- The report categorizes fund advisory products into various types based on equity weight and asset allocation distribution, including pure bond type (0%), fixed income+ type (0%-20%), mixed stock-bond type (20%-70%), stock type (70%-100%), and multi-asset allocation type, with further segmentation of stock-type advisory products into QDII type, industry theme type, and ordinary stock type based on strategy characteristics and income sources[11][17] - Performance statistics show that in November 2025, equity assets performed poorly overall, while pure bond and multi-asset allocation advisory products performed relatively better. Absolute return averages for November were: pure bond type (0.1%), fixed income+ type (-0.2%), mixed stock-bond type (-0.9%), stock type (-1.8%), and multi-asset allocation type (-0.2%). Median absolute returns since 2025 were: pure bond type (1.4%), fixed income+ type (4.2%), mixed stock-bond type (12.3%), stock type (23.0%), and multi-asset allocation type (12.7%)[12][13][16] - Among stock-type advisory products, active selection strategies had the highest relative returns in November 2025, while industry rotation strategies led in returns since 2025. November absolute returns were: active selection (-2.4%), index-driven (-2.6%), and industry rotation (-3.5%). Absolute returns since 2025 were: active selection (23.0%), index-driven (21.7%), and industry rotation (25.6%)[16][21][3] - Fund advisory products with high returns since 2025 include: multi-asset allocation type (e.g., "Global Daily Accumulation" with 28.6% return), stock type (e.g., "Anxin Aggressive 90" with 45.6% return), mixed stock-bond type (e.g., "Peach and Plum Silent" with 25.3% return), fixed income+ type (e.g., "Guotai Idle Money Steady Walk" with 13.3% return), and pure bond type (e.g., "Zhidao AI Stable Type" with 6.0% return)[23][24][26][27][28] - In November 2025, 131 fund advisory products underwent portfolio adjustments. Key allocation changes included increased exposure to A-shares, cash and currency, U.S. stocks, overseas bonds, and emerging markets, while reducing exposure to Hong Kong stocks, gold, other commodities, and bonds[29][33][34] - Sector allocation changes in A-shares for November 2025 included increased exposure to coal, power equipment, basic chemicals, and food and beverages, while reducing exposure to pharmaceuticals, electronics, and non-ferrous metals[36][37][38]