Core Viewpoint - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant step for Chinese core technology assets entering the Southeast Asian market, enhancing Sino-Thai financial cooperation [2][4]. Group 1: Market Expansion - This is the first time a Chinese A-share listed ETF has been launched in Thailand via depository receipts, representing a new product for the Thai market [2]. - The ChiNext 50 Index has been expanding internationally, having previously listed in major European exchanges [2]. - The Shenzhen Stock Exchange is committed to internationalizing ChiNext products, aiming to create a cross-border trading ecosystem for these ETFs [2][4]. Group 2: Investment Demand - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [4]. - The collaboration between Invesco and local issuer InnovestX aims to provide Thai investors with direct access to the ChiNext 50 Index [4]. Group 3: Index Characteristics - 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 growth [6]. - The index has shown strong liquidity and market performance, with a year-to-date increase of 51.58% and a cumulative increase of 56.49% as of November 18 [7][8]. Group 4: Performance Metrics - The average revenue growth rate for the ChiNext 50 Index constituents was 21.07% in the mid-2025 reporting season, with a net profit growth rate of 16.63% [9]. - The top ten weighted stocks in the index demonstrated significant growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [9]. - The index excludes traditional cyclical industries, focusing instead on high-tech sectors, which enhances its technological concentration [10]. Group 5: Industry Insights - The ChiNext 50 Index is positioned to support innovative enterprises in sectors like power batteries and photovoltaic inverters, which have international competitiveness [11]. - The overseas revenue proportion for the ChiNext 50 Index is 35.17%, indicating strong global market integration [11].

25Q1-3煤炭板块归母净利同比-29%，25Q3板块归母净利312亿元、环比+22%，并且高于25Q1的297亿 元。2025Q1-3煤炭行业营业收入/成本9013/6564亿元，同比-15%/-13%，归母净利合计863亿元，同 比-29%(剔除神华后473亿元、同比-23%)。25Q3营业收入/成本3188/2299亿元，环比+11.4%/+9.9%，归 母净利合计312亿元，环比+22.2%(剔除神华后168亿元、环比+30.7%)。该行认为，7月以来随着煤炭市 场回暖，煤炭售价明显提升，25Q3业绩已经高于25Q1、25Q2的297、255亿元以及24Q4的303亿元，在 25H1持续煤价压力下，主要上市煤企持续降本增效，10月以来随着煤价持续回升以及旺季行情可期， 25Q4业绩有望继续环增。 25Q1-3煤炭行业盈利和现金流指标环比改善，头部动力煤公司维持盈利韧性 25Q1-3样本公司(剔除焦炭公司和安源煤业)平均ROE为2.7%，年化后较2024年9.6%下降6.1pct。25Q3样 本公司账面平均现金流127.4亿元，较25H1的135亿元下降5.7%，较24年底基本持平。2025Q1-3煤炭 ...

中国核心科技资产成功开拓东南亚市场！ 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。 这是中国A股上市ETF首次以存托凭证的形式在泰国上市交易，也是泰国首只创业板50指数的上市产 品，标志中国核心科技资产走进东南亚市场，为中泰金融合作增添新的实践案例。 一直以来，创业板50指数出海进程蹄疾步稳，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。 记者了解到，深交所高度重视创业板产品国际化建设，近年来已推动多只创业板指数产品在全球10余家 交易所上市，形成了覆盖亚洲、欧洲、南美洲等主要经济体的跨境产品网络，初步实现了跨时区全天候 的创业板ETF产品交易生态。深交所相关负责人表示，将以此次创业板50ETF-DR上市为契机，进一步 提高创业板投资端国际化水平，讲好创业板故事，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。 对中国核心资产投资需求快速增加 此次泰国上市的存托凭证产品以景顺长城创业50ETF(159682)为底层资产。该产品成立于2022年12 ...

2025.11.25 本文字数：2057，阅读时长大约3分钟 作者 |第一财经 安卓 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。 据了解，这是中国A股上市ETF首次以存托凭证的形式在泰国上市交易，也是泰国首只创业板50指数的 上市产品，标志中国核心科技资产走进东南亚市场。 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。 深交所表示，将以此次创业板50ETF-DR上市为契机，进一步提高创业板投资端国际化水平，讲好创业 板故事，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。 创业板50存托凭证首落泰交所 2025年是中国与泰国建交的五十周年，两国经济和金融合作日益深化。随着中国经济高质量发展以及资 ...

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 | ...