从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 据Wind数据，中证A500ETF（159338）盘中流入1.11亿份，净流入7800万份，资金抢筹更均衡的大宽 基。 相关机构表示，展望后市，中国经济企稳向好的趋势和政策面的鼓励支持均没有变，A股牛市的确定性 仍在逐渐加强，回调或是买入良机。随着反内卷政策的不断落地，国内经济走出"价格-需求"负反馈螺 旋的概率已不断增加。 （文章来源：每日经济新闻） ...

Core Viewpoint - The A-share bull market is far from over, with "Bull Market 1.0" expected to peak in spring 2026, followed by a potential "Bull Market 2.0" in the second half of 2026 [1][2] Group 1: Market Dynamics - Global competition is intensifying, necessitating a shift in mindset for A-shares to embrace competitive thinking, which will drive market dynamics [1] - The transition of Chinese residents' asset allocation towards equities is still in its early stages, indicating further potential for A-share liquidity improvement [1][2] Group 2: Bull Market Phases - "Bull Market 1.0" is anticipated to reach a peak in spring 2026, with a subsequent transition to "Bull Market 2.0" in the latter half of 2026 [2] - The second phase, "Bull Market 2.0," is expected to be a comprehensive bull market driven by improvements in fundamental cycles, emerging industry trends, and increased global influence of China [2][3] Group 3: Profit Forecasts - Predictions for 2026 indicate two significant milestones: the first effective rebound in profitability for all A-shares in five years and the first double-digit growth in net profit attributable to shareholders in five years [3] - Forecasted year-on-year growth rates for net profit attributable to shareholders are 7% for 2025 and 14% for 2026, with substantial quarterly growth expected [3] Group 4: Sector Trends - The transition from "Bull Market 1.0" to "Bull Market 2.0" will see high-dividend defensive stocks outperforming, while the latter phase will focus on cyclical recovery and growth sectors [3] - Key structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends with opportunities in AI, and enhanced manufacturing influence [3]

从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 （文章来源：每日经济新闻） 根据wind数据，中证A500ETF（159338）盘中净流入2700万份，资金抢筹更均衡的大宽基。 相关机构表示，展望后市，从机会项上看，有效突破4000点需要主线逻辑和赚钱效应的相互配合；从风 险项看，经济基本面的滞后、外围市场的波动和个别板块获利筹码的了结压力均对行情的进一步演绎形 成一定隐忧。但中国经济企稳向好的趋势和政策面的鼓励支持均没有变，A股牛市的确定性仍在逐渐加 强，回调或是买入良机。随着反内卷政策的不断落地，国内经济走出"价格-需求"负反馈螺旋的概率已 不断增加。 ...

Group 1 - The recent drop in the Shanghai Composite Index is primarily linked to the significant decline in US tech stocks, influenced by major short-sellers in the market [1] - Concerns regarding the Federal Reserve's potential decision not to cut interest rates in December are also contributing to the downturn, although a rate cut is still expected [1] - The overall bullish trend in global markets, including A-shares, is supported by the anticipated weakening of the US dollar and the strengthening of the Chinese yuan [1] Group 2 - The current bull market is primarily driven by the TMT (Technology, Media, and Telecommunications) sector, which has seen a high trading concentration of 40% in October [3] - The metals sector, particularly lithium and cobalt, is highlighted as a key area of interest due to its connection with AI and energy storage, as well as its relevance to economic cycles [3] - The innovative pharmaceutical sector has shown resilience, rebounding after a correction, indicating ongoing opportunities despite market fluctuations [3] Group 3 - The market forecast for the week of November 17-21 suggests a potential rebound with key support levels identified at 3950 and resistance at 4080 [5] - Investment strategies emphasize the importance of asset allocation, focusing on dividend stocks in sectors like metals, coal, and oil, as well as new technologies and pharmaceuticals [5] - Key areas for tracking include identifying performance inflection points in industries such as CXO and medical devices, as well as potential future hotspots like solid-state batteries and military technology [5]

玉 齿 金 1 15 1 1 2 8 2025年11月 131 = 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 +1.19% +1.14% +1.57% 数据来源:沪深交易所等,行情数据截至 4.3.18上市,中证A100ETF基金干2022.8.1 H 市,中证A500ETF华宝于2024.12. 当日大市行情 nit +0.73% +2.55% +1.78% 创业板指 上证指数 深证成指 两市成交额2.04万亿元 较上一日+969亿元 全市场个股涨跌数 3953 = 157只 1338层 n 持平 =1 上涨 "『下跌 资金净流入TOP3行业(申万一级) 电力设备 世外足田 +94.41亿元 +42.78亿 +28.79亿 元 元 数据来源:治济交易所等,行情数据税至2025.11.13ibba 机构观点 T 龙头券商的2026年A股研判悉数出炉。整体来看,头部券商对明年A股 的行情,均保持了一定程度的乐观,牛市延续是主流观点。 中信建投证券:A股牛市有望持续,本轮牛市以政策转向为起点,以流 动性改善为核心, ...

