（文章来源：每日经济新闻） 兴业证券指出，富时中国A股自由现金流行业当前在海外冲击下已调整出性价比，随着海外风险释放带 来的情绪冲击逐步落地、消化，中国资产有望凭借自身独立逻辑迎来修复。本轮中国资产上涨具备自身 的独立逻辑，包括大国竞争力增强、新动能景气释放、政策转型思路明朗、经济基本面平稳，将是后续 中国资产修复的重要支撑。对于顺周期板块，重视当前估值合理、明年景气预期向好、估值修复可持续 的方向，包括"反内卷"&涨价资源品（化工、建材、钢铁、能源金属、贵金属）等。行业回暖情况下， 产品价格修复有望进一步增厚公司利润空间。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者或可持续关注。 ...

Core Viewpoint - Recent easing of various market disturbances is expected to lead to a recovery in Chinese assets, supported by the Federal Reserve's dovish signals and the alleviation of concerns regarding the "AI bubble" [1] Group 1: Market Conditions - The Federal Reserve's statements and economic data have increased expectations for a rate cut, with an 86% probability for a 25 basis point cut in December [2] - The global AI industry's progress is alleviating concerns about an "AI bubble," with Google's comprehensive approach to AI leading the narrative in the tech sector [1] Group 2: Year-End Market Dynamics - The year-end period is historically a significant window for market rallies, with previous years showing upward trends starting from November to early January [3] - Factors driving these rallies include a vacuum in fundamental data, upcoming important meetings, and expectations for policy easing [3] Group 3: Catalysts for Market Movements - Market rallies can be triggered by three main factors: 1. Economic improvement leading to a pro-cyclical style [4] 2. Unexpected macro policy changes benefiting high-elasticity sectors [4] 3. Easing of prior risks and liquidity expansion favoring sectors with favorable trends [4] Group 4: Investment Directions - Focus on sectors with high growth expectations, including AI, advantageous manufacturing, "anti-involution," and structural recovery in domestic demand [7] - Emphasis on cyclical sectors benefiting from stable growth policies and market expectations [10] Group 5: Policy and Economic Outlook - The year-end meetings are expected to provide clarity on policies aimed at enhancing service consumption and investment in human capital, which could benefit cyclical sectors [10] - The emphasis on technological self-reliance and new productivity in the context of national competition is likely to drive growth in tech sectors [13]

Market Overview - The market opened higher today, with the Shanghai Composite Index rising by 0.05%, while the CSI 300 fell by 0.12%. The ChiNext Index increased by 0.31%, and the CSI 500 rose by 0.76% [1] - The total trading volume for the A-share market was approximately 1.74 trillion yuan, a decrease of 0.24 trillion yuan from the previous day [1] U.S. Market Influence - The U.S. stock market rebounded last Friday, positively impacting market sentiment. The probability of a Federal Reserve rate cut in December surged from 30% to 71% following dovish comments from the Fed Chair [3] - Previous hawkish statements from Fed officials and stronger-than-expected non-farm payroll data had suppressed market expectations for a December rate cut, leading to liquidity tightening and emotional shocks in the market [3] AI Sector Developments - Concerns regarding an "AI bubble" are expected to ease as global AI applications continue to evolve. Recent launches of AI applications by tech giants indicate that capital expenditures are effectively translating into actual productivity [4] - The launch of the "first GPU stock in China" for IPO on the Sci-Tech Innovation Board has boosted confidence in the semiconductor sector, particularly in upstream "bottleneck" areas [4] Market Sentiment and Future Outlook - The A-share market has adjusted below the 60-day moving average, with historical data suggesting limited further downside potential. Past instances of the A-share index falling below this average have often led to subsequent recoveries [5][6] - The current upward trend in Chinese assets is supported by independent factors such as enhanced national competitiveness, the release of new economic drivers, clear policy shifts, and stable economic fundamentals [6]

