针对ETF市场爆发式增长的行业现象，谭晓冈表示，公募与券商可围绕ETF构建全链条合作模式。产品 开发端，共创策略化、智能化ETF工具库，推出Smartβ、主动管理等特色ETF，实现从贝塔收益到阿尔 法收益的延伸；生态运营端，共建高韧性、低摩擦生态系统，强化流动性做市服务，合规推进数据共享 与ETF衍生品开发，降低交易成本并完善风险对冲工具；资产配置端，共推ETF解决方案，基金公司创 设多风险等级产品，券商依托客群优势构建ETF资产配置组合，将产品优势转化为客户长期价值。 谭晓冈最后表示，公募基金与证券公司的深度协同是行业发展的必然选择，通过三大转型与核心抓手落 地，将推动构建更健康韧性的财富管理生态，助力客户财富保值增值与国家战略落地实施。 据介绍，大成基金近年来在中泰证券等券商支持下，推出科创板、碳中和等创新产品，近三年旗下公募 基金投向信息科技领域的资产规模和占比持续提升，投向绿色金融领域的资金规模更接近翻倍。 在谈及财富管理高质量发展的关键抓手时，谭晓冈强调，投顾业务、人工智能技术与多层次产品体系是 核心发力点。投顾业务方面，双方应共建"投顾驱动模式"，基金公司输出投资陪伴内容，券商投研结合 客户需求落 ...

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this asset class among investors [2] Group 2 - The article discusses the characteristics of growth stocks and value stocks, highlighting that growth stocks often exhibit high volatility and can experience significant price swings, while value stocks tend to show more stable, gradual increases [5] - It provides examples of historical performance, noting that value indices may see annual increases of around 10% or more, while growth stocks can double in value during bull markets but also face steep declines [5][6] - The article suggests that different investment styles require distinct profit-taking strategies, with growth stocks necessitating a higher level of attention to market conditions for effective exit points [6][7]

初冬暖阳洒落黄浦江畔，11月12日至13日，2025年上海证券交易所国际投资者大会召开。全球百余 家知名投资机构、近400名代表共赴"上海之约"，透过中国资产，瞭望世界经济。 正如中国证监会副主席李明在大会致辞中所言，在"十四五"即将顺利收官、"十五五"整装待发的重 要历史时刻，本次大会以"价值引领开放赋能"为主题，聚焦中国资本市场的长期投资价值与高水平对外 开放，可谓正当其时，具有重要意义。 "我们将全力为境内外金融机构、金融企业、金融人才创造更多市场机遇、发展机遇，诚挚欢迎大 家来沪展业、兴业，为上海国际金融中心建设作出贡献。"上海市常务副市长吴伟在大会上表示。 在全球经济充满不确定性的当下，上海如何更好地发挥金融"压舱石"作用，把中国的"新质生产 力"与全球创新链深度融合？以此为原点，上海国际金融中心建设的"十五五"新征程脉络已然清晰。这 座城市正持续创造机遇，向全球金融机构与人才发出合作共赢的时代邀约。 全球引力场 当今世界，百年变局加速演进，全球经济金融形势更趋复杂严峻，不确定性上升。风高浪急之 下，"压舱石"的价值愈发凸显。作为上交所面向全球投资界的重要年度会议，本届大会共吸引来自欧 美、亚太及中 ...

Core Insights - The Shanghai Stock Exchange (SSE) is focusing on fostering a market ecosystem that encourages rational, value, and long-term investments, aiming to attract more medium to long-term capital into the market [1][5] - During the "14th Five-Year Plan" period, the SSE has implemented significant reforms, including the establishment of the Sci-Tech Innovation Board and the registration system, leading to steady growth in both market volume and quality [1][2] Market Growth - The total market capitalization of the stock market exceeded 60 trillion yuan, with a trading volume of 546 trillion yuan, representing growth of 40% and 96% respectively compared to the "13th Five-Year Plan" [1] - The bond custody volume reached 19.1 trillion yuan, a 44% increase, making it the largest bond market among global exchanges [1] - The fund market's total market capitalization reached 4.2 trillion yuan, with a trading volume of 133 trillion yuan, marking increases of 359% and 221% respectively [1] Sci-Tech Innovation Board - The Sci-Tech Innovation Board has seen the listing of 379 new companies during the "14th Five-Year Plan" period, with 22 previously unprofitable companies achieving profitability post-listing [2] - The board has accumulated 120,000 patents, with a median R&D intensity of 12.6%, establishing itself as a preferred listing venue for "hard tech" companies in China [2] Company Quality and Investment Value - The SSE has initiated actions to enhance the quality and efficiency of listed companies, with average annual compound growth rates of 3.8% in revenue and 4.6% in net profit during the "14th Five-Year Plan" [2] - The total amount of dividends and buybacks from listed companies exceeded 7.6 trillion yuan, accounting for over 70% of the total market dividends, reflecting a 51.2% increase [2] Long-term Investment Ecosystem - The index investment ecosystem has been enhanced, with the number of new indices reaching approximately 3,500 and the scale of ETF products growing from 0.9 trillion yuan to 4.1 trillion yuan, an annual growth rate of 35% [3] - The SSE has promoted the "Three Investment" philosophy, significantly increasing investor participation in shareholder meetings and enhancing investor protection initiatives [3] International Cooperation and Cross-border Investment - The SSE has optimized the interconnectivity mechanisms, with cumulative transactions through the Shanghai-Hong Kong Stock Connect reaching 103 trillion yuan, a 288% increase [4] - The SSE has expanded its cross-border product offerings, with the scale of cross-border index products exceeding 320 billion yuan, enhancing international investment options [4] Future Outlook - The SSE plans to focus on nurturing new productive forces, optimizing key systems for issuance, refinancing, and mergers, and guiding capital towards advanced technologies and future industries [5] - The SSE aims to enhance corporate governance and information disclosure quality, while also expanding its international product offerings and improving global competitiveness [5]

