11月17日，A股震荡走低，券商随市回调，个股多数下行，湘财股份逆市涨超2%，锦龙股份、华西证 券涨超1%。A股顶流券商ETF（512000）场内价格现跌1.02%，盘中高频溢价，显示买盘资金积极介 入。 作为业务模式与市场活跃度高度相关的板块，券商业绩大幅改善。展望全年，资本市场预计将保持稳步 向上趋势，券商业绩增长的可持续性有望增强，板块具备估值修复潜力。 西部证券指出，四重因素有望持续支撑券商板块高景气度：① 增量资金持续入市下预计券商财富管理 维持高景气。② 指数向上突破下预计券商权益自营重要性继续提升。③ 互联互通加深驱动券商投行修 复+国际业务快速发展。④行业供给侧改革或将延续，行业集中度继续提升。 山西证券也表示，券商基本面持续向好。随着政策进一步完善，系统谋划推出更多有力度的开放举措， 推动金融业高质量发展，部分券商有望通过外延式和内涵式发展，探索海外业务增量，利用差异化竞争 优势，实现业绩的稳步增长，建议关注板块投资机遇。 有行情，买券商！券商ETF（512000）及其联接基金（A类 006098；C类007531）被动跟踪中证全指证 券公司指数，一键囊括49只上市券商股，是集中布局头部券商 ...

Group 1: Market Overview - The semiconductor chip market experienced a rise followed by a decline, with the first Hong Kong ETF focused on the "Hong Kong chip" industry chain (159131) dropping by 0.51% in price, while trading volume exceeded 31 million CNY, indicating active trading [1]. Group 2: Huawei's AI Technology - Huawei is set to release a groundbreaking AI technology on November 21, which aims to improve the utilization efficiency of computing resources from the industry average of 30%-40% to 70%, significantly enhancing the potential of computing hardware [3]. - This technology will unify resource management across various computing hardware, including GPUs and NPUs, providing more efficient support for AI training and inference [3]. - The technology shares similarities with the core technology of Israeli AI startup Run:ai, which was acquired by NVIDIA for 700 million USD at the end of 2024 [3]. Group 3: Domestic AI Chip Market - According to CITIC Securities, the domestic AI chip market is entering a high growth phase, with accelerated commercialization of applications [3]. - There is a trend of increasing orders for domestic chips as cloud vendors and AI startups shift their procurement plans towards domestic chips due to stable supply demands [3]. - The rapid growth in domestic computing consumption is expected to further accelerate the release of domestic AI chips [3]. Group 4: Hong Kong Chip ETF Details - The first Hong Kong ETF focusing on the "Hong Kong chip" industry chain has a composition of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, with notable weights for companies like SMIC (20.27%), Xiaomi Group-W (9.11%), and Hua Hong Semiconductor (5.64%) [4]. - This ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on the AI hard technology sector in Hong Kong [4].

Core Viewpoint - The Hong Kong stock market continues to experience adjustments, with major indices declining, particularly in the technology and biotechnology sectors, while high-dividend stocks show resilience [1][3]. Market Performance - On November 17, the Hong Kong stock market saw a general decline, with the Hong Kong Large Cap 30 ETF (520560) dropping by 0.6% and maintaining a premium trading rate of 0.28%, indicating a buying interest in ETFs during market dips [1][3]. - Key stocks such as Alibaba, Tencent, and Xiaomi experienced varying degrees of decline, while high-dividend stocks like China National Offshore Oil Corporation and China Petroleum showed gains [3]. Economic Indicators - Hong Kong's overall export volume increased by 13.8% year-on-year in September, suggesting an improvement in the external trade environment [3]. - Analysts from Zhongtai Securities noted that the Hong Kong market is navigating between "China's fundamentals" and "overseas liquidity," with energy and financial sectors likely to act as stabilizers [3]. Investment Insights - Guotai Junan Securities highlighted that the current valuation of Hong Kong stocks may have upward potential compared to historical and overseas benchmarks, with foreign capital expected to return significantly next year, potentially exceeding 1.5 trillion yuan [3]. - The Hong Kong Large Cap 30 ETF (520560) was launched on November 12, offering a diversified investment in 30 large-cap Chinese stocks, combining a "technology + dividend" strategy for both offensive and defensive positioning [5]. ETF Composition - The top holdings in the Hong Kong Large Cap 30 Index include Alibaba (18.07%), Tencent (15.44%), and China Construction Bank (7.64%), with the top ten stocks accounting for 72.84% of the index [6].

