Report Industry Investment Rating No relevant information provided. Core Views - Important news: Public funds are "betting" on dividend assets in the second half of the year; the total scale of public funds is approaching 37 trillion yuan; QDII is globally deploying AI marketing, and the US stock logic is mapped to Hong Kong stock funds [2]. - Market review: During the week of 20251124 - 20251128, the major broad - based indices in the A - share market showed an upward trend. The Shanghai Composite Index closed at 3888.60, up 1.40%. The CSI 300 Index closed at 4526.66, up 1.64%. The CSI 500 Index closed at 7031.55, up 3.14%. The CSI 800 Index closed at 4945.49, up 2.04%. The CSI 1000 Index closed at 7334.21, up 3.77%. The ChiNext Index closed at 3052.59, up 4.54%. Most overseas indices also showed an upward trend. The Nasdaq Index rose 4.91% this week, the Canadian S&P/TSX Composite rose 4.05%, and the Hang Seng Tech Index rose 3.77% [2][17]. - Fund market review: Most active equity funds achieved positive returns this week, and the median interval return rate of active equity funds was 3.03%. In terms of different sectors, technology and pharmaceutical theme funds performed outstandingly, with median interval return rates of 5.14% and 3.87% respectively [2][24]. - ETF fund statistics: Performance: The top three ETF categories in terms of performance this week were technology (4.64%), international broad - based (3.55%), and A - share broad - based (3.19%) theme ETFs. Fund flow: There were 339 ETFs with net capital inflows and 653 ETFs with net capital outflows this week. By category, the categories with the highest capital inflows were strategy style (39.68 billion yuan), commodity futures (18.76 billion yuan), and consumption (7.55 billion yuan) theme ETFs. The categories with the highest capital outflows were A - share broad - based (210.66 billion yuan), technology (112.68 billion yuan), and financial real estate (28.65 billion yuan) theme ETFs [2][29]. - Fund market dynamics: Fund manager changes: 43 public funds had new fund managers appointed this week, involving 36 fund managers from 23 fund management companies. Newly established funds this week: A total of 48 public funds were newly established this week, with a combined issuance share of 178.59 billion shares. Newly issued funds this week: A total of 45 public funds entered the issuance stage for the first time this week, with the largest number being passive index funds, at 15. Pending issuance funds: As of Sunday, November 30, 2025, there were 57 public funds pending issuance [2][38][42]. - Equity fund issuance tracking: The issuance scale of equity funds reached 95.24 billion yuan this week, a decrease of 44.75 billion yuan compared with last week. Currently, there are still 263 newly issued funds in the position - building period, of which it is estimated that 33.84% have a position - building ratio of less than 5%, and it is estimated that there is still 760.32 billion yuan of funds from newly issued funds that have not been invested. It is expected that these funds will bring significant incremental funds to industries such as electronics, communications, and machinery [2]. Summary by Relevant Catalogs 1. Important News 1.1 Market Dynamics - The pilot program for commercial real estate REITs has been officially launched, and the REITs market is expanding in high - quality. The China Securities Regulatory Commission issued a notice on November 28, 2025, and related regulations were clarified [7]. - The total scale of public funds is approaching 37 trillion yuan, reaching a new high for seven consecutive months. As of the end of October, the total scale of public funds reached 36.96 trillion yuan. In October, the share and scale of public funds both increased compared with September. Investors were most enthusiastic about subscribing to stock, QDII, and money - market funds, while bond, hybrid, and closed - end funds faced net redemptions [8]. - The regulatory authorities issued new requirements, including establishing and improving the settlement mechanism for fund sales and settlement funds [8]. 1.2 Product Hotspots - Public funds are "betting" on dividend assets in the second half of the year. As of November 27, 49 dividend funds have been reported in the second half of this year, a significant increase from 37 in the first half. As of November 25, 7 dividend - themed funds were established in November, and the total scale of 35 newly established dividend funds in the second half of the year reached 176.85 billion yuan, compared with 55.65 billion yuan in the first half [10]. - The first batch of 7双创 artificial intelligence ETFs are scheduled for launch. On November 28, 7 funds from companies such as E Fund and Huatai - Peregrine Fund will be launched, with different fundraising periods and limits [11][12]. - The first batch of science - innovation and entrepreneurship robot ETFs have been submitted. From November 24 to 26, 7 products from multiple fund companies were submitted, tracking the CSI Science - Innovation and Entrepreneurship Robot Index [13]. - The number of newly established index - enhanced funds this year has increased by more than 400% year - on - year. As of November 27, 160 index - enhanced funds were newly established, with a total fundraising amount of over 888.47 billion yuan. Most of the index - enhanced products are based on broad - based indices [14]. 1.3 Overseas/Overseas Markets - QDII is globally deploying AI marketing, and the US stock logic is mapped to Hong Kong stock funds. Many funds are embracing the AI marketing track due to risk - aversion needs. Some AI marketing stocks in the US and Hong Kong have shown significant performance [14][15][16]. - The overseas expansion of ETFs has achieved a new breakthrough. The depositary receipt of Invesco Great Wall ChiNext 50 ETF was listed in Thailand on November 25, 2025 [16]. 2. Market Review - During the week of 20251124 - 20251128, major A - share broad - based indices showed an upward trend, and most overseas indices also rose. The communication and electronics industries had the highest increases among the primary industries of CITIC [17][19]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the past week, technology and pharmaceutical theme funds performed outstandingly, with average interval returns of 5.08% and 3.95% respectively. In the past three months, cycle and manufacturing theme funds led the way [23]. - Most active equity funds achieved positive returns this week, with a median interval return rate of 3.03%. Technology and pharmaceutical theme funds had median interval return rates of 5.14% and 3.87% respectively [24]. 3.2 Top - Performing Fund Performance Statistics - The top - performing active equity fund this week was the Qianhai Kaiyuan Shanghai - Hong Kong - Shenzhen Enjoy Life Fund, with an interval return rate of 12.13%. The top - five funds in each sector are also listed [27][28]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return rate this week, the top three ETF categories were technology, international broad - based, and A - share broad - based theme ETFs. In the past month, the top three were commodity futures, bond, and consumption theme ETFs [29]. 4.2 ETF Fund Flow Statistics - This week, the ETF categories with the highest net capital inflows were strategy style, commodity futures, and consumption, while the A - share broad - based category had the highest net capital outflows. In the past month, technology, bond, and strategy style ETFs had the highest net capital inflows, and the cycle category had the highest net capital outflows [32]. - There were 339 ETFs with net capital inflows and 653 ETFs with net capital outflows this week. The top three ETFs with net capital inflows were Huaxia Shanghai - Stock - Exchange Benchmark Market - Making Treasury Bond ETF, Dacheng CSI AAA Science - and - Technology Innovation Corporate Bond ETF, and Huaxia Shanghai 50 ETF. The top three with net capital outflows were E Fund ChiNext ETF, Southern CSI 500 ETF, and Huaxia Shanghai - Stock - Exchange Science and Technology Innovation 50 ETF [34]. 4.3 ETF Fund Premium/Discount Statistics - As of November 28, 2025, the top three ETFs in terms of premium rate were Huatai - Peregrine CSI Korea Exchange Korea - China Semiconductor ETF, Huaan Mitsubishi UFJ Nikkei 225 ETF, and Huaxia Nomura Nikkei 225 ETF. The top three in terms of discount rate were E Fund Shanghai 580 ETF, Guotai CSI 2000 ETF, and Zheshang Huijin CSI Phoenix 50 ETF [35]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - 43 public funds had new fund managers appointed this week, involving 36 fund managers from 23 fund management companies. The top three fund management companies in terms of the number of funds with new managers were E Fund, GF Fund, and Orient Fund [38]. - 49 public funds had fund managers leave this week, involving 37 fund managers from 20 fund management companies. The top three fund management companies in terms of the number of funds with departing managers were E Fund, Dacheng Fund, and Tianhong Fund [39]. 5.2 Newly Established Funds This Week - A total of 48 public funds were newly established this week, with a combined issuance share of 178.59 billion shares. The fund type with the largest number was partial - stock hybrid funds, and the type with the largest combined issuance share was passive index funds [42].

