Group 1 - The Hang Seng Index rose by 0.61%, the Hang Seng Tech Index increased by 1.15%, and the Hang Seng China Enterprises Index climbed by 0.75% during the midday session, with a market turnover of HKD 133.003 billion [1] - In the technology sector, Bilibili surged by 5.12%, with Kango Bio, Xiaomi, and Alibaba rising over 4%, while Baidu Group increased by 3.22% and Kuaishou by 2.55%. On the downside, Kingdee International fell by 1.46%, Midea Group by 1.13%, and JD Group by 0.44% [1] - The influx of southbound funds reached a record HKD 1.3 trillion by 2025, with a significant increase in the technology sector's share, making it a core focus for domestic investors in Hong Kong stocks [1] Group 2 - The influx of funds is supported by a loose liquidity environment, with the one-year fixed deposit rate in China dropping to a historical low of 0.95%. The trend of "activating" deposits is evident, with M1 year-on-year growth reaching 7.2% in September [2] - A total of CNY 1.3 trillion in resident demand deposits shifted to the capital market during July and August, indicating a strong movement towards investment [2] - The trend of "de-dollarization" globally has led to a rapid increase in the allocation of funds from Asia-Pacific (excluding Japan) to the Chinese market, enhancing the valuation recovery of Hong Kong's technology sector [2]

这组此消彼长的数据勾勒出险资在收益压力下的战略选择。对于股票配置提升，深圳北山常成基金投研 院常务院长王兆江表示，首先，这是险资在"资产荒"背景下寻求收益突破的表现。近年来，优质非标资 产供给减少、收益率下降，同时信用风险抬升。而债券利率也处于历史相对低位。这使得能够提供长 期、超额收益的权益资产成为破解"资产荒"难题的关键工具。其次，也体现了险资对资本市场长期信 心。股票投资，特别是长期持有，源于对经济基本面和资本市场长期健康发展的信心。0.9个百分点的 提升，虽然绝对值不大，但信号意义强烈，说明A股市场具备长期配置价值，估值处于合理甚至偏低区 间。 来自行业的一组跟踪数据为这一趋势提供了佐证，其中呈现的上升曲线与资本市场估值修复的节奏不谋 而合。中泰证券(6.640, 0.01, 0.15%)非银金融团队最新研报指出，2024年一季度末至2025年三季度末， 险资配置股票余额占比分别为6.7%、7%、7.5%、7.5%、8.4%、8.8%和10%，呈现稳步提升态势。 这种审慎而积极的配置策略直接反映在收益表现上。2024年行业综合收益率分布呈现显著改善的趋势， 2024年，保险公司综合收益率集中区间较20 ...

来自行业的一组跟踪数据为这一趋势提供了佐证，其中呈现的上升曲线与资本市场估值修复的节奏不谋 而合。中泰证券(6.640, 0.01, 0.15%)非银金融团队最新研报指出，2024年一季度末至2025年三季度末， 险资配置股票余额占比分别为6.7%、7%、7.5%、7.5%、8.4%、8.8%和10%，呈现稳步提升态势。 万亿险资的"进退之道" 当债券利率持续走低、优质非标资产供给减少的"资产荒"渐成常态，保险资金如何破局？ 《报告》显示，2024年，参与调研的201家保险公司投资资产规模合计30.55万亿元，同比增长16.93%。 从资产配置结构来看，2024年末，保险资金继续保持较为稳健的配置结构，以利率债、信用债和股票投 资为主，合计占比59%，同比上升1.4个百分点。 深入资产配置的肌理，2024年，现金及流动性资产占比2.9%，同比下降1个百分点；银行存款占比 6.9%，同比下降0.1个百分点；股票占比8.3%，同比上升0.9个百分点，其中股票成为屈指可数的增长领 域。 这组此消彼长的数据勾勒出险资在收益压力下的战略选择。对于股票配置提升，深圳北山常成基金投研 院常务院长王兆江表示，首先，这是险资在 ...