化工板块今日（11月17日）继续上攻，反映化工板块整体走势的化工ETF（516020）早盘冲高回落，而 后继续拉升，盘中场内价格最高涨幅达到1.81%，截至发稿，涨0.96%。 华泰证券指出，2026年基础化工板块有望迎来上行起点，建议关注内外需韧性和格局改善品种。伴随 2025年6月以来行业资本开支增速显著下降，叠加"反内卷"有望助力供给端协同及落后产能出清，而内 需有望进一步复苏及出口亚非拉等支撑需求，大宗化学品有望逐步复苏。 国海证券指出，从全球范围看，中国化工优势企业的成本和效率优势已经非常稳固，龙头企业已经进入 了长周期向上的阶段。同时，对于部分供给端受限的行业，随着需求的回升，这部分行业的景气度有望 持续提升，值得重点关注。重点关注四大机会：低成本扩张、景气度提升、新材料和高股息。 成份股方面，钾肥、石化、锂电等板块部分个股涨幅居前。截至发稿，盐湖股份、恒逸石化双双大涨超 6%，新宙邦、金发科技、新凤鸣涨超4%，恒力石化、联泓新科等跟涨超3%。 | | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盘加 九转 画线 工具 @ 0 | | | 4. TETF 1 ...

Group 1 - The technology sector is currently under pressure, with potential index-level investment opportunities expected to emerge gradually by the end of November [1] - The recent technology sector rally began around September 10, with low-positioned sectors including fintech, edge AI, robotics, and low-altitude economy, while high-positioned sectors include optical modules, storage, and new energy [3] - High-positioned sectors are experiencing increased volatility as funds concentrate on a few leading stocks, indicating a need for caution regarding short-term adjustment risks [3] Group 2 - Potential opportunities in low-positioned sectors include robotics and Robotaxi, with companies like XPeng expected to transition to a robotics valuation model by 2026-2027 [4] - The fintech sector is anticipated to see new developments in Q1 of next year, despite short-term policy impacts [5] - Edge AI is expected to gain momentum starting in 2026 with OpenAI's developments, although it may still require time to stabilize [6] Group 3 - The low-altitude economy sector is currently under adjustment, with no clear catalysts observed, necessitating ongoing attention to policy and technological advancements [7] - The Hong Kong stock market is facing liquidity pressure due to a high number of IPOs, with expectations leaning towards a phase of catch-up [8] - The AI computing sector remains robust, with cloud vendors likely to meet financing needs in the first year, while optical modules are still considered quality assets [11]

近期，上证指数在经历短暂调整后，再创十年新高。4000点作为重要指数关口，其突破进一步印证了我 们此前对市场的判断。站上4000点后，市场分歧明显加剧：部分投资者认为4000点或是本轮行情终点， 而我则认为，这恰恰是新一轮行情的起点。 除南向资金外，外资也在加速流入港股。除红利板块外，恒生科技指数今年表现亦不俗，尽管近期出现 调整。我认为，与A股类似，港股牛市有望延续两至三年，属慢牛长牛，而非一年行情。恒生科技指数 对应的科技互联网企业是经济转型的受益者，当前调整应属短期波动。总体而言，我对港股同样持积极 看多态度。 今年科技板块的强势表现，与"十五规划"政策导向密切相关。规划重点支持科技创新领域，如人形机器 人、芯片半导体、算力算法、低空经济、深海装备及创新药等。国务院近期印发的《关于加快场景培育 和开放，推动新场景大规模应用的实施意见》，进一步为科技产业与投资市场指明方向。本轮科技革命 以人工智能为核心，"AI+"行动正加速推进。实施意见旨在搭建技术与市场间的桥梁，推动包括元宇 宙、低空经济、人工智能等新赛道，以及智能工厂、虚拟电厂、智慧文旅等产业升级场景的规模化落 地，形成技术突破、场景验证与产业应用的 ...

近期在美联储偏鹰表态、投资者对AI行情担忧的反复扰动下，海外市场波动加剧，港股科技板块呈现 震荡回调态势，具备一定防御属性的港股红利板块受到资金青睐。截至最新（25/11/14），今年以来港 股红利板块的ETF资金净流入合计287亿元，仅近一月（10/15-11/14）资金净流入已超98亿元，反映出 港股红利板块市场情绪较为火热，资金呈加速流入态势。（数据来源：Wind） 一方面，在低利率市场环境下，港股红利类资产的高股息特性凸显。数据显示，港股通红利ETF （513530）、港股通红利低波ETF（520890）跟踪的港股通高股息（CNY）、恒生港股通高股息低波动 指数近一年股息率分别为5.50%、5.69%，与同期1.81%的10年期国债收益率存在明显利差的同时，也超 越部分A股和港股主流红利类指数，股息率吸引力相对突出。 （数据来源：Wind；中证红利、深证红利、港股通高息精选指数同期股息率分别为4.22%、4.00%、 5.32%；数据均截至2025/11/14；投资国债和投资股票的风险收益特征不同，投资者进行投资时应当全 面考虑投资风险） 另一方面，除股息回报外，港股红利类资产在震荡行情中也展现出"攻 ...

