Core Insights - Over 1,000 funds have distributed dividends this year, totaling 204.19 billion yuan, indicating a strong performance in the fund industry [1] - Equity funds have distributed 49.46 billion yuan in dividends, significantly surpassing last year's total of 36.40 billion yuan [1] Fund Performance - The four largest CSI 300 ETFs have all distributed dividends this year, with Huatai-PB CSI 300 ETF leading at 8.39 billion yuan, followed by E Fund CSI 300 ETF at 7.15 billion yuan [1] - Both Huaxia CSI 300 ETF and Harvest CSI 300 ETF have also exceeded 5 billion yuan in dividends [1] Other Notable Funds - Several other funds have reported substantial dividend distributions, including Bank of China Fenghe Regular Open Bond Fund, Guotai Nasdaq Index Fund, Southern CSI 500 ETF, Huaan SSE 180 ETF, and Xiangcai Xinrui Bond Fund, each exceeding 1.2 billion yuan in dividends this year [1]

东莞证券指出，2025年通信行业处于技术迭代与政策红利叠加期，AI、量子通信、低空经济等新质生 产力方向将持续释放增长动能，蜂窝物联网模组从库存调整中复苏回暖，基站、光缆线路、数据中心等 通信设施建设有望持续推进，带来新的器件、设备与服务运营需求。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅达20%，该 指数从创业板市场中选取涉及机器学习、自然语言处理等人工智能技术及应用的企业作为指数样本，以 反映创业板市场内人工智能相关上市公司的整体表现。该指数具有高科技、创新性强的特点，聚焦于人 工智能领域的核心技术及应用场景。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 中信建投表示，谷歌发布了新的AI模型Gemini3，并计划每六个月将其计算能力翻倍，目标是在未来四 到五年内提升千倍。英伟达在2026财年第三季度报告中显示收入增长强劲，预计下一季度销售额也将大 幅增加。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅达20%，该 指数从创业板市场中选取涉及人工智能技术及相关应用领域的上市公司证券作为指数样本，覆盖从硬件 制造到软件开发等多个环节，以反映创业板市场内人工智能相关上市公司证券的整体表现，具有突出的 科技创新和成长性特征。 ...

Group 1 - The core viewpoint is that technology remains a key driver of economic recovery, with intensified marginal catalysts, particularly in AI infrastructure investment, which boosts the semiconductor and power facility sectors [1] - Global AI infrastructure investment continues to drive the prosperity of the electronic semiconductor and power facility sectors, with memory prices maintaining an upward trend [1] - The AI application field is accelerating iterations, with Google launching Gemini 3 to enhance agent capabilities and Alibaba initiating public testing of the Qianwen App to compete with ChatGPT [1] Group 2 - Domestic computing power infrastructure is in short supply, leading to accelerated AI empowerment and commercialization among leading internet companies in Hong Kong [1] - The robotics industry is entering a phase of large-scale application, with industrial and consumer scenarios accelerating deployment, benefiting from new technology applications and core component supply chains [1] - The Sci-Tech Innovation Index ETF (589630) tracks the Sci-Tech Innovation Index (000680), which saw a daily fluctuation of 20%, reflecting the overall performance of the Sci-Tech Innovation Board [1] Group 3 - The index focuses on "hard technology" sectors, including semiconductors, biomedicine, and high-end manufacturing, characterized by high R&D intensity and innovation capability [1] - In terms of industry allocation, the index centers on information technology, industry, and healthcare, while also covering strategic emerging industries such as new energy and new materials [1] - The index fully reflects the innovative drive and high growth characteristics of the Sci-Tech Innovation Board market [1]

Core Insights - As of November 21, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 121.29 billion yuan, an increase of 370 million yuan from the previous trading day [2] - The financing balance for ETFs was 114.27 billion yuan, up by 986 million yuan, while the margin short balance decreased to 7.02 billion yuan, down by 616 million yuan [2] ETF Financing Activity - On November 21, 279 ETFs experienced net financing inflows, with the E Fund ChiNext ETF leading the way with a net inflow of 329 million yuan [2] - Other ETFs with significant net financing inflows included the Huatai-PB CSI 300 ETF, the Guotai CSI All Share Securities Company ETF, the Southern CSI 500 ETF, the Huaxia SSE Sci-Tech Innovation Board 50 ETF, the Fortune SSE Composite Index ETF, and the Huaxia CSI 1000 ETF [2]

Group 1 - The core viewpoint of the article indicates that the trend of China's economy stabilizing and improving remains unchanged, supported by encouraging policies and the implementation of anti-involution measures [1] - The net inflow of the Zhongzheng A500 ETF (159338) today reached 264 million units, reflecting a more balanced capital allocation towards broad-based indices [1] - The number of accounts for the Guotai Zhongzheng A500 ETF is the highest in its category, being more than three times that of the second-ranked ETF, indicating strong investor interest [1] Group 2 - The certainty of a bull market in A-shares is gradually strengthening, with pullbacks seen as potential buying opportunities [1] - The probability of the domestic economy breaking out of the "price-demand" negative feedback loop is increasing [1]

中泰证券指出，科技成长板块在利率中枢下移、政策支持"科技创新"和"新质生产力"的背景下仍将 是中期主线，具备继续走强的基础。尽管科技方向在通胀数据公布后出现明显获利回吐，电子、计算 机、通信等经历短线调整，但在政策预期、技术周期和需求复苏三重共振下，科技成长板块仍具备结构 性机会。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅达20%，该指数涵盖科创 板几乎所有符合条件上市公司的证券，旨在反映整个科创板市场的整体表现。其成分股主要聚焦于"硬 科技"领域，包括半导体、生物医药和高端制造等具有高研发强度与创新能力的行业。在行业配置上， 该指数以信息技术、工业和医药卫生为核心，同时覆盖新能源、新材料等战略性新兴产业，充分体现了 科创板创新驱动与高成长性的市场特征。 注：如提及个股仅供参考，不代表投资建议。指数 ...

