Core Viewpoint - The A-share market is expected to experience a cross-year rally, with several brokerage firms optimistic about the investment strategies for 2026, particularly focusing on sectors with positive earnings forecasts and improving economic conditions [1][2]. Group 1: Market Outlook - Guangfa Securities anticipates marginal improvement in A-share company earnings, continued positive policy stance, ample market liquidity, and a gradual easing of external disturbances, making the cross-year rally promising [2]. - CITIC Construction Investment believes the current bull market, initiated by policy shifts and liquidity improvements, will continue into 2026, with a focus on fundamental improvements and economic validation [2]. - Huaxi Securities notes that December will be a critical observation period for domestic and international policies, potentially raising market risk appetite and creating opportunities for cross-year positioning [2]. - CICC expects the ongoing upward trend in A-shares since September 24 to persist, with an estimated overall earnings growth of around 4.7% for 2026 [2]. Group 2: Sector Focus - CITIC Construction Investment identifies technology growth as the most logical direction for investment, while cautioning against potential short-term corrections in the tech sector [4]. - Shenwan Hongyuan emphasizes that the recent adjustments in the tech growth sector are primarily to digest previous high valuations, suggesting a mid-term bottoming phase [4]. - Zhongjin Company highlights that the global macro environment and trends in innovative industries remain favorable for growth styles, with a balanced market style expected in 2026 [4]. - Guotai Junan suggests that robotics and brokerage stocks may become key focuses leading up to the 2026 Spring Festival, alongside potential trading opportunities in consumption and real estate sectors [5].

x 大大基金 链接您与财富 20年数据透视 这些板块或成12月主线机遇 复盘2005年至2024年12月份申万一级行业表现,从上涨概率来看,家 用电器、银行、食品饮料、社会服务、通信、石油石化、商贸零售7个 板块在12月实现上涨的概率均超过60%。从涨幅均值看,非银金融以 5.85%的平均涨幅居首,银行、食品饮料、家用电器等行业紧随其后。 | | 指数名称 | 涨幅均值 | 上涨概率 | | --- | --- | --- | --- | | | 家用电器 | 4.30% | 80% | | 2 | 銀行 | 5.08% | ୧5% | | 3 | 食品饮料 | 4.86% | ୧୧% | | 4 | 社会服务 | 4.27% | ୧୮% | | 5 | 道信 | 3.77% | ୧୮% | | 6 | 石油石化 | 2.56% | ୧୮% | | 7 | 商贸零售 | 2.26% | ୧୮% | | 8 | 美容护理 | 2.81% | 60% | | 9 | 农林牧渔 | 2.44% | 60% | | 10 | 煤炭 | 2.01% | 60% | | 11 | 有色金属 | 1.66% | 60% | ...

Core Viewpoint - The A-share market experienced a volatile adjustment in November, with the Shanghai Composite Index falling by 1.67%, the Shenzhen Component Index by 2.95%, and the ChiNext Index by 4.23% [1] Group 1: Stock Recommendations - Multiple brokerages have released their investment portfolios for December, covering various sectors including finance, information technology, and consumer goods [1] - Notable stocks recommended by brokerages include Midea Group, which received recommendations from four brokerages, and Zhongji Xuchuang, which was recommended by three [3] - Other recommended stocks include Zhejiang Xiantong, Ganyuan Food, and Beijing Lier from Dongxing Securities; Huayou Cobalt, Zhongji Xuchuang, and China Petroleum from Everbright Securities; and Meituan, Delijia, and China Ping An from Guosen Securities [2] Group 2: Market Trends and Insights - Brokerages suggest that the A-share market may primarily experience a period of consolidation, with a focus on cyclical sectors, consumption, and manufacturing [5] - According to Xinyu Securities, the recovery of Chinese assets is supported by enhanced competitiveness, the release of new economic momentum, clear policy transformation, and stable economic fundamentals [6] - Shenyin Wanguo anticipates that the end-of-year policy window may validate the "policy bottom," supporting economic growth in 2026, with cyclical assets likely forming the basis for the spring market [6] - Suggestions for investment include focusing on high-dividend, low-volatility assets, and sectors such as basic chemicals and industrial technology [6]

