Core Viewpoint - The listing of the ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's capital markets, providing Thai investors with direct access to China's core technology assets [2][3]. Group 1: Internationalization of ChiNext 50 ETF - The ChiNext 50 ETF Depository Receipts were listed on November 25, providing Thai investors with a new investment product focused on the ChiNext 50 Index [2][3]. - This is the first time a Chinese A-share listed ETF has been issued in Thailand in the form of Depository Receipts, indicating a growing interest in Chinese technology assets in Southeast Asia [2][3]. - The Shenzhen Stock Exchange aims to enhance the internationalization of the ChiNext market and facilitate global investors in sharing the benefits of China's technological innovation [2][3]. Group 2: Market Demand and Product Details - The demand for investment in Chinese core assets among Thai investors has surged, driven by China's high-quality economic development and capital market reforms [3]. - The Invesco China ChiNext 50 ETF, established in December 2022, has surpassed 50 billion in total assets and maintains a low fee structure of 0.2% [3][4]. - InnovestX, a leading Thai brokerage, partnered with Invesco to issue the Depository Receipts, enhancing the accessibility of the ChiNext 50 Index for local investors [3][4]. Group 3: Performance of ChiNext 50 Index - As of November 18, the ChiNext 50 Index has shown a cumulative increase of 56.49% this year, outperforming other broad-based indices [5]. - The average revenue growth rate for the ChiNext 50 constituent stocks was 21.07% year-on-year for the mid-year report, with net profit growth at 16.63% [5]. - In the third quarter, the revenue growth rate remained strong at 15.75%, while net profit growth increased to 22.58% [5]. Group 4: Sector Focus and Composition - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological development [4][6]. - The index excludes traditional cyclical industries, emphasizing a higher concentration of technology stocks, with significant weights in battery, communication equipment, and photovoltaic sectors [6]. - The top three sectors by weight in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [6]. Group 5: Global Integration and Revenue - The leading companies in the ChiNext are deeply integrated into the global value chain, with 35.17% of their revenue coming from overseas markets in 2024, which is higher than many major broad-based indices [7]. - The average overseas revenue proportion for the top ten weighted stocks in the ChiNext 50 Index is 47.96%, indicating strong international market engagement [7].

Core Viewpoint - The listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's ChiNext index, providing Thai investors with direct access to China's core technology assets [3][4]. Group 1: Internationalization of ChiNext Index - The ChiNext 50 ETF Depository Receipts are the first of their kind from China's A-share market to be listed in Thailand, enhancing the international presence of the ChiNext index [3][4]. - The Shenzhen Stock Exchange aims to leverage this listing to further internationalize the ChiNext investment platform and facilitate global investors' access to China's technological innovations [3][4]. Group 2: Market Demand and Product Details - There is a growing demand among Thai investors for investment products related to China's core assets, driven by China's high-quality economic development and capital market reforms [4]. - The Invesco Great Wall ChiNext 50 ETF was established in December 2022 and currently has a total scale exceeding 50 billion, with a low fee structure of 0.2% [4][5]. Group 3: Performance of ChiNext 50 Index - As of November 18, 2025, the ChiNext 50 Index has shown a cumulative increase of 56.49%, outperforming other broad-based indices [6]. - The index's constituent stocks reported an average revenue growth of 21.07% and a net profit growth of 16.63% in the first half of 2025, with continued strong performance in the third quarter [6][7]. Group 4: Sector Focus and Composition - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, capturing the benefits of China's technological advancements [5][8]. - The top three sectors by weight in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [8]. Group 5: Global Integration and Revenue - The leading companies in the ChiNext 50 Index are deeply integrated into the global value chain, with 35.17% of their revenue coming from overseas markets in 2024, which is higher than many broad-based indices [8]. - The average overseas revenue proportion for the top ten weighted stocks in the index is 47.96%, indicating a strong international market presence [8].