中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛 马静/摄 11月11日，在这个特别的日子，两大头部券商的年度策略会"一南一北"拉开帷幕。中信证券2026年资本市场年 会在深圳召开，中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛在北京举行。 "人气旺""规格高""国际化浓度高"是券商中国记者现场参会的最大感受。以中信建投为例，据了解，这是沙特 交易所首次与中资券商联合举办策略会，沙特交易所CEO穆罕默德·艾·鲁迈赫在致辞中指出，过去十年，中国 和沙特之间的关系已经从贸易为中心发展到以战略金融合作为特征的关系。除了资本市场，中沙更广泛的经济 伙伴关系正持续以令人印象深刻的速度在扩展。 展望2026年，两家券商对A股走势研判存在共识。中信证券首席A股策略师裘翔研判，A股行情或迈向低波动 慢牛。中信建投证券首席经济学家黄文涛则提到，A股牛市有望持续，预计指数依然震荡上行但涨幅放缓。 两大券商高管最新发声 两家券商的策略会现场人气都非常足，主论坛不仅座无虚席，连会场的后面、侧面都站立着不少听会嘉宾，直 至上午论坛全部结束。论坛上，两家券商高管在致辞中对经济形势、行业发展也分享了最新看法。 中信建 ...

Group 1 - The overall sentiment among brokerages for the A-share market in 2026 is optimistic, with expectations of a sustained slow bull market and potential to challenge ten-year highs [2][3]. - Brokerages believe that A-share valuations remain low, with anticipated improvements in earnings and continued liquidity support, alongside policy backing, contributing to upward market movement [2][4]. - The current market position is viewed as a potential starting point for a long-term bull market, driven by gradual improvements in fundamentals and industry highlights, with significant room for index growth [4][5]. Group 2 - Multiple brokerages emphasize the importance of corporate earnings recovery as a key driver for the A-share market, with expectations that the earnings cycle will gradually improve [5][6]. - Predictions indicate that the net profit growth rate for non-financial companies in the A-share market will be 6.4% in 2025 and 12.9% in 2026, with specific sectors like oil and petrochemicals expected to see higher growth [6]. - The liquidity environment is expected to support the market, although low-risk preference funds have been slow to enter the equity market, indicating a long-term process for significant capital inflows [7]. Group 3 - The technology sector is highlighted as a key focus for investment in 2026, with expectations of balanced industry performance and opportunities in advanced manufacturing and TMT sectors [8]. - Brokerages suggest a shift from a barbell strategy to a quality strategy, with emerging technologies being the main focus while also considering cyclical consumption and financial stocks [8].

Core Viewpoint - The A-share bull market is expected to continue into 2026, with indices likely to experience a volatile upward trend but with slower growth rates, leading investors to focus more on fundamental improvements and verification of economic conditions [1] Industry Insights - The technology sector may face structural and phase-specific pullback risks, while resource commodities are likely to emerge as a new main investment direction following the technology sector [1] - The ongoing comprehensive competition between China and the U.S. could significantly impact A-share investments, suggesting a strategic focus on future industries and key resources, particularly in military-related sectors [1] Key Industry Focus - Key industries to watch include: - New Energy - Non-ferrous Metals - Basic Chemicals - Oil and Petrochemicals - Non-bank Financials - Military Industry - Machinery Equipment - Computers [1] Thematic Focus - Important themes to consider are: - New Materials - Solid-state Batteries - Commercial Aerospace - Nuclear Power - Cross-Strait Integration [1]

Core Viewpoint - The A-share bull market is expected to continue into 2026, with the index likely to experience a volatile upward trend but with slower growth, leading investors to focus more on fundamental improvements and economic verification [1] Industry Insights - There is a caution regarding structural and phase-based pullback risks in the technology sector, while resource products may emerge as a new main direction for A-shares following the technology theme [1] - The ongoing comprehensive competition between China and the U.S. could significantly impact A-share investments, suggesting a strategic focus on future industries and key resources, particularly in military and defense sectors [1] Key Industry Focus - Key industries to watch include: - New energy - Non-ferrous metals - Basic chemicals - Oil and petrochemicals - Non-bank financials - Military industry - Machinery and equipment - Computers [1] Thematic Focus - Thematic areas of interest include: - New materials - Solid-state batteries - Commercial aerospace - Nuclear power - Cross-strait integration [1]

Core Viewpoint - The recent inflow of over 130 million yuan into the Zhongzheng A500 ETF (159338) over the past five days suggests that market pullbacks may present good opportunities for active allocation, as the long-term bullish outlook for A-shares is gradually strengthening [1] Group 1: Market Performance - The effectiveness of the Shanghai Composite Index breaking through the 4000-point mark remains to be seen, requiring further validation through market volume [1] - The Zhongzheng A500 ETF (159338) is positioned to capture strategic opportunities in the context of China's economic stabilization and recovery in the medium to long term [1] Group 2: Investor Interest - As of the 2025 mid-year report, the total number of accounts for the Guotai Zhongzheng A500 ETF ranks first among its peers, being more than three times that of the second-ranked product, indicating strong investor interest [1] - Investors interested in the Zhongzheng A500 ETF (159338) may consider it as a viable option for investment [1]