周一（11月17日）早盘，A股医疗板块延续调整，龙头股普跌，药明康德、联影医疗、爱美客等齐跌超 1%，泰格医药、福瑞股份跌逾4%。 A股最大医疗ETF（512170）一度跌近2%创3个月新低，盘中失守半年线！与此同时，场内溢价持续走 阔，实时成交额逾4.9亿元超上日全天，综合来看，或有巨量资金逢跌进场。值得一提的是，此前 512170每每靠近半年线附近，往往吸引资金逆市"抄底"。 掘金医疗估值洼地，配置认准医疗ETF（512170）——最新规模超258亿元，是全市场规模最大的医药 医疗类ETF，极具行业代表性与风向标意义。聚焦"医疗器械+医疗服务"，CXO权重超26%，兼顾医 美、民营医院、医疗信息化等领域龙头。场外联接基金（A类 162412 / C类 012323）。 注：根据沪深交易所数据，截至 2025.11.10 ，医疗 ETF 规模 258 亿元，在全市场医药类 ETF 中规模最大 （ 1/50 ）。风险提示：医疗 ETF 及其联接基金被动跟踪中证医疗指数，该指数基日为 2004.12.31 ，发布 于 2014.10.31 。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来 ...

Group 1 - The "信创" sector is experiencing active market performance, with stocks like 三六零 and 格尔软件 hitting the daily limit, and 东方国信 rising over 13% [1] - The 信创 ETF fund (562030) saw a peak intraday increase of 1.87%, currently up 1.69%, recovering above the 5-day moving average [1] - IT services and software development sectors received significant net inflows of 48 billion and 47 billion respectively, leading all secondary industries [1] Group 2 - Huawei is set to release a groundbreaking AI technology on November 21, which could increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70% [3] - This technology aims to unify resource management across different hardware, enhancing efficiency for AI training and inference [3] - The domestic demand for computing power is expected to strengthen, with Huawei's Ascend chip roadmap indicating ongoing upgrades to meet AI needs [3] Group 3 - Domestic software and hardware are entering a "user-friendly" phase, with accelerated replacement rhythms anticipated due to government policies promoting technological self-reliance [4] - The 信创 industry is progressing steadily under a "2+8+N" framework, transitioning from policy-driven to a dual-driven approach of policy and market [4] - The market scale is projected to grow significantly, with expected growth rates of 17.84% and 26.82% in 2025 and 2026 respectively, potentially exceeding 2.6 trillion by 2026 [4] Group 4 - The 信创 ETF fund (562030) tracks the 中证信创 index, covering key segments of the 信创 industry, which is characterized by high growth and elasticity [6] - Four investment logic points are highlighted: geopolitical factors driving self-reliance, increased government procurement, technological breakthroughs by domestic firms, and critical timing for procurement standards [6]

数据来源于沪深交易所、公开资料等。 11月17日，截至发稿，通用航空ETF华宝（159231）盘中表现平稳，场内价格微涨0.35%。成份股方 面，晨曦航空和天和防务表现最为亮眼，涨幅分别达到7.19%和7.11%，中无人机紧随其后，上涨 3.99%。另一方面，万丰奥威、中信海直和珠海冠宇走势较弱，跌幅分别为1.52%、1.23%和1.0%。 消息面上，11月12日第十五届中国国际航空航天博览会在珠海开幕，首次实现"一展多地"模式，珠海国 际航展中心启用13个展馆，集中展示航空装备领域前沿技术。此外，中国航发在"2025南昌飞行大会"展 出CJ2000等多款发动机，展现民用航空和通用航空动力领域的创新成果，推动航空产业绿色转型。 华福证券指出，11月7日我国首艘电磁弹射型航母福建舰入列，其自主设计的电磁弹射技术达世界先进 水平。当前军工板块市盈率TTM 70.35倍（分位数92.55%），虽短期指数下跌0.47%，但考虑到2025- 2026年十五五计划、建军百年目标及军贸发展等多重催化，行业内外需增长明确，基本面强恢复预期下 配置性价比凸显，新景气周期即将到来。 东北证券指出，国防军工板块基本面逐步复苏，20 ...

