Core Viewpoint - The A-share market has experienced increased volatility since November, showing significant signs of style switching, with traditional value sectors like banks and utilities performing well, while previously strong sectors such as metals, new energy, and innovative pharmaceuticals have seen increased fluctuations [1] Group 1: Market Outlook - The market is expected to remain relatively volatile towards the end of the year, awaiting new policy signals, with a likelihood of continuing or improving economic conditions into the next year [1] - The overall AI sector remains strong, indicating potential growth opportunities despite the market's fluctuations [1] Group 2: Investment Focus - Continued focus on growth stocks, particularly in the following areas: - Hong Kong technology and internet sectors with reasonable valuations post-adjustment [1] - Sub-industries benefiting from AI technology, including hardware infrastructure, robotics, smart driving, and AI applications [1] - Growth-oriented consumer sub-industries such as innovative pharmaceuticals, gaming, and overseas consumer products [1] Group 3: Robotics Industry - The humanoid robotics sector is anticipated to see significant catalysts in the short term, including the launch and mass production plans of new generation robots by leading overseas companies and the listing processes of domestic leading robotics firms [1] - The industry is expected to enter a phase of accelerated mass production, making it a key area to watch [1]

11月10日，前海开源基金发布公告称，公司创始人暨首任董事长王兆华同志因病医治无效，于2025年11 月10日在西安逝世。 责任编辑：公司观察 来源：基金公告 公开资料显示，王兆华出生于1957年8月，陕西乾县人。他于1980年进入金融系统，从中国人民银行西 安市分行起步，在超过四十年的职业生涯中，历任中国工商银行、华夏证券、开源证券等多家金融机构 主要领导职务，以其卓越的专业能力与战略胆识，为中国资本市场发展作出重要贡献。2013年，王兆华 执掌前海开源基金管理有限公司，带领公司实现从零到千亿级管理规模的跨越。 前海开源基金在公告中表示，王兆华同志的离世是公司的巨大损失，其精神风范将长存于心，公司上下 将化悲痛为力量，继续前行。 ...

11月12日，港股活跃表现，恒生中国（香港上市）30指数维持高位整理，盘面上，部分科技股活跃，石 油、银行等高股息品种走强，红利风格与成长风格共振。 主流ETF方面，兼具港股"科技+红利"双轮驱动的香港大盘30ETF（520560）表现稳健，盘中单边涨超 1%，同时成交显著放量，半日成交额超4300万元，接近昨日全天量级。 技术面来看，当前香港大盘30ETF一举站上所有短期均线，量价配合良好，构成高概率的短线看涨信 号，可视为多头启动的初步确认，后续若连续两日站稳均线且量能维持高位，则反弹空间有望进一步打 开。 成份股方面，百济神州或受业绩驱动涨超7%，农夫山泉涨3%创阶段新高，小米集团-W、工商银行、农 业银行等紧随其后，另一方面，阿里巴巴-W、泡泡玛特现调整跌2%。 | 序号 | 44.05 | 名称 | 估算权重 | 涨跌幅 | | --- | --- | --- | --- | --- | | 1 | 6160 | 百济神州 | 2.01% | 7.29% | | 2 | 2628 | 中国人寿 | 1.76% | 4.23% | | 3 | 1109 | 华润置地 | 0.85% | 4.25% | ...

Core Viewpoint - The non-ferrous metal sector is experiencing active trading, with the Non-Ferrous Metal Leaders ETF (159876) showing resilience in the market, indicating potential investment opportunities in this sector [1]. Group 1: ETF Performance - The Non-Ferrous Metal Leaders ETF (159876) saw an intraday increase of 1.34% and is currently up by 0.56%, with significant gains in constituent stocks such as Huayu Mining (over 8%) and China Aluminum (over 5%) [1]. - Since its inception, the index tracked by the Non-Ferrous Metal Leaders ETF has increased by 181.27%, outperforming other indices like the Non-Ferrous Metal Index (164.89%) and the Industrial Non-Ferrous Index (156.47%) [2][3]. Group 2: Growth Potential - The index associated with the Non-Ferrous Metal Leaders ETF is expected to show strong and sustained growth, with a projected year-on-year net profit increase of 54.5% in 2025, leading among similar indices [3]. - For 2026, the index is anticipated to maintain a leading position with a forecasted growth rate of 21.0%, indicating robust mid-term growth potential [3]. Group 3: Market Dynamics - The next two years are projected to be critical for China's electrolytic aluminum production, with a forecasted output of approximately 4,420 million tons by 2025, nearing capacity limits [5]. - The domestic aluminum market is currently in a "fragile balance," with supply and demand remaining stable; however, any increase in demand or supply disruptions could lead to shortages [6]. Group 4: Commodity Outlook - Citic Securities anticipates that supply constraints will drive prices of copper, cobalt, and other commodities higher, while lithium prices may benefit from unexpected demand in energy storage [8]. - The investment interest in commodities is expected to continue, supported by liquidity easing and increased efforts by countries to secure key resources [8]. Group 5: Investment Strategy - The Non-Ferrous Metal Leaders ETF (159876) and its associated funds provide a diversified investment approach across various metals, including copper, aluminum, gold, rare earths, and lithium, which helps mitigate risks compared to investing in single metal sectors [10].

