资金流向方面，创业板50ETF（159949）近期由净流出转为净流入。具体来看，近60个交易日净流出 65.7亿元，近20个交易日净流出12.3亿元，近10个交易日转为净流入2.6亿元，近5个交易日净流入2.2亿 元。截至2025年11月4日，该ETF流通规模为264.05亿元。 | | 1.491 +0.003 +0.20% | | | 创业板50ETF | | 米 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 159949 | | | | SZSE CNY 11:30:00 休市 | | | | | 十八九 四 四 十 | | | 净值走势 | | 华安创业板50ETF | 交车 55.15% 120日 | | 62.77% | | | 载 | -22.64% ==== | -24047 | 5日 -6.23% 250日 | | 48.95% | | | 英五 | 1.496 | 3983 | 20日 -2.99% 52周高 | | 1.60 | | | 变内 | 1.495 | 17097 | 60日 41.06% 52周低 | | 0. ...

一、证券市场回顾 南财金融终端数据显示，昨日（11月4日，下同）上证综指日内下跌0.41%，收于3960.19点，最高3985.88点；深证成指日内下跌1.71%，收于13175.22点，最 高13399.92点；创业板指日内下跌1.96%，收于3134.09点，最高3207.1点。 二、融资融券情况 昨日沪深两市的融资融券余额为24836.48亿元，其中融资余额24657.13亿元，融券余额179.35亿元。两市融资融券余额较前一交易日减少31.31亿元。分市场 来看，沪市两融余额为12668.67亿元，相较前一交易日减少4.84亿元；深市两融余额12167.81亿元，相较前一交易日减少26.47亿元。 两市共有3456只个股有融资资金买入，其中阳光电源、中际旭创、新易盛排名前三，买入金额分别29.61亿元、26.72亿元、19.06亿元。融资买入额前10个股 详情见下表： 三、基金发行情况 昨日有1只新基金发行，分别为：兴业中证科技优势成长50策略ETF，详情见下表： | 代码 | 基金名称 | | --- | --- | | 563560.SH | 兴业中证科技优势成长50 | 四、龙虎榜情况 昨日龙虎 ...

一、证券市场回顾 南财金融终端数据显示，昨日（11月4日，下同）上证综指日内下跌0.41%，收于3960.19点，最高3985.88点；深证成指日内下跌1.71%，收于13175.22点，最 高13399.92点；创业板指日内下跌1.96%，收于3134.09点，最高3207.1点。 二、融资融券情况 昨日沪深两市的融资融券余额为24836.48亿元，其中融资余额24657.13亿元，融券余额179.35亿元。两市融资融券余额较前一交易日减少31.31亿元。分市场 来看，沪市两融余额为12668.67亿元，相较前一交易日减少4.84亿元；深市两融余额12167.81亿元，相较前一交易日减少26.47亿元。 三、基金发行情况 昨日有1只新基金发行，分别为：兴业中证科技优势成长50策略ETF，详情见下表： | 代码 | 基金名称 | | --- | --- | | 563560.SH | 兴业中证科技优势成长50 | 四、龙虎榜情况 昨日龙虎榜营业部净买入额前10详情见下表： | 证券代码 | 证券简称 | 龙虎榜净买入额(万元) | | --- | --- | --- | | 300591.SZ | 万里马 | ...

Wind数据显示，A股11月4日共有3734只个股获融资资金买入，有394股买入金额超亿元。其中，阳光电 源、中际旭创、新易盛融资买入金额排名前三，分别获买入29.61亿元、26.72亿元、19.06亿元。 从融资买入额占当日总成交金额比重来看，有9只个股融资买入额占比超30%。其中京基智农、中创股 份、光大嘉宝融资买入额占成交额比重排名前三，分别为38.44%、36.35%、36.18%。 从融资净买入金额来看，有25只个股获融资净买入超亿元。其中，中科曙光、新易盛、特变电工融资净 买入金额排名前三，分别获净买入4.0亿元、2.89亿元、2.83亿元。 ...