中信建投认为，A股牛市有望持续，本轮牛市以政策转向为起点，以流动性改善为核心，2026年这些支 持牛市的核心逻辑预计仍将延续甚至强化。国泰海通证券进一步指出，2026年中国"转型牛"的升势远未 结束。中国经济转型、无风险收益下沉与资本市场改革，将放大牛市思维，市场高度有望超出共识，并 挑战十年前高。 投资机会上，开源证券认为，当前A股"慢牛"持续验证，板块重估延续，建议继续关注（互联网）券 商、金融IT等赛道。该机构指出，非银金融作为最受益于慢牛市的板块，盈利和估值有望在资本市场 上行周期中持续抬升，建议均衡配置板块内高弹性特色公司及行业优质龙头。 交投方面，沪深两市成交额连续第81个交易日突破1.5万亿元。金融科技板块弹性十足，对流动性改善 反映迅速，目前市场交投连续高活跃，板块有望持续受益：互联网券商基本面预期有望持续改善，金融 IT等作为顺周期高弹性品种，也持续受益于交易量提振，C端炒股软件景气度向上，B端金融IT需求逐 步释放。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），按照申万一级行业，标的指数重仓计算机+非银金融。从热门 ...

Core Viewpoint - The Hong Kong stock market shows mixed performance among tech giants, with Alibaba and Meituan rising over 1%, while Tencent, Xiaomi, and Bilibili experience slight declines. The Hong Kong Internet ETF (513770) indicates strong buying interest despite early fluctuations, with a real-time trading volume nearing 200 million yuan [1]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) opened lower but showed signs of premium trading, reflecting strong buying interest, with a price increase of 0.17% and a trading volume close to 200 million yuan [1]. - The ETF has a current scale exceeding 11.6 billion yuan, with an average daily trading volume of over 600 million yuan this year, indicating good liquidity [5]. Group 2: AI Development - Alibaba's Qianwen App has launched a public beta, aiming to compete directly with ChatGPT in the AI-to-C market, with plans to integrate various life scenarios such as maps, food delivery, and shopping [2]. - Major internet companies like Tencent and Bilibili reported third-quarter earnings that exceeded expectations, indicating sustained high performance in core businesses, with AI expected to drive revenue growth [3]. Group 3: Investment Outlook - According to Guosen Securities, since 2025, the main theme of the Hong Kong internet market has shifted towards AI, entering a new growth phase, with AI expected to accelerate the development of core businesses in the sector [3]. - Minsheng Securities expresses optimism about the revaluation of AI in China, particularly for platform-based internet companies with computational resources and application capabilities, such as Tencent, Kuaishou, and Alibaba [3]. Group 4: Index and Valuation - The Hong Kong Internet ETF tracks the CSI Hong Kong Internet Index, which heavily weights leading internet companies like Alibaba (18.89%), Tencent (17.01%), and Xiaomi (10.05%), collectively accounting for over 73% of the top ten holdings [3][4]. - The CSI Hong Kong Internet Index has shown a significant outperformance compared to the Hang Seng Tech Index this year, with a year-to-date increase of approximately 40.81% [5].

11月17日早盘，国防军工板块跳空高开后持续领涨全市场！ 消息面，近日地缘局势不确定性加剧。日本首相日前公然发表挑衅言论。此外，俄乌冲突持续，11月14 日凌晨俄罗斯再次对乌克兰发起新一轮大规模空袭。 基本面上，申万宏源证券从业绩角度指出，季度报表已显示出逐季改善趋势。进入四季度，预计"十五 五"相关订单有望逐步落地，叠加军贸催化，国防军工行情或将再次上行。 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标 的，是一键投资国防军工核心资产的高效工具，覆盖"商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深 海科技 + 军用AI "等诸多热门主题。 数据来源于沪深交易所、公开资料等。 | ( | 名称 | 现价 | 涨跌幅 ▼ | 主力净流入额 | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1705.65 | 2.04% | 44.15 Z | | 801750 | 计算机(申万) | 5261.99 | 0.97% | 72.32亿 | | 801080 | 电子(申万) | 6 ...

