| 新股发行及今日交易提示 | 2025/11/28 | 星期五 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/28 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | | | 787796 | 百奥赛图 | 26.68 | 2025/11/28 | 内地市场权益提示 | | | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=12248320 | 要约收购 | 要约申报期：2025年11月20日至2025年12月19日 | 605255 | 天普股份 | | 75&orgId=9900039799&announcementTime=2025 | -11-28 | http://www.cninfo.com.cn/new/disclosure/detail?sto ...

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=603026&announcementId=122480472 | 603026 | 石大胜华 | 8&orgId=9900022966&announcementTime=2025 | -11-14 | | | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600429&announcementId=122480450 | 600429 | 三元股份 | 2&orgId=gssh0600429&announcementTime=2025 | -11-14 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002864&announcementId=122480424 | 002864 | 盘龙药业 | 3&orgId=9900034531&announcementTime=20 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The industry is experiencing a shift in the main holders of amortized cost bond funds from banks to wealth management companies, which are increasingly viewing these funds as tools for reducing volatility in a low-interest and high-volatility environment [3][11][12] - The application of AI in the industry has progressed from initial human-machine interaction to a collaborative phase, with AI becoming a core component of business operations [3][17] - The report highlights the launch of a global commodity integration strategy index by a wealth management company, aiming to capture diverse returns through systematic allocation across various commodity strategies [4][18][19] Summary by Sections Regulatory and Industry Dynamics - The concentrated opening period for amortized cost bond funds is expected in Q4 2025 to Q1 2026, with a total opening scale exceeding 480 billion [11][10] - The transition of holders from banks to wealth management companies is driven by market changes and regulatory policies, leading to a shift in the underlying assets of these funds from government bonds to credit bonds [12][13] Peer Innovation Dynamics - A wealth management company has introduced a global commodity integration strategy index, which utilizes quantitative models for dynamic rebalancing to capture diverse risk factors in different market environments [18][19] - A partnership between a regional equity trading center and a wealth management company has successfully completed the first fund share transfer, marking a significant step for wealth management funds to enter the private equity investment field [20] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.27%, a decrease of 2 basis points, while money market funds remained stable at 1.17% [21][23] - The bond market is currently experiencing a narrow fluctuation pattern, influenced by various factors including Federal Reserve interest rate expectations and market concerns regarding AI [24][25] Net Value Tracking - The net value ratio of bank wealth management products increased to 1.16%, up 0.43 percentage points, indicating a potential upward pressure on the net value ratio if credit spreads continue to widen [28][30]

| 新股发行及今日交易提示 | 2025/11/26 | 星期三 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/26 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=12248262 | 要约收购 | 605255 | 天普股份 | 要约申报期：2025年11月20日至2025年12月19日 | 25&orgId=9900039799&announcementTime=2025 | -11-26 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=688227&announcementId=122482529 | 688227 | 品高股份 | 3&orgId=9900044736&announcementTime=2025 | -11-26 | | ...

2025 年 11 月 25 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/11/25 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 1、《ETF 及指数产品网格策略周报— 2025/11/18》2025-11-18 2、《ETF 及指数产品网格策略周报— 2025/11/11》2025-11-11 3、《ETF 及指数产品网格策略周报— 2025/11/5》2025-11-05 4、《ETF 及指数产品网格策略周报— 2025/10/28》2025-10-28 5、《ETF 及指数产品网格策略周报— 2025/10/21》2025-10-21 投资要点 分析师：程秉哲 ◆ ...

| 新股发行及今日交易提示 | 2025/11/25 | 星期二 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/25 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | | | 001233 | 海安集团 | 48.00 | 2025/11/25 | 内地市场权益提示 | | | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=12248099 | 要约收购 | 要约申报期：2025年11月20日至2025年12月19日 | 605255 | 天普股份 | | 28&orgId=9900039799&announcementTime=2025 | -11-18 | https://www.cninfo.com.cn/new/disclosure/detail?st ...

