热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内强势收涨3.45%，一举收 复5日、10日等重要均线，单日放量成交8.73亿元。 消息面上，AI算力再迎重要催化。近日，谷歌AI基础设施负责人Amin Vahdat日前在全体大会中表示， 公司必须每6个月将AI算力翻倍，并在未来4到5年内额外实现1000倍的增长，以应对持续上升的AI服务 需求。同时，Meta Platforms据悉正考虑斥资数十亿美元购买谷歌的TPU，用于数据中心建设，进一步 推动相关硬件需求。 周二（11月25日），AI赛道王者归来，算力硬件+AI应用全线活跃，创业板人工智能涨超3%领涨同类 AI指数。算力硬件方面，谷歌概念股光库科技尾盘重封20CM涨停，股价创历史新高，长芯博创涨超 13%，光模块CPO龙头中际旭创涨5%，新易盛涨4%；AI应用方面，易点天下、昆仑万维均收涨超4%。 创业板人工智能ETF（159363）基金经理近期表示，在美股开始底部显著反弹之际，虽然调整会反复， 但主跌浪或已结束，泛科技ETF配置价值凸显；同时A股高位板块也死守箱体，低位板块位置调整充 分。从空间角度，市场已经达到"低吸 ...

Core Viewpoint - The listing of the ChiNext 50 ETF-DR on the Thailand Stock Exchange marks a significant step in the internationalization of Chinese ETFs, providing Thai investors access to China's new economy and core technology assets [1][3][6]. Group 1: ETF Details - The ChiNext 50 ETF-DR is based on the Invesco Great Wall ChiNext 50 ETF, which was established in December 2022 and has a total scale exceeding 50 billion [3][4]. - The ETF maintains a low comprehensive fee rate of 0.2%, making it an attractive investment vehicle [3]. - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, allowing investors to capture the benefits of China's technological development [3][4]. Group 2: Market Impact - The ChiNext 50 Index consists of the 50 largest and most actively traded companies on the ChiNext board, reflecting a higher concentration of technology stocks [4]. - The successful internationalization of the ChiNext 50 Index demonstrates the global appeal of Chinese entrepreneurial and innovative assets, broadening the channels for overseas capital allocation [4][6]. - The listing is part of a broader trend of increasing investment demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [6]. Group 3: Future Prospects - The listing of the ChiNext 50 ETF-DR is seen as a milestone in the index's international expansion, following its successful entry into major European exchanges [6]. - The Shenzhen Stock Exchange aims to enhance the internationalization of the ChiNext market and facilitate global investors' access to China's technological innovation [6][7]. - Chinese asset management institutions are expected to leverage local technological advantages to fill the investment gap for international investors in emerging markets [6][7].

导师系统解读退役军人可享受的税收减免、创业补贴、技能培训与社保衔接等政策，帮助参会者精准把 握政策红利。结合当前经济形势，导师重点分析了乡村振兴、智慧社区、养老健康等潜力赛道，指出这 些领域与退伍军人的组织能力、执行能力和纪律优势高度契合，并建议关注差异化定位与可持续发展路 径。互动交流环节，与会退伍军人就"缺乏经验、资金紧张、技能脱节"等问题踊跃提问。创业者代表现 场分享经验，建议通过参与培训、加入孵化平台、申请专项贷款和政策补贴等方式破解难题。 下一步，凤翔社区将继续整合社会资源，为退伍军人实现职业梦想保驾护航。（石秀 凤凰山街道 文/ 图） 近日，金牛区凤凰山街道凤翔社区联合金牛区创想实光社会服务中心举办"退伍不褪色 创业新征程"退 伍军人创业就业沙龙活动。活动邀请创业领域资深导师，围绕政策支持、市场趋势、项目选择及融资渠 道等主题开展分享，吸引30余名退伍军人参加。 ...

集聚共享产业"盛宴"。11月25日，专业赛开幕式当天，中国科学院生物物理研究所、生物大分子全国重 点实验室研究组长高利增进行关于"纳米酶工程技术"的主题分享；华大工程生物学长荡湖研究所执行所 长付宪、江苏创健医疗科技股份有限公司董事长钱松发布人工智能在生物制造领域典型应用案例；华大 松禾生科私募创业投资基金管理合伙人曾晓玉分享合成生物赛道的研判；数字人"小常"进行常州合成生 物产业环境推介。 中证报中证网讯（记者 孟培嘉）11月25日，第十四届中国创新创业大赛合成生物与生物制造专业赛 （简称"专业赛"）决赛在常州开幕。此次大赛聚焦合成生物与生物制造重点领域，旨在广泛吸引国内外 合成生物领域优秀创业人才汇聚常州，发掘并遴选前沿技术与应用项目，以赛引才、以赛引企，促进产 业发展，推动创新链、产业链、资金链、人才链深度融合。 中国创新创业大赛由工业和信息化部火炬高技术产业开发中心主办，是目前国内规格最高、规模最大、 质量最好、影响最广的创新创业专业赛事之一。2022年以来，常州已连续承办了三届中国创新创业大赛 行业全国赛，其中2022年承办装备制造、新材料全国赛，2023年、2024年承办新能源、新能源汽车和节 能 ...

