Core Viewpoint - The establishment of Guoxin Holdings (Chongqing) Co., Ltd. marks a significant step in enhancing cooperation between China Guoxin and Chongqing, focusing on strategic emerging industries and the development of the western financial center [1][2]. Group 1: Company Overview - China Guoxin Holdings Co., Ltd. was founded on December 22, 2010, and is one of the central enterprises regulated by the State-owned Assets Supervision and Administration Commission (SASAC) [4]. - The company was designated as a pilot for state-owned capital operation by the State Council in early 2016 and officially transitioned to a phase of continuous deepening reform in December 2022 [4]. - As of the end of 2024, the total assets of the company are expected to reach 980 billion yuan, with annual profits exceeding 20 billion yuan for four consecutive years [4]. Group 2: Strategic Cooperation - The leadership of Chongqing expressed gratitude for China Guoxin's support in the development of strategic emerging industries and the construction of the western financial center [2]. - The local government aims to leverage the recent developments to enhance the economic capabilities of the Chengdu-Chongqing economic circle and accelerate the construction of the western land-sea new corridor [2]. - China Guoxin is committed to increasing its investment in Chongqing, focusing on sectors such as semiconductors, artificial intelligence, advanced materials, biomedicine, low-altitude economy, and new energy vehicles [3].

新华财经北京12月1日电 1日获悉，北京盛景嘉成投资管理有限公司（简称"盛景嘉成"）当日在银行间 债券市场发行"北京盛景嘉成投资管理有限公司2025年度第一期定向科技创新债券（分担工具） "（简 称"25盛景嘉成PPN001（科创债）"），系第二批获得中国人民银行科技创新债券风险分担工具支持的 民营股权投资机构发行的科创债，也是北京市唯一参与第二批发行民营股权投资机构科创债的机构。 本期债券注册总规模4亿元，首期发行2亿元，期限为"5+5"年，由国信证券担任牵头主承销商，邮政储 蓄银行、交通银行、招商银行、浦发银行、渤海银行、北京银行、杭州银行等多家金融机构共同参与承 销。本期债券创新引入风险分担机制，由中债信用增进投资股份有限公司提供全额担保，主体信用评级 AA级、债券信用评级达到AAA级，有效增强了市场认可度。 盛景嘉成是我国本土具有代表性的民营股权投资机构，自2011年成立以来始终聚焦科技创新领域投资。 公司依托母基金与直投基金"双轮驱动"，深耕人工智能、半导体、新材料、医疗健康等战略性新兴产 业，坚持"投早、投小、投硬科技"的投资策略。截至今年10月，公司管理规模超过130亿元，投资组合 中已有260 ...

Core Viewpoint - The article emphasizes that Southern Fund has become a leader in the ETF market due to its comprehensive product layout, top-tier research team, and intelligent technology empowerment, amidst increasing complexity in ETF choices for investors [1][2]. Comprehensive Product Layout - Southern Fund has developed a comprehensive product matrix since launching its first deep ETF in 2009, including flagship products like Southern CSI 500 ETF (510500) and Southern CSI 1000 ETF (512100), covering various market segments and asset classes [3][4]. - The total number of funds managed by Southern Fund has reached 126, with a total scale exceeding 402.2 billion yuan, maintaining a leading position in the industry [4]. - The Southern CSI 500 ETF (510500) is noted for being the largest and most liquid equity ETF in the market, with a scale of 136.9 billion yuan [4]. Focus on Technology and New Industries - Southern Fund is strategically focused on new industries and technologies, including artificial intelligence, semiconductors, and green finance, aligning with national strategies and providing investors with opportunities in economic transformation [5]. - The fund has launched various ETFs that reflect shareholder returns, such as the Dividend Low Volatility 50 ETF and Cash Flow ETF, responding to the growing demand for high-quality, stable assets [5]. Top-tier Research Team - The passive index funds managed by Southern Fund are characterized by high tracking precision, supported by a professional research team of 33 members with strong academic backgrounds and international experience [6]. - The core fund manager team has an average research experience of 10 years, covering a complete process from index product development to quantitative research and fund management [6]. Intelligent Technology Empowerment - Southern Fund has integrated AI and expert intelligence (EI) into its investment strategy, enhancing the precision of index investment management and providing a comprehensive risk monitoring system [8][9]. - The fund's intelligent investment management platform allows for automated risk intervention and improved investor service through diversified ETF solutions [8][9]. Service and Support System - Southern Fund has established a robust strategy service system that includes asset allocation, industry rotation, and tactical trading, along with various research reports and direct communication with fund managers [9]. - The company aims to enhance its core competitiveness in the ETF sector by continuously improving its product offerings, management expertise, and intelligent services, thereby supporting investors in seizing long-term opportunities in the capital market [9].