这份汇集201家保险公司、34家保险资产管理公司调研数据的权威报告，不仅记录了保险资金投资资产的流动轨迹，更描画出行业在波动市场中的收益情 况。综合收益率方面，2024年，保险公司综合收益率集中区间较2023年显著上升；保险资管行业整体投资收益率显著高于上一年度。在业内人士看来，对于 保险公司、保险资管公司而言，正处于迈向专业化、市场化的关键转折点，如何在复杂经济环境中稳步前行成为命题作文。 万亿险资的"进退之道" 当债券利率持续走低、优质非标资产供给减少的"资产荒"渐成常态，保险资金如何破局？ 《报告》显示，2024年，参与调研的201家保险公司投资资产规模合计30.55万亿元，同比增长16.93%。从资产配置结构来看，2024年末，保险资金继续保持 较为稳健的配置结构，以利率债、信用债和股票投资为主，合计占比59%，同比上升1.4个百分点。 深入资产配置的肌理，2024年，现金及流动性资产占比2.9%，同比下降1个百分点；银行存款占比6.9％，同比下降0.1个百分点；股票占比8.3%，同比上升 0.9个百分点，其中股票成为屈指可数的增长领域。 规模达数十万亿元的保险资金最新动向出炉。11月24日，中国银行 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - This week, the public REITs market declined slightly, with the REITs market turnover decreasing. Both the equity - type public REITs and concession - type public REITs indices fell. Most public REITs products dropped this week [2][7]. - As of November 21, 2025, a total of 78 public REITs have been issued, with a total issuance scale of 201.869 billion yuan. 19 public REITs have been issued since 2025, and 1 was newly issued in November 2025. Additionally, 24 public REITs funds are awaiting listing [2][26]. - Beijing supports the construction of consumer infrastructure and the commercial circulation system. The China Aviation Zhonghe Group Energy Public REIT has been officially declared. The China Merchants Fund Shekou Rental Housing REIT will have its second annual dividend, distributing 0.318 yuan per 10 shares, and the Huaxia JINMAO Commercial REIT will have its third dividend in 2025, distributing 0.3755 yuan per 10 shares [2][31]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance ratio. The market is expected to continue to expand as 24 REITs funds are waiting to be listed [3][37]. 3. Summary by Directory 3.1 Secondary Market: The Public REITs Market Declined Slightly This Week - **Index Performance**: As of November 21, 2025, the CSI REITs Index fell 0.97% from last week to 810.2, and the CSI REITs Total Return Index was 1041.16, down 0.88% from last week [7]. - **Turnover and Turnover Rate**: The total trading volume of the REITs market this week was 557 million shares, a 21.55% week - on - week decline, and the trading value was 2.375 billion yuan, a 16.49% week - on - week decline. The market turnover rate this week was 2.21%, compared with 2.83% last week [8]. - **Sub - index Performance**: Both the equity - type public REITs and concession - type public REITs indices declined, falling 1.31% and 1.45% respectively. Among them, only the water conservancy facilities REITs rose slightly by 0.15%, while the municipal facilities REITs had the highest decline [10][14]. - **Turnover and Turnover Rate of Different Types of REITs**: Most of the trading volumes of different types of public REITs decreased. In terms of turnover rate, the daily average turnover rates of water conservancy facilities and new infrastructure REITs were greater than 1 this week. The daily average turnover rates of energy infrastructure and municipal facilities REITs increased, while those of other types of REITs mostly decreased [16][18]. - **Single - Target Performance**: Among the 77 public REITs, 9 rose and 68 fell. The top gainers were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou Hangzhou Bay Bridge REIT, and Huaxia Nanjing Traffic Expressway REIT, with weekly increases of 1.0%, 0.9%, and 0.6% respectively. The top losers were CICC Chongqing Liangjiang Industrial Park REIT, CITIC Construction Investment Mingyang Smart Energy REIT, and AVIC Yishang Warehouse Logistics REIT, with weekly declines of 5.1%, 4.9%, and 4.5% respectively [20]. 3.2 Primary Market: 24 Public REITs Funds Are Awaiting Listing - **Issuance Situation in 2025**: As of November 21, 2025, 19 public REITs have been issued since 2025, with a new issuance in November 2025 having a scale of 2.448 billion yuan [26]. - **Funds Awaiting Listing**: There are 24 public REITs funds awaiting listing, including 11 initial offerings and 13 follow - on offerings. In terms of project status, 10 have passed, 7 have been feedbacked, 4 have been questioned, 2 have been accepted, and 1 has been declared [28]. 