Market Performance - On November 26, the Shanghai and Shenzhen stock markets opened slightly lower, with the Shanghai Composite Index experiencing a minor decline while the Shenzhen Component and ChiNext Index showed significant gains during the morning session, although their increases narrowed in the afternoon [1] - The Shanghai Composite Index closed at 3864.18 points, down 0.15%, with a trading volume of approximately 701 billion; the Shenzhen Component closed at 12907.83 points, up 1.02%, with a trading volume of about 1082 billion; the ChiNext Index closed at 3044.69 points, up 2.14%, with a trading volume of around 529 billion [1] Sector Performance - The pharmaceutical retail sector and CPO concept stocks led the market gains, with Huaren Health hitting a 20% limit up, and several other stocks like Haiwang Biological, Renmin Tongtai, and Ruikang Pharmaceutical also reaching around 10% limit up [1] - The CPO concept sector saw Longguang Huaxin also hitting a 20% limit up, with Saiwei Electronics rising over 16% and Zhongji Xuchuang increasing by over 13% [1] - Other sectors that experienced notable increases included Shenzhen state-owned enterprise reform, semiconductors, components, and engineering machinery, while sectors such as aquatic products, shipbuilding, military trade concepts, and Web3 concepts faced significant declines [1] Institutional Insights - According to Jifeng Investment Advisors, the market is showing an upward trend, with most sectors finding support at the 60-day moving average and beginning a rebound. Investors are encouraged to focus on leading companies in previously popular sectors that have undergone corrections [2] - Tianfeng Securities emphasizes the importance of investing in core areas related to "AI + overseas expansion + satellites," highlighting opportunities in AI-related fields such as optical modules and liquid cooling, as well as domestic acceleration in the marine cable industry [2] Policy Developments - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with the goal of creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [3] - The plan includes promoting the integration of artificial intelligence across the consumer goods industry, encouraging the development of smart home products and digital art, and supporting the establishment of experience centers for various consumer goods [3] Local Government Initiatives - The Shanghai Municipal Government released measures to support the innovation of traditional Chinese medicine and reform in the pharmaceutical sector, encouraging collaboration between medical institutions and pharmaceutical companies to develop new Chinese medicines and streamline clinical trial processes [4] - The measures aim to shorten the review and approval timelines for innovative drug clinical trials to 30 working days and improve the efficiency of clinical trial oversight through a big data platform [4]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.15%, Shenzhen Component Index up 1.02%, and ChiNext Index up 2.14% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 1.7833 trillion yuan [1] ETF Performance - Communication-related ETFs led the gains, with the top performers including Communication ETF up 5.61%, Communication Equipment ETF up 5.54%, and AI-related ETFs showing increases of over 5% [2] - The Aerospace ETF experienced the largest decline, down 2.62%, followed by other aerospace-related ETFs [4][5] Alibaba Financial Results - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [3] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [3] - The investment in AI infrastructure is seen as a step towards the self-sufficiency of domestic computing power, indicating potential investment opportunities in this sector [3] ETF Market Activity - The Short-term Bond ETF had the highest trading volume at 23.5 billion yuan, followed by other ETFs such as Silver Hua Daily ETF and Convertible Bond ETF [6] - The Korean Semiconductor ETF had the highest turnover rate at 118% [6] Upcoming ETF Launches - Three new ETFs are set to launch, including A50 ETF, which tracks the CSI A50 Index, focusing on leading companies across various sectors [7] - Other ETFs launching include the China Hong Kong Stock Connect Dividend Low Volatility ETF, the Photovoltaic ETF, and the Hang Seng Biotechnology ETF, each targeting specific investment strategies and sectors [8]

Market Overview - The A-share market showed mixed results with the Shanghai Composite Index down by 0.15% closing at 3864 points, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1][2] - The total market turnover was 1.8 trillion yuan, a decrease of 29 billion yuan compared to the previous trading day, with nearly 3600 stocks declining [1] Sector Performance - The pharmaceutical retail sector saw significant gains, with stocks like Huaren Health and Ruikang Pharmaceutical hitting the daily limit [2][4] - The CPO concept stocks were active, with Yongding Co. and Zhongji Xuchuang reaching their daily limit, while other related stocks also saw substantial increases [2][6] - Retail stocks surged, with companies such as Dongbai Group and Guoguang Chain hitting the daily limit, and Guofang Group rising over 9% [8] Notable Stocks - In the pharmaceutical sector, stocks like Guangdong Wannianqing and Huaren Health saw increases of 20% and 20% respectively, while Haiwang Biological and Taida Co. also performed well [5][4] - CPO concept stocks like Changguang Huaxin and Saiwei Electronics saw increases of 20% and over 16% respectively [6][7] - Retail stocks such as Dongbai Group and Guoguang Chain experienced gains of 10% [9] Industry Trends - The flu-related stocks have shown a notable increase in interest, with a reported over 500% increase in the number of buyers for antiviral drugs [5] - The Ministry of Industry and Information Technology announced a commercial trial for satellite IoT services, which is expected to enhance market supply and stimulate industry growth [10] Future Outlook - Analysts suggest that the A-share market may see upward momentum in 2026, driven by policy support and high earnings growth in certain sectors [14] - Key investment opportunities are identified in sectors undergoing "new and old kinetic energy" transitions and those focusing on domestic demand and consumption [14]

