dividend investor) is crucial for achieving sustainable wealth [15][16].

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily, weekly, monthly, and yearly changes in index returns, with the highest annual return observed for the ChiNext Index at 42.85%[10][11][13] - It compares indices against their moving averages (MA5, MA10, MA20, MA60, MA120, MA250) and their 250-day high and low levels, showing that all indices remain above their 5-day moving averages, except the CSI 2000, which fell below its 10-day moving average[13][14] - The turnover rate and trading volume share are analyzed, with CSI 2000 having the highest turnover rate at 3.56, while the CSI 300 accounts for the largest trading volume share at 26.89%[16][17] - Daily return distributions are examined, revealing that the ChiNext Index has the largest negative skewness and kurtosis deviation, while the CSI 300 has the smallest[23][24] - Risk premium analysis is conducted using the 10-year government bond yield as the risk-free rate, showing that the CSI 1000 and CSI 2000 have higher volatility in risk premiums compared to other indices[26][27][30] - PE-TTM ratios are evaluated as valuation metrics, with CSI 500 and CSI All Index showing the highest 5-year percentile values at 98.18% and 97.44%, respectively, while the ChiNext Index has the lowest at 58.51%[38][41][42] - Dividend yield analysis indicates that the ChiNext Index and CSI 1000 have the highest 5-year historical percentile values at 69.42% and 46.2%, respectively, while CSI 2000 and CSI 500 have the lowest at 20.25% and 16.28%[46][51][52] - The report also tracks the percentage of stocks trading below their net asset value (break-net ratio), with the highest ratio observed for the SSE 50 at 18.0% and the lowest for the ChiNext Index at 1.0%[53]

Core Insights - The article emphasizes the importance of the ChiNext Index as a key indicator of China's new economy and its role in guiding rational value investment for investors [1][2] - The event organized by Great Wall Fund aims to promote the ChiNext Index and enhance understanding of its investment value among financial professionals [1][2] Group 1: Industry Trends - The A-share index system has been continuously improving, showcasing a trend towards refinement and diversification [1] - The ChiNext Index has a total market capitalization of 8.37 trillion yuan as of October 16, 2023, highlighting its significance as a growth engine in the A-share market [1] Group 2: Investment Opportunities - The ChiNext Index represents China's technological innovation and emerging industries, characterized by high growth and elasticity, making it a vital tool for investors to participate in the transformation of China's economic structure [2] - Great Wall Fund's ChiNext Index Enhanced Fund utilizes quantitative models to track the index closely while adjusting sector and stock deviations to aim for better returns for investors [2] Group 3: Company Initiatives - Great Wall Fund's "Wealth Great Wall Journey" initiative has been ongoing since 2021, focusing on investor engagement through various formats, including online and offline events, with over 7,000 sessions held to date [2][3] - The company is committed to promoting inclusive finance and providing professional market insights and diverse product tools to support the high-quality development of the capital market [3]

Core Insights - The article emphasizes the importance of the ChiNext Index as a key indicator of China's new economy and its role in guiding investors towards rational value investment [1][2]. Group 1: Investment Opportunities - The ChiNext Index has a total market capitalization of 8.37 trillion yuan as of October 16, 2023, highlighting its significance as a growth engine in the A-share market [1]. - The Longcheng ChiNext Index Enhanced Fund achieved a one-year return of 50.47% as of September 30, 2023, outperforming its benchmark of 46.43% and ranking in the top 15% among similar funds [2]. - The event aimed to deepen the understanding of the investment value of the ChiNext Index and promote index investment tools to meet the growing demand for index-based investment [2]. Group 2: Industry Trends - The article notes that the A-share index system is becoming more refined and diversified, reflecting the high-quality development of the Chinese economy and the continuous optimization of its industrial structure [1]. - The technology innovation industry is experiencing accelerated growth, particularly since 2025, driven by advancements in AI and solid-state battery technologies [1]. - The Longcheng Fund's activities are part of a broader initiative to promote inclusive finance and support the high-quality development of the capital market [3].

Group 1 - The core idea of the report is to apply a "multi-factor cross-sectional stock selection" model to broad index allocation, constructing a style factor library based on a selected pool of broad indices and scoring them according to cross-sectional factor values to establish an optimal broad index combination [1][13]. Group 2 - The model construction involves three steps: first, building a rich factor library based on the selected broad index pool; second, creating a "composite evaluation index" for dynamic optimization of the style factor library; and third, scoring and ranking the broad index pool based on the optimized style factors [2][19]. Group 3 - The selected broad index pool includes six indices: Shanghai Stock Exchange 50, CSI 300, CSI 500, CSI 1000, CSI Dividend, and ChiNext [2][15]. - The style factor library consists of eight major categories: valuation, quality, growth, momentum, turnover rate, market beta, volatility, and market capitalization [2][27]. Group 4 - The backtesting results indicate that the model performs stably over the long term, achieving an annualized absolute return of 15.7% and an annualized excess return of 10.9% during the entire sample period [3][41]. - The out-of-sample annualized absolute return is 9.6%, with an annualized excess return of 10.0%, and since 2025, the absolute return has reached 32.0% with an excess return of 11.8% [3][41].