Core Viewpoint - The non-ferrous metals sector is experiencing significant gains, with the leading non-ferrous metals ETF (159876) showing a rise of 1.88% and attracting substantial investment, indicating positive market sentiment towards the sector [1][4]. Investment Trends - The non-ferrous metals ETF (159876) has accumulated 213 million yuan in the past 10 days, reflecting strong investor interest [1]. - As of November 24, the ETF's latest scale reached 676 million yuan, making it the largest among three ETFs tracking the same index [1]. Stock Performance - Key stocks in the sector, such as Huaxi Nonferrous and Western Gold, have seen significant price increases, with several stocks rising over 4% [3]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector, with various firms highlighting potential growth in industrial metals like copper and aluminum, as well as energy metals such as lithium and cobalt [4]. - The focus is on three main themes: supply constraints and recovering demand for industrial metals, explosive demand for energy metals due to storage and battery needs, and strategic assets like gold and rare earths [4]. Investment Strategy - A diversified investment approach through the non-ferrous metals ETF (159876) is recommended to capture the overall sector's performance while mitigating risks associated with individual metal investments [5].

J 华宝英金 型向柱 FU 港股汽车50 T+0交易 * H * * * 50E TF 520780 520783 | 帮 认购 火热发行中 汽车行业,尤其新能源汽车,国内渗透 率已达阶段天花板,叠加明年补贴政 策退坡,很多车企面临巨大盈利压力, 近年来好几家车企破产清算,行业前 景怎么看? 当前政策真空期,叠加年底市场活跃 度下降、外围冲击,港股市场,尤其港 股汽车会否还有较大调整? 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021 - 2022 - 2023 - 2024 - 2025 近期港股汽车已明显跑输其他板块,对明年低增速预 朗已经price in,整体调整幅度或可控。预期明年市场 会有比较好的政策支撑,因此当前悲观预期下或是较 好的布局时点。 对于中国汽车出海,今年和明后年的 销售数据、收入盈利数据能否做一下 预测?全球关税政策、单边主义,对汽 车出海的影响怎么预估? 目前月度新能源渗透率仅为55.3%,仍有较大上行空 间。 补贴层面,根据近期终端调研,10月起多数省市补贴政 策开始退坡(金额下降、资格需要摇号或者直接停止) 导致四季度旺季不旺,同比下滑明显。消费者进入 ...

另一宽基ETF品种——A500ETF华泰柏瑞（563360）同样在规模与流动性优势加持下资金流入效应显 著。A500ETF华泰柏瑞（563360）近一周日均成交额达46亿元，相较今年以来25.96亿元的日均成交额 显著放量。净流入方面，A500ETF华泰柏瑞（563360）连续2个交易日（25/11/21-11/24）获资金加仓， 累计金额达5.06亿元。 （数据来源：Wind，近一周数据区间为25/11/17-25/11/24，今年以来数据区间为25/1/1-25/11/24） 广发证券表示，重新审视本轮行情的基础，近期并没有发生改变。第一，中国经济长尾风险的担忧逐步 缓解。第二，一些中国优势产业全球竞争力显著提升，经济结构转型体现在了今年上市公司的基本面 上。在传统内需资产ROE持续下行的背景下，整体A股仍然出现了连续3个季度的ROE企稳。第三，资 本市场定位提升，市场不缺钱，未来空间或可期。 （研报来源：广发策略-重新审视本轮AH牛市的基础，近期并没有发生改变-25/11/21） 据悉，沪深300指数云集了两市规模较大、流动性较好、较具代表性的300只证券，是中国核心资产的代 表。中证A500指数则涵盖 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日，A股三大指数大涨，截止午盘，港股通红利ETF广发（520900）涨幅0.65%，放量成交额 3994万元。数据显示，资金持续青睐港股通红利ETF广发（520900），从10月13日至11月21日，该ETF 已经连续6周获得净申购，流通规模从15.81亿元增至18.52亿元，规模增长率17.14%。 多重利好下的红利资产 市场人士指出，在当前震荡市场环境中，投资者寻求稳健回报的需求日益凸显。随着无风险利率持续下 行和市场波动，兼具高股息与低波动的红利策略展现出独特配置价值。广发基金旗下港股通红利ETF广 发（520900）聚焦高股息国资央企资产，为投资者提供了一键布局港股优质红利资产的高效工具。 当前宏观环境为红利策略的有效性提供了逻辑支撑。Wind数据统计显示，2021年以来，我国10年期国 债收益率从3.2%降至2025年11月3日的1.75%，无风险利率创历史新低，资产荒格局凸显。高股息资产 提供的股息回报与持续走低的无风险利率形成显著剪刀差，构成难以替代的相对收益优势。 政策层面，新国九条等政策引导上市公司提升分红水 ...