3.3 Public REITs Policies and Market Dynamics - **Policy Support**: On November 18, 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support the construction of consumer infrastructure and the commercial circulation system and encourage the issuance of REITs for eligible consumer infrastructure [31]. - **New REIT Declaration**: On November 18, the China Aviation Zhonghe Group Energy Closed - end Infrastructure Securities Investment Fund was officially declared, which is the second infrastructure public REITs product within the CNNC system [33]. - **Dividend Information**: The China Merchants Fund Shekou Rental Housing REIT will have its second annual dividend, distributing 0.318 yuan per 10 shares, and the Huaxia JINMAO Commercial REIT will have its third dividend in 2025, distributing 0.3755 yuan per 10 shares [34][36]. 3.4 Investment Suggestions - The REITs index declined slightly this week, and the trading value of the public REITs market decreased. Only the water conservancy facilities REITs rose slightly, while the municipal facilities REITs had the highest decline [37]. - The market is expected to continue to expand as 24 REITs funds are waiting to be listed. Currently, public REITs have high - dividend and medium - low - risk advantages, with a relatively high allocation cost - performance ratio [3][37].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The current macro - level is in a relatively vacuum period, and A - shares lack a clear upward mainline. The market trading volume remains low, and short - term market differences are expected to be gradually digested during the index's shock adjustment. New driving mainlines are awaited for further index upward movement [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space [1]. - There are various trends and influencing factors for different commodities, such as metals, energy, and agricultural products, with most prices expected to maintain a volatile trend, and some having specific supply - demand and macro - factor - related outlooks [1]. Summary by Related Catalogs Stock Index - The current macro - level is in a vacuum, A - shares lack an upward mainline, trading volume is low, and short - term market differences will be digested in index shock adjustment. New driving mainlines are needed for further upward movement [1]. Treasury Bonds - Asset shortage and weak economy are good for bond futures, but short - term central - bank interest - rate risk warnings suppress the upward space [1]. Non - ferrous Metals - **Copper**: The expectation of a December Fed rate cut has cooled, causing copper price to回调. However, the Fed is still in a rate - cut cycle, and there are still disturbances at the mine end, so the callback range is expected to be limited [1]. - **Aluminum**: Recently, industrial - side driving forces are limited, and macro - sentiment is volatile, so the aluminum price is running in a high - level shock [1]. - **Alumina**: With domestic alumina production capacity continuously releasing, production and inventory are both increasing, the fundamental situation is weak, and the price is oscillating around the cost line [1]. - **Zinc**: There are signs of short - term domestic improvement in the fundamentals, but the surplus pattern remains unchanged. With the Fed's internal differences on the December rate cut, the zinc price is expected to maintain a shock trend [1]. - **Nickel**: The Fed has large internal differences on the December rate cut, and the macro - sentiment is volatile. Indonesia has restricted nickel - related smelting project approvals again. Recently, the planned production cut of Indonesian intermediate products may affect about 6000 metal tons in July. If the macro - sentiment improves, the nickel price has a repair expectation. In the long - term, the primary nickel market will continue to be in a surplus pattern [1]. - **Stainless Steel**: The Fed's internal differences on the December rate cut are large, and the macro - sentiment is volatile. The price of raw - material nickel - iron has weakened again, and the social inventory of stainless steel has increased. The November production cut of steel mills is limited. The stainless - steel futures are searching for the bottom in shock [1]. - **Tin**: The Fed's internal differences are increasing, and the macro - sentiment is expected to be volatile. The long - term view on tin is bullish due to the significant decline in Indonesian tin export scale, unrepaired tin - ore supply, and expected terminal - downstream demand [1]. Precious Metals and New Energy - **Precious Metals**: Fed officials have soothed the market, and the probability of a December rate cut has rebounded. Precious - metal prices may fluctuate [1]. - **Industrial Silicon**: There is an expectation