Report Industry Investment Rating No relevant information provided. Report Core View - As of the end of November 2025, there were 469 fund investment advisor portfolios on the Tiantian Fund APP, an increase of 4 from the end of the previous month. Among them, there were 2 new balanced, 1 new aggressive, and 1 new consumer-themed portfolio [2][8]. - In terms of performance, over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the median return of the stable portfolio underperformed. In November, the median returns of aggressive, balanced, and stable portfolios outperformed both similar FOF products and their benchmarks. Among the track-type portfolios, only the gold track had a positive median return in November. For the regional portfolios, both the Hong Kong stock strategy and overseas strategy portfolios had median returns that underperformed their benchmarks in November [2][17][24]. - Regarding position changes, stable portfolios reduced bond funds and increased QDII funds; balanced portfolios reduced bond funds and increased money market funds; aggressive portfolios reduced hybrid funds and increased QDII funds. In terms of individual fund positions, consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [2][33][42]. - In November 2025, there were 91 portfolio adjustments, an increase of 1 from the previous month. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds [2][65]. Summary by Directory Fund Investment Advisor Portfolio Overall Situation - **Portfolio Structure**: As of the end of November 2025, there were 412 stock-bond central, 36 track-type, and 21 regional investment advisor portfolios. The number of stock-bond central portfolios dominated, with the aggressive type being the most numerous among them. Track-type portfolios were concentrated in growth industries, and regional portfolios mainly targeted global overseas markets including Hong Kong and US stocks [8]. - **Investment Advisor Institution Distribution**: Institutions such as Huabao Securities, Guolian Securities, Southern Fund, and Zhongou Fortune had a relatively large number of portfolios on the platform. The top ten institutions accounted for 66% of the total. Most of the portfolios were established between February and May 2022, with 2 new portfolios launched in November 2025 [12]. Investment Advisor Portfolio Performance Tracking - **Stock-Bond Central Investment Advisor Portfolio Performance**: Over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the stable portfolio underperformed. In November, all three types outperformed similar FOF products. Compared with the benchmark, the median returns of aggressive portfolios underperformed the benchmark over the past year, while the other three types outperformed. In November, all three types outperformed the benchmark. The Anxin Aggressive 90 of Guolian Securities, Taoli Buyan of Guolian Securities, and Shendu Stable of Shenwan Hongyuan Fund had the highest returns this year. The Huaxia All-Weather Multi-Aggressive Allocation of Huaxia Fortune, Zhongou Multi-All-Weather of Zhongou Fortune, and China Merchants Spare Money Best of China Merchants Fund had the highest Sharpe ratios this year [16][17][21]. - **Track-Type and Regional Investment Advisor Portfolio Performance**: Over the past year, all track-type portfolios had positive median returns, with most outperforming the benchmark except for the intelligent manufacturing and gold tracks. In November, only the gold track had a positive median return, and several tracks outperformed the benchmark. For regional portfolios, the Hong Kong stock strategy portfolio outperformed the benchmark over the past year, while both the Hong Kong stock strategy and overseas strategy portfolios underperformed in November. The top-performing track-type portfolios this year were mainly in the medical and technology sectors, and the top-performing regional portfolios were mainly in the Hong Kong stock strategy, with some overseas strategy portfolios also performing well [23][24][28]. Investment Advisor Portfolio Position Adjustment Tracking - **Holding Fund Position Change Tracking**: When analyzing the position changes of 449 portfolios, stable portfolios decreased bond funds and increased QDII funds; balanced portfolios decreased bond funds and increased money market funds; aggressive portfolios decreased hybrid funds and increased QDII funds. Among the 77 portfolios that disclosed individual fund positions, stable portfolios decreased active bond funds and increased fixed-income + funds; balanced portfolios decreased active bond funds and increased money market funds; aggressive portfolios decreased quantitative funds and increased passive equity funds [33][36]. - **Investment Advisor Portfolio Individual Fund Holding Tracking**: - **Active Equity Funds**: Value-style, quantitative strategy, dividend strategy, and technology-themed fund managers were favored. Consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [38][42]. - **QDII Funds**: Products such as Southern Asia US Dollar Bond A RMB, Huaxia Hang Seng Technology ETF Link A, and Tianhong S&P 500 A were favored. Global allocation products like Huatai-PineBridge Global Medical RMB and China Merchants Pusu Global Allocation A, as well as products tracking the Hang Seng Technology Index in the Hong Kong market, were significantly increased [43][47]. - **Passive Index Funds**: Dividend low-volatility strategy index funds and industry index funds such as Hong Kong Stock Connect Internet, gold stocks, liquor, and chemicals were favored. Industry-themed index products such as banks, coal, and gold stocks were significantly increased [49][52]. - **Fixed-Income + Funds**: Products such as Invesco Great Wall Jingyi Double Dividend, Zhongou Jintong, and Yongying Stable Enhancement were favored. Products such as China Merchants Anben Zengli and Huatai-PineBridge Zunli were significantly increased [54][57]. - **Active Bond Funds**: Products managed by fund managers such as Wang Xiaochen, Wang Shuai, Fang Chang, Song Qianqian, and Ji Lingyun were favored. Products such as Zhongou Pure Bond and Fullgoal Short Bond were significantly increased [59][62]. - **Fund Investment Advisor Position Adjustment Situation Tracking**: In November 2025, there were 91 portfolio adjustments, mainly in aggressive and stable portfolios. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds. A total of 13 funds had a net increase of 5 or more investment advisor portfolios, including 3 active equity funds, 4 passive equity funds, 2 active bond funds, 3 QDII funds, and 1 commodity fund [65][70].

