中原证券表示，头部云厂商资本开支展望乐观，AI算力产业链各环节需求高景气。800G需求放量， 1.6T加速导入，行业处在800G向1.6T技术迭代时期。光模块头部厂商技术领先、客户关系稳固、具备规 模化交付能力，优势将进一步凸显。AI发展推动大型数据中心的建设，光器件厂商受益于终端需求， 进入扩产红利期。 申万宏源认为，A股的有效突破最终还是要靠科技引领。国信证券指出，当市场进入快速上涨阶段，领 涨板块往往是当时主导产业的应用领域，如2015年上半年的"互联网+"，2021年的新能源车。着眼未来 一年，仍看好科技主线。 细分方向来看，光模块三巨头大爆发，中际旭创涨超15%，股价创历史新高，最新市值超6100亿元，新 易盛、天孚通信分别涨超11%和9%，表现亮眼！此外，印制电路板（PCB）龙头胜宏科技涨近7%，AI 芯片龙头寒武纪涨超5%，涨幅居前。 | 序号 | 名称 | 80 | 两日图 | 申万一级行业 | ■万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中标旭创 | 1 ...

来源：新浪基金 申万宏源认为，A股的有效突破最终还是要靠科技引领。国信证券指出，当市场进入快速上涨阶段，领 涨板块往往是当时主导产业的应用领域，如2015年上半年的"互联网+"，2021年的新能源车。着眼未来 一年，仍看好科技主线。 【掘金新质生产力，投资中国版"纳斯达克"】 关注双创龙头ETF（588330）及其场外联接基金（A类：013317 / C类：013318）的三大特征： 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产 业上市公司作为指数样本，汇集高成长龙头，囊括新能源、光伏、光模块、半导体、医疗设备等热门主 题； 今日（11月25日）科技成长方向强势进攻，创业板指涨超2.5%，科创综指涨逾1.7%，覆盖创业板+科创 板高成长龙头的硬科技宽基——双创龙头ETF（588330）场内涨幅盘中上探3.45%，现涨2.5%，实时成 交额超3200万元，交投较为活跃！ 细分方向来看，光模块三巨头王者归来，中际旭创、新易盛涨超6%，天孚通信涨逾4%；PCB（印制电 路板）方面，胜宏科技涨超6%；光伏方面，阳光电源涨超5%，阿特斯涨逾2%。 图：双创龙头 ETF 标 ...

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key stocks in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, rose over 6%, while Tianfu Communication increased by more than 4% [1] Group 2 - HSBC's latest report indicates that the acceleration of AI server iterations is driving a dual rise in technology and pricing for core components like PCBs and CCLs [1] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist until next year [1] - The report emphasizes the importance of technology leadership in the A-share market, with a focus on sectors like new energy vehicles and the internet [2] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the ChiNext and Sci-Tech Innovation boards [2] - The ETF is designed to capture technology market trends with a low investment threshold, allowing entry for less than 100 yuan [2] - The index has a 20% limit on daily price fluctuations, enhancing its ability to act as a rebound leader [2]

Core Insights - The A-share market has experienced significant volatility, with the Shanghai Composite Index dropping below key support levels, leading to a decline of nearly 5% in just over a week [1][4] - Active equity funds have faced substantial performance declines, with nearly 90% reporting negative returns in the fourth quarter, and over 30% experiencing declines exceeding 10% [2][3] - In contrast, the ETF market has seen a surge in inflows, with over 102.8 billion yuan entering stock ETFs in the fourth quarter, reversing a trend of outflows from the previous quarter [3] Group 1: Market Performance - The Shanghai Composite Index fell to 3836.77 points, with a cumulative decline of 4.78% over the last seven trading days [4] - Active equity funds have seen a dramatic reduction in performance, with only 23% of previously high-performing funds remaining in positive territory [2] - The decline in active funds is attributed to a significant market correction, particularly affecting sectors like AI and pharmaceuticals that had previously attracted substantial investment [2][3] Group 2: ETF Market Dynamics - The ETF market has attracted significant capital, with 102.8 billion yuan net inflow in the fourth quarter, marking a stark contrast to the nearly 50 billion yuan outflow in the previous quarter [3] - Notable inflows have been observed in broad-based ETFs, with specific products like the Southern CSI 500 ETF and the E Fund ChiNext ETF seeing net inflows exceeding 40 billion yuan [3] - Defensive investment strategies have gained traction, with funds focused on low volatility and free cash flow attracting significant capital, indicating a preference for stable assets in a turbulent market [3] Group 3: Future Market Outlook - Analysts suggest that the current market volatility may present long-term investment opportunities in sectors with strong fundamentals, despite short-term challenges [5][6] - The ongoing adjustments in market sentiment are expected to continue, with a focus on sectors such as technology, consumption, and high-end manufacturing as potential growth areas [6] - The overall outlook remains cautiously optimistic, with expectations of a gradual upward trend in the A-share market, supported by structural improvements in the domestic economy and favorable monetary conditions [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].

