（文章来源：每日经济新闻） 每经AI快讯，11月21日，市场全天震荡调整，沪指跌超2%，创业板指跌超4%。沪深两市成交额1.97万 亿元，较上一个交易日放量2575亿元。盘面上个股普跌，全市场近5100只个股下跌。从板块来看，AI 应用概念逆势走强，榕基软件5连板。军工板块表现活跃，久之洋涨停，江龙船艇、天海防务逆势大 涨。下跌方面，锂电池产业链集体调整，盛新锂能等多股跌停。有机硅概念快速下跌，晨光新材跌停。 存储芯片概念持续走弱，德明利、时空科技跌停。板块方面，中船系、AI应用等板块涨幅居前，电 池、硅能源、锂矿等板块跌幅居前。截至收盘，沪指跌2.41%，深成指跌3.41%，创业板指跌4.02%。 ...

昨日（11月18日）， A股三大指数集体收跌 。市场调整中，股票ETF获得资金加仓，全市场 股票ETF（含跨境ETF）资金净流入超55亿元，港股ETF净流入居前 。 近日市场调整以来，股票ETF市场已经连续三日加仓，累计净流入资金超270亿元。 【 导读 】 昨日股票ETF市场净流入资金55亿元 中国基金报记者 王建蔷 股票ETF净流入资金55亿元 Wind数据显示，截至11月18日，全市场1258只股票ETF总规模达4.58万亿元。 当日股票ETF成交合计1926亿元，与前一交易日1796亿元相比有所放大。其中，香港证券 ETF成交88.08亿元，位居首位。 市场持续震荡，股票ETF再度获得资金净申购。 Wind数据显示，11月18日，股票ETF市场总 份额增加52.26亿份，按照成交均价测算，当日净流入资金约为55.24亿元。 从全市场ETF来看，11月18日资金净流入 73.8亿元 。从大类型来看，债券ETF与港股市场 ETF净流入居前，分别为44.92亿元与35.17亿元。 具体到指数维度，11月18日恒生科技 指数 单日净流入居前，达27.71亿元。从5日角度观 测，资金流入SGE黄金9999指数超 ...

Group 1 - The core viewpoint of the article is that after the improvement in China-US relations, market risk appetite has decreased, leading to fluctuations around the 4000-point mark for the Shanghai Composite Index [1] - The average trading volume for the entire A-share market has decreased to around 2 trillion yuan [1] - Recent capital flows have been active in thematic investments and sectors with growth potential, indicating a shift in market focus [1] Group 2 - The market is expected to continue its oscillating and rotating characteristics, with the key to breaking the current state lying in capital attacking new main lines [1] - The mid-term allocation strategy suggested is to adopt a balanced approach, focusing on clear growth signals without excessive switching [1] - Key sectors to watch include dividends, new chemical materials, superhard materials, lithium battery materials, steel, agriculture, forestry, animal husbandry, batteries, and AI [1]

Market Overview - A-shares experienced a collective adjustment in the morning session, with total market turnover at 1.27 trillion yuan, nearly unchanged from the previous day [1] - The major indices showed varied performance: the CSI 300 index fell by 0.4%, the ChiNext index dropped by 1.6%, and the STAR 50 index decreased by 1.7%, while the Hang Seng China Enterprises Index rose by 0.6% [1] Sector Performance - Leading sectors included oil and gas extraction and services, insurance, brain-computer interfaces, and banking, which saw gains [1] - Underperforming sectors included photovoltaic equipment, cultivated diamonds, controllable nuclear fusion, phosphorus chemical industry, and batteries, which experienced declines [1] - In the Hong Kong market, the pharmaceutical sector showed strong gains, while most technology stocks retreated after initial highs [1] Index Specifics - The CSI 300 index consists of 300 large-cap stocks with a rolling P/E ratio of 14.3 times, down by 0.4% [3] - The CSI A500 index, covering 500 stocks, has a rolling P/E ratio of 16.8 times, down by 0.7% [3] - The ChiNext index, composed of 100 stocks, has a rolling P/E ratio of 40.5 times, down by 1.6% [4] - The STAR 50 index, featuring 50 stocks, reflects a significant focus on "hard technology" leaders [6] - The Hang Seng China Enterprises Index, tracking 50 large-cap Chinese companies listed in Hong Kong, has a rolling P/E ratio of 10.9 times, up by 0.6% [8]

