来源：新浪基金∞工作室 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。 自由现金流ETF中证全指（561080）业绩比较基准为中证全指自由现金流指数收益率，管理人为华安基 金管理有限公司，基金经理为许之彦、王超，成立（2025-04-23）以来回报为24.70%，近一个月回报为 6.35%。 11月18日，截止午间收盘，自由现金流ETF中证全指（561080）跌1.28%，报1.231元，成交额152.47万 元。自由现金流ETF中证全指（561080）重仓股方面，中国海油截止午盘跌0.69%，美的集团跌0.21%， 格力电器涨0.17%，五粮液涨0.37%，中远海控跌0.66%，洛阳钼业跌2.55%，TCL科技跌1.62%，中国铝 业跌3.05%，顺丰控股跌0.40%，陕西煤业跌1.91%。 ...

Core Insights - The Guozheng Free Cash Flow Index has decreased by 1.04% as of November 18, 2025, with mixed performance among constituent stocks [1] - The Free Cash Flow ETF (159201) has seen a decline of 0.99%, currently priced at 1.2 yuan [1] - The Free Cash Flow ETF has achieved a record high in both share count (5.519 billion shares) and total scale (6.656 billion yuan) [1] Performance Metrics - The Free Cash Flow ETF has recorded a net value increase of 23.26% over the past six months [4] - The ETF's highest monthly return since inception is 7%, with the longest consecutive monthly gain being 6 months and a maximum gain of 22.69% [4] - The ETF has an 87.5% monthly profit percentage and an 82.82% monthly profit probability, with a 100% probability of profit over a six-month holding period [4] Fund Flow and Liquidity - The Free Cash Flow ETF has seen a net inflow of 1.063 billion yuan over the past week, with a peak single-day inflow of 240 million yuan [1] - The average daily net inflow for the ETF is 152 million yuan [1] - The ETF's financing net purchase amount for the month is 6.2215 million yuan, with a current financing balance of 161 million yuan [4] Fee Structure - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05% [5] Top Holdings - As of October 31, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index account for 54.79% of the index, including China National Offshore Oil Corporation, SAIC Motor, and Wuliangye [5][7]

2025 年 11 月 18 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：67 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 2、电力设备主题：在全球能源转型与数字化转型的交汇点， 人工智能正加速渗透电力行业。国际能源署（IEA）预测，到 2030 年，全球数据中心的耗电量将翻一番。作为世界电力大 国，中国今年 1—9 月国家电网固定资产投资已超 4200 亿 元，同比增幅 8.1%，全年投资规模有望首次站上 6500 亿元 台阶。相关标的：国电南自（ 600268 ）、中国西电 （601179） 3、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓和市场波动加大时，银行股凭借稳定的分红能力，成 为险资、社保等长期资金的重要配置标的。相关标的：农业 银行（601288）、宁波银行（002142） ▌ 风险提示 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低 ...

Group 1 - Yongtai Technology's wholly-owned subsidiary has received approval for trial production of a lithium battery additive project with an annual capacity of 5,000 tons, set to begin trial production [1] - Mengke Pharmaceutical has decided to terminate its plan to issue shares to a specific entity due to ongoing disagreements among major shareholders, which could impact the company's stable operations [1] - Anhui Construction's subsidiary has been approved to register and issue debt financing tools totaling 15 billion yuan, including 5 billion yuan in short-term financing notes and 10 billion yuan in medium-term notes [2] Group 2 - Koli'er plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 20.94 yuan per share, to implement an employee stock ownership plan [2] - Xinhua Pharmaceutical has received approval for the production of fumaric acid volnoral raw materials, which are used to treat gastroesophageal reflux disease [3] - Lianhuan Pharmaceutical has received approval for additional specifications of tadalafil tablets, expanding its product offerings for treating erectile dysfunction and benign prostatic hyperplasia [5] Group 3 - Greenland Holdings reported an increase of 1,834 lawsuits with a total amount of 6.587 billion yuan from October 21 to November 13, 2025 [7] - Lianke Technology plans to invest up to 600 million yuan of idle funds in low-risk financial products [8] - Yinglian Co. signed a strategic procurement contract for 5,000 million square meters of composite aluminum foil with a leading new energy technology company [10] Group 4 - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October, with a capacity increase of 6.84% [12] - China National Airlines reported an 8.7% year-on-year increase in passenger turnover for October, with domestic and international capacity also showing growth [15] - Oupai Home plans to use 320 million yuan of idle funds to purchase structured deposits with expected annual yields between 0.65% and 2.50% [16] Group 5 - Tianwei Food has submitted H-share issuance application materials to the Hong Kong Stock Exchange, which have been accepted by the China Securities Regulatory Commission [18] - Guizhou Aviation plans to establish a subsidiary focused on the research, production, and market expansion of intelligent automotive components, with initial operating funds of 40 million yuan [20] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary in Shanghai focused on robotics technology [22] Group 6 - Founder Securities has received approval to issue company bonds totaling up to 30 billion yuan [24] - Hengrui Medicine has received clinical trial approvals for multiple drugs, indicating ongoing research and development efforts [26] - Zhaojing Pharmaceutical's product ZG006 has received orphan drug designation from the FDA, providing various benefits for its development in the U.S. market [39]

证券之星消息，11月17日工业金属板块较上一交易日下跌2.31%，中孚实业领跌。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600595 | 中古本山 | 6.45 | -7.59% | 133.30万 | 8.77亿 | | 600531 | 豫光金铅 | 11.64 | -5.06% | 68.26万 | 8.02亿 | | 603993 | 洛阳辑业 | 16.05 | -4.35% | 229.87万 | 37.33 Z | | 601600 | 中国铝业 | 11.16 | -4.29% | 511.78万 | 57.54亿 | | 600490 | 鹏欣资源 | 7.84 | -4.16% | 71.27万 | 5.64Z | | 002379 | 宏创控股 | 21.67 | -3.86% | 19.26万 | 4.19亿 | | 000612 | 焦 ...

