11月27日，或由于六部门印发促消费新方案，超107亿主力资金涌入电子板块，板块吸金额高居31个申 万一级行业首位，热门ETF方面，荟聚电子板块核心龙头的电子ETF（515260）早盘活跃，场内价格最 高上探3.53%，后被大盘拖拽，涨幅逐步缩窄，最终收涨0.16%，一举收复10日均线，斩获日线3连涨。 布局工具上，电子ETF（515260）及其联接基金（A类：012550/C类：012551）被动跟踪电子50指数， 重仓半导体、消费电子行业，汇聚AI芯片、汽车电子、5G、云计算、印制电路板（PCB）等热门产 业。外部环境倒逼中国尽快实现半导体产业链自主可控，AI重塑消费电子产品的功能边界，革新用户 体验。国家顶层政策支持，产业政策配套落地，电子板块有望乘势崛起。 风险提示：电子ETF及其联接基金被动跟踪中证电子50指数，该指数基日为2008.12.31，发布于 2009.7.22，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。本文 中提及的个股、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。基金管理人评估电子ETF的风险 ...

Core Viewpoint - The computing hardware stocks have shown significant strength in early trading on November 27, with several companies reaching new highs in their stock prices [1]. Group 1: Stock Performance - Saiwei Electronics has surged over 10%, continuing to set historical highs [1]. - Cambridge Technology, Changguang Huaxin, Industrial Fulian, New Yisheng, and Shengyi Technology have all increased by over 5% [1].

Group 1 - The core point of the article highlights the recent performance of Shengyi Technology, which saw a 5.1% increase in stock price, reaching 58.16 yuan per share, with a trading volume of 1.681 billion yuan and a market capitalization of 141.278 billion yuan [1] - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible electronic materials, display materials, packaging materials, and insulation materials [1] - The main revenue composition of Shengyi Technology includes copper-clad laminates and bonding sheets at 65.96%, printed circuit boards at 28.63%, comprehensive utilization of waste resources at 3.37%, and other sources at 2.04% [1] Group 2 - From the perspective of fund holdings, data shows that Changcheng Fund has one fund heavily invested in Shengyi Technology. The Changcheng Hengkang Steady Pension One-Year Mixed Fund (FOF) A (007705) held 4,600 shares in the third quarter, accounting for 0.22% of the fund's net value, ranking as the tenth largest holding [2] - The Changcheng Hengkang Steady Pension One-Year Mixed Fund (FOF) A (007705) was established on June 3, 2020, with a current scale of 106 million yuan. Year-to-date returns are 6.09%, ranking 734 out of 1,036 in its category; the one-year return is 6.41%, ranking 723 out of 1,016; and since inception, the return is 8.2% [2]

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

Core Viewpoint - The report from Zhuhai International Research indicates that Shengyi Technology (600183) is experiencing a strong growth momentum driven by the AI cycle, leading to an upgraded target price of 90 RMB, representing a potential upside of 62.63% from the current price [1] Financial Summary - For the first three quarters of 2025, Shengyi Technology reported a main revenue of 20.614 billion RMB, a year-on-year increase of 39.8% [1] - The net profit attributable to shareholders reached 2.443 billion RMB, up 78.04% year-on-year, while the net profit excluding non-recurring items was 2.379 billion RMB, reflecting an increase of 81.25% [1] - In Q3 2025 alone, the company achieved a main revenue of 7.934 billion RMB, a 55.1% year-on-year increase, and a net profit of 1.017 billion RMB, which is a 131.18% increase year-on-year [1] - The company's debt ratio stands at 45.39%, with investment income of 54.34 million RMB and financial expenses of 66.03 million RMB, while the gross profit margin is 26.74% [1] Analyst Ratings - Over the past 90 days, 11 institutions have rated the stock, with 10 giving a "buy" rating and 1 an "accumulate" rating [1] - The average target price from institutions in the last 90 days is 88.4 RMB [1] Financing and Margin Trading - In the last three months, there has been a net inflow of 192 million RMB in financing, indicating an increase in financing balance; meanwhile, there was a net outflow of 2.7362 million RMB in margin trading, leading to a decrease in margin balance [1]