Core Insights - The launch of the ChiNext 50 ETF-DR on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's capital markets, providing Thai investors direct access to China's core assets without the need for cross-border accounts [1][4][6] Group 1: Product Overview - The ChiNext 50 ETF-DR is linked to the Invesco Great Wall ChiNext 50 ETF, which has a total scale of 4.978 billion yuan as of now [2] - This product is the first depository receipt in Thailand that is linked to a Chinese domestic ETF, facilitating easier investment in the ChiNext 50 index [1][3] Group 2: Market Demand and Industry Logic - The choice of the ChiNext 50 index reflects a dual consideration of market demand and industry logic, as Thai investors have developed a foundational understanding of Chinese core technology assets [3] - Companies like CATL (Ningde Times) have gained significant attention in Southeast Asia, enhancing investor confidence in the ChiNext 50 ETF-DR [3] Group 3: Alignment with Investor Needs - The ChiNext 50 index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, aligning well with Thai investors' asset allocation needs [4] - The index's top three sectors by weight are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [4] Group 4: Capital Market Opening - The successful listing of the ChiNext 50 ETF-DR is a reflection of the ongoing deepening of China's capital market opening, with A-share index products becoming key vehicles for global capital allocation [4][6] - Recent improvements in China's capital market infrastructure, such as the optimization of the Shanghai-Hong Kong Stock Connect and the expansion of QFII/RQFII quotas, have facilitated the internationalization of A-share index products [6][7] Group 5: Future Prospects - The internationalization of index products is expected to enhance the global pricing power of Chinese core assets, providing a pathway for greater scale expansion and diversification of product types [7][8] - The long-term value of these products extends beyond their immediate benefits, as they help convert RMB assets into globally tradable "standardized components," fostering a win-win scenario for China's capital market, asset management industry, and RMB internationalization [8]

Market Overview - A total of 77 stocks hit the daily limit, with 25 stocks experiencing a limit down, resulting in a sealing rate of 75%. The market saw a significant increase, with the ChiNext index rising nearly 2% and the Shanghai Composite Index up by 0.87% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.81 trillion yuan, an increase of 84.4 billion yuan compared to the previous trading day [1] - The overall market sentiment improved, with 4,300 stocks rising and 95 stocks hitting the daily limit. Key sectors that performed well included gaming, AI applications, CPO, and precious metals, while military equipment and aquaculture sectors faced declines [1] Stock Performance - The number of stocks with consecutive limit ups increased, with the highest being Zhongshui Fishery, which stopped at a limit down after 7 consecutive limit ups. Stocks with 3 or more consecutive limit ups rose to 7 [3] - Notable stocks included: - Dream Home (5 consecutive limit ups) - Shida Group (4 consecutive limit ups) - Pinggao Co. (3 consecutive limit ups) [4] - The overall sentiment for high-level stocks showed signs of recovery, particularly in local stocks from Fujian, which were boosted by the performance of Yongji Software [3][4] Sector Highlights - The AI application sector continued to thrive, with Meta considering a multi-billion dollar acquisition of Google's TPU, which is expected to drive demand for ASIC custom chips and related hardware [5][26] - The gaming sector saw a resurgence, particularly with the launch of the interactive game "Jiangshan Beiwang," which topped several gaming charts, leading to a rally in related stocks [6][35] - The lithium industry is entering an upward cycle, with significant price increases in upstream materials, leading to a rebound in the lithium battery supply chain [7] - The flu medicine sector experienced a surge in demand, with a reported 500% increase in purchases of antiviral drugs, leading to several pharmaceutical stocks hitting the daily limit [8][19] Future Outlook - The market is currently experiencing a technical rebound after a period of overselling, but the overall momentum remains weak, indicating that further recovery may depend on maintaining support levels [10] - The rapid rotation of market hotspots suggests a cautious approach from investors, with a focus on sectors that have shown resilience and potential for growth [10]

