南财金融终端数据显示，昨日(11月20日，下同)上证综指日内下跌0.4%，收于3931.05点，最高3967.97 点；深证成指日内下跌0.76%，收于12980.82点，最高13226.04点；创业板指日内下跌1.12%，收于 3042.34点，最高3137.07点。 二、ETF市场表现1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-0.67%。其中按照不同分类，规模指数ETF中华安深证100ETF收益率最 高，为0.34%；行业指数ETF中国泰中证全指建筑材料ETF收益率最高，为2.02%；策略指数ETF中华泰 柏瑞中证红利低波动ETF收益率最高，为0.74%；风格指数ETF中招商中证银行AH价格优选ETF收益率 最高，为0.52%；主题指数ETF中银华中证内地地产主题ETF收益率最高，为0.84%。 一、证券市场回顾 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：国泰中证全指建筑材料ETF（2.02%）、富国中 证全指建筑材料ETF（1.56%）、华宝中证800地产ETF（1.52%）。涨幅前10详情见下表： | 类别 | 代码 | 基金名称 | 涨跌幅 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-11-20 股指期货：防御配置应对。 股指期权：备兑防御为主。 国债期货：市场分歧或仍较⼤。 股市防御配置，债市仍存分歧 股指期货方面，防御配置应对。周三权益市场延续弱势为主的状态， 全A指数虽仅跌0.3%，但下跌个股超4000家，盘面唯有涨价链以及银行抗 跌，地产及综合金融弱势。近期资金涌入涨价链的趋势相对明确，煤炭、 钢铁、油气、化工、建材、有色板块的成交额占比来到30%附近，显示资 金由科技流入周期，但需要注意的是，近日涨价链成交额占比出现上行放 缓的迹象，在股价中枢抬升之后，风格层面面临再平衡，故目前处在强势 板块是否轮动的观察期，而主线的快速切换反而诱发了风险偏好的下移， 故缺少催化因素的前提下，短线维持谨慎配置思路。 股指期权方面，备兑防御为主。昨日权益指数震荡分化，沪指翻红收 涨0.18%。期权方面，各个品种成交额小幅提升1.08%，流动性连续4个交 易日上行，但成交额涨幅已有所放缓；叠加情绪指标持仓量PCR回暖，以 及隐含波动率平均回落1.14%，表征市场情绪企稳。策略方面，市场风格 轮转，暂未形成资金 ...

Group 1 - The core viewpoint of the article highlights the continuous inflow of funds into the Hong Kong dividend low volatility ETF (520550), which has seen a net inflow for 10 consecutive days and reached a new high of 34 times this year, with the latest scale exceeding 5 billion [1] - The recent performance of the Hong Kong dividend market is attributed to an increase in defensive allocation demand following a relative decrease in risk appetite, as analyzed by Changjiang Securities' Chief of Alternative Strategies, Chen Jiemin [1] - Since the second quarter, the Hong Kong dividend has quickly recovered to pre-tariff impact levels, while the more elastic Hang Seng Technology Index has not yet reached its pre-tariff disruption peak, indicating that the Hong Kong dividend is benefiting from the defensive allocation demand [1] Group 2 - The Hong Kong dividend low volatility ETF (520550) offers the lowest market fee rate (comprehensive fee rate of 0.2%), which reduces holding costs, and its monthly dividend mechanism and T+0 trading characteristics enhance fund efficiency [2] - The ETF's holding structure includes mature industries such as finance and energy, providing a safety cushion, while a 5% weight limit on individual stocks helps achieve risk diversification and avoid "dividend yield traps" [2] - The related off-market fund, the招商恒生港股通高股息低波动联接 (A Class: 024029/C Class: 024030), is currently being issued, offering investors a new option for long-term allocation in quality Hong Kong dividend assets without the need for a securities account [2]