Group 1: AI Chip Market Dynamics - The explosive growth in AI computing demand and Nvidia's dominance in the supply chain mark a more competitive phase in the AI chip war, with Google promoting its TPU as a customized chip offering cost, performance, and energy efficiency advantages [1] - Google's seventh-generation TPU, "Ironwood," has been tested with select customers since April and is set for commercial launch in the coming weeks [1] Group 2: Market Performance and Investment Opportunities - On November 25, the AI market surged, with the Hang Seng Technology Index rising nearly 2%, and A-share chip representatives like the Sci-Tech Innovation Board chip index increasing by 1.57% [1] - The first ETF focused on the Hong Kong chip industry, tracking a 70% hardware and 30% software index, saw its price rise nearly 4%, with a trading volume exceeding 700 million CNY [3] - Goldman Sachs indicates that the AI-driven rise in Chinese stocks is not a bubble, as tech companies have room to enhance valuations and profitability through AI applications, attracting global investors [3] Group 3: Emerging AI Applications - Ant Group's newly launched multimodal AI assistant "Lingguang" achieved over 2 million downloads within six days, reflecting the strong market demand for high-quality AI products and the accelerating pace of AI application development in China [2]

Core Points - The three major indices opened higher, with the Shenzhen Component Index and the ChiNext Index both rising over 2%, while the Shanghai Composite Index increased by over 1% [1] - The ChiNext 50 ETF (159949) rose by 2.60% to 1.420 CNY, with a turnover rate of 5.52% and a trading volume of 1.399 billion CNY [1][2] - The ETF has seen a net inflow of funds for seven consecutive trading days, with a net inflow of 915 million CNY over the past five trading days [2][4] - As of November 24, 2025, the latest circulating scale of the ETF is 24.741 billion CNY, ranking first among similar ETFs [2][4] - The top ten holdings of the ChiNext 50 ETF include leading companies such as CATL, Zhongji Xuchuang, Dongfang Wealth, and others [3][4] Industry Insights - The PCB sector is experiencing a rebound, with Shenghong Technology rising over 6% amid news that Meta Platforms is considering a multi-billion dollar purchase of Google's TPU for data center construction [4] - Recent reports indicate that NVIDIA's FY26Q3 performance and FY26Q4 guidance exceeded expectations, while Google's Gemini 3 model has significantly improved performance, suggesting that the AI industry is still in an upward phase [5] - The PCB sector is viewed as a key opportunity for investment, particularly in relation to AI chip upgrades, with continuous recommendations for major manufacturers in the AI PCB sector [5]

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key stocks in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, rose over 6%, while Tianfu Communication increased by more than 4% [1] Group 2 - HSBC's latest report indicates that the acceleration of AI server iterations is driving a dual rise in technology and pricing for core components like PCBs and CCLs [1] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist until next year [1] - The report emphasizes the importance of technology leadership in the A-share market, with a focus on sectors like new energy vehicles and the internet [2] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the ChiNext and Sci-Tech Innovation boards [2] - The ETF is designed to capture technology market trends with a low investment threshold, allowing entry for less than 100 yuan [2] - The index has a 20% limit on daily price fluctuations, enhancing its ability to act as a rebound leader [2]

