Group 1: Macroeconomic Overview - In October, the NFIB Small Business Optimism Index in the U.S. fell to 98.2%, below the expected 98.3% and the previous value of 98.8%, indicating a deterioration in small business owners' expectations for profits and economic growth [1] - President Trump signed a temporary funding bill on November 12, ending the longest government shutdown in U.S. history, which lasted 43 days. Following the shutdown, a backlog of economic data will be released starting November 20, including September non-farm payrolls and Q3 GDP data [1] Group 2: Market Performance - For the week of November 10-14, the S&P Oil & Gas Index rose by 3.30%, while the Nasdaq 100 Index fell by 0.21%. The S&P 500 Index saw a slight increase of 0.08%, with five of its eleven sectors rising, led by the S&P 500 Healthcare sector, which increased by 3.87%, and the S&P 500 Consumer Discretionary sector, which fell by 2.74% [2][3] - As of last week, 92% of S&P 500 companies had reported Q3 earnings, with 81% exceeding expectations. The market is particularly focused on Nvidia's upcoming quarterly report [2] Group 3: Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the U.S. S&P 500 Index, which includes over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of U.S. stocks [4] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the Information Technology sector making up 57.87% of the index, indicating a strong focus on high-tech companies [4]

本文作者为创金合信基金首席经济学家魏凤春 上期首席视点指出，宏观基础因子中的经济增长和流动性因子对风险资产配置并不算友好。从风险溢价 来看，海外投资者在期待新的刺激政策，我们判断这种期待在没有明确的信号出来之前形成交易的逻辑 为时尚早。从通胀因子看，价格，无论是PPI还是CPI确实给出了积极的信号。对这一信号，市场一度给 出了积极的回应，但大部分的投资者还是在担心这种积极信号的持续性。随着10月宏观数据的陆续公 布，投资者的情绪在进一步调整，叠加外部新的冲击的来临，年底前的市场又掀起了新的波澜。 在新的波澜面前，是被动地等待，还是积极地寻觅？机会总是留给那些积极准备的人的，积极地等待， 也就是谋定而后动是现实的策略。 一、市场回顾：并不是在等待戈多 从周度数据看，中国宏观经济的基本面和美国12月降息的不确定性以及日本首相不当言论引发的全球风 险溢价的陡然提升在大类资产的走势上映射得非常明显。商品中的焦煤，恒生科技以及科创50、创业 板、纳斯达克等权益资产下跌，与之对应，债券走势尚可。 从A股周度行业走势看，电子、电力设备、煤炭、通信等跌幅居前，几乎被投资者遗忘的综合、纺织服 装涨幅靠前，老树不开花也受到投资者 ...

Core Insights - The article highlights the increasing attention on the low volatility dividend style in the Hong Kong stock market, particularly in the context of changing coal supply and demand dynamics [1][5]. Group 1: Dividend Low Volatility Style - The low volatility dividend style index has shown superior risk-return ratios this year, with a median Sharpe ratio and Calmar ratio indicating strong performance [4]. - The annualized return of the low volatility dividend style index is the highest this year, with a maximum drawdown recovery time of only 21 days, suggesting a favorable holding experience [5]. - The index has constraints on individual stock weights (0.05% to 5%) and industry weights (not exceeding 30%), leading to a high degree of asset risk diversification [5]. Group 2: Coal Industry Dynamics - The coal industry is experiencing a tightening supply side, which is becoming a key investment theme, with coal prices expected to rise further due to increased demand in the fourth quarter [5]. - The State-owned Assets Supervision and Administration Commission (SASAC) has prioritized "stabilizing electricity prices" alongside "stabilizing coal prices," providing policy support that may enhance the valuation of high-dividend companies [5]. - The top five sectors by dividend yield over the past 12 months include: - Commercial Banks: 5.45% - Coal Mining: 4.95% - White Goods: 4.59% - Rural Commercial Banks: 4.20% - Shipping and Ports [5].

