Core Insights - In the first eleven months of the year, 97.4% of the 8099 comparable mixed funds experienced a net value increase, with only 212 funds declining [1][2] - The top-performing mixed funds included Yongying Technology Smart Selection Mixed Fund A and C, achieving returns of 191.71% and 190.04% respectively [1][2] - The mixed fund with the largest decline was Xinyuan Consumer Selection Mixed Fund C/A, with a return of -19.83% [3] Fund Performance - Yongying Technology Smart Selection Mixed Fund A/C was established on October 30, 2024, and had a total asset size of 11.52 billion yuan as of the end of Q3 this year, with year-to-date returns of 197.78% and 196.05% [1] - The fund's cumulative net value reached 3.3768 yuan for A and 3.3540 yuan for C [1] - The top ten holdings of Yongying Technology Smart Selection Mixed Fund A/C focus on the global cloud computing industry [1] Other Notable Funds - Other mixed funds with returns exceeding 120% include Hengyue Advantage Selected Mixed Fund A (136.72%), AVIC Opportunity Navigation Mixed Fund A (135.34%), and others [2] - The China Europe Digital Economy Mixed Fund A/C, established on September 12, 2023, had a total asset size of 13.02 billion yuan and year-to-date returns of 126.68% and 125.43% [2][3] - The fund's cumulative net value was 2.8704 yuan for A and 2.8328 yuan for C, with a focus on AI infrastructure and applications [3] Declining Funds - Xinyuan Consumer Selection Mixed Fund C/A had the largest decline, with a return of -19.83% and a cumulative net value of 0.4919 yuan [3] - The top five declining funds were primarily from GF Fund, with declines ranging from -16.88% to -17.67% [3]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 中银国际指出，AI产业链景气趋势仍向好，下游需求旺盛，AI基础设施建设短期面临供应端存力 与电力短缺，资源紧缺带来存力与电力投资机会，算力特别是国产算力仍有广阔成长空间。在宽基指数 上，科创50、创业板指有望率先迎来修复，科技成长或最为受益。AI产业链有望成为春躁主线，流动 性预期及风险偏好修复将推动科技成长板块表现。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅达20%，该指数覆盖科创 板几乎所有符合条件的上市公司，市值覆盖率接近100%。其成分股主要聚焦于生物医药等"硬科技"领 域，行业分布较为均衡，能够全面反映科创板市场的整体走势。科创综指采用全收益计算方式，将分红 收益计入其中，从而更好地展现长期投资回报价值。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者 ...

东吴证券认为，周三，A股主要指数普跌调整。目前，A股市场运行在方向选择区间，上证指数在3830 —3930点区间内震荡整理，前期出现大阴线下杀后修复，短期多空力量暂时未能出现明显失衡，关注后 续的震荡持续时间及方向选择。 财信证券认为，周三，在外围市场向好的情况下，A股市场继续调整，反映出当前资金风险偏好仍较 低，导致大盘短期反弹动能逐步减弱。目前市场主线方向暂不明朗，前期强势的锂电产业链迎来调整， 同时近期在AI端侧、AI应用方向利好较多的背景下，以AI产业链为主的科技线走势也低于预期，未能 引领大盘持续走强，使得市场信心受到一定影响。短期内，随着大盘反弹力度下降，指数层面或将迎来 震荡，耐心等待放量长阳或者其他明确的回暖信号出现。中期来看，随着机构资金逐步开始布局2026年 方向、美联储降息靴子落地、"AI投资泡沫"担忧阶段性消退，A股市场或将迎来新一轮做多窗口期。 中原证券认为，周三，A股市场冲高遇阻、小幅震荡整理。盘中煤炭、有色金属、风电设备以及中药等 行业表现较好；互联网服务、能源金属、文化传媒以及软件开发等行业表现较弱。经过前期的快速波动 之后，上周A股市场逐步企稳回升。中长期支撑本轮A股上涨的基 ...