从政策角度看，该人士表示，随着12月召开政治局会议和中央经济工作会议，确定下一年财政和货币政 策的基调、细化政策工具箱，市场风险偏好可能被提振。此外，货币环境方面，岁末年初，保险等机构 也有布局"开门红"的需求，或为市场提供增量资金。 ◎记者 朱妍 尽管11月A股市场波动加剧，基金投顾却在逆势加仓A股资产。数据显示，11月基金投顾增配幅度最大 的是A股资产。业内人士认为，市场已提前布局跨年行情，机构投资者大概率会"抢跑"布局高景气赛 道。 基金投顾提升A股资产配置 开源证券数据显示，11月共有131只基金投顾组合进行了调仓。其中，A股资产被基金投顾组合增配的 力度最大，远超其他品种，许多基金"专业买手"已开始布局跨年行情。 "所谓A股跨年行情，通常是指在每年11月至次年3月期间，市场基于对第二年的政策、经济和盈利的积 极预期，而出现的一轮阶段性上涨行情。从历史经验来看，跨年行情并非每年都会出现，但出现的概率 较高。通常而言，跨年这个时段，确实对A股比较'友好'。"中欧财富投顾相关人士说。 盈米基金且慢团队在12月策略中直言，市场已开始为2026年春季行情做准备。当下国内股票的短期配置 价值为中性，但中长期具有 ...

Group 1 - The article discusses the recent global market downturn, highlighting a liquidity shock that has led to a collective decline in various asset classes, including global stocks, cryptocurrencies, and gold, with the Asia-Pacific region experiencing the largest drop of over 3% in Japan and South Korea [4][8]. - It emphasizes the importance of maintaining core positions in quality equity investments, particularly in a low-interest-rate environment, and suggests that the main investment themes remain unchanged despite market fluctuations [7][10]. - The article advises investors to lower their expectations and set realistic benchmarks for returns, suggesting that the focus should be on long-term investment in quality companies rather than short-term gains [13][15]. Group 2 - The article highlights the need for investors to avoid crowded trades and to be cautious about entering popular sectors unless they have a deep understanding of industry trends, using examples from the lithium battery sector and the banking sector to illustrate the risks of chasing hot stocks [17][22]. - It advocates for dynamic portfolio balancing and the acquisition of undervalued assets, suggesting that investors should assess their holdings and consider diversifying across different sectors and regions to mitigate risks [24][27]. - The article mentions the performance of the Hong Kong stock market, noting the impact of significant capital raises on valuations and the mixed results from companies like Xiaomi, which reported a 20% year-on-year revenue increase but faces concerns about sustaining growth in its automotive business [34].

基金领域也有"套娃"现象。常见的"基金套娃"有FOF和基金投顾组合，二者均投资一篮子基金，不少由 同一部门或同一班人马运作。柠檬君更看好投顾组合，但二者现阶段发展形态奇怪，FOF依赖单一渠 道，投顾组合依赖流量，业绩表现均不佳，不过"笨拙而有效"是其奥义。ETF联接基金是特殊的FOF， 主要投资目标ETF。柠檬君认为场内交易的ETF更有优势，其仓位高、交易效率高、费用低。此外，还 有一种"拼好基"产品，让权益和固收基金经理联手做"固收 +"基金，但实践证明，简单拼接优秀经理持 仓难以做好该类基金，还需考虑波动和回撤控制。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 股票名称[] 板块名称[] 基金套娃、FOF、投顾组合 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素 ...