2025 年 11 月 24 日 证券研究报告 | 公募基金周报 美联储降息预期摇摆，国内债市窄幅震荡 公募基金泛固收指数跟踪周报（2025.11.17-2025.11.21） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师：宋逸菲 分析师登记编码：S0890524080003 电话：021-20321087 021-20515355 2025/11/24》2025-11-24 2、《全球市场震荡因素增加，常青 低波策略优势显现 —公募基金量化 遴 选 类 策 略 指 数 跟 踪 周 报 （2025.11.16）》2025-11-18 3、《美联储降息预期降温，国内债 市延续震荡 —公募基金泛固收指数 跟 踪 周 报 （ 2025.11.10- 2025.11.14）》2025-11-17 4、《算力延续调整，资金"高低 切"—公募基金权益指数跟踪周报 （2025.11.10-2025.11.14）》2025- 11-17 2025/11/17》2025-11-17 投资要点 邮箱：songyifei@c ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Global market resonance led to collective adjustments in mainstream capital markets last week (2025.11.17 - 2025.11.21). Concerns about over - investment in AI and changes in monetary policy expectations triggered the market adjustment. The expectation of a Fed rate cut in December cooled significantly, reversing the previous trading logic based on a loose monetary environment and AI industry trends [2][12]. - In the AI field, before it forms a wide - spread commercial application that can generate stable cash flow, its infrastructure spending depends on the operating cash flow and debt financing of technology giants, which are closely related to pro - cyclical variables. The technology sector remains highly sensitive to the real economy and monetary policy [4][14]. - There is a significant divergence within the Fed regarding a December rate cut. Conflicting data has made the Fed's decision - making difficult, and the probability of a 25 - basis - point rate cut in December has fluctuated, causing the US Treasury yield to rise first and then fall [4][15]. 3. Summary by Directory 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - Last week, the Shanghai Composite Index fell 3.90%, the CSI 300 fell 3.77%, the CSI 500 fell 5.78%, and the ChiNext Index fell 6.15%. The daily average trading volume of the entire A - share market was 1859.7 billion, a decrease from the previous week [12]. - The market's concern about over - investment in AI and the change in monetary policy expectations triggered the market adjustment. Despite positive news from NVIDIA and Google, concerns about over - investment in AI persisted. The cooling expectation of a Fed rate cut in December reversed the previous trading logic [12]. - When the market focuses too much on the micro - details of growth stocks' immediate financial reports, it often indicates a stock price adjustment. The North American AI sector has fully priced in the high growth in 2026, but the growth prospect in 2027 is unclear [13]. - Google's new models verified the effectiveness of the Scaling Law, but the computing power suppliers still hold an irreplaceable position in the computing power market. Before AI forms a stable commercial model, its infrastructure spending is closely related to pro - cyclical variables [14]. - There is a divergence within the Fed on a December rate cut. Conflicting data has made the decision - making difficult, and the probability of a rate cut has fluctuated, causing the US Treasury yield to rise first and then fall [15]. 3.1.2 Public Fund Market Dynamics - The CSRC will optimize the ETF registration and listing review process, cancel the requirement to submit a letter of no objection from the stock exchange during the ETF registration process, and the Shanghai and Shenzhen Stock Exchanges have also modified their self - regulatory rules accordingly [5][16]. - For ETF products tracking mature indices, fund managers can directly apply to the CSRC for registration. For products with innovative elements, the exchange will evaluate whether to develop relevant ETF products. Fund managers should design products carefully to avoid problems such as unsuccessful fundraising [17]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | YTD | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Preferred | - 4.85% | - 2.96% | 32.19% | 33.26% | | Value Stock Fund Preferred | - 3.44% | - 0.16% | 16.91% | 17.00% | | Balanced Stock Fund Preferred | - 4.52% | - 2.67% | 26.11% | 23.35% | | Growth Stock Fund Preferred | - 6.08% | - 3.24% | 44.81% | 31.79% | | Pharmaceutical Stock Fund Preferred | - 6.07% | - 4.10% | 34.28% | 16.33% | | Consumption Stock Fund Preferred | - 3.51% | - 5.11% | 8.95% | 1.93% | | Technology Stock Fund Preferred | - 5.86% | - 5.09% | 37.94% | 40.10% | | High - end Manufacturing Stock Fund Preferred | - 8.53% | - 4.47% | 24.68% | 18.66% | | Cyclical Stock Fund Preferred | - 4.57% | - 3.41% | 21.36% | 12.79% | 3.2.1 Active Stock Fund Preferred - Index positioning: 15 funds are selected in each period, with equal - weight allocation. Core positions are selected according to performance competitiveness and style stability in value, balanced, and growth styles, and the style distribution is roughly balanced according to the CSI Active Stock Fund Index [19]. - Performance benchmark: Active Stock Fund (930980.CSI) [20] 3.2.2 Value Stock Fund Preferred - Index positioning: The value style includes deep - value and quality - value styles. 10 funds of deep - value, quality - value, and balanced - value styles are selected to form the index [23]. - Performance benchmark: CSI 800 Value Index (H30356.CSI) [24] 3.2.3 Balanced Stock Fund Preferred - Index positioning: Balanced - style fund managers balance the valuation and growth of individual stocks and switch to stocks with higher cost - performance. 10 relatively balanced and value - growth style funds are selected to form the index [26][27]. - Performance benchmark: CSI 800 (000906.SH) [27] 3.2.4 Growth Stock Fund Preferred - Index positioning: Growth - style funds aim to capture the performance and valuation double - click opportunities of high - growth companies and挖掘 "dark - horse" companies. 10 active - growth, quality - growth, and balanced - growth style funds are selected to form the index [28]. - Performance benchmark: 800 Growth (H30355.CSI) [28] 3.2.5 Pharmaceutical Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of the CITIC Pharmaceutical Index. 15 funds are selected to form the index after evaluation [31]. - Performance benchmark: Pharmaceutical Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [31] 3.2.6 Consumption Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 10 funds are selected to form the index after evaluation [31]. - Performance benchmark: Consumption Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [32] 3.2.7 Technology Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 10 funds are selected to form the index after evaluation [37]. - Performance benchmark: Technology Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [37] 3.2.8 High - end Manufacturing Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 10 funds are selected to form the index after evaluation [39]. - Performance benchmark: High - end Manufacturing Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [39] 3.2.9 Cyclical Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 5 funds are selected to form the index after evaluation [39]. - Performance benchmark: Cyclical Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [40]