创业板50指数出海进程再迎新里程碑。 继去年6月成功登陆爱尔兰、英国、德国、瑞士、意大利等欧洲五大主流交易所之后，创业板50指数出 海进程再迎新里程碑。 11月25日，以景顺长城创业板50ETF为底层资产的存托凭证（Depository Receipt）在泰国证券交易所敲 钟上市，为泰国投资者提供投资创业板50指数的上市产品。 InnovestX为泰国头部券商，成立于1995年，是泰国证券交易所认证的8家存托凭证发行商之一。 InnovestX以发行存托凭证的方式将创业板50ETF带到泰国市场。存托凭证是一种证券，其交易方式与股 票相同，可在证券交易所进行交易。 之所以选择创业板50指数，一方面是由于该指数聚焦于新能源、高端制造、生物医药等高科技行业，能 够帮助泰国投资者捕捉中国科技发展的时代红利，是投资中国"新质生产力"最直接的标的。 另一方面，泰国的投资者对宁德时代等全球龙头已有一定的熟悉程度和认知，此前已有基于宁德时代的 存托凭证产品在泰交所上市，此时推出聚焦创业板龙头的创业50ETF存托凭证更容易获得当地投资者的 信任感。 同时，创业板50指数本身具备卓越的流动性。创业50选取了创业板规模最大、交易最 ...

创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为34.32%，近一个月回报为-8.44%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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，不构成个人投资建 议。 来源：新浪基金∞工作室 11月25日，截止午间收盘，创业50ETF（159682）涨2.76%，报1.379元，成交额2.79亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘涨1.35%，中际旭创涨6.06%，东方财富涨0.51%，新易盛涨 6.03%，阳光电源涨5.87%，胜宏科技涨6.15%，汇川技术涨1.35%，迈瑞医疗涨0.73%，亿纬锂能涨 1.82%，同花顺涨0.73%。 ...

Core Insights - The regulatory authority has approved eight brokerages, including Dongfang Caifu and Dongfang Securities, for the third batch of account management function optimization pilot programs, expanding the total to 20 participating firms [1] Group 1: Regulatory Developments - The third batch of approved brokerages includes Dongfang Caifu, Dongfang Securities, Xibu Securities, and Guolian Minsheng among others [1] - The account management function optimization pilot has undergone multiple expansions since its inception, with the first batch approved in November 2021 and the second batch in November 2022 [1] Group 2: Industry Implications - The China Securities Regulatory Commission (CSRC) aims to steadily advance the transformation of brokerage account management functions into regular practices as outlined in its February implementation opinions [1] - The approved brokerages are perceived as institutions with strong performance in wealth management, indicating a shift towards enhancing wealth management capabilities within the brokerage industry [1]

在近年来AI掀起的科技浪潮中，创业板50指数表现突出，截至11月21日，该指数2024年以来涨幅超过 70%，当前覆盖新能源、人工智能、医药生物、高端制造等"三创四新"行业，助力投资者配置中国科技 成长龙头。 创业50ETF（159682）跟踪创业板50指数，权重股包括宁德时代、东方财富、新易盛、中际旭创、胜宏 科技、汇川技术、阳光电源、天孚通信等。该ETF还配置了场外联接基金：联接A（017949）、联接C （017950）。 消息面上，据人民财讯，11月25日，创业板50ETF以存托凭证的形式在泰国证券交易所上市。据悉，这 是泰国上市的首只挂钩中国内地ETF的存托凭证，也是中国内地首只以存托凭证形式"出海"的ETF产 品。该产品成功上市，将为全球投资者共享中国科技创新发展成果提供更加便利的桥梁。 11月25日，三大指数早盘集体上涨。 相关ETF中，创业50ETF（159682）截至发稿涨超2.6%，成交额超1.73亿元。成分股中，胜宏科技涨超 7%，新易盛、中际旭创、蓝色光标、昆仑万维等股涨幅居前。 资金流向上，Wind金融终端数据显示，创业50ETF（159682）连续2日获资金净流入，累计"吸金"超 ...

