中国经济网北京12月1日讯近日，西部利得基金公告，西部利得鑫泓增强债券葛山、计旭。 葛山2012年8月至2014年4月任长江证券股份有限公司研究所研究员，2014年5月至2014年12月任光大证 券股份有限公司研究所研究员，2015年5月至2017年10月任长江证券(上海)资产管理有限公司基金经理 助理，2017年10月至2023年6月任东亚前海证券有限责任公司投资经理，2023年7月加入西部利得基金管 理有限公司，曾任高级销售经理、研究部总经理助理、基金经理，现任研究部副总经理、基金经理。 计旭2016年7月至2018年4月任中债资信评估有限责任公司信用分析师，2018年4月至2019年7月任华宝基 金管理有限公司信用风险分析师。2019年8月加入西部利得基金管理有限公司，曾任研究员、基金经理 助理，现任基金经理。 西部利得鑫泓增强债券A/C成立于2020年11月19日，截至2025年11月28日，其今年来收益率 为-1.17%、-1.58%，成立来收益率为3.51%、1.23%，累计净值为1.0351元、1.0123元。 | 基金名称 | 西部利得鑫泓增强债券型证券投资基金 | | --- | --- | ...

Core Points - Geer Software's stock price dropped by 5.05% to 24.99 CNY per share, with a trading volume of 421 million CNY and a turnover rate of 7.12%, resulting in a total market capitalization of 5.85 billion CNY [1] - Geer Software, established on March 3, 1998, and listed on April 21, 2017, specializes in the research, production, sales, and service of commercial password software products, primarily focusing on Public Key Infrastructure (PKI) [1] - The company's revenue composition includes PKI security application products (42.98%), general security products (33.02%), PKI infrastructure products (23.94%), and other products (0.07%) [1] Shareholder Information - Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) is among the top ten circulating shareholders of Geer Software, having increased its holdings by 1.3458 million shares in Q3, totaling 2.8065 million shares, which represents 1.21% of the circulating shares [2] - The ETF has incurred an estimated floating loss of approximately 3.7326 million CNY as of the report date [2] - The Huabao CSI Financial Technology Theme ETF was established on March 4, 2021, with a current scale of 12.319 billion CNY, yielding 13.64% year-to-date and 8.55% over the past year [2] Fund Management - The fund managers of Huabao CSI Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng, with Chen having a tenure of 12 years and 348 days and a total fund asset scale of 27.702 billion CNY [3] - During Chen's tenure, the best fund return was 168.91%, while the worst was -49.65% [3] - Cao has been in the position for 194 days, managing a fund asset scale of 35.182 billion CNY, with a best return of 90.39% and a worst return of -7.05% during his tenure [3]

Market Overview - The Shanghai Composite Index rose by 0.29% to close at 3875.26 points, with a daily high of 3895.59 points [1] - The Shenzhen Component Index fell by 0.25% to close at 12875.19 points, with a daily high of 13082.77 points [1] - The ChiNext Index decreased by 0.44% to close at 3031.3 points, with a daily high of 3113.44 points [1] ETF Market Performance - The median return of stock ETFs was -0.11% [2] - The highest performing scale index ETF was the Yinhua CSI 2000 Enhanced Strategy ETF, with a return of 0.96% [2] - The highest performing industry index ETF was the China Tai CSI All-Share Integrated Circuit ETF, with a return of 1.28% [2] - The highest performing thematic index ETF was the E Fund CSI Petrochemical Industry ETF, with a return of 1.72% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - E Fund CSI Petrochemical Industry ETF: 1.72% [4] - Penghua SSE Sci-Tech Innovation Board New Energy ETF: 1.6% [4] - E Fund SSE Sci-Tech Innovation Board New Energy ETF: 1.42% [4] - The top three ETFs by loss were: - E Fund CSI Software Service ETF: -1.9% [4] - Ping An CSI Hong Kong-Shanghai Online Consumption Thematic ETF: -1.69% [4] - Yinhua CSI Film and Television Thematic ETF: -1.63% [4] ETF Fund Flow - The top three ETFs by fund inflow were: - Huaxia SSE 50 ETF: 660 million yuan [6] - Huaxia CSI A500 ETF: 584 million yuan [6] - Hua'an ChiNext 50 ETF: 275 million yuan [6] - The top three ETFs by fund outflow were: - Southern CSI 500 ETF: 556 million yuan [7] - Southern ChiNext Artificial Intelligence ETF: 529 million yuan [7] - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF: 510 million yuan [7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF: 451 million yuan [8] - Guotai CSI All-Share Securities Company ETF: 377 million yuan [8] - Jiashi SSE Sci-Tech Innovation Board Chip ETF: 293 million yuan [8] - The top three ETFs by margin selling were: - Southern CSI 1000 ETF: 71.19 million yuan [9] - Southern CSI 500 ETF: 47.35 million yuan [9] - Huatai Baichuan SSE 300 ETF: 34.25 million yuan [9] Industry Insights - China Galaxy Securities predicts that the chemical industry may see a cyclical upturn by 2026, driven by strong policy expectations and established supply-demand fundamentals [10] - Debon Securities indicates that core assets in the chemical sector are entering a long-term value zone, with potential for valuation and profit recovery [10]

港股信息技术ETF（159131）业绩比较基准为经人民币汇率调整的中证港股通信息技术综合指数收益 率，管理人为华宝基金管理有限公司，基金经理为曹旭辰、张放，成立（2025-11-05）以来回报 为-7.29%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月27日，港股信息技术ETF（159131）跌0.43%，成交额1.09亿元。当日份额增加600.00万份，最新份 额为2.93亿份。最新资产净值计算值为2.72亿元。 来源：新浪基金∞工作室 ...