Group 1 - The overall direction of the A-share market is still in a bull market, but it may enter a wide fluctuation phase in the short term. Compared to previous bull markets, there is still considerable room for index growth, but the duration of the bull market may be more important than the magnitude of the increase under the government's guidance for a "slow bull" policy [1][3] - In November, major A-share indices generally declined, with the STAR 50 index experiencing the largest drop of 7.1%, while the Shanghai 50 index saw the smallest decline of 1.3%. The performance across industries showed significant differentiation, with sectors like comprehensive, banking, and media leading in gains [2] - The Hong Kong stock market also experienced fluctuations in November, influenced by expectations of U.S. Federal Reserve interest rate cuts and concerns over AI bubbles. The Hang Seng Index and other indices showed mixed performance, with the Hang Seng Technology Index declining by 4.9% [2] Group 2 - In terms of investment strategy, short-term focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT (Technology, Media, Telecommunications) and advanced manufacturing sectors. During the fluctuation phase, previously lagging sectors may perform better, particularly high-dividend and consumer sectors [3] - For the Hong Kong market, a "dumbbell" strategy is recommended, focusing on technology growth and high-dividend stocks. The market's overall profitability remains strong, and despite recent gains, valuations are still relatively low, making long-term investment attractive [4][5] - Specific areas of interest include domestic policies supporting self-sufficiency in technology, chip manufacturing, and high-end manufacturing, as well as independent internet technology companies with their own growth potential [5]

Market Overview - The stock market experienced a rebound during the week of November 24-28, 2025, with major indices showing positive performance: Shanghai Composite Index up 1.40%, Shenzhen Component Index up 3.56%, and ChiNext Index up 4.54% [1] - Trading volume remained low, with daily turnover around 1.8 trillion, indicating weak enthusiasm from external investors [1] - The market showed a trend of small-cap stocks outperforming larger ones, with gains increasing from the CSI 300 to the CSI 2000 [1] ETF Performance - Growth sectors saw significant rebounds, with the top-performing ETFs showing gains over 10%: S&P Biotechnology ETF up 12.04% and NASDAQ Biotechnology ETF up 10.43% [2] - The average gain for all ETFs was 2.42%, driven by a rebound in sectors like CPO and telecommunications [2] - The top ten ETFs by gain were all related to growth sectors, indicating a strong recovery in previously popular themes [2] Fund Flow Trends - Overall, there was a net outflow of 279.76 billion, with stock ETFs experiencing a significant outflow of 362.95 billion [6] - In contrast, money market ETFs and cross-border ETFs saw net inflows, indicating a shift towards safer investments [6] - The top inflow ETFs included the Huabao Qiyi ETF with 36.91 billion and the Benchmark Treasury ETF with 29.45 billion [8] Economic Indicators - Fiscal revenue showed a year-on-year increase of 3.16%, driven by higher tax income, while land transfer income continued to decline [5] - General fiscal expenditure fell by 9.78%, reflecting a significant drop compared to the previous month [5] - The real estate sector remains under pressure, with calls for new policies to stimulate the market [5] Upcoming ETF Listings - Two new ETFs are set to launch next week: Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low Volatility ETF, both targeting specific growth and dividend strategies [11][12] - The Hang Seng Technology ETF will focus on major tech stocks in Hong Kong, while the A500 Dividend ETF aims to provide stable returns through high dividend-paying stocks [11][12]

虹桥国际中央商务区发布了《虹桥支持长三角企业"走出去"人才服务举措》，聚焦企业在港澳签注、签 证办理、海外聘才、合规运营等方面的核心需求，联合人力资源、海外招聘、财税薪酬、跨境安家、医 疗健康等领域的专业机构，推出二十项具体举措，形成从人才出境到海外融入的全流程服务闭环。例 如，为符合条件的企业高管办理亚太经合组织商务旅行卡，便利在APEC经济体之间的跨境商旅活动； 通过米高浦志等具有国际背景的猎头公司，定向猎取海外市场的高管及核心专业技术人才等。 本次论坛上，位于虹桥国际中央商务区东虹桥片区的"虹桥·海创湾"宣布启动，并推出助力人才创新创 业十条举措。此外，由虹桥国际人才服务中心、上海虹桥海外人才一站式服务中心以及苏州、嘉兴、合 肥三市的高层次（综合）人才服务中心共同发起的"长三角城市人才平台协同服务合作倡议"也在论坛上 发布。长三角创业投资基金服务联盟举行战略合作签署仪式，该联盟由上海、江苏、浙江、安徽三省一 市创投机构共同组建，投资领域覆盖集成电路、生物医药、人工智能等关键赛道。 根据联盟合作协议，各成员机构将通过互推优质科创项目，互荐战略合作伙伴，协作调研区域内创业投 资基金相关政策与规定，扩大对区域 ...

