证 券 研 究 报 告 商品型上市基金：折溢价探讨与产品投资策略分析 ——ETF兵器谱、金融产品每周见20251121 证券分析师：奚佳诚 A0230523070004 蒋辛 A0230521080002 邓虎 A0230520070003 联系人： 奚佳诚 A0230523070004 xijc@swsresearch.com 2025.11.21 投资要点 www.swsresearch.com 证券研究报告 2 1. 商品型上市基金总览：黄金ETF、白银LOF、商品期货ETF ◼ 商品型基金是一类特殊的公募基金产品类型 表：目前市面上的商品型基金 ◼ 商品型基金是一类特殊的公募基金产品类型：市场上共有18只商品型基金，追踪黄金、白银、商品期货等不同商品资产，且全为上市基金 除国投瑞银白银期货为LOF外，其余17只产品均为ETF产品。 ◼ 黄金ETF与上海金ETF的产品，其底层黄金资产存在区别：上海金合约采用集中定价交易，每日仅形成两个时点的价格。黄金现货合约则 为现货实盘交易。两类合约的价格日内变化曲线上，会存在非常明显的区别。底层黄金资产的区别导致上海金ETF可能出现日内短期"账 面折溢价"。不过，两 ...

Core Insights - The total trading volume of the Shenzhen 100 Index ETF reached 441 million yuan today, an increase of 168 million yuan compared to the previous trading day, representing a growth rate of 61.73% [1] Trading Volume Summary - The E Fund Shenzhen 100 ETF (159901) had a trading volume of 395 million yuan today, up by 170 million yuan from the previous day, with a growth rate of 75.83% [1] - The Southern Shenzhen 100 ETF (159212) recorded a trading volume of 24.84 million yuan, an increase of 5.92 million yuan, with a growth rate of 31.31% [1] - The GF Shenzhen 100 ETF (159576) saw a trading volume of 5.21 million yuan, up by 4.11 million yuan, with a significant growth rate of 371.98% [1] - The FuGuo Shenzhen 100 ETF (159211) and the Shen 100P (159969) had remarkable increases in trading volume, with growth rates of 4592.90% and 1460.63% respectively [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) fell by 2.85%, while the average decline for related ETFs tracking the Shenzhen 100 Index was 2.89% [1] - The ETFs with the largest declines included the HuaAn Shenzhen 100 ETF (159706) and the RongTong Shenzhen 100 ETF (159219), which dropped by 3.86% and 3.34% respectively [1]

Index Performance - The CSI A500 Index decreased by 4.27% this week, closing at 5325.99 points as of November 21 [3][8] - The average daily trading volume for the week was 6047.97 billion yuan, reflecting a decrease of 13.94% compared to the previous week [3][8] Component Stock Performance - The top ten gainers in the CSI A500 Index this week included: 1. Aerospace Development (000547.SZ) with a gain of 31.77% 2. BlueFocus Communication Group (300058.SZ) with a gain of 20.18% 3. Tongcheng New Materials (603650.SH) with a gain of 14.75% [5] - The top ten losers included: 1. Defang Nano (300769.SZ) with a loss of 19.27% 2. Xinzhou Bang (300037.SZ) with a loss of 17.98% 3. GoodWe (688390.SH) with a loss of 17.59% [5] Fund Performance - All 40 CSI A500 funds experienced declines, with losses exceeding 3% this week [8] - The smallest decline was seen in the E Fund CSI A500 Enhanced ETF, which fell by 3.23%, while the largest decline was in the Huaan Fund's CSI A500 Enhanced ETF, which dropped by 4.67% [8] - The total scale of the funds has fallen below 200 billion yuan, now standing at 1920.64 billion yuan, with the top three funds being: 1. Huatai-PB CSI A500 ETF at 256.97 billion yuan 2. E Fund CSI A500 ETF at 226.45 billion yuan 3. Guotai Fund's CSI A500 ETF at 212.14 billion yuan [8] Market Analysis - Huaxin Securities reports that the A-share market is currently in a tug-of-war around the 4000-point mark, influenced by external factors such as the rising US dollar index and internal factors including profit-taking in technology stocks and disappointing earnings reports [9] - The report indicates that while there are signals of short-term adjustments in the market, there are no clear signs of a peak, suggesting that the bull market is still in its mid-stage, awaiting further capital inflows from residents, public funds, and foreign investments [9]

