1、 外交部：G20期间中方没有会见日方领导人安排。 就中日两国领导人是否有可能在G20期间进行接触相关问题，外交部发言人毛 宁在例行记者会上表示，李强总理没有会见日方领导人的安排。请日方自重。毛宁指出，日本应该记住，台湾是中国的台湾。台湾是 否有事，根本不是日本的事。借台湾生事，只会给日本找事！商务部召开例行新闻发布会表示，中方敦促日方收回错误言行，切实履 行对华承诺，为两国经贸合作创造良好环境。如果日方一意孤行，继续在错误的道路上越走越远，中方将坚决采取必要措施，一切后 果由日方承担。 2、 广东省加快建设国家数字经济创新发展试验区。 广东省发文加快建设国家数字经济创新发展试验区，明确目标到2027年，数字经 济核心产业增加值占GDP比重超过16%，数据产业规模年均复合增长率超15%，人工智能核心产业规模超过4400亿元。此举将有力推 动区域数字经济发展，提升相关产业竞争力。 3、 磷酸铁锂行业推进反内卷。 中国化学与物理电源行业协会将发布通知，建议企业以11月18日披露的行业平均成本区间作为报价参 考，不突破成本红线低价倾销。协会还将每月定期披露行业平均成本区间，为企业报价提供权威监管依据，以促进行业健 ...

资金防御需求不断提升。 近期，A股市场资金"高切低"的特征愈发显著，前期涨幅较高的热门行业遭资金持续流出，而估值处于低位、 业绩具备支撑的板块则持续迎来资金回流。 基金经理普遍认为，行业偏离度较高，叠加年末考核周期带来的调仓需求，资金常会出现较强的高切低趋势。 在行业走势分化加剧的背景下，资金正向低估值、高股息、业绩确定性强的领域聚集。 资金"高切低"趋势不断强化 今年以来，市场结构性行情演绎极致，科技、传媒、创新药等成长板块以及资源类板块涨幅巨大，短期估值已 处于历史高位，业绩兑现压力逐渐显现。 与之形成鲜明对比的是，金融、消费、周期等传统板块估值长期处于低位，而其中部分领域出现明显估值与业 绩的错配，这也成为资金"高切低"的核心驱动力。 体现在市场数据层面，资金流向分化尤为明显。一方面，前期涨幅居前的板块ETF遭遇资金净赎回，部分热门 主题基金规模出现萎缩；另一方面，一些低估值板块的ETF资金持续获资金净流入。Wind数据显示，部分港股 红利低波主题ETF、自由现金流类ETF、电网设备主题ETF、非银主题类ETF本月均获超10亿元资金净流入。 博时基金分析认为，11月以来A股市场微观流动性边际走弱，同时国 ...

证券时报记者吴琦 近期，A股市场资金高切低的特征愈发显著，前期涨幅较高的热门行业出现资金持续流出，而估值处于 低位、业绩具备支撑的板块则持续迎来资金回流。 基金经理普遍认为，行业偏离度较高叠加年末考核周期带来的调仓需求，资金出现较强的高切低趋势。 在行业走势分化加剧的背景下，资金正向低估值、高股息、业绩确定性强的领域聚集。 资金高切低趋势不断强化 今年以来，尽管上证指数一度冲上4000点整数大关，但板块之间分化较为严重，一些涨幅较大的板块往 往波动较为剧烈。在经历了市场多次波动后，投资者的风险偏好正逐渐回归理性，防御需求大幅提升。 北京一家基金公司指出，每年四季度，投资市场上总会多一份谨慎，今年也不例外。年底机构锁定利润 的调仓需求提升，叠加全球宏观经济环境的不确定性，资金的避险情绪和再配置需求显著升温。 "市场整体进入存量博弈阶段，资金向少数龙头标的集中，在此需要提醒投资者注意，高位板块的波动 可能加剧，需警惕短期调整风险。"港股信息技术ETF基金经理曹旭辰称。 博时基金指出，风格平衡过程中，市场近期呈现三个比较明显的特征：一是重新交易题材和杠铃策略； 二是交易低估值困境反转；三是交易高频涨价线索、业绩确定 ...

