从券商首席经济学家到公募基金副总经理，邓海清在中航基金近5年的职业生涯画上句号。 11月14日，中航基金发布高级管理人员变更公告，副总经理邓海清因个人原因辞职，离任日期为2025年 11月13日。 | 基金管理人名称 | 中航基金管理有限公司 | | --- | --- | | 公告依据 | 根据《公开募集证券投资基金信息披露管 | | | 理办法》《证券基金经营机构董事、监事、 | | | 高级管理人员及从业人员监督管理办法》 | | | 等相关规定。 | | 高管变更类型 | 离任基金管理人副总经理 | | 离任高级管理人员职务 | 副总经理 | | --- | --- | | 离任高级管理人员姓名 | 邓海清 | | 离任原因 | 个人原因辞职 | | 离任日期 | 2025年11月13日 | | 转任本公司其他工作岗位的说明 | 香 | 这位知名经济学家在2020年12月加入中航基金，并于2021年12月15日起担任公司副总经理。在约3年11 个月的任期内，他见证了公司管理资产规模从2021年12月底的255.30亿元增长至2025年9月30日的602.7 亿元，增幅约2.3倍。 邓海清拥有博士研究生 ...

今年以来，随着权益市场企稳回升、投资者信心逐步恢复，FOF也明显回暖，Wind数据显示，截至10 月31日，全市场成立满6个月的477只FOF年内收益均为正，且平均收益率达14.29%。另从规模来看，截 至三季度末，全市场FOF规模合计1871.47亿元，相较去年末增长570亿元。这意味着，在复杂多变的市 场环境中，不少投资者倾向于通过具有多元配置属性的产品来追求资产增值。 产品的具体投资上，江虹表示，将以风险控制为锚点、以波动率管理为舵，在此基础上追求组合收益的 增强。在她看来，低波产品净值曲线能稳健上行非常重要，要力求避免回撤给曲线带来的"伤痕"。从投 资业绩来看，以她在管的低波FOF景顺长城保守养老为例，截至10月31日，A类份额自成立以来的净值 增长率为7.89%，相较于纯债债基指数（3.69%）跑出了一定超额；而该产品同期-0.88%、显著领先业 绩基准（-1.39%）、偏债FOF指数（-2.91%）的最大回撤表现，又是"稳字当头"的较好体现。（数据来 源：Wind，景顺长城保守养老成立日期为2024年3月20日，同期基准为14.38%，截至2025/10/31） 展望后市，江虹表示，对权益市场保持 ...

行业板块几乎全线上扬，能源金属、电池、化肥行业、贵金属、电源设备、非金属材料、有色金属、化 学原料、化学制品、小金属板块涨幅居前，仅铁路公路、银行、电力行业逆市翻绿。 今日开盘后，沪指强势冲高，午后继续上行，创下2015年7月以来新高。尽管盘中出现一定回落，但尾 盘阶段指数再度拉升。自大盘站上4000点以来，整体展现出较强的韧性，虽偶有波动，但市场重心不断 上移。临近2025年年底，日历效应有望再度显现。国际货币秩序重构逻辑持续强化，AI革命进入应用 关键阶段，新能源电池领域迎来重要创新突破，我国创新产业逐步实现业绩兑现，预计将继续为中国资 产表现提供支撑。 锂电产业链全线爆发，带动新能源板块今日集体上涨。新能源车ETF（159806）收涨6.20%，创业板新 能源ETF国泰（159387）收涨4.78%。 A股三大指数今日集体走强，沪指再度刷新十年新高。截止收盘，沪指涨0.73%，收报4029.50点；深证 成指涨1.78%，收报13476.52点；创业板指涨2.55%，收报3201.75点。沪深两市成交额达到20420亿，较 昨日放量969亿。 来源：Wind 消息面上，三生制药临床进度持续超预期，昨日辉 ...

Market Overview - A-shares indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, and trading volume exceeding 2 trillion yuan, an increase of 969 billion yuan from the previous period [1] - The technology sector, particularly the domestic AI industry chain, saw significant gains, with the AI-focused ETF (589520) rising nearly 2% and attracting 31.59 million yuan in five days [1] Sector Performance Technology Sector - Alibaba's secret "Qianwen" project aims to compete with ChatGPT, enhancing the global AI application landscape [1] Chemical Sector - The chemical ETF (516020) surged by 3.95%, reaching its highest closing price since March 2023, driven by rising prices of lithium hexafluorophosphate and favorable government policies [1][10] - The National Energy Administration's guidance on promoting the integration of new energy is expected to drive direct project investments of approximately 250 billion yuan [1] New Energy and Electric Vehicles - The smart electric vehicle ETF (516380) and green energy ETF (562010) also saw significant gains, rising by 3.83% and 3.41% respectively [1] Hong Kong Market - The Hong Kong innovation drug ETF (520880) experienced a substantial increase of 4.6%, indicating a potential second wave of the innovation drug market [2][4] - The newly launched Hong Kong information technology ETF (159131) focusing on the chip industry rose by 1.11%, with a trading volume exceeding 80 million yuan [2] Future Outlook - CITIC Securities anticipates 2026 to be a pivotal year for China's development, with a focus on new industries and consumption growth [4] - The chemical sector is expected to benefit from increased demand in the lithium battery supply chain, with significant price fluctuations noted [14] - The outlook for the non-ferrous metals sector remains strong, with a year-to-date increase of 75.9%, driven by robust earnings and strategic resource policies [18][20]

