大盘在4000点附近反复争夺，体现出在这一整数关口多空分歧较大。悲观的投资者认为4000点可能就是 本轮行情的终点，而乐观的投资者则认为4000点是新一轮行情的起点。在4月7日，因受到海外扰动影 响，A股市场出现"黑色星期一"，当时许多投资者担心市场可能出现连续大跌。我当时表示，面对关税 战，我们具备较强的信心，市场的下跌可能是暂时的，预计明年市场有望回到4000点。如今，市场已提 前实现4000点。近期不少投资者留言称："杨老师，您的观点可能偏于保守，这轮牛市或许会超出多数 人的预期。"这也是我所持的看法。 前段时间，我受邀到北京参加民间股神林园的新书发布会，与其进行了深度对话，并发表了主题演讲。 我和林园的观点较为一致，均认为当前正处于牛市上半场结束、下半场开启的关键节点。4000点并非行 情的终点，而可能是新一轮行情的起点。一个重要的判断依据是：4000点之前的牛市上半场属于结构性 牛市，而非全面牛市。但展望明年，市场有望逐步向全面牛市过渡。从逻辑上看，2025年的行情仍处于 牛市上半场，场外资金入场趋势已经显现，无论是新开股票账户数量，还是权益类基金发行规模，今年 均呈现明显回暖态势。数据显示，今年新 ...

万只基金时代，一个APP能否真正覆盖从决策到交易的所有环节？新浪财经APP以其全方位服务给出了 肯定答案。 随着2025年公募基金数量突破万只大关，投资者面临前所未有的选择困境。 在超过300款基金投资APP竞争的市场中，新浪财经APP以9.56分的综合评分稳居行业首位，成为众多投 资者的首选工具。 这款APP凭借数据整合能力、智能工具创新和生态闭环构建，正在重塑基金投资的用户体验。 01 数据优势：全市场覆盖，毫秒级更新的基石 数据覆盖的广度与深度构成了新浪财经APP的核心竞争力。平台整合了163家基金公司的数据源，覆盖 全市场98%的基金产品，实时监测10000多只基金的动态。 投资者无需在多个平台间切换，即可一站式获取全市场基金净值信息。 在瞬息万变的市场中，行情刷新速度往往决定着投资的成败。新浪财经APP的行情刷新速度达0.03秒 级，远超行业平均水平。 在2025年5月商品期货夜盘暴跌时，多数APP因流量过载出现1-2秒延迟，而新浪财经仍保持毫秒级更 新。 "目标寻基"工具更是投资利器一件。用户只需输入预期年化收益、可承受最大回撤和投资期限，系统就 能精准匹配适合的基金或组合。看到心仪的组合可以一键 ...

Core Insights - The food and beverage sector experienced a reversal on November 13, with the Food ETF (515710) showing a slight increase of 0.16% after a period of low volatility [1][2] - Major liquor stocks, including Jinhuijiu, Gujinggongjiu, and Jiugui Jiu, saw significant gains, with increases exceeding 2% [1] - The China Alcohol Industry Association released a new cultural development outline for the industry, emphasizing the importance of cultural initiatives in addressing current challenges and enhancing international competitiveness [3] Industry Analysis - The newly released outline is seen as an upgrade from the previous five-year plan, targeting industry transformation by focusing on cultural aspects to resolve short-term sales issues and enhance long-term value recognition [3] - The food and beverage sector is currently at a historical low in terms of valuation, with the Food ETF's underlying index PE ratio at 21.24 times, indicating a favorable entry point for long-term investments [3] - The liquor sector has undergone five years of adjustment, with the average PE ratio of major liquor companies now below 20 times and an average dividend yield of approximately 3.5%, suggesting that the sector is entering a value zone [4] Investment Opportunities - The Food ETF (515710) is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with a significant portion of its holdings in leading high-end liquor stocks [5] - The ETF tracks the China Securities Index's food and beverage theme index, with around 60% of its portfolio allocated to high-end liquor leaders and 40% to other segments like beverages and condiments [5]

