Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

Core Insights - The article highlights the increasing complexity of the mutual fund market in China, with over 10,000 public mutual fund products available by 2025, and emphasizes the need for investors to seek deeper insights beyond just net value data [1][15] Group 1: Industry Evaluation Data - According to a professional evaluation in Q3 2025, Sina Finance APP ranks first among financial investment apps with a comprehensive score of 9.56, excelling in data coverage, information quality, intelligent tools, trading experience, and community ecology [2][16] - Other leading investment apps like Tonghuashun and Dongfang Caifu share a score of 9.16, while mainstream apps such as Xueqiu, Dazhihui, and Zhangle Wealth have scores ranging from 8.0 to 8.7 [2][16] Group 2: Market Data Coverage Capability - Sina Finance APP covers 98% of the entire market for mutual funds, monitoring over 10,000 funds in real-time, integrating data from 163 major fund companies [3][17] - This comprehensive market coverage allows investors to access all mutual fund net value information in one place, overcoming the limitations of single fund company websites [3][17] Group 3: Technical Performance - During the May 2025 night market crash, most apps experienced delays of 1-2 seconds due to traffic overload, while Sina Finance APP maintained a refresh speed of 0.03 seconds, significantly surpassing the industry average [4][18] - This speed advantage is crucial for timely information acquisition and decision-making in a rapidly changing market [4][18] Group 4: Beyond Basic Queries - Sina Finance APP enhances basic functions into a decision-making tool, providing not only the latest net value but also performance trends over 1 month, 3 months, and 1 year, along with comparative analysis against peer averages and the CSI 300 [6][20] - Additional data includes historical performance of fund managers, investment styles, management scales, and industry distribution of holdings, allowing users to form a comprehensive understanding of a fund in 30 seconds [6][21] Group 5: AI Tools Empowering Investment Decisions - The "Xina AI Assistant" in Sina Finance APP condenses lengthy annual reports into concise summaries, significantly improving the efficiency of data processing for investors [7][22] - This AI tool uses color coding to highlight risk and opportunity points, transforming complex professional metrics into intuitive graphical representations [7][22] Group 6: Complete Loop from Query to Transaction - Sina Finance APP integrates trading functions, allowing users to complete account opening and transactions directly within the app, having partnered with 60 fund companies to offer over 3,000 mutual fund products [9][23] - This one-stop experience bridges the gap between information and trading, enhancing user convenience [9][23] Group 7: Intelligent Services and Personalized Experience - The "Smart Net Value Reminder" feature allows users to set specific thresholds for fund net values, providing timely alerts and market interpretations when these thresholds are reached [10][24] - The app's modular and personalized architecture enables users to customize their workspace layout, enhancing user engagement and management capabilities [10][25] Group 8: Competitive Analysis - Compared to platforms like Ant Wealth and Tiantian Fund that focus on trading, Sina Finance APP serves as a decision support tool, excelling in data depth and professional tools [11][26] - While platforms like Wind and Choice offer professional terminals, Sina Finance APP provides a unique combination of data quality, tool practicality, and user-friendliness, making it an ideal transition for ordinary investors [11][26] Group 9: Cognitive Upgrade in Fund Investment - The article emphasizes that investment is a process of cognitive transformation, and selecting a good tool is akin to choosing a knowledgeable mentor [12][27] - For investors looking to advance beyond basic net value observation, Sina Finance APP offers a pathway to build a comprehensive investment system focusing on asset allocation, risk control, and manager selection [12][27] Conclusion - The article illustrates how Sina Finance APP enables investors to access real-time data updates, enhancing their decision-making capabilities during market fluctuations, thereby bridging the information gap between investors and the market [13][29]