Core Insights - A500ETF fund (512050) has seen significant trading activity, with a rapid increase in trading volume and a notable rise in its holdings, indicating strong investor interest [1] - OECD forecasts global economic growth of 3.2% in 2025, with China's growth projected at 5%, up from a previous estimate of 4.9%, suggesting a positive outlook for the market [1] - After a period of market adjustment, there is an expectation of more positive changes as institutional investors begin to reposition for 2026, particularly following the upcoming Central Economic Work Conference [1] Fund Characteristics - A500ETF fund (512050) offers low fees (0.2% total fee), high liquidity (average daily trading volume over 5 billion), and substantial scale (over 20 billion in assets) [2] - The fund tracks the CSI A500 Index, employing a balanced industry allocation and leading stock selection strategy, covering all 35 sub-industries [2] - The fund is positioned to benefit from sectors such as AI, pharmaceuticals, and renewable energy, showcasing a natural "barbell" investment strategy [2]

日本加息对全球市场有何影响？20251202 摘要 日本央行加息预期引发市场波动，与此前预期新首相上台后延续宽松政 策不同，当前预期基于日本最新数据和通胀指标，显示宽松政策难以为 继，导致市场调整并转向加息预期。 PMI 数据显示企业主动去库存，11 月外需回升但生产端偏弱，企业为避 免亏损缩减生产和采购，用现有库存满足需求。此举短期增加经济压力， 但中长期有助于重启库存周期，或在明年下半年改善供需关系并推动 PPI 回升。 2025 年 A 股流动性充裕，企业存款活化显著，活期存款占比提升。财 政发债增加企业现金流，反内卷和贸易战导致制造业投资下滑，资金流 入股市，风险偏好上升亦促使企业资金入市，预计该趋势在 2026 年上 半年持续。 当前债券市场表现不佳，但央行关注价格而非数量，下半年利率区间维 持在 1.3%-1.5%。降息可能要等到 2026 年，目前不宜看空债券市场， 关注中央经济工作会议是否带来超预期政策调整。 Q&A 日本央行加息预期对全球市场产生了哪些影响？ 日本央行加息预期对全球市场产生了显著影响。首先，日元套息交易的反转导 致投资者卖出高息资产，回流日元，这直接推动了全球债券市场利率上行 ...

Market Strategy - The market is experiencing a volume contraction adjustment, with the Fujian sector showing strength [7] - The overall A-share market index fell by 0.64%, closing at 6224.37 points, while the Shanghai Composite Index decreased by 0.42% to 3897.71 points [7] - The small-cap stocks performed better, while the hard technology sector lagged behind [8] Important Economic News - The central bank conducted a 7-day reverse repurchase operation of 156.3 billion yuan at an interest rate of 1.40%, resulting in a net withdrawal of 145.8 billion yuan for the day [16] - From January to October, the newly installed capacity of renewable energy reached 332 million kilowatts, accounting for nearly 60% of the total installed capacity in the country [18] - The Fujian province has issued measures to promote the orderly development of computing power infrastructure, including enhancing network transmission efficiency and encouraging the construction of urban computing networks [20] Industry Dynamics - The official release of DeepSeek V3.2 marks a significant advancement in AI capabilities, achieving performance levels comparable to GPT-5 in benchmark tests [25] - The bidding results for the mechanism electricity price in Liaoning have been announced, with wind power priced at 0.33 yuan per kilowatt-hour and solar power at 0.30 yuan per kilowatt-hour [28] - The Ministry of Ecology and Environment is focusing on solid waste management, planning to enhance regulatory frameworks and improve environmental monitoring systems [30] Company Tracking - Dongpeng Beverage has received approval from the China Securities Regulatory Commission for its overseas listing of H shares, planning to issue up to 66.446 million shares [36] - Sanyou Medical has signed a strategic cooperation and distribution agreement with CGBio, obtaining exclusive distribution rights for the Novosis product in mainland China [38] - Beihua Co. has proposed a profit distribution plan for the first three quarters of 2025, offering a cash dividend of 0.25 yuan per 10 shares [41] - Bright Dairy plans to acquire a 40% stake in Xiaoxiniu for 500 million yuan, following a previous acquisition of a 60% stake [43]

Core Insights - The Shanghai Composite Index has reached the 4000-point mark for the first time in ten years, indicating a resurgence in market enthusiasm and a rise in the net value of many actively managed equity funds [1] - The "Double Ten" fund managers, defined as those with over ten years of management experience and an annualized return exceeding 10%, have proven to be resilient in various market conditions [1] Fund Manager Performance - The top ten "Double Ten" fund managers include notable figures from mid-sized fund companies, such as Jin Zicai from Caitong Fund and Mo Haibo from Wanji Fund, showcasing their strong performance over the years [1][2] - Jin Zicai's Caitong Value Momentum Fund and Mo Haibo's Wanji Quality Life Fund have demonstrated strong offensive capabilities during bull markets while maintaining a maximum drawdown of around 20% during market corrections, reflecting good risk management [2][3] Annualized Returns - The annualized returns for the top fund managers in 2025 show Caitong Value Momentum A at 63.10% and Wanji Quality Life A at 61.63%, indicating robust performance in the current year [3] - Historical performance data reveals significant fluctuations, with Caitong Value Momentum A achieving a return of 70.96% in 2019 and a decline of -23.09% in 2023, while Wanji Quality Life A had a peak return of 35.04% in 2021 [3] Long-Term Management - Zhu Shaoxing from Fortune Fund exemplifies long-term management, having managed the Fortune Tianhui Growth Mixed Fund since 2005, maintaining an annualized return of over 15% [4]

