投创新药，首选同类最大港股通创新药ETF（520880）及其场外联接基金（025221），标的指数恒生港 股通创新药精选指数具备三大独特优势： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 2、龙头占比大。前十大创新药龙头权重超72%，表征创新药硬核力量。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达72.57%，龙头优势显著 | | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | 11.51 | 3,070 | | 1801.HK | 信达生物 | 10.19 | 1,613 | | 1177.HK | 中国生物制药 | 9.47 | 1,323 | | 9926.HK | 康方生物 | 66'8 | 1,132 | | 1093.HK | 石药编团 | 8.39 | 911 | | 1530.HK | 三生制药 | 8.32 | 760 | | 3692.HK | ...

Market Overview - A-shares experienced fluctuations with the Shenzhen Component Index and ChiNext Index both dropping over 1% at one point, while total market turnover decreased to 1.59 trillion yuan, with over 3,700 stocks declining [1][2] - The market is currently in a phase of frequent style switching, with a focus on structural trends as the Central Economic Work Conference is expected to outline key policies for 2026 [2] ETF Performance - The top-performing broker ETF (512000) saw a net inflow of 6.84 billion yuan over the past five days, indicating strong buying interest despite a 1.06% drop in its price [2][6] - The broker ETF has a historical significance, with its fund size surpassing 400 billion yuan for the first time, reflecting its status as a leading investment tool in the A-share market [8] AI and Technology Sector - The AI sector showed mixed performance, with the leading optical module CPO company, "Yizhongtian," rising against the trend, achieving six consecutive gains [1][9] - Morgan Stanley raised its forecast for Google's TPU production, which is expected to significantly benefit hardware suppliers in the optical module CPO sector [11][12] Financial Sector Insights - The securities sector reported strong growth in Q3, with a 41.62% increase in revenue and a 61.6% rise in net profit year-on-year among listed brokerages [4] - Despite the strong earnings, the broker sector has not seen a corresponding market rally, with the broker ETF tracking the CSI All Share Securities Companies Index down 0.09% year-to-date [4] Investment Opportunities - The current market conditions present a favorable environment for investing in the broker sector, driven by policy expectations and improved funding conditions [5][6] - The AI industry is expected to continue its growth trajectory, with a focus on computing power and AI applications, making it a key area for investment [12]

Group 1 - The core viewpoint of the articles highlights the resilience of the AI sector, particularly in the context of the recent performance of the ChiNext AI ETF and the growth prospects for companies involved in AI and related technologies [1][4] - New Yi Sheng, a leading optical module CPO, has seen a significant increase in stock price, indicating strong market interest and performance in the optical module sector [1] - Morgan Stanley's report indicates a substantial upward revision in Google's TPU production forecasts, suggesting a robust demand for AI-related hardware, which could benefit optical module suppliers [3] Group 2 - The AI industry is experiencing a clear upward trend, with short-term adjustments providing good opportunities for investment, particularly in the computing power and AI application sectors [4] - The optical module industry is expected to see a capacity release in Q1 2026, driven by the high demand in the computing power supply chain, which is likely to enhance the performance of leading optical module manufacturers [3] - The first ChiNext AI ETF is highlighted as a key investment vehicle, with a significant portion of its holdings focused on optical module leaders, reflecting the growing importance of this sector in the AI landscape [4]

Core Insights - The S&P Dividend ETF (562060) has seen a slight increase of 0.16%, with the latest price at 0.614 yuan and a record trading volume of 1.68 billion yuan, leading its category with a turnover rate of 8.76% [1][4] - Over the past five trading days, the ETF has experienced net inflows on four occasions, totaling 20.2 million yuan, and over the last 20 days, it has attracted more than 160 million yuan [1][4] - The recent volatility in the technology growth sector has heightened the necessity for investors to allocate funds into dividend assets as a stabilizing force in their portfolios [1][4] Fund Performance - The S&P Dividend ETF and its linked funds (Class A 501029, Class C 005125) passively track the S&P China A-Share Dividend Opportunities Index (CSPSADRP), focusing on dividend stability and sustainable earnings [1][4] - The index is optimized semi-annually and is characterized as a rare "offensive" dividend strategy with low valuations, small market capitalization, and high dividends [1][4] - From 2005 to September 2025, the cumulative return of the S&P A-Share Dividend Total Return Index reached 2469.11%, with an annualized return of 17.73% [1][4]