Market Review - The A-share market showed a mixed performance among major indices, with the ChiNext Index, CSI 300, and Shenzhen Component Index yielding returns of 1.86%, 1.28%, and 1.26% respectively, while the STAR 50, CSI 1000, and Shanghai Composite Index had lower returns of -0.08%, 0.11%, and 0.37% respectively [5][15] - The trading volume of major indices decreased last week, with the average daily trading volume for the past month also showing a decline [18][19] - The People's Bank of China (PBOC) conducted a net withdrawal of 848 billion yuan through reverse repos, with a total of 15,118 billion yuan maturing [24] Fund Performance - A total of 39 new funds were established last week, with a combined issuance scale of 36.589 billion yuan, an increase from the previous week [3] - The median returns for active equity, flexible allocation, and balanced mixed funds were 0.97%, 0.71%, and 0.69% respectively last week [33] - Alternative funds have shown the best performance this year, with a median return of 49.94%, while active equity, flexible allocation, and balanced mixed funds had median returns of 27.65%, 20.98%, and 14.90% respectively [35] Fund Issuance - Last week, 59 funds were reported for issuance, a decrease from the previous week, including products like the Industrial Bank of China CSI All Share Power Utility ETF and the Guotai Junan Shanghai Stock Exchange STAR Market Semiconductor Materials Equipment Theme ETF [4][5] - The total number of open-end public funds includes 269 ordinary FOF funds, 117 target date funds, and 152 target risk funds [38] Industry Insights - The non-ferrous metals, communication, and defense industries performed well last week, with returns of 5.07%, 3.69%, and 3.47% respectively, while media, real estate, and food and beverage sectors lagged with returns of -3.59%, -2.13%, and -1.88% [21][23] - Year-to-date, the non-ferrous metals, communication, and electronics sectors have shown high cumulative returns of 83.05%, 73.04%, and 39.48% respectively, while food and beverage and transportation sectors have the lowest returns [21][23] Fund Manager Changes - Last week, 40 fund companies experienced changes in fund managers across 114 fund products, with Huian Fund (11 funds), China Asset Management (9 funds), and E Fund (7 funds) being the most affected [42]

来源：新浪基金∞工作室 12月3日，港股红利低波ETF（520550）跌0.56%，成交额7291.61万元。当日份额增加1100.00万份，最 新份额为9.86亿份，近20个交易日份额增加1.18亿份。最新资产净值计算值为12.32亿元。 港股红利低波ETF（520550）业绩比较基准为恒生港股通高股息低波动指数收益率(经汇率调整后)，管 理人为招商基金管理有限公司，基金经理为许荣漫，成立（2025-01-15）以来回报为27.69%，近一个月 回报为2.36%。 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。 ...

港股央企红利ETF（513910）业绩比较基准为经估值汇率调整后的中证港股通央企红利指数收益率，管 理人为华夏基金管理有限公司，基金经理为鲁亚运，成立（2024-02-07）以来回报为65.78%，近一个月 回报为0.84%。 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。 来源：新浪基金∞工作室 12月3日，港股央企红利ETF（513910）跌0.72%，成交额3.47亿元。当日份额增加1900.00万份，最新份 额为30.85亿份，近20个交易日份额增加5.02亿份。最新资产净值计算值为51.15亿元。 ...

Group 1 - Funds are suitable investment products for ordinary people, and there is a free course available to help beginners understand fund investment from scratch [2] - The course includes notes and mind maps to facilitate efficient learning [2] Group 2 - The relationship between stock prices and company earnings can be complex, with some companies showing good earnings but stagnant stock prices, while others with losses may see stock price increases [6][8] - Companies can be categorized based on their Return on Equity (ROE): loss stocks (negative ROE), marginal profit stocks (positive ROE but below market average), and quality stocks (positive ROE above market average) [6][7] - In periods of ample liquidity, stocks with poor earnings may rise more than those with good earnings, indicating a speculative market environment [9][11] - Long-term investment should focus on companies with relatively good earnings to ensure sustainable returns, rather than engaging in short-term speculation or investing in loss-making companies [11]