Report Summary 1. Market Overview - On November 21, 2025, the Shanghai Composite Index dropped 2.45% to 3834.89 points, the Shenzhen Component Index fell 3.41% to 12538.07 points, and the ChiNext Index declined 4.02% to 2920.08 points. The total trading volume of A-shares in the two markets was 19839 billion yuan. The top sectors with the largest declines were Comprehensive (-5.50%), Non-ferrous Metals (-5.26%), and Power Equipment (-5.17%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs on that day were E Fund ChiNext ETF (down 4.03%, premium rate -3.93%), Huatai-PineBridge CSI 300 ETF (down 2.40%, premium rate -2.41%), and China AMC CSI A500 ETF (down 2.78%, premium rate -2.77%) [3][7]. - The top ten trading volume stock ETFs are presented in detail in Chart 1, including their codes, names, prices, price changes, tracking indices, premium rates, trading volumes, and latest share references [8]. 3. Bond ETFs - The top trading volume bond ETFs were HFT CSI Short-term Financing Bond ETF (down 0.00%, premium rate 0.00%), Bosera CSI Convertible and Exchangeable Bond ETF (down 0.77%, premium rate -0.88%), and BOC Shanghai Stock Exchange AAA Sci-Tech Innovation Bond ETF (up 0.02%, premium rate -0.21%) [4][9]. - Details of the top five trading volume bond ETFs, including codes, names, prices, price changes, premium rates, and trading volumes, are shown in Chart 2 [10]. 4. Gold ETFs - Gold AU9999 dropped 0.59% and Shanghai Gold fell 0.88% on that day. The top trading volume gold ETFs were HuaAn Gold ETF (down 0.84%, premium rate -0.72%), Bosera Gold ETF (down 0.79%, premium rate -0.68%), and E Fund Gold ETF (down 0.75%, premium rate -0.66%) [12]. - The top five trading volume gold ETFs are presented in Chart 3, including their codes, names, prices, price changes, trading volumes, IOPV, and premium rates [13]. 5. Commodity Futures ETFs - On that day, China AMC Feed Soybean Meal Futures ETF dropped 0.25% with a premium rate of 2.10%, CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.75% with a premium rate of -0.76%, and Dacheng Non-ferrous Metals Futures ETF declined 0.61% with a premium rate of -0.93% [13]. - Details of commodity futures ETFs, including codes, names, prices, price changes, trading volumes, IOPV, premium rates, tracking indices, and tracking index price changes, are shown in Chart 4 [14]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average dropped 0.84%, the Nasdaq Composite fell 2.15%, and the S&P 500 declined 1.56%, while the German DAX rose 0.50%. On November 21, the Hang Seng Index dropped 2.38% and the Hang Seng China Enterprises Index fell 2.45%. The top trading volume cross-border ETFs were Huatai-PineBridge Hang Seng Tech ETF (down 1.91%, premium rate -2.39%), E Fund CSI Hong Kong Securities Investment Theme ETF (down 3.74%, premium rate -3.60%), and China AMC Hang Seng Tech ETF (down 1.87%, premium rate -2.12%) [15]. - The top five trading volume cross-border ETFs are presented in Chart 5, including their codes, names, trading volumes, price changes, and premium rates [16]. 7. Money Market ETFs - The top trading volume money market ETFs on that day were Silver HuaRiLi ETF, HuaBaoTianYi ETF, and CCB TianYi Money Market ETF [17]. - The top three trading volume money market ETFs are shown in Chart 6, including their codes, names, and trading volumes [19]. Core View The report provides a comprehensive overview of the performance of different types of ETFs on November 21, 2025, including stock, bond, gold, commodity futures, cross-border, and money market ETFs, along with the overall market situation of A-shares. Report Industry Investment Rating No industry investment rating information is provided in the report.

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

Group 1 - The energy storage industry is experiencing strong demand growth, with global energy storage cell shipments reaching 410.45 GWh in the first three quarters of 2025, representing a year-on-year increase of 98.5% [1] - Lithium battery equipment companies show a lack of willingness to expand capacity due to ongoing industry downturns, leading to expectations of increased order volumes and prices in the coming year [1] - Leading battery companies maintain high capacity utilization rates, while the release cycle for new capacity is relatively long [1] Group 2 - The gas turbine sector is witnessing a surge in global demand driven by AI, resulting in significant supply chain pressures and ample opportunities for domestic component substitution [1] - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a daily fluctuation of 20%, reflecting the performance of listed companies in renewable energy, electric vehicles, and energy storage technologies [1] - The constituent stocks of the index exhibit significant growth potential and technological innovation, effectively representing industry trends and market dynamics [1]