Group 1: Market Overview - The electric equipment sector received a net inflow of nearly 30 billion yuan, ranking first among 31 Shenwan primary industries [1] - The green energy ETF (562010) surged, with an intraday increase of 4.19%, currently up 2.82% [1][4] - Key stocks in the green energy sector include Tianqi Materials, which hit the daily limit, and Tianhua New Energy, which rose over 16% [1][4] Group 2: Lithium and Battery Materials - Lithium hexafluorophosphate prices are fluctuating daily, with some market quotes reaching 150,000 yuan per ton, doubling since mid-October [3] - The demand for energy storage batteries and most lithium battery materials has shown signs of tightening supply, indicating a potential turning point for profitability in the lithium battery supply chain [3] Group 3: Technological Advancements - Significant progress has been made in perovskite LED technology, achieving an efficiency of 45.5% [3] - Analysts suggest that the maturation of perovskite battery technology will lay a solid foundation for large-scale commercialization by 2025 [3] Group 4: Policy Developments - The National Energy Administration issued guidelines to promote the integrated development of renewable energy, aiming for enhanced market competitiveness by 2030 [3] - A joint directive from the National Development and Reform Commission and the National Energy Administration aims to establish a multi-level renewable energy consumption and regulation system [3] Group 5: Investment Opportunities - The top ten weighted stocks in the green energy ETF include major players like CATL, Sungrow Power, and BYD [5] - The smart electric vehicle ETF (516380) focuses on both electrification and intelligent automotive technologies, presenting long-term investment opportunities in the electric and smart vehicle sectors [5]

化工板块午后延续强势，标的指数全面覆盖机器人、新能源、AI算力、反内卷等热门主题的化工ETF （516020）场内价格涨幅最高达到4.19%，截至发稿，涨3.58%。 从估值方面来看，数据显示，截至昨日（11月12日）收盘，化工ETF（516020）标的指数细分化工指数 市净率为2.4倍，位于近10年来42.47%分位点的相对低位，中长期配置性价比凸显。 展望后市，有机构表示，化工板块历经长期筑底，"反内卷"政策推进下，上行想象空间广阔。叠加10月 PPI环比增长0.1%，为年内首次转正，伴随着PPI的进一步修复，工业品价格有望攀升，带来化工板块的 布局价值抬升。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF （516020）跟踪中证细分化工产业主题指数，全面覆盖机器人、新能源、AI算力、反内卷等热门主 题。其中近5成仓位集中于大市值龙头股，包括万华化学、盐湖股份等，分享强者恒强投资机遇；其余5 成仓位兼顾布局磷肥及磷化工、氟化工、氮肥等细分领域龙头股，全面把握化工板块投资机会。场外投 资者亦可通过化工ETF联接基金（A类012537/C类012538）布局 ...

11月13日，港股走势再度转向低迷，恒生科技指数半日跌涨0.77%。科网龙头多数回调，腾讯控股跌 0.91%，阿里巴巴-W、小米集团-W、美团-W、快手-W跌逾1%。 重仓互联网龙头的港股互联网ETF（513770）场内价格现跌1.03%，向下逼近半年线，盘中高频溢价， 显示买盘资金承接意愿较强。 | 分时 · 综合屏 F9 前震权 超级叠加 画线 工具 @ 2 >> 513770SHI潜版互联网ETFI 2025/11/13 收0.577 幅 | | | 1 57 / -0.006 -1.03% | | | 港股互联网ETF O | | | --- | --- | --- | --- | --- | --- | --- | --- | | MAS 0.5791 MA10 0.5831 MA20 0.5901 MA60 0.6051 MA120 0.5 V = 2 | | | | | | 513770 | | | 0.670 | | | SSE CNY 13:11:08 交易中 | | | | 里豆(万元) | | 0.661 | 0.660 | 净值进势 | 华军中证港股通互联网ET | | 近5日净湿入 ...

今日（11月13日）有色金属板块掀涨停潮，兴业银锡、雅化集团、国城矿业、华锡有色、永兴材料、中 矿资源、盛新锂能7股涨停，揽尽有色金属行业龙头的有色龙头ETF（159876）场内涨幅盘中上探 4.79%，现涨4.46%，站稳全部均线，实时成交额超6500万元，交投火热！ 从长期收益来看，截至10月底，有色金属板块年内累计上涨75.9%，板块涨幅高居31个申万一级行业断 层第一，大幅跑赢通信（61.88%）、电子（48.1%）、电力设备（45.12%）等行业。 | 涨幅排序 申万一级行业 | 区间涨跌幅 | | --- | --- | | TE 有色金属(申万) | 75.90% | | 2 通信(申万) | 61.88% | | 3 电子(申万) | 48.10% | | 数据统计区间:2025.1.1-2025.10.31. | ... | 【有色金属板块为什么这么强？】 1、业绩端，2025年三季报显示，有色龙头ETF60只成份股中，56家上市公司实现盈利，44家归母净利 同比正增长，其中，楚江新材归母净利同比暴增20倍，国城矿业等10家上市公司实现归母净利三位数大 增，紫金矿业归母净利同比增长55%，业 ...

