证券研究报告 | 2025年11月23日 基金周报 ETF 简称统一规范正式落地，非货基"T+0.5"赎回时代来临 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线下跌，沪深 300、上证综 指、中小板指指数收益靠前，收益分别为-3.77%、-3.90%、-5.10%， 创业板指、中证 1000、中证 500 指数收益靠后，收益分别为-6.15%、 -5.80%、-5.78%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 银行、食品饮料、传媒收益靠前，收益分别为-0.87%、-1.36%、-1.39%， 综合、电力设备及新能源、基础化工收益靠后，收益分别为-9.47%、 -9.41%、-8.24%。 截至上周五，央行逆回购净投放资金 5540 亿元，逆回购到期 11220 亿 元，净公开市场投放 16760 亿元。除 5 年期和 10 年期外，不同期限的 国债利率均有所下行，利差扩大 1.22BP。 上周共上报 54 只基金，较上上周申报数量下降。申报的产品包括 1 只 REITs，3 只FOF，上证科创板芯片ETF、中证科创创业人工智能ETF、 易方达中证港股通信息技术 ...

Core Viewpoint - The recent market correction is primarily driven by external factors, including declining expectations for a Federal Reserve rate cut and rising concerns over AI bubbles, which have transmitted pessimistic sentiments from overseas to the domestic market [2][6][8]. Market Performance - On November 21, A-shares experienced a significant drop, with the Shanghai Composite Index falling by 2.45% to close at 3834.89 points, while the Shenzhen Component and ChiNext Index dropped by 3.41% and 4.02%, respectively [2]. - Over the past week (November 17 to November 21), the Shanghai Composite Index declined by 3.9%, and the Shenzhen Component fell by 5.03%, with several high-growth sectors, including AI, chips, and lithium batteries, leading the market decline [3][4]. Fund Flows - Despite the market downturn, over 700 billion yuan flowed into stock ETFs, indicating a trend of buying on dips. Notable ETFs such as the Southern CSI 500 ETF and E Fund ChiNext ETF saw net inflows exceeding 30 billion yuan each [4][5]. - On the day of the market drop (November 21), more than 400 billion yuan was invested in ETFs, with the Huatai-PB CSI 300 ETF alone receiving approximately 40 billion yuan in net inflows [4]. External Influences - Fund companies attribute the market correction to external disturbances, particularly the unclear direction of the Federal Reserve's monetary policy and concerns over the sustainability of AI investments. The recent U.S. employment data showed a paradox where job growth was strong, but the unemployment rate reached a four-year high, complicating the Fed's decision-making [6][8][9]. - The sentiment in the U.S. tech sector has also negatively impacted the A-share market, as strong earnings reports from major tech companies did not prevent stock price declines, reflecting a tightening liquidity environment [9]. Future Outlook - Despite the current market volatility, several fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend. They believe that the market will continue to attract new capital, particularly in the technology sector, supported by favorable policies [10][11]. - The long-term fundamentals, including stabilizing real estate prices and the effectiveness of "anti-involution" policies, are expected to support a sustained upward trend in the A-share market [10][11].

Group 1: Market Trends and Investment Opportunities - Multiple chip-related ETFs and AI-focused ETFs have been approved, indicating regulatory support for strategic emerging industries, which is expected to attract more capital into the market [1] - The 2026 A-share market outlook is optimistic, with expectations of a "confidence reassessment bull market" and a recovery in corporate earnings after a downward cycle from 2022 to 2024 [2][3] - Key sectors to watch include AI, semiconductor, and international cooperation, with potential for earnings to exceed expectations [2][3] Group 2: Robotics Industry Insights - 2026 is projected to be the year of mass production for domestic humanoid robots, with significant technological advancements and supply chain improvements [4][6] - Companies like Tesla and XPeng are making strides in humanoid robot development, with XPeng's new robot showcasing advanced technology and integration capabilities [5][6] - The IPO of Yushu, a notable player in the robotics sector, is expected to boost the industry and attract attention to its supply chain and strategic partnerships [6] Group 3: Electronic Skin Technology - Electronic skin technology is crucial for humanoid robots, enabling tactile perception and interaction, with various sensor types being explored [7][8] - The market for flexible tactile sensors is dominated by foreign companies, but domestic firms are rapidly closing the gap due to policy support and manufacturing capabilities [8][9] - Key companies in the electronic skin space include Fulei New Materials and Hanwei Technology, which are advancing their technologies and expanding production capabilities [9] Group 4: Solid-State Battery Development - The dry film formation process is becoming the mainstream method for solid-state battery production, offering advantages in cost and efficiency [10][11] - Various dry film formation technologies are being explored, each with unique benefits and suitable applications [11] - Investment recommendations focus on solid-state battery equipment suppliers and related technology firms, highlighting the growing importance of this sector [11]

