Wind统计显示，11月25日，申万31个一级行业中有24个行业获融资净买入，其中，通信行业获融资净 买入额居首，当日净买入16.51亿元；获融资净买入居前的行业还有国防军工、电子、机械设备、计算 机、交通运输、房地产等。 （文章来源：证券时报网） 个股方面，11月25日，有1775只个股获融资净买入，净买入金额在3000万元以上的有154股。其中，25 股获融资净买入额超1亿元。新易盛获融资净买入额居首，净买入5.13亿元；融资净买入金额居前的还 有光库科技、中兴通讯、立讯精密、中际旭创、胜宏科技、长芯博创、阳光电源、易点天下等股。 ...

- The report predicts adjustments to the sample stocks of the CSI 300, CSI 500, and CSI Dividend indices for December 2025 based on their respective index compilation and periodic adjustment rules[13][14][21] - **CSI 300 Index**: The CSI 300 Index is composed of 300 securities with large scale, good liquidity, and high representativeness from the Shanghai and Shenzhen markets. The selection process involves determining the sample space and then selecting the top 300 securities based on daily average trading volume and market capitalization over the past year. Adjustments are capped at 10% of the total sample size, with buffer zone rules applied to prioritize retention of existing samples and inclusion of new ones ranked within specific thresholds[14][15][16] - **CSI 500 Index**: The CSI 500 Index excludes the CSI 300 samples and the top 300 securities by market capitalization. The remaining securities are ranked by daily average trading volume and market capitalization, with the top 500 selected. Adjustments are also limited to 10% of the total sample size, with buffer zone rules ensuring the retention of old samples and prioritization of new ones ranked within specific thresholds[21][23] - **CSI Dividend Index**: This index selects 100 securities with high cash dividend yields, stable dividends, and sufficient liquidity. The selection process involves ranking securities by their average cash dividend yield over the past three years and applying liquidity and dividend payout ratio requirements. Adjustments are limited to 20% of the total sample size, with buffer zone rules applied to retain existing samples meeting specific criteria[25][26][28] - Predicted adjustments include the addition of 11 stocks to the CSI 300 Index, 50 stocks to the CSI 500 Index, and 7 stocks to the CSI Dividend Index. Examples of predicted additions include Huadian New Energy, Shenghong Technology, and Guangqi Technology for the CSI 300 Index; Electric Power Investment Energy, Supor, and Shenergy for the CSI 500 Index; and China National Offshore Oil Corporation, Sophia, and Baoxibird for the CSI Dividend Index[18][22][28]

（原标题：首次！创业板50ETF泰国上市 中国核心科技资产"出海"东南亚） 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）（创业板50ETF-DR）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。 对中国核心资产投资需求快速增加 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本市场的制度型开放，泰国投资者对中国 核心资产的投资需求快速增加，近年来当地市场不断涌现出投资中国的相关产品，中国投资成为热门话题。 记者获悉，景顺集团发挥自身在全球客户网络的优势，与当地发行商InnovestX合作在泰国证券交易所发行上市底层为景顺长城创业50ETF的存托 凭证，为泰国投资者提供直 ...

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].

Core Insights - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks the first time a Chinese A-share ETF has been listed in Thailand, enhancing financial cooperation between China and Thailand [1][2] - The demand for investment in Chinese core assets is rapidly increasing among Thai investors, driven by China's high-quality economic development and capital market reforms [2][3] - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors looking to capture the benefits of China's technological advancements [3][4] Market Performance - The ChiNext 50 Index has shown strong performance, with a cumulative increase of over 51% as of November 18, outperforming other broad-based indices [3][4] - The average revenue growth rate for the index's constituent stocks was 21.07% year-on-year in the mid-2025 reporting season, with net profit growth at 16.63% [4] - In the third quarter, the revenue growth rate for the constituent stocks remained robust at 15.75%, while net profit growth increased to 22.58% [4] Sector Analysis - The ChiNext 50 Index is heavily weighted towards high-growth sectors, with significant representation from batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [5] - The index's top ten constituent stocks have shown exceptional growth, with an average revenue growth rate of 48.93% and net profit growth of 82.03% [4][5] - The index aims to support innovative enterprises in sectors with international competitiveness, contributing to the global value chain and enhancing the performance of ChiNext 50 companies [5]

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].

今日（11月25日）科技成长方向强势进攻，创业板指涨超2.5%，科创综指涨逾1.7%，覆盖创业板+科创板高成长龙头的硬 科技宽基——双创龙头ETF（588330）场内涨幅盘中上探3.45%，现涨2.5%，实时成交额超3200万元，交投较为活跃！ 细分方向来看，光模块三巨头王者归来，中际旭创、新易盛涨超6%，天孚通信涨逾4%；PCB（印制电路板）方面，胜宏 科技涨超6%；光伏方面，阳光电源涨超5%，阿特斯涨逾2%。 【掘金新质生产力，投资中国版"纳斯达克"】 关注双创龙头ETF（588330）及其场外联接基金（A类：013317 / C类：013318）的三大特征： 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产业上市公司作为指 数样本，汇集高成长龙头，囊括新能源、光伏、光模块、半导体、医疗设备等热门主题； 2、成长风格"战斗基"，一键配置中国顶尖科技：全球科技博弈背景下，科技自立自强和产业链自主可控的重要性提升至 新高度，"中国版纳斯达克"呼之欲出； 3、高弹性工具捕捉科技行情，低门槛布局突围力量：标的指数20%涨跌幅限制，抢反弹更快，有能力担当"反弹先锋"。 相 ...

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].

Core Points - The three major indices opened higher, with the Shenzhen Component Index and the ChiNext Index both rising over 2%, while the Shanghai Composite Index increased by over 1% [1] - The ChiNext 50 ETF (159949) rose by 2.60% to 1.420 CNY, with a turnover rate of 5.52% and a trading volume of 1.399 billion CNY [1][2] - The ETF has seen a net inflow of funds for seven consecutive trading days, with a net inflow of 915 million CNY over the past five trading days [2][4] - As of November 24, 2025, the latest circulating scale of the ETF is 24.741 billion CNY, ranking first among similar ETFs [2][4] - The top ten holdings of the ChiNext 50 ETF include leading companies such as CATL, Zhongji Xuchuang, Dongfang Wealth, and others [3][4] Industry Insights - The PCB sector is experiencing a rebound, with Shenghong Technology rising over 6% amid news that Meta Platforms is considering a multi-billion dollar purchase of Google's TPU for data center construction [4] - Recent reports indicate that NVIDIA's FY26Q3 performance and FY26Q4 guidance exceeded expectations, while Google's Gemini 3 model has significantly improved performance, suggesting that the AI industry is still in an upward phase [5] - The PCB sector is viewed as a key opportunity for investment, particularly in relation to AI chip upgrades, with continuous recommendations for major manufacturers in the AI PCB sector [5]

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 ...