Core Viewpoint - The brokerage sector is experiencing fluctuations, with the top-tier brokerage ETF (512000) hitting a new low since August 26, reflecting market volatility and investor sentiment [1][3]. Group 1: Market Performance - As of November, the brokerage ETF (512000) tracks the CSI All Share Securities Companies Index with a price-to-book (PB) ratio of 1.45, placing it at the 35th percentile over the past decade, indicating potential for valuation recovery [3]. - The brokerage ETF (512000) reached a historical milestone with its fund size surpassing 40 billion yuan for the first time on November 6, with an average daily trading volume exceeding 1 billion yuan, making it one of the largest and most liquid ETFs in the A-share market [3]. Group 2: Investment Sentiment - The non-bank financial sector is currently in a state of extreme underweight, suggesting a strong potential for increased allocation from public funds following the release of the draft guidelines for performance comparison benchmarks for publicly offered securities investment funds [3]. - Recent trading activity shows a significant inflow of funds into the brokerage ETF (512000), with a net inflow of 250 million yuan recorded recently, totaling 850 million yuan over the past four days, indicating strong buying interest [5].

| 年度名称 | 易方进上道中盘之易型开放式指数道带好情基金获得基金 | | --- | --- | | 基金周称 | 易方达上班中盘ET 庆投 | | 最重制代码 | 110021 | | 基金管理人名称: | 易方达属金管理有限公司 | | 公营依据 | 【公】【有】【 的管理能导意见》(新方达下证中量交易到开胶式指数证券投资其企業 TANK BE ARTICLE PRODUCTION CONTRACTOR COLLECTION OF COLLECTION OF COLLECTION OF THE COLLECTION OF THE COLLECTION OF THE COLLECTION OF THE CONTRACT PERSELLERS OF THE CONTRACT | | 系会经理专家发现 | 增精基金修理 | | 新任属企经理对名 | 划研究 | | 武固智服本部会的其他基金经理姓名 | 刘树党 | | 基金名称 | 精力达中道超值决定30岁的新开放式指数证券投资基金发起式联提出会 | | --- | --- | | 联合资格 | 馬方法中正國青史香 50ETF 欧报发起了 | | 基金支付费 ...

格隆汇12月2日丨洛阳钼业(03993.HK)公告，公司全资附属公司西藏施莫克(作为有限合伙人)、博裕天 枢(作为普通合伙人)及该基金其他有限合伙人订立合伙协议，据此，有关订约方同意投资该基金，其中 西藏施莫克同意向该基金投资人民币5亿元。"该基金"指根据合伙协议成立的有限合伙企业，名称为博 裕新智新产(宁波)股权投资合伙企业(有限合伙)。 公司是在确保日常运营和资金安全的前提下实施本次投资，不会影响公司日常资金正常周转需要。本次 投资主要是为了借助专业投资机构的优势，提升投资效益，为公司及股东创造合理的投资回报。本次投 资的资金来源于公司自有资金，不会对公司的财务状况、生产经营成果构成重大影响，不会损害公司及 股东的利益。集团拟透过其内部资源拨付其对该基金的投资。 ...

Group 1 - The core point of the article highlights that in November 2025, nine funds managed by Jin Zicai from Caitong Fund experienced a decline of over 8%, with the largest drops being -9.13% and -9.10% for Caitong Growth Preferred Mixed C and A respectively [1] - The funds primarily focused on the semiconductor sector, which has seen a downturn since mid-October after a previous surge, negatively impacting fund performance [1] - The other funds that also saw declines include Caitong Integrated Circuit Industry Stock C and A, Caitong Craftsmanship Preferred One-Year Holding Mixed C and A, Caitong Fuxin Open Mixed, and Caitong Prosperity Selection One-Year Holding Mixed C and A, with declines ranging from -8.19% to -8.77% [1] Group 2 - Jin Zicai has extensive experience in fund management, having worked in various roles at Caitong Fund since 2014, and currently serves as the Deputy General Manager and Director of Equity Investment [2] - His background includes positions at Huatai Asset Management and Xincheng Fund Management, contributing to a total of 11 years of public fund management experience [2]