Core Insights - The demand for credible, verifiable, and deployable engineering capabilities is increasing as China's manufacturing industry transitions towards high-end and intelligent development [1][4] - SISPARK has partnered with MathWorks to support startups in AI, industrial, and medical sectors by providing toolchains and technical support [1][4] - The collaboration signifies a shift in SISPARK's service offerings, extending into the "tool layer" to meet the growing needs of high-tech startups [4] Industry Trends - The engineering capability gap is a hidden bottleneck for high-tech startups, which now primarily possess core technologies but lack funding, personnel, and market access [3] - The rise of embedded AI applications is anticipated to begin in 2026, highlighting the challenges of integrating AI into embedded systems, particularly regarding explainability and compliance [3][4] - The automotive industry serves as a case study for the shift towards self-innovation and R&D, driven by policy requirements for software self-research in key components [4] Emerging Sectors - Low-altitude economy and medical devices are identified as rapidly growing sectors, with the potential to rival the automotive industry in scale [5] - The humanoid robotics field is emerging as a new growth point, leveraging capabilities developed in the automotive sector for complex system modeling and simulation [5][6] - All these sectors are characterized by high safety and reliability requirements, emphasizing the need for stronger engineering capabilities as China's industry upgrades [6]

Core Insights - The launch 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 option for capturing the benefits of China's technological advancements [3][4] Market Performance - The ChiNext 50 Index has shown strong performance, with a cumulative increase of 56.49% as of November 18, 2025, outperforming other broad-based indices [3][4] - 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 [4][5] - The top ten weighted stocks in the ChiNext 50 Index achieved an average revenue growth of 48.93% and a net profit growth of 82.03%, indicating robust financial health and market leadership [4][6] Industry Composition - The ChiNext 50 Index is characterized by a high concentration of technology stocks, excluding traditional cyclical industries, and focuses on sectors such as new energy vehicles, biomedicine, electronics, and photovoltaics [5][6] - The index's top three weighted industries are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%), reflecting its alignment with high-growth sectors [5][6] - The leading companies in the ChiNext 50 Index are deeply embedded in the global value chain, with 35.17% of their revenue coming from overseas markets, which is higher than many other core broad-based indices [6]

行情回顾及主要观点： 上周A股市场整体呈现下跌趋势，主要指数普遍回调：沪深300跌3.77%，中证500跌5.78%，中证1000跌 5.80%，创业板50跌6.04%，科创50跌5.54%。交易面，A股市场上周日均成交额在18700亿元左右，市场 交投活跃。市场热点呈现快速轮动特征，周初以锂电池、AI应用、福建板块及军工为主，随后半导体 （光刻胶）、机器人、水产接力，中后段银行及光刻胶走强。 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"的成长型创新创 业企业提供直接融资平台。权重行业方面，创业板50指数聚焦信息技术+新能源+金融科技+医药四大新 质生产力赛道，科技成长属性纯粹。 图：创业板50指数四大赛道 数据来源：Wind，华安基金，截至2025-11-21 创业板50指数：追"光"识"新"更掘"金"。横向对比来看，创业板50指数的光模块含量、新能源含量以及 金融科技含量优于创业板指以及主流宽基指数。 创业板50ETF（159949）：汇聚创业板优势领域的成长白马，聚焦于科技成长属性的龙头企业。当前估 值37.44倍，近十年32.83%分位（数据来源：Wind，截至202 ...

Core Insights - The "Six Little Dragons" of Hangzhou, representing six innovative companies, showcased their collective vision at the World Internet Conference, emphasizing the shift from data accumulation to cognitive construction in the AI era [1][11][12] - The AI core industry in Zhejiang Province achieved a revenue of 494.4 billion yuan, marking a 22% year-on-year growth, with R&D expenses reaching 39 billion yuan, up 14% [1][11] Company Highlights - Yushutech exemplifies the rise of embodied intelligence, growing from 3 to over 1,000 employees since its inception in 2016, with a 29.5% year-on-year revenue increase in the robotics sector [2][3] - Qiangnao Technology focuses on brain-computer interface technology, aiding individuals with disabilities, and plans to expand into sleep products [3][4] - Qunkua Technology sees spatial intelligence as a crucial area for future development, essential for managing robots in physical environments [4][8] - Yundongchu Technology has transitioned from creating robotic dogs to developing humanoid robots for hazardous environments [5][8] - Game Science, led by CEO Feng Ji, highlights China's dominance in the gaming market, with four of the top ten highest-grossing games globally developed by Chinese teams [5][6] Industry Trends - The AI investment landscape is shifting, with embodied intelligence surpassing large models in attracting funding, indicating a preference for companies with revenue and production capabilities [7][8] - The focus is moving from isolated technological advancements to collaborative ecosystem building, as seen in the strategies of various companies [7][8] - The concept of "world models" is emerging, emphasizing the need for AI to understand and interact with the physical world rather than just processing text [11][12][13] Future Outlook - The AI industry is transitioning from a focus on model size to a deeper understanding of the world, with the next decade expected to prioritize spatial intelligence and real-world interactions [11][12][13] - The collective efforts of the "Six Little Dragons" signify a natural evolution in the AI sector, driven by Hangzhou's robust manufacturing capabilities and engineering culture [12][13]