Core Insights - The Hong Kong Stock Connect Dividend ETF (159220) experienced a decline of 0.48% on November 27, with a trading volume of 30.8154 million yuan [1] - The fund's shares increased by 6 million, bringing the total shares to 606 million, with a notable increase of 37.4 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 374 million yuan [1] - The performance benchmark for the ETF is the adjusted return of the S&P Hong Kong Stock Connect Low Volatility Dividend Index, managed by Hua Bao Fund Management Co., Ltd. [1] - Since its inception on April 29, 2025, the fund has achieved a return of 23.64%, with a one-month return of 2.26% [1]

Group 1 - The company has signed a securities investment fund sales agency agreement with Hangzhou Bank, effective from November 27, 2025, allowing Hangzhou Bank's Hang E Home platform to act as a sales agent for specific funds [1] - Non-individual investors can open accounts, redeem, and conduct other business related to the specified funds through Hangzhou Bank's platform [1] - Contact information for inquiries includes Hangzhou Bank's customer service phone number 95398 and website www.hzbank.com.cn, as well as Huabao Fund Management's customer service numbers 400-820-5050, 400-700-5588 and website www.fsfund.com [1] Group 2 - The company has noted the formation of a MACD golden cross signal, indicating a positive trend for certain stocks [2]

Group 1 - The Hong Kong Information Technology ETF (159131) increased by 1.10% on November 25, with a trading volume of 136 million yuan [1] - The fund's shares rose by 1 million, bringing the total shares to 287 million [1] - The latest net asset value of the fund is 266 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Information Technology ETF is the China Securities Hong Kong Stock Connect Information Technology Composite Index return adjusted for RMB exchange rate [1] - The fund is managed by Hua Bao Fund Management Co., Ltd., with fund managers Cao Xuchen and Zhang Fang [1] - Since its establishment on November 5, 2025, the fund has recorded a return of -7.44% [1]

Group 1 - Tianai Technology's stock price fell by 5.04% on November 21, closing at 49.95 yuan per share, with a trading volume of 226 million yuan and a turnover rate of 1.22%, resulting in a total market capitalization of 18.307 billion yuan. The stock has experienced a cumulative decline of 10.01% over the past three days [1] - The company, Jiangsu Tianai Technology Co., Ltd., was established on January 6, 2011, and went public on September 25, 2019. Its main business involves the research, production, and sales of nano-scale carbon materials and related products, with revenue composition being 98.04% from carbon nanotube conductive pastes, 1.90% from carbon nanotube powders, and 0.06% from other sources [1] Group 2 - According to data from the top ten holdings of funds, Huabao Fund holds a significant position in Tianai Technology through its Huabao Green Leading Stock Fund (007590), which held 28,100 shares in the third quarter, accounting for 3.1% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 74,400 yuan, with a total floating loss of 164,300 yuan during the three-day decline [2] - The Huabao Green Leading Stock Fund (007590) was established on September 18, 2019, with a current scale of 62.3323 million yuan. Year-to-date returns are 8.77%, ranking 3636 out of 4208 in its category, while the one-year return is 3.09%, ranking 3635 out of 3972. Since its inception, the fund has achieved a return of 32% [2]

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].

Core Viewpoint - The article analyzes the investment capabilities of Qi Zhen, the fund manager of Huabao Health A, highlighting his focus on innovative drugs driven by policy and industry trends, and his ability to generate significant excess returns compared to peers [4][31]. Group 1: Fund Manager Information - Qi Zhen holds a bachelor's degree in biotechnology and a PhD in biology from Shanghai Jiao Tong University, with prior experience in research analysis at Northeast Securities and Anxin Securities [3][6]. - Since February 28, 2023, Qi Zhen has managed Huabao Health A (006881.OF), which has a total scale of 268 million yuan as of September 30, 2025 [7][30]. Group 2: Performance Metrics - Since Qi Zhen's tenure, Huabao Health A has outperformed over 90% of its peers in the pharmaceutical theme fund category, achieving a cumulative excess return of 60.00% after excluding a three-month establishment period [8][11]. - The fund has shown resilience during downturns in the pharmaceutical sector and has quickly rebounded during bullish trends in innovative drugs [11][31]. Group 3: Investment Strategy - Qi Zhen employs a "policy + industry" dual-driven investment framework, focusing on innovative drugs and prioritizing sectors with minimal resistance and strong policy support [4][14]. - The investment strategy emphasizes a balance between growth and certainty, with flexible valuation tolerances based on clinical success rates and management credibility [4][22]. - Qi Zhen prefers long-term holdings with a low turnover rate of 2-3 times annually, making buy/sell decisions based on market conditions and fundamental changes [4][25]. Group 4: Sector Allocation and Stock Selection - The fund's holdings are heavily concentrated in the innovative drug sector, with over 90% of the portfolio allocated to this area, while also flexibly adjusting positions in medical devices and traditional Chinese medicine [16][19]. - Qi Zhen's stock selection process involves detailed analysis of drug mechanisms, clinical data, and market conditions, allowing for dynamic adjustments in valuation [22][23]. Group 5: Future Outlook - With the ongoing development of China's innovative drug industry and the maturation of capital markets, fund managers like Qi Zhen, who possess deep industry insights, are expected to continue generating excess returns [32].