Market Overview - The A-share market experienced a pullback this week due to a decline in market risk appetite, with major indices generally falling. The Shanghai Stock Exchange 50 Index had the best performance with a decline of -2.7%, while the ChiNext Index saw the worst performance with a decline of -6.2%. The overall valuation of the Wind All A Index is at the 83rd percentile since 2010 [4]. Industry Performance - In terms of industry performance, the banking, media, and food and beverage sectors experienced relatively smaller declines, with changes of -0.9%, -1.3%, and -1.4% respectively. Conversely, the power equipment, comprehensive, and basic chemicals sectors lagged behind with declines of -10.5%, -9.2%, and -7.5% respectively [4]. Important Events - Key events this week included China's stern diplomatic response to Japan's Prime Minister's erroneous remarks, the Netherlands' suspension of an administrative order against ASML, and President Putin's announcement regarding visa-free policies for Chinese citizens. Additionally, the November LPR rates were published, remaining unchanged at 3.0% for the 1-year and 3.5% for the 5-year, marking the sixth consecutive month of stability [5]. Market Sentiment - The market remains in a bull phase, but short-term fluctuations are expected due to overseas market volatility. Factors such as increased uncertainty regarding the Federal Reserve's potential rate cuts in December, high valuations in tech stocks, and concerns over an AI bubble have contributed to a turbulent week for U.S. stocks, with the Nasdaq index falling by 2.74% [6][7]. Investment Strategy - In the current market environment, the focus should be on defensive and consumer sectors in the short term, while maintaining attention on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the medium term. The market is likely to experience a period of consolidation, with previously lagging sectors such as high-dividend and consumer stocks expected to perform better [7].

Group 1 - The A-share market experienced a pullback this week, with major indices declining due to decreased market risk appetite. The Shanghai Composite Index fell by 2.7%, while the ChiNext Index dropped by 6.2%. The overall valuation of the entire A-share market is at the 83rd percentile since 2010 [1][10][12] - In terms of industry performance, the banking, media, and food and beverage sectors showed relatively smaller declines, with respective changes of -0.9%, -1.3%, and -1.4%. In contrast, sectors such as power equipment, comprehensive, and basic chemicals faced larger declines, with changes of -10.5%, -9.2%, and -7.5% [1][10][14] Group 2 - Recent significant events include China's stern diplomatic response to Japan's remarks, the Netherlands suspending an administrative order against ASML, and Russia's announcement of a visa-free policy for Chinese citizens [2][19][20] - Economic data released this week showed that the one-year and five-year LPR rates in China remained unchanged at 3.0% and 3.5%, respectively. In the U.S., September's non-farm payrolls exceeded expectations, with an increase of 119,000 jobs, leading to speculation that the Fed may delay interest rate cuts in December [2][21] Group 3 - The market is still in a bull phase, but short-term fluctuations are expected. The Shanghai Composite Index saw a weekly decline of 3.9%, while the STAR 50 Index dropped by 5.54%. The volatility in the A-share market is influenced by fluctuations in overseas markets, particularly in the tech sector [3][24][25] - The current market position may represent the starting point of a long-term bull market, supported by improving fundamentals and industry highlights. However, short-term catalysts may be lacking, leading to a phase of consolidation [3][25] Group 4 - Short-term investment focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors. High-dividend and consumer stocks are expected to perform better during market fluctuations [3][35][38] - The TMT sector currently has several catalysts, including Alibaba's launch of a new AI model and Oracle's significant growth in remaining performance obligations. If the market shifts to a fundamentals-driven phase, advanced manufacturing is likely to become a key focus [3][40][43]