资金高切低趋势不断强化 今年以来，市场结构性行情极致演绎，科技、传媒、创新药等成长板块以及资源类板块涨幅巨大，短期 估值已处于历史高位，业绩兑现压力逐渐显现。 与之形成鲜明对比的是，金融、消费、周期等传统板块估值长期处于低位，部分领域甚至出现明显的估 值与业绩错配，这也成为资金高切低的核心驱动力。 体现在市场数据层面，资金流向分化尤为明显。一方面，前期涨幅居前的主题ETF遭遇资金净赎回，部 分热门主题基金规模出现萎缩；另一方面，一些低估值板块的ETF持续获得资金净流入。数据显示，部 分港股红利低波主题ETF、自由现金流类ETF、电网设备主题ETF、非银主题类ETF本月均获超10亿元 的资金净流入。 博时基金分析，11月以来A股市场微观流动性边际走弱，同时国内宏观进入空窗期、叠加海外流动性压 制，以及此前不同风格之间过大的收益差，共同驱动近期市场持续演绎风格再平衡的行情。 近期，A股市场资金高切低的特征愈发显著，前期涨幅较高的热门行业出现资金持续流出，而估值处于 低位、业绩具备支撑的板块则持续迎来资金回流。 沪上一位基金经理表示，今年以来以科技、创新药为代表的成长类板块以及资源类板块涨幅巨大，而食 品饮料、旅游 ...

Market Trends - Recent market volatility has led to a significant "high cut low" structural characteristic, with funds withdrawing from previously high-performing sectors while reallocating to underperforming ones [1] - The market rotation is expected to be prolonged, with multiple reversals likely occurring during this transition [1] ETF Performance - The Shanghai Composite Index has been fluctuating above 3800 points, with high-position sectors showing weak growth and funds displaying divergence [2] - Year-to-date, sectors such as non-ferrous metals, communications, electronics, and power equipment have seen gains exceeding 40%, while sectors like food and beverage, coal, oil and petrochemicals, and transportation have not turned positive [2] - The disparity in performance between the best and worst indices exceeds 80 percentage points, indicating that market opportunities are primarily driven by sector-specific catalysts [2] Fund Flows - ETFs with high growth attributes, such as the STAR Market 50 ETF, have experienced significant outflows, with over 50 billion yuan withdrawn this year, marking it as the ETF with the largest net outflow [3] - The ChiNext ETF, which has also seen nearly 50% growth, ranks second in terms of net outflows, with over 20 billion yuan exiting [3] - Other growth-oriented ETFs, including those focused on healthcare, semiconductors, and AI, have similarly faced substantial sell-offs since September [3] Inflows into Underperforming ETFs - In contrast, some underperforming ETFs have attracted significant inflows, with three broker-themed ETFs receiving over 10 billion yuan each this year [4] - The Huabao Broker ETF has seen its circulating shares triple since the beginning of the year, reflecting a growing interest in the sector despite its relatively modest performance [4] - Other underperforming ETFs, such as those focused on coal and liquor, have also garnered over 8 billion yuan in net inflows this year [4] Balanced Investment Strategies - The CSI A500 series ETFs have been among the few to receive increased investment, with over 3.8 billion yuan net inflow since September, positioning it as a leading product in its category [5] - The A500 index is viewed as a balanced investment option, suitable for the current market dynamics characterized by significant sector performance disparities [5] Asset Resilience - The capital market has seen a surge in technology-related sectors, while traditional sectors like utilities and real estate have lagged [6] - Despite high returns from certain thematic funds, investors are beginning to take profits and shift towards lower-priced funds, indicating a cautious approach to market volatility [6] - The transition from high-performing to underperforming sectors is expected to be gradual, with ongoing fluctuations in market conditions [6] Investment Outlook - Assets with anti-fragile characteristics, such as gold, coal, and oil transportation, are anticipated to gain premium valuations due to their robust balance sheets and operational resilience [7] - These assets are expected to benefit from market fluctuations and underlying factors such as state-owned enterprise reforms driving shareholder returns [7]