Group 1 - Company announced that it will hold an investor research meeting on October 27, 2025, from 15:00 to 16:00, with participation from the Director of Investor Relations, Chen Wanxing, and other representatives [1] - The meeting will include discussions with investors from Da Cheng Fund and others, addressing questions raised by the investors [1] Group 2 - The article highlights the importance of AI in empowering various industries while also considering its impact on employment and income polarization [1]

Group 1 - The core point of the news is that Ailong Technology's stock price has dropped by 5.04%, currently trading at 21.31 CNY per share, with a total market capitalization of 1.645 billion CNY [1] - Ailong Technology, established on January 20, 2006, focuses on intelligent management of medical supplies, providing comprehensive solutions through smart management devices and software platforms for healthcare institutions [1] - The company's main revenue sources include smart emergency pharmacy products (43.34%), maintenance services (16.55%), inpatient and infusion center products (16.03%), and other categories [1] Group 2 - Among Ailong Technology's top circulating shareholders, Dacheng Fund's index fund has reduced its holdings by 86,500 shares, now holding 741,700 shares, which is 0.96% of the circulating shares [2] - The Dacheng Zhongzheng 360 Internet + Index A fund has achieved a year-to-date return of 38.22% and a one-year return of 39.52%, ranking 871 out of 4208 and 577 out of 3972 respectively [2]

Group 1 - The core point of the news is that Hewei Electric experienced a decline of 5.03% in its stock price, reaching 28.88 yuan per share, with a trading volume of 308 million yuan and a turnover rate of 2.29%, resulting in a total market capitalization of 13.219 billion yuan [1] - Hewei Electric, established on April 20, 2007, and listed on July 28, 2017, is located in Nanshan District, Shenzhen, Guangdong Province. The company focuses on the field of power conversion, helping customers achieve efficient, reliable, and high-quality power generation, usage, and transmission [1] - The company's main business revenue composition includes 83.88% from new energy control business, 11.45% from engineering transmission business, and 4.67% from other sources [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has one fund heavily invested in Hewei Electric. The Dachen CSI 1000 Index Enhanced Initiation A (018661) held 36,400 shares in the third quarter, accounting for 0.79% of the fund's net value, ranking as the sixth largest holding [2] - The Dachen CSI 1000 Index Enhanced Initiation A (018661) was established on August 1, 2023, with a latest scale of 84.7995 million yuan. Year-to-date, it has achieved a return of 33.35%, ranking 1160 out of 4208 in its category; over the past year, it has returned 29.79%, ranking 1139 out of 3972; and since inception, it has returned 37.2% [2] - The fund manager of Dachen CSI 1000 Index Enhanced Initiation A (018661) is Liu Wang, who has been in the position for 1 year and 325 days, managing total assets of 829 million yuan. The best fund return during his tenure is 37.01%, while the worst is 32.22% [3]

Core Viewpoint - The article discusses the significance of fund managers' personal investments in their own funds as a confidence indicator and commitment to investors, highlighting the case of Liu Xu from Dachen Fund, whose personal investment exceeds 476 million yuan but has faced challenges in short-term performance [3][4][6]. Group 1: Fund Manager Personal Investments - As of November 2025, 16 fund managers have personal investments exceeding 3 million yuan in their own funds, with Miao Weibin leading at over 5.587 million yuan [3][5]. - Liu Xu's personal investment of over 4.764 million yuan places him among the top fund managers in terms of self-purchase amounts [4]. Group 2: Fund Performance Analysis - Liu Xu's fund, Dachen Gaoxin Stock A, has a year-to-date return of 16.6%, which is significantly lower than the average return of over 37% for self-purchasing fund managers and has not outperformed the CSI 300 index [6][10]. - Despite recent underperformance, Liu Xu's long-term performance is commendable, with a return of 426.8% since he took over the fund in July 2015, translating to an annualized return of 16.7% [9][10]. Group 3: Investment Strategy and Market Conditions - Liu Xu's investment strategy focuses on deep value investing, avoiding market trends and emphasizing a thorough understanding of businesses rather than relying on information advantages [12][14]. - The fund's top holdings include stable blue-chip companies like China Mobile and Midea Group, which provide safety margins but may lack short-term growth potential in a market driven by technology and growth stocks [16][18]. Group 4: Institutional Investor Confidence - Dachen Gaoxin Stock A is favored by institutional investors, with 52 funds holding it as a top ten position, indicating strong professional consensus despite short-term performance challenges [24][25]. - The article suggests that understanding a fund manager's investment philosophy is more crucial than merely chasing short-term performance, as evidenced by Liu Xu's consistent long-term returns [29][30].