Core Insights - The Hong Kong stock market showed mixed performance among tech giants, with Alibaba-W rising over 2% and Xiaomi Group-W dropping more than 3% after its earnings report [1] - The Hong Kong Internet ETF (513770) saw a price increase of 0.36%, indicating strong buying interest, with a net inflow of 23.77 million CNY over the last three days and a cumulative net inflow of 1.315 billion CNY over the past 20 days [1] Group 1: Company Performance - Xiaomi Group reported a strong Q3 earnings with revenue reaching 113.1 billion CNY, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion CNY, up 80.9% year-on-year, marking a historical high [2] - The company achieved profitability in its automotive and AI sectors for the first time, with a profit of 700 million CNY in the quarter [2] Group 2: AI and Internet Sector Outlook - The launch of Alibaba's Qianwen app has gained significant traction, ranking fifth in the Apple App Store's free apps category shortly after its public beta [3] - The Hong Kong Internet sector is expected to benefit from the acceleration of AI integration across various applications, with significant potential for growth in domestic AI companies [3] - Citic Securities highlighted the substantial earnings elasticity of domestic AI firms, suggesting that the model and application sectors may experience explosive growth opportunities [3] Group 3: ETF and Index Performance - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily weights leading internet companies like Alibaba-W, Tencent Holdings, and Xiaomi Group, accounting for over 73% of the top ten holdings [4] - The index has shown higher elasticity this year, outperforming the Hang Seng Tech Index, with a year-to-date increase of 40.81% compared to 32.23% for the Hang Seng Tech Index [6] - The current price-to-earnings ratio of the Hong Kong Internet Index is 24.44, significantly lower than that of the NASDAQ 100 and the ChiNext Index, indicating a potentially undervalued market [6]

Market Performance - The A-share major indices showed strength in early trading on November 19, with the ChiNext Index rising over 1% [1] - As of 10:49, the ChiNext 50 ETF (159949) increased by 1.59%, trading at 1.472 CNY, with a turnover rate of 2.98% and a transaction volume of 756 million CNY [1][2] Fund Flow - The ChiNext 50 ETF (159949) recently shifted from net outflow to net inflow, with a latest circulating scale of 25.183 billion CNY as of November 18, 2025 [1] - In the last 10 trading days, there was a net outflow of 547 million CNY, but the fund has seen net inflows for three consecutive days [1] Top Holdings - The top ten holdings of the ChiNext 50 ETF (159949) include leading companies such as CATL, Zhongji Xuchuang, Dongfang Caifu, and others [3] - Notably, stocks like Xinyisheng, Zhongji Xuchuang, and Tianfu Communication saw significant gains, with increases of 3.06%, 5.03%, and nearly 3% respectively [3] Industry Insights - Multiple brokerages have expressed positive views on the optical module sector, with Guosen Securities estimating that global shipments of 800G optical modules could reach 40 million units next year, and 1.6T modules may exceed 7 million units, indicating substantial market potential [4] - CITIC Securities also anticipates continued high growth in demand for 800G optical modules and significant increases in the shipment scale of 1.6T modules, with R&D for 3.2T modules already underway [5] Investment Recommendations - The ChiNext 50 ETF (159949) is highlighted as a convenient and efficient investment tool for investors looking to capitalize on the long-term growth of China's technology sector [5] - Experts recommend a dollar-cost averaging strategy or phased investment approach to mitigate short-term volatility risks, while closely monitoring the performance of index constituent stocks and relevant policy developments [5]

今日（11月19日）科技自主可控方向强势崛起，百分百布局新质生产力的硬科技宽基——双创龙头ETF （588330）震荡上扬，场内价格现涨1.36%。 细分方向来看，光模块三巨头强势上攻，中际旭创涨超5%，新易盛涨逾3%，天孚通信涨超2%；新能源 亦有亮眼表现，宁德时代涨超2%，亿纬锂能、阳光电源涨逾1%。 图：双创龙头 ETF 标的指数涨幅前 10 大成份股 | 序号 | 名称 | 液洗帽 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市値 | 成交領 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中后船倒 | 5.09% | Non | 通信 | 通信设备 | 通信网络设备及器件 | 55225 | 103.91亿 | | 2 | 新易签 | 3.31% | m | 通信 | 通信设备 | 通信网络设备及器件 | 3254Z | 59.6965 | | 3 | 宁德时代 | 2.82% | m- | 电力设备 | 电池 | 煙电池 | 18186亿 | 51.064Z | | 4 | 天孚通信 | ...

Core Viewpoint - The defense and military sector has seen a significant surge, with the popular defense military ETF (512810) recovering its half-year line, indicating strong market interest and potential investment opportunities [1][3]. Group 1: Market Performance - The defense military sector experienced a sharp rise, with the ETF (512810) attracting 120 million yuan in the last 10 trading days [1]. - Key stocks such as Aerospace Development have achieved four consecutive gains, reaching a three-year high, while Tianhai Defense saw an increase of over 10% [3]. - The overall sector's net profit for the first three quarters reached 24.453 billion yuan, a year-on-year increase of 17.29% compared to 20.849 billion yuan in the same period of 2022 [3]. Group 2: Investment Insights - The defense military ETF (512810) is highlighted as an efficient tool for investing in core assets within the sector, covering themes such as commercial aerospace, low-altitude economy, controllable nuclear fusion, large aircraft, deep-sea technology, and military AI [3]. - The recent geopolitical factors have heightened attention on the defense military sector, suggesting a potential configuration cycle for investments [3].