从资产配置的角度看，在当前时点，对于偏好相对稳健风格的投资者来说，我们建议大家采取多元分散 化的资产配置策略，以更好地适应市场变化。 一方面，美元流动性相对充裕，各类资产获得风险溢价的可能性增大；另一方面，很多资产也进入了高 估区域，难以找到兼具赔率与胜率的优质标的。此外，国际局势也面临不确定因素，所以分散化资产配 置的策略或许是性价比更高的选择。 展望四季度，广发基金投顾团队指出，美元流动性环境预计将保持宽松。从宏观层面来看，近期美联储 的降息更多的是预防式降息，美国经济还未有明显衰退的迹象，但是美联储的动作很积极，在这种场景 下流动性或会在更大程度上影响市场的表现。在此背景下，团队对美股持谨慎乐观态度，并关注美债与 新兴市场的配置机会。 具体来说，美股方面，在当前全球流动性较为充裕的情况下，美联储降息对于美股是相对利好的。美国 市场的中长期收益主要取决于整体盈利水平、估值水平以及市场的流动性。在人工智能的浪潮下，我们 可以看到美股今年前三季度的盈利较好，市场对企业未来的盈利预期也相对乐观。但值得注意的是，美 股当前估值处于历史相对高位，所以团队对于美股持谨慎乐观态度。 美债方面，美债收益率近一年整体波动较 ...

Group 1 - The A-share market has reached a significant milestone with the Shanghai Composite Index closing above 4000 points, marking the highest level since August 18, 2015 [1] - The market rally since September 24 has been primarily driven by several types of funds, including broad-based ETFs and margin financing, with active equity public funds and non-broad-based ETFs focusing on industry sectors playing a key role since July [1] - Institutional investors show a preference for cyclical and large financial sectors, while individual investors are more focused on the consumer sector; both groups are interested in gold and chips, with institutions also favoring military and dividend-related sectors, while individuals lean towards pharmaceuticals and securities [1] Group 2 - The current growth rate of household deposits has not significantly declined, indicating that while there is an emerging willingness among residents to invest, large-scale market entry has not yet commenced, suggesting that the entry of residents is still in the early stages [2] - There has been a notable shift in foreign capital flows since July, with a slowdown in active foreign capital outflows and a significant net inflow of passive foreign capital, driven by the attractiveness of China's emerging industries and competitive valuations in the global market [2] - The market is characterized by a steady allocation from institutional investors, gradual participation from individual investors, and improved inflow dynamics from overseas investors, highlighting the importance of monitoring individual investor participation, domestic policy implementation, and foreign capital flows for potential structural investment opportunities [2]

Core Viewpoint - The article emphasizes the role of the securities industry in promoting inclusive finance, particularly in reaching new citizens and minority regions, showcasing the innovative practices of Hongta Securities in this regard [2][3][7]. Group 1: Service to New Citizens - The expansion of the "new citizen" demographic, particularly in regions like Yunnan, presents a significant opportunity for financial institutions to enhance their service capabilities [3]. - Hongta Securities identifies the approximately 300 million farmers transitioning to urban life as a key growth area, shifting its focus from high-net-worth clients to middle-class, working-class, and new citizen demographics [3]. - The firm is transitioning from a "sell-side" to a "buy-side advisory" model, prioritizing client interests over product sales, with performance metrics now centered on client asset size and satisfaction [3][4]. Group 2: Financial Education Initiatives - Hongta Securities addresses the challenges of financial literacy in minority regions by providing education in local languages, thereby breaking down barriers to understanding financial concepts [5][6]. - The company has developed bilingual educational materials, such as a dual-language picture book on securities law, to cater to the needs of local populations [6]. - The focus on practical financial education aims to empower local communities and mitigate risks associated with financial fraud [5][6]. Group 3: Local Advantages and Trust Building - Hongta Securities leverages its local knowledge and understanding of the economic context to create tailored financial products and services for regional investors [7]. - The firm emphasizes a "teach to fish" approach to build trust and enhance financial literacy among investors in Yunnan, where traditional sales methods have proven ineffective [8]. - By integrating local data and experiences into its service offerings, Hongta Securities fosters a positive feedback loop that benefits both its investment and wealth management divisions [7].