近日，谷歌发布了新一代Gemini大模型，其各方面性能表现优异，引发市场对TPU产业链的关注，也验 证了AI算力投入的有效性，AI板块顺势反弹，其中，科创创业AI指数凭借85.07%的年内涨幅成为市场 关注的焦点。而对于这只备受关注的指数，各大机构也在加紧布局，近日，景顺长城中证科创创业人工 智能ETF（以下简称科创创业人工智能ETF景顺；代码159142）在内的首批跟踪科创创业AI指数的ETF 近日，谷歌发布了新一代Gemini大模型，其各方面性能表现优异，引发市场对TPU产业链的关注，也验 证了AI算力投入的有效性，AI板块顺势反弹，其中，科创创业AI指数凭借85.07%的年内涨幅成为市场 关注的焦点。而对于这只备受关注的指数，各大机构也在加紧布局，近日，景顺长城中证科创创业人工 智能ETF（以下简称科创创业人工智能ETF景顺；代码159142）在内的首批跟踪科创创业AI指数的ETF 正式发行，有望成为投资者全面捕捉人工智能产业链发展机遇的重要工具。（数据来源：Wind，截至 2025/11/27） 横跨科创板和创业板、并聚焦AI全产业链龙头是该指数的独特优势。由于定位不同，科创板和创业板 各有所长，科创 ...

12月2日，国泰基金发布高级管理人员变更公告，公司首席信息官倪蓥因工作安排转任公司督察长，任 职日期为2025年12月1日。这一人事变动标志着这家资产管理规模突破8200亿元的老牌公募基金，正在 其内部治理与战略布局上落下关键一子。 值得注意的是，倪蓥对于投资者教育曾有过独到见解，她提出："投教实际上也是一个教学相长的过 程。与其说是教育，我们更认为是一种服务或者是陪伴。"这种以"服务与陪伴"为核心的理念，恰恰与 督察长职责中保护投资者合法权益、构建信任的内核高度契合。从"技术基建者"到"合规守门人"，倪蓥 的转型兼具专业基础与理念衔接的优势。 此次调整填补了公司督察长岗位历时半年的空缺。此前，在2025年5月29日，任期超过六年的督察长刘 国华退休离任，此后该职务一直由公司总经理代行职责。倪蓥的履新，或为国泰基金完善公司治理、强 化合规与风险管理体系带来了新的专业力量。 | 基金管理人名称 | 国泰基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证 券基金经营机构董事、监事、高级管理人员及从业 | | | 人员监督管理办法》等 | | 高管变更 ...

Group 1: A-Share Market Insights - The A-share market in 2025 is characterized by "structural differentiation and prominent main lines," with technology, non-ferrous metals, and new energy sectors standing out, particularly in AI computing power, semiconductor equipment, gold, and lithium resources [1] - The rise in these sectors is driven by the global explosion in AI demand, supportive new energy policies, and improved supply-demand relationships [1] - Challenges include slow recovery in traditional real estate and consumer sectors, as well as external factors like fluctuating Federal Reserve policies and geopolitical conflicts affecting market trends [1] Group 2: Global Economic Impact - Global macroeconomic events, such as Federal Reserve interest rate cuts and geopolitical tensions, have an indirect but significant impact on A-shares [2] - Interest rate cuts can attract foreign capital into A-shares, but expectations during the cut process may lead to short-term volatility [2] - Geopolitical conflicts may increase energy prices, affecting industry costs and enhancing the attractiveness of assets like gold [2] Group 3: Investment Opportunities - Three key areas to focus on include: 1. Technological innovation, such as AI, semiconductors, and biomanufacturing, benefiting from national policies and technological breakthroughs [3] 2. Consumption upgrades, including cultural tourism, health, and green consumption, showing strong demand resilience [3] 3. High-end manufacturing, like new energy equipment and industrial mother machines, aligning with global industrial chain restructuring trends [3] - Some sectors have seen valuation recoveries, suggesting a diversified approach through index or sector funds to mitigate risks associated with single-stock bets [3] Group 4: Bond Investment Risks - Key risks in bond investment include interest rate risk, where market rate changes can lead to bond price fluctuations, and credit risk, which refers to the possibility of the issuer failing to pay interest or principal [4] - Investors are advised to prioritize government bonds or high-credit-rated bonds to mitigate these risks [4] Group 5: Balanced Investment Strategy - The effectiveness of a balanced stock-bond strategy lies in the inverse relationship between stocks and bonds, where stocks provide returns during market upswings and bonds may appreciate during downturns, thus cushioning losses [5] - Historical data indicates that during significant A-share adjustments, the bond market often performs well, leading to lower drawdowns in balanced portfolios compared to pure equity investments [5] Group 6: Public Fund Benefits - Public funds address the high entry barriers of direct stock and bond investments by offering professional management, diversified investment, and low minimum investment thresholds [6] - Funds select a basket of stocks or bonds, automatically diversifying risk, and have flexible investment amounts starting as low as 10 yuan [6] Group 7: Risk Preference-Based Fund Allocation - Investors should assess their risk tolerance before determining stock-bond fund ratios, with suggested allocations for different risk profiles: 1. Defensive investors: Up to 30% in stock funds, at least 70% in bond funds, focusing on low-volatility assets [7] 2. Moderate investors: Approximately equal allocation (around 50% each) with potential inclusion of thematic or convertible bond funds [7] 3. Aggressive investors: 70%-80% in stock funds, 20%-30% in bond funds, focusing on growth-oriented stock funds [7] Group 8: Additional Considerations - Factors such as age and investment horizon should influence asset allocation, with younger investors leaning towards aggressive strategies and those nearing retirement shifting to defensive ones [8] - Regular review and adjustment of investment ratios are essential to align with life stages, market changes, and goals [8] - Diversification within the same asset class is crucial to further reduce non-systematic risks [8]

