天府证券ETF日报-20251120

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View On November 20, 2025, the A-share market generally declined, with the Shanghai Composite Index down 0.40%, the Shenzhen Component Index down 0.76%, and the ChiNext Index down 1.12%. Different sectors had varying performances, and various types of ETFs also showed different trends in price changes and discount rates [2][6]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index closed at 3931.05, down 0.40%; the Shenzhen Component Index closed at 12980.82, down 0.76%; the ChiNext Index closed at 3042.34, down 1.12%. The total trading volume of A-shares in the two markets was 1722.8 billion yuan. The top-performing sectors were building materials (1.40%), comprehensive (0.87%), and banks (0.86%), while the worst-performing sectors were beauty care (-2.39%), coal (-2.10%), and power equipment (-1.96%) [2][6]. Stock ETF - The top trading volume stock ETFs included Huaxia CSI A500 ETF (down 0.61%, discount rate -0.65%), Guotai CSI All - Securities Company ETF (down 0.33%, discount rate -0.23%), and Huatai - Berie CSI A500 ETF (down 0.57%, discount rate -0.56%) [3][7]. Bond ETF - The top trading volume bond ETFs were Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF (down 0.05%, discount rate 0.03%), Haifutong CSI Short - Term Financing ETF (up 0.01%, discount rate 0.01%), and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF (unchanged, discount rate 0.00%) [4][9]. Gold ETF - Gold AU9999 was down 0.58% and Shanghai Gold was down 0.55%. The top trading volume gold ETFs were Huaan Gold ETF (down 0.57%, discount rate -0.46%), E Fund Gold ETF (down 0.62%, discount rate -0.49%), and Bosera Gold ETF (down 0.60%, discount rate -0.47%) [12]. Commodity Futures ETF - Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF was down 0.33%, discount rate -0.38%; Dacheng Non - Ferrous Metals Futures ETF was down 0.22%, discount rate 0.02%; Huaxia Feed Soybean Meal Futures ETF was down 0.10%, discount rate 1.75% [13]. Cross - Border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.10%, the Nasdaq rose 0.59%, the S&P 500 rose 0.38%, and the German DAX fell 0.04%. On this day, the Hang Seng Index rose 0.02%, and the Hang Seng China Enterprises Index fell 0.08%. The top trading volume cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.19%, discount rate 0.45%), Huatai - Berie Hang Seng Technology ETF (down 1.21%, discount rate -0.89%), and Huaxia Hang Seng Technology ETF (down 1.19%, discount rate -0.80%) [15]. Money ETF - The top trading volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF [17].