Domestic News - The manufacturing PMI for November is reported at 49.2%, showing a slight improvement of 0.2 percentage points from the previous month, although still below the critical point [2] - A seminar on the standardization of power battery recycling was held in Ningde, emphasizing the importance of establishing a standardized system to support the high-quality development of the new energy industry [3] - Li Auto has entered the Russian market, announcing the official prices for its L6, L7, and L9 series models, with starting prices ranging from approximately 62.6 million to 86.2 million RMB [4] - Xiaomi Auto opened 17 new stores in November, bringing the total to 441 stores across 131 cities, with plans to add 36 more stores in December [5] - The Tengshi brand announced its entry into the Brazilian market, showcasing two flagship models at the São Paulo International Motor Show, with pre-sale prices reaching up to 1 million Brazilian Reais [7] - Leidao's battery swap service has expanded to over 2,250 battery swap stations, enhancing user experience and competitiveness in the new energy vehicle market [8] - Leap Motor's new energy battery cell base in Wuyi has officially commenced construction, aiming for production by Q3 2026 [9] - Wuhu signed cooperation agreements with CATL to support the development of Chery into a world-class enterprise [10] International News - German Chancellor calls for the EU to allow the continued sale of fuel vehicles after 2035, emphasizing the need for a balance between competitiveness and climate protection [11][12] - Japan plans to invest an additional 20 billion USD in AI and semiconductor sectors, with a focus on securing future funding in regular budgets [13] - Hyundai and Kia announced a 1.2 trillion KRW investment to build a dedicated battery research facility, reinforcing their commitment to battery development for future mobility [14] - Toyota Europe will launch smart charging services for electric and plug-in hybrid vehicles in collaboration with energy suppliers across several European countries [15] Commercial Vehicles - China National Heavy Duty Truck Group upgraded its procurement agreement with Weichai, with a new upper limit of 21 billion RMB for 2026, reflecting a 29% increase from previous years [18] - Dongfeng Cummins Z13 engine won the "2025 Annual Recommended Fuel-Efficient Heavy Truck Power" award at a recent commercial vehicle event [19] - Ankai Bus showcased its pure electric buses at the 2025 Hainan Road Transport Annual Conference, highlighting their advanced technology and performance [20] - FAW Jiefang's Sichuan branch celebrated the production of its 20,000th vehicle of the year, marking significant improvements in production efficiency since its establishment [21]

上周五（11月28日），A股市场低开高走，三大指数集体收涨，沪深两市成交量缩至1.59万亿元。 【导读】上周五股票ETF资金净流出44亿元，11月净流入超700亿元 数据显示，截至11月28日，全市场1268只股票ETF总规模达4.55万亿元。 当日股票ETF成交额合计1421.21亿元，与前一交易日1777.47亿元相比缩量超350亿元。其中，易方达基金旗下A500ETF当日成交56.37亿元，位居首位。 此外，A500ETF易方达、中证A500ETF（国泰基金）成交额在40亿元以上。创新药ETF（广发）、A500ETF基金华泰柏瑞、中韩半导体ETF（华泰柏 瑞）、A500ETF（南方）、恒生科技ETF（华泰柏瑞）成交额也在30亿元以上。 从股票ETF二级市场表现看，科创半导体板块领涨。当日除了油气资源ETF（银华基金）以3.49%的涨幅领涨，华夏、鹏华、华泰柏瑞、国泰、万家、易 方达、华夏旗下科创半导体ETF、科创半导体设备ETF或半导体材料ETF，以及永赢、易方达、富国基金旗下卫星ETF等涨幅较为靠前。 稀有金属ETF二级市场涨幅也较大。稀有金属ETF（嘉实）、稀有金属ETF（广发）、稀有金属ETF（工 ...

