女育之日的,在互世方对历史,何小汉贝尔松,了得 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 些信息的准确性或完整性不作保证,亦不对因使用 该等信息而引发或可能引发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 编者按：为帮助投资者系统了解 ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系 列动画短视频，希望用浅显易懂的语言传递投资知识。今天是第10期，一起看看基金管理人如 何管理ETF产品吧！ ...

Core Viewpoint - The Hong Kong technology sector has experienced a correction after reaching a yearly high in early October, with significant ETF inflows indicating investor confidence in the long-term value of technology companies despite short-term volatility [1][4][5]. Group 1: Market Performance - The Hong Kong technology indices, including the CSI Hong Kong Stock Connect Technology Index and the Hang Seng Technology Index, have seen declines exceeding 7% in the past month [1][4]. - Major technology stocks like Alibaba and SMIC have faced price drops of 6.24% and 15.06% respectively over the same period [4]. - The Hang Seng Technology Index's price-to-earnings ratio (PE-TTM) stands at 22.5 times, which is at the 27th percentile over the past decade, indicating a relatively low valuation [6][9]. Group 2: ETF Inflows - Despite the market correction, technology-focused ETFs in Hong Kong have seen a net inflow of 439 billion yuan in the past month, with 13 Hang Seng Technology ETFs attracting over 240 billion yuan [1][5]. - Specific ETFs such as Huatai-PB Hang Seng Technology ETF and Huaxia Hang Seng Technology Index ETF have recorded net inflows of 57.72 billion yuan and 54.47 billion yuan respectively [5][6]. Group 3: Investor Sentiment and Future Outlook - Investors remain optimistic about the long-term growth potential of leading technology companies like Tencent, Alibaba, and Xiaomi, which are seen as having strong technological foundations and market positions [6][9]. - The market is currently influenced by external factors such as the U.S. Federal Reserve's hawkish stance, which has raised concerns about liquidity and market valuations [4][5]. - Analysts suggest that if short-term pressures on the Hong Kong market are alleviated, there is potential for continued upward momentum driven by institutional investments [8][9]. Group 4: AI Bubble Concerns - Concerns regarding an "AI bubble" have emerged, but some analysts argue that the current fluctuations do not diminish the underlying investment value of AI technologies [5][10]. - The potential of AI technologies is still seen as significant, with leading companies that can integrate AI into diverse business scenarios likely to benefit the most [11].

女育之日的,在互世方对历史,何小汉贝尔松,了得 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 些信息的准确性或完整性不作保证,亦不对因使用 该等信息而引发或可能引发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 编者按：为帮助投资者系统了解 ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系 列动画短视频，希望用浅显易懂的语言传递投资知识。今天是第9期，一起看看ETF的交易成 本怎么计算吧！ ...

一、ETF行业快讯1.三大指数集体上涨，多只游戏板块ETF涨超4% 今日，三大指数集体上涨，上证综指上涨0.87%，深证成指上涨1.53%，创业板指上涨1.77%。多只游戏 板块ETF上涨，其中，游戏ETF（516010.SH）上涨4.14%，游戏ETF（159869.SZ）上涨4.11%，游戏 ETF华泰柏瑞（516770.SH）上涨4.04%。 2.超700亿元资金借道ETF逆市加仓 据21世纪经济报道，上周（11月17日至21日），A股市场遭遇大幅调整，上证指数周跌幅超过3%，创 业板指跌超6%，创下近几个月来最大单周跌幅。然而，在市场回调之际，大量资金却借道ETF逆市布 局。Wind数据显示，上周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，其中宽基指数ETF 净流入359.31亿元，成为资金涌入的主要方向。业内人士认为，市场大趋势没变，此时资金回流ETF说 明很多资金是趁调整抄底。 二、今日行情速览1.指数走势 统计A股与海外主要核心指数走势，今日（11月25日，下同）三大指数集体上涨，其中上证指数上涨 0.87%，收于3870.02点，日内最高3882.03点；深证成指上涨1.53 ...