Market Overview - On November 17, major A-share indices collectively declined, with the Shanghai Composite Index falling by 0.46% to 3972 points, the Shenzhen Component Index down by 0.11%, and the ChiNext Index decreasing by 0.2% [1][2] - The trading volume in the Shanghai and Shenzhen markets was 1.91 trillion yuan, a decrease of 47.3 billion yuan compared to the previous trading day [1] Sector Performance - The military equipment and military information sectors saw significant gains, with Zhongfu Information hitting the daily limit up of 20% [4] - The Fujian and free trade zone sectors experienced a surge, with multiple stocks including Hongxiang Co., Zhongfutong, and Haixia Innovation also reaching the daily limit up of 20% [6] - The lithium carbonate futures contract hit the daily limit up, boosting the salt lake lithium extraction sector, with Shengxin Lithium Energy and Jinyuan Co. also reaching the daily limit up [8] - The aquaculture sector was active, with stocks like Zhongshui Fishery and Kaichuang International hitting the daily limit up [12] - AI application concepts were prominent, with stocks like BlueFocus and Jiechuang Intelligent seeing significant increases [10] Notable Stocks - Zhongfu Information rose by 20% to 17.82 yuan, while Beifang Changlong increased by 19.57% to 175.77 yuan [5] - Hongxiang Co. and Zhongfutong both saw a 20% increase, reaching 8.69 yuan and 22.54 yuan respectively [7] - Shengxin Lithium Energy increased by 10.01% to 35.93 yuan, while Jinyuan Co. rose by 9.98% to 6.28 yuan [9] Declining Sectors - The precious metals sector declined, with stocks like Zhaojin Gold and Hunan Silver dropping over 3% [14] - The pharmaceutical sector experienced a downturn, with stocks such as Kexing Pharmaceutical and Shutaishen falling over 7% [16] Market Sentiment - Recent geopolitical tensions, including remarks from Japanese Prime Minister Fumio Kishida and military exercises in the Yellow Sea, have heightened uncertainty in the market [4][12] - The U.S. government shutdown resolution has reduced the short-term appeal of gold as a safe-haven asset, contributing to the decline in precious metals [14]

每经AI快讯，中国铝业(02600.HK)跌超3%，截至发稿，跌3.4%，报11.07港元，成交额8.65亿港元。 ...

消息面上，11月16日晚，中国铝业发布公告称，因个人资金需求，公司现任董事、副总经理蒋涛先生计 划自2025年12月8日起至2026年3月7日止期间内，通过集中竞价方式减持公司A股股份不超过5.75万股， 约占公司总股本的0.00034%。蒋涛先生本次计划减持股份数量未超过其持有的公司股份数量的25%，减 持价格按市场价格确定。 智通财经APP获悉，中国铝业(02600)跌超3%，截至发稿，跌3.4%，报11.07港元，成交额8.65亿港元。 ...

中国铝业（601600）(02600)跌超3%，截至发稿，跌3.4%，报11.07港元，成交额8.65亿港元。 消息面上，11月16日晚，中国铝业发布公告称，因个人资金需求，公司现任董事、副总经理蒋涛先生计 划自2025年12月8日起至2026年3月7日止期间内，通过集中竞价方式减持公司A股股份不超过5.75万股， 约占公司总股本的0.00034%。蒋涛先生本次计划减持股份数量未超过其持有的公司股份数量的25%，减 持价格按市场价格确定。 ...

Core Viewpoint - The news highlights the performance of the non-ferrous metal sector, particularly focusing on the recent trends in the market, including the performance of the Non-Ferrous 50 ETF and the underlying factors affecting metal prices and demand [1][2][3][4]. Group 1: Non-Ferrous 50 ETF Performance - As of November 17, 2025, the Non-Ferrous 50 ETF (159652) decreased by 0.39%, with a latest price of 1.53 yuan [1]. - The ETF has seen a net subscription of 62 million units, with an estimated net subscription amount exceeding 94 million yuan [1]. - The latest scale of the Non-Ferrous 50 ETF reached 2.829 billion yuan, with a significant increase in shares by 13.46 million units over the past three months [2]. Group 2: Market Trends and Demand - The lithium industry is experiencing high growth due to strong demand in the energy storage market, with expectations of over 60% growth next year driven by domestic pricing policies and international demand [2]. - Copper prices are expected to rise in the long term due to supply constraints, with Freeport reducing copper production and ongoing demand recovery in the cable industry [3]. - The aluminum sector faces challenges due to power supply constraints, which may accelerate the exit of high-cost aluminum production and delay new capacity investments [3]. Group 3: Investment Opportunities - The Non-Ferrous 50 ETF is highlighted as a leading investment option due to its high "gold and copper content," with copper accounting for 33% and gold for 13% of the index [4]. - The ETF has shown superior performance since 2022, with a cumulative return leading its peers and a lower maximum drawdown [5]. - The index's growth is driven by earnings rather than valuation, with a current PE ratio of 23.74, down 61% from five years ago, indicating a favorable valuation [6].