今日（25/11/13）早盘，港股延续震荡回调态势，港股红利类资产彰显韧性。岁末年初窗口，港股红利 类资产凭借相对高股息、低估值优势展现"日历效应"，特别是在长期资金入市背景下，险资配置需求增 加。港股通红利ETF（513530）、港股通红利低波ETF（520890）或成主流资金布局的便利之选。 机构配置方面，险资对高股息资产的配置意愿持续增强。兴业证券指出，随着2026年保险公司全面切换 新会计准则，高股息股票的配置规模预计将进一步扩大。预计到2027年，仅5家A股上市险企在FVOCI 项下的高股息资产配置规模即可达每年2500–5000亿元。同时，非上市险企自2026年起也将执行新会计 准则，进一步提升对高股息资产的需求。叠加"开门红"保费流入，险资对红利类资产的配置动力或较为 充足。 （研报来源：兴业证券-《岁末年初，港股高股息资产更吸睛》-25/11/6） （注：T+0为交易所交易机制） 根据合同约定，港股通红利ETF（513530）及其联接基金（A类018387/C类018388）、港股通红利低波 ETF（520890）及其联接基金（A类025937/C类025938）在符合基金收益分配条件时，基金 ...

Group 1 - The domestic equity market experienced a stable performance with major indices showing a weekly increase of less than 1%, while the Shanghai Composite Index briefly surpassed the 4000-point mark, closing at 3997.56 points on Friday [1] - The average daily trading volume in the market remained around 2 trillion yuan, indicating a healthy overall market operation [1] - Sectors such as electric equipment and new energy, steel, and oil and petrochemicals saw significant gains, while comprehensive finance, computer, and pharmaceuticals faced declines [1] Group 2 - Lithium battery companies have recently seen a surge in stock prices, coinciding with the disclosure of Q3 2025 reports, with many companies' performance acting as a catalyst for this increase [2] - The global energy storage market demand has shown high growth, with a 97.7% year-on-year increase in new domestic energy storage project tenders in the first three quarters of this year [2] - The price of lithium hexafluorophosphate, a key indicator in the lithium battery industry, has recently doubled since mid-September, ending a two-year period of stagnation [2] Group 3 - The bond market showed a bear flattening trend in the yield curve, with a slight narrowing of the term spread, while credit bond yields exhibited differentiation [3] - The October manufacturing PMI underperformed expectations, and CPI data showed signs of gradual recovery, which may lead to increased interest rate cut expectations if upcoming data remains under pressure [3]

对于看好中国科技成长板块长期发展的投资者，创业板50ETF（159949）提供了便捷高效的投资工具。 该产品是跟踪创业板50指数（3381.234， 89.78， 2.73%）的ETF中规模最大、流动性最优的标的。投资 者可通过股票账户直接交易创业板50ETF（159949），也可通过联接基金（A类：160422；C类： 160424；I类：022654；Y类：022976）进行投资。建议采用定投或分批建仓方式平滑短期波动风险， 并密切关注指数成分股的业绩兑现情况和相关政策落地进度。 风险提示：基金投资有风险，投资须谨慎。创业板50ETF属于较高风险、较高预期收益的基金产品，其 净值表现与创业板市场密切相关。投资者应当认真阅读基金法律文件，判断风险承受能力，审慎做出投 资决策。 据最新季报披露，创业板50ETF前十大重仓股多数收涨。截至午盘，宁德时代上涨8.18%，亿纬锂能大 涨10.71%，东方财富、阳光电源、汇川技术、迈瑞医疗、同花顺分别上涨0.57%、2.72%、1.44%、 0.13%和1.73%；中际旭创、新易盛分别下跌2.19%和1.85%，胜宏科技持平。截至2025年11月12日，该 产品今年以 ...