（文章来源：每日经济新闻） 临近岁末春季行情，资金抢筹A股核心资产热情高涨，近5个交易日，同类最活跃A500ETF基金 （512050）累计吸金5.5亿元，近10个交易日，该ETF获得超24亿元资金净申购。 中信证券A股市场2026年投资策略表示，展望2026年，从大势研判来看，A股全球营收敞口企业已不局 限于少数公司，而是足以推动整个A股的行情，未来A股的基本面要放在全球市场需求去看，而不是单 看本土需求。在此框架下，中美格局决定了行情的节奏和顺畅程度，两个节点（中美签署贸易协议、美 国中期选举）可能将2026年的行情划为三段，中美签署协议后到美国中期选举前，中美格局相对最稳 定，这个阶段是做多权益市场的黄金期。 11月11日，A股主要指数高开后回落，沪指在4000点上方震荡蓄力，盘面上培育钻石、电池、光伏等概 念走强，截至10：16，A500ETF基金（512050）跌0.34%，盘中成交额快速突破9.6亿元位居同类第一。 持仓股中，华侨城A、三星医疗、方大炭素涨停，迈为股份、鹏辉能源、兴森科技等表现活跃。 ...

Core Viewpoint - A-shares experienced a volatile trading session with major indices opening high but subsequently retreating, while sectors like lithium batteries and AI computing saw increased activity, indicating a potential spring market rally driven by growth-oriented technology sectors [1] Market Performance - Major A-share indices opened high but faced a pullback, with sectors such as lithium batteries and AI computing showing activity, while previously strong sectors like optical modules and robotics led the decline [1] - Notable stocks such as New Yisheng, Industrial Fulian, and Jingwang Electronics fell over 3% [1] - The 5G Communication ETF (515050) dropped nearly 3%, and the ChiNext AI ETF (159381) fell over 2% [1] Fund Flows - The AI computing sector has seen a consolidation phase, with significant capital inflows; in the last 10 trading days, the 5G Communication ETF (515050) attracted a net subscription of 450 million yuan, while the ChiNext AI ETF (159381) accumulated 250 million yuan [1] Future Outlook - Institutions are optimistic about the upcoming spring market, particularly for high-growth technology sectors [1] - Dongwu Securities predicts that the spring market will primarily focus on growth-oriented industrial trends, particularly those represented by AI [1] - The global technology industry is expected to experience a trend-driven growth, supported by China's unique advantages such as a large user base and manufacturing capabilities, which will facilitate deeper participation in global tech transformations [1] - The long-term logic of industrial development remains unchanged, with core global industry segments expected to build momentum for future growth after recent adjustments [1]

Market Overview - The three major A-share indices collectively adjusted, with the Shanghai Composite Index down 0.16% at 4001.24 points, the Shenzhen Component Index down 0.16%, and the ChiNext Index down 0.37% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 12,662 billion yuan, a decrease of 716 billion yuan compared to the previous day, with over 2,800 stocks declining [1][2] Sector Performance - The organic silicon sector surged due to the dual impact of polysilicon stockpiling and industry anti-involution news [1] - The fluorochemical, Hainan Free Trade Zone, and battery sectors showed significant gains [1] - Conversely, the AI corpus, software development, and component sectors experienced declines [1]

Group 1 - The renewable energy sector showed strong performance today, with significant gains in photovoltaic inverters, batteries, and energy storage concepts. The China Securities Photovoltaic Industry Index rose by 4.3%, the National Securities New Energy Battery Index increased by 4.2%, the China Securities New Energy Index went up by 3.2%, and the China Securities Shanghai Environmental Exchange Carbon Neutrality Index climbed by 1.7% [1] - The energy storage battery ETF (159566) saw nearly 100 million shares net subscribed throughout the day. According to Wind data, this ETF has experienced net inflows for four consecutive trading days, totaling approximately 160 million yuan [1] Group 2 - The photovoltaic index focuses on one of the most promising future energy sources, consisting of 50 representative stocks from the upstream, midstream, and downstream sectors of the industry. The index has a price-to-book ratio of 2.6 times and has risen by 4.3% since its inception [4]

Core Insights - Porsche has officially launched its R&D center in China to better cater to the unique demands of Chinese customers, recognizing significant differences in road conditions and traffic compared to Europe [2] - The R&D center will focus on understanding China's technology ecosystem, particularly in areas such as batteries, software, and chips, with the aim of integrating these insights into future Porsche vehicle development [2] - The center has a high degree of autonomy, exemplified by the development of an infotainment system specifically designed for the Chinese market, rather than a customized version of an existing product [2] - Porsche acknowledges China's leading position in battery technology and smart features, indicating a willingness to empower local teams to adopt new technologies while maintaining the brand's core identity [2]

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