11月12日早盘，港股三大指数同步高开，科技板块局部活跃！精选30只港股通中资大盘股——香港大盘 30ETF（520560）盘中持续走强，现涨1.22%。技术面上可见，该ETF已站稳全部短期均线，5日均线延 续上行，短线多头格局或进一步巩固。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | | --- | --- | --- | --- | --- | | 1 | 6160 | 白济博物 | 2.01% | 5.98% | | 2 | 1109 | 华润置地 | 0.85% | 3.64% | | 3 | 1810 | 小米生团-W | 6.98% | 3.54% | | 4 | 9633 | 农夫山泉 | 0.97% | 3.42% | | 5 | 0883 | 中国海洋石油 | 3.12% | 2.77% | | 6 | 2628 | 中国人寿 | 1.76% | 2.57% | | 7 | 0857 | 中国石油股份 | 1.66% | 2.04% | | 8 | 1288 | 农业银行 | 1.63% | 1.93% | | 9 | 2020 | 安醫体育 | 1.03% | 1.82% ...

Group 1 - The food and beverage sector continues to rise, with the Food ETF (515710) showing a maximum intraday increase of 1.28% and currently up 0.64% [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor brands such as Tianwei Food up over 3% and Yangyuan Beverage up over 2% [1] - Guizhou's government has introduced multiple consumption expansion measures related to liquor, aiming to boost production and consumption during peak holiday seasons [2][3] Group 2 - Analysts highlight that Guizhou's consumption expansion policy aims to deeply integrate liquor consumption with industrial upgrades and cultural promotion, rather than just short-term sales boosts [3] - The food and beverage sector is currently at a historical low valuation, with the Food ETF's underlying index PE ratio at 21.21 times, indicating a favorable long-term investment opportunity [3] - Future projections suggest that the liquor industry may see improvements in financial reports by 2026, with a gradual recovery in demand expected as policy impacts diminish [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end liquor stocks and nearly 40% in other beverage and food segments [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a rebound, with significant trading activity and price increases in related ETFs and stocks [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a price increase of over 3%, surpassing the 20-day moving average, with a trading volume exceeding 2 billion yuan within the first half hour of trading [1]. - Major constituent stocks have shown strong performance, with BeiGene leading with a gain of over 7%, reporting a quarterly revenue of 1.4 billion USD, a 41% increase year-on-year, and a GAAP net profit of 125 million USD, reversing a loss from the previous year [3]. Group 2: Market Trends and Analysis - Recent adjustments in the innovative drug sector have been deemed sufficient in both time and magnitude, with historical data indicating an average correction duration of 30-40 days and a typical decline of around 20% [3]. - The current adjustment has lasted nearly a quarter, with the index down over 20%, suggesting a potential for recovery as institutional investors prepare for next year's allocations [3]. Group 3: Investment Opportunities - CICC highlights a clear trend of Chinese innovative drugs going global, supported by ongoing drug review reforms and favorable domestic conditions, marking a shift from imitation to innovation [4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) is recommended as a primary investment vehicle, tracking the Hang Seng Stock Connect Innovative Drug Select Index, which boasts three key advantages: purity in focus on innovative drugs, significant weight in leading companies, and controlled risks through liquidity management [4][5]. - The ETF has achieved a fund size exceeding 2 billion yuan and has the highest liquidity among similar ETFs, with an average daily trading volume of 474 million yuan since its inception [5].