- The report does not contain any quantitative models or factors related to quantitative investment analysis[6][12][58]

Group 1 - Semiconductor hardware stocks faced pressure at the market opening, but leading companies like Cambricon, Haiguang Information, and Lanke Technology saw a rebound, contributing to an increase in related indices [1] - By midday, the STAR Market 50 Index and STAR Growth Index both rose by 0.8%, while the STAR Composite Index increased by 0.3%, and the STAR 100 Index decreased by 0.2% [1] Group 2 - Small innovative enterprises in the sectors of electronics, pharmaceuticals, and power equipment accounted for over 80% of the market, with a significant representation from the electronics and biopharmaceutical industries [5] - The STAR Composite Index ETF, managed by E Fund, tracks the comprehensive index of the STAR Market, covering all market securities and focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [7] - The STAR Growth 50 ETF tracks the STAR Growth Index, which consists of 50 stocks with high growth rates in operating income and net profit, predominantly from the electronics and biopharmaceutical sectors [7]

央广网北京12月1日消息（记者卢海宁）据中央广播电视总台经济之声《交易实况》报道，中国证券投 资基金业协会日前发布的数据显示，我国公募基金总规模保持强劲增长势头，截至今年10月底，我国公 募基金管理规模已达到36.96万亿元，接近37万亿元，自4月以来已连续7个月创下历史新高。 西南证券首席投资顾问张刚表示，此轮增长由市场上涨与储蓄资金搬家共同驱动，形成财富效应正向循 环。股票型基金与混合型基金的规模增长，一方面受市场上涨带动，推动了基金净值与规模同步增加； 另一方面，股市上涨会催生财富效应，吸引大量资金要么流入二级市场购买股票，要么进入基金市场申 购这类基金，而这种储蓄资金的转移，进一步促成了基金规模的扩大。 邢星认为，接下来一段时间，机构将重点布局半导体、AI等科技类品种。此外，消费复苏主线及新能 源细分赛道，不仅估值处于合理区间，还叠加了业绩改善的逻辑。另一方面，债券市场调整后也出现了 错配机会，且债市拥挤度有所下降，短债、中短债基金的配置价值愈发凸显。 安杰则建议，当前依然是结构性行情，投资者还是应依据自身风格择机布局。对于激进投资者，可以关 注AI科技、芯片等高波动品种；稳健投资者则可把握绩优高分红 ...