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1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - In Q3 2025, the overall scale of public - offering funds continued to rise, with a 6.61% increase compared to the previous quarter and a 14.36% increase year - on - year. QDII and stock - hybrid funds were the main drivers of the scale growth [1][11]. - The scale of active equity funds increased significantly in Q3 2025, with the scale of active stock - biased funds rising by 20.57% quarter - on - quarter. Their stock positions continued to rise, and they increased their allocation to the STAR Market and ChiNext, while reducing their allocation to the Main Board [1][21]. - The reform of the performance comparison benchmark has been implemented, and the performance deviation of funds in Q3 has shown a convergence trend [3][61]. 3. Summary According to the Directory 3.1 2025 Q3 Public - Offering Fund Quarterly Report Analysis 3.1.1 Public - Offering Funds - The overall scale of public - offering funds reached 36.7 trillion yuan by the end of Q3 2025, with QDII, stock - type, and hybrid - type funds driving the growth, while the growth of fixed - income products was limited [11]. - After stripping out the impact of fund net value increases, some bond - type products maintained high allocation willingness, the enthusiasm for overseas asset allocation remained high, passive equity products in stock - hybrid funds were more attractive, and the shares of active equity funds shrank [15]. 3.1.2 Active Stock - Biased Funds - **Asset Allocation**: The median stock position of active stock - biased funds continued to rise, reaching 91.45%, at the 97.70% quantile since 2015 and the 96.40% quantile since 2019 [24]. - **Holding Sectors**: Active funds increased their allocation to the STAR Market and ChiNext and mainly reduced their allocation to the Main Board [28]. - **Industry Allocation**: They mainly increased their positions in the TMT and new energy sectors, with strong active allocation willingness in the electronics, communication, and retail sectors. After excluding market impacts, the sectors with the most obvious increase in positions were electronics, communication, etc., while the sectors with more reductions were banks, automobiles, etc. [30][32]. - **Concept Hotspots**: The allocation market value in the AI and computing power fields increased significantly, while the main directions of reduction were banks, cross - border payments, etc. [35]. - **Heavy - Holding Stocks**: The top 5 companies with the highest market value of holdings were CATL, Tencent Holdings (H), etc. The concentration of the top 20 holdings increased significantly, and the holdings tended to be concentrated. Industrial Fupeng, Zhongji Innolight, etc. were favored by investors [38]. - **Degree of Herding**: The investment main line was clear, and the herding trend of active stock - biased funds increased significantly [42]. 3.1.3 Asset Allocation Views of Active Fund Managers at the End of Q3 - **Balanced Allocation**: Future investment may focus on stock selection to find alpha, and pay attention to both dividend value and quality growth styles [46]. - **Technology Growth**: Be optimistic about the long - term semiconductor industry trend, but also pay attention to the mean - reversion pressure after the valuation expansion cycle [48]. - **Dividend Low - Volatility**: The trough of the cycle often corresponds to low valuations and good long - term returns, and be optimistic about undervalued assets and dividend stocks [51]. - **Cyclical Resource Products**: Pay attention to the supply - demand contradictions brought about by "resource nationalism" and focus on resource - themed investments [53]. - **Consumption and Medicine**: The improvement of the consumption situation needs positive signals, and innovative drugs are still the main line of pharmaceutical investment [55]. - **Gold**: The price is expected to remain high under the background of resource protectionism [58]. 3.1.4 Performance Comparison Benchmark Reform - The reform of the performance comparison benchmark for public - offering funds has been implemented, and active stock - biased funds in Q3 showed the characteristics of "diversified benchmarks and concentrated performance" [61]. 3.2 Market Performance Overview 3.2.1 Performance of Major Asset Classes - In the week of October 27 - 31, 2025, the domestic equity market index fluctuated and diverged, with the CSI 500 rising 1% and the gold price correcting [68]. 3.2.2 Industry Index Performance - In the same week, the power equipment, non - ferrous metals, and steel industries led the gains, while the communication, beauty care, and banking industries led the losses [72]. 3.2.3 Fund Market Performance - In the same week, the net values of all types of funds rose, with first - level hybrid bond funds performing the best [74]. 3.3 Fund Product Issuance Situation 3.3.1 Newly Established Funds - In the week, 64 new funds were established in the domestic market, with a total issuance share of 45.52 billion shares. The fund with the largest issuance share was Huatai - Peregrine Yingtai Stable 3 - Month Holding A [79].

