炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 化工板块今日（11月21日）继续回调，反映化工板块整体走势的化工ETF（516020）盘中场内价格一度 跌超4%，截至发稿，跌2.84%。 成份股方面，锂电、钛白粉、磷化工等板块部分个股跌幅居前。截至发稿，恩捷股份跌停，天赐材料大 跌超8%，联泓新科、钛能化学（维权）、和邦生物等多股跌超6%，拖累板块走势。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | F9 盘前盘后 器加 九80 面线 工具 @ (2) | | 4. TETF (1 | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.84 | | | | 516020(化工ETF) 13:55 价 0.786 图纸 -0.023(-2.84%) 均价 0.783 限交量 7517 IOPV 0.7856 2025/11 | | | | | | -0.023 -2.84% | | | | | | | | | | | SSE ...

◎记者 朱妍 沪指4000点"争夺战"仍在上演。近期，科技赛道回调，消费、银行等板块接棒上行，市场风格与行业板 块轮动加快，公募也在调整布局。多位基金经理表示，当下更关注持仓结构的优化，着力挖掘并捕捉具 备阿尔法的优质标的。 上证指数围绕4000点反复震荡，主动权益类基金整体仓位维持在历史高位。据信达证券测算，截至11月 9日，普通股票型基金的平均仓位约为91.46%，较11月2日的91.34%提升0.12个百分点。同时，偏股混合 型基金同期平均仓位为89.92%，"固收+"基金的平均仓位环比提升0.03个百分点。 "市场波动加剧，我在投资上没有三季度那么激进，但也没降低仓位，而是进行了持仓结构的优化。一 边加入消费、红利等资产；一边寻找个股阿尔法，以提升产品的超额收益。"沪上某权益类基金经理透 露。 与此同时，11月以来公募基金的新发节奏还在提升。公募排排网数据显示，按认购起始日统计，11月10 日至16日这一周，全市场共有39只新基金启动募集，环比增长5.41%，且11月以来已连续两周增长。 从近期新基金的建仓节奏看，许多基金已在震荡中快速出手。Choice数据显示，近三个月（8月12日至 11月12日） ...

Core Viewpoint - The recent performance of the non-ferrous metal ETF (512400) indicates a strong upward trend, driven by significant inflows and positive market sentiment towards the sector, particularly in light of ongoing central bank policies and global demand for gold and battery materials [1][2]. Group 1: Market Performance - As of November 10, 2025, the non-ferrous metal ETF (512400) rose by 2.19%, marking its fourth consecutive increase, with a trading volume of 240 million yuan [1]. - The CSI Shenwan Non-Ferrous Metal Index surged by 2.14%, with notable gains from constituent stocks such as Guocheng Mining (+9.99%), Hunan Gold (+6.21%), and Shengxin Lithium Energy (+5.90%) [1]. - Over the past 21 trading days, the non-ferrous metal ETF (512400) has seen a net inflow of 884 million yuan [1]. Group 2: Central Bank and Gold Demand - The central bank's latest report shows that as of the end of October, its gold reserves increased to 7.409 million ounces, up by 30,000 ounces from September, marking the 12th consecutive month of accumulation [1]. - Long-term forecasts suggest that interest rate cuts and policies from former President Trump may drive gold prices higher, with central bank purchases providing a supportive floor for prices [1]. Group 3: Battery and Storage Demand - According to CITIC Securities, the energy storage policy in 2025 is expected to drive an unexpected increase in demand for energy storage batteries, with improvements in battery capacity and trade-in policies boosting demand for power batteries [1]. - The global demand for lithium salt is anticipated to continue exceeding expectations, supported by the ongoing growth in energy storage and power battery sectors [1]. Group 4: Investment Opportunities - Recent market trends indicate a bullish sentiment towards cyclical sectors, particularly in coal, non-ferrous metals, certain chemicals, new energy, photovoltaic industry chains, and memory storage [2]. - Non-ferrous metals, steel, and building materials are highlighted as potential cyclical investment opportunities based on supply-side changes and free cash flow levels [2]. Group 5: Index Composition - The CSI Shenwan Non-Ferrous Metal Index comprises 50 listed companies selected from the non-ferrous metals and non-metallic materials sectors to reflect the overall performance of the industry in the Shanghai and Shenzhen markets [2]. - The top ten weighted stocks in the index include Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, China Aluminum, Shandong Gold, Zhongjin Gold, Tianqi Lithium, Ganfeng Lithium, and China Rare Earth [2].

