Group 1 - The ChiNext Index experienced a slight decline of 0.01% as of November 24, 2025, with mixed performance among constituent stocks, where BlueFocus led with a gain of 15.61% [1] - The ChiNext ETF by Bosera saw a decrease of 0.37%, with the latest price at 2.71 yuan, while it recorded a cumulative increase of 8.99% over the past three months as of November 21, 2025 [1] - The trading volume for the ChiNext ETF was 13.68 million yuan, with a turnover rate of 1.18%, and the average daily trading volume over the past month was 39.82 million yuan [1] Group 2 - GAC Group announced the completion and production launch of a pilot line for all-solid-state batteries in Guangzhou, which is the first in the industry to achieve mass production conditions for automotive-grade all-solid-state batteries with a capacity of over 60Ah [2] - The solid-state battery technology is advancing from laboratory to pilot stages, with multiple companies initiating construction of pilot lines, focusing on overcoming material systems, manufacturing processes, and cost bottlenecks [2] - The recent strong performance of Google and NVIDIA is shaping a positive cycle in the AI industry, where model upgrades drive demand for computing power, which in turn supports model innovation [2] Group 3 - The latest scale of the ChiNext ETF by Bosera reached 1.154 billion yuan, with a net inflow of 14.06 million yuan over the past three days, including a peak single-day net inflow of 5.71 million yuan [3] - The ChiNext Index is closely tracked by the ChiNext ETF, consisting of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [3] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index accounted for 58.2% of the index, including companies like CATL and Mindray [3]

中共河北省委关于制定河北省国民经济和社会发展第十五个五年规划的建议发布。其中指出，培育壮大 数字经济。推进数字产业化和产业数字化，加快建设数据驱动、智能融合的数字河北。统筹算力基础设 施规划布局，推动建设全国一体化算力网络京津冀国家枢纽节点，加快打造环京地区智能算力集聚区。 中泰证券（600918）认为，AI算力成为通信行业主要增长引擎，持续看好算力产业链投资机会，头部 光模块厂商交付能力将成为成长关键，重视光芯片、OCS、空芯光纤、液冷、电源等细分方向。国产算 力重视芯片进展，以及国产模型追赶变化，将影响AIDC景气节奏。 中信证券认为，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建设对零组件的数量和质量提出更高要求，并为产业链上下游带来更大的投资机 遇，液冷、存储、电源、 ...

董秘回答(紫光股份SZ000938)： 投资者提问： 同样涉及重大资产重组，市场对中科曙光与海光信息的重组报以涨停，认为其极大增强了国产算力产业 链的竞争力。而紫光股份长期以来进行的诸多资本运作和战略布局，为何迟迟无法在股价上获得正向回 馈？公司的战略执行力是否出现了问题？ 您好，公司致力于不断提升主营业务核心竞争力，持续提升经营管理效率，推动公司内在价值的持续增 长。公司以"算力x联接"战略为内核驱动，把握技术趋势，聚焦行业应用，抢抓市场机会，进一步夯 实"云—网—安—算—存—端"全栈业务布局，强化智算技术创新和大模型行业应用探索，并将通过优化 业务结构、加强海外市场开拓等方式来不断提升运营效率。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

（文章来源：第一财经） 中信证券研报表示，Gemini 3 Pro在多模态理解和逻辑推理两大关键能力上显著提升，其中多模态性能 有显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新应用场景机 会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模型能力和开 发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相关效果值得 期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求：1）多模态；2） Agent；3）算力产业链。 ...

每经AI快讯，中信证券研报表示，Gemini3Pro在多模态理解和逻辑推理两大关键能力上显著提升，其中 多模态性能有显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新 应用场景机会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模 型能力和开发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相 关效果值得期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求：1)多模 态；2)Agent；3)算力产业链。 ...

Group 1 - The A-share market has experienced increased volatility recently, with the ChiNext Index dropping over 6% since the end of last month due to adjustments in the computing power industry chain [2] - Analysts believe that the market's short-term fluctuations do not alter the long-term trend, with opportunities arising from adjustments in the ChiNext Index [2][4] - The overall market remains active, with nearly 2,600 stocks rising and over 100 stocks hitting the daily limit up, particularly in the lithium mining and AI application sectors [3] Group 2 - Foreign investment confidence in the Chinese stock market remains strong, with Morgan Stanley predicting further increases in the market by 2026 and a 6% profit growth for Chinese companies next year [5] - The number of foreign investors holding shares in A-share companies reached 3,554 by the end of Q3, with a total holding of 1.161 billion shares, reflecting a 12.4% increase in total market value [6] - Recent regulatory changes aim to facilitate foreign investment in China, optimizing the Qualified Foreign Institutional Investor (QFII) system to simplify processes for foreign investors [6]

国海证券认为，此次阿里AI应用布局向C端市场的倾斜意味着未来一到两年内，千问APP有望被打造成 新的高频超级入口，并与阿里电商、文娱、本地生活深度协同。考虑到阿里积累的深厚用户基本盘与大 规模AI基建规划，我们认为相关AI应用及算力产业链将持续受益。 18日早盘，创业板人工智能再度走强，光模块等算力硬件重回强势，新易盛涨超4%，天孚通信涨超 2%。AI应用同样延续活跃，易点天下领涨超5%，万兴科技、昆仑万维、蓝色光标等多股涨超1%。 热门ETF方面，双线布局算力+AI应用的创业板人工智能ETF（159363）场内续涨超1%，冲击两连阳， 实时成交额超1亿元。 | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盛加 九转 西线 工具 (9 (2) | | | 创业板人工智能ETF华宝 | 159363 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.849 | | | | 159363[创业板人工智能ETF华富] 09:54 价 0.843 深跌 0.007(0.84%) 均 ...