Core Insights - The pharmaceutical sector reported a slight revenue growth of 0.20% year-on-year for Q3 2025, driven by innovative drugs and CXO benefiting from overseas orders and FDA approvals [1] - The medical device sector is experiencing slow recovery, with capital expenditures in hospitals remaining low, particularly in high-end imaging and IVD fields [1] - Traditional Chinese medicine saw a revenue increase of 1.60% year-on-year, but profits were pressured by adjustments in medical insurance catalogs and centralized procurement [1] - Pharmaceutical commercial revenue grew by 2.45%, although gross margins declined by 0.85 percentage points, indicating intensified price pressures in distribution channels [1] Short-term Outlook - The easing of centralized procurement policies for medical devices and steady progress in the innovative drug industry suggest stable operational performance in the pharmaceutical sector, with innovative drugs experiencing six consecutive quarters of high growth [1] - 2025 is anticipated to be a pivotal year for commercial insurance, benefiting innovative drugs and devices along with their supply chains [1] Long-term Outlook - The continuous upgrade of China's pharmaceutical industry is being realized, supported by a series of domestic policies favoring innovative drugs and the increasing clinical value of products [1] - Global pharmaceutical companies are accelerating their purchases of innovative drugs from China, surpassing the pace seen in the U.S. and other countries, indicating a collective globalization of China's innovative drug industry [1] Focus Areas - Future attention will be directed towards three main areas: 1. Innovative drugs with strong global competitiveness, benefiting from both domestic and Western markets [2] 2. The innovative drug supply chain, including CXO and life sciences services, expected to see a recovery in order growth as global investment and financing accelerate [2] 3. Medical devices and equipment, particularly companies focusing on self-sufficiency, domestic substitution, and high-end manufacturing for international markets, as procurement policies continue to improve [2]

Group 1 - The core concern is the increasing worries about an "AI bubble" leading to significant sell-offs in US tech stocks, with debates on whether AI has driven the market to a bubble state [1] - Pessimists argue that high valuations prompt a tendency to cash out, while optimists, including management from AMD and Nvidia, assert that the demand for AI data centers is real and growing rapidly, distinguishing it from the 2000 internet bubble [1] - UBS Global Wealth Management's Jason Draho suggests that the Chinese tech sector offers an attractive way to balance US tech stock holdings due to the high valuations in the US market [1] Group 2 - Many large Chinese tech companies are valued at only one-third to half of their US counterparts, yet they are launching competitive AI products [1] - The Chinese tech sector, particularly the Hong Kong market, is attracting investors due to its valuation advantages, with the Hong Kong tech index showing a PE ratio around 40% over the past three years, significantly lower than the NASDAQ [1] Group 3 - The first ETF focusing on the Hong Kong chip industry has been launched, comprising 70% hardware and 30% software, and includes 42 Hong Kong tech companies, with significant weights in companies like SMIC and Xiaomi [4] - The ETF aims to capture the potential of the Hong Kong AI hard tech market, excluding large internet firms like Alibaba and Tencent for a sharper focus [4] Group 4 - The ongoing trend of domestic AI chip localization is seen as a long-term necessity, with current conditions viewed as optimal for the development of domestic chips [4] - The ETF tracking the Hong Kong tech index is designed to adapt to market fluctuations, with individual stock weights adjusted semi-annually [5]

11月19日，较多布局汽车智能化龙头标的的智能电动车ETF（516380）场内价格盘中涨近1%，现涨 0.3%。成份股方面，赣锋锂业、天齐锂业和湖南裕能表现最为突出，涨幅分别达到3.52%、3.42%和 3.11%。另一方面，北京君正、宏发股份和比亚迪表现较弱，跌幅分别为1.25%、0.82%和0.69%。 | 图图 8日 1分 2分 15分 30分 60分 日 网 月 阅读 | F9 盘前盘玩 图M 516380(智能电动体ETF) 10.28 长 1.019 重要: 0.003(0.30%) 增长 1.023 院交盘 0 IOPV 1.0202 | 7.50 MIC I.M (0 CO 2025/11/19 | | 智能电动生ETF O | | 516380 | | --- | --- | --- | --- | --- | --- | --- | | | | | | .019 | | +0.003 +0.30% | | | | | | $5E CNY 102851 交易中 | | 788 | | | | | 0.829 | 净值费费 | | 华宝中证智能电动汽车ETF | | | | | | 假比 | ...