Market Review - The A-share market is expected to maintain resilience in the long term, but potential mid-term risks may increase due to factors such as valuation shifts, institutional settlement cycles, and high market sentiment indices [2] - In November, the market experienced a mid-term adjustment after reaching new highs in the first half of the month, with major indices declining in the latter half [2][10] Economic Environment - In October, several economic indicators, including fixed asset investment and retail sales, showed slower growth than expected, with CPI rising and PPI continuing to decline [3][29] - The manufacturing PMI remained below the prosperity range, indicating that the economy requires sustained efforts for improvement [3] Policy Environment - The government is focusing on boosting consumption and effective investment, with plans to develop three trillion-level consumption sectors by 2027 [4] - The overall stability of major country relations is maintained, with a tactical easing in China-US economic relations, although geopolitical tensions persist [4] Investment Strategy - The market is currently in a phase of valuation consolidation, with a dynamic balance between profit-taking and short-selling sentiment [7] - Investors are advised to focus on fundamental research and gradually position themselves for the upcoming year, maintaining a "barbell" strategy that emphasizes dividend assets and technological innovation [7] Industry Performance - As of November 28, 90.3% of the 28 Shenwan first-level industries have seen year-to-date increases, with non-ferrous metals and communications industries rising over 50% [15] - In November, the comprehensive and banking sectors outperformed, while sectors like computers and automobiles faced declines [15][19] Fund Flow - As of November 28, southbound funds recorded a cumulative net inflow of 50,797 million HKD, with a monthly net inflow of 1,218.9 million HKD [25] - Margin financing balances have decreased, indicating a potential cooling in market sentiment after reaching historical highs [27] Economic Indicators - The GDP growth forecast for Q4 is 4.5%, with various economic indicators showing signs of slowing down, including fixed asset investment and manufacturing PMI [30][29] - The CPI rose by 0.2% in October, while PPI continued to decline, reflecting ongoing challenges in the industrial sector [33][36]