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Group 1 - The Hong Kong stock market showed volatility, with the Hang Seng Index recovering to 27,000 points, driven by Alibaba's stock performance, which rose by 3.32% after initially dropping [1][3] - Alibaba has secretly launched the "Qianwen" project, creating a personal AI assistant app to compete with ChatGPT, marking a significant shift towards consumer-facing AI applications [3] - The overall outlook for Hong Kong stocks remains positive, with institutions expecting Tencent's revenue and net profit to grow by 13% in the upcoming earnings report [3][4] Group 2 - Current valuations in the Hong Kong stock market, particularly in the technology sector, are considered low, providing room for further upward movement [4] - The Hong Kong Internet ETF (513770) has seen significant inflows, with 9 out of the last 10 days recording increased investments, totaling 742 million yuan [4] - The Hong Kong Internet sector has shown higher elasticity this year, outperforming the Hang Seng Tech Index, with the China Securities Hong Kong Internet Index up by 40.81% [6] Group 3 - The China Securities Hong Kong Internet Index has a low price-to-earnings ratio of 24.44, significantly lower than the NASDAQ and ChiNext indices, indicating potential for value re-evaluation [6] - The Hong Kong Internet ETF has a current scale exceeding 11.8 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity [6] - The ETF is designed to track major internet companies, with Alibaba, Tencent, and Xiaomi being the top three holdings, collectively accounting for over 73% of the index [5]

港股创新药"王者归来"！昨日简单"热身"后，今日（11月13日）彻底爆发，港股通创新药ETF （520880）跟踪的恒生港股通创新药精选指数尾盘上探5.31%强势站上半年线，大幅跑赢恒指 （+0.56%）、恒科指（+0.8%），并领跑一众恒生创新药主题指数！ | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | HSSCPB | 恒生港股通创新药精选 | 2588.29 | 117.47 | 4.75% | | 2 | HSSCID | 恒生港股通创新药 | 3686.59 | 166.30 | 4.72% | | 3 | HSIDI | 恒生创新药 | 3163.60 | 141.52 | 4.68% | | 4 | HSSCHI | 恒生港股通创新药及医疗保健指数 | 3612.01 | 155.94 | 4.51% | | ਦੇ | HSSCPBI | 恒生港股通药品及生物技术(可投资 | 2478.47 | 91.40 | 3.83% | | ર | HSSCHIDV | 恒生港股通创新药及医疗保健 ...

化工板块今日（11月13日）全天猛攻！全面覆盖机器人、新能源、AI算力、反内卷等热门主题的化工 ETF（516020）盘中场内价格涨幅一度达到4.32%，截至收盘，涨3.95%，收盘价创2023年3月以来新 高。 | | | 分时 多日 1分 5分 15分 30分 · | | | | F9 盘前盘后 盛加 九转 图线 工具 ® 0 | > | 化工ETF O | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.034 | | | | 516020[化工ETF] 15:00 价 0.844 器跌 0.033(4.07%) 均价 0.840 成交量 0 IOPV | | | | 0.84.6 | | +0.032 +3.959 | | | 0.823 | | arporture | | | | Comment a comment of the may | | SSE CINY 15:00:14 (2) 1 | | | 21 / 0 4 | | | | | | | | | 2.16% ...

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。 周四（11月13日），A股全天震荡拉升，三大指数低开高走，沪指刷新十年新高，两市放量成交超2万 亿元。金融科技尾盘冲高，互联网券商集体异动，东方财富尾盘放量收涨1.78%，同花顺、大智慧收涨 超2%。金融IT集体活跃，高伟达领涨超4%，翠微股份、恒生电子等涨超2%。 热门ETF方面，百亿金融科技ETF（159851）止跌反弹，场内价格收涨1.45%，单日放量成交4.83亿元， 资金近5日累计加仓超2亿元。从技术形态上看，今日阳线反包阴线，区间阶段底部有望形成，或可关注 低位配置机会。 大盘方面，龙头券商2026年研判指出，A股牛市有望持续。 同类比较看，截至10月31日，金融科技ETF（159851）最新规模超100亿元，近1个月日均成交额5亿 元，规模、流动性在跟踪同一标的指数的8只ETF中断层第一！ 数据来源 ...

玉 齿 金 1 15 1 1 2 8 2025年11月 131 = 3A系列ETF当日场内行情 == 中证A100ETF基金 A50ETF华宝 中证A500ETF华宝 159596 562000 563500 +1.19% +1.14% +1.57% 数据来源:沪深交易所等,行情数据截至 4.3.18上市,中证A100ETF基金干2022.8.1 H 市,中证A500ETF华宝于2024.12. 当日大市行情 nit +0.73% +2.55% +1.78% 创业板指 上证指数 深证成指 两市成交额2.04万亿元 较上一日+969亿元 全市场个股涨跌数 3953 = 157只 1338层 n 持平 =1 上涨 "『下跌 资金净流入TOP3行业(申万一级) 电力设备 世外足田 +94.41亿元 +42.78亿 +28.79亿 元 元 数据来源:治济交易所等,行情数据税至2025.11.13ibba 机构观点 T 龙头券商的2026年A股研判悉数出炉。整体来看,头部券商对明年A股 的行情,均保持了一定程度的乐观,牛市延续是主流观点。 中信建投证券: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, ...