hjn 2025 年 11 月 24 日 证券研究报告 | 公募基金周报 ETF 策略指数跟踪周报 2025/11/24 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 邮箱：zhangjunrui@cnhbstock.com 1、《全球市场震荡因素增加，常青低波策 略优势显现 —公募基金量化遴选类策略 指数跟踪周报（2025.11.16）》2025-11-18 2、《美联储降息预期降温，国内债市延续 震荡 —公募基金泛固收指数跟踪周报 （2025.11.10-2025.11.14）》2025-11-17 3、《算力延续调整，资金"高低切"—公 募 基 金 权 益 指 数 跟 踪 周 报 （2025.11.10-2025.11.14）》2025-11-17 4 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/11/17》2025-11-17 基 金 泛 固 收 指 ...

2025 年 11 月 23 日 证券研究报告 | 策略周报 全球共振高位调整，耐心等待情绪企稳 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 1、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 2、《波动再度放大，如何应对？ —策略 周报》2025-10-12 3、《长假期间国内外大事一览—策略周 报》2025-10-09 4、《节前波动有所放大，持股还是持币 过节？ —策略周报》2025-09-29 5、《长假临近，震荡分化延续 —策略周 报》2025-09-21 投资要点 分析师：刘芳 【债市方面】月末资金面扰动上升，中期仍偏震荡。当前债市整体偏震荡， 市场多、空动能均不足，但跨月、政府债缴款、大量公开市场操作到期等因素 叠加之下，月末扰动明显上升。考虑到央行或将投放资金缓解资金面压力，预 计中期来看仍延续震 ...