海外方面，今日凌晨，美联储公布的12月会议纪要显示，FOMC在12月会议上同意降息，但官员们分歧 严重。一些与会者表示，根据他们的经济展望，在本次会议下调利率区间后，可能需要在一段时间内保 持目标利率区间不变。纪要同时显示，如果通胀如预期般逐步下降，大多数官员认为进一步降息是合适 的。委员们一致认为，准备金余额已经下降到充足的水平，委员会将根据需要开始购买短期国债，以持 续保持充足的准备金供应。他们还同意取消对常备回购操作的总额限制。 【资金面】 【市场情况】 周二，A股早盘低开，午后集体冲高。上证指数收跌0.0%，报3965.12点。深成指涨0.49%，创业板指涨 0.63%，沪深300涨0.26%、上证50涨0.06%，中证500涨0.38%、中证1000涨0.04%。个股跌多涨少，当日 1840只上涨（66涨停），3481只下跌（19跌停），136持平。其中，双欣环保、N强一、誉帆科技涨幅 居前，分别上涨187.30%、165.61%、124.36%；而*ST东通、广道退、*ST天龙（300029）跌幅居前， 各下挫59.27%、29.49%、19.96%。 分行业板块看，能源板块逆势上扬，上涨板块中， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of November 21, ETF products declined overall in the past two weeks. Among domestic major broad - based ETFs, the Shanghai Composite 50 had the smallest decline, and among industry and theme products, the consumption - themed ETF had the smallest decline [2]. - In the past two weeks, among domestic major broad - based ETFs, the Science and Technology Innovation Board 50, CSI 500, ChiNext Index, and CSI 1000 ETFs had the highest net inflows of funds. On November 21, major broad - based and technology - themed ETFs had significant net inflows [2]. - In the past two weeks, funds in cycle, military, and new energy ETFs changed from net outflows to net inflows; funds in technology, dividend, and other large - manufacturing ETFs accelerated their inflows; while the inflow speed of funds in pharmaceutical, consumption, and financial real - estate ETFs slowed down [2]. 3. Summary by Related Catalogs 3.1 ETF Market Review 3.1.1 Main Types of ETF Fund Flows Overview - In terms of broad - based ETFs, the Science and Technology Innovation Board 50, CSI 500, ChiNext Index, and CSI 1000 ETFs had relatively high net inflows in the past two weeks. For example, the Science and Technology Innovation Board 50 had a net inflow of 90.66 billion yuan in the past two weeks [9]. - Among industry - themed ETFs, technology ETFs had an accelerated inflow of funds in the past two weeks, with a net inflow of 322.73 billion yuan. New energy ETFs changed from net outflows to net inflows, with a net inflow of 28.34 billion yuan [9]. 3.1.2 Cumulative Fund Flows of Main Types of ETFs - For broad - based ETFs, since 2025, the fund trend of major broad - based ETFs has changed from outflows to inflows and then back to outflows. In the past two weeks, the overall funds of major broad - based ETFs turned into net inflows [11]. - For industry and theme ETFs, technology ETFs turned to net inflows since March after a large - scale outflow at the beginning of the year, and the inflow speed accelerated in the past two weeks. Cycle, military, and new energy ETFs changed from net outflows to net inflows [17]. - For bond ETFs, since 2025, credit - bond and treasury - bond ETFs have had the highest net inflows. In the past two weeks, convertible - bond ETFs changed from net outflows to net inflows, and treasury - bond ETFs accelerated their net inflows [17]. 3.1.3 ETF Product Structure Distribution - As of November 21, a total of 13 new ETFs were established in the market in the past two weeks, with a total issuance share of 5.828 billion shares. Among them, 12 were stock ETFs and 1 was a QDII - ETF [26]. - Compared with the end of 2024, the scale of various types of ETFs has increased. The scales of bond ETFs, commodity ETFs, industry + dividend ETFs, QDII - ETFs, and broad - based ETFs increased by 313.15%, 204.80%, 105.82%, 52.50%, and 9.24% respectively [26]. 3.1.4 Fund Manager Scale Distribution - As of November 21, China Asset Management had the largest on - exchange ETF scale, reaching 88.8558 billion yuan. The ETF management scale of E Fund expanded by more than 22 billion yuan compared with a year ago [27]. 3.2 Classification of ETF Tracking 3.2.1 Technology - Themed ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Tech Index had the highest net inflows of funds in the past two weeks, while products tracking semiconductor materials and equipment had net outflows [32]. 3.2.2 Dividend - Themed ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Hong Kong Stock Connect High - Dividend Low - Volatility Index had the highest net inflows of funds in the past two weeks, while products tracking the A500 Dividend Low - Volatility Index had net outflows [35]. 3.2.3 Consumption - Themed ETF Tracking in the Past Two Weeks - Products tracking the S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking the Hang Seng Consumption Index had the highest net inflows of funds in the past two weeks, while products tracking the CSI Tourism Index had net outflows [37]. 3.2.4 Pharmaceutical - Themed ETF Tracking in the Past Two Weeks - ETFs tracking the Hong Kong Stock Connect Innovative Drugs had the highest net inflows of funds in the past two weeks, while products tracking the CSI Traditional Chinese Medicine Index had net outflows [40]. 3.2.5 Large - Manufacturing - Themed ETF Tracking in the Past Two Weeks - Products tracking the Robot Index had the highest net inflows of funds in the past two weeks, while products tracking the CSI National Defense Index had net outflows [43]. 3.2.6 QDII ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Tech Index had the highest net inflows of funds in the past two weeks, while ETF products tracking the Hang Seng Index had net outflows [46]. 3.3 Popular - Themed ETF Tracking 3.3.1 AI - Themed ETF Tracking in the Past Two Weeks - AI - themed products performed poorly in the past two weeks, with an average return rate of - 7.70%. Products tracking cloud computing had the smallest decline. Since 2025, funds have had an overall net inflow, and in the past two weeks, the net inflow of funds was 9.172 billion yuan [57]. 3.3.2 Robot - Themed ETF Tracking in the Past Two Weeks - Robot - themed products performed poorly in the past two weeks, with an average return rate of - 7.30%. Products tracking the Robot Index had the smallest decline. Since February 2025, funds have shown a rapid inflow trend, and in the past two weeks, the net inflow of funds was 3.556 billion yuan [61].

The provided content does not include any quantitative models or factors, as it primarily focuses on fund performance, ETF market tracking, ESG products, and other financial market updates. There are no specific quantitative models, factor construction methodologies, or related backtesting results mentioned in the documents.