On November 9, the market rushed higher and retreated in early trading. The Shanghai index rose 0.46% in early trading and the GEM index rose 0.56%. In this context, the low-dividend ETF Huatai Berry rose 0.08% to 1.238 yuan, with a turnover rate of 0.96% and a half-day transaction of 306 million yuan, ranking first among similar target ETFs. According to the news, data from the National Bureau of Statistics shows that in October, the consumer price index remained flat month-on-month; the year-on-year increase was 0.7%, down 0.2 percentage points from the previous month; the core CPI excluding food and energy prices rose 0.8 percent year on year, down 0.2 percentage points from the previous month. The industrial producer ex-factory price index rose 0.7 percent month-on-month, down 0.5 percentage points from the previous month; the year-on-year increase was 5.7 percent, an increase of 0.7 percentage points over the previous month. CITIC Construction Investment believes that the recovery of market risk appetite is not yet stable. In terms of industry allocation, it is recommended to continue focusing on structural underallocation and valuation repair clues to grasp the allocation value of defensive sectors and low-level consumer sectors during the period of shock. Retain dividend assets such as banks, transportation, utilities, etc. with low institutional allocations and stable cash flow, and focus on low-level consumer sectors such as food and beverage, commercial retail, and beauty care. Huatai Securities pointed out that at present, the valuation and sentiment of the A-share market are close to the bottom threshold of previous markets. Although the passive position adjustment pressure on absolute profit capital has increased, there is room for further expansion or relatively limited. Considering that financing and transactional capital have not yet clearly returned, the rebound structure may require further support from policy and incremental capital. In terms of allocation, focus on three clues: one is the new energy policy expectations after the US midterm elections, combining installed equipment, prices, and orders to select advantages within the sector; the second is to maintain a dividend base and focus on the direction where dividend payment capacity is strong in banks, dairy products, highways, hydropower, thermal power, and steel; and the third is a reversal in the consumer sentiment or bottom, and focusing on liquor, small household appliances, and decoration and building materials to recover the economy. As of November 6, 2026, the low-dividend ETF Huatai Berry had a return of 66.75% in the past 5 years, outperforming the performance comparison benchmark and ranking 20th out of 1,260 products. Investors can allocate this ETF as a base position, and investors without a stock account can also allocate it through their OTC linked fund.

On November 9, the market rushed higher and retreated in early trading. The Shanghai index rose 0.46% in early trading and the GEM index rose 0.56%. In this context, the low-dividend ETF Huatai Berry rose 0.08% to 1.238 yuan, with a turnover rate of 0.96% and a half-day transaction of 306 million yuan, ranking first among similar target ETFs. According to the news, data from the National Bureau of Statistics shows that in October, the consumer price index remained flat month-on-month; the year-on-year increase was 0.7%, down 0.2 percentage points from the previous month; the core CPI excluding food and energy prices rose 0.8 percent year on year, down 0.2 percentage points from the previous month. The industrial producer ex-factory price index rose 0.7 percent month-on-month, down 0.5 percentage points from the previous month; the year-on-year increase was 5.7 percent, an increase of 0.7 percentage points over the previous month. CITIC Construction Investment believes that the recovery of market risk appetite is not yet stable. In terms of industry allocation, it is recommended to continue focusing on structural underallocation and valuation repair clues to grasp the allocation value of defensive sectors and low-level consumer sectors during the period of shock. Retain dividend assets such as banks, transportation, utilities, etc. with low institutional allocations and stable cash flow, and focus on low-level consumer sectors such as food and beverage, commercial retail, and beauty care. Huatai Securities pointed out that at present, the valuation and sentiment of the A-share market are close to the bottom threshold of previous markets. Although the passive position adjustment pressure on absolute profit capital has increased, there is room for further expansion or relatively limited. Considering that financing and transactional capital have not yet clearly returned, the rebound structure may require further support from policy and incremental capital. In terms of allocation, focus on three clues: one is the new energy policy expectations after the US midterm elections, combining installed equipment, prices, and orders to select advantages within the sector; the second is to maintain a dividend base and focus on the direction where dividend payment capacity is strong in banks, dairy products, highways, hydropower, thermal power, and steel; and the third is a reversal in the consumer sentiment or bottom, and focusing on liquor, small household appliances, and decoration and building materials to recover the economy. As of November 6, 2026, the low-dividend ETF Huatai Berry had a return of 66.75% in the past 5 years, outperforming the performance comparison benchmark and ranking 20th out of 1,260 products. Investors can allocate this ETF as a base position, and investors without a stock account can also allocate it through their OTC linked fund.