Since the second half of 2025, the A-share SSE Index has continuously risen strongly above 3,800 points, reaching a ten-year high, with the total market value of A-shares surpassing 100 trillion yuan!
Meanwhile, after years of a bull market, long-term government bond yields have continued to rise after hitting a bottom, leading to ongoing adjustments in long-term government bonds. Bond funds have generally faced pressure on net asset values, especially those heavily invested in long-term interest rate bonds, which have seen the largest declines. Many bond funds have even erased their gains for the year, with over 600 bond funds reporting losses this year.
The commodity market has shown a volatile trend of sharp rises and falls under expectations of anti-involution policies.
In the current context of rising sentiment in the A-share and Hong Kong markets and a sustained profit-making effect, the most concerning questions for everyone in the fourth quarter of 2025 are:
Can we still get on board the A-share bull market? Which types of assets are worth paying attention to?
Is there a seesaw effect between Chinese stocks and bonds, with stocks bullish and bonds bearish? How to track and predict future trends and turning points in stocks and bonds?
Can anti-involution policies drive commodity prices to continue rising?
Can the Hong Kong bull market continue to outperform A-shares in the second half of the year?
Will the U.S. stock market continue its bull run in the second half of 2025?
Can the September Federal Reserve meeting initiate a new round of interest rate cuts as the market expects?
......
To help everyone gain clarity on the rotation of major asset classes and changes in direction in the second half of 2025, we have invited three heavyweight guests—on August 30, Mou Yiling, Chief Strategist of Guojin Securities, on September 4, Xu Xiaoqing, Chief Economist of Dunhe Asset Management, and on September 18, renowned economist and author of &#34;Witnessing the Countercurrent,&#34; Fu Peng, to serve as speakers for the Alpha online closed-door private class, sharing insights on the outlook for major asset classes in the fourth quarter of 2025.
On the afternoon of August 30, Mou Yiling, Chief Strategist and Executive Deputy Director of Guojin Securities, will lead the Alpha online closed-door private meeting to discuss: Is a new cycle of the A-share bull market starting? Which assets are most worth paying attention to?
Mou Yiling has over ten years of strategic research experience and is one of the most influential new-generation A-share strategy analysts in the current market. He has established a new strategic framework based on dynamic fundamentals, expected returns, investor and market structure, and the linkage of major asset classes. In 2021, he was the first to recommend investment opportunities in resource-based physical assets from the perspectives of energy transition, de-globalization, and long-term adjustments in China's economic structure, gaining widespread attention and recognition from investors. In 2024, he was ranked fifth in New Fortune's Best Analysts, received the Golden Bull Award for Best Analyst, ranked second in Shanghai Securities Journal's Best Analysts, and second in Sina's Golden Qilin. His master class &#34;The Call of the New Continent: Methodology of Strategic Research,&#34; launched in 2023 by Wall Street Insights, has also received high praise from users.
This sharing session will also include a special 30-minute Q&amp;A interactive segment, where participating members can ask Mou Yiling questions on topics they are most concerned about. Friends interested in Mou Yiling's closed-door sharing event can click the event poster below to register and join the Alpha online closed-door private meeting as members to hear his latest insights on the market
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/54b3b0e3-2352-4af9-bb13-243fcfd8d513.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/54b3b0e3-2352-4af9-bb13-243fcfd8d513.jpeg"/>
On the evening of September 4th, Xu Xiaoqing, Chief Economist and Macro Strategy Director of Dunhe Asset Management, a private equity fund with assets of over 10 billion, will host an Alpha online closed-door private class, sharing his recent research on the latest changes in major asset classes such as stocks, bonds, commodities, foreign exchange, and gold, analyzing the current macro trends and asset allocation direction for the fourth quarter of 2025, to clarify the underlying allocation logic and key timing, assisting in critical personal decision-making.
Xu Xiaoqing previously served as Chief Bond Analyst and Managing Director at China International Capital Corporation (CICC), leading the team to be named the &#34;Best Analyst&#34; in fixed income research by New Fortune four times and ranking in the top three for ten consecutive years. Over the decade, he has consistently received collective voting support from financial institutions managing trillions of assets, making Xu Xiaoqing one of the few people in China who &#34;understands interest rates&#34; the best. In 2013, Xu Xiaoqing joined Dunhe Asset Management as Chief Economist and Macro Strategy Director, also serving as the investment manager for the Dunhe Macro Hedge Fund series.
With over 20 years of experience, from being a top analyst in sell-side research to a buy-side investor in a private equity fund, Xu Xiaoqing applies cutting-edge research on how changes in Chinese interest rates affect asset rotation to guide investment practices in asset allocation. As early as 2018, Wall Street Insights invited Xu Xiaoqing to create a master class titled &#34;Ten Years of Interest Rate Principles.&#34; In this course, Xu Xiaoqing, based on the Chinese market, summarized an effective asset rotation and allocation method characterized by &#34;interest rates as the anchor.&#34; This is the result of his systematic tracking research on the impact of the Chinese interest rate cycle on asset rotation, experienced through five cycles of bull and bear markets in the Chinese bond market over his 20-plus years in the industry. This course has currently gained over ten thousand paid subscribers and remains one of the highest-rated and most reviewed courses by users.
This sharing session also includes a special 30-minute Q&amp;A interactive segment, where participating members can ask Xu Xiaoqing questions on topics they are most concerned about. If you are interested, please click on the event poster below to register and join the Alpha online closed-door private meeting as a member, to hear Xu Xiaoqing's latest insights on major assets. <img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/194405b8-354d-4a80-9b7a-60fcdf5fdedd.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/194405b8-354d-4a80-9b7a-60fcdf5fdedd.jpeg"/>
The Alpha online closed-door private meeting is a service provided by Wall Street Insights for high-net-worth users, with at least 20 sessions planned for the entire year of 2025, averaging five sessions per quarter. We will invite top global experts to conduct online closed-door sharing on market hotspots and core issues of interest to everyone, answering questions for users, helping them understand the trends in asset changes, and assisting in critical personal decision-making
The big names who served as keynote speakers at our Alpha online closed-door private meeting in 2025 also include:
Wu Ge Chief Economist of Changjiang Securities
Fu Peng Renowned economist and author of &#34;Witnessing the Countercurrent&#34;
Xia Chun Chief Economist of Shangshan Capital Group
Zhang Yu Deputy Director of Huachuang Securities Research Institute and Chief Macro Analyst
Zhang Jingjing Chief Macro Analyst of China Merchants Securities
Wang Kaiwen Chief Strategist and Head of Research at Clocktower Group
Graduated from the Johns Hopkins University School of Advanced International Studies, previously worked at the International Monetary Fund
Cheng Tan Founder and Research Director of Tantu Macro GMF Research
Former Senior Economist at the Central Foreign Exchange Business Center of the State Administration of Foreign Exchange, Vice President of Asset Allocation Department
Cao Jingnan Head of Macro Research at Dongfang Securities Research Institute and Chief Analyst of Strategy and Geopolitical Research
Liu Weilin Fund Manager of ICBC Credit Suisse India Fund, Deputy Director of Investment at ICBC Credit Suisse Index and Quantitative Investment Department
Ma Xiaolin Dean of the Mediterranean Studies Institute at Zhejiang International Studies University, previously served as a Xinhua News Agency correspondent in the Middle East for many years
In the second half of 2025, we will invite more first-line experts from various fields to bring more exciting closed-door sharing sessions. Welcome to join the 2025 Alpha online closed-door private meeting semi-annual membership, where you can still participate in 8 events, including this closed-door meeting. Interested friends can click the image below to join the Alpha online closed-door private meeting membership.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5fe5aa84-0afc-4e5a-95bc-552693f635ee.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5fe5aa84-0afc-4e5a-95bc-552693f635ee.png"/>
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at your own risk