来源：上海证券报·中国证券网 11月5日至6日，华泰证券2026年度投资峰会在北京举行。华泰证券机构业务委员会主席梁红在致辞中表 示，中国资产重估有望进一步深化，投资者可能会逐步关注与经济基本面改善密切相关的能源、消费等 顺周期板块，尤其是这些"老经济"板块中的优质龙头企业。 11月7日，国债期货各主力合约收跌。截至收盘，30年期国债期货（TL2512）报收115.950元，下跌 0.180元，跌幅0.16%；10年期国债期货（T2512）报收108.445元，下跌0.100元，跌幅0.09%；5年期国 债期货（TF2512）报收105.910元，下跌0.050元，跌幅0.05%；2年期国债期货（TS2512）报收102.470 元，下跌0.024元，跌幅0.02%。 11月7日，ETF市场涨跌不一。其中，化工ETF、化工50ETF、化工龙头ETF均涨逾3%；新材料ETF基 金、新材料ETF指数基金、新材料50ETF等产品均涨逾2%。 【机构观点】 瑞银投资银行中国股票策略研究主管王宗豪近日发表中国股票策略报告称，三季度国际投资者进一步增 持中国股票。 华金证券发布研报称，2025年三季度陆股通持仓继续上升， ...

Market Overview - The market opened lower but rebounded, with the three major indices briefly turning positive, while the CSI A500 index fell by 0.11% [1] - The chemical sector continued to strengthen, with the Hainan sector showing repeated activity, and the organic silicon sector experiencing a collective surge. Conversely, multiple stocks in the robotics sector declined [1] ETF Performance - As of the morning close, ETFs tracking the CSI A500 index saw slight declines. Notably, 11 CSI A500-related ETFs had transaction volumes exceeding 100 million yuan, with 3 surpassing 2.9 billion yuan. The transaction amounts for A500 ETF Fund, CSI A500 ETF, and A500 ETF Huatai Baichuan were 3.543 billion yuan, 3.183 billion yuan, and 2.987 billion yuan, respectively [1][2] Investment Strategy - A brokerage firm indicated that the current market style in A-shares is expected to be more balanced than in the third quarter. The firm suggests focusing on: 1. New momentum industries represented by technology growth and high-end manufacturing, which are expected to remain core sources of prosperity and should be explored for expansion opportunities [1] 2. Balanced allocation, as policies like "anti-involution" take effect and domestic demand recovers, leading to marginal improvements in certain cyclical sectors. Key areas to watch include those benefiting from supply-side optimization and structural demand growth, capitalizing on their valuation recovery potential [1]

Core Viewpoint - The "14th Five-Year Plan" emphasizes a shift towards a consumption-driven growth model, increasing the proportion of resident consumption in GDP, moving away from reliance on exports and investments [1] Group 1: Economic Outlook - The expectation for the next year is that the revaluation of Chinese assets will deepen, with equity investors shifting focus from the previous two years' strategies of "left-hand dividends, right-hand technology" to sectors more closely tied to economic fundamentals [1] Group 2: Sector Focus - There will be increased attention on cyclical sectors such as energy, consumption, and real estate, particularly on high-quality leading companies within these "old economy" sectors [1]

Core Viewpoint - The A-share market has shown resilience and independence amidst global market turmoil, with a notable recovery on Wednesday after a sharp decline in international markets [1][4]. Group 1: Market Performance - On Wednesday, A-shares opened lower but quickly rebounded, closing with a nearly 1% gain, contrasting sharply with the declines in neighboring markets like South Korea and Japan [3][4]. - The trading volume in the Shanghai and Shenzhen markets decreased by 40 billion, indicating that investors who sold early regretted their decisions as buying interest surged in the afternoon [3][6]. Group 2: Sector Analysis - The recovery in A-shares is attributed to the resurgence of cyclical sectors, particularly lithium batteries and photovoltaic (PV) equipment, which saw a 3% increase on Wednesday [6]. - Despite a price correction in lithium carbonate affecting battery stocks, the PV sector has emerged as a leader in the rebound, showcasing a dynamic sector rotation in response to market conditions [6][7]. Group 3: Fund Flows - Recent fund inflows have been robust, with new funds from companies like Fuguo and Penghua raising over 6 billion, indicating strong demand for investment opportunities in the current market [6]. - The presence of ample capital in the market has led to speculative trading in niche concepts, reflecting a bullish sentiment among institutional investors [6]. Group 4: Price Trends - The price of photovoltaic components has dropped to a historical low of 0.9 yuan per watt, making investments in grid upgrade projects attractive due to their high cost-effectiveness [7]. - Investors are advised to adopt a strategy of buying on dips rather than chasing high prices in the current volatile market environment [7].