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session, highlighting its role in guiding China's economic and social development for the next five years, particularly in the context of achieving socialist modernization [2][3]. Group 1: Meeting Insights - The meeting led by the Chairman of the China Securities Regulatory Commission (CSRC) focused on implementing the spirit of the 20th Central Committee's Fourth Plenary Session, which is crucial for the upcoming "15th Five-Year Plan" [2]. - The meeting acknowledged the significant achievements made in the past five years under the leadership of the Central Committee, attributing these successes to the guidance of Xi Jinping's thoughts on socialism with Chinese characteristics [3]. Group 2: Strategic Directions - The CSRC aims to enhance the resilience and risk resistance of the capital market by fostering high-quality listed companies and establishing a stable market ecosystem [4]. - There is a focus on improving the inclusiveness and adaptability of capital market systems, including reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [4]. - The meeting highlighted the need to strengthen regulatory enforcement and effectiveness, emphasizing the importance of combating securities violations and enhancing investor protection [4]. Group 3: Future Actions - The CSRC is tasked with making the study and implementation of the Plenary Session's spirit a major political task, ensuring that it is deeply integrated into the system [5]. - The organization is expected to align its strategies with the Plenary Session's directives, conducting thorough research to plan for the capital market's strategic tasks during the "15th Five-Year Plan" [5]. - The meeting concluded with a commitment to achieving the annual work goals and ensuring a solid foundation for high-quality development in the capital market [5].

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to high-quality development during the "14th Five-Year Plan" period, aiming to build a world-class exchange while supporting China's economic and social development [1] Group 1: Achievements and Market Position - SSE has become the third-largest stock market globally, the largest exchange bond market, and the second-largest ETF market in Asia [1] - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41%, and their market value share rose from 27% to 32% over the past five years [2] - R&D investment by companies listed on the SSE grew from 0.64 trillion yuan to 1.07 trillion yuan, a 66% increase, accounting for nearly 40% of national corporate R&D investment [2] Group 2: Financing and Market Functionality - The total financing amount from stock IPOs in the Shanghai market increased by 16% during the "14th Five-Year Plan" compared to the previous period [4] - The bond market's total issuance reached 31 trillion yuan, a 42% increase, with over 10 trillion yuan in industrial bonds and ABS products [4] - The annualized volatility of the Shanghai Composite Index decreased by 2.8 percentage points to 15.9% during the "14th Five-Year Plan," indicating improved market expectations and investor confidence [4] Group 3: Reform and Development - The awareness of corporate responsibility among listed companies has significantly changed, with average annual revenue and net profit growth rates of 3.8% and 4.6%, respectively, over the past five years [5] - The number of companies disclosing ESG reports reached 57.7% in 2024, up 22 percentage points from 2020 [6] - The cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 99 trillion yuan, a 275% increase compared to the previous period [6] Group 4: Investor Protection and Market Ecology - SSE has implemented a new company supervision system to combat fraud and maintain market fairness, resulting in 93 companies being delisted [7] - The average dividend yield in the Shanghai market approached 2.5% during the "14th Five-Year Plan," with encouragement for companies to adopt multiple dividend distributions per year [7] - SSE has reduced fees by approximately 4 billion yuan and streamlined regulatory processes, decreasing the number of required documents for information disclosure by over 50% [7]