of medium - long - term capacity reduction. In the fourth quarter, terminal installation has a marginal increase. Northwest production capacity is continuously resuming, and the southwest's start - up is weaker than in previous years, with the impact of the dry season weakening [1]. - **Polysilicon**: The production schedule in November has decreased [1]. - **Organic Silicon**: There has been a joint production cut [1]. - **Lithium Carbonate**: The traditional peak season for new energy vehicles is approaching, energy - storage demand is strong, and there is supply - side resumption and production increase. But there are concerns about potential weakening of industrial demand in the off - season [1]. Building Materials and Energy - **Rebar**: The industry off - season effect is not obvious, but the industrial structure is still loose. In the short - term macro - vacuum period, the basis is acceptable, and it is advisable to participate in spot - futures positive arbitrage or use option strategies to optimize costs or sales profits [1]. - **Hot - Rolled Coil**: The near - month is restricted by production cuts, but the commodity sentiment is good, and the far - month still has upward opportunities [1]. - **Iron Ore**: The direct demand is okay, and there is cost support, but the supply is high, inventory is accumulating, and the sector is under pressure. The price rebound space is limited [1]. - **Coke and Coking Coal**: From a valuation perspective, this round of decline is close to the end. The coke price at 1630 reflects the expectation of 2 - 3 rounds of price cuts, and coking - coal contracts are also close to key support levels. Further decline requires continuous increase in coking - coal supply. Downstream is expected to start a new round of replenishment around mid - December [1]. - **Glass**: It follows the glass trend, but the supply - demand situation is average, and there is significant upward resistance [1]. - **Soda Ash**: The valuation indicates that this round of decline is close to the end, and the driving force may need more time. Downstream is expected to start replenishment around mid - December [1]. Agricultural Products - **Palm Oil**: High - frequency data shows increased production and reduced exports in the origin, and the near - month pressure is still high. Domestic ship - buying is active, and the basis is expected to be weak. The risk lies in a significant production cut in the origin [1]. - **Soybean and Soybean Oil**: The rumor of "US delaying the implementation of preferential cuts for imported bio - fuel raw materials" has been refuted, which has a positive expected difference for US soybeans and US soybean oil. Under high domestic crushing, the basis may be stable or slightly weak [1]. - **Rapeseed Oil**: The industry is optimistic about the replenishment of Australian rapeseed and imported crude rapeseed oil, and the trend remains unchanged, so it is advisable to wait and see [1]. - **Cotton**: There is a strong expectation of a domestic new - crop harvest, and the purchase price of seed cotton supports the cost of lint cotton. The downstream start - up remains low, but the yarn - mill inventory is not high, with rigid replenishment demand [1]. - **Sugar**: The global sugar supply has shifted from shortage to surplus, and the domestic new - crop supply pressure has increased year - on - year. Zhengzhou sugar futures are expected to be under pressure and follow the raw - sugar price [1]. - **Corn**: Short - term factors such as farmers' reluctance to sell, tight logistics in the Northeast, and low downstream inventory have led to a temporary supply shortage. The selling pressure is postponed, and the market's acceptance of high - price corn is limited before the supply pressure is fully released [1]. - **Soybean Meal**: Short - term attention should be paid to China's purchase of US soybeans. From December to January, the market is expected to gradually shift to trading the pressure of a bumper South American new crop. MO5 is recommended to be shorted on rallies [1]. Pulp and Wood - **Paper Pulp**: The pulp - futures price has risen above the registration - warehouse - receipt cost of most coniferous - pulp delivery products, and the upward space is limited. After new warehouse - receipts are registered, 1 - 3 reverse arbitrage can be considered [1]. - **Log**: The fundamental situation of logs has weakened, but it has