海外方面，美国11月标普全球PMI整体稳健，制造业PMI初值51.9，前值52.5；服务业PMI初值55，前值 54.8。部分联储官员鸽派言论进一步强化12月降息预期以及风险偏好，美债收益率下行，美股三大股指 回升，美元回落，全球股市和大宗商品上涨。 国内方面，11月制造业PMI较10月的49%回升至49.2%，较往年季节性水平偏低；非制造业商务活动指 数较10月的50.1%回落至49.5%；实物工作量较弱。上周股市上涨，市场风险偏好回升，国债收益率曲 线短端小幅上移，信用利差低位走阔，债券大跌。 市场策略方面，债券方面，上周债市收益率曲线熊陡。资金面宽松下短端表现持稳，长端则在权益风险 偏好回暖和万科债券展期事件扰动下上行。债券近期情绪谨慎，成交清淡，对利空较为敏感，但在基本 面因素和资金面宽松下，上行风险或较低。关注年底配置盘抢配和明年Q1降准降息预期带来的可能交 易性机会。可以考虑维持灵活久期，积极参与交易，逆向博弈，重视高票息资产和长久期资产的价值。 A股方面，近期市场在政策真空期维持震荡，同时风格之间的极致分化持续缓解。进入12月，国内外政 策和基本面预期将逐步清晰，权益市场的中期方向逐渐明确。海外 ...

Core Viewpoint - The introduction of personal pension accounts and the tax incentives associated with them have made dividend low-volatility strategies increasingly attractive for long-term retirement planning, particularly in the context of a low-interest-rate environment [1][5]. Group 1: Understanding Pension Investment - Pension investment fundamentally aims to ensure a comfortable retirement, which includes financial security alongside health and family well-being [1]. - For many young individuals, pension investment is a long-term accumulation process, emphasizing risk control and stable asset growth rather than short-term high returns [2]. Group 2: Dividend Low-Volatility Strategy - The dividend low-volatility strategy combines high dividend yield stocks with low volatility factors, aiming to select fundamentally strong stocks that can perform well in various economic conditions [3]. - This strategy is designed to provide a defensive approach during market downturns, thereby reducing volatility and drawdown risks [3]. Group 3: Alignment with Pension Investment - The inclusion of low-volatility factors helps identify high-quality value stocks, making it suitable for pension investments that prioritize long-term stability [4]. - Dividend low-volatility assets can accumulate wealth over time, contributing significantly to overall returns in a pension portfolio [5]. - In a persistently low-interest-rate environment, dividend low-volatility indices offer attractive yields compared to traditional fixed-income investments, making them appealing for pension funds [5]. Group 4: Performance and Resilience - The dividend low-volatility strategy has demonstrated strong performance across different market conditions, particularly during market downturns, outperforming broader indices [6][8]. - Since its inception, the strategy has achieved significant cumulative and annualized returns, indicating its effectiveness as a long-term investment approach [7].

>>>>> ETF早知道 >>>>> ETF早知道 ETF早知道 <<<< >>>>> FEFR 2025 国际早知道 Dec 2 ETFEFR设 <<<< 市场温度计 >>>>> 中长期信号 · 投资看温度 ETFOFD --- 75% --- 75% + 75% -- + 25% + 25% -- + 25% ETF 早知道 1.25% 0.65% 1.31% ← ↑ T <<<< 上证指数 深证成指 创业板指 注:温度计水提条由对应指数的近十年市盈率分位数表示,总值为100%。数据来源:lFind,截至 2025.12.1, 上证指数、深证成指、创业板指的近十年市盈率分位数分别为91.86%、77.58%、35.79% e 0 e ETFOFA 6 板块热力图 ETFERS <<<< 短期轮动走向 · 观九宫热力值 +2.85% +2.81% +1.58% 电子 有色金厘 通信 ETFEFR +1.41% +1.35% +0.03% 非银金融 商贸零售 社会服务 -0.06% -0.23% -0.43% 房地产 农林牧渔 环保 数据来源:iFind,截至2025.12.1,以申万一级行业区分,分别列出当 ...