Market Overview - US stock markets experienced a significant decline, with the Nasdaq China Golden Dragon Index dropping by 2.05% [1] - Hong Kong stocks opened lower, with the Hang Seng Tech Index falling by 1.75%, and major tech stocks like Alibaba and Kuaishou declining over 2% [1] ETF Performance - The Hong Kong Internet ETF (513770) saw a decrease of 2.57%, with a current price of 0.569, reflecting a net outflow of nearly 5 billion in the past four days [2][5] - The ETF's latest scale exceeds 11.4 billion, with an average daily trading volume of over 600 million this year, indicating good liquidity [6][8] Valuation Insights - The Hong Kong Internet Index's price-to-earnings (P/E) ratio stands at 25.2, which is below the Nasdaq 100's 36.79 and the ChiNext Index's 42.39, suggesting a valuation gap [3][4] - The current market sentiment is overly pessimistic, with predictions of a potential interest rate cut by the Federal Reserve in December, which could positively impact the Hang Seng Index [3] Investment Outlook - Analysts suggest that the recent market pullback may provide a good opportunity for positioning, particularly in AI-related sectors, as the "15th Five-Year Plan" exceeds market expectations [4][5] - The top holdings in the Hong Kong Internet ETF include Alibaba, Tencent, and Xiaomi, which collectively represent over 73% of the ETF, highlighting their dominance in the AI sector [8]

近日，黄金税收新政出台，中信建投解读，此次新政的核心，落在了黄金实物交割环节的细化管理，首 次明确区分"投资性用途"和"非投资性用途"，并调节了增值税相关细则，总体更鼓励场内黄金交易。 业内人士指出，其押注黄金这单一赛道，不如放眼布局整个有色金属板块： 盘面上，今日（11月5日）揽尽有色金属行业龙头的有色龙头ETF（159876）随市回调，场内价格一度 跌超2.6%，现跌1.85%，值得关注的是，截至发稿，该ETF获资金实时净申购240万份，且近3日连续吸 金，合计金额2527万元，或有资金逢跌抢筹，埋伏后市反弹机遇！ 成份股方面，国城矿业涨超2%，钒钛股份、西部黄金、山东黄金、赤峰黄金等个股逆市飘红。另一方 面，云铝股份、天山铝业、中孚实业跌超4%，赣锋锂业、北方稀土等个股跌逾3%，跌幅居前，拖累指 数表现。 | 有色龙头ETF | | 159876 | | | --- | --- | --- | --- | | | | -0.016 -1.85% | | | SZSE CNY 10:09:51 交易中 | | / 0 + | | | 科书画史 | | 华宝中证有色金属ETF | | | 实时申购随回信息 ...

Group 1 - The core viewpoint of the articles highlights a rebound in the pharmaceutical sector, particularly in innovative drugs and medical devices, amidst a broader market adjustment [1][4][5] - A-shares saw a notable recovery in innovative drug concepts, with stocks like Baile Tianheng and Shenzhou Cell rising over 3%, and the only drug ETF in the market (562050) showing significant gains [1][4] - The medical sector experienced a quick recovery after a low opening, with Lepu Medical leading with a rise of over 5% and WuXi AppTec increasing by over 1% [1][4] Group 2 - The Hong Kong market showed localized activity in innovative drugs, with stocks like Connoa-B and Kangfang Bio performing well, while the Hong Kong Stock Connect innovative drug ETF (520880) experienced high premiums and significant capital inflow [3][4] - Open-source Securities noted that most innovative drugs included in medical insurance are in the early stages of volume growth, with policies supporting these drugs expected to enhance revenue rapidly [4][5] - Dongwu Securities reported that China's innovative drugs are gaining international competitiveness, with a surge in business development (BD) overseas, particularly in new generation ADCs and small nucleic acids [4][5] Group 3 - The innovative drug market is projected to grow significantly, with global innovative drug market size expected to reach $1.1 trillion in 2024 and potentially $1.5 trillion by 2030 [4][5] - The recent negotiations for medical insurance and commercial insurance drug pricing concluded with participation from 120 companies, indicating a robust engagement in the sector [4][5] - The second-tier market performance suggests that the recent adjustments in innovative drugs are relatively healthy, with the industry fundamentals remaining positive and a strong potential for upward movement in the pharmaceutical sector [5][6]