Company Overview - Shengjing Microelectronics Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on April 8, 2016. The company specializes in high-performance, ultra-low power chip design [1] - The company is set to be listed on January 24, 2024, with a current stock price of 40.95 CNY per share and a total market capitalization of 4.122 billion CNY [1] Business Performance - The main revenue composition of Shengjing Microelectronics includes: electronic control modules (80.16%), amplifiers (7.24%), and other products (12.60% combined) [1] - The stock has experienced a decline of 5.54% over the last three days, with a trading volume of 82.643 million CNY and a turnover rate of 3.12% [1] Shareholder Information - The largest circulating shareholder is a fund under Dacheng Fund, specifically Dacheng CSI 360 Internet + Index A (002236), which reduced its holdings by 12,200 shares in the third quarter, now holding 405,500 shares, representing 0.64% of circulating shares [2] - The fund has incurred a floating loss of approximately 275,700 CNY today and a total floating loss of 973,100 CNY over the past three days [2] Fund Performance - Dacheng CSI 360 Internet + Index A has a total asset size of 788 million CNY and has achieved a year-to-date return of 38.69%, ranking 911 out of 4,208 in its category [2] - The fund manager, Xia Gao, has been in position for 10 years and 353 days, with the best fund return during this period being 233.78% [3]

Group 1 - The core viewpoint of the news is that Ruiskanda Technology Development Co., Ltd. has seen a stock price increase of 5.19%, reaching 10.34 CNY per share, with a trading volume of 156 million CNY and a turnover rate of 3.79%, resulting in a total market capitalization of 4.393 billion CNY [1] - Ruiskanda, established on June 8, 1999, and listed on April 20, 2017, is a leading company in the domestic optical fiber communication access field, providing products, technical services, and comprehensive solutions for access layer networks [1] - The company's main business revenue composition includes transmission equipment (35.29%), broadband network equipment (21.25%), other products (19.32%), software products (16.42%), and data communication equipment (7.72%) [1] Group 2 - From the perspective of major circulating shareholders, Dacheng Fund has one fund among the top shareholders of Ruiskanda, specifically Dacheng CSI 360 Internet + Index A (002236), which entered the top ten circulating shareholders in the third quarter, holding 1.8426 million shares, accounting for 0.43% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A fund has a current scale of 788 million CNY and has achieved a year-to-date return of 38.69%, ranking 911 out of 4208 in its category, with a one-year return of 43.17%, ranking 521 out of 3971 [2]

Group 1 - The core point of the news is that Silicon Treasure Technology experienced a decline of 5.08% in its stock price, closing at 23.94 CNY per share, with a trading volume of 643 million CNY and a turnover rate of 7.75%, resulting in a total market capitalization of 9.411 billion CNY [1] - Silicon Treasure Technology, established on October 19, 1998, and listed on October 30, 2009, specializes in the research, production, and sales of room temperature vulcanized silicone rubber and related production equipment [1] - The company's main business revenue composition includes construction adhesives at 40.42%, hot melt adhesives at 31.80%, industrial adhesives at 27.42%, and other (supplementary) at 0.36% [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has one fund heavily invested in Silicon Treasure Technology, specifically the Dachen Jinglu Flexible Allocation Mixed A Fund (003373), which increased its holdings by 50,300 shares in the third quarter, totaling 430,800 shares, accounting for 4.7% of the fund's net value [2] - The Dachen Jinglu Flexible Allocation Mixed A Fund (003373) was established on September 29, 2016, with a latest scale of 54.9569 million CNY, achieving a year-to-date return of 45.29% and ranking 1069 out of 8136 in its category [2] - The fund has a one-year return of 37.77%, ranking 1496 out of 8055, and a cumulative return since inception of 113.75% [2]