been priced in the market. After a sharp decline in the futures price, the profit - loss ratio of short - selling is low, so it is advisable to wait and see [1]. Livestock - **Pig**: Recently, the spot price has gradually stabilized. With demand support and the un - cleared slaughter weight, the production capacity still needs to be further released [1]. Energy and Chemicals - **Crude Oil**: OPEC + plans to continue a small - scale production increase in December, the Russia - Ukraine peace agreement is being promoted, and the US has increased a new round of sanctions against Russia [1]. - **Fuel Oil**: It follows the crude - oil trend in the short - term, the demand for the 14th Five - Year Plan construction rush is likely to be falsified, and the supply of Ma Rui crude oil is sufficient. The asphalt profit is high [1]. - **BR Rubber**: The cost - end support of butadiene is insufficient, the supply of synthetic rubber is loose, and high - start - up and high - inventory have not been the main factors suppressing the price. The short - term price shows signs of stopping the decline [1]. - **PTA**: Gasoline profit and low benzene price support PX. Overseas and some domestic device malfunctions have led to a decline in the load of reforming devices. Domestic large - scale PTA devices are undergoing rotational inspections, and domestic PTA production has decreased [1]. - **Ethylene Glycol**: The crude - oil price decline has led to a fall in the ethylene - glycol price. The increase in coal price has slightly strengthened the cost support of domestic ethylene glycol. The strong expectation of domestic device commissioning suppresses the increase in ethylene - glycol price [1]. - **Short - Fiber**: Gasoline profit and low benzene price support PX. The PTA price has rebounded, and the short - fiber basis has strengthened. The short - fiber price continues to closely follow the cost [1]. - **Styrene**: The Asian benzene price is still weak, and the start - up rates of STDP devices and reforming devices have decreased. The US pure - benzene price has increased by 30 US dollars, and some US devices have reduced their loads [1]. - **Urea**: There is support from anti - involution and the cost end, but the export sentiment has eased, and domestic demand is insufficient [1]. - **PF**: The number of overhauls has decreased, the start - up load is high, the supply pressure is large, and the downstream improvement is limited [1]. - **PP**: The propylene monomer price is high, providing strong cost support. The supply pressure is increasing due to fewer future overhauls and new - capacity release [1]. - **PVC**: The delivery of Guangxi alumina has started, some alumina plants have postponed production, and the delivery rhythm has slowed down. There is a risk of a short squeeze due to low absolute prices and limited near - month warehouse receipts [1]. - **LPG**: The international oil - gas fundamental situation is continuously loose, and the CP/FEI price has weakened. The domestic spot fundamental situation is stable, with price - valuation repair, restarting of combustion demand, and chemical rigid - demand support [1]. Shipping - **Asia - Europe Line**: The macro - positive sentiment has been gradually digested, the peak - season price - increase expectation has been priced in advance, and the shipping - capacity supply in November is relatively loose [1].

一是在"资产荒"背景下，市场对高弹性稀缺资产的强烈渴求。在当前利率下行、房地产投资属性减弱的 宏观背景下，能够带来可观回报的优质权益资产变得尤为珍贵，而永赢基金的"智选"系列产品高度清 晰、纯粹的产品定位，恰好满足了投资者对精准捕捉低空经济、人工智能等前沿趋势的工具性需求。 不可否认，永赢的崛起离不开对时代机遇的精准捕捉，它敏锐地抓住了两大风口： 而高度工具化的产品，则更像是一个个性能优异但功能单一的精密零件。基金公司将零件的性能参数 (投资方向、风险收益特征)标注清晰，这无疑降低了投资者的决策成本，是行业的进步，但硬币的另一 面是，零件的选择便利实则将组装整车的复杂性与选择权，更多地交给了投资者一端。 对于少数专业投资者，这是一个更高效、更自由的工具箱，但对于占据绝大多数的普通投资者而言，一 场"能力的错配"正在悄然发生。他们或许能够清晰地判断自己是否看好人工智能，却未必具备将这 一"零件"与其他不同属性的资产进行科学配置、动态再平衡，并构建一个稳健投资组合的专业能力。 在一年多时间内将权益规模从不足百亿元推升至超千亿元，永赢基金的爆发在整个中国公募基金史上都 堪称现象级，但这不仅是一家公司的成功突围，更像 ...

二 〇 二 五 年 度 2025 年 11 月 23 日 国债期货周报 | | 唐立 | | 投资咨询从业资格号：Z0021100 | Tangli2@gtht.com | | --- | --- | --- | --- | --- | | | | 虞堪 | 投资咨询从业资格号：Z0002804 | yukan@gtht.com | | 报告导读： | | | | | ◼ 摘要： 风险提示： 货币政策力度不及预期、权益市场情绪超预期 请务必阅读正文之后的免责条款部分 1 期货研究 国 泰 君 安 期 货 研 究 所 ◼ 国债期货长端合约周度回落。 ◼ 周内全球权益市场回调，出现流动性危机信号。 ◼ 维持中期大方向看震荡偏空的观点。 期货研究 （正文） 1. 周度聚焦与行情跟踪 本周国债期货市场呈现震荡分化格局，短端品种相对稳定，长端品种受政策预期与权益市场扰动波动 加剧。央行重启 8000 亿元 6 个月期买断式逆回购操作，释放流动性呵护信号，但政策协同效应（如专项 债发行）削弱了供给冲击。展望未来，利率债与国债期货的分歧点将在于政策上对于内需激发、反内卷的 期待与宏观基本面相对疲弱下的交织情景。整体看移仓换 ...