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In the fourth quarter of 2025, the sentiment in the A-share market warmed up, with the SSE Index breaking through 3,800 points, reaching a ten-year high. The bond market faced adjustments, with bond funds generally under pressure, and over 600 funds experiencing losses within the year. The commodity market saw increased volatility. To discuss the A-share bull market and asset allocation, SINOLINK SECURITIES, Dunhe Asset Management, and renowned economists will hold a closed-door sharing session to discuss future stock and bond trends, the impact of anti-involution policies on commodity prices, and the performance of Hong Kong stocks and U.S. stocks

- Since the second half of 2025, the A-share Shanghai Composite Index has risen above 3,800 points, reaching a ten-year high, with total market value surpassing 100 trillion yuan.  
- The bond market is experiencing adjustments, with long-term government bond rates rising, leading to significant losses for many bond funds, while commodity markets are volatile under anti-involution policies.  
- Upcoming Alpha online closed-door sessions will feature prominent economists discussing asset trends and investment strategies for the fourth quarter of 2025, addressing key market concerns.

Wallstreetcn

SSE Index

SINOLINK SECURITIES

How to seize the A-share bull market in the fourth quarter of 2025 and make good asset allocation? Xu Xiaoqing, Mou Yiling, and Fu Peng share market insights behind closed doors