Market News - China's official PMI for November and industrial profits for October will be released, with October's manufacturing PMI dropping to 49, while high-tech manufacturing, equipment manufacturing, and consumer goods sectors continue to expand [3] - Key economic data from the US includes September retail sales and durable goods orders, delayed due to recent government shutdowns, along with initial jobless claims [4] - The Federal Reserve's Beige Book and the European Central Bank's meeting minutes will be published, with expectations for New Zealand's central bank to cut rates by 25 basis points to 2.25% and Korea's central bank to maintain rates at 2.5% [5] - The US government is considering allowing Nvidia to sell H200 chips to China, with the Commerce Department reviewing export restrictions [6] - The People's Bank of China will have 16,760 billion yuan in reverse repos maturing this week, with various amounts maturing each day [7] - MSCI announced adjustments to its indices, including the addition of 17 stocks and the removal of 16 from the MSCI China A-share index, effective November 24, 2025 [8] Sector Developments - The Ministry of Industry and Information Technology announced the official launch of satellite IoT commercial trials in China [10] - A price adjustment window for oil products is set for November 24, with a projected decrease of 50 yuan per ton based on current oil prices [10] - The world's largest "Hualong One" nuclear power base successfully connected its second unit to the grid [10] - The 2025 Asian General Aviation Exhibition will take place from November 27 to 30 in Zhuhai, focusing on low-altitude possibilities [10] - The 2025 Software Technology Conference will be held in Beijing on November 28, themed "AI Reshaping Software, Empowering the Future of Industry" [10] - The China Automotive Supply Chain Conference is scheduled for November 24-26, 2025, in Wuhu, focusing on industry ecosystem dynamics [10] Individual Stock Events - Jiahua Technology plans to acquire controlling interest in Shudun Technology, leading to a stock suspension [15] - China Merchants Bank's financial asset investment company has been approved to commence operations [15] - CITIC Bank's wholly-owned subsidiary has also received approval to start operations [15] - Several companies are facing risks related to stock price fluctuations and bankruptcy restructuring [15] - Companies like Jinkang Technology and Qingmu Technology are planning significant acquisitions and strategic partnerships [15] Lock-up Expiration - A total of 39 companies will have lock-up shares released this week, amounting to 1.927 billion shares with a total market value of 20.295 billion yuan based on the closing price on November 21 [14] - The peak lock-up expiration day is November 24, with 18 companies releasing shares worth a total of 12.496 billion yuan, accounting for 61.57% of the week's total [14] - Notable companies with significant lock-up expirations include Southern Airlines, Huazhong Holdings, and Jiyang Precision [14] Upcoming IPOs - Two new stocks are set to be issued this week: Moer Thread on November 24 and Bai Ao Sai Tu on November 28 [19] Economic Outlook - The current volatility in global risk assets is attributed to liquidity issues and over-reliance on AI narratives, suggesting a potential for valuation corrections [21] - There is an opportunity for reallocating investments in A-shares and Hong Kong stocks, focusing on traditional manufacturing and resource sectors [22] - The market is expected to see a recovery in Chinese assets as overseas risks are absorbed, with a focus on high-growth sectors like AI and manufacturing [24] - The upcoming spring market is anticipated to benefit from policy validation and cyclical price increases, with a focus on sectors like basic chemicals and industrial technology [23]

Group 1 - The core viewpoint is that Chinese assets are expected to recover due to their adjusted cost-effectiveness amidst global market fluctuations and the release of overseas risks [1][5][8] - The recent dovish comments from the Federal Reserve Chairman have led to a significant increase in the market's expectations for a rate cut in December, rising from 30% to 71%, which is easing the pressure on global risk appetite [2][5] - The concerns regarding the "AI bubble" are likely to ease as liquidity expectations improve and major tech companies continue to invest in AI applications, which are translating into actual productivity [5][8] Group 2 - The current market conditions indicate that the Hong Kong stock market, which has experienced earlier and deeper declines, presents a favorable entry point due to its high short-selling ratio and the valuation of the Hang Seng Tech Index returning to levels seen during "equal tariffs" [1][6][8] - Historical data shows that when the entire A-share market falls below the 60-day moving average, the subsequent recovery is often limited, suggesting that the market is likely to rebound after a short-term digestion period [5][6] - The independent logic supporting the recovery of Chinese assets includes enhanced national competitiveness, the release of new economic drivers, clear policy direction, and stable economic fundamentals, which are not affected by external disturbances [8][9] Group 3 - The focus for the year-end market layout should be on sectors with high growth expectations for the next year, particularly those that have adjusted to cost-effectiveness due to overseas shocks [9][10] - Key sectors identified for potential growth include AI industry trends, advantageous manufacturing, "anti-involution" sectors, and structural recovery in domestic demand [9][10][11] - For technology growth sectors, opportunities are seen in narrative shifts and internal "high-cut-low" strategies, particularly in AI applications, innovative pharmaceuticals, and military industries [14][18]

Core Viewpoint - The report highlights the performance of the Jiashi New Energy Materials Stock A Fund, indicating a profit of 118 million yuan in the first half of 2025, with a net value growth rate of 5.25% and a fund size of 2.059 billion yuan as of mid-year [2]. Fund Performance - The fund's weighted average profit per share for the reporting period is 0.0959 yuan [2]. - As of September 3, the fund's unit net value is 2.113 yuan [2]. - The fund's one-year return is 69.74%, ranking it 3rd among comparable funds [5]. - Over the past three months, the fund's net value growth rate is 23.82%, ranking 21st out of 44 comparable funds [5]. Market Position and Competitiveness - The fund manager notes an increase in China's global competitiveness across various industries, including AI, internet, and military sectors, indicating a rise in domestic risk appetite [2]. - The fund's weighted average price-to-earnings (P/E) ratio is approximately 28.99 times, significantly lower than the industry average of 1550.21 times [10]. Valuation Metrics - The fund's weighted average price-to-book (P/B) ratio is about 2.51 times, compared to the industry average of 2.74 times [10]. - The weighted average price-to-sales (P/S) ratio stands at 2.09 times, lower than the industry average of 2.24 times [10]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate is 0.06%, and the weighted average net profit growth rate is 0.09% [18]. - The weighted annualized return on equity is 0.09% [18]. Fund Composition and Holdings - As of June 30, 2025, the fund's total assets amount to 2.059 billion yuan, with 343,700 holders collectively owning 1.148 billion shares [34][37]. - The fund has a high concentration of holdings, with its top ten stocks including Ningde Times, Putailai, and Yiwei Lithium Energy [42]. Trading Activity - The fund's turnover rate for the last six months is approximately 43.5%, consistently below the industry average [40].