Core Insights - The article discusses the current trends in the ETF market, highlighting the performance of various sectors and the impact of geopolitical tensions on the defense industry [1][7]. Market Temperature - The market temperature indicator shows that the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have percentile valuations of 97.53%, 80.71%, and 39.08% respectively, indicating a mixed valuation landscape [1]. Sector Performance - The top-performing sectors on November 17, 2025, included: - Computer: +1.67% - Defense Industry: +1.59% - Banking: +1.10% - The sectors that experienced declines were: - Real Estate: -1.11% - Non-bank Financials: -1.31% - Pharmaceuticals: -1.73% [2]. Fund Flow Signals - The top three sectors with net inflows were: - Computer: 4.331 billion - Defense Industry: 2.657 billion - Banking: 0.838 billion - The sectors with the highest net outflows included: - Pharmaceuticals: -6.216 billion - Electronics: -5.311 billion - Power Equipment: -4.718 billion [2]. ETF Performance - The "创业板人工智能ETF华宝" showed a 6-month increase of 78.53% and a daily increase of 2.20% [5]. - The "国防军工ETF" has a strong outlook due to geopolitical tensions and is expected to benefit from increased military orders and technological advancements [7][10]. Geopolitical Impact on Defense Sector - The defense industry is experiencing a surge due to heightened geopolitical tensions, with the 中证军工指数 rising over 1% on November 17, 2025. Key stocks like 长城军工 and 航天发展 reached new highs [7]. - The upcoming "十五五" military orders are anticipated to boost the sector further, alongside military trade catalysts [7].

Market Overview - The three major A-share indices experienced fluctuations, with the Shanghai Composite Index down by 0.16%, the Shenzhen Component Index down by 1.10%, and the ChiNext Index down by 1.74% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 12,468 billion yuan, a decrease of 266 billion yuan compared to the previous day [1] - Over 2,800 stocks in the market saw an increase [1] Sector Performance - The computing power industry chain showed widespread weakness, with storage chips, HBM, CPO, and advanced packaging leading the decline, while the chemical and non-ferrous metal sectors also experienced pullbacks [1] - Conversely, sectors such as oil and gas, banking, and pharmaceuticals saw gains despite the overall market downturn [1] ETF Performance - Oil and gas stocks performed well, with the Silver Hua Fund Oil and Gas ETF and the Bosera Oil and Gas ETF rising by 2.04% and 1.75%, respectively [1] - The flu sector was active, with the Silver Hua Fund Traditional Chinese Medicine 50 ETF and the CMB Vaccine Leaders ETF increasing by 1.45% and 1.26%, respectively [1] - Cross-border ETFs faced significant declines, with the Hang Seng Internet ETF, Hang Seng Internet Technology ETF, Brazil ETF, and China-Korea Semiconductor ETF dropping by 3.05%, 3.04%, 2.88%, and 2.66%, respectively [1] - The semiconductor sector weakened, with the Integrated Circuit ETF falling by 2.52% [1] - The battery sector also retreated, with both the Battery ETF and the Invesco Battery ETF declining by 2.5% [1] - The computing hardware sector continued to decline, with the ChiNext Artificial Intelligence ETF from both Fortune and Guotai dropping by 2.5% and 2.49%, respectively [1]

Group 1 - The core viewpoint of the news indicates that the e-commerce sector is expected to see moderate growth during the "Double Eleven" shopping festival, with GMV projected to increase by mid to high single digits, up to 10% year-on-year, due to active subsidies and extended promotional timelines, although this is partially offset by a high sales base from the previous year [1] - Major e-commerce platforms are likely to continue showing differentiated performance, with competition around traffic entry and core user rights expected to remain intense through 2026 [1] - The stabilization of consumer goods prices is identified as a key driver for the performance of e-commerce platforms and upstream suppliers, with potential policy stimuli and changes in consumer sentiment warranting ongoing attention [1] Group 2 - The convertible bond market has seen a significant increase in overall prices and premium rates, necessitating a cautious approach to managing downside risks [2] - The previous cycle of convertible bonds performed exceptionally well, with a 1% increase in high-price indices and notable excess returns from high-value strategies [2] - Current market conditions indicate heightened volatility at high price levels, prompting the need for timely adjustments in response to market trends and sector rotations [2] Group 3 - The AI investment landscape is expanding, with a focus on the computing power supply chain and AI applications, particularly in the context of strong performance from tech stocks in the US and China since 2025 [3] - The computing power sector is leading market gains, with expectations for a sustained bullish trend similar to the US market's performance in 2023 [3] - There are anticipated opportunities for localized explosions in AI applications, with optimism surrounding internet tech giants and rapidly commercializing AI sectors such as AI advertising, AI agents, AI video generation, and autonomous driving [3]