责任编辑：石秀珍 SF183 除了流动性问题，随着美国政府停摆，经济基本面面临的压力日益积累，主要体现在联邦政府雇员失去 收入，营养补助等部分社会福利停止发放，以及部分公共服务暂停。随着时间延长，这些风险可能继续 累积，且可能呈现加速放大的态势。 在此前经济面临压力不大的情况下，美国国会两党内部的强硬派都坚持立场，不愿在关键议题让步。但 随着经济和股市风险不断放大，达成妥协的概率有望提高。目前市场预期，进入11月中旬后，来自公众 的压力可能快速上升，国会两党有望加速谈判以尽快达成妥协。 此前美股行情主要受到人工智能投资扩张预期的拉动，但行情显示，科技板块估值处于高位时，市场对 流动性风险高度敏感。不过，虽然市场存在一些质疑，但是对人工智能的整体叙事逻辑尚未受到破坏。 市场调整有利于消化短期积累的浮盈，吸引长期资金流入。经过回调后，如果美国政府能够尽快重启， 流动性风险可能迅速缓解，本轮科技主导的股市行情仍有望持续。 MACD金叉信号形成，这些股涨势不错！ 11月4日，美股市场出现普遍性下跌，截至收盘纳斯达克指数下跌2.04%，标普500指数下跌1.17%，道 琼斯指数下跌0.53%，此前领涨的科技股跌幅较大。 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector demonstrates resilience amid market corrections, with the highest "pig content" ETF (159275) showing a 0.3% increase despite overall market declines [1][4]. Group 1: Market Performance - As of November 5, the agricultural, animal husbandry, and fishery ETF (159275) rose by 0.3%, while individual stocks in edible fungi, pig farming, and meat chicken farming saw significant gains, with Zhongxing Junye rising over 2% [1]. - The ETF's underlying index, the CSI Agricultural, Animal Husbandry, and Fishery Index, has a price-to-book ratio of 2.57, placing it in the lower 30.08% of its historical range, indicating a favorable long-term investment opportunity [2]. Group 2: Industry Trends - The Ministry of Agriculture and Rural Affairs has reiterated the need for pig production capacity regulation, with the number of breeding sows decreasing to 40.35 million by the end of September, a drop of 450,000 from last year's peak [1]. - The pig farming industry is entering a phase of capacity reduction starting July 2025, with a cumulative decline of 90,000 breeding sows reported in Q3 [2]. - Analysts expect the industry to focus on quality and efficiency improvements, with lower-cost, financially stable producers likely to gain market share as excess capacity is gradually eliminated [3]. Group 3: Investment Recommendations - Investors are encouraged to consider the agricultural, animal husbandry, and fishery ETF (159275) as a strategic entry point into the sector, which includes leading companies like Muyuan Foods and Wens Foodstuffs [4]. - The ETF is noted for its high exposure to the pig farming sector, which constitutes 40.25% of its holdings, making it a unique investment vehicle in this space [7].

5日早盘，光模块CPO等算力硬件再陷回调，"易中天"（新易盛、中际旭创、新易盛）均跌超2%。热门 ETF方面，重仓光模块龙头的创业板人工智能ETF（159363）场内下挫逾2%，失守20日均线，实时成 交额快速接近2亿元，资金实时净申购5000万份。 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、 47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的 持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险，适宜积极型（C4）及以上的 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投 ...