Group 1 - The core viewpoint of the article highlights the strong performance of Chinese assets in global markets, with QDII funds significantly increasing their allocation to Hong Kong stocks in response to the AI industry wave [2][3] - In Q3, major Chinese indices such as the Shenzhen Component Index, Shanghai Composite Index, and Hang Seng Index saw increases of 29.25%, 12.73%, and 11.56% respectively, ranking them among the top global market indices [3] - Several QDII funds have notably raised their Hong Kong stock positions, with examples including the Guofu Global Technology Internet Mixed Fund increasing its allocation from 2.89% to 8.31% [3] Group 2 - Fund managers express optimism for Q4, citing stable growth policies and expectations of capital market reforms, indicating potential opportunities in both A-shares and Hong Kong stocks [4][5] - The Hong Kong market is viewed as having a high cost-performance ratio, especially after a revaluation of core technology assets [5] - Many QDII products continue to prioritize technology stocks, considering them a key investment direction for the foreseeable future [6] Group 3 - The E Fund Global Growth Selected Mixed Fund maintains a high allocation to growth-oriented investments, increasing its exposure to global computing power and new energy while reducing allocations to consumer and pharmaceutical sectors [6] - The manager of the E Fund Global Quality Enterprises Mixed Fund anticipates a cyclical upturn starting next year, driven by the Federal Reserve's potential interest rate cuts, which could present significant investment opportunities in cyclical sectors [6] - The manager of the GF Global Technology Three-Month Open Mixed Fund remains cautiously optimistic due to the strong fundamentals of the technology sector and the competitive advantages of portfolio companies [6]

Core Viewpoint - The current market is experiencing a strong inflow of incremental funds, with investors showing a strong willingness to accumulate positions on dips, indicating a potential recovery in market momentum [1] Short-term Strategy - Focus on previously popular sectors such as domestic computing power, semiconductor self-sufficiency, controllable nuclear fusion, military industry, and commercial aerospace, which may rebound as risk appetite increases [1] Long-term Strategy - Long-term investments should consider the potential economic resonance between China and the U.S. in 2026 and the trend of rising Producer Price Index (PPI), with an emphasis on allocating resources to low-position cyclical sectors [1]

Group 1 - The A-share market is experiencing a shift in style post the Mid-Autumn and National Day holidays, with a notable decline in technology stocks and a significant rebound in dividend assets [1] - The ChiNext 50 Index and the Sci-Tech 50 Index have decreased by 6.86% and 5.26% respectively in October, while the Shanghai 50 Index has increased by 1.01% and the Shanghai Dividend Index has risen by 5.17%, marking its best monthly performance of the year [1] - In Q3, the ChiNext 50 Index surged by 59.45% and the Sci-Tech 50 Index rose by 49.02%, contrasting with the Shanghai 50 Index's 10.21% increase and the Shanghai Dividend Index's 3.44% decline [1] Group 2 - The Xinhua Zhongxin Dividend Value Index recorded a 2.67% increase this month, narrowing its year-to-date decline to 1.58%, outperforming the Shanghai Dividend Index for the year [1] - CITIC Securities suggests that Q4 2025 may be a critical time for bottom-fishing in dividend stocks, as current pessimistic expectations may have been fully reflected in the market [1] - The report highlights that leading companies in the highway sector have returned to a dividend yield of around 5%, indicating potential opportunities for investment as valuation bottoms and incremental capital stabilizes [1] Group 3 - In October, the coal sector leads the monthly gainers with a 9.53% increase, while the banking and public utilities sectors also show strong performance [2] - Conversely, sectors such as media, electronics, communication, and computing have experienced significant declines, with the media sector down by 7.46% [3] - Institutions recommend a balanced allocation between new technology and cyclical stocks, with a focus on sectors like electric new energy, electronics, and non-ferrous metals [4] Group 4 - Most institutions maintain a long-term positive outlook on high-growth sectors, anticipating new highs after the current phase of index fluctuations and sector confusion [5] - The cyclical sectors may require additional policy support to continue outperforming in the market [5]