Group 1 - The Chinese Ministry of Foreign Affairs and the embassy in the Democratic Republic of the Congo have urged Chinese citizens and businesses in the eastern region, particularly South Kivu, to evacuate immediately and report their information to the embassy [1] - The National Internet Information Office and the Ministry of Public Security have drafted regulations for personal information protection on large online platforms, requiring that personal information collected within China be stored domestically [2] - China Tourism Group is leading the establishment of a new central enterprise for cruise operations, following a signing ceremony involving 17 units across key sectors such as new materials and artificial intelligence [3] Group 2 - The Chinese government has announced that electronic savings bonds will be included in the personal pension product range to support the development of a multi-tiered pension insurance system [6] - Sixteen new hard technology-themed funds have been approved, focusing on sectors like AI and chips, indicating a positive signal from regulators for strategic emerging industries [7] - The price of white duck down has increased by approximately 20% over the past two months, benefiting companies in the industry as demand for down jackets rises [8][9] Group 3 - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-batch testing [10] - The lithium iron phosphate industry is experiencing cautious expansion among companies despite a recovery in industrial demand, as prices have not significantly increased [11] - Guangku Technology plans to acquire 99.97% of Suzhou Anjie Xun Optoelectronics for 1.64 billion yuan, enhancing its position in the optical communication sector [12] Group 4 - Huawei has introduced a breakthrough AI technology called Flex:ai, which significantly improves the utilization rate of computing resources by allowing a single GPU/NPU to handle multiple AI workloads [13] - Zhaoyi Innovation announced plans for several executives to reduce their holdings in the company, citing personal financial needs [14] - The U.S. is preparing to initiate new actions regarding Venezuela, with military presence in the Caribbean region, indicating potential geopolitical implications for the region [15] Group 5 - The Nasdaq index has seen a cumulative decline of nearly 3% this week, with Nvidia's stock dropping approximately 6% [17] - Upcoming significant events include the 2025 China Automotive Supply Chain Conference and the release of financial reports from major companies like Alibaba and NIO [18][24]

Group 1: Industry News - The first large-capacity all-solid-state battery production line in China has been completed, capable of mass production of automotive-grade all-solid-state batteries with a capacity of over 60Ah, with energy density nearly double that of existing batteries, enabling over 1000 km range for vehicles after usage [1] - The Ministry of Industry and Information Technology announced the official launch of commercial trials for satellite IoT services, which connect various IoT devices through satellite communication technology, providing wide-area IoT connectivity for data collection terminals and transportation tools [1] - The National Internet Information Office and the Ministry of Public Security have drafted regulations for personal information protection on large online platforms, aimed at standardizing personal information processing activities and promoting healthy development of the platform economy [2] Group 2: Company News - Aerospace Electric has reported that its focus on expanding into semiconductor testing and data center sectors is progressing as expected, with related products already receiving bulk orders [3] - Changying Precision has indicated that its early engagement in the robotics sector has been primarily with overseas brands, contributing 35 million yuan in revenue from two overseas brands in the first half of the year, with total deliveries of humanoid robot components exceeding 80 million yuan by the end of August [3] - The company is actively expanding production in response to accelerating new orders for humanoid robots from overseas, while also establishing connections with over 30 domestic clients, with revenue expected to be released gradually starting from Q1 next year [3]