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 中银国际指出，AI产业链景气趋势仍向好，下游需求旺盛，AI基础设施建设短期面临供应端存力 与电力短缺，资源紧缺带来存力与电力投资机会，算力特别是国产算力仍有广阔成长空间。流动性预期 及风险偏好修复下，科技成长或最为受益，科创板、创业板有望率先迎来修复。AI产业链有望成为市 场主线，适宜择机配置，可重点关注AI行情"硬切软"（尤其是"谷歌链"）配置机会。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅达20%，该指数旨在反映 整个科创板市场的整体表现。其成分股主要聚焦于"硬科技"领域，包括生物医药和高端制造等具有高研 发强度与创新能力的行业，充分体现了科创板创新驱动与高成长性的市场特征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市 ...

Core Viewpoint - The expectation of interest rate cuts by the Federal Reserve has led to a resurgence in rate cut trading, resulting in a continuous rise in the Hang Seng Tech Index, with significant gains observed in major tech stocks such as BYD, Kuaishou, Alibaba, and Xiaomi [1] Group 1: Market Performance - The Hang Seng Tech Index ETF, which tracks the Hang Seng Tech Index, has seen a rise in line with the index, indicating strong market performance [1] - BYD's overseas sales in November exceeded 130,000 units, marking a year-on-year increase of 297%, setting a new historical high [1] - Xiaomi's automotive division announced that since April 3, 2024, it has delivered over 500,000 vehicles, with November deliveries consistently surpassing 40,000 units, exceeding the initial annual target of 350,000 units for 2025 [1] Group 2: Industry Insights - The Hang Seng Tech Index covers 30 leading tech companies listed in Hong Kong, focusing on both hardware and software technology, with a deep emphasis on the AI industry chain across upstream, midstream, and downstream sectors [1] - Key players in the index, including Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD, are positioned to become the "Seven Giants" of Chinese tech stocks [1]

Group 1: Infrastructure REITs Expansion - The National Development and Reform Commission has expanded the issuance scope of infrastructure REITs to enhance the role of real estate investment trusts in revitalizing existing assets and promoting a virtuous investment cycle [1][2] - The updated list of eligible industries for infrastructure REITs includes transportation, energy, municipal, ecological and environmental protection, warehousing and logistics, park infrastructure, new infrastructure, rental housing, water conservancy, cultural tourism, consumer infrastructure, commercial office, elderly care, urban renewal, and other projects that align with national strategies and policies [2][3] Group 2: Company News - Garden Holdings announced plans to acquire a total of 6.5% of Hualan Microelectronics for a total transaction amount of 112 million yuan, with the company and its subsidiary acquiring 974,540 shares [4][5] - The Shanghai Stock Exchange has issued an inquiry regarding the acquisition, asking for explanations on Hualan Micro's financial performance, including reasons for continuous losses and the withdrawal of its IPO application [5][6] - DeepSeek released two new models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, with the former designed for everyday use and the latter aimed at enhancing reasoning capabilities [6][8] - Tanshaner announced plans to acquire 51% of Shenzhen Betel Technology and 51% of Shanghai Tongtu Semiconductor for a total of 6.78 billion yuan [10] - Tai Long Pharmaceutical announced that its controlling shareholder is planning a share transfer that may lead to a change in control, with trading suspended for up to two days [11] - ST Suwu received a decision from the Shanghai Stock Exchange to terminate its stock listing, entering a delisting period starting December 9 [11] - Blue Si Technology announced the passing of its independent director and will follow legal procedures to appoint a new one [11] - Weiling Co. signed a share transfer agreement that will make a new entity the largest shareholder, pending regulatory approval [12] Group 3: Market Insights - Huatai Securities reports that December may see improvements in fundamental expectations and macro liquidity, suggesting an early start to the "spring excitement" in the market [12]