Core Viewpoint - The domestic AI industry chain is experiencing significant investment opportunities driven by strong policy support, continuous technological breakthroughs, and improving performance metrics [3][4]. Group 1: Investment Trends - The AI-focused ETF (589520) attracted 15.58 million yuan in a single day and has accumulated 43.99 million yuan over the past 10 days, indicating strong investor interest in the domestic AI sector [1]. - Key stocks in the AI sector, such as Cambricon, Lattice Semiconductor, and Foxit Software, have seen gains of over 1% despite market fluctuations [1]. Group 2: Technological Breakthroughs - Domestic AI technology is transitioning from conceptual discussions to practical applications, with significant advancements in large model training using "Chinese chips" [3]. - The year 2025 is anticipated to be a pivotal year for AI Agent commercialization, marking a shift from AI as a supplementary tool to a core productivity driver [3]. Group 3: Performance Validation - Among the 30 stocks in the AI ETF, 20 reported profits, and 22 showed year-on-year growth in net profit, with Cambricon's net profit soaring by 321% year-on-year, highlighting the sector's profitability [3]. Group 4: Policy Support - The new five-year plan emphasizes enhancing "self-reliance in technology" as a core objective, with a focus on "AI+" initiatives, providing robust long-term support for AI and domestic alternatives [3]. Group 5: External Pressures - The geopolitical landscape underscores the importance of technological security, with domestic AI companies accelerating their development to ensure a secure and controllable AI industry [4]. - The release of the Kimi K2 Thinking model by a domestic AI company has outperformed major international models, showcasing the competitive edge of local innovations [4]. Group 6: ETF Characteristics - The AI-focused ETF and its linked funds are strategically positioned to capitalize on the domestic AI industry, with a high concentration in semiconductor stocks, which account for over half of the top holdings [5]. - The ETF offers a lower entry barrier for investors and has a 20% price fluctuation limit, enhancing efficiency during market surges [5].

11月12日，截至9时42分，食品ETF（515710）盘中表现平稳，场内价格现涨0.4%，成交额为1955.98万 元。 成份股方面，天味食品、燕京啤酒和养元饮品表现较为强势，涨幅分别为3.56%、1.85%和1.06%。另一 方面，酒鬼酒、金徽酒和新乳业走势偏弱，跌幅分别为1.53%、1.04%和0.87%。 消息面上，五粮液在2025年11月10日强调其作为中国浓香型白酒龙头的核心竞争力，包括独有的自然生 态环境、古窖微生物群及传统酿造工艺等优势。此外，江苏酒协于11月3日提出2030年苏酒目标营收突 破1000亿元，行业长期发展目标进一步明确。 开源证券指出，白酒行业已进入深度调整期，需求下行传导至厂家导致业绩增速放缓，酒企主动收缩供 给以平衡供需，短期报表仍处出清阶段，但板块接近左侧布局区间。食品饮料行业基本面接近底部，利 空基本释放，政策影响边际放缓，政策预期加强有望提振需求。2026年行业主线为底部回暖复苏，复苏 节奏与宏观经济相关，大众消费有望保持韧性，商务消费或随经济活跃度提升而提振。 华西证券指出，白酒行业的核心在于社交属性与价位认知，其商业模式依托高毛利率（普遍70%以上） 和品牌心智建 ...

在北交所新成立4年之际，10月29日，新任董事长鲁颂宾在会议上透露了改革的最新思路，强调将优化 产品制度供给，持续推进北交所指数体系建设。当天，北交所唯一代表性宽基指数——北证50指数大涨 8.41%，展现出优异的成长属性和进攻弹性。 自924行情以来，北证50指数就以其高弹性、高波动的特征吸引了市场的关注。 在本轮行情爆发后的首月，也就是2024年10月，北证50指数以43.8%的单月涨幅领涨所有主要宽基指 数。2024年9月4日至2025年9月30日期间，指数涨幅更是突破154.87%，相对科创50指数、创业板50指 数均有20%以上的超额收益，波动率也为其中最高。 近日，资本市场又传来重磅消息，华宝北证50成份指数基金（A类：025954；C类：025955）11月12日 起首发！ 这一指数基金的落地，不仅为北交所市场再添一只核心指数投资工具，更打破了普通投资者参与北交所 的高门槛壁垒，为想要布局"小而精"赛道的投资者提供了高效率一键布局的全新选择，最低1元就可以 进行投资！ 从产品定位来看，华宝北证50成份指数基金旨在紧密跟踪北证50指数的走势，分享北交所最优质企业的 成长红利！ 作为北交所的唯一代表 ...