Report Summary 1. Industry Investment Ratings - **Bullish**: PR, BR rubber [1] - **Bearish**: Stainless steel, asphalt, short - term corn, M05 of soybean meal, PVC, PP, some petrochemical products [1] - **Neutral (Oscillating)**: Index, Treasury bonds, copper, aluminum, zinc, nickel, stainless steel, precious metals, industrial silicon, polysilicon, lithium carbonate, rebar, iron ore, manganese silicon, silicon carbide, glass, pure alkali, coking coal, coke, cotton, pulp, logs, crude oil, fuel oil, short - term soybean oil, long - term tin [1] 2. Core Views - The current macro environment is in a relatively vacuum period. A - share lacks a clear upward trend, and trading volume remains low. Short - term market differences will be gradually digested during index fluctuations, waiting for new driving forces to push the index up [1]. - Asset shortage and weak economy are beneficial for bond futures, but the central bank's short - term interest rate risk warning restricts the upward movement [1]. - The Fed's December interest - rate cut expectation has cooled down, affecting the prices of various commodities, but different commodities have different responses based on their own fundamentals [1]. 3. Summary by Categories Equity and Bond Markets - **Index**: Short - term market differences will be digested during fluctuations, waiting for new driving forces for upward movement [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term interest rate risk warning restricts the rise [1] Commodity Markets - **Non - ferrous Metals**: The Fed's interest - rate cut expectation cooling affects prices. Copper price decline is limited; aluminum price fluctuates at a high level; zinc has support below; nickel price fluctuates downward; stainless steel needs to pay attention to production; tin is bullish in the long - term [1] - **Energy and Chemicals**: Crude oil is affected by OPEC+ production increase, geopolitical factors, and trade policies; asphalt is bearish; PR is bullish; BR rubber may rebound; PTA production declines; ethylene glycol is affected by multiple factors; PP and PVC are bearish; LPG fundamentals are stable [1] - **Agricultural Products**: New energy vehicle demand is strong, but lithium carbonate has upward pressure; cotton market is in a state of "support but no driver"; corn, soybean meal, and other grains have different price trends; pulp and logs have limited upward space; livestock products such as pigs have over - capacity issues [1] - **Building Materials and Metals**: Rebar and iron ore are affected by supply and demand and macro factors; coking coal and coke are affected by steel prices and supply - demand relationships; glass and pure alkali have limited upward space [1] - **Fuel and Oil Products**: Crude oil price fluctuates; fuel oil follows crude oil; asphalt is bearish; PR is bullish; BR rubber may rebound [1]

陈逸来认为，一是成本优势。ETF等指数产品的运作成本更低，这在低利率环境下至关重要。成本端的节省成为低收益环境中 增厚回报的关键因素。 二是提供相对具有确定性的β机会，目前市场上的ETF覆盖了绝大多数行业及主题赛道，无论是机构投资者还是个人投资者，都 能在丰富的ETF标的中找到适配需求的选择，拓宽资产配置边界。 21世纪经济报道记者 庞成 深圳报道 当前，全球已进入降息大周期，"资产荒"成为资管行业热议的核心问题，不少资管机构正在从被动投资策略中寻找破局之道。 11月20日，以"立足湾区投资全球"为主题的2025湾区财富大会在深圳会展中心举行。在20日下午举行"市场前瞻：量化策略和被 动投资趋势"主题讨论环节上，易方达基金指数高级研究员陈逸来表示，在低利率环境下，优质高收益资产愈发稀缺。而此时， 被动投资的优势愈发凸显，尤其ETF产品，凭借三大核心特质，成为破解"资产荒"的重要配置方案。 三是天然具备分散化特征，ETF通过跟踪一篮子标的实现投资，天生具有分散风险的属性。在市场波动放大的背景下，这种分 散化配置能帮助投资者平滑收益波动，获取更稳健的投资回报。 2025湾区财富大会由21世纪经济报道、深圳金博会运 ...