Group 1: Economic Indicators - The October PMI in China showed a decline, indicating weak domestic demand and the need for further counter-cyclical policies [1] - The FOMC meeting in October signaled a hawkish stance, with Powell suggesting that a rate cut in December is not guaranteed, leading to a rebound in U.S. Treasury yields and the dollar [1][2] Group 2: Market Performance - A-shares are expected to see a moderate improvement in earnings for Q3, with a continued upward trend anticipated in the economic recovery [2] - The bond market has experienced significant gains, with the central bank's announcement to restart government bond trading boosting liquidity expectations [1] Group 3: Sector Focus - The "14th Five-Year Plan" draft suggests that technology will become a key investment theme in the A-share market over the next few years [1][2] - In the short term, there is a high interest in technology stocks, indicating a need for style balance in the market [2] Group 4: Global Market Dynamics - Recent sanctions by the EU and the U.S. against Russia have led to a significant rebound in oil prices, while ongoing trade negotiations between China and the U.S. have alleviated previous panic [2] - Gold prices have seen volatility due to trade war threats, but a positive long-term outlook is maintained [2]

Group 1 - The latest dividend yield for the S&P Dividend ETF is 5.18% as of November 4, 2025 [1] - The Shanghai Composite Index has shown a year-to-date performance of -1.40% with an annualized volatility of 19.64% [1] - The Hong Kong Stock Connect Dividend ETF has a current dividend yield of 5.72% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has a year-to-date performance of 0.42% and an annualized volatility of 27.32% [2] - The A500 Low Volatility Dividend ETF has shown a year-to-date performance of 4.73% with an annualized volatility of 9.80% [2] - The CSI 800 Low Volatility Dividend Index has a year-to-date performance of 5.19% and an annualized volatility of 10107% [2] Group 3 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [4]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant year-to-date gains and dividend yields for various companies [1]. Group 1: Stock Performance - Xiamen Bank (601187.SH) leads with a 5.92% increase in the latest trading session and a 36.49% year-to-date gain, along with a dividend yield of 4.37% [1]. - Jiangyin Bank (002807.SZ) follows with a 3.67% daily increase and a 22.32% year-to-date gain, offering a dividend yield of 4.08% [1]. - CITIC Bank (601998.SH) shows a 3.31% rise today and an 18.58% increase year-to-date, with a dividend yield of 4.45% [1]. - Shanghai Bank (601229.SH) has a daily increase of 3.20% and a year-to-date gain of 15.04%, boasting a high dividend yield of 8.26% [1]. - Other notable performers include Changbao Co. (002478.SZ) with a 3.19% daily increase and a 33.85% year-to-date gain, and China Merchants Bank (600036.SH) with a 2.92% daily rise and a 14.17% year-to-date increase [1]. Group 2: Dividend Yields - Shanghai Bank (601229.SH) offers the highest dividend yield at 8.26%, indicating strong returns for investors [1]. - Other companies with notable dividend yields include Semei Clothing (002563.SZ) at 9.06% and Changsha Bank (601577.SH) at 6.37% [1]. - The average dividend yield among the top 20 stocks reflects a trend towards higher returns for dividend-seeking investors [1].

业绩翻倍不是终点，而是起点，未来，红土创新基金将秉承发现并追求价值成长的理念，持续提升投资 者获得感！ 风险提示：本材料提及的看法和思路仅代表发表时的观点，随着市场环境变化可能会发生改变，故不构 成任何投资建议或保证；本材料提及的关于投资范围、投资方向、投资比例等内容不构成产品投资操作 的限制，产品的投资范围、投资策略、投资限制以产品合同约定为准。本材料不作为任何法律文件。我 国基金运作时间较短，不能反映股市、债市发展的所有阶段。基金的过往业绩并不代表未来表现，基金 管理人管理的其他基金的业绩并不构成基金业绩的表现保证。基金投资有风险，请投资者全面认识基金 的风险特征，听取销售机构的适当性意见，根据自身风险承受能力，在详细阅读《基金合同》、《招募 说明书》及《产品资料概要》等文件基础上，谨慎投资。请投资者严格遵守反洗钱相关法律法规的规 定，切实履行反洗钱义务。基金有风险，投资须谨慎。 亮眼成绩单的背后，是红土创新基金专业投研能力的深度沉淀与产品策略的持续优化。公司依托产研投 一体化平台，构建了一支深度融合宏观研究、行业分析与个股挖掘的投研团队。通过科学的资产配置策 略，各产品精准捕捉市场机遇，在不同风格与周期 ...