Core Viewpoint - The Chinese equity market is expected to perform well due to multiple supporting factors, with a tactical overweight view on A/H shares maintained by Guotai Junan Securities [1] Group 1: Market Performance - On November 25, 2025, the three major A-share indices opened higher, with the CSI A500 index rising by 1.10% [1] - Key stocks such as Huadian Co., Ltd. and Shenzhen South Circuit rose significantly, with Huadian hitting the daily limit and others like Shenghong Technology and Fuhua also seeing substantial gains [1] Group 2: Investment Outlook - Guotai Junan Securities highlights that the recent volatility and panic selling have released micro trading risks, creating a favorable environment for the market to establish new expectations as the 14th Five-Year Plan begins [1] - The firm believes that the regulatory authorities are determined to stabilize the capital market, and factors that previously caused valuation discounts have dissipated, indicating a potential upward trend in valuations [1] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the CSI A500 index include major companies like CATL, Kweichow Moutai, and China Ping An, accounting for a total of 19.36% of the index [1] Group 4: Investment Products - Investors without stock accounts can access the A500 ETF through the A500 ETF Jiashi linked fund, allowing for a one-click investment in the top 500 A-share companies [2]

Core Insights - Shengyi Technology's stock increased by 5.22% to 55.42 CNY per share, with a trading volume of 4.92 billion CNY and a market capitalization of 134.62 billion CNY [1] Company Overview - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible electronic materials, display materials, packaging materials, and insulation materials. It also engages in non-quota license management and the acquisition and export of non-specialized goods [1] - The main revenue composition includes: copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), comprehensive utilization of waste resources (3.37%), and other (2.04%) [1] Fund Holdings - According to data, one fund under Galaxy Fund holds a significant position in Shengyi Technology. The Galaxy Technology Growth Mixed Fund A (022704) held 20,100 shares in the third quarter, accounting for 4.93% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit for today is approximately 55,300 CNY [2] - The Galaxy Technology Growth Mixed Fund A (022704) was established on December 27, 2024, with a latest scale of 15.92 million CNY. Year-to-date returns stand at 46.62%, ranking 670 out of 8,136 in its category, with a cumulative return since inception of 46.61% [2] Fund Manager Information - The fund manager of Galaxy Technology Growth Mixed Fund A (022704) is Gao Peng, who has been in the position for 4 years and 192 days. The total asset size of the fund is 508 million CNY, with the best fund return during his tenure being 45.35% and the worst being -20.16% [3]

Core Viewpoint - Nvidia reported a significantly better-than-expected quarterly performance, with third-quarter revenue reaching $57 billion, representing a year-on-year increase of 62% and a quarter-on-quarter increase of 22%, surpassing market expectations and company guidance by 3% and 6% respectively [1] Financial Performance - Non-GAAP gross margin was 73.6%, slightly below market expectations but marginally above company guidance [1] - Gross margin improved by 1.0 percentage points quarter-on-quarter, primarily due to upgrades in the data center product mix, shortened delivery cycles, and optimized cost structure [1] Market Sentiment - The company’s strong execution and guidance have significantly alleviated market concerns regarding an AI bubble [1] - The outlook for the AI industry remains optimistic, with expectations that the AI supply chain will continue to outperform the market until 2026 [1] Investment Recommendations - The report reaffirms "buy" ratings for companies Zhongji Xuchuang and Shengyi Technology based on the positive outlook for the AI sector [1]

Core Viewpoint - Nvidia reported a significantly better-than-expected quarterly performance, with Q3 revenue reaching $57 billion, representing a 62% year-over-year increase and a 22% quarter-over-quarter increase, surpassing market expectations and company guidance by 3% and 6% respectively [1] Group 1: Financial Performance - Q3 revenue of Nvidia was $57 billion, a 62% increase year-over-year and a 22% increase quarter-over-quarter, exceeding market expectations and company guidance [1] - Non-GAAP gross margin was 73.6%, slightly below market expectations but marginally above company guidance, with a quarter-over-quarter increase of 1.0 percentage points [1] Group 2: Market Outlook - The report indicates that Nvidia's strong execution and guidance have alleviated market concerns regarding an AI bubble [1] - The company maintains an optimistic outlook for the AI industry, predicting that the AI supply chain will continue to outperform the market until 2026 [1] Group 3: Investment Recommendations - The report reaffirms "buy" ratings for companies such as Zhongji Xuchuang and Shengyi Technology, based on the positive outlook for the AI sector [1]

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]