Market Overview - In November 2025, the equity market experienced an overall decline, while the bond market saw a slight retreat. The A-share market fell, with only large-cap value stocks rising, and sectors like finance and consumer showing relative resilience, while the previously high-performing technology sector faced significant declines [3][7] - The textile, oil and petrochemical, and banking sectors led gains with increases of 3.53%, 3.19%, and 3.16% respectively, while the electronics, automotive, and computer sectors recorded declines of -4.87%, -5.61%, and -5.64% respectively [7] - The bond market faced slight fluctuations due to the failure of interest rate cut expectations and stock market adjustments, leading to redemption pressures on fixed income products [8] Equity Fund Strategy - The current market lacks clear catalysts, and trading sentiment has cooled, with indices facing volatility pressure at high levels. The recommended strategy is to maintain a balanced approach, focusing on emerging technology and high-end equipment manufacturing assets, while also considering cyclical sectors with potential for marginal improvement [3][13] - The focus on artificial intelligence (AI) investments remains strong, with concerns about potential bubbles being countered by robust capital expenditure plans from major tech companies [13] - Cyclical sectors are highlighted for their reasonable valuations and positive outlooks for next year, with potential price volatility expected if demand improves during a rate-cutting cycle [14] Bond Fund Strategy - The bond market is expected to continue its oscillating pattern into December, with year-end profit-taking by institutions and political signals contributing to a cautious market outlook. The strategy suggests waiting for better allocation opportunities while maintaining a controlled duration in bond portfolios [4][20] - The pure bond fund strategy aims to provide stable returns with a focus on risk management, while the fixed income plus strategy seeks to balance steady income with some equity exposure for potential growth [26][27] Fund Performance Review - Since the construction of the active equity fund selection index on May 11, 2023, it has achieved a cumulative net value of 1.4027, outperforming the active equity fund index by 18.62% [16] - The short-term bond fund selection index has a cumulative net value of 1.0451 since its inception on December 12, 2023, with an excess return of 0.5864% over its benchmark [21] - The medium-term bond fund selection index has a cumulative net value of 1.0661, outperforming its benchmark by 0.3465% since its construction [23]

Market Overview - In September 2025, the equity market continued its upward trend, but the growth rate slowed compared to August, with a notable structural market characterized by strong performance in technology growth sectors [5][11] - The bond market faced pressure due to the stronger equity market, leading to a volatile environment [6][11] Equity Market Insights - The leading sectors in September included electric equipment and new energy, non-ferrous metals, and electronics, with respective gains of 18.64%, 12.64%, and 10.28%. Conversely, sectors like comprehensive finance, banking, and national defense saw declines of -8.04%, -6.64%, and -6.62% [5][10] - The market experienced significant fluctuations around the military parade, followed by a rebound in AI-related stocks due to better-than-expected earnings from overseas AI leaders [5][10] Fund Performance - All major equity fund indices recorded gains, with the Wind Active Equity Fund Index, Wind Mixed Equity Fund Index, and Wind Ordinary Stock Fund Index rising by 6.67%, 5.52%, and 5.43% respectively [5][10] - The fund performance review indicated a general uptrend in fund style indices, with growth and small-cap styles continuing to dominate [7] Bond Market Insights - The bond market continued to experience fluctuations, with the equity market's strength exerting pressure on bond yields [6][11] - Key events included a meeting between the Ministry of Finance and the central bank, which raised expectations for the resumption of bond buying, followed by concerns over fund redemption due to new regulations [6][11] Fund Strategy Adjustments - The active equity fund selection strategy focuses on sectors with high short-term prosperity, emphasizing the need for sustained industry momentum amid prolonged market differentiation [11] - Adjustments to the pure bond fund selection strategy were made to enhance returns by incorporating credit bonds and strategies adept at wave trading [17][18] Thematic Fund Performance - Thematic funds showed varied performance, with sectors benefiting from overseas demand for energy storage and breakthroughs in solid-state battery technology leading the gains [8][10] - Financial and real estate thematic funds lagged, reflecting a shift in market sentiment as risk appetite increased [8][10] Future Outlook - The bond market is expected to continue its volatile trend, with potential for moderate recovery amid a cooling stock market and macroeconomic data [18] - The focus on domestic demand remains crucial, with expectations for sectors like aviation and liquor to gain traction as consumer infrastructure initiatives are implemented [13][14]

Group 1 - The report highlights that the equity market continued its upward trend in September 2025, although the growth rate was lower than in August, with a notable structural market characterized by strong performance in technology growth sectors [3][11] - In the bond market, September saw continued fluctuations, with a stronger equity market putting pressure on bond prices. The report notes that the bond market experienced volatility due to various factors, including changes in government policy and market sentiment [12][26] - The report emphasizes the importance of multi-dimensional asset allocation strategies to navigate market style shifts, suggesting that cyclical sectors may benefit from supportive economic policies, while funds may flow to other technology innovation areas if growth in AI-related sectors slows down [4][18] Group 2 - The report provides insights into the performance of various fund indices, indicating that active equity funds showed significant returns, with the Wande Active Equity Fund Index rising by 6.67% in September [13][14] - The report outlines the construction of preferred indices for active equity funds, focusing on sectors with high short-term prosperity and emphasizing the need for a balanced approach to fund selection based on performance and stability [21][22] - The report discusses the outlook for bond funds, suggesting that the bond market is likely to continue its oscillation, with adjustments made to the composition of bond fund indices to enhance returns through strategic selection of credit bonds [5][26]