香港基金公会投资基金委员会联席主席邹建雄表示，市场预计美国息口趋势将保持向下，投资者正积极 提前部署购买高评级环球债券基金，亦有部分投资者计划将资金投放股票基金市场。 邹建雄提及，过去数年银行定存息口高企，投资者作出规避风险(risk-off)的投资举动，并将资金投入定 期存款产品，推动银行存款数字近年激增。 同时他也表示，现时股票基金投入金额表现，相对债券或其他投资板块仍然较少，至于净销售数字仍然 波动，故认为股票基金表现并未完全反映减息预期带来的利好因素。 但随着美联储降息预期逐步升温，相关趋势为市场构成良好的投资背景。邹建雄预计，美国息口继续向 下、公司盈利继续向好的大环境下，将刺激投资者更积极入市购买各类投资产品。 ...

Core Viewpoint - The market experienced a pullback on November 14, but high dividend stocks, particularly in the banking sector, showed resilience, with the value ETF (510030) gaining 0.18% despite the overall market decline [1][3]. Market Performance - The value ETF (510030) fluctuated positively throughout the day, reaching a peak increase of 0.9% before closing up 0.18% [1]. - Key stocks contributing to this performance included Industrial Bank and Bank of China, both rising over 1%, along with other stocks in the shipping and petrochemical sectors [1]. Banking Sector Insights - Recent data from the central bank indicated that by the end of October, the balance of deposits in both domestic and foreign currencies reached 332.92 trillion yuan, marking an 8.3% year-on-year increase [3]. - Several small and medium-sized banks have recently adjusted their deposit products, including the removal of certain long-term deposit offerings, aimed at optimizing their liability structure and reducing costs [3]. Investment Strategy - Analysts suggest that the banking sector's high dividend yield will become increasingly attractive as market investment styles rebalance, particularly favoring state-owned banks and regional banks with strong recovery potential [3][6]. - The value ETF (510030) is heavily weighted towards the banking sector, which constitutes 47.5% of the index as of October 2025 [3]. Valuation Metrics - As of November 14, the price-to-book ratio of the value ETF's underlying index was 0.86, indicating a relatively reasonable valuation compared to historical levels [5]. - The current valuation places the index at the 46.27 percentile over the past decade, suggesting a favorable long-term investment opportunity [5]. Market Trends - The fourth quarter is typically a period of style shifts in the market, with a tendency for low valuation and value styles to gain traction [6]. - The financial sector, particularly banks, is expected to benefit from a continued focus on high dividend strategies amidst a backdrop of moderate economic recovery [6].

Summary of Conference Call Records Industry Overview - The records focus on the banking industry in China, particularly the trends in deposit rates and the behavior of depositors in response to macroeconomic conditions [1][2][3]. Key Points and Arguments 1. **Economic Activity and Deposit Behavior** - The decline in economic activity has led to reduced consumer spending and corporate investment willingness. Despite falling deposit rates, the macroeconomic situation has not significantly improved, resulting in a low-risk appetite among residents who prefer fixed-term deposits [1][2]. 2. **Impact of Deposit Rates on Fixed-Term Deposits** - Current fixed-term deposit rates in China are around 1%. Historical data from Japan indicates that fixed-term deposits only significantly decline when rates fall below 0.5%. Therefore, the trend towards fixed-term deposits is expected to continue despite lower rates [1][3]. 3. **Future Trends in Fixed-Term Deposits** - A large volume of three-year fixed-term deposits is set to mature in 2025, with an estimated total of 89 trillion yuan. It is anticipated that most of these funds will be reinvested into new fixed-term products due to limited improvement in fundamentals and the attractiveness of other investment channels [5][12]. 4. **Factors Influencing Deposit Base Growth** - The growth of the deposit base is influenced by several factors: the effectiveness of monetary easing, declining risk appetite among residents, poor performance of other asset classes, and profits remitted by the central bank to enterprises and residents [7][8]. 5. **Long-Term Deposit Preferences** - Residents, particularly those with lower risk tolerance, such as older individuals, are more inclined to choose longer-term fixed deposits. This preference is reflected in the current inversion of interest rates between three to five-year terms and one-year terms [5][6]. 6. **Asymmetric Rate Adjustments** - There is an asymmetric adjustment in interest rates across different terms, with larger adjustments seen in three and five-year terms. This is a response to the current market environment and changing risk preferences [6]. 7. **Historical Context of Deposit Trends** - The increase in fixed-term deposit ratios since 2018 is attributed to declining economic activity, with both residents and enterprises opting for fixed deposits as a safer investment. This trend has persisted despite fluctuations in the broader economic environment [9][10]. 8. **Lessons from Japan's Low-Rate Environment** - Japan's experience shows that even in a prolonged low-rate environment, the overall savings scale does not significantly decrease. This suggests that in a weak economy with limited investment options, individuals will continue to save rather than invest elsewhere [11]. 9. **Banking Sector Implications** - The maturity of fixed-term deposits will have some impact on banks' asset allocation strategies, but the overall effect is expected to be limited. A portion of maturing deposits may be converted to demand deposits, but this does not necessarily translate into a shift towards other business areas [12]. Other Important Insights - The records highlight the importance of understanding depositor behavior in the context of macroeconomic conditions and interest rate trends. The insights drawn from Japan's experience may provide valuable guidance for navigating similar challenges in the Chinese market [11].

Group 1 - Xiaomi's smartphone shipment reached 13.3 million units in Q1 2025, a 40% year-on-year increase, regaining the top position in market share at 19% after ten years [1] - The company attributes its success to government subsidies and a strategic focus on integrated products across vehicles and home appliances [1] Group 2 - Seres is applying for a Hong Kong IPO, projecting a revenue of 145.1 billion yuan in 2024, representing a 305.5% year-on-year growth, with a gross margin of 23.8% and a net profit of 5.9 billion yuan [3] - The IPO aims to raise funds, with 70% allocated for R&D, 20% for marketing and overseas sales, and 10% for operational expenses [3] Group 3 - Douyin has introduced regulations to combat "malicious marketing accounts," targeting ten types of violations and implementing a "health score" system for account management [4] Group 4 - Pop Mart's app topped the US App Store shopping chart, with significant demand in various international locations, leading to a market capitalization of 231.39 billion HKD, surpassing luxury brand Kering [5] Group 5 - Several small and medium-sized banks have lowered their fixed deposit rates, with some rates falling below those of larger banks, indicating a trend of interest rate inversion for different deposit terms [6] Group 6 - In Q1 2025, China's gold ETF holdings increased by 23.47 tons, a 327.73% year-on-year growth, bringing the total holdings to 138.21 tons by the end of March [8]