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]

最近几周，科技板块震荡波动。这些高弹性板块今年以来持续上涨，股价冲高后回落是市场规律； 另一方面，接近年底，资金倾向止盈防御。 相比之下，资金对于红利资产的偏好度逐渐企稳。因为在市场主线不明朗的环境里，红利类资产的 防御属性更高，比如现金流ETF（159399），布局于自由现金流率高的个股，具有大市值、低估值、高 股息率等特点，可每月评估分红，近期持续有资金在流入，10日资金净买入超6.5亿元。 目前，现金流ETF（159399）已经连续9次分红了。在市场震荡主线不明的情况下，这时候能抓住 一只月月评估分红的现金流产品，对于投资者来说无疑是很好的情绪价值。毕竟如果每个月都有一笔现 金流，感觉还是很不错的。 现金流充足，长期业绩好 现金流ETF（159399）跟踪的是富时现金流指数，优选"现金流充足"的成分股，剔除金融和房地产 行业，共含有50只成分股，可以说是"优选现金流龙头"。 风格暴露上，富时中国A股自由现金流聚焦指数在价值、规模、低波动因子上暴露更多，大市值风 格凸显。1000亿以上的股票加权占比约70%。大市值权重占比较高，高于同类的国证自由现金流指数、 中证全指自由现金流指数，同时也高于红利指数。 ...

Core Insights - The report maintains a "stronger than market" rating for the electricity and public utilities sector, emphasizing a shift in investment logic from growth to quality, stability, and shareholder returns [4][5][6] - The electricity and public utilities index has underperformed the CSI 300 index, with a year-to-date increase of 7.43% compared to 14.12% for the CSI 300, indicating a potential for catch-up in the sector [5][12] Industry Overview - In 2025, the market-oriented trading electricity price has declined, leading to a decrease in revenue growth for power generation companies. However, effective cost control has allowed for an increase in net profit [10][16] - The electricity and public utilities sector achieved a total revenue of CNY 18,748.53 billion in the first three quarters of 2025, a slight decrease of 0.07% year-on-year, while net profit grew by 6.07% to CNY 2,065.15 billion [10][12] - The profitability of hydropower remains the strongest in the sector, with hydropower's gross margin at approximately 59% and net margin at around 44% [17][19] Hydropower Sector - Large hydropower companies possess unique business models and long operational cycles, making them attractive for long-term investment. Companies like Yangtze Power and Huaneng Hydropower are highlighted as key players [4][47] - Hydropower generation is subject to seasonal fluctuations, but large hydropower enterprises can mitigate these through their reservoir capabilities, leading to more stable performance [51][53] - As of the end of Q3 2025, the top three hydropower companies by installed capacity are Yangtze Power, Huaneng Hydropower, and Guotou Power, collectively holding about 27.4% of the national installed capacity [60][62] Thermal Power Sector - The thermal power sector is expected to transition from a cyclical asset to a stable income asset, with improvements in coal price linkage mechanisms and auxiliary service revenues [6][47] - The gross margin for thermal power has increased by 2.51 percentage points compared to the previous year, indicating a positive trend in profitability [19][17] Other Power Generation - The performance of other power generation sectors, including nuclear and renewable energy, is mixed, with nuclear power showing growth in generation but facing challenges from declining market prices [4][18] - The renewable energy sector is experiencing high growth in installed capacity but is also under pressure regarding profitability due to falling green electricity prices [4][18] Investment Rating and Focus - The report maintains a "stronger than market" investment rating for the electricity and public utilities sector, suggesting a focus on companies with stable fundamentals and reasonable valuations [5][6] - Key investment targets include companies with high dividend yields and strong operational performance, particularly in the hydropower segment [6][47]