近期受美联储鹰派立场、通胀不确定性及"AI泡沫争论"等因素影响，前期涨幅较高的科技板块有所承 压，市场风险偏好整体收敛，具备较低波动性和较高盈利确定性的红利类资产则凭借韧性十足的表现成 为资金进行风险防御的重要工具，二者或呈现出较为明显的跷跷板效应。（数据来源：Wind，区间为 25/11/10-25/11/14） 其中，Wind数据显示，红利类主题ETF标杆品种红利低波ETF（512890）自10月以来获资金净流入态势 明显，区间累计吸引45.64亿元资金踊跃布局，成为同期A股市场上红利类主题ETF中仅有的区间资金净 流入超45亿元的产品。上周（25/11/10-25/11/14），红利低波ETF（512890）有4个交易日实现资金净流 入，周内累计吸金4.19亿元，位居同类前列。（数据来源：Wind，截至25/11/14） 在增量资金的积极布局下，红利低波ETF（512890）的基金规模上周连日实现增长，截至2025年11月14 日，最新规模达266.03亿元，创成立以来新高，成为目前全市场红利类主题ETF中仅有的规模超200亿 元的基金产品。（红利低波ETF成立于18/12/19，数据来源：交易所） 随 ...

11月17日早盘，三大指数承压，煤炭、石油化工、机械等传统高股息红利板块再度走强。孚日股份涨 停，潍柴动力、中国石油、川恒股份等高股息、低估值热门股轮番上攻，"能追牛、能扛熊"的红利热门 标的——标普红利ETF（562060）开盘下挫后随即上行，韧性十足，截至午盘微跌0.16%收盘且持续溢 价，实时成交额突破3000万元。 数据来源：沪深交易所，截至2025.11.17午盘收盘 长江证券分析称，根据综合观察，成长风格在前三季度的收益弹性相对较高，但第四季度的波动性有所 加大。红利风格在全年各阶段的表现稳定性相对突出，尤其在第四季度的整体回撤控制方面展现出一定 韧性。随着政策端不断引导"长期投资"、"耐心资本"，红利股相对优势愈发明显。 值得注意的是，上证指数突破4000点后市场重回震荡，红利资产重获资金青睐。上交所数据显示，标普 红利ETF（562060）连续5日获资金净流入7369万元；时间进一步拉长至近10日，标普红利ETF （562060）连续吸金合计超1亿元。 数据来源：沪深交易所等，截至2025.11.14 公开资料显示，标普红利ETF（562060）及其联接基金（A类501029、C类005125 ...

Group 1 - The A-share market continues to experience fluctuations with significant sector differentiation, as the Shanghai Composite Index struggles around the 4000-point mark, indicating a high-level consolidation phase [1] - The market shows structural characteristics with consumer recovery leading the gains, defensive pharmaceutical stocks strengthening, and technology sectors under pressure, reflecting a trend of consumption > finance > cyclical > growth [1] - The average daily trading volume in the A-share market has risen to 2.04 trillion yuan, indicating increased trading activity despite a general decline in market participation [1] Group 2 - Economic data in China presents mixed signals, with October CPI turning positive year-on-year, but other indicators such as retail sales, fixed investment, and industrial value-added showing marginal weakness, suggesting that domestic economic momentum still requires policy support [2] - The U.S. government has ended its shutdown, but market sentiment remains cautious due to the absence of U.S. economic data, with the Federal Reserve maintaining a hawkish stance; this has led to short-term valuation pressure on U.S. tech stocks [2] - Looking ahead, there is a possibility of the Federal Reserve choosing to cut interest rates in December, supported by upcoming inflation and employment data, which could influence market dynamics [2] Group 3 - The investment strategy suggests a balanced approach to rapidly rotating market styles, focusing on core themes in technology while paying attention to domestic policy directions for value stocks [3] - Although cyclical and consumer sectors may face short-term performance pressures, current stock prices have largely reflected pessimistic mid-term expectations, indicating potential for valuation recovery [3] - The technology sector is expected to undergo a phase of capital pressure digestion, with short-term stagnation in pharmaceuticals and military industries potentially leading to a rotation towards technology, while mid-term focus remains on sectors with fundamental support such as overseas computing power, storage, consumer electronics, and wind energy storage [3]