Core Insights - The domestic AI industry chain is showing resilience in the market, with significant stock price increases for companies like Xinghuan Technology and Chip Original Co., indicating strong investor confidence in the future of domestic AI [1][4] Group 1: Market Performance - The domestic AI industry chain is active despite market conditions, with stocks like Xinghuan Technology and Chip Original Co. rising over 5%, and Fudan Microelectronics increasing by more than 2% [1] - The Science and Technology Innovation Artificial Intelligence ETF (589520) has seen a net inflow of 52.86 million yuan over the past 10 trading days, with 8 out of those days recording net inflows, reflecting positive sentiment towards domestic AI [1] Group 2: Key Developments - Baidu has launched the next generation of Kunlun chips, M100 and M300, which are becoming a critical foundation for AI, showcasing the rise of domestic AI computing power [1] - Alibaba has initiated the "Qianwen" project to develop a personal AI assistant app, positioning itself competitively against global players like ChatGPT [2] - Huawei is set to unveil breakthrough AI technology that could enhance the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, addressing efficiency challenges in computing resources [3] Group 3: Investment Opportunities - The Science and Technology Innovation Artificial Intelligence ETF (589520) focuses on the domestic AI industry chain and features companies with strong domestic replacement characteristics, benefiting from the acceleration of AI integration in edge-side chips and software [4] - The ETF offers a low-threshold investment option compared to direct investments in individual stocks, with a high concentration in semiconductor stocks, indicating strong growth potential [4]

11月17日早盘，A+H半导体芯片携手反攻，全市场首只聚焦"港股芯片"产业链的港股信息技术ETF （159131）场内价格直线拉涨1.22%。成份股中，上海复旦大涨逾7%，华虹半导体、云知声涨近5%， 英诺赛科、多点数智、美图公司涨超3%。 | | | 分时 3日 1分 5分 15分 30分 60分 日 周 月 · | | | | | | F9 盘前盘后 酷加 九轮 面线 工具 @ 2 >> | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.993 | | | | | 159131[浏览优惠技术ETF] 09:44 价 0.933 酒度 0.012(1.22%) 特价 0.906 威交量 3993 IOPV 0.9926 __ | | | | D 1114 | | 0.993 +0.012 +1.22% | | | 0.987 | | | | | | | | | 0.61% | 5ZSE CNY 9:44:24 交易中 净值速势 | 华宝中证港股通信息技术综合ETF | | ...

成份股方面，涂料、电池化学品、氟化工等板块部分个股跌幅居前。截至发稿，三棵树大跌超3%，恩 捷股份、三美股份双双跌超2%，凯赛生物、昊华科技、杭氧股份等多股跌超1%，拖累板块走势。 | | | 分时 多日 1分 5分 15分 30分 · | | | | | | F9 盘航盘后 露加 九转 图纸 工具 (2 > | | | KILETF O | | | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.84 | | | | | 516020[化工ETF] 09:55 价 0.828 涨跌 -0.002(-0.24%) 均价 0.836 服交量 371 1. | | | | | | 0.828 | | | | -0.002 -0.24% | | | | | | | | | | | | | | | | SSE CNY 9:55:09 文明中 | | | B/ 0 + | | 0.837 | | | | | | | | | | ...

在波诡云谲的市场中，优秀的长期业绩是检验投资能力的试金石。华商基金FOF名将孙志远管理的多只 FOF产品成绩亮眼，为此提供了有力注脚。据数据显示，截至2025年9月30日，孙志远在管的多只FOF 产品在近一年及近三年维度上，净值增长率显著跑赢业绩比较基准，并在权威评级中名列前茅，印证了 其"稳守反击"投资体系的有效性与持续性。据悉，拟由他掌舵的华商汇享多元配置3个月持有混合 （FOF）（A类：025264，C类：025265）于2025年11月17日起发行。 在管FOF业绩全面开花 多只产品超额收益显著 具体来看，孙志远管理的多只FOF产品表现亮眼。其中，华商安远稳进一年持有混合（FOF）A近一年 （2024.10.01至2025.09.30）净值增长率达13.16%，C份额达12.72%，双双超越同期6.19%的业绩比较基 准。更值得关注的是，在银河证券同类业绩排名中，华商安远稳进一年持有混合（FOF）A近一年业绩 表现高居同期同类第二，C份额业绩表现更是勇夺同期同类第一的桂冠。 对于注重长期价值的养老目标基金，中长期业绩更具参考意义。其中，他管理的华商嘉悦平衡养老目标 三年持有混合发起式（FOF）A近三年 ...