Group 1 - The Hong Kong dividend sector experienced fluctuations and a slight decline, with the Hong Kong Central Enterprise Dividend ETF Tianhong (159281) tracking index down by 0.75% as of the report date [1] - The Tianhong ETF will distribute its first dividend for the 2025 fiscal year at a rate of 0.030 yuan per 10 fund shares, and it will suspend trading until 10:30 AM on the report date [1] - After resuming trading, the Tianhong ETF saw a net subscription of 6 million shares and a transaction volume exceeding 16 million yuan, leading among similar products in the Shenzhen market [1] Group 2 - The popularity of dividend-themed funds has surged as the year-end approaches, with a total net subscription of 12.198 billion yuan for dividend-themed ETFs in November [2] - Dividend assets are perceived to have a "quasi-bond" characteristic, making them attractive in the current low-interest-rate environment, leading to significant capital inflow into dividend assets [2] - Current macroeconomic activities and liquidity structures in China are recovering from the bottom, setting a foundation for future profit recovery and a market style shift towards dividends and undervalued assets [2]

资金流向方面，红利低波ETF（512890）近10个交易日，资金净流入2.71亿元；近20个交易日，资金净 流入12.04亿元。将时间拉长至60个交易日，则资金净流入达50.62亿元。截至11月26日，该ETF流通规 模为258.52亿元，位居同类产品首位。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月27日消息，指数冲高回落，深成指、创指双双收跌。红利低波ETF（512890）展现了良好的防御属 性，收盘上涨0.17%，报1.205元，换手率1.96%，成交额5.07亿元，成交规模居同类ETF首位。 | 重仓持服 (2025-09-30) | | | | | | | | 图像 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | DE KA | 持仓高槽(元) | 持在板停 | 製药上湯加油 | 百家酒店团比 | 高基金平衡比 | 点出通販材社 用品行业 | 阿克苏尼斯 | 行程区间意系情 | | 中原理业(D) | 666,200,225.95 | 42,504,001 | 60 | 2.47% | 3. ...

Core Insights - The A-share market continues to show a mild recovery, with most core indices in the red dividend style remaining strong [1] - The S&P Dividend ETF (562060) has shown resilience, with a recent price increase of 0.66%, outperforming mainstream dividend stocks [2][3] Market Performance - Key A-share indices performance on November 27 includes: - Sci-Tech 200: +1.56% - Sci-Tech Growth: +1.63% - Sci-Tech Entrepreneur 50: +1.52% - ChiNext 50: +0.89% - CSI 1000: +0.83% - Shanghai Composite: +0.48% - CSI 300: +0.48% [2] S&P Dividend ETF Insights - The S&P Dividend ETF (562060) has become a preferred choice for long-term capital allocation, showing a net inflow of 13.33 million CNY over the last five trading days [3] - Over the past 20 trading days, the cumulative net inflow has exceeded 150 million CNY, indicating strong investor interest [3] External Market Influences - Recent market fluctuations are influenced by external factors such as the Federal Reserve's interest rate expectations and tensions in Sino-Japanese relations, leading to a general decline in stocks and bonds [5] - The performance of commodity prices and corporate dividends will be key areas of focus moving forward [5] Long-term Performance Metrics - The S&P A-share Dividend Total Return Index has achieved a cumulative return of 2469.11% from 2005 to September 2025, with an annualized return of 17.73% [5]

Group 1 - The A-share market has continued to show a correction and fluctuation trend since mid-November, with defensive dividend assets demonstrating a clear relative advantage [1] - As of November 26, the relative return difference of the CSI Dividend Total Return Index compared to the Wind All A Index over 40 days has risen to 2.61%, indicating the recent strength of dividend assets [1] - The recent performance of the CSI Dividend ETF (515080) has been notable, with a net inflow of 112 million yuan yesterday and a cumulative net inflow of 374 million yuan over the past four days [3] Group 2 - Changjiang Securities notes a "high-low switch" phenomenon in the equity market since September, reflecting increasing divergence in funds towards high-valuation sectors [5] - The overall A-share market is currently in a fluctuating pattern, with value style outperforming growth, likely due to the lack of quarterly earnings data to validate investment logic in Q4 [5] - Huatai Securities suggests a short-term barbell strategy for asset allocation, recommending a balanced investment in growth, cyclical, and dividend sectors [6] - The overall industry prosperity index continued to decline in October, but the rate of decline has slowed, with essential consumption, midstream manufacturing, and large financial sectors showing significant improvement [6]

Group 1 - The article discusses various dividend-focused ETFs and their performance metrics, highlighting the latest dividend yield of 4.92% for the S&P Dividend ETF [1] - The performance of the Shanghai Composite Index is compared with different ETFs, showing a year-to-date decline of 3.32% [1][2] - The annualized volatility for the S&P China A-Shares Dividend Opportunity Index is reported at 12.61% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index shows a year-to-date increase of 33.57% [2] - The A500 Low Volatility Dividend ETF has a year-to-date performance of 7.47% [2] - The article mentions the focus on large and mid-cap stocks in the China 800 Low Volatility Dividend Index, with a year-to-date performance of 5.50% [2]