Market Overview - On November 17, the Shanghai Composite Index experienced fluctuations, while the ChiNext Index saw a significant decline, although losses narrowed towards the end of trading. The North China 50 Index rose against the trend [1] - At the close, the Shanghai Composite Index fell by 0.46% to 3972.03 points, the Shenzhen Component Index decreased by 0.11% to 13202 points, and the ChiNext Index dropped by 0.2% to 3105.2 points. The Shanghai 50 Index declined by 0.87%, while the North China 50 Index increased by 0.81%. The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 19,305 billion [1] Sector Performance - Sectors such as insurance, banking, brokerage, pharmaceuticals, and electricity saw declines, while military, coal, and real estate sectors experienced gains. Additionally, lithium mining, AI applications, and Huawei computing concepts were active [1] Market Sentiment and Outlook - According to Everbright Securities, the market may still be in a bull market phase, but a wide fluctuation period is expected in the short term. Compared to previous bull markets, there is still considerable room for index growth, but the duration of the bull market may be more important than the magnitude of the increase under the government's "slow bull" policy guidance [1] - In the short term, the market may lack strong catalysts, and year-end behavior of some investors may trend towards caution, leading to a focus on consolidation. Defensive and consumer sectors are recommended for short-term attention, while TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors should be monitored in the medium term [1] - During the consolidation phase, previously lagging sectors may perform better, particularly high-dividend and consumer sectors. In the medium term, TMT is likely to become a main focus under liquidity-driven market conditions, while advanced manufacturing should be emphasized if the market shifts to a fundamentals-driven approach [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the performance and capital flow of the ETF fund market in the past week (from November 10th to November 14th), including the overall market, different popular sub - types, and innovative themes and sub - industries, to provide reference for investors [1]. 3. Summary According to Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Most stock ETFs rose this week. Hong Kong stock pharmaceutical and biological ETFs had the largest increase, with an average increase of 6.10% for funds above a certain scale. Conversely, A - share TMT ETFs and A - share growth ETFs declined significantly, with average decreases of 4.37% and 3.20% respectively for funds above a certain scale [2][5]. - **Capital Flow**: Funds flowed into A - share TMT ETFs and commodity ETFs, with net inflows of 8.239 billion yuan and 5.957 billion yuan respectively throughout the week. In contrast, A - share large - cap ETFs experienced capital outflows, with a net outflow of 7.556 billion yuan throughout the week [3][7]. 3.2 Different Popular Sub - type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Different types of funds have different performance in terms of weekly capital flow, weekly return, recent one - month return, and year - to - date return [14][15][16]. - **Hong Kong stock ETFs**: Also cover broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real estate), SmartBeta (dividend), and theme. Each type shows different performance characteristics [29][30][31]. - **Hong Kong - Shanghai - Shenzhen ETFs**: Include industry and theme types, with different performance in terms of capital flow and return [37][38]. - **US stock ETFs**: Divided into broad - based index and industry types, with corresponding performance data [39][40]. - **Other QDII - ETFs (excluding Hong Kong and US stocks)**: Provide performance information of relevant funds [41]. - **Bond ETFs**: Present the performance of bond - related ETFs [42]. - **Commodity ETFs**: Mainly gold - related ETFs, all showing a certain degree of increase this week [43]. 3.3 Innovative Themes and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: Indexes such as animation and games, film and television themes, and financial technology have different weekly and year - to - date returns, and the corresponding representative funds also show corresponding performance [45]. - **Consumption Sub - industry**: Indexes like liquor, food and beverage, and tourism have different performance, and the representative funds follow suit [46]. - **Pharmaceutical Sub - industry**: Indexes such as vaccine and biotechnology, traditional Chinese medicine, and innovative drugs have different returns, and the corresponding funds perform accordingly [47]. - **New Energy Theme**: Indexes including power utilities, green power, and photovoltaic industry have different performance, and the representative funds show corresponding trends [48]. - **Central and State - owned Enterprise Theme**: Indexes such as mainland state - owned enterprises, Hong Kong stock central enterprise dividends, and central enterprise innovation have different returns, and the corresponding funds perform accordingly [49][50]. - **Stable Growth Theme**: Indexes such as coal, real estate, and non - ferrous metals have different performance, and the representative funds follow suit [51]. - **Hong Kong - Shanghai - Shenzhen/Hong Kong Stock Connect Sub - industry**: Indexes such as Hong Kong - Shanghai - Shenzhen Internet, Hong Kong securities, and Hong Kong stock connect pharmaceuticals have different returns, and the corresponding funds perform accordingly [52]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes such as CSI 300 Dividend, CSI Dividend Low - Volatility, and SSE Dividend have different performance, and the corresponding funds follow suit [53]. - **Growth Enterprise Board Index Family**: Indexes such as Science and Technology Innovation Chip, Growth Enterprise Board Growth, and Growth Enterprise Board 50 have different performance, and the corresponding funds follow suit [54].