2025 年 11 月 18 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 2025/11/18 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：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2025/11/11》2025-11-11 2、《ETF 及指数产品网格策略周报— 2025/11/5》2025-11-05 3、《ETF 及指数产品网格策略周报— 2025/10/28》2025-10-28 4、《ETF 及指数产品网格策略周报— 2025/10/21》2025-10-21 5、《ETF 及指数产品网格策略周报— 2025/10/14》2025-10-14 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高抛低吸的交易 策略。但与依赖判断长期走势的趋势交易不同，网格交易是一种基于价格波动 的策略，它不预测市场的具体走势，而是利用价格在一定范围内 ...

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights several new stock listings and trading activities scheduled for November 18, 2025, including companies such as Jingchuang Electric (12.10), Beikang Testing (6.70), and Nanguang Digital (5.69) [1]. - It also mentions various corporate actions such as tender offers, cash options, and acquisition requests, indicating active market movements [1]. Summary by Relevant Sections - **New Stock Listings**: Companies like Jingchuang Electric, Beikang Testing, and Nanguang Digital are set to debut on the market with respective prices of 12.10, 6.70, and 5.69 [1]. - **Corporate Actions**: The report details several corporate actions including a tender offer for Tianpu Co. (605255) from November 20 to December 19, 2025, and cash options for Hangqi Wheel B (200771) from November 19 to November 25, 2025 [1]. - **Market Alerts**: It lists companies experiencing significant fluctuations, such as Moen Electric (002451) and Huasheng Lithium Battery (688353), indicating potential investment risks and opportunities [1].

2025 年 11 月 18 日 证券研究报告 | 公募基金周报 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） 分析师：李亭函 021-20515355 相关研究报告 1、《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 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 募 基 金 泛 固 收 指 数 跟 踪 周 报 （ 2025.11.03-2025.11.07 ）》 2025-11- 10 5、《板块高低切换，从算力到电力—公 募基金权益指数跟踪周报（2025.11.03- 2025.11.07）》2025-11-10 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师：黄浩 分析师登记编码：S0890524110001 电话：021-20321 ...

2025 年 11 月 18 日 证券研究报告 | 公募基金专题报告 华宝基金张金涛：深耕产业趋势的医药舵手 基金经理投资价值分析报告 分析师：王骅 投资要点 相关研究报告 （1）以产业周期为舵，以市值空间为锚：张金涛构建了以"产业周期"为 核心，并融合"政策、产业、估值"三维度的投资框架。其核心在于精准 把握全球医药行业的周期律动。他基于深度研究判断，中国创新药产业正 处在过去十年研发投入的收获期，核心驱动逻辑已从"国内医保扩容"转 向"全球市场份额争夺"，这使得本轮行情的级别与持续性有望超越市场普 遍预期。 （2）组合构建凸显产业思维：张金涛在组合管理上展现出清晰的产业布局 思路。华宝医药生物基金在创新药板块维持较高配置比例，这一超配策略 直接源于其"产业周期处于收获期起点"的核心判断。他并非进行简单的 行业β配置，而是通过深度研究，将仓位集中配置于未来 2-3 年有重磅品 种上市或处于快速放量期的公司，以追求创新药行业内部的α收益。 （3）与时俱进，动态优化：华宝医药生物的市值选择、行业配置、持仓周 期和集中度控制，均严格服务于张金涛对产业周期的判断和个股市值空间 的评估，展现出极强的逻辑一致性和纪律性 ...

2025 年 11 月 17 日 证券研究报告 | 公募基金周报 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） 分析师：孙书娜 投资要点 市场回顾：上周（2025.11.10-2025.11.14）债市整体维持震荡，1 年期国债 收益率上行 0.59BP 至 1.41%，10 年期国债收益率持平 1.81%，30 年期国债 收益率下行 1.00BP 至 2.15%。具体来看，三季度货币政策执行报告中向进一 步宽松方向改变措辞，但同时经济数据方面，通胀数据的回暖使未来货币政策 进一步宽松的预期有所降温，因此债市短期延续震荡格局。 公募基金市场动态：华夏安博仓储 REIT 发行火爆，实现"一日售罄"。 泛固收基金指数表现跟踪 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 邮箱：songyifei@cnhbstock.com 销售服务电话： 021-20515355 1 、 ...