每经记者｜范芊芊 每经编辑｜何小桃 陈鹏程 王晓波 标题点睛： 当地时间21日，美国总统特朗普表示，他认为27日是乌克兰接受美国支持的和平计划的最后期限。另有消息称，美国副总统万斯和乌克兰总统泽连斯基21 日通了电话。与此同时，特朗普政府正敦促乌克兰在27日之前同意一项结束俄乌冲突的计划。 据印度空军消息，当地时间11月21日下午在迪拜航展上坠毁的"光辉"战机飞行员死亡。 11月21日，小米集团公关部总经理王化在社交平台发文称，21日是其到岗小米武汉总部正式开展工作的第一天，是时候向大家汇报其转岗信息。"轮岗制 度的规则里面，三年就该轮岗，五年是必须轮岗。所以我轮岗的时间点是五年前就定下来了；岗位有几个选择，武汉是我选的。" 1 何立峰会见美国前总统国家安全事务助理哈德利一行时指出 中美双方应以两国元首会晤重要共识为引领 推动双边经贸关系稳定发展 中共中央政治局委员、国务院副总理何立峰11月21日下午在人民大会堂会见美国前总统国家安全事务助理、大西洋理事会执行副主席哈德利一行。何立峰 表示，中美两国元首在韩国釜山成功会晤，为下一步双边经贸关系发展指明了方向。中美拥有广阔的合作空间和广泛的共同利益，经贸应该继续 ...

Group 1: Macroeconomic Indicators - In October, China's total electricity consumption reached 857.2 billion kWh, marking a year-on-year increase of 10.4% [3] - From January to October 2025, 53,782 new foreign-invested enterprises were established nationwide, representing a year-on-year growth of 14.7%, while the actual utilized foreign capital amounted to 621.93 billion RMB, a decrease of 10.3% [3] - Guangdong Province reported a 3.5% year-on-year increase in industrial added value from January to October, with manufacturing growth at 3.8% [3] Group 2: Automotive Industry - In November, the retail market for narrow-sense passenger vehicles is expected to reach approximately 2.25 million units, remaining flat compared to October but down 8.7% year-on-year, with an estimated 1.35 million units of new energy vehicles, achieving a penetration rate of 60% [4] Group 3: Company Developments - Huawei launched Flex:ai AI container software, which utilizes computing power segmentation technology to divide a single GPU/NPU card into multiple virtual computing units, allowing for multiple AI workloads to be processed simultaneously [8] - GAC Toyota plans to produce and sell over 800,000 vehicles annually by 2026, aiming for a sales growth of over 10% by 2027 through increased new energy vehicle sales [8] - Foxconn's parent company, Hon Hai Group, announced a partnership with OpenAI to focus on the design and manufacturing of next-generation AI infrastructure hardware, with an annual investment of $2 to $3 billion in the AI sector [8] Group 4: Financial Market Trends - The A-share market experienced a significant adjustment on November 21, with the Shanghai Composite Index dropping over 2% and the ChiNext Index falling over 4%, while the total trading volume reached 1.97 trillion RMB, an increase of 257.5 billion RMB from the previous trading day [6] - The stock private equity position index reached 81.13% as of November 14, 2025, up 0.97 percentage points from the end of October, indicating significant buying activity among large private equity firms [7] - Sixteen hard technology products were rapidly approved on November 21, including the first batch of seven AI ETFs and three chip ETFs, aimed at guiding investments into high-quality listed companies in the hard technology sector [7]