Core Viewpoint - The article discusses various investment styles, emphasizing the importance of diversification and the cyclical nature of investment styles, suggesting that different styles may perform better at different times [5][12]. Group 1: Investment Styles - Balanced style is characterized by a diversified portfolio across multiple industries, typically resulting in smaller maximum drawdowns compared to the market [2][3]. - Deep value style, represented by Graham, focuses on valuation metrics such as low price-to-earnings (P/E) and price-to-book (P/B) ratios, as well as high dividend yields [5]. - Growth value style, exemplified by Buffett, emphasizes a company's profitability and cash flow, often investing in high return on equity (ROE) and stable cash flow stocks [7][8]. - Growth style prioritizes high revenue and earnings growth rates, showing a higher tolerance for valuations compared to the overall market [9]. - Deep growth style targets early-stage industries where revenue and earnings have not yet reached high growth phases, commonly seen in venture capital [10][11]. Group 2: Style Rotation and Strategy - Different investment styles do not move in tandem; style rotation occurs approximately every 3-5 years, although predicting the exact timing is challenging [12]. - The strategy involves maintaining a diversified portfolio with low-valued stocks across different styles, adjusting allocations based on valuation changes [12].

Core Viewpoint - The company successfully held a "Financial Education Promotion Week" from September 15 to September 21, 2025, themed "Safeguarding Financial Rights and Supporting a Better Life," to enhance public financial literacy and awareness of investment risks [1]. Group 1: Online and Offline Activities - The company created 21 original educational materials during the event, including long images and brochures, focusing on themes like the "Three Appropriateness" principle and anti-fraud warnings [1]. - The online campaign reached over 108,100 clicks, with content shared across various platforms, including the company's educational base website and social media [1]. - A total of 68 online events were conducted through the "Langke Live" platform, reaching 995,200 participants, covering topics such as the Science and Technology Innovation Board, bonds, and funds [2]. Group 2: Community Engagement - The company organized 160 outdoor promotional events, reaching nearly 10,000 people, with tailored strategies for different demographics, including elderly individuals and students [2][5]. - 29 specialized lectures were held in communities and rural areas, focusing on fraud prevention and rights protection, effectively enhancing the public's risk awareness [5]. Group 3: Innovative Educational Approaches - The "Investment Education Market" event on September 19 featured interactive projects like "Anti-Fraud Gashapon" and "East Finance Running," attracting over 300 participants to learn about fraud prevention in a fun way [7]. - The "First Class of the New Semester" initiative was launched in collaboration with 36 universities, conducting 46 sessions and reaching 5,886 students to improve their financial literacy [11]. - The "Anti-Fraud Healthy Run" event combined physical activity with financial education, featuring various fun activities and competitions to promote anti-fraud knowledge [15]. Group 4: Future Plans - The company aims to continue innovating financial education methods, establishing a regular, engaging, and targeted financial education promotion mechanism to enhance public financial literacy [18].

Core Viewpoint - The Shanghai Stock Exchange emphasizes that the Sci-Tech Innovation Board (STAR Market) is a tailored "growth toolbox" designed for the sustainable development of technology-oriented enterprises [2] Group 1 - The STAR Market aims to support the continuous growth of technology companies by providing a platform that meets their specific needs [2] - It is designed to facilitate the financing and development of innovative firms, thereby enhancing their competitiveness in the global market [2] - The board is part of a broader strategy to promote technological advancement and economic transformation in the region [2]

Market Overview - The market has shown strong momentum, recovering from a recent decline of approximately 6% and closing at 4.3 stars [1][2] - Growth stocks that previously experienced significant declines have rebounded strongly [3] - The leading sectors in the market have shifted, with the ChiNext board experiencing substantial gains [4][5] Sector Analysis - The ChiNext and Sci-Tech Innovation boards, while both growth-oriented, have different industry compositions [6] - The Sci-Tech board is closely related to chips and AI, whereas the ChiNext is more associated with new energy, pharmaceuticals, and technology [7] - The Sci-Tech 50 index has reached high valuations earlier this year, while the ChiNext has recently started to catch up [8] Investment Cycles - The market operates in cycles, alternating between bull and bear markets due to economic cyclicality [23] - Three main cycles influence the stock market: fundamental cycle, liquidity cycle, and sentiment cycle [25] - The fundamental cycle reflects the growth rate of corporate earnings, which has been slow from 2022 to 2024 but is expected to recover by 2025 [26][28] - The liquidity cycle is influenced by interest rate changes, with anticipated rate cuts by the Federal Reserve likely to boost markets [30][31] - The sentiment cycle is characterized by investor emotions, which can lead to extreme optimism or pessimism [32][34] Investment Strategy - Investors should recognize that opportunities arise during market declines, while risks often emerge during market rallies [36] - Smart investors can capitalize on these cycles by buying during downturns and selling during upswings, while remaining patient during neutral periods [41] Valuation Insights - The article provides a summary of Hong Kong stock index valuations, which can serve as a reference for investors [43] - Various indices are listed with their respective price-to-earnings ratios, price-to-book ratios, and dividend yields, indicating the current market valuation landscape [45][46][47][48]