2025 年 11 月 17 日 证券研究报告 | 公募基金周报 ETF 策略指数跟踪周报 2025/11/17 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 021-20515355 1、《央行购债落地，债市震荡调整—公募 基 金 泛 固 收 指 数 跟 踪 周 报 （2025.11.03-2025.11.07）》2025-11-10 2、《板块高低切换，从算力到电力—公募 基 金 权 益 指 数 跟 踪 周 报 （2025.11.03-2025.11.07）》2025-11-10 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/11/10》2025-11-10 4、《诸多事件落地，风格或再平衡—公募 基 金 权 益 指 数 跟 踪 周 报 （2025.10.27-2025.10.31）》2025-1 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - From November 10 - 14, 2025, the market adjusted overall, with small - cap stocks leading in gains and the value style outperforming the growth style. The consumer services, textile and apparel, and basic chemicals sectors led the rise. The daily average trading volume of the entire A - shares increased compared to the previous week. A - shares still showed characteristics of a stock game, and the market focused on the game between next - year's policies and prosperity expectations, which was favorable for the small - and medium - cap theme investment style [4][12]. - The weakening of A - share technology was mainly due to the market's divergence on the US AI narrative. The A - share technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - The release of the third - quarter financial reports of technology giants such as NVIDIA, Alibaba, and Baidu will have an important impact on the "US stock AI bubble theory" and the rebound of A - share technology stocks and global risk assets at the end of the year [14]. - Last week, the gold price fluctuated upwards. The future trend of the gold price will closely revolve around the disclosure of US economic data and new signals from Fed officials regarding the interest - rate path [14]. - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)" to further standardize the sales behavior of public funds and strengthen the obligation of suitability management for investors [16]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market performance: From November 10 - 14, 2025, the Shanghai Composite Index fell slightly by 0.18%, the CSI 300 Index fell by 1.08%, the CSI 500 Index fell by 1.26%, and the Guozheng 2000 Index fell slightly by 0.13%. The daily average trading volume of the entire A - shares was 2.041 trillion yuan, an increase compared to the previous week [4][12]. - Capital layout: A - shares still showed characteristics of a stock game. Funds were deployed around two types of opportunities: logic - driven opportunities such as the new energy vehicle industry chain and petrochemical resource - related sectors, and event - gaming opportunities represented by regional concepts, restructuring themes, and low - priced stocks [12]. - Macro changes: In October, domestic economic data showed a "high - then - low" trend. Policy may be "supportive but not overly aggressive". The central bank's third - quarter monetary policy report indicated that supportive monetary policies would balance long - term goals [13]. - Technology direction: The weakening of A - share technology was affected by the US AI narrative. The technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - Gold: Last week, the gold price fluctuated upwards. The future trend of the gold price will depend on US economic data and Fed officials' signals regarding interest - rate paths [14]. 1.2. Public Fund Market Dynamics - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)", which requires fund managers and sales institutions to strictly fulfill suitability obligations and adds three principles for public fund risk assessment [16][17]. 2. Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Strategy and Theme | Active Stock Fund Preferred Index | - 0.15% | 1.49% | 38.93% | 40.06% | | Investment Style | Value Stock Fund Preferred Index | 1.37% | 2.54% | 21.08% | 21.17% | | | Balanced Stock Fund Preferred Index | - 0.24% | 1.00% | 32.08% | 29.19% | | | Growth Stock Fund Preferred Index | 0.20% | 2.24% | 54.17% | 40.32% | | Industry Theme | Pharmaceutical Stock Fund Preferred Index | 4.97% | 1.28% | 42.97% | 23.85% | | | Consumption Stock Fund Preferred Index | 0.32% | - 4.11% | 12.91% | 5.64% | | | Technology Stock Fund Preferred Index | - 1.85% | - 0.95% | 46.52% | 48.82% | | | High - end Manufacturing Stock Fund Preferred Index | - 1.49% | 4.95% | 36.30% | 29.73% | | | Cyclical Stock Fund Preferred Index | 1.10% | - 3.40% | 27.16% | 18.19% | - Each index has its own positioning and performance comparison benchmarks. For example, the Active Stock Fund Preferred Index selects 15 funds with equal - weight allocation, and its performance comparison benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

New Stock Issuance - Hai'an Group (Stock Code: 001233) issued at a price of 48.00 on November 14, 2025[1] - Hangzhou Qilun B (Stock Code: 200771) has a cash option declaration period from November 19 to November 25, 2025[1] - Hailianxun (Stock Code: 300277) has a buyback request declaration period from November 12 to November 18, 2025[1] Market Alerts - Pingming Technology (Stock Code: 688109) reported severe abnormal fluctuations on November 13, 2025[1] - ST Yuancheng (Stock Code: 603388) and ST Zhongzhu (Stock Code: 600568) also reported abnormal fluctuations on November 11, 2025[1] - ST Green Kang (Stock Code: 002868) and Dongbai Group (Stock Code: 600693) reported abnormal fluctuations on November 14, 2025[1] Additional Information - Multiple companies including ST Meigu (Stock Code: 000615) and ST Xiangyu (Stock Code: 600107) have ongoing announcements related to stock performance and market conditions[1][2] - The report includes links to detailed announcements for each stock, providing transparency and access to further information for investors[1]

New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]

- The report tracks various market factors, including stock market, commodity market, options market, and convertible bond market, focusing on their weekly performance and trends[1][3][12] - **Stock Market Factors**: The report highlights the following: - **Market Style**: Small-cap stocks outperformed large-cap stocks, and value stocks outperformed growth stocks. Both small-cap and value-growth style volatilities decreased[12][14] - **Market Structure**: Industry excess return dispersion and industry rotation speed increased. The proportion of rising constituent stocks also increased, while the concentration of trading in the top 100 stocks and top 5 industries decreased[12][14] - **Market Activity**: Both market volatility and turnover rate declined[13][14] - **Commodity Market Factors**: Key observations include: - **Trend Strength**: The trend strength of agricultural products decreased, while other sectors showed minimal changes[24][31] - **Basis Momentum**: Basis momentum increased across all sectors[24][31] - **Volatility**: Volatility decreased across all sectors except agricultural products[24][31] - **Liquidity**: Liquidity declined across all sectors[24][31] - **Options Market Factors**: The implied volatility levels of SSE 50 and CSI 1000 options decreased. However, the put-call open interest ratio increased. Additionally, the skewness of both put and call options for SSE 50 rose significantly[35] - **Convertible Bond Market Factors**: The convertible bond market performed well, with the following trends: - The premium rate of bonds priced around 100 yuan increased significantly, nearing the 90th percentile of the past year[37] - The premium rate of pure debt bonds also slightly increased, while the proportion of low premium rate bonds remained stable[37] - Weekly trading volume continued to recover[37]