电力设备新能源、环保 看好风电及氢氨醇板块，美国缺电寻找超跌反弹机会 ——电新环保行业周报 20251123 电力设备新能源 买入（维持） 环保 买入（维持） 2025 年 11 月 23 日 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 分析师：邓怡亮 执业证书编号：S0930525070003 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -40% -20% 0% 20% 40% 60% 2024/11/21 2025/3/23 2025/7/23 2025/11/22 电力设备(申万) 环保(申万) 沪深300 资料来 ...

截至午间收盘，科创板50指数下跌2.6%，科创综指下跌2.9%，科创100指数下跌3.1%，科创成长指数下 跌3.7%，相关ETF获资金关注，科创板50ETF（588080）近一周获超5亿元资金净流入。 （文章来源：每日经济新闻） 中国银河证券表示，在板块轮动行情中，市场或正在为新一轮向上趋势蓄势，上市公司三季报展现出基 本面韧性，其中，结构性亮点突出。总体而言，随着后续政策落地节奏进一步明确，物价回升预期下反 内卷板块逻辑明确，科技主线产业趋势与业绩进入验证阶段，A股市场中长期向好趋势不改。 ...

A500ETF易方达（159361）、科创板50ETF（588080）、创业板ETF（159915）分别跟踪以上指 数，且均实行ETF中最低一档0.15%/年的管理费率，可助力投资者构建攻守兼备的投资组合，捕捉A股 核心增长机遇。 每日经济新闻 （责任编辑：董萍萍 ） 【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 今日早盘A股三大指数集体低开，盘面上，除种植业与林业板块逆势上涨外，多数板块承压，截至 10:04，中证A500指数下跌1.3%，科创板50指数下跌1.8%，创业板指数下跌1.9%，资金加大"吸筹"力 度，A500ETF易方达（159361）、创业板ETF（159915）盘中净申购分别超过1亿份和5亿份。 信达证券认为，当前的风格扩散仍处在估值、预期和资金驱动的阶段，至少可以持续1-2个季度。 但风格扩散转变为年度级别的行情需要看到价值股盈利逻辑的兑现，而更大级别的行情则需要长期产业 逻辑强化 ...

饰加EOOL 机次A即"EOOPE" 玉 本金 N S N 2 2025年11月 19 = 3A系列ETF当日场内行情 == 中证A100ETF基金 A50ETF华宝 中证A500ETF华宝 159596 562000 563500 +0.32% +0.34% +0.0% 数据来源：沪深交易所等,行情数据截至 宝干2024.3.18上市,中证A100ETF基金干2022.8.1 H 市,中证A500ETF华宝于2024.12.3 当日大市行情 na +0.18% +0.25% +0.0% 创业板指 上证指数 深证成指 两市成交额1.73万亿元 较上一日-2002亿元 全市场个股涨跌数 4175只 1200只 76只 =1 上涨 nl 持平 "『下跌 资金净流入TOP3行业(申万一级) 国防军工 +22.58亿元 +7.93亿元 對這即分類求:與伊羅家 机构观点 II 信达证券:当前的风格扩散仍处在估值、预期和资金驱动的阶段 过去2个月,价值风格明显走强目出现扩散,金融、周期、消费轮流 表现。原因主要在于年底前后进入业绩空窗期,板块缺乏高频的季报 证明业绩,因此波动大多来自于估值和预期。我们认为当前的风格扩 散 ...

A500ETF易方达（159361）、创业板ETF（159915）分别跟踪以上指数，且均实行ETF中最低一档 0.15%/年的管理费率，为投资者构建攻守兼备的投资组合提供了多样化选择。 （文章来源：每日经济新闻） A股今日午后拉升，盘面上，能源金属、光模块、保险、银行等板块涨幅居前，燃气、房地产、互联网 等板块跌幅居前，截至14:50，中证A500指数、创业板指数均上涨0.4%，相关产品获资金关注， A500ETF易方达（159361）和创业板ETF（159915）盘中分别获8700万份和1200万份净申购。 中国银河证券表示，临近年末，机构配置或趋于均衡，也在为明年景气方向布局做出准备，预计年末行 情仍以震荡结构为主。随着后续政策落地节奏进一步明确，物价回升预期下反内卷板块逻辑明确，科技 主线产业趋势与业绩进入验证阶段，A股市场中长期向好趋势不改。 中证A500指数由各行业市值较大、流动性较好的500只股票组成，选样时注重行业均衡与优选龙头，新 兴产业占比较高；创业板指数则由创业板中市值大、流动性好的100只股票组成，AI硬件与新能源产业 链合计权重超60%。 ...