Company Developments - Huawei launched Flex:ai AI container software, utilizing computing power segmentation technology to divide a single GPU/NPU card into multiple virtual computing units, achieving precise segmentation down to 10% [7] - Huaxia Happiness's debt committee initiated a proposal for a special financial due diligence on Huaxia Happiness, focusing on issues related to debt resolution transparency and fund allocation [7] - GAC Toyota plans to exceed an annual production and sales of 800,000 units by 2026, aiming for over 10% sales growth by 2027 and a target of one million units by 2028 [7] - Foxconn's parent company, Hon Hai Group, announced a collaboration with OpenAI to focus on the design and manufacturing of next-generation AI infrastructure hardware, with an annual investment of $2 to $3 billion in the AI sector [7] - Ruifeng New Materials plans to jointly increase capital by 200 million yuan in Tai Rui Lian Teng to advance the construction of a 15,000-ton lithium hexafluorophosphate project [8] - Kaizhong Co. is planning to acquire control of Anhui Tuosheng Automotive Parts Co., with stock suspension starting from November 24 [8] - Daikin Heavy Industries' wholly-owned subsidiary signed a contract worth 1.339 billion yuan for a European offshore wind farm project, accounting for 35.41% of the company's audited revenue for 2024 [8] Industry Insights - The A-share market experienced a significant adjustment on November 21, with the Shanghai Composite Index dropping over 2% and the ChiNext Index falling over 4%, while the total trading volume reached 1.97 trillion yuan, an increase of 257.5 billion yuan from the previous trading day [4] - The Hong Kong stock market also saw a substantial decline, with the Hang Seng Index falling 2.38% and the Hang Seng Tech Index dropping 3.21%, marking a cumulative weekly decline of 5.09% and 7.18% respectively [4] - The China Securities Regulatory Commission reported that from November 17 to November 21, it took self-regulatory measures against 224 instances of abnormal trading behavior, including market manipulation and false declarations [4] - The Ministry of Finance and the China Securities Regulatory Commission announced a joint notice to expand the list of qualified accounting firms for auditing H-share companies, which is expected to enhance cooperation between the accounting sectors of mainland China and Hong Kong [4] - As of November 14, the stock private equity position index reached 81.13%, up 0.97 percentage points from the end of October, with significant increases noted among large-scale private equity funds [5] - On November 21, 16 hard technology products were rapidly approved, including the first batch of seven AI ETFs and three chip ETFs, aimed at guiding investments into high-quality listed companies in the hard technology sector [6]

Group 1 - The meeting between Chinese Vice Premier He Lifeng and former U.S. National Security Advisor Hadley emphasized the importance of stable bilateral economic relations, guided by the consensus reached during the recent meeting of the two countries' leaders [4] - U.S. stock markets saw collective gains, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88%. Major tech stocks showed mixed results, with Google rising over 3% and Oracle falling over 5% [4] - Bitcoin has experienced a significant decline, trading at $84,626.20, down over 2%, marking a monthly drop of more than 22%, the worst performance since 2022 [5] Group 2 - The Ministry of Finance announced that savings bonds will be included in the personal pension product range starting June 2026, allowing pension investors to purchase these bonds through designated accounts [8] - The Ministry of Commerce reported that from January to October 2025, foreign investment in China reached 621.93 billion yuan, a year-on-year decrease of 10.3%, with the manufacturing sector attracting 161.91 billion yuan [9] - The China Consumers Association warned consumers about the risks associated with pirated drama apps, which not only infringe on copyright but also pose privacy and security threats [10] Group 3 - The approval of multiple ETFs focused on the semiconductor and artificial intelligence sectors is expected to attract new capital into the market, signaling regulatory support for strategic emerging industries [11] - Huawei announced a breakthrough in AI technology with the launch of Flex:ai, which enhances the utilization of computing resources by allowing a single GPU/NPU to support multiple AI workloads, potentially increasing resource utilization by 30% [17][18] - Evergrande Auto's two subsidiaries have been taken over by Guangzhou state-owned enterprises, indicating a move to stabilize the company's operations amid financial difficulties [19][20] Group 4 - Cambricon Technologies announced a stock issuance of 3.3349 million shares at a price of 1,195.02 yuan per share, raising approximately 3.985 billion yuan for projects focused on AI large models [21] - Haier Home has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a step towards international expansion [22] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, reflecting a significant milestone in the healthcare sector [24]

Group 1 - China and the U.S. should lead bilateral economic and trade relations based on the consensus reached during the recent meeting between the two countries' leaders [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88% [5] - Bitcoin has experienced a significant decline, currently priced at $84,626, down over 2% and more than 22% for the month, marking its worst performance since 2022 [6] - International oil prices fell, with WTI crude down 1.73% to $57.98 per barrel, and Brent crude down 1.42% to $62.48 per barrel [7] - Gold prices decreased by 0.3%, settling at $4,064.28 per ounce, while COMEX silver futures fell by 1.27% to $49.66 per ounce [8] Group 2 - China's Ministry of Commerce reported that from January to October, the country attracted foreign investment of 621.93 billion yuan, a year-on-year decrease of 10.3% [12] - The first batch of AI-focused ETFs and several chip-related ETFs have been approved, expected to attract new capital into the market [14] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, with a stock price increase of over 38% this year [26][27] - Xiaopeng Motors has officially launched its first land carrier prototype, marking a significant step in the production of its flying car [28]