Group 1 - A-shares opened slightly lower but turned positive, with the innovation sector leading the gains, as of 10:40 AM [1] - The Sci-Tech Innovation Board 50 Index rose by 1.2%, and the Growth Enterprise Market Index increased by 1.6% [1] - The IPO of domestic GPU leader Moore Threads has begun, with an issue price of 114.28 yuan per share, marking the fastest approval time for a Sci-Tech Innovation Board IPO this year at 88 days [1] Group 2 - Other domestic computing chip companies like Muxi and Suiyuan are also expected to enter the capital market, potentially boosting the semiconductor sector [1] - The Sci-Tech Innovation Board 50 Index consists of 50 stocks with high market capitalization and liquidity, with over 65% of its composition from the semiconductor industry [1] - The Growth Enterprise Market Index includes 100 stocks with high market capitalization and liquidity, with over 90% from strategic emerging industries, and AI hardware and new energy sectors accounting for about 60% [1] Group 3 - The Sci-Tech Innovation Board 50 ETF (588080) and the Growth Enterprise Market ETF (159915) track the respective indices, with a management fee rate of only 0.15% per year [1] - The total scale of related ETFs under E Fund in the innovation sector exceeds 180 billion yuan, ranking first in the industry, providing investors with ample tools for technology growth sector investments [1]

Market Performance - The Shenzhen Component Index and the ChiNext Index opened lower but rebounded, with the ChiNext Index rising over 3% at one point [1] - The computing hardware concept stocks collectively strengthened, while the consumer sector surged in the last trading session [1] - The military industry sector showed weakness [1] ETF Performance - Communication and ChiNext AI-related ETFs rose over 5% [1] - Specific ETF performances include: - Communication ETF: 5.61% increase [2] - Communication Equipment ETF: 5.54% increase [2] - ChiNext AI ETF (Dacheng): 5.29% increase [2] - Cloud 50 ETF: 5.1% increase [2] - 5G Communication ETF: 5.08% increase [2] - ChiNext AI ETF (Southern): 5.06% increase [2] - ChiNext AI ETF (Huaxia): 5.05% increase [2] - ChiNext AI ETF (Fuguo): 4.98% increase [2] - ChiNext AI ETF (Guotai): 4.89% increase [2] AI Sector Insights - Recent reports indicate a slight pullback in the US AI sector due to high valuation pressures and a decline in global market risk appetite, leading to cautious investor sentiment [3] - Despite short-term volatility, several leading AI companies reported robust financial results, providing some market support [3] - AMD's Q3 2025 financial report showed revenue and profit growth, with a deployment agreement with OpenAI expected to contribute over $100 billion in revenue, reflecting long-term confidence in AI infrastructure investment [3] Aerospace Sector Performance - Aerospace-related ETFs experienced declines, with the Aerospace ETF down over 2% [3] - Specific ETF performances include: - Aerospace ETF: -2.62% [4] - Aerospace ETF (Tianhong): -2.5% [4] - Military Industry Leader ETF: -2.36% [4] Military Industry Outlook - The military industry is expected to undergo a critical transition by 2026, characterized by increased demand rigidity, structural high-end development, and improved financial health [6] - Key judgments include: - Significant enhancement in order certainty [6] - Accelerated demand structure shifting towards new combat capabilities [6] - Military trade becoming a second growth curve, opening high-end market ceilings [6] - Deepening military-civilian integration in areas like commercial aerospace and low-altitude economy [6] - Overall improvement in financial quality, with cash flow and profitability on an upward trajectory [6]

11月26日，A股三大指数走势分化，沪指午后震荡转跌，截至收盘，上证指数跌0.15%，深证成指涨 1.02%，创业板指涨2.14%。盘面上，CPO概念再度走强，长光华芯2连板，中际旭创大涨超13%。医药 股全线走强，流感、创新药概念领涨，粤万年青、华人健康、北大医药等多股涨停。零售股尾盘拉升， 东百集团、国光连锁等多股涨停。军工板块回调，航天发展跌停。此外，半导体、元器件、海南自贸概 念、人形机器人概念等板块涨幅居前，水产品、银行、旅游等板块跌幅居前。全市场个股跌多涨少， 3500只个股下跌，成交金额近1.8万亿元。 ...