证券时报·数据宝统计，截至11月24日收盘，沪深两市共1118只个股连续5日或5日以上主力资金净流 出。从净流出持续时间来看，大烨智能连续25日主力资金净流出，排名第一；金盾股份连续24日主力资 金净流出，位列第二。从主力资金净流出总规模来看，香农芯创主力资金净流出金额最大，连续8天累 计净流出58.11亿元，兆易创新紧随其后，7天累计净流出52.67亿元。从主力资金净流出占成交金额的比 例来看，天坛生物占比排名居首，该股近6日下跌5.00%。（数据宝） | 601698 | 中国卫通 | 1 1 | 6.15 | 6.01 | -6.67 | | --- | --- | --- | --- | --- | --- | | 002532 | 天山铝业 | 10 | 6.12 | 8.05 | -10.43 | | 300520 | 科大国创 | 5 | 6.12 | 7.88 | -12.71 | | 603366 | 日出东方 | 5 | 6.10 | 9.35 | -20.36 | | 601162 | 天风证券 | 7 | 6.07 | 13.14 | -5.66 | | 000723 | 美锦能源 | ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司子公司东方财富证券股份有限公司（以下简称 "东方财富证券"）于 2025 年 3 月收到中国证监会《关于同意东方财富证券股 份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2025〕618 号），中国证监会同意东方财富证券向专业投资者公开发行面值总额不超过 200 亿元公司债券的注册申请。近日，东方财富证券完成了 2025 年面向专业投资者 公开发行公司债券（第七期）（以下简称"本期债券"）发行工作，具体发行结 果如下： 本期债券采取网下面向专业投资者询价配售的方式发行，网下实际发行规模 为 28 亿元，债券简称为"25 东财证券 08"，债券代码"524540.SZ"，期限为 3 年期，票面利率为 1.99%，发行价格为每张 100 元。本期债券拟在深圳证券交易 所上市交易，募集资金用于偿还东方财富证券债务及补充东方财富证券营运资 金。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《深圳证券 交易所公司债券上市规则》《深圳证券交易所债券市场投资者适当性管理办法》 ...

国泰海通证券指出，中金公司公告换股吸收东兴证券、信达证券。并购将显著提升综合实力，协同效应 预计主要体现在扩大客户基础和吸并资产效率提升。供给侧改革仍是行业中长期视角下的重要变化，预 计事件催化下板块估值有望修复。此外，当前市场活跃度仍高，在居民资金有望入市背景下，依然看好 低估值非银板块的补涨机会。 截至2025年11月24日 13:46，国证证券龙头指数(399437)上涨0.86%，成分股兴业证券(601377)上涨 2.60%，华泰证券(601688)上涨2.57%，浙商证券(601878)上涨1.28%，国联民生(601456)上涨1.19%，财 通证券(601108)上涨1.12%。证券ETF龙头(159993)上涨0.87%，最新价报1.27元。 从资金净流入方面来看，证券ETF龙头近7天获得连续资金净流入，最高单日获得5250.72万元净流入， 合计"吸金"1.07亿元，日均净流入达1521.99万元。 A股市场持续活跃，消息面上，今年前10月，全国印花税收入3781亿元，同比增长29.5%；其中，证券 交易印花税1629亿元，同比增长88.1%。 证券ETF龙头紧密跟踪国证证券龙头指数，为反 ...

证券研究报告 | 2025年11月24日 近期证券业并购对行业长期影响分析 券业整合 2.0 开启，行业长期格局优化 行业研究·行业快评 非银金融 投资评级：优于大市（维持） 证券分析师： 王德坤 021-61761035 wangdekun@guosen.com.cn 执证编码：S0980524070008 证券分析师： 孔祥 021-60375452 kongxiang@guosen.com.cn 执证编码：S0980523060004 事项： 2025 年 11 月，中金公司公告拟通过换股方式吸收合并东兴证券和信达证券，我们判断，证券行业并购 2.0 时代到位，更重视行业功能性强化与塑造（如跨境功能），而不是简单资本加总。 国信非银观点：近几年来，我国证券业掀起新一轮并购重组浪潮，这既源于政策层面"培育一流投资银行" 的明确导向，也是行业自身发展周期与市场竞争的必然选择。一种是规模占优为导向，比如国泰君安与海 通证券合并，资产、资本规模夯实。国泰海通合并的核心逻辑在于通过规模扩张实现成本节约和效率提升。 合并后公司净资本实力大幅增强，风险承受能力显著提高，为发展资本消耗型业务奠定了坚实基础。此外， 合并 ...