Core Viewpoint - Tongcheng New Materials has shown a mixed performance in stock price and financial metrics, with a notable increase in revenue and profit year-on-year, while experiencing fluctuations in stock price and trading volume [1][2]. Financial Performance - As of September 30, 2025, Tongcheng New Materials achieved a revenue of 2.523 billion yuan, representing a year-on-year growth of 4.06% [2]. - The net profit attributable to shareholders for the same period was 494 million yuan, reflecting a year-on-year increase of 12.65% [2]. - Cumulatively, the company has distributed 1.493 billion yuan in dividends since its A-share listing, with 847 million yuan distributed over the past three years [3]. Stock Market Activity - On December 1, the stock price of Tongcheng New Materials rose by 2.04%, reaching 40.42 yuan per share, with a trading volume of 380 million yuan and a turnover rate of 1.56% [1]. - The total market capitalization of the company is approximately 24.904 billion yuan [1]. - Year-to-date, the stock price has increased by 17.25%, but it has decreased by 7.74% over the last five trading days [1]. Shareholder Composition - As of September 30, 2025, the number of shareholders increased to 60,200, up by 27.61% from the previous period [2]. - The average number of circulating shares per shareholder is 9,914, which is a decrease of 21.42% [2]. - Notable institutional shareholders include Penghua Zhongzheng Subdivision Chemical Industry Theme ETF and Southern Zhongzheng 500 ETF, with changes in their holdings [3].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View of the Report - Last week (from November 24, 2025, to November 28, 2025), the median weekly return of equity ETFs was 2.41%. Among broad - based ETFs, the median return of Science and Technology Innovation Board ETFs was the highest at 5.33%. Among sector - based ETFs, the median return of technology ETFs was the highest at 4.59%. Among thematic ETFs, the median return of AI ETFs was the highest at 5.90% [1][12][15]. - Last week, equity ETFs had a net redemption of 40.51 billion yuan, but the total scale increased by 41.354 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 2.559 billion yuan; among sector - based ETFs, consumer ETFs had the smallest net redemption of 734 million yuan; among thematic ETFs, dividend ETFs had the largest net subscription of 1.236 billion yuan [2][26]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non - monetary ETFs were Huaxia, E Fund, and HuaTai - Berry. This week, four ETFs will be issued, namely Huabao CSI 300 Enhanced Strategy ETF, Bank of Communications CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, Fullgoal Hang Seng Biotechnology ETF, and Ping An SSE Science and Technology Innovation Board 50 Component ETF [5][55]. 3. Summary of Each Section ETF Performance - The median weekly return of equity ETFs was 2.41%. Among broad - based ETFs, Science and Technology Innovation Board, ChiNext, CSI 1000, CSI 500, A500, SSE 50, and SSE 300 ETFs had median returns of 5.33%, 4.61%, 3.76%, 3.11%, 2.15%, 0.46%, and 1.64% respectively. Among cross - border, commodity, monetary, and bond ETFs, the median returns were 3.19%, 2.55%, 0.02%, and - 0.17% respectively [12]. - By sector, the median returns of technology, cyclical, consumer, and large - finance sector ETFs were 4.59%, 2.44%, 1.30%, and 0.56% respectively. By thematic classification, the median returns of AI, chip, and photovoltaic ETFs were 5.90%, 4.94%, and 3.20% respectively, showing relatively strong performance, while the median returns of bank, liquor, and dividend ETFs were - 0.53%, - 0.15%, and - 0.15% respectively, showing relatively weak performance [15]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.5943 trillion yuan, 956.8 billion yuan, and 716.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 238.4 billion yuan and 180.5 billion yuan respectively. Among broad - based ETFs, SSE 300 and Science and Technology Innovation Board ETFs had relatively large scales [17]. - Last week, equity ETFs had a net redemption of 40.51 billion yuan and a total scale increase of 41.354 billion yuan; monetary ETFs had a net subscription of 3.777 billion yuan and a total scale increase of 3.792 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 2.559 billion yuan, and ChiNext - type ETFs had the largest net redemption of 7.152 billion yuan. By sector, consumer ETFs had the smallest net redemption of 734 million yuan, and technology ETFs had the largest net redemption of 16.179 billion yuan. By thematic classification, dividend ETFs had the largest net subscription of 1.236 billion yuan, and chip ETFs had the largest net redemption of 6.78 billion yuan [26][31]. ETF Benchmark Index Valuation - As of last Friday, in broad - based ETFs, ChiNext - type ETFs had relatively low valuation quantiles; by sector, consumer and large - finance ETFs had relatively moderate valuation quantiles; by thematic classification, liquor ETFs had relatively low valuation quantiles [3][43]. ETF Margin Trading and Short Selling - Overall, the short - selling volume of equity ETFs has generally shown an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 50.223 billion yuan in the previous week to 46.959 billion yuan, and the short - selling volume increased from 2.466 billion shares in the previous week to 2.605 billion shares. Among the top 10 ETFs in terms of average daily margin trading purchase volume and short - selling volume, Science and Technology Innovation Board ETFs and chip ETFs had relatively high average daily margin trading purchase volumes, and CSI 1000 ETFs and A500 ETFs had relatively high average daily short - selling volumes [44][50][51]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale - index ETFs, thematic, style, and strategy - index ETFs, and cross - border ETFs; E Fund ranked second, with a relatively high management scale in scale - index ETFs and cross - border ETFs; HuaTai - Berry Fund ranked third, with a relatively high management scale in scale - index ETFs and thematic, style, and strategy - index ETFs [52]. - Last week, two new ETFs were established: Bosera CSI Bank ETF and GF CSI Hong Kong - Stock Connect Internet ETF. This week, four ETFs will be issued: Huabao CSI 300 Enhanced Strategy ETF, Bank of Communications CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, Fullgoal Hang Seng Biotechnology ETF, and Ping An SSE Science and Technology Innovation Board 50 Component ETF [55].