Market Performance - The Shenzhen Component Index and the ChiNext Index both opened lower but rose significantly, with the ChiNext Index increasing by over 3% at one point [1] - By the end of the trading day, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion yuan, a decrease of 28.8 billion yuan compared to the previous trading day [1] Sector Performance - The computing hardware sector saw a collective surge, with Dongxin Co. hitting the daily limit and Zhongji Xuchuang reaching a historical high [2] - The consumer sector experienced a late surge, with stocks like Hai Xin Food and Guangbai Co. hitting the daily limit [2] - The anti-influenza concept stocks were active, with Guangji Pharmaceutical achieving three consecutive limits and Peking University Medicine achieving two consecutive limits [2] - Conversely, the military industry sector weakened, with Jiu Zhi Yang dropping over 12% [2][3] Index Details - The Shanghai Composite Index closed at 3864.18, down 0.15% [2] - The Shenzhen Component Index closed at 12907.83, up 1.02% [2] - The ChiNext Index closed at 3044.69, up 2.14% [2]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.15% closing at 3864 points, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1] - The total market turnover was 1.8 trillion yuan, a decrease of 29 billion yuan compared to the previous trading day, with nearly 3600 stocks declining [1] Sector Performance - The pharmaceutical retail sector saw gains, with companies like Huaren Health and Ruikang Pharmaceutical hitting the daily limit [1] - The commercial retail and tax refund store sectors also performed well, with Dongbai Group and Sanjiang Shopping both reaching the daily limit [1] - The CPO concept remained active, with Yongding Co. hitting the daily limit and Zhongji Xuchuang rising over 13% to a new high [1] - Other sectors with notable gains included duty-free concepts, cultivated diamonds, and innovative drugs [1] Declining Sectors - The shipbuilding sector experienced a downturn, with Jianglong Shipbuilding dropping over 12% [1] - The aerospace sector also fell, with Chenxi Aviation declining by over 11% [1] - The nuclear pollution prevention sector showed weak performance, with Rongji Software hitting the daily limit down [1] - The aquaculture sector faced volatility, with Zhongshui Fishery hitting the daily limit down [1] - Other sectors with significant declines included aircraft carrier concepts, digital watermarking, and offshore engineering equipment [1] Top Gainers - The top gainers included sectors such as communication equipment, electronic components, and motorcycles, with respective increases of 2.30%, 2.249%, and 2.57% [2] - Other sectors with positive performance included engineering machinery, retail, and computer hardware, with increases of 2.22%, 1.67%, and 1.45% respectively [2]

Core Insights - AI computing hardware continues to show a rebound, with strong performance in optical modules, CPO, and PCB concepts [1] - Alibaba's Q2 FY2026 earnings report highlights a 34% year-on-year increase in cloud revenue and triple-digit growth in AI-related product revenue for nine consecutive quarters [1] - CITIC Securities indicates that Alibaba's ongoing investment in AI infrastructure signifies a steady advancement in domestic computing capabilities, suggesting an industry turning point for domestic computing [1] Group 1: Market Performance - The AI computing hardware sector is experiencing a strong rebound, with companies like Zhongji Xuchuang, Hudian Co., Xinyisheng, and Guangku Technology showing significant gains [1] - The lowest fee rate AI ETF, Huaxia (159381), and the 5G communication ETF (515050) both surged over 4%, with trading volumes reaching 348 million yuan and 299 million yuan respectively [1] - The cloud computing 50 ETF (516630), focusing on AI hardware and software, increased by 2.70% [1] Group 2: Company Developments - Alibaba's capital expenditure for the quarter was 31.5 billion yuan, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] - The sustained investment in AI infrastructure by Alibaba is viewed as a critical step in the development of domestic computing capabilities [1] Group 3: Industry Outlook - CITIC Jiantou emphasizes the need for a long-term perspective on the ongoing AI industrial revolution, comparing its impact to that of the industrial revolution [1] - The firm expresses optimism regarding the demand for computing power and applications driven by AI [1]

从历史表现来看，Wind数据显示，截至11月21日，该指数自2019年12月31日基日以来的涨幅达146%， 年化收益率超17%，年化夏普比率约0.63，指数成分股2026年一致预测归母净利润增速超70%，具有高 弹性、高成长的特征。 当前，"加快高水平科技自立自强，引领发展新质生产力"已被明确为"十五五"时期战略部署之一，人工 智能产业作为关键载体，正迎来政策与市场的双重机遇。科创创业人工智能ETF易方达（159140）等产 品的发行，既能助力资金流向科技前沿领域、为科创生态注入活水，又能为投资者布局硬科技领域、分 享产业成长红利提供多样化选择。 （文章来源：每日经济新闻） 据公告，易方达中证科创创业人工智能ETF（场内简称：科创创业人工智能ETF易方达；基金代码： 159140）等7只跟踪中证科创创业人工智能指数的ETF即将于11月28日启动发行，有望为投资者布局中 国硬科技资产提供全新选择。 该指数从科创板和创业板中选取50只业务涉及为人工智能提供基础资源、技术以及应用支持的股票作为 指数样本，聚焦AI产业链核心环节，既涵盖光通信、国产AI芯片等基础资源领域，也包括AI技术与应 用环节，一键打包双创板块 ...