数据来源于沪深交易所、公开资料等。 平安证券指出，证券行业近期市场景气度改善、交投活跃度维持高位，板块从估值到业绩均具备β属 性，全面受益。长期看资本市场新一轮改革周期开启，券商仍有较大发展增量空间。 东吴证券表示，证券行业转型有望带来新的业务增长点，受益于市场回暖及政策环境友好，券商经纪、 投行、资本中介等业务均受益。中金公司拟换股合并东兴证券、信达证券，资产规模将破万亿元，行业 并购稳步推进。当前行业平均PB估值仅1.2倍，政策积极下优质券商有望脱颖而出。 券商ETF（512000）及其联接基金（联接C：007531）被动跟踪证券公司指数，该指数前十大权重股分 别为东方财富、中信证券、国泰海通、华泰证券、广发证券、招商证券、东方证券、申万宏源、兴业证 券、国信证券。 11月25日，市场情绪明显回暖，上证指数涨超1%，为月内首次；创业板指涨逾2.8%重回3000点上方。 券商板块震荡走强，A股顶流券商ETF（512000）场内价格现涨0.7%，实时成交额近3亿元。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金 ...

11月25日早盘，港股芯片强势高开，峰岹科技大涨超9%，阜博集团、鸿腾精密涨超6%，美图公司涨超 5%，蓝思科技、小米集团涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131） 场内价格现涨3.29%，日线有望终结7连跌，截至发稿实时成交额已超3000万元。 | | | 1998 SE 19 59 159 309 609 E N J . | | | 1521311086351110941 6- 0747 888 000032233 896 0775 800 0775 800 077 | | F9 盘用盘后 盘加 九和 阅读 工具 @ 0 > | | | @ [1 4/2 +0.030 +3.29% | | | | 混粉信息技术ETF TT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | 159131 C | | | 17 | | | | | | | | 1.649% | SISE CNY ...

Core Viewpoint - The Hong Kong stock market continues to show strength, particularly in the technology sector, with significant movements in the Hang Seng Tech Index and the Hong Kong Large Cap 30 ETF, indicating positive investor sentiment and potential growth opportunities [1][2]. Group 1: Market Performance - The Hang Seng Tech Index rose over 2%, while the Hong Kong Large Cap 30 ETF (520560) saw an intraday increase of more than 1.2%, recovering above the 5-day moving average [1]. - The Hong Kong Large Cap 30 ETF has attracted a total of 30.68 million yuan in the past five days, reflecting strong capital inflow and positive outlook for the sector [1]. - Notable stock performances include Xiaomi Group up over 4%, Kuaishou up over 3%, and Alibaba and SMIC both rising over 2% [1]. Group 2: Dividend and Earnings Outlook - Major state-owned banks in China are initiating mid-term dividends, with a total payout of 204.657 billion yuan, accounting for nearly 80% of the total mid-term dividends from all listed banks [2]. - The upcoming earnings report from Alibaba is anticipated, with its Qianwen APP achieving over 10 million downloads in just one week, surpassing other AI applications [1][2]. - Analysts are optimistic about Alibaba's AI application strategy, predicting significant growth potential for the Qianwen APP within Alibaba's business ecosystem [1]. Group 3: Investment Strategy - The current market environment suggests that a "barbell strategy" is optimal for investors, balancing between growth and dividend stocks, aligning with the "policy support + technological breakthrough" narrative [2]. - The valuation of the Hong Kong Large Cap 30 ETF is favorable, with a price-to-earnings (PE) ratio of 1.09, indicating a higher safety margin and potential for valuation recovery [2]. - The ETF provides a diversified exposure to core assets in the Hong Kong market, minimizing individual stock selection risks [4].