11月25日，A股三大指数集体高开，中证A500指数高开高走，截至发稿涨超1%。 商品方面，紧密跟踪上海金（SHAU.SGE）的上海金ETF（159830）盘中一度涨超1.7%，截至发稿大 涨1.69%，冲击2连阳。 资金流向方面，Wind数据显示，该ETF年内获资金净流入累计达13.51亿元，居深市同标的产品第一。 费率方面，上海金ETF（159830）管理费率0.25%，基金托管费率为0.05%，均低于同标的产品平均水 平，同时该ETF支持T+0交易。该ETF还配置了场外联接基金（联接A：014661，联接C：014662）。 成分股中，沪电股份涨停，巨人网络、方大炭素、菲利华、恺英网络涨幅靠前。 热门ETF中，中证A500ETF天弘（159360）成交额超2000万元，交投持续活跃。值得注意的是，该ETF 盘中获净申购达600万份。资金流向方面，该ETF已连续4日获资金净流入，累计"吸金"超2100万元。 中证A500ETF天弘（159360）紧密跟踪中证A500指数，该指数从各行业选取市值较大、流动性较好的 500只证券作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 华鑫证券表示，海外流 ...

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

Core Insights - Retirement planning is rapidly evolving due to concerns over Social Security shortfalls and rising healthcare costs, necessitating immediate attention to income potential for those nearing retirement [2] - Traditional retirement strategies focusing on bonds, stocks, drawdowns, and cash reserves are becoming outdated, as cash loses purchasing power and bonds offer lower yields [4][5] Investment Strategies - The new approach to retirement income blends income generation with long-term market participation, utilizing ETFs that provide structured monthly payments while allowing for portfolio growth [6] - The JPMorgan Equity Premium Income ETF (JEPI) is highlighted for its reliability, focusing on high-quality US stocks and enhancing monthly income through options, yielding 8.38% with a year-to-date return of 5.83% in 2025 [7][8] - The Vanguard Total Stock Market ETF (VTI) offers a lower yield of 1.16% but has delivered a total return of 15.26% in 2025, indicating a potential for growth despite lower immediate income [8]

"ETF面临同质化发展难题。与其跟风布局热门产品，不如基于公司发展战略，采取差异化竞争策略， 进行前瞻性布局。"沪上某基金公司指数部人士告诉上海证券报记者。 （上接1版） 以中证A500 ETF为例，目前市场上已成立了32只中证A500 ETF。截至11月20日，华泰柏瑞中证A500 ETF规模为256.97亿元，部分中证A500 ETF规模已不足1亿元。 对于ETF的集中申报情形，《通报》提出，支持基金管理人市场化开发运作ETF产品，也请基金管理人 结合自身实际，深入研判市场发展形势和投资者需求，专业审慎进行产品设计开发，避免跟风布局、扎 堆申报，以及随之出现的募集发行不及预期、持续运作不稳健等问题。在后续ETF注册过程中，遇到管 理人大量集中申报等情形的，证监会将结合交易所有关意见、管理人分类评价结果等采取分批注册、引 导管理人合理设置首发规模等措施，保障ETF产品有序募集上市，避免对市场运行带来不利影响。 近日，上交所发布《上海证券交易所基金业务指南第1号——业务办理（2025年11月修订）》，深交所 同步发布《深圳证券交易所证券投资基金业务指南第1号——相关业务办理（2025年修订）》。其中要 求：E ...

智通财经11月21日讯（记者闫军）私募正成为ETF重要持有人。 私募排排网最新数据显示，今年以来共有154家私募进入到190只年内上市ETF前十大持有人名单中，合计持有份额达 29.29亿份。主观私募为ETF认购主力，76家主观私募持有年内上市ETF份额达11.22亿份，占到总份额的38.31%。 中小私募认购ETF更为积极，低于20亿元规模的私募认购ETF合计占比近79%。此外，科创板ETF备受私募追捧，私募 合计进入到48只名称中带有"科创板"字眼的ETF前十大持有人名单中，合计持有份额达8.2亿份。 私募大力买入ETF也存在一定的争议，有投资者认为，主观私募购买ETF是投研能力不足的体现，但是也有市场人士 认为，并非如此，ETF投资对投研同样有一定的要求，并且对择时要求高。此外，ETF交易效率与成本优势，操作便 捷且综合管理成本相较于主动型产品显著为低，以及策略更为灵活，为全天候策略提供底层工具等优势都是私募买入 ETF的重要原因。 买买买！年内私募持有ETF份额近30亿份 私募排排网数据显示，截至11月20日，今年以来共有154家私募进入到190只年内上市ETF前十大持有人名单中，合计 持有份额达29 ...

【11月20日消息，私募成ETF重要持有人】今年以来，154家私募进入190只年内上市ETF前十大持有人 名单，合计持有份额29.29亿份。主观私募是ETF认购主力，76家主观私募持有份额达11.22亿份，占总 份额38.31%。中小私募认购更积极，规模低于20亿元的私募认购合计占比近79%。 此外，科创板ETF受 私募追捧，私募进入48只名称含"科创板"的ETF前十大持有人名单，合计持有份额8.2亿份。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...