Core Viewpoint - The article discusses how Hongta Securities is exploring inclusive financial practices tailored to the characteristics of border areas, focusing on serving "new citizens" and ethnic minority regions through various innovative strategies [1][2]. Group 1: Service Transformation - Hongta Securities views the approximately 300 million farmers transitioning to urban citizens as a significant growth opportunity, shifting its wealth management services from high-net-worth clients to a broader demographic including middle-class, working-class, and new citizens [2][3]. - The company is transitioning its business model from a "sell-side" approach to a "buy-side advisory" model, centering on client interests rather than product sales, with performance metrics now focusing on client asset size (AUM), retention rates, and satisfaction [2][3]. Group 2: Product Accessibility - Hongta Securities offers low-threshold investment products, such as fund advisory combinations starting from 1,000 yuan and stable strategy products, designed to lower the barriers for investor participation and enhance financial service accessibility [3]. Group 3: Investor Education - The company addresses the challenges of financial literacy in ethnic minority regions by providing education in local languages, recognizing the barriers posed by language and cultural differences [4][5]. - Hongta Securities has created bilingual educational materials, such as the first bilingual investment education picture book in Chinese and Dai, to cater to the needs of local populations [5][6]. Group 4: Local Advantages - The company's success in implementing inclusive finance is attributed to four key advantages: a deep understanding of the local economic context, a trust-building education system, enhanced local data application, and the digitization and productization of regional experiences [7][8]. - Hongta Securities leverages its geographical advantages and extensive involvement in local economic development to gain insights into local industry dynamics, funding needs, and risk characteristics, which informs its wealth management strategies [7].

Core Viewpoint - The Chinese capital market is undergoing a profound transformation from scale expansion to quality improvement, with a strategic goal of cultivating first-class investment banks and enhancing the functional positioning of the securities industry as outlined in the 2023 Central Financial Work Conference [1][2]. Group 1: Financial Strategy and Regulatory Changes - The 2023 Central Financial Work Conference introduced the goal of building a "financial power" and emphasized the cultivation of first-class investment banks, marking a historical shift in the functional positioning and development model of securities firms [2]. - The China Securities Regulatory Commission (CSRC) issued guidelines in March 2024 to strengthen the regulation of securities companies and public funds, prioritizing functional roles and setting specific requirements for market stability, professional capability enhancement, and long-term investor returns [2][3]. - The revised Securities Company Classification Evaluation Regulations, effective from August 2025, highlight the importance of functional performance and introduce new indicators to guide securities firms in enhancing their service capabilities [3]. Group 2: Business Transformation and Functional Enhancement - Investment banking is shifting from a focus on IPO underwriting to providing comprehensive lifecycle services, addressing the diverse needs of technology and green energy companies throughout their development stages [4][5]. - Wealth management is transitioning from a commission-based model to a client-centric advisory approach, emphasizing the importance of aligning services with clients' long-term wealth preservation and growth goals [6][7]. - Institutional business is evolving from basic trading services to a comprehensive capital intermediary model, driven by the diverse needs of institutional investors for integrated financial services [8]. Group 3: Professional Service Capability Improvement - The establishment of a unique financial culture and incentive mechanisms is crucial for supporting functional development, ensuring alignment with national financial reform and regulatory requirements [9][10]. - Enhancing business collaboration capabilities is essential for breaking down internal resource silos and maximizing comprehensive service efficiency, necessitating organizational adjustments and the establishment of collaborative management structures [11][12]. - Developing advanced financial technology capabilities is a key driver for functional construction, enabling a shift from traditional labor-intensive models to data-driven approaches that enhance client services, research analysis, and risk management [13][14].

Group 1 - The total number of fund advisory portfolios on the Tian Tian Fund APP reached 454 as of the end of August 2025, an increase of 4 from the previous month, with new portfolios in consumption, pharmaceuticals, dividends, and overseas strategies [9][10][11] - The performance of the fund advisory portfolios showed that the median return of the equity-debt balanced portfolios lagged behind similar FOF products over the past year, with all types of equity-debt balanced portfolios underperforming their benchmarks in the month [17][18] - The active equity funds saw significant increases in holdings, particularly in quantitative strategies, industry rotation strategies, and growth styles, indicating a shift towards more dynamic investment approaches [41][42] Group 2 - The performance of sector-specific portfolios indicated that all sector portfolios had positive median returns over the past year, with pharmaceuticals, new energy, consumption, dividends, and state-owned enterprises outperforming their benchmarks [23][27] - The regional portfolios, particularly those focused on Hong Kong stocks, outperformed their benchmarks over the past year, while overseas strategy portfolios underperformed in the same period [22][23] - The top-performing sector portfolios this year were concentrated in pharmaceuticals and technology, with the highest returns coming from the "Pharmaceutical Hamburger" and "China's Hard Technology" portfolios [25][27] Group 3 - The tracking of fund positions revealed that the conservative advisory portfolios reduced their holdings in index funds while increasing their allocation to mixed funds, reflecting a strategic shift in asset allocation [30][32] - The balanced advisory portfolios decreased their bond fund holdings and increased their mixed fund allocations, indicating a preference for more flexible investment strategies [32][35] - The aggressive advisory portfolios also reduced their stock fund holdings while increasing their allocations to active equity funds, suggesting a trend towards more active management in pursuit of higher returns [32][35]