综合市场信息来看，光模块等算力硬件高景气度或仍持续，创业板人工智能板块有望重拾升势，这或为 资金近期频繁布局的重要原因： 1、消息面上，算力领域再度迎来关键进展。周一美股盘前，亚马逊云服务（AWS）与OpenAI正式签署 了一份价值380亿美元（约合人民币2700亿元）的算力合作协议，这也是全球云计算领军企业与人工智 能巨头之间的首次历史性合作。消息发布后，亚马逊股价在周一交易日收涨4%刷新历史高点，英伟达 同样涨超2%。 周二（11月4日），A股缩量调整，人工智能赛道全线回调，创业板人工智能冲高回落收跌0.89%，较其 他人工智能指数韧性凸显。算力方向上，光模块经前期高位波动后止跌企稳迹象明显，新易盛逆市收 涨，中际旭创、天孚通信微跌0.46%、0.72%。AI应用局部活跃，蓝色光标领涨超3%，芒果超媒、润和 软件等收涨。 热门ETF方面，同类规模最大的创业板人工智能ETF（159363）全天冲高回落，场内收跌0.91%，缩量 成交5.81亿元。资金近期频繁买入，单日再度净申购1400万份，近五日累计吸金超2.5亿元，居同类产品 首位。 3、基本面上，短期业绩波动不改明后年算力硬件的高景气趋势。第一上海表示 ...

"达链"公司的这种环比"失速"，究竟只是业绩"上台阶"过程 中的短暂调整，还是行业景气度阶段性见顶的信号呢？或者 说，这场由AI驱动的算力大风，到底还能吹多久？ 作者： 郑晨烨 封图：图虫创意 "达链"公司是市场对英伟达AI算力基础设施供应商的统称，涵盖了服务器整机、光模块、PCB（印制电路板）、液冷散热等关键环节。在AI算力需求 持续旺盛的背景下，这些处于产业链重要位置的公司，在A股市场的本轮牛市中备受关注。 日前，随着主要"达链"公司2025年三季报的披露完毕，更多的信息被呈现了出来。 从同比数据看，行业景气度依旧高涨：第三季度，胜宏科技（300476.SZ）归母净利润同比增长高达260.52%；新易盛（300502.SZ）同比增长 205.38%；中际旭创（300308.SZ）同比增长124.98%；工业富联（601138.SH）同比增长62.04%；即便是散热环节的液冷概念龙头英维克 （002837.SZ），其第三季度归母净利润也录得了8.35%的同比增长。 但市场对这份"同比高增"的业绩单似乎并不买账。财报发布后，多家"达链"公司股价出现大幅回调，以光模块环节为例，10月30日和31日两天，市场 合 ...

经济观察报记者 郑晨烨 "达链"公司是市场对英伟达AI算力基础设施供应商的统称，涵盖了服务器整机、光模块、PCB（印制电路板）、液冷散热等关键环节。在AI算力需求持续旺 盛的背景下，这些处于产业链重要位置的公司，在A股市场的本轮牛市中备受关注。 日前，随着主要"达链"公司2025年三季报的披露完毕，更多的信息被呈现了出来。 从同比数据看，行业景气度依旧高涨：第三季度，胜宏科技（300476.SZ）归母净利润同比增长高达260.52%；新易盛（300502.SZ）同比增长205.38%；中际 旭创（300308.SZ）同比增长124.98%；工业富联（601138.SH）同比增长62.04%；即便是散热环节的液冷概念龙头英维克（002837.SZ），其第三季度归母净 利润也录得了8.35%的同比增长。 但市场对这份"同比高增"的业绩单似乎并不买账。财报发布后，多家"达链"公司股价出现大幅回调，以光模块环节为例，10月30日和31日两天，市场合 称"易中天"的三家龙头公司——即新易盛、中际旭创和天孚通信——市值合计蒸发超1400亿元。10月31日当天，胜宏科技跌10.53%，工业富联跌7.66%。 在投资者交流平 ...

每经AI快讯，11月4日，新